Protocol
Asset specification
The source of information about perpetual futures is the Hyperliquid contract specification.
| Characteristic | Perpetual futures (Hyperliquid) | DERPs |
|---|---|---|
| Contract | Unit of underlying spot asset | Unit of underlying spot asset |
| Underlying asset | Any asset via price oracle | Any asset via price oracle or direct spot price retrieval |
| Initial margin fraction | 1 / leverage | Maintenance margin + max half-spread increase + max funding rate between liquidation checks + size-dependent risk buffer |
| Maintenance margin | 0.5 * max initial margin | Pre-set base rate + debt sensitivity * AMM debt ratio |
| Mark price | Robust, order book-based | Robust, based on AMM mid-price |
| Account type | Cross or isolated margin | Isolated margin |
| Funding rate | Based on index and mark price difference | Based on market skew |