How Hyperliquid sub-accounts work

Ownership and control

A sub-account is not a third-party account you have access to; it is your account. The master account creates it, funds it, and retains authority over it. Nothing about the arrangement introduces another party who could hold your balance.

That is what makes sub-accounts usable in a non-custodial design: isolation without delegation of ownership.

Separate margin, separate liquidation

Each sub-account has its own collateral. Margin requirements, unrealised PnL and liquidation are all evaluated inside that boundary. A sleeve that gets into trouble is liquidated on its own collateral rather than pulling on the rest of your capital.

This is the property that makes running several strategies at once survivable: the worst case in one sleeve is bounded by what was allocated to it.

• Collateral is held per sub-account, not shared across them.
• Liquidation is evaluated per sub-account.
• Funding and fees accrue where the position sits.

Moving capital between your accounts

Funding a sub-account is an internal transfer within your own ownership — capital moves from your master account into the sleeve, and back again when the sleeve is closed or resized. Rebalancing between leaders is these transfers plus the resulting order flow.

Because it stays internal, it is not a deposit to anyone and does not leave your account.

Transparency

Sub-account activity is on-chain like everything else on Hyperliquid. Fills, positions and balances are auditable, which means you are never dependent on a platform's internal reporting to know what happened in a sleeve.

Risk notes

Separated margin bounds a sleeve's loss to its own collateral, but every sleeve can lose at once if the market moves against all of them. Isolation shapes the distribution of outcomes; it does not guarantee one.

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.