Isolated or cross: what can be liquidated

This guide describes standard perpetual accounts. On Portfolio, check Account Type first. Unified account and portfolio margin combine balances differently; use the account-mode documentation if either is enabled.

Cross margin

Cross positions in the same perp DEX share collateral. A loss in one position can reduce the margin available to the others.

Isolated margin

Collateral is assigned to that position. Its liquidation does not consume the collateral of other isolated positions or cross positions.

The opening calculation is position value divided by leverage. This example excludes fees. Initial margin is not the maintenance requirement or a liquidation-price calculation. Changing the cross leverage setting alone does not determine its liquidation price.

1. Open the official Trade page and select the market. Read its Cross or Isolated setting before placing any order.
2. On Portfolio, open Positions. Compare the position’s Margin, Mark Price and Liq. Price fields. The order form’s estimate can differ from the value shown after a fill.
3. Record the account mode, market, size and observation time together. Recheck after funding, fills or collateral changes.

Hyperliquid uses mark price for liquidation. The latest trade on the order book can show a different price. Funding and, for cross positions, changes in other positions can change the liquidation estimate.

If an isolated position reaches backstop liquidation, that position and its assigned margin are transferred to the liquidator. Isolation does not prevent the loss of that margin.

Helmsman is designed to use isolated margin. A trader using cross margin and a follower using isolated margin can reach liquidation at different prices, even with the same direction and entry price.

Compare the actual size, assigned margin and fees in your own account. Matching a trader’s displayed leverage does not make the two accounts equivalent.