Hyperliquid Perpetual Contract Margins and Recurring Outcome Settlement
Summary
This document explains Hyperliquid’s perpetual contracts and recurring outcome products. Perpetuals have no expiry and use hourly funding payments to help align contract prices with spot. Most are linear contracts with USDC collateral and USDT-denominated oracle prices; because the collateral and P&L denominations differ without conversion, the document characterizes them as technically quanto contracts. It also describes exceptions with USDC-denominated oracle prices, margin fractions, wallet-level cross or isolated margin, funding impact notionals, and order-value limits.
For recurring outcomes, binary contracts settle by comparing a target price with a linearly interpolated mark price at the settlement time. Multi-price contracts use the same interpolation and pay out one of three price buckets. The document also states that each series type, underlying, and period combination can have at most one recurring series. These are product specifications rather than a trading strategy or performance study; the page points to separate material for mark prices and funding details, and the terms may change as specifications are updated.
Key ideas
- Hyperliquid perpetuals have no expiry and use hourly funding payments.
- Most contracts use USDC collateral while oracle prices and P&L are denominated in USDT.
- Initial margin depends on user-set leverage, while maintenance margin is specified relative to maximum initial margin.
- Recurring outcome prices are determined by interpolating mark price updates around settlement time.
- A recurring series is unique for each combination of type, underlying, and period.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.