Learn perpetual futures on Hyperliquid
Each concept on its own page, from the start: what Hyperliquid is, how a perpetual works, funding, open interest, margin, leverage, liquidation, and AI that acts.
Every explanation
- What Hyperliquid isAn L1 whose state holds the order books, HyperCore, the HyperEVM and HLP.
- How Hyperliquid worksA deposit, a signature, a fill, a withdrawal: the steps and their figures.
- How perpetual futures workNo expiry, margin, leverage, funding and liquidation, with a worked example.
- What funding isThe hourly payment between longs and shorts, its two parts and its cap.
- What open interest isThe contracts still open, why the figure moves, and what it never tells you.
- What leverage isWhat it multiplies, the maximum per market, and the liquidation price.
- What cross margin isOne balance for every position, and what that changes for liquidation.
- What isolated margin isA margin per position, strict isolated, and the markets that take nothing else.
- What liquidation isMaintenance margin, the book, the HLP backstop and the price formula.
- What agentic AI isA model that acts with tools, what goes wrong, and what bounds it.