Hyperliquid Positions

Hyperliquid positions and margin

Reads here are for everyone (Risk Manager first); the write actions (updateLeverage, updateIsolatedMargin, closes) are Execution Trader only, on a ticket. Order mechanics are in hyperliquid-orders.

Concepts

• Cross margin (default): all cross positions share the account's margin, and unrealised PnL counts as margin; liquidation is account-wide. Isolated margin: the position has its own margin; only that margin is at risk, and you can add to or remove from it (some markets are strictIsolated and refuse removal; HIP-3 markets may be noCross).
• Leverage is set per market and per mode with updateLeverage; it caps position size against margin, it is not "how much you win". Max leverage is per market and tiered by notional (see margin tiers).
• Margin tiers: each perp has a margin table (meta.marginTables, matched to the asset via marginTableId) listing notional thresholds and the max leverage allowed above each. Bigger positions get less leverage.
• Maintenance margin is half of the initial margin at the max leverage of the applicable tier (so between 1.25% for a 40x market and 16.7% for a 3x market); liquidation happens when account (cross) or position (isolated) equity falls below maintenance margin, on mark price. Large positions are liquidated partially first; the cross liquidation price does not depend on your leverage setting.
• Liquidation price is reported by the exchange per position (liquidationPx); use that, do not recompute.
• Funding is exchanged every hour between longs and shorts at the market's funding rate; it changes equity while a position is open.
• Closing is an order in the opposite direction with reduceOnly. Full close at market: reduce-only IOC at a slippage-bounded price for the live position size.

Read positions and margin

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ADDR=$HYPERLIQUID_ACCOUNT_ADDRESS
BASE=$([ "$HYPERLIQUID_NETWORK" = mainnet ] && echo https://api.hyperliquid.xyz || echo https://api.hyperliquid-testnet.xyz)
curl -sS -X POST $BASE/info -H 'Content-Type: application/json' -d "{\"type\":\"clearinghouseState\",\"user\":\"$ADDR\"}" | jq '{
  accountValue: .marginSummary.accountValue, totalMarginUsed: .marginSummary.totalMarginUsed,
  withdrawable, crossMaintenanceMarginUsed,
  positions: [.assetPositions[].position | {coin, szi, entryPx, positionValue, unrealizedPnl, liquidationPx, marginUsed,
    leverage: (.leverage.type + " " + (.leverage.value|tostring)), returnOnEquity, cumFunding: .cumFunding.sinceOpen}]}'

szi is signed size (positive long, negative short). leverage.type is cross or isolated; isolated positions also carry leverage.rawUsd (the isolated margin).

Margin tiers for a market:

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curl -sS -X POST $BASE/info -H 'Content-Type: application/json' -d '{"type":"meta"}' \
 | jq --arg c ETH '(.universe[] | select(.name==$c)) as $u | ($u.marginTableId // $u.maxLeverage) as $id
      | {name:$u.name, szDecimals:$u.szDecimals, maxLeverage:$u.maxLeverage, marginTableId:$id,
         tiers: (if $id < 50 then [{lowerBound:"0.0", maxLeverage:$id}]
                 else ((.marginTables[] | select(.[0]==$id) | .[1].marginTiers) // [{lowerBound:"0.0", maxLeverage:$u.maxLeverage}]) end)}'

marginTables is a list of [id, {description, marginTiers: [{lowerBound, maxLeverage}, ...]}] for ids of 50 and above; the tier whose lowerBound (position notional in USD) is the largest one at or below your notional applies. Ids below 50 are single-tier tables whose max leverage equals the id and they are not listed in marginTables (most altcoins), which the snippet handles. Testnet tiers are far tighter than mainnet (BTC drops from 40x above only 10k notional on testnet), which is one reason testnet rehearsals differ from mainnet.

Python equivalents: info.user_state(ADDR), info.meta(); the header from hyperliquid-orders applies.

Set leverage and margin mode (write)

Do this before the entry the ticket refers to. Leverage is checked when a position is opened (margin required = size x mark / leverage); the leverage of an existing position can be raised without closing it, which frees margin and moves the isolated liquidation price, and lowering it needs enough free margin to cover the higher initial margin. Either way, tell the user what changes.

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# header from hyperliquid-orders (info, exchange, ACCOUNT)
res = exchange.update_leverage(3, "ETH", is_cross=True)     # 3x cross
# res = exchange.update_leverage(5, "ETH", is_cross=False)  # 5x isolated
print(res)                                                    # {"status":"ok","response":{"type":"default"}}
print(next((p["position"]["leverage"] for p in info.user_state(ACCOUNT)["assetPositions"] if p["position"]["coin"] == "ETH"), "no open ETH position"))

If the market has no open position yet, confirm afterwards by placing the entry and reading leverage on the resulting position, or via activeAssetData ({"type":"activeAssetData","user":ADDR,"coin":"ETH"}), which reports the account's current leverage setting and available-to-trade for that market.

Add isolated margin to an existing isolated position (USD amount):

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res = exchange.update_isolated_margin(50.0, "ETH")            # adds 50 USDC of margin to the ETH isolated position

TypeScript: await exchange.updateLeverage({ asset: a, isCross: true, leverage: 3 }); await exchange.updateIsolatedMargin({ asset: a, isBuy: true, ntli: 50 * 1e6 }) (ntli is USD x 1e6).

Close a position (write)

Read the size live seconds before sending; the ticket states the slippage bound.

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coin, slippage = "ETH", 0.003                                  # 30 bps bound
pos = next((p["position"] for p in info.user_state(ACCOUNT)["assetPositions"] if p["position"]["coin"] == coin), None)
if not pos: raise SystemExit("no open position")
szi = float(pos["szi"]); is_buy = szi < 0                      # closing a short buys
sz = round_sz(coin, abs(szi))
mid = float(info.all_mids()[coin])
px = round_px(coin, mid * (1 + slippage) if is_buy else mid * (1 - slippage))
cloid = new_cloid(); print("cloid", cloid.to_raw(), "bound", px, "size", sz)
res = exchange.order(coin, is_buy, sz, px, {"limit": {"tif": "Ioc"}}, reduce_only=True, cloid=cloid)
print(res)
# SDK shortcut with the same semantics: exchange.market_close(coin, sz=None, px=None, slippage=0.003, cloid=cloid)
# It returns None (not an error) when there is no position, and it does not round a caller-supplied sz.

Partial close: pass the reduced size. The position still exists afterwards and still needs a stop.

Clean-up depends on which happened, and reading clearinghouseState is what tells you:

• Full close (assetPositions no longer contains the coin): list open_orders(ACCOUNT) and cancel the orphaned TP/SL for that market (their own ticket, or the standing approval in desk.md), then confirm the position is gone.
• Partial close (the coin is still there at a smaller size): do not cancel the protective trigger. A position-tied stop (sz: "0.0", isPositionTpsl: true) already covers the smaller size and needs nothing. A fixed-size stop now covers more than the position: place the correctly sized replacement first, confirm it is resting, then cancel the old one, so the remainder is never naked between the two actions.

Never run the orphan sweep on the assumption that a close was total. Confirm it from the exchange first.

Protection check (read)

A position is protected when a reduce-only trigger order on the opposite side is resting on the exchange, either sized at least to the position or position-tied (sz: "0.0", isPositionTpsl: true, meaning "the whole position"). Verify with frontendOpenOrders, which exposes trigger fields:

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curl -sS -X POST $BASE/info -H 'Content-Type: application/json' -d "{\"type\":\"frontendOpenOrders\",\"user\":\"$ADDR\"}" \
 | jq '[.[] | select(.isTrigger==true) | {coin, side, sz, triggerPx, triggerCondition, orderType, reduceOnly, isPositionTpsl, oid, cloid}]'

side is B (buy) or A (sell). A long's stop is an A trigger below mark with reduceOnly: true; a short's is a B trigger above mark. Missing, or undersized without being position-tied: report unprotected to the Desk Lead (desk-incident-response playbook D).

Liquidation distance

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distance_pct = (mark - liquidationPx) / mark x 100      for longs (negative of that for shorts)

Report it per position in every book check. Cross accounts liquidate together; the per-position liquidationPx already accounts for that.

Pitfalls

• Changing leverage with an open position without telling the user; margin used (and, for isolated, the liquidation price) move at once.
• Closing with a Gtc order by mistake; use Ioc and reduceOnly so nothing rests and nothing can flip the position.
• Reading position size from a brief instead of clearinghouseState seconds before the close.
• Assuming headline maxLeverage applies to your notional; read the tier.
• Leaving TP/SL orphans after a full close; a stale reduce-only trigger fires against the next position you open in that market.
• Running that same orphan sweep after a partial close and cancelling the stop that still protects the remainder. Check the position before cancelling anything.
• Isolated margin adds are in USD; the TS ntli field is USD x 1e6.