Perpetual funding, margin and liquidation

Funding is a holding payment, margin is collateral

Perpetual funding is a recurring payment associated with holding a position. On order-book venues such as Hyperliquid and Aster, the payment moves between long and short positions. Margin is the collateral supporting the exposure. Paying funding can reduce account equity even when the displayed market price has barely changed.

A positive rate generally means longs pay shorts; a negative rate reverses that direction. Use the actual contract’s rate and funding interval. Hyperliquid documents hourly payments, while Aster intervals can vary by contract and change. A rate displayed for one interval must not be read as a daily or annual rate.

Holding-cost models vary by venue

A shared perpetual label does not imply one funding formula. Hyperliquid’s documented payment calculation uses the oracle price for position notional. Aster’s documented calculation uses the mark price and contract funding rate. The difference matters when comparing a projected payment with an eventual venue record.

Ostium documents a rollover model based on underlying carry costs rather than the same peer-to-peer long/short funding mechanism. Review its current pair rules and fees separately. Aperi does not invent a funding rate where its source does not provide a comparable value.

Leverage changes exposure relative to collateral

For a simple illustrative position, 1,000 units of collateral at 5× leverage supports 5,000 units of notional exposure. A 2% adverse move on that exposure is approximately 100 units before funding, fees and other adjustments: 10% of the original collateral. This example explains exposure; it is not an executable quote or a liquidation calculation.

The venue’s maintenance margin, position size, margin mode and other positions determine when liquidation becomes possible. A leverage selector alone does not establish an account’s risk limit or available margin.

Liquidation depends on the venue’s risk price

Liquidation occurs when the position or account no longer meets the venue’s maintenance requirements. The chart’s last traded price may differ from the mark price used for risk checks. Hyperliquid and Aster both document mark-price-based risk calculations; their exact margin rules remain venue-specific.

An estimated liquidation price can move as funding, fees, collateral and other positions change. Cross margin and isolated margin can expose different collateral to a liquidation event. A stop order also depends on its trigger, available liquidity and venue execution; it does not guarantee a particular exit price.

How this appears in Aperi today

Aperi shows native funding information where it is available and keeps source freshness separate from account qualification. Public quotes, a connected wallet and an order preview each have their own meaning. None authorizes a funded trade.

Practice trading requires a separately enabled local execution service; it is not enabled on the public website. When enabled locally, it uses virtual balances and public market data, with simulated fills and account outcomes. Funded trading also remains disabled on the public website until the required account, authority, jurisdiction, durability and recovery qualifications are complete.

• Check the exact venue, margin mode, collateral token and contract funding interval.
• Read maintenance margin and holding costs from the native specification.
• Treat stale or unavailable data as unavailable rather than as a zero rate.
• Keep access to your wallet and the original venue independently of Aperi.