{
  "schemaVersion": "1.0.0",
  "objectType": "DNEvidenceObject",
  "id": "decision-brief:hyperliquid:1.1.0",
  "subject": {
    "type": "DecisionBrief",
    "id": "hyperliquid",
    "name": "Hyperliquid",
    "version": "1.1.0",
    "canonicalUrl": "https://decentralised.news/decision-briefs/hyperliquid"
  },
  "summary": "Account mode still controls how balances support perpetual trading. Current portfolio-margin documentation adds explicit eligibility thresholds, asset caps, LTVs, automated borrowing and idle-asset yield; unified and portfolio modes also carry a documented daily action limit.",
  "scope": "Provider-documentation review focused on perpetual trading. Not an exhaustive product inventory, live execution test, security audit or individual eligibility assessment.",
  "evidenceType": "provider_documentation",
  "verification": {
    "reviewedAt": "2026-10-22",
    "reviewIntervalDays": 14,
    "reviewStatus": "internal",
    "reviewer": "Decentralised News editorial research",
    "independentReviewClaimed": false
  },
  "methodology": {
    "basis": "provider_documentation",
    "note": "Machine representation of the visible DN evidence record. It does not upgrade documentation review into live testing or independent audit."
  },
  "claims": [
    {
      "id": "modes",
      "label": "Provider-reported",
      "question": "Which balance backs the position?",
      "finding": "Unified mode shares each asset balance across spot and cross-margin positions in that asset; standard mode separates spot, perps and DEX balances. Portfolio margin unifies eligible assets. Unified and portfolio modes are documented as limited to 50,000 user actions per day, while standard mode has no such restriction.",
      "consequence": "Choose the account mode for both margin behavior and operational limits; a similarly named balance is not equivalent across modes.",
      "sourceIds": [
        "modes"
      ]
    },
    {
      "id": "portfolio",
      "label": "Provider-reported",
      "question": "Does portfolio margin make all holdings freely usable?",
      "finding": "Current documentation lists HYPE, BTC, USDC and USDT as eligible portfolio assets, applies account-entry conditions and supply/borrow caps, and assigns LTV-based borrowing limits including 0.65 for HYPE and 0.5 for BTC. Accounts fall back to non-portfolio behavior when caps are hit.",
      "consequence": "Treat portfolio capacity as conditional and dynamic. Check current eligibility, caps and LTVs rather than counting full token market value as usable margin.",
      "sourceIds": [
        "modes",
        "portfolio"
      ]
    },
    {
      "id": "fees",
      "label": "Provider-reported",
      "question": "Is the base fee the fee on every market?",
      "finding": "Fees still vary with rolling 14-day weighted volume and adjustments. The guide distinguishes spot and perps, staking tiers, HIP-3 deployer fees, growth mode and aligned quote-asset adjustments.",
      "consequence": "Inspect the actual asset, route and fee modifiers. A base tier is not a universal all-in rate.",
      "sourceIds": [
        "fees"
      ]
    },
    {
      "id": "funding",
      "label": "Provider-reported",
      "question": "What changes the cost of holding?",
      "finding": "Perpetual funding is exchanged hourly between sides. Portfolio borrowing accrues interest continuously and idle supplied assets can earn interest under the documented portfolio-margin model.",
      "consequence": "Funding, borrow interest, earned supply interest and trade fees are separate components. None alone establishes total position profitability.",
      "sourceIds": [
        "funding",
        "portfolio"
      ]
    },
    {
      "id": "liquidation",
      "label": "Provider-reported",
      "question": "Is one liquidation estimate sufficient for every mode?",
      "finding": "The general liquidation guide uses mark price and maintenance margin, with book liquidation followed by a backstop path if needed. Portfolio margin adds account-level partial/full liquidation rules for supplied and borrowed assets.",
      "consequence": "Use the liquidation rules for the selected mode and collateral set. DN has not reproduced liquidation or stop-loss outcomes.",
      "sourceIds": [
        "liquidation",
        "portfolio"
      ]
    },
    {
      "id": "access",
      "label": "Unknown",
      "question": "Has DN verified access and signing safety?",
      "finding": "This review does not establish personal eligibility, deployed permission scope or end-to-end availability.",
      "consequence": "Verify current terms and signing requests separately; this is research, not an instruction to connect or trade.",
      "sourceIds": []
    }
  ],
  "sources": [
    {
      "id": "modes",
      "name": "Hyperliquid account abstraction modes",
      "url": "https://hyperliquid.gitbook.io/hyperliquid-docs/trading/account-abstraction-modes",
      "type": null,
      "publisher": null,
      "accessedAt": "2026-10-22",
      "limitation": null
    },
    {
      "id": "portfolio",
      "name": "Hyperliquid portfolio margin",
      "url": "https://hyperliquid.gitbook.io/hyperliquid-docs/trading/portfolio-margin",
      "type": null,
      "publisher": null,
      "accessedAt": "2026-10-22",
      "limitation": null
    },
    {
      "id": "fees",
      "name": "Hyperliquid fees",
      "url": "https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees",
      "type": null,
      "publisher": null,
      "accessedAt": "2026-10-22",
      "limitation": null
    },
    {
      "id": "funding",
      "name": "Hyperliquid funding",
      "url": "https://hyperliquid.gitbook.io/hyperliquid-docs/trading/funding",
      "type": null,
      "publisher": null,
      "accessedAt": "2026-10-22",
      "limitation": null
    },
    {
      "id": "liquidation",
      "name": "Hyperliquid liquidations",
      "url": "https://hyperliquid.gitbook.io/hyperliquid-docs/trading/liquidations",
      "type": null,
      "publisher": null,
      "accessedAt": "2026-10-22",
      "limitation": null
    }
  ],
  "limitations": [
    "Provider-documentation review focused on perpetual trading. Not an exhaustive product inventory, live execution test, security audit or individual eligibility assessment.",
    "Unknown: Current executable quotes and all-in holding costs",
    "Unknown: Independent fill, stop-loss and withdrawal reliability",
    "Unknown: Live signing permissions and revocation behaviour",
    "Unknown: Individual eligibility and current regional restrictions"
  ],
  "representations": {
    "json": "https://decentralised.news/api/machine/v1/evidence/hyperliquid/export?format=json",
    "csv": "https://decentralised.news/api/machine/v1/evidence/hyperliquid/export?format=csv",
    "jsonld": "https://decentralised.news/api/machine/v1/evidence/hyperliquid/export?format=jsonld"
  },
  "provenance": {
    "publisher": "Decentralised News",
    "publisherUrl": "https://decentralised.news",
    "machineInterface": "https://decentralised.news/machine-interface",
    "generatedFrom": "versioned DN decision-brief record"
  }
}