Glossary

Terms run A to Z; wire names are in code type, such as cloid.

A

Term	Meaning
Activation fee	The one-off 1 quote token charged on the first transfer into a new HyperCore account. Until then the account cannot send CoreWriter actions. Priority fees and the activation fee
ADL (auto-deleveraging)	The last resort when an account goes negative: opposing profitable positions are closed at the previous mark price, so the protocol carries no bad debt. Auto-deleveraging
Agent	Another name for an API wallet. API wallets and agents
Aligned quote asset (AQA)	A stablecoin whose issuer shares reserve yield with the protocol. AQAv1 earns lower fees for its markets; AQAv2 is set to become a requirement for quote assets of HIP-4 and validator-operated perps. Quote assets
ALO (add liquidity only)	Post-only time in force: the order rests on the book or is cancelled; it never takes. Order types
API server	Follows a node, serves REST and WebSocket data from its copy of the state, and forwards your transactions to the node. API servers
API wallet	A key an account approves to sign L1 actions (orders, cancels, many account actions) for it. It cannot sign user-signed actions such as withdrawals. API wallets and agents
Asset id	The integer a that names a market in an order or cancel: a perp index, 10000 + a spot pair, the HIP-3 formula, or 100000000 + an outcome encoding. Asset ids and naming
Assistance Fund	The system address that automatically converts trading fees to HYPE and burns it. Fees, tiers and rebates

B

Term	Meaning
Backstop liquidation	Below two thirds of maintenance margin, the liquidator vault (or a HIP-3 dex’s own on-chain backstop liquidator) takes the position over, and the maintenance margin is not returned. Leverage and liquidation
Big block	The HyperEVM’s slow block: every 60 s, 30M gas, for large transactions. An account opts in with evmUserModify. Blocks, gas and RPC
Builder code	A per-order field {b, f} paying the routing app a fee in tenths of a basis point, up to the user’s approved maximum. Builder codes
Builder-deployed perp	A perpetual listed by a staked deployer on a HIP-3 perp dex, rather than by validator vote. HIP-3
buy_side (lens)	A volume lens that counts only fill rows on the buy side. Measuring Hyperliquid

C

Term	Meaning
Clearinghouse	The HyperCore component holding each address’s balances and positions; the spot clearinghouse holds token balances. One design serves every market, but in Standard mode each perp dex keeps its own balance and cross margin. The clearinghouse
cloid	Client order id: an optional 128-bit hex string on an order, to find or cancel it without the oid. Orders
Coin	The string that names a market in info requests and WebSocket: BTC, @107, PURR/USDC, dex:COIN or #<encoding>. Asset ids and naming
CoreWriter	The system contract at 0x3333...3333 through which a HyperEVM contract sends HyperCore actions as its own address. It never reports failure back. Writing to HyperCore: CoreWriter
Cross margin	Positions share one pool of collateral. In Standard mode the pool is per perp dex; Unified and Portfolio margin accounts share it across dexes with the same collateral. Margin
Crossing fee	The cost of moving a token from HyperCore to the HyperEVM: 200,000 gas at the next block’s base fee, taken from the HyperCore balance. Moving assets between HyperCore and the HyperEVM

D

Term	Meaning
Dead man’s switch	scheduleCancel: cancels all your open orders at a set time unless you push it back. Orders
Delisting	A validator vote that settles a validator-operated perp at the 1-hour TWAP of the spot oracle and cancels its orders. Delisting
Deploy auction	A Dutch auction whose gas price falls over 31 hours to a floor, pricing HIP-1 tokens, new spot pairs and HIP-3 assets beyond the first three. Deploying a spot token
Deployer	An account that creates a HIP-1 token, a HIP-3 perp dex or a HIP-4 venue. The last two need a HYPE stake. What a HIP is
Deployer fee scale	A HIP-3 or HIP-4 deployer’s multiplier s on its markets’ fees: the trader pays s + max(s, 1) times the base rate and the deployer keeps s of it. Deployer economics and risk
Dex (perp dex)	A self-contained perp venue with its own books, margining and settings. The first is validator-operated; the rest are HIP-3 dexes. HIP-3
Dual-block architecture	The HyperEVM’s split into small fast blocks and big slow blocks in one numbered sequence. Blocks, gas and RPC
Dust conversion	A daily sweep that sells spot balances under one lot and worth at most 1 USD, returning the USDC pro rata. Spot markets

E

Term	Meaning
EIP-712	The Ethereum standard for signing typed data. Both of Hyperliquid’s signing schemes wrap their payload in it. Signing from first principles
Entry price	The average price at which a position was built; unrealised PnL is measured from it. Entry price and PnL
Epoch	100,000 consensus rounds, about 90 minutes, with the validator set and stakes fixed. Staking
evmExtraWeiDecimals	The difference between a token’s decimals on the HyperEVM and its weiDecimals on HyperCore, from -2 to 18. USDC is -2. Moving assets
Exchange endpoint	POST /exchange, where every signed action goes. Architecture
expiresAfter	An optional millisecond timestamp on an L1 action after which it is rejected. Nonces, expiry and API wallets

F

Term	Meaning
Fallback outcome	The other outcome HIP-4 adds to every question: it settles to 0 when a named outcome settles to 1, and its Yes holders receive Yes in any outcome added later. Whether it counts toward the active-outcome limit is open. Market shapes
Fill	One side of a match. Each match writes a taker row and a maker row with the same notional and tid. The order book and matching
FrontendMarket	The market-order time in force: a limit at a worst acceptable price that takes what it can. CoreWriter cannot send it. Order types
Funding	The hourly payment between longs and shorts that keeps a perp near its oracle. When the perp trades above the oracle, longs pay. Funding
Funding multiplier	A HIP-3 deployer’s per-asset scale on the funding rate, from 0 to 10. Operating a perp dex

G

Term	Meaning
Gossip priority	Paid read priority: two auctions every 3 minutes set the order in which nodes send data to the winning IPs. Priority fees
Growth mode	A HIP-3 setting that cuts all-in fees, rebates and volume contribution by at least 90%, for markets that do not overlap validator-operated perps. Fees, tiers and rebates
GTC (good til cancelled)	Time in force for an order that rests until filled or cancelled. Order types

H

Term	Meaning
haltTrading	The HIP-3 deployer action that cancels a market’s orders and settles positions at mark, or resumes it. New HIP-3 assets start halted. Operating a perp dex
Health factor	For manual borrows: LTV-weighted collateral over borrowed value. At or below 100% no new borrowing is allowed. Borrowing and lending
HIP	Hyperliquid Improvement Proposal: a standard that makes a primitive permissionless. Four exist, HIP-1 to HIP-4. What a HIP is
HIP-1	The native token standard: capped-supply tokens on HyperCore, each with a spot order book. HIP-1
HIP-2	Hyperliquidity: a liquidity strategy run by the protocol for new spot pairs against USDC. HIP-2
HIP-3	Builder-deployed perpetuals: a deployer staking 500,000 HYPE can run its own perp dex. HIP-3
HIP-4	Outcome markets: fully collateralised contracts that settle between 0 and 1, deployed from validator-approved templates. HIP-4
hl_official (lens)	A volume lens: fills that paid a fee, plus the winning side of settlements. Measuring Hyperliquid
HLP	Hyperliquidity Provider: the protocol vault that makes markets, liquidates and supplies USDC to lending. Deposits lock for 4 days. Vaults
hlPerp	The HIP-4 keyword type that names an existing perp, including a HIP-3 coin such as test:ABC. Outcome templates and keywords
hm_headline (lens)	A volume lens: the network’s total fill notional divided by 2. Measuring Hyperliquid
HYPE	The native token: gas on the HyperEVM, staking, fee discounts and deployer stakes. HYPE
HyperBFT	The consensus protocol, a variant of HotStuff, that orders every HyperCore and HyperEVM transaction. HyperBFT
HyperCore	The native execution environment: order books, margin, clearing and settlement as protocol state. HyperCore overview
HyperEVM	The Ethereum-compatible execution environment on the same chain and consensus as HyperCore. What the HyperEVM is
Hyperliquidity	The HIP-2 strategy: an operator-free ladder of orders 0.3% apart, refreshed by the protocol at most every 3 s. HIP-2
Hyperp	A Hyperliquid-only perp listed before a spot market exists. Its oracle is an 8-hour moving average of its own mark price. Hyperps and index perpetuals

I

Term	Meaning
Impact price	The average fill price for a fixed notional on each side of the book. Funding’s premium is measured with it. Funding
Index perpetual	A perp that tracks a formula published by validators instead of a spot price. Hyperps and index perpetuals
Info endpoint	POST /info, the read-only surface; no signature needed. Architecture
Initial margin	The collateral needed to open: size * mark price / leverage. Margin
IOC (immediate or cancel)	Time in force that fills what it can at once and cancels the rest. Order types
Isolated margin	A margin mode that confines a position’s collateral, and its liquidation, to that position. Margin

J to K

Term	Meaning
Jailing	Validators voting an unresponsive peer out of consensus until it recovers. Unlike slashing, it takes no stake. Validators and delegation
keywordToValue	The sorted list of [keyword, value] pairs that fills in a HIP-4 template. It is signed as pairs; signing it as an object recovers a stranger’s address. Outcome templates and keywords

L

Term	Meaning
L1 action	An action signed as msgpack bytes, hashed with the nonce and wrapped in the EIP-712 domain Exchange with chainId 1337; an API wallet can sign it. Orders, cancels and most deployer actions are L1 actions. Signing from first principles
Leader	The authorised signer who submits a multi-sig action and whose nonce it uses. Multi-sig actions
Limit order	An order that executes at its price or better, and may rest. Order types
Linking	Connecting a HyperCore token to a HyperEVM ERC20 (requestEvmContract, then finalizeEvmContract) so it can cross. Linking a token
Liquidation	Forced closing of a position below maintenance margin: first by market orders on the book, then by backstop. Leverage and liquidation
Lot size	The smallest size step of an asset, 10^-szDecimals. Precision
LTV (loan to value)	The share of a collateral’s value that can be borrowed against it: HYPE 0.65, BTC 0.5. Borrowing and lending

M

Term	Meaning
Maintenance margin	The equity a position must keep to avoid liquidation: half the initial margin at maximum leverage, adjusted by margin tier. Margin
Maker, taker	The maker’s order was resting; the taker’s matched it. They pay different fees, and makers can earn rebates. Fees, tiers and rebates
Margin tier	A notional band with its own maximum leverage; larger positions get less leverage. Margin
Mark price	The robust price used for margin, liquidations, TP/SL triggers and unrealised PnL: a median of oracle-based, book-based and external perp prices. Oracles, mark prices and robust price indices
Market order	An order meant to fill at once at the best prices; on the wire, a FrontendMarket or Ioc limit with a worst price. Order types
matched (lens)	A volume lens: one notional per tid, attributed through the taker’s builder. Measuring Hyperliquid
Merge, merge question	Burning one Yes and one No of an outcome, or one Yes of every outcome in a question, into 1 quote token. Split, merge, negate
msgpack	The binary encoding L1 actions are hashed in. Key order and integer width change the hash. Signing from first principles
Multi-sig account	A HyperCore account controlled natively by up to 10 authorised keys and a threshold, not by a contract. Multi-sig accounts

N

Term	Meaning
Negate	Converting No of one outcome in a question into Yes of every other outcome, the fallback included. Split, merge, negate
No cross (noCross)	A HIP-3 margin mode: isolated margin that can be removed, and no cross margin. Margin
Node	A machine that follows the chain; a non-validating node writes its data locally without voting. Running a node
Nonce	A number on every action, usually a millisecond timestamp. The 100 highest per signer are kept; a new one must beat the smallest and never repeat. Nonces, expiry and API wallets

O

Term	Meaning
oid	The order id HyperCore assigns to an order. modify returns a new one. Orders
Open interest cap	A limit on open notional per asset and per HIP-3 dex; at the cap, orders that would add to it are refused. Operating a perp dex
Oracle price	The stake-weighted median of each validator’s weighted median of external spot prices, published every 3 s. It drives funding. Oracles, mark prices and robust price indices
Order book	The list of resting bids and asks for one market, matched by price, then time. The order book and matching
Outcome	One HIP-4 contract with two sides whose values sum to one quote token. It settles at a fraction between 0 and 1. What an outcome market is
Outcome deployer	An account that has staked HYPE, activated a venue and deploys HIP-4 markets from templates. Becoming an outcome deployer
Outcome template	A validator-approved pattern that fixes a HIP-4 market’s text, side names and typed keywords. Outcome templates and keywords

P

Term	Meaning
Perpetual (perp)	A future with no expiry, held near its index by funding. What a perpetual future is
PnL	Profit and loss: realised when a position is reduced, unrealised while it is open. Entry price and PnL
Portfolio margin	An account mode that margins spot and perps together and borrows automatically against HYPE and BTC. Portfolio margin
Portfolio margin ratio	The largest, over borrowable tokens, of maintenance requirement over liquidation value. Above 0.95 the account can be liquidated. Portfolio margin
Precompile	A fixed HyperEVM address from 0x800 to 0x814 that returns HyperCore state to a contract, at the latest block only. Reading HyperCore: precompiles
Premium	How far the book’s impact prices sit from the oracle, as a fraction of the oracle. Funding
Price-side-time priority	The ordering on a HIP-4 book, where Yes and No share one book: at one price, resting sells come before resting dual buys. HIP-4
Priority fee	A burned fee that buys earlier execution for IOC or ALO orders ({"p": N} grouping), or earlier data for an IP (gossip priority). Priority fees
Pruning	A settled outcome leaves outcomeMeta, and precompile 0x814 later reports status 3 with no settled value. The info request settledOutcome still answers for it. Settling outcomes

Q

Term	Meaning
Question	A HIP-4 group of outcomes in which exactly one settles Yes. Merge question and negate link its outcomes. Market shapes
Quote asset	The token a spot pair is priced in, or a HIP-3 dex is collateralised in. It needs 200,000 HYPE staked; USDC and USDT are exempt. Quote assets
Quorum	A set of validators holding more than two thirds of stake. HyperBFT

R

Term	Meaning
Recurring outcome	A HIP-4 market the protocol deploys and settles on a fixed cadence, described by a class: string such as priceBinary or priceBucket. Market shapes
Reduce only	An order flag that only lets the order shrink an existing position. Order types
Referral	A code that gives the referred user 4% off fees and the referrer 10% of those fees, within volume limits. Referrals
routed (lens)	A volume lens: every fill row where the taker used a builder code. Measuring Hyperliquid

S

Term	Meaning
Scalar outcome	A HIP-4 outcome that settles at a fraction: Long pays (price - low) / (high - low), held between 0 and 1, and Short pays the rest. Market shapes
Scale order	A set of limit orders spread across a price range, sent as one action. TP/SL, TWAP and scale
Self-trade prevention	When your own orders would match, the resting one is cancelled instead. Self-trade prevention
semanticRestriction	The template field that bounds what a HIP-4 market may mean. A market that contradicts it is malformed and slashable. Outcome templates and keywords
Settle fraction	The value from 0 to 1 an outcome settles at. Side 0 receives it, side 1 receives one minus it. Settlement
Side	One of an outcome’s two tokens, 0 or 1, labelled in sideSpecs: usually Yes and No. Asset ids and naming
Slashing	Burning part of a deployer’s stake by validator vote, for irregular inputs on HIP-3 or malformed markets on HIP-4. There is no automatic slashing of validators. Deployer economics and risk
Small block	The HyperEVM’s fast block: every 1 s, 3M gas. Blocks, gas and RPC
Spot	Trading tokens outright: balances, not positions. Spot markets
Split	Turning X quote tokens into X Yes and X No of one outcome. Split, merge, negate
Staking	Delegating HYPE to validators for rewards. Moving it back to spot takes 7 days. Staking HYPE
Staking link	A permanent link letting one account’s staked HYPE set another’s fee discount. It gives the staking account control of the trading account’s funds. Fees, tiers and rebates
Standard mode	Separate spot and perp balances, and a separate balance and cross margin per perp dex. HIP-4 deployers and builder-code addresses must use it. Account modes
Strict isolated	Isolated margin that cannot be removed while the position is open. Margin
Sub-account	A separate account under a master, with no key of its own; the master signs for it. Sub-accounts
Sub-deployer	An address granted one deployer action, such as settlement, on behalf of a HIP-3 or HIP-4 deployer. Becoming an outcome deployer
System address	Where a token crosses between HyperCore and the HyperEVM: 0x20 followed by its token index, or 0x2222...2222 for HYPE. Moving assets
szDecimals	The decimals a size may carry for an asset; it also sets how many a price may carry. Precision

T

Term	Meaning
tagged (lens)	A volume lens: every non-settlement fill row where a given builder appears, on either side. Settlement fills never carry a builder code. Measuring Hyperliquid
Tick size	The smallest price step: at most 5 significant figures within the decimal limit, or 0.00001 on outcomes. Precision
tid	Trade id. Both rows of one match share it, so deduplicate fills on tid. Data
TIF (time in force)	What an order does when it first reaches the book: Gtc, Ioc, Alo or FrontendMarket. Order types
Token index	A token’s own number, used in transfers, system addresses and most precompiles; not its spot pair index. Asset ids and naming
TP/SL	Take profit and stop loss: trigger orders closing a position at a target or a limit. TP/SL, TWAP and scale
TWAP	An order split into suborders at least 30 s apart, over 5 minutes to 7 days. TP/SL, TWAP and scale

U

Term	Meaning
Unified account	One balance per asset, backing spot trading and every cross position in that asset. Account modes
Unstaking queue	The 7 days between moving HYPE from staking to spot and receiving it. Staking HYPE
USDC	The main quote and collateral asset: 8 decimals on HyperCore, 6 on the HyperEVM. Quote assets
USDH	A stablecoin quote asset on HyperCore, token 360 on mainnet. HIP-4 markets were quoted in it until about June 2026. Quote assets
User-signed action	An action signed as readable EIP-712 typed data under the domain HyperliquidSignTransaction, by the master key only. Transfers, withdrawals and approvals are user-signed. Signing from first principles
Utilisation	Borrowed divided by supplied for a lending reserve. Above 0.8 the borrow rate climbs steeply. Borrowing and lending

V

Term	Meaning
Validator	A staked operator that votes in consensus. The active set is the top 27 by stake. Validators and delegation
Vault	Pooled capital that trades as one account. HLP is the protocol’s own. Vaults
Venue	A HIP-4 deployer’s 2 to 4 letter name. It shares a namespace with perp dexes and is never released. Becoming an outcome deployer
Volume lens	A rule for which fill rows count as volume. Public volume figures disagree mostly because they use different lenses. Measuring Hyperliquid

W

Term	Meaning
Weighted volume	14-day perp volume plus twice 14-day spot volume. It sets the fee tier. Fees, tiers and rebates
weiDecimals	The decimals of a token’s smallest unit on HyperCore. Moving assets

For the values behind these terms, see Numbers and limits. The naming schemes in full are on the Asset encoding cheat sheet, and how to write the names in the Naming and style guide.