Hyperliquid perpetuals

Trade perpetual futures on Hyperliquid DEX using a wallet-bound agent account.

Find it at: the Hyperliquid asset detail page (/hyperliquid/:symbol), and the Trade Modal for any perp ticker.

---

1. Prerequisites

Before placing a perp order, you need a Hyperliquid account bound to Alphio. The binding signs an on-chain authorization that lets Alphio submit orders on your behalf within a session window.

See Connect on-chain for the full bind flow (wallet connect → approveAgent → approveBuilderFee → backend bind). Once bound, your Hyperliquid balance and open positions appear on the perp account view.

---

2. Agent wallet model

Alphio uses an agent wallet model on Hyperliquid rather than asking you to sign every order.

• What it is. A short-lived signing key registered on-chain via Hyperliquid's approveAgent. The agent key can place and cancel orders on the master wallet's behalf, but cannot withdraw funds.
• Why Alphio uses it. Signing every order with your main wallet would interrupt the trading flow with a wallet prompt per click. The agent wallet lets the Alphio backend submit orders smoothly inside an authorized session, while your main wallet still custodies the USDC margin.
• Security. The agent key has a TTL — you can renew the session (no on-chain signature needed, just a session extension) or unbind at any time. Unbinding revokes the agent authorization. Withdrawals always require your main wallet's signature; the agent key never has withdrawal authority.

---

3. Placing a perp order

A perp order takes three core inputs:

• Leverage. Pick a leverage level via the leverage editor. Higher leverage scales position size against the same margin, but moves your liquidation price closer to entry.
• Margin amount. USDC committed as initial margin. Combined with leverage, this determines the notional position size.
• Order type. Market orders execute against the current order book at the best available prices. Limit orders rest on the book at your specified price until filled or cancelled.

Pick Long or Short, fill the three inputs, and submit. The order is signed by the agent key and routed to Hyperliquid. Fills appear in your positions list as they happen.

---

4. Managing positions

Open positions show on the perp account view with:

• Mark price / entry price — for unrealized P&L
• Leverage and notional size — what your margin is actually controlling
• Liquidation price — where the position would be forcibly closed
• Unrealized P&L — in USDC terms

From the position row you can:

• Close — submit a market close for the full size
• Adjust — partial close, or add / reduce margin to shift the liquidation price
• Cancel open orders — clean up any resting limit orders tied to this market

---

5. Liquidation

If your margin ratio breaches Hyperliquid's maintenance margin, the position is liquidated and the remaining margin is returned (minus liquidation fees). Liquidation is enforced by Hyperliquid, not by Alphio.

A detailed reference covering exact maintenance levels, partial liquidation behavior, and fee schedules is scheduled for Phase 2 at Liquidations reference (Phase 2).

warning

The exact margin and maintenance requirements per market (initial margin %, maintenance margin %, liquidation fee %) are being finalized for documentation. Always confirm the live values shown on the Hyperliquid trade screen before sizing a position.

---

6. Funding fees

Perpetual contracts charge / pay a periodic funding rate between longs and shorts, settled in USDC against your margin balance. The direction and magnitude depend on the gap between perp price and spot index price.

Funding accrues on a fixed interval set by Hyperliquid and shows on the position row as it applies. A full fee reference (taker / maker / funding / withdrawal gas) is scheduled at Trading fees reference (Phase 2) in Phase 2.