Margin and liquidations

Isolated margin in HYPE

Each position has its own margin, in HYPE. Collateral is HYPE only for now; kHYPE comes at a 10% haircut once a kHYPE/HYPE route on Elysium is deep enough to liquidate into.

Maintenance margin

15% of notional at 3x and under, 10% at 5x, 5% at 10x. A position whose equity, margin plus PnL minus funding, falls under that is liquidatable at the TWAP mark.

Long liquidates at -18.3% from entry, short at +18.3%. Maintenance margin 15%.

Keepers

Liquidation is permissionless and checked every block. The keeper gets 0.5% of notional, the vault 0.5%, and the rest of the equity goes to the vault. ElyPerps runs one keeper; anyone can run another with the SDK: liquidatable(account), then liquidate(account).