Perpetuals

Perpetuals deployed by trade[XYZ] through Hyperliquid HIP-3.

Perpetual contracts, or perps, are derivative products that provide price exposure without a fixed expiry. A funding rate mechanism helps keep a perpetual market’s price aligned with its reference price, while margin requirements, liquidations, and auto-deleveraging manage leveraged positions.

Perpetuals by trade[XYZ] are listed on the xyz HIP-3 deployment. They are linear contracts margined and settled in USDC. Because the oracle is denominated in USD and no USDC/USD conversion is applied, economic exposure is quanto: USD profit and loss is cash-settled in USDC.

Matching, order types, funding transfers, liquidations, and auto-deleveraging are handled by HyperCore. The xyz deployment supplies market-specific pricing data (including the oracle price, the mark price, and the external price which are bespoke components) and parameters for assets such as stocks, equity indices, commodities, foreign exchange, and pre-IPO markets.

🏗️

Architecture

Architecture and verified metadata for the xyz HIP-3 perpetual deployment.

⚙️

Mechanics

Oracle, mark, external price, discovery bounds, and fees.

📊

Markets

Asset classes and market-specific methodology.

📋

Specifications & Schedules

Contract parameters, closures, and roll schedules.

🛡️

Risk & Margining

Margin modes, liquidations, and auto-deleveraging.

🕒

Changelog

Material updates to market mechanics and parameters.