Under the hood
Risk
The largest risk is the price itself: Toro trades at Hyperliquid's book mid, so anyone who can move that book briefly can try to trade against the pool at a distorted price. This page lists that risk, the controls on it, and who can change what.
Book manipulation
A quote placed inside the spread moves the mid by a tick or more without needing to fill. A trader who does this at open or close gets a slightly better price, paid by the pool. Toro limits the damage; it cannot remove it.
Frictions and exposure limits
- Deadband: 2.35 bp of entry (BTC) off every win.
- Impact curve: the smallest wins lose the most.
- Open-interest caps per side and market, plus a per-position and per-account limit.
- Two-step close: the exit is priced in a later block than the request (details).
Operational guards
- Spread and deviation guards on every price read (Price guards).
- A per-market drawdown breaker that halts new opens after a large pool loss.
- The guardian can halt opens, freeze or retire a market. Closes keep working at the frozen price.
Permissionless and gated actions
- Gated: opens and closes through the relayer (direct calls are also enabled on this deployment).
- Always open: withdrawals, direct close requests by the position owner, queue processing.
Admin keys
| Role | Can | Cannot |
|---|---|---|
| Owner (timelock) | upgrade contracts, set fees and impact, list markets, appoint relayers and keepers | touch a withdrawal |
| Guardian | halt opens, freeze or retire a market | unfreeze a retired market, move funds |
| Markets | OI caps, minimum margin and size | change the impact curve or prices |
| Keeper | liquidate, process the queue, sweep the surplus | move user funds |
Values on this page are read from the HyperEVM testnet deployment (chain 998, block 67249403) at build time.
Last updated 2026-10-18