Glossary

Account leverage — gross notional across all positions ÷ account value: how many dollars of position each dollar of equity carries. Labeled Unified account leverage, Hyperliquid's own name for it.

Account value — Hyperliquid's term for what the terminal labels Equity: balance plus unrealized PNL. The denominator of the margin ratio — the number liquidation measures against.

Achieved z — the z-level a pair trade would actually lock in after walking both legs' order books β-weighted — the tape z minus the edge eaten by market impact.

Agent (order-only) — a credential your wallet approves on Hyperliquid itself when you enable trading: it can place the orders you arm, never withdraw or transfer funds, and expires on its own. Revocable at any time — the Revoke key button on the account rail kills it site-side within seconds, and Hyperliquid's own API settings page removes the venue approval.

Aggressor — the side that crossed the spread in a trade (the taker). The tape's 60s gauge measures aggressor buy vs sell notional.

All-in cost — fee plus price impact for a given clip size, quoted per side before you trade.

ALO (add-liquidity-only) — an order flag that rejects the order rather than let it cross the spread; also called post-only. Guarantees a resting maker order — the mechanism behind every maker-first algo.

Armed — committed but unfilled: a watch or exit the server-side engine monitors and fires when its band crosses — even with your browser closed. The engine fires only what you armed, at the terms you armed — it never decides to trade. Nothing rests on the exchange until it fires.

Backstop (⚑) — a liquidation the HLP vault absorbed instead of the order book: the liquidation engine handed the position to the backstop because the book couldn't take it — the venue's own tail-risk meter. Flagged ⚑ on the tape; the Pressure Line shows the 24h backstopped share only when it's non-zero.

β (hedge ratio) — the coefficient that sizes leg B against leg A in the spread. Fitted daily.

Builder fee — Hyperliquid's mechanism for an interface to attach a per-fill fee to orders carrying its code. Priced per algo here, capped by the single 0.04% approval your wallet signs, revocable at any time. Transitional: the terminal's characterised revenue is the construction fee; the builder rail persists as its collection agent — collecting the accrued construction fee, never a second fee — until the tab takes over.

Cascade episode — a per-coin burst of confirmed liquidation flow with a start and an end, tracked by a state machine whose thresholds are calibrated from our own archive's percentile distribution. Episodes — not raw prints — are the unit of the evidence stats: snapback, pair edge, and second-leg pressure are all counted per episode.

Clip — a single child order's size; algos slice a parent order into clips.

Client order id (cloid) — a deterministic id the engine assigns each child order, letting a restarted worker reconcile its book against the venue's exactly — resume is a lookup, never a guess.

Cointegration — a statistical property of two price series whose combination is mean-reverting even though each series individually wanders.

Construction credit — the USD 20 credit every account opens with. It offsets construction fees and nothing else: it is not money, can never be withdrawn, and expires with the account. Your tab on the account page shows the balance.

Construction fee — the fee the terminal charges when it builds an order payload from your parameters: a software-services fee for the computation, journaled to your tab at construction time at the per-algo rate shown on the ticket. Rebated automatically if the construction is cancelled, expires, or fails without a fill; partial fills rebate the unfilled fraction. Settled through your tab, never through the agent key.

Custom exit — an armed exit whose target, stop, or timeout you amended away from the model's entry-frozen terms, typed as a distance from your entry (% of leg A, or σ). Marked with an amber chip, shown beside the model's numbers, and revertible to the model's terms at any time. A custom stop is additive: your typed distance is added to your actual entry level, and the resulting absolute level — the one the chart draws — fires verbatim (minimum distance 0.75σ).

Dead-man switch — a venue-side scheduled cancel the engine registers when arming an algo: if the engine ever goes silent, the exchange auto-cancels the remaining children on its own. It guards the parent, not each child, because the venue allows at most 10 per day.

Edge erosion — the portion of a pair's statistical edge (in σ) given back to market impact when filling at size.

Entry band — the |z| level beyond which a pair's stretch is considered tradeable.

Exit (travel) — the exit target measured as distance traveled back from the entry threshold, not a fixed z-level.

Fill balance — whether both legs of a pair can fill in β-weighted ratio from visible depth; an out-of-band ratio means the "hedge" would be directional.

Funding — the periodic payment between longs and shorts that anchors a perpetual to its index. Net funding on a pair = funding on the long leg minus funding on the short leg.

Give-up — a pre-committed escape from passivity: after a set time unfilled (Chase), or when hedge costs exceed captured edge (Autospreader), the algo crosses or stands down rather than grinding on.

HIP-3 market — a builder-deployed Hyperliquid perpetual market. Armable here as a single-coin order (not yet as a pair leg — the pair pipeline is main-listing today, HIP-3 pair support is coming); may carry a deployer fee multiplier, shown in amber on the cost estimator; positions margin separately per builder market, reported as a per-market subtotal on the wallet page.

Iceberg — an order showing only a small visible slice, refreshed on fill, hiding the full size.

Initial margin (margin used) — the capital your open positions have committed: size × mark price ÷ leverage, summed. Capital utilisation — how much of your equity is working — not the liquidation clock; that's the margin ratio.

IOC (immediate-or-cancel) — an order that fills whatever it can immediately and cancels the rest; the manual ticket's mechanism.

Known leverage profile — a real histogram of the tracked positions' venue-reported leverage on a coin — <5x / 5–10x / 10–20x / ≥20x by notional — with the cross/isolated margin split. Actual account settings read from the venue, zero estimates; known positions only, so it is a lower-bound sample of the market, not its composition.

Known liq levels — the venue-computed liquidation prices of positions held by the terminal's watch registry — the venue's most active wallets, ordered by 30 days of large-taker notional, re-read on a ~20-minute sweep. Real levels, not modeled ones: known positions only, which makes every total a lower bound on the real liquidation mass. The raw material of the Liquidations instrument's forward rail and the magnet-mass stats.

Ledger ownership — the desk's accounting rule: a pair owns exactly the fills its engine placed for it (tagged by client order id), never the venue's netted coin total. Venue total = pair leg + personal residual; exits size off the ledger, capped by what the venue holds in the pair's direction.

Liq/OI (‰) — 1h confirmed liquidation notional ÷ venue open interest, in per-mille. Normalizes flush size across markets: a small flush on a small perp reads as the event it is. Highlighted at ≥10‰ — 1% of the market's open interest flushed in an hour. Withheld (—) when there's no fresh OI snapshot or no 1h flow, never estimated.

Liquidated (close reason) — a Watch row closed because a leg was liquidated on the venue, confirmed by the liquidation flag on the account's own fills — never inferred from a snapshot.

Live z — the current z-score, computed in real time from live prices against the day's locked μ, σ, and β.

Magnet mass (◎) — the known liquidation notional sitting within 3% of a coin's mark (the latest archived 15m close — never live): the forced flow waiting if price walks a step. Side-signed — long liquidation mass sits below the mark, short above. Shown on the Liquidations fascia and per coin on the ladder, only when non-zero: absence is the reading. Known positions only — a lower bound. Named for what those clusters are: liquidation mass attracts price the way a magnet does a filing.

μ (spread mean) — the fitted mean of the spread over the lookback window.

Maintenance margin — the minimum account value the venue requires to keep positions open — half of initial margin at max leverage. Account value falling to this line is liquidation.

Maker / taker — a maker order rests on the book and is filled by others; a taker crosses the spread. Makers pay lower fees, which is why maker-first algos exist.

Margin available — account value minus maintenance margin: the distance to the liquidation line, in dollars. Hyperliquid's own term and formula.

Margin ratio (unified account ratio) — maintenance margin ÷ account value: the liquidation clock — liquidation at 100%. The counterpart of margin used, which measures capital committed; at max leverage the ratio reads about half the used percentage on the same book.

Near touch / far touch — the near touch is the side of the book your order can rest on (the bid when buying, the ask when selling); the far touch is the price you would have to cross to trade immediately. Spread-walkers start at the near touch and escalate toward the far.

One coin, one pair — the desk's ownership rule: a coin can be a leg of at most one of your open pairs. The coin itself stays free — hold it outright, trade it yourself, resize the pair — but two hedge-weighted pairs through the same coin would net into one unattributable venue position, so the terminal refuses the state rather than display a guess.

Open interest (OI) — the total size of outstanding perpetual positions in a market.

Open-interest cap — a per-market ceiling Hyperliquid places on total open interest. At the cap the venue refuses any position-increasing order on that coin — either direction, from anyone — while closes and reduces still pass. The terminal re-checks the venue's capped list every ~60 seconds, marks affected pairs with an amber chip, refuses entries with the coin named, and stands a working entry down rather than burn rejected orders. It frees on its own when open interest in that market drops.

Pair handle — the A-B name of a pair, e.g. SUPER-SUSHI.

Parent / child order — an algo execution is one parent order sliced into many child orders over time or price.

Past-stop entry — a tracked position opened while live z already sat at or past the stop constraint, behind a loud two-click confirm. Born unmonitored: no exit, stop or timeout fires until the spread heals back inside the stop and you re-arm the exit — closing is manual meanwhile (exit now / reduce). Marked with an amber chip on every surface; a re-armed exit runs the entry-frozen solver terms verbatim.

Rebate — the automatic return of a construction fee when the constructed order does not fill: in full when a parent ends with zero fills (cancelled, expired, or failed), pro-rata on the unfilled fraction of a partial. A real book entry on your tab — never optical, never conditional on asking.

Recipe — the full set of fitted parameters and band levels (β, μ, σ, entry, exit, stop, timeout) for a pair on a given day. A position locks its recipe at entry; a daily refit never moves a live position's goalposts.

Re-levering — the sum of venue-reported position value across watch-registry wallets holding a coin at risk, snapshotted once per sweep cycle (~20 min). Rebuilding after a flush is forward pressure returning — shown as a 24h sparkline on the Liquidations instrument header and the drill. Known positions only — a lower bound.

Residual — the difference between the venue's netted coin position and a pair's own fill ledger, created by your personal trading in a pair-leg coin. Any sign, unrestricted, yours — shown as a neutral chip, never touched silently, and never "corrected," because trimmed-vs-personal is unknowable. One opt-in exception: the exit ticket can arm a flatten, one reduce-only clip sized to the live gap at fire, so closing the pair also nets out an extra the venue holds.

Re-peg — moving a resting order to a new price with the venue's modify action instead of cancel-and-replace: one action, and the order never leaves the book. The mechanism behind Chase and Adaptive Market.

σ (spread volatility) — the fitted standard deviation of the spread; the ruler that turns a spread into a z-score.

Second-leg pressure — observed contagion between a pair's legs: of the burst coin's cascade episodes in the 30d window, how many saw the pair's other leg open its own burst within 120 seconds. Anticipated pressure from co-occurrence on our own episode archive — never a prediction — with episode counts always shown so thin data reads as thin.

Settlement — how construction fees are actually collected: accrued fees are collected through the transitional builder rail inside the 0.04% cap you signed — one fee, accrued once at construction, collected once, never twice — and the reconciliation ledger on your account page credits back any over-collection. Never through the agent key, and you are never asked to prepay.

Snapback — of closed cascade episodes, the share where price traded back to the last pre-episode 15m close within a horizon (15m / 1h / 4h) — measured on our own candle archive, direction = the flushed side. The archive's answer to "do cascades overshoot?". Withheld until the cascade archive is 30 days deep.

Spread — price_A − β · price_B.

Stop — the |z| level at which a divergence is treated as a broken relationship.

Suspended — a pair whose latest daily fit is incomplete; hidden from live readings rather than shown with mismatched numbers.

Sweep — a burst of same-side aggressive prints in a short window, usually one participant clearing several levels.

Tab — your account's running fee ledger: the construction credit plus every fee accrual, rebate, and reconciliation entry. Shown on your account page as the Construction tab. Construction fees settle here — never through the agent key.

Tape burst — same-coin prints on the liquidations tape chained while consecutive gaps stay under 30 seconds, collapsed to one expandable row: a cascade reads as one event, and expanding shows the exact raw prints — nothing summarized away.

Timeout — the maximum holding period for a position before the thesis is considered failed.

TWAP (time-weighted average price) — an execution style that slices a parent order into even clips over time to approximate the average price of the window.

Underwater — a tracked position whose mark sits adverse to its venue-reported entry price. The Liquidations underwater gauge sums that notional per coin, bucketed by distance from the mark to the venue-computed liquidation price (<2% / 2–5% / >5%) — how much known money is already bleeding toward the magnet. Known positions only — a lower bound.

Vacuum — a stretch of a market with neither traded volume nor resting depth; rendered as canyons in the Liquidity Terrain.

Withdrawable — what you can pull out right now without disturbing open positions — the venue's own field, verbatim.

Z-score — (spread − μ) / σ; the number of standard deviations the spread sits from its mean.