Perps on Hypercall
Hypercall lets you trade Hyperliquid perpetuals from the same account as your options, under one portfolio margin requirement. A long perp against a short call, or a short perp against a long put, is margined as the hedge it is.
The perps are real Hyperliquid positions. They fill on Hyperliquid's order book, sit on your account's HyperCore ledger, pay and receive Hyperliquid funding, and show up on Hyperliquid. Hypercall adds the portfolio risk check in front and the options book next to them.
Two execution routes
Perp orders reach Hyperliquid by one of two routes. Hypercall's risk check is the same on both.
- TEE route. The default in the Hypercall app. The order goes through the enclave, and every order type, TP/SL and leverage changes are available. Over the API the TEE routes are opt-in: you call the
/v1/tee-perp/endpoints explicitly. - Smart contract route. An advanced setting in the app (see Execution route). Your order is signed, passes the Hypercall risk check, and is sent on-chain through your Hypercall account contract to HyperCore. Limit and market orders only.
Which route an order took depends on where you sent it: the app uses the route set in Settings, and API clients choose a route by the endpoint they call.
How an order travels on the TEE route
This is the TEE route. Orders on the smart contract route skip step 3 and go on-chain through your account contract instead.
1. You sign
- The order form builds the exact order
- Your trading key signs it in the browser
- Nothing is sent to Hyperliquid yet
2. Hypercall checks risk
- Engine checks your whole portfolio: options, perps, open orders
- Charges the worse of PM and Hyperliquid margin
- Records the approved order before anything leaves
3. The enclave signs
- Only an engine-approved order is accepted
- Signs the native Hyperliquid action
- Approval expires in seconds
4. Hyperliquid executes
- Order hits the Hyperliquid book
- Fills land on your HyperCore account
- Hypercall reads the result back
If the risk check fails, the order never reaches Hyperliquid and you get a reason code explaining why. The order form runs the same check before you sign, so you normally see the problem before you click.
There is no confirmation step. Orders are one-click: the form signs with your trading key and sends as soon as you press the button.
Execution route
The TEE route is the default in the Hypercall app. The enclave signs, every order carries Hypercall's builder address, and every order type, TP/SL and leverage changes are available. Over the API, the TEE routes are opt-in: you use them by calling the /v1/tee-perp/ endpoints.
The smart contract route is an advanced setting in the app. Switch to it with the Perp execution setting in Settings; the order form shows which route is active. It sends limit and market orders on-chain through your Hypercall account contract, after the Hypercall risk check. Stop, take-profit, scale, attached TP/SL and leverage changes are not available on it.
What the enclave is
On the TEE route, the enclave (a TEE, or trusted execution environment) is a sealed AWS Nitro machine that holds your account's Hyperliquid trading key. The key is created inside it and never leaves: Hypercall engineers cannot read it, and neither can the servers around it. The enclave signs only a short list of action types (orders, cancels, leverage changes) and only when the order carries a fresh approval from Hypercall's risk engine that matches what you signed. The key can only be unsealed by an enclave whose measured build matches the one Hypercall reviewed and pinned, so a modified enclave cannot use it. For you, this means two things: an order that fails the risk check cannot be sent to Hyperliquid, and nobody can trade your account with that key outside these rules.
Before your first trade
You need four things. The order form walks you through each one.
- A portfolio margin account. Portfolio margin is open to every account. Choose Portfolio under Settings > Margin Mode, complete the checklist's Approve your trading agent step, then click Enable; that creates your Hypercall account contract if you do not have one yet. Enable stays disabled until the agent approval step is done. See Onboarding to Portfolio Margin.
- Unified account mode on Hyperliquid. Set during portfolio margin setup. Orders that add risk need it (
unified_mode_required). - An active trading key. The order form asks you to activate trading for the account once.
- Enable trading (builder approval). See below.
Enable trading
Every perp order you send on the TEE route carries Hypercall's builder address on Hyperliquid:
0x406ceBfC7063e55761007D1C4b66B29308016602
The builder fee is 0%. Hyperliquid still requires every account to approve a builder before orders can carry it, and only the account itself can approve, never an agent key. So the first time you place an order on the TEE route, Hyperliquid refuses it with builder_not_approved and the form shows an Enable trading prompt.
- What it does. One HyperEVM transaction from your manager wallet calls your account contract, which approves Hypercall's builder at 0% on Hyperliquid.
- What it costs. No fee to Hypercall. The network fee is paid in HYPE on HyperEVM, well under 0.01 HYPE. The prompt shows your HYPE balance and tells you if you need to add some.
- What happens next. The form waits for the transaction, then resubmits your order once.
- One time only. You do not approve again for later orders.
Supported markets
| Market | Hyperliquid coin | Margin modes | Max leverage |
|---|---|---|---|
| BTC | BTC | Cross or isolated | 40× |
| ETH | ETH | Cross or isolated | 25× |
| SPCX | xyz:SPCX | Cross or isolated | 20× |
| SP500 | xyz:SP500 | Cross or isolated | 50× |
| MU | xyz:MU | Cross or isolated | 10× |
| NVDA | xyz:NVDA | Cross or isolated | 20× |
| META | xyz:META | Cross or isolated | 20× |
| MSFT | xyz:MSFT | Cross or isolated | 20× |
| AAPL | xyz:AAPL | Cross or isolated | 20× |
| SNDK | xyz:SNDK | Cross or isolated | 10× |
| BOT | xyz:BOT | Isolated only | 10× |
| BABA | xyz:BABA | Isolated only | 10× |
Margin modes and max leverage are Hyperliquid's own market settings (the table shows them at launch) and can change on Hyperliquid's side; the order form always reads the live values. xyz: markets are HIP-3 markets on the xyz dex.
A market is tradable on Hypercall only if Hypercall can risk it under portfolio margin: it needs a Hypercall price feed, a stress scenario grid, and a USDC-margined Hyperliquid market. Hyperliquid perps outside this list (HYPE, SOL and most others) return market_not_supported. On an isolated-only market the order form shows no cross option.
Fees and funding
- Hypercall builder fee: 0%.
- Hyperliquid trading fees and funding apply exactly as they do on Hyperliquid, because the order is a Hyperliquid order.