Terminal

Trade 110+ perpetual futures with real liquidity, real funding, and verifiable execution

The Hypernova terminal is a full-featured trading environment where every order executes against real market conditions. Live order books, live funding, live mark prices — every fill is verifiable.

Order Types

All trigger-based orders use the last traded price. The trigger fires only when the last price crosses your level — touching it is not enough.

Order Type	Trigger	Fill Method	Fee
Market	Immediate	VWAP against the live book	Taker
Limit	Resting at your price until last price crosses it	Limit price	Maker
Stop Market	Last price crosses your trigger	VWAP against the live book	Taker
Take Profit	Last price crosses your trigger	VWAP, full position close, cancels linked Stop Loss	Taker
Stop Loss	Last price crosses your trigger	VWAP, full position close, cancels linked Take Profit	Taker

Leverage & Margin

Hypernova uses cross margin with per-symbol leverage caps. You set leverage per symbol; the platform applies the lower of your setting and the symbol’s cap.

Per-Symbol Leverage

Asset class	Typical max leverage	Notes
Crypto majors (BTC, ETH)	5x	The deepest liquidity gets the highest cap
Selected crypto (HYPE, etc.)	3x	Mid-cap names
Most other crypto	2x	Default cap for long-tail crypto
Equity & commodity perps	4x	Apple, NVIDIA, Gold, Oil, etc.
Index perps (SP500, XYZ100)	5x	Broad-market exposure

The exact per-symbol cap is shown next to the leverage selector and listed in Markets. Leverage you set above a symbol’s cap is automatically clamped to the cap.

How Margin Works

Term	Definition
Equity	cash balance + unrealized PnL — your account value at any moment
Initial Margin (IMR)	position notional / leverage — capital locked behind an open position
Maintenance Margin (MMR)	Half of the IMR for each open position
Reserved Margin	Capital held for resting limit orders (released on cancel/fill)
Available Margin	equity − total IMR − reserved margin — capital free to open new positions

A higher leverage setting reduces the initial margin a position consumes — the same notional uses less margin at 5x than at 2x. Position size caps still apply regardless of leverage.

Position Modes

Mode	Behavior
One-way (default)	Net position only. Opposite-side trades reduce, close, or flip your position
Hedge	Long and short positions on the same symbol coexist independently, each with its own margin

You can change position mode only when you have no open positions on the account.

Margin Reservation

Resting limit orders reserve margin at creation so the capital can’t be double-spent on another order. Reduce-only orders (TP/SL, manual reduce-only limits) skip reservation since they only close existing positions. Cancelling a limit order releases the reservation immediately.

Market Data

Live data flows from Hyperliquid into every component of the terminal — order books, mark prices, and funding all update in real time.

Live Order Book

Full depth, real-time. Drives VWAP fills and limit-order marketability checks.

Mark Price

Triggers stop / TP / SL orders, drives unrealized PnL, and powers the daily-drawdown anchor.

Funding Rates

Hourly funding charged on open positions at each UTC hour boundary, sourced from Hyperliquid.

TradingView Charts

Full TradingView integration — indicators, drawing tools, multi-timeframe, full-screen.

Market Coverage

110+ perpetual futures across crypto, US equities, commodities, and major indices — all sourced from Hyperliquid. New markets are added regularly.

Crypto

Major and long-tail crypto perpetuals — BTC, ETH, SOL, HYPE, and many more. See the full list in Markets.

Equities

US equity perpetuals — AAPL, NVDA, TSLA, COIN, and more. See the full list in Markets.

Commodities

Commodity perpetuals — Gold, Silver, Oil, Natural Gas, and others. See Markets.

Indices

SP500 and XYZ100 — broad-market exposure in a single ticker. See Markets.

Account asset class determines which symbols you can trade on a given account. Crypto accounts trade crypto; TradFi accounts trade equity / commodity / index perpetuals; All-class accounts trade everything. Pick the class when you start an evaluation.

Position Size Limits

Each symbol has a max notional position size — the cap on size × price for any single position. Caps scale with liquidity:

Tier	Examples	Max notional
Tier 1	BTC, ETH, equities, commodities, indices	up to $1,000,000
Tier 2	HYPE, SOL, ZEC, BNB	up to $200,000
Tier 3	Most other crypto	$100,000
Tier 4	Selected long-tail crypto	$50,000

The exact cap per symbol is shown on the order panel and listed in Markets.

Modify, Cancel, Close

Action	Behavior
Modify	Change size, price, trigger, or attached TP/SL on any open order. Validation runs before the existing order is cancelled, so a bad input never leaves you uncovered
Cancel	Idempotent — cancelling an already-cancelled order succeeds silently; cancelling a filled order returns a clear error
Cancel All	Cancel every open order on the account, optionally filtered by symbol or side
Close All Positions	Flatten the entire account at mark prices in a single action

Breach Price

Open positions display a breach price on the chart and in the positions tab — the price level at which your account equity would touch the daily drawdown or max drawdown limit and trigger a breach.

The breach price is indicative. It’s calculated from your current equity and does not account for the fees paid when closing the position. If you’re placing a stop-loss near the breach price, leave a small buffer so exit fees don’t push you over the limit.

Fees

Fee Type	Rate	Applies To
Taker	0.03%	Market orders, stop / TP / SL orders, marketable limit orders
Maker	0.00%	Resting limit orders that fill at your price

Fee = quantity × fill price × fee rate. Funding is separate from trading fees and applies hourly to open positions only.

See Trading Fees for the full schedule.

PnL Share Cards

Generate a visual card of any closed trade or evaluation result — your stats, payout details, and a verifiable on-chain QR code, ready to share.