| Perpetual Futures | |
|---|---|
| Type | concept |
| Created | Thu Apr 16 2026 00:00:00 GMT+0000 (Coordinated Universal Time) |
| Updated | Thu Apr 16 2026 00:00:00 GMT+0000 (Coordinated Universal Time) |
| Tags | trading, derivatives, perpetuals |
| Sources |
raw/inbox/hyperliquid-official-docs
|
| Related | hyperliquid, hypercore, funding-rates, margining, liquidations, hyperps, fee-structure |
Perpetual Futures
Perpetual futures (perps) are the primary trading instrument on Hyperliquid. They are derivative contracts that never expire, using Funding Rates to keep prices aligned with spot.
Key Specifications
- Assets: 100+ tradable perpetuals
- Leverage: 3x–40x (asset-dependent)
- Maintenance margin: Half of initial margin at max leverage (e.g., 20x leverage → 2.5% maintenance margin)
- Order book: Full onchain order book on HyperCore, price-time priority
- Finality: Single-block via HyperBFT
Margin Modes
See Margining for full details.
- Cross margin (default): Shared collateral across all cross positions
- Isolated margin: Per-position collateral, independent liquidation
- Strict isolated: Like isolated, but margin cannot be removed manually
Funding
See Funding Rates. Hourly peer-to-peer payments. Interest rate of 0.01% per 8 hours (11.6% APR to shorts). Premium sampled every 5 seconds. Capped at 4%/hour.
Liquidation
See Liquidations. Two-stage process: market orders first, then backstop liquidation via HLP vault if equity drops below 2/3 maintenance margin.
Hyperps
See Hyperps. A special variant of perps for assets without an underlying spot market. Uses moving average mark price instead of oracle.
HIP-3: Builder-Deployed Perps
See HIP-3: Builder-Deployed Perpetuals. Third parties can deploy their own perpetual markets by staking 500,000 HYPE.