Margin mode
Each market is either cross or isolated:
- Cross shares margin across every cross position, so a loss on one can be covered by balance backing another.
- Isolated walls off a fixed amount of margin to that one position. A loss there cannot touch the rest of your account, but the position also can’t draw on it to avoid liquidation.
Change it from the margin mode control above the order ticket, for a market with no open position.
Leverage
Set per market from the leverage control. It comes from your live Hyperliquid account state, not a stored default, so it can take a moment to appear after you connect.
Higher leverage means less margin per position and a liquidation price closer to your entry. Watch the liquidation price on Positions, it is the number that ends the trade if price reaches it. Liquidation is enforced by the protocol, not by this site, and cannot be paused or reversed.
Funding
Funding is what keeps a perpetual’s price close to spot. It’s exchanged hourly between the two sides of the trade while a position is open, longs pay shorts or shorts pay longs depending on which side of spot the perp is trading. You do not pay or receive it unless you hold an open perp position at the funding timestamp.