Margin

Hyperliquid leverage and margin

Margin rules decide when a position dies. On Hyperliquid they are published as formulas rather than tables of exceptions, which means you can compute your own exposure exactly.

In short

Margin to open a position is position size times mark price divided by chosen leverage. Cross margin is the default and shares collateral across all cross positions; isolated margin confines collateral and liquidation to one asset. Maintenance margin is half the initial margin at the asset's max leverage — roughly 1.25% to 16.7% of notional. Removing margin, including withdrawals, must leave at least the initial margin requirement and at least 10% of total open notional.

At a glance

Cross vs isolated margin on Hyperliquid
Dimension	Cross margin	Isolated margin
Collateral	Cross marginShared across all cross positions	Isolated marginConfined to one asset
Capital efficiency	Cross marginHigher — unrealised PnL funds new positions	Isolated marginLower — margin is ring-fenced
Liquidation reach	Cross marginAll cross positions and cross margin	Isolated marginOnly that position and its margin
Adjust margin after open	Cross marginDeposit USDC to the account	Isolated marginAdd or remove margin directly (unless strict isolated)
Worst case	Cross marginAccount equity can reach zero	Isolated marginLoss limited to that position's margin

Cross margin vs isolated margin

Cross margin is the default and the most capital-efficient: all cross positions share one collateral pool, and unrealised profit on one position is immediately usable as initial margin for another. The cost is contagion — a cross liquidation reaches every cross position and, if there are no isolated positions, can leave the account at zero equity.

Isolated margin constrains an asset's collateral to that asset. A liquidation there does not touch cross positions or other isolated positions, and vice versa. Isolated positions also allow margin to be added or removed after opening, unless the asset is 'strict isolated', where margin can only leave proportionally as the position closes.

The formulas that matter

Initial margin required is position size times mark price divided by leverage. For cross positions that margin is locked while the position is open. Maintenance margin is half the initial margin at the asset's maximum leverage, which is where the 1.25%-to-16.7% range comes from.

Cross positions are liquidated when account value including unrealised PnL falls below the maintenance margin fraction times total open notional. Isolated positions apply the same logic using only that position's margin and notional.

The 10% transfer buffer

Unrealised profit is not freely withdrawable. Any action that removes margin other than trading — a withdrawal, a transfer to spot, removing isolated margin — must leave remaining margin of at least max(initial margin required, 10% of total position value).

This is a deliberate solvency buffer. It is also the single most common source of 'why can I not withdraw my profit' confusion on the venue.

How this maps onto a mirrored account

Because each mirrored leader runs in its own sub-account, margin failure in one leader's book does not consume another leader's collateral. That is closer in spirit to isolated margin at the portfolio level, achieved with account structure rather than per-asset margin mode.

It does not eliminate correlation. If several leaders are long the same asset in separate sub-accounts, a single adverse move hits all of them at once — isolation prevents accounting contagion, not market correlation.

Methodology

Scoring and replacement are documented in full on How it works and in the Docs (Policy v3). In short: the Elite basket is sticky, emergencies remove a leader immediately, and soft issues accrue at most one strike per UTC day with three strike-days triggering replacement. Read how it works or the documentation for the full table.

Questions

Frequently asked

How is maintenance margin calculated on Hyperliquid?

It is half of the initial margin at the asset's maximum leverage, which works out between about 1.25% of notional for 40x assets and 16.7% for 3x assets.

Should I use cross or isolated margin?

Cross is more capital efficient but lets one bad position threaten the whole account. Isolated caps the damage per asset at the cost of locking collateral. Neither prevents loss.

Can I raise leverage on an open position?

Yes — leverage is only checked when a position is opened, so it can be increased without closing. Monitoring the resulting liquidation distance is then your responsibility.

Keep reading

LiquidationsWhat happens when maintenance margin is breached.Perpetual futures explainedThe contract spec behind these formulas.Sub-account isolationPortfolio-level isolation across mirrored leaders.Risk disclosureWhat can go wrong, stated plainly.

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