Glossary

A list of key terms used across HyperETH

General

Hyperliquid

A decentralized perpetuals trading platform with its own high-performance L1 chain and orderbook-based trading, designed for low latency and high throughput.

HyperCore

Hyperliquid’s L1 execution layer, HyperETH connects directly to HyperCore for perps trading.

Trade

Perpetuals

A type of derivative contract with no expiration date, allowing traders to speculate on the price of an asset over time.

Entry price

The average price at which your position was opened, weighted by size and direction (long/short).

Mark price

A fair price used to calculate PnL and liquidation. It’s derived from external price feeds and helps prevent manipulation.

Open interest

The total number of active perpetual contracts (long and short) that have not yet been closed or settled.

PnL (Profit and Loss)

Shows how much profit or loss your position has gained or lost.

Unrealized PnL

The potential gain or loss if your open position were to be closed at the current mark price.

Realized PnL

The actual profit or loss you’ve made from closed positions.

Leverage

The multiplier used to increase position size relative to your margin. For example, 10x leverage allows a $100 margin to control a $1,000 position.

Margin

The collateral required to open and maintain a position. More leverage means less margin required, but also more risk.

Isolated Margin

A margin system where the collateral is limited to a single position, so losses are contained and don’t affect your whole account.

Maintenance Margin

The minimum amount of collateral required to keep a position open before it gets liquidated.

Funding Rate

A recurring payment between long and short traders to keep the contract price in line with the spot price.

Liquidation

Occurs when your position’s losses approach your margin amount. If your position hits the liquidation price, it’s force-closed to prevent going negative.

Earn

Cashback

HyperETH gives you 10% cashback on builder fees for every trade you make, directly returning value to users.

Affiliate

A system that rewards you for referring users to HyperETH. You can earn up to 90% of the trading fees your referees generate.

Referrer

The person who invited another user to HyperETH using their unique referral link.

Referee

The new user who joins HyperETH using a referrer’s code.

Prediction markets

A permissionless feature that allows users to speculate on outcomes in a decentralized and trustless manner.