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TradePerpetuals9 pages
What a perpetual future isFoundationA perpetual future is a contract on an asset's price that never expires, kept close to that price by an hourly payment between longs and shorts.Contract specificationsPractitionerEvery Hyperliquid perp is a linear contract on 1 unit of its asset, defined by size decimals, maximum leverage, a margin table and a margin mode.FundingPractitionerFunding is an hourly payment between longs and shorts, set by how far the perp trades from the oracle price, that ties a contract with no expiry to its index.Margin: cross, isolated and margin tiersPractitionerMargin is the collateral behind a perp: initial margin to open, maintenance margin to stay open, shared in cross mode or ring-fenced in isolated mode.Leverage and liquidationPractitionerBelow maintenance margin, positions go to the order book as market orders; below two thirds of it, the liquidator vault takes them over.Auto-deleveragingExpertWhen an account goes below zero, auto-deleveraging closes the most profitable, most leveraged opposing positions at the previous mark price, leaving no bad debt.Hyperps and index perpetualsPractitionerHyperps fund against a moving average of their own mark price until spot trading exists; index perps track a formula the validators publish.AMM-priced perpetualsExpertSome perps price off a Uniswap V2 or V3 pool instead of exchange spot prices, and are isolated only, with margin locked in until the position closes.DelistingPractitionerWhen validators vote to delist a perp, positions settle at the 1-hour time-weighted oracle price before the vote and no new orders are accepted.

Delisting

Practitioner

When validators vote to delist a perp, positions settle at the 1-hour time-weighted oracle price before the vote and no new orders are accepted.

Delisting closes your position for you, at a price fixed by the time the vote is held. Every position settles at that one price, a mechanism the docs note many centralised exchanges use.

Validator-operated perps settle at a price fixed before the vote

Section titled “Validator-operated perps settle at a price fixed before the vote”

If the validators’ vote passes, positions settle, orders are cancelled and the meta entry stays (table). Say the vote is scheduled for 12:00 UTC: you settle at the time-weighted oracle price from 11:00 to 12:00, and later moves don’t count.

The averaging window closes at the scheduled vote time, not at settlement, and the oracle is published about every 3 seconds: anyone recording it can compute the settlement price in advance.

In the 28 September 2026 read, every delisted entry still had an asset context: funding, open interest and day volume "0.0", no impact prices, markPx still populated.

The deployer, not the validators, ends a HIP-3 market:

  • haltTrading cancels an asset’s orders and settles its positions at the current mark price. It also resumes trading, recycling the asset, so dated contracts need no new auction slot each.
  • Stake release: once all of a dex’s assets are settled, the required stake can be unstaked.
  • New assets start halted: they need haltTrading with isHalted: false before trading.
  • Losing the collateral asset: if validators vote a quote asset out of quote asset status, perp dexes using it as collateral are disabled too; if its own deployer disables it, they are not.
  • Growth mode: validators disable ineligible growth mode perps by on-chain vote, which the docs compare to delisting.
  • disableDex is in the deployer action list, with no documented effect.

A hyperp does not end at launch: shortly after its USDT pair lists for spot on Binance, OKX or Bybit, it becomes a normal perp on the usual oracle.

Item Validator-operated perp HIP-3 perp
Who decides validator vote the deployer, with haltTrading
Settlement price 1-hour time-weighted spot oracle price before the scheduled vote time current mark price
Open orders cancelled (delistedCanceled) cancelled
New orders refused after settlement refused while halted; trading can resume
meta entry kept, isDelisted: true kept, isDelisted available
Mainnet count, 28 September 2026 56 of 234 entries delisted 47 of 185 entries delisted across the three dexes read
  • Close first if the exit price matters, as the docs advise.
  • Settlement realises PnL at the settlement price, and funding stops.
  • HIP-3 settlement uses the mark, at a time the deployer picks. The mark is partly deployer supplied through setOracle, bound by the protocol’s clamps and by slashing for irregular operation (operating a perp dex).
  • Keep delisted entries when indexing meta.universe. An asset id is its position there, so filtering first shifts every later asset and sends orders to the wrong market (asset ids).
  • Check isDelisted before quoting, and treat delistedCanceled as terminal, not an error to retry.
  • A delisted markPx is not tradable, since no new orders are accepted.
  • No notice period between vote and settlement is documented.
  • HIP-3 counts include whole dexes: one of the three dexes read had all 23 of its assets delisted.

For the meta fields, including isDelisted, see Contract specifications. For the price a delisting settles against, see Oracles and mark prices.