Margin and leverage on Hyperliquid
Hyperliquid offers cross margin (the default), isolated margin and strict isolated margin. Initial margin is position size × mark price ÷ leverage, and maximum leverage depends on the asset and position size, for example up to 40x on BTC and 25x on ETH.
The three margin modes
| Mode | How it works | Best for |
|---|---|---|
| Cross (default) | All cross positions share your collateral. Profits on one help support the others, but a big loss can drag down everything. | Hedged books and experienced traders who watch the whole account |
| Isolated | Each position has its own margin. A liquidation affects only that position. You can add or remove margin after opening. | Speculative trades where you want a hard maximum loss |
| Strict isolated | Like isolated, but margin cannot be removed; it is released proportionally as you close the position. | Traders who want to stop themselves raiding margin |
HIP-3 markets can also offer a "no cross" mode (isolated with margin removal), and whether cross margin is shared across different perp DEXs depends on your account mode. Standard accounts share margin only within a single DEX; unified and portfolio accounts can share it across DEXs using the same collateral. See HIP-3.
The formulas
- Initial margin = position size × mark price ÷ leverage.
- Maintenance margin = half the initial margin at the asset's maximum leverage. For a 40x asset that is 1.25% of position value; for a 20x asset, 2.5%; for a 10x asset, 5%.
- Liquidation happens when account value (including unrealised PnL) falls below maintenance margin. For isolated positions only that position's margin and notional count. See liquidation.
Leverage is a whole number from 1 up to the asset's maximum. You can increase leverage on an open position without closing it. Leverage is only checked when a position is opened; after that, it is up to you to keep enough margin.
Maximum leverage by asset
Maximum leverage falls as your position gets larger (margin tiers). Examples from the docs' mainnet margin tiers, checked October 2026:
| Asset | Max leverage (smaller positions) | Above |
|---|---|---|
| BTC | 40x up to $150M notional | 20x |
| ETH | 25x up to $100M | 15x |
| SOL | 20x up to $70M | 10x |
| XRP | 20x up to $40M | 10x |
| HYPE, DOGE, LINK, AVAX, SUI and others | 10x up to $20M | 5x |
| BNB, ARB, TON, ONDO and others | 10x up to $3M | 5x |
Smaller and newer assets often have lower limits, down to 3x. Limits change, especially after volatile events: Hyperliquid cut BTC to 40x and ETH to 25x after the ETH whale incident of March 2025. Always check the leverage slider in the app.
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Open HyperliquidWithdrawing profits from open positions
You can withdraw unrealised profit, move it to spot or take margin out of an isolated position only if what remains covers both the initial margin requirement and 10% of your total open position value:
Transfer margin required = max(initial margin required, 0.1 × total position value)
Trading itself is not limited by this rule; only transfers out are.
Example
You deposit $1,000 and open a $5,000 ETH long (5x). Initial margin is $1,000. ETH's max leverage is 25x, so maintenance margin is 2% of $5,000 = $100. You would be liquidated if your losses reached about $900, which is an 18% fall in ETH. At 20x on the same $1,000, the position is $20,000, maintenance margin is $400, and a fall of about 3% would liquidate you. Same deposit, very different risk. Try it in the position size calculator.
Practical tips
- Leverage is a tool for sizing, not a target. Most professionals use far less than the maximum.
- Decide your maximum loss in dollars first, then set size and stop-loss, then check the leverage that results.
- Use isolated margin while learning.
- Read risk management before trading with leverage.
Frequently asked questions
What is the maximum leverage on Hyperliquid?
Up to 40x on BTC for positions up to $150M notional, according to the docs in October 2026. ETH goes up to 25x and most other assets 3x to 20x. Limits change, so check the app.
Is Hyperliquid cross or isolated by default?
Cross margin is the default. You can switch to isolated or strict isolated per asset before opening a position.
Can I withdraw unrealised profit on Hyperliquid?
Yes, as long as the remaining margin is at least the initial margin requirement and at least 10% of your total open position value.