How Hyperliquid Manages Perpetual and Spot Account State

Summary

The document explains the role of Hyperliquid’s clearinghouses in managing account state. The perpetuals clearinghouse tracks each address’s margin balance and positions, while the spot clearinghouse tracks token balances and holds. These components form part of the platform’s execution state.

Perpetual deposits are credited to cross margin by default, and positions also open in cross margin unless another mode is selected. The documentation additionally describes isolated margin, which assigns collateral to an individual position and separates that position’s liquidation risk from the user’s other positions. This is a description of platform mechanics, not a trading strategy or an assessment of liquidation outcomes. It does not provide formulas, examples, or comparative performance evidence for cross and isolated margin.

Key ideas

• The perpetuals clearinghouse maintains account margin balances and open positions.
• Deposits and positions use cross margin by default.
• Isolated margin assigns collateral to a specific position and separates its liquidation risk from other positions.
• The spot clearinghouse maintains token balances and holds.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.