Trades and pricing

Who takes the other side

The pool does, on every trade. There is no other trader to match and no book to fill against, so a position of any size fills at the mid, bounded only by each market’s open-interest caps and position limit.

The price

The contract reads Hyperliquid’s best bid and best ask in the same transaction and uses their midpoint for entry; the close reads it again. A guard can reject the read when the spread is too wide or the mid strays from Hyperliquid’s own reference price (Price guards).

Fees, funding and slippage

None at open. No funding while open. The only costs are on a winning close: the deadband, the impact haircut and the 2% win fee.

Margin

Each position is isolated: its margin is set at open and cannot be topped up, partly withdrawn or shared with other positions, and its leverage cannot change. A position ends only by a full close or a liquidation.

Limits per market