{
  "schemaVersion": 1,
  "id": "hyperliquid",
  "version": "1.0.0",
  "name": "Hyperliquid",
  "reviewedAt": "2026-10-14",
  "reviewIntervalDays": 14,
  "reviewer": "Decentralised News editorial research",
  "evidenceType": "provider_documentation",
  "liveTested": false,
  "summary": "Collateral, shared margin and fee treatment depend on account mode and market. This brief separates unified accounts, portfolio margin and standard mode instead of treating every Hyperliquid balance alike.",
  "scope": "Provider-documentation review focused on perpetual trading. Not an exhaustive product inventory, live execution test, security audit or individual eligibility assessment.",
  "decisionTitle": "Check the account mode before the collateral.",
  "decisionContext": "A balance visible in an account is not a universal margin allowance. Identify the account mode, DEX and collateral token before interpreting available capital.",
  "sources": [
    {
      "id": "modes",
      "name": "Hyperliquid account abstraction modes",
      "url": "https://hyperliquid.gitbook.io/hyperliquid-docs/trading/account-abstraction-modes",
      "reviewedAt": "2026-10-14"
    },
    {
      "id": "portfolio",
      "name": "Hyperliquid portfolio margin",
      "url": "https://hyperliquid.gitbook.io/hyperliquid-docs/trading/portfolio-margin",
      "reviewedAt": "2026-10-14"
    },
    {
      "id": "fees",
      "name": "Hyperliquid fees",
      "url": "https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees",
      "reviewedAt": "2026-10-14"
    },
    {
      "id": "funding",
      "name": "Hyperliquid funding",
      "url": "https://hyperliquid.gitbook.io/hyperliquid-docs/trading/funding",
      "reviewedAt": "2026-10-14"
    },
    {
      "id": "liquidation",
      "name": "Hyperliquid liquidations",
      "url": "https://hyperliquid.gitbook.io/hyperliquid-docs/trading/liquidations",
      "reviewedAt": "2026-10-14"
    }
  ],
  "networks": [
    {
      "id": "hyperliquid",
      "name": "Hyperliquid perpetual trading (review scope)",
      "collaterals": [],
      "collateralNote": "Mode and DEX dependent; portfolio eligibility is conditional."
    }
  ],
  "claims": [
    {
      "id": "modes",
      "question": "Which balance backs the position?",
      "label": "Provider-reported",
      "finding": "Unified mode shares an asset balance across spot and cross-margin positions using that asset. Standard mode separates spot, perps and DEX balances.",
      "consequence": "Read balances in the context of account mode; a cross-margin boundary is not identical across modes.",
      "sourceIds": [
        "modes"
      ]
    },
    {
      "id": "portfolio",
      "question": "Does portfolio margin make all holdings freely usable?",
      "label": "Provider-reported",
      "finding": "The reviewed mode guide lists HYPE, BTC, USDC and USDT as eligible portfolio assets. Portfolio documentation imposes entry requirements, haircuts and supply/borrow caps.",
      "consequence": "Eligibility is conditional. Check current caps and margin recognition rather than counting the full market value of each holding.",
      "sourceIds": [
        "modes",
        "portfolio"
      ]
    },
    {
      "id": "fees",
      "question": "Is the base fee the fee on every market?",
      "label": "Provider-reported",
      "finding": "Fees vary with rolling weighted volume and other adjustments. The guide distinguishes spot and perps, staking tiers, HIP-3 deployer fees and growth-mode treatment.",
      "consequence": "Inspect the actual market and route. A base tier is not a universal all-in rate.",
      "sourceIds": [
        "fees"
      ]
    },
    {
      "id": "funding",
      "question": "What changes the cost of holding?",
      "label": "Provider-reported",
      "finding": "Perpetual funding is exchanged hourly between sides. Portfolio borrowing can also accrue interest.",
      "consequence": "Funding, borrow interest and trade fees are separate components. A funding receipt does not prove the overall position is profitable.",
      "sourceIds": [
        "funding",
        "portfolio"
      ]
    },
    {
      "id": "liquidation",
      "question": "Is one liquidation estimate sufficient for every mode?",
      "label": "Provider-reported",
      "finding": "The general liquidation guide uses mark-price and maintenance-margin rules. Portfolio margin has an account-level calculation and does not promise a fixed order of liquidation across exposures.",
      "consequence": "Use the rules for the selected mode. DN has not tested liquidation or stop-loss outcomes.",
      "sourceIds": [
        "liquidation",
        "portfolio"
      ]
    },
    {
      "id": "access",
      "question": "Has DN verified access and signing safety?",
      "label": "Unknown",
      "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": []
    }
  ],
  "illustration": null,
  "unknowns": [
    "Current executable quotes and all-in holding costs",
    "Independent fill, stop-loss and withdrawal reliability",
    "Live signing permissions and revocation behaviour",
    "Individual eligibility and current regional restrictions"
  ],
  "history": [
    {
      "date": "2026-10-14",
      "type": "DN publication",
      "detail": "Initial documentation brief. Account-specific conditions and evidence limits are preserved in this version."
    }
  ],
  "reviewTriggers": [
    "Changed official product, fee or margin documentation",
    "A substantiated correction",
    "The 14-day editorial review deadline"
  ],
  "disclosure": "DN may receive compensation through commercial links elsewhere on the site. This brief contains no trading CTA or payout-based ranking. A documentation review does not establish current operational status or user eligibility."
}