Hyperliquid HIP-3 Risk Monitor

This page is generated from the latest Hyperliquid meta/context recorder snapshot. It includes the main Hyperliquid perp dex and HIP-3 perp dexes, using active assets from each dex universe and the matching asset context row for market state.

Dex, symbol, max leverage, growth mode, margin table, funding multiplier, deployer, oracle updater, and fee recipient come from Hyperliquid dex metadata. Margin mode is read from the asset metadata: strictIsolated is strict isolated, noCross or onlyIsolated is isolated, and all other assets are treated as cross margin.

Funding Mult. is the Hyperliquid metadata field assetToFundingMultiplier. It scales the market's funding-rate calculation for assets that define an asset-specific multiplier. A blank value means the metadata did not provide an asset-specific funding multiplier for that market.

Growth is the Hyperliquid asset growthMode metadata flag. In the current data, observed values are enabled or blank. Blank means the asset did not provide a growth-mode flag in the metadata.

Open interest dollars are estimated as open interest multiplied by mark price, falling back to oracle or mid price when needed. Volume is Hyperliquid's reported rolling 24-hour notional volume from the latest asset context, not a calendar-day candle. OI cap is the current streaming open-interest cap configured in the Hyperliquid dex metadata; this report treats it as the live configured cap available in the recorder data. OI cap / (OI + $100K) is calculated as streaming OI cap / (open interest dollars + 100000). The $100K term reflects that very small-OI markets are less of a systematic concern.

Every slippage value shown in the Assets table, Scores table, and charts is one-way taker slippage from mid price, in basis points. The recorder stores buy-side plus sell-side round-trip spreads, so the page displays half of the recorded spread. The current recorder stores $1K, $2.5K, $10K, $25K, $100K, $250K, and $1M depth. Older snapshots that only have the original $1K, $10K, $100K, and $1M buckets are upgraded on load by filling $2.5K, $25K, and $250K as geometric midpoints between the adjacent present levels; for example, if $10K is 10bp and $100K is 1000bp, $25K is filled as 100bp. If a raw snapshot has $1K depth but is missing $10K or $100K depth, the report uses a conservative 2000bp round-trip depth value for that missing original ladder level. Depth medians are forced to be nondecreasing across larger order sizes. The OI-sized slippage metric uses an order notional equal to 5% of open interest and interpolates across those depth levels. If it needs a missing higher level, that level is conservatively filled from the prior level and capped at 2000bp before the one-way display conversion.

Mark-price jump estimates are stored and displayed in basis points. Mark prices are resampled to 15-second observations. The 15-second jump is the empirical quantile of absolute one-period log-price moves at the once-per-week tail frequency: quantile(abs(diff(log(price), 1)), 1 - 1 / periods_per_week). Because observations are spaced 15 seconds apart, a 15-minute move spans 60 observations. The 15-minute jump uses overlapping absolute 60-period log-price moves and a quantile level equivalent to roughly one exceedance per week of non-overlapping 15-minute windows: quantile(abs(diff(log(price), 60)), 1 - 60 / periods_per_week). This is not a fitted tail model and is not annualized; it is an empirical absolute move estimate from the recorded mark-price history. Because the 15-minute windows overlap, adjacent samples are autocorrelated and the effective independent sample count is smaller than the raw window count. A market needs at least 1,000 usable samples for each mark-price jump window. Otherwise, jump analysis is marked as still gathering data.

Avg Impact Mid Premium is the historical average absolute premium of the midpoint of Hyperliquid's impact prices over the oracle price: abs(((impact bid + impact ask) / 2) / oracle - 1). It is calculated from the recorded meta/context snapshots and displayed in basis points. Its % MM column compares that average premium to the same maintenance-margin value used by the other risk metrics.

MM means maintenance margin. It follows the exchange-style calculation 1 / max leverage / 2, converted to basis points. The % MM columns compare each raw risk metric to that maintenance margin value. For example, a 50bp jump against 100bp MM is shown as 50% MM. This comparison does not model initial margin, liquidation mechanics, liquidation fees, mark/oracle behavior, insurance or ADL assumptions, or position concentration.

Max Risk is the largest available % MM reading across the 15-second mark-price jump, 15-minute mark-price jump, average impact mid premium, $10K one-way slippage, and 5% OI one-way slippage metrics. It is a triage field: higher values mean the most concerning observed risk metric consumes more of the market's maintenance margin buffer. Missing inputs are ignored; if every risk input is missing, Max Risk is blank.

Warnings are mode-aware. Yellow means the metric is at or above its threshold. Unless explicit yellow/orange/red levels are listed, orange means the metric is at least 25% over that threshold and red means it is at least 50% over that threshold. Grey means the market has insufficient mark-price history for jump analysis. A missing $10K L2 snapshot is also shown as a yellow data-availability warning.

For 15-second mark-price jumps and 5% OI slippage, the yellow thresholds are 50% MM for cross, 75% MM for isolated, and 100% MM for strict isolated. For average impact mid premium, the yellow/orange/red thresholds are 20%/30%/40% MM for cross, 30%/45%/60% MM for isolated, and 40%/60%/80% MM for strict isolated. For $10K slippage, the yellow thresholds are 12.5% MM for cross, 18.75% MM for isolated, and 25% MM for strict isolated. For 15-minute mark-price jumps, the thresholds are 100% MM for cross, 150% MM for isolated, and 200% MM for strict isolated.

These thresholds are configured risk-policy thresholds. They are not fitted from historical loss data.

Warning pills include leverage and margin mode: cross assets show Xxdex:COIN, isolated assets show IsoXxdex:COIN, and strict isolated assets show StrictXxdex:COIN.

The risk profile charts use the selected margin mode. The teal line is the 90th percentile of the Hypercore distribution for that margin mode, grouped by maintenance-margin basis points. The grey line is the 90th percentile of the non-main HIP-3 distribution for that margin mode, grouped the same way. Percentile lines are forced to be nondecreasing as maintenance margin increases.

Dotted yellow, orange, and red lines show the warning levels for the plotted metric and selected margin mode. For most plotted metrics, orange is 25% above the yellow threshold and red is 50% above it. Average impact mid premium uses the explicit yellow/orange/red levels shown in the warning-threshold table.

White dots are the selected dex's assets for the selected margin mode. Labels show the asset symbol. The initial x-axis starts at 0 and extends 500bp beyond the selected assets' maximum maintenance-margin value. The initial y-axis starts at 0 and extends 100bp beyond the selected assets' maximum plotted value. The y-axis is the raw plotted metric: 15-second jump bp, 15-minute jump bp, average absolute impact-price premium bp, one-way slippage for 5% of OI, or one-way slippage for $10K.