> ## Documentation Index
> Fetch the complete documentation index at: https://hypernova.xyz/docs/llms.txt
> Use this file to discover all available pages before exploring further.

# Terminal

> Trade 120+ 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.

<Frame caption="Custom terminal with full charting, order book depth, and real-time risk overlay.">
  <img src="https://mintcdn.com/hypernovasystems/IB3dbqlPAVLrsBQx/images/terminal-desktop.png?fit=max&auto=format&n=IB3dbqlPAVLrsBQx&q=85&s=09daaa235259054d24df196483b8f968" width="1440" height="900" data-path="images/terminal-desktop.png" />
</Frame>

## 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 |
| **Scale**       | Resting ladder across a price range               | N limit orders sized evenly between start and end     | 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](/docs/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.

<CardGroup cols={2}>
  <Card title="Live Order Book" icon="book-open">
    Full depth, real-time. Drives VWAP fills and limit-order marketability
    checks.
  </Card>

  <Card title="Mark Price" icon="crosshairs">
    Triggers stop / TP / SL orders, drives unrealized PnL, and powers the
    daily-drawdown anchor.
  </Card>

  <Card title="Funding Rates" icon="percent">
    Hourly funding charged on open positions at each UTC hour boundary, sourced
    from Hyperliquid.
  </Card>

  <Card title="TradingView Charts" icon="chart-line">
    Full TradingView integration - indicators, drawing tools, multi-timeframe,
    full-screen.
  </Card>
</CardGroup>

## Market Coverage

**120+ perpetual futures** across crypto, US equities, commodities, pre-IPO, and major indices - all sourced from Hyperliquid. New markets are added regularly.

<Tabs>
  <Tab title="Crypto">
    Major and long-tail crypto perpetuals - BTC, ETH, SOL, HYPE, and many more.
    See the full list in [Markets](/docs/markets#crypto).
  </Tab>

  <Tab title="Equities">
    US equity perpetuals - AAPL, NVDA, TSLA, COIN, and more. See the full list
    in [Markets](/docs/markets#equities).
  </Tab>

  <Tab title="Commodities">
    Commodity perpetuals - Gold, Silver, Oil, Natural Gas, and others. See
    [Markets](/docs/markets#commodities).
  </Tab>

  <Tab title="Pre-IPO">
    Pre-IPO perpetuals - synthetic exposure to private-company valuations
    (SpaceX, Anthropic, OpenAI). See [Markets](/docs/markets#pre-ipo).
  </Tab>

  <Tab title="Indices">
    SP500 and XYZ100 - broad-market exposure in a single ticker. See
    [Markets](/docs/markets#indices).
  </Tab>
</Tabs>

<Frame caption="Browse all markets with real-time prices, open interest, and volume.">
  <img src="https://mintcdn.com/hypernovasystems/IB3dbqlPAVLrsBQx/images/terminal-assets.png?fit=max&auto=format&n=IB3dbqlPAVLrsBQx&q=85&s=ad64dcb2c64e5a57262a1f009eae04cd" width="1059" height="665" data-path="images/terminal-assets.png" />
</Frame>

<Info>
  **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.
</Info>

## 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](/docs/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.

<Warning>
  **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.
</Warning>

## Fees

Taker rates differ by asset class; the maker rate is 0.00% on every market.

| Fee Type           | Rate   | Applies To                                                                   |
| ------------------ | ------ | ---------------------------------------------------------------------------- |
| **Maker (all)**    | 0.00%  | Resting limit orders that fill at your price                                 |
| **Taker (crypto)** | 0.03%  | Crypto perps - market orders, stop / TP / SL orders, marketable limit orders |
| **Taker (TradFi)** | 0.005% | Equity, commodity, index, and FX perps - same trigger/marketable order types |

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

See [Trading Fees](/docs/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.

<Frame>
  <img src="https://mintcdn.com/hypernovasystems/NKBEpLDRGqxIEuam/images/pnl-card-wide.png?fit=max&auto=format&n=NKBEpLDRGqxIEuam&q=85&s=a032fe8cb6801306e2d4aa284324088d" width="1920" height="1080" data-path="images/pnl-card-wide.png" />
</Frame>