Perps

A perp (perpetual contract) is a position that follows the price of something without you owning it and without an expiry date: it stays open until you close it or until it is liquidated. You put up some money as collateral, the margin, and choose how much to multiply it by with leverage.

• Long: you gain if the price goes up and lose if it goes down.
• Short: you gain if the price goes down and lose if it goes up.

On Every every perp opens this way, Bitcoin or Apple. Stocks and commodities have their own details in Stocks and commodities.

Opening a position

1. Open the market from Invest → Perps or from search, and tap Long or Short.

2. At the top you see the market, its price and the order type: Market or Limit. Tap it to switch. See Order types.

3. Type the margin: what you put in from your own money. The shortcuts and Max fill it in; under it you see your Available.

4. Pick the Leverage on the wheel. It starts at 10x on crypto and at 1x on stocks, indices and commodities, and goes up to the maximum Hyperliquid allows on that market.

5. Watch what the screen works out as you type: the Leveraged size (margin times leverage), the size in the asset, the Liquidation price and the Fee.

6. If you want, tap Add SL/TP to set a stop loss, a take profit or both.

7. Tap Open long (or Open short). The screen turns into Opening your long: it moves your money if needed, sets the leverage on Hyperliquid and sends the order. It usually takes about 20 seconds.

8. The receipt says Long opened, with the margin, the market, the leverage and the size of the position.

There is no separate confirm sheet: Open long sends the order. Everything you are about to sign is on that screen before you tap it.

The position has to be worth more than $10. With a small margin the button says Minimum X: the figure depends on the leverage, because what counts is the size of the position, not the margin.

Note

Leverage is set before the order is sent and cannot be changed on an open position without touching it. That is why the app writes it first.

One position per market

On Hyperliquid you hold at most one position per market. With one open, the page’s buttons change to say what is going to happen:

You hold	You tap	The screen says	What it does
A long	Add to your long (where Long was)	Add to your long	The position grows
A long	Short, with less than your position	Reduce your long	The position gets smaller
A long	Short, with exactly enough	Close your long	The position closes
A long	Short, with more than your position	Close long and open short	It closes and the opposite one opens

With a short it is the same the other way round. Max stops at the close: to turn the position around you have to type the figure.

Closing a position

1. On the market’s page, tap Close position, above Long and Short.

2. In Close Bitcoin position, type how much you want to close in dollars to close part of it, or tap Max to close all of it.

3. Check the sheet: You’re closing X of your Bitcoin position., what You get (your margin plus or minus the result, less the fee; when it is an estimate it says You get approx.) and the Fee.

4. Tap Confirm close. Once it fills, the screen says Position closed. The money goes back to your Available.

Closing has no minimum: Hyperliquid takes a close of any size. A close is a market order, at whatever price there is at that moment.

Caution

If you have a cross margin position opened from another app or from the web, the phone cannot add to it: the button says Your position uses cross margin: close it first. You can still close it with Close position.

Seeing your position

On the market’s page, under Yours, the position card shows:

• The side and the leverage, as a label: “10x Long”.
• Your margin, large: what is yours in that position.
• The result, in dollars and as a percentage, in green or red. It is the unrealised result: what you would gain or lose if you closed now, before the closing fee.
• Size: what the position actually measures, in dollars and in the asset.
• Entry price and Liquidation price.

On Invest, the Perps card adds up what you hold in perps and lists each position when you unfold it. Inside the room, Your positions comes first. All of it counts as Invested.

In Exchange mode, the Portfolio tab has Positions, with each one’s size, entry, mark price, liquidation and value, and your Open PnL added up.

In Activity, every open and close shows as “Long BTC 10x · opened” or “· closed”. If Hyperliquid closed it, it says so: “· liquidated” or “· closed by Hyperliquid”. See Funding and liquidation.

What it costs

• The fee on opening and on closing, on the size of the position, not on your margin. Every’s depends on your level and on where you trade; the screen shows it added to Hyperliquid’s. See Fees.
• Funding, every hour while the position is open. It can be a cost or an income. See Funding and liquidation.

Danger

With leverage, a small move in the price is a large move in your margin. If the price reaches the liquidation, the position closes on its own and you lose the margin. Every does not warn you beforehand: watch your positions and use a stop loss.