Glossary

Hyperliquid glossary

Hyperliquid's mechanics are specific, and the specifics are where copy trading succeeds or fails. These entries define each term, then explain what it changes in practice for a mirrored account.

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In short

A reference for the Hyperliquid-specific terms used across this site: account structure (sub-accounts, netting, margin modes), permissions (agent wallets, builder fees), pricing and liquidation (mark price, oracle price, funding, ADL), and measurement (profit factor, drawdown, tracking error).

How to use this glossary

Each entry opens with a one-paragraph definition you can quote, then a section on why the term matters specifically on Hyperliquid, where behaviour often differs from a centralised exchange.

Terms are linked on first mention across our deep dives, so you can read an explainer end-to-end without stopping to look things up.

Definitions are not advice

Understanding a mechanism does not make it safe to use. Several terms here — leverage, funding, liquidation, ADL — describe ways an account loses money.

Past performance is not indicative of future results. Perpetual futures are leveraged instruments and carry a substantial risk of loss, including the loss of your entire position.

In this cluster

Glossary deep dives

Hyperliquid-specific definitions, each with what the term changes in practice for a mirrored account.

NettingNetting means an account holds one net position per market rather than separate long and short legs. On Hyperliquid, opening a short in a market where…Sub-accountA Hyperliquid sub-account has its own balance, positions and margin state while remaining owned by your master wallet. HyperMirror assigns one sub-acc…Agent walletAn agent (sometimes called an API wallet) is an address you authorise to submit trading actions for your account. Its scope is enforced by the protoco…Builder feeHyperliquid lets a builder charge a fee on volume it routes, capped by a maximum rate you approve from your wallet. HyperMirror charges 0.1% on mirror…Funding rateA perpetual future has no expiry, so funding payments tether it to the underlying index: when the perp trades above the index, longs pay shorts, and w…Mark priceMark price is a smoothed reference derived from oracle and book data, used to value positions and trigger liquidations. It exists so that a thin-book …Oracle priceThe oracle price aggregates prices from outside the venue to represent an asset's fair value, feeding funding calculations and the mark price. It prev…Isolated vs cross marginIn isolated margin, a position's losses are bounded by the margin allocated to it. In cross margin, every position draws on the same account balance, …Maintenance marginMaintenance margin is the equity floor for an open position, expressed as a fraction of position notional. When mark-price losses take account equity …LiquidationWhen mark-price losses push a position's equity under maintenance margin, the venue closes it to prevent further deficit. The realised loss is typical…ADL (auto-deleveraging)Auto-deleveraging is the backstop after liquidation: when a bankrupt position cannot be closed in the market without creating a shortfall, the venue r…Perpetual futuresA perpetual future tracks an underlying asset without a settlement date. Funding payments keep it near the index price, and leverage means a small adv…SlippageSlippage arises when an order consumes book depth beyond the top level, or when the market moves between decision and execution. It scales with order …Tracking errorTracking error is the difference between what a follower realises and what the copied trader realised, driven by replication lag, fill prices, fee str…Profit factorProfit factor measures how much a trader earns per unit lost: above 1.0 is net profitable, and the ratio's stability across periods matters more than …Score weightingUnder score weighting, a leader's share of mirrored capital is proportional to their composite score, so the strongest evidence attracts the most capi…DrawdownDrawdown measures the fall from an equity high-water mark to the subsequent low, expressed as a percentage. Maximum drawdown and time-to-recovery desc…Open interestOpen interest counts contracts currently open rather than traded volume. Rising open interest with rising price suggests new positioning; falling open…

Questions

Frequently asked

Which terms matter most for copy trading?

Netting and sub-accounts, because they determine whether two leaders' positions can cancel each other, and liquidation mechanics, because they determine how an account fails.

Are these definitions Hyperliquid-specific?

Yes. Where a term behaves differently on Hyperliquid than on a typical centralised venue, the entry says so.

Keep reading

NettingWhy one account cannot hold opposing positions in the same market.Sub-accountThe unit of isolation for each mirrored leader.Agent walletTrade-only permission without custody.DocumentationScoring, allocation, isolation and replacement mechanics.

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