Account System

HyperLiquid implements a progressive account abstraction system with three tiers. Each tier adds more unified margin and cross-asset capabilities, from fully isolated per-DEX accounts up to full portfolio margining across perps, spot, and borrow/lend.

Three-Tier Architecture

Tier 1: Standard (Default)

Every new account starts in standard mode. Each perpetual DEX operates with its own isolated clearinghouse state. There is no cross-margin between DEXes. Key characteristics:

Each DEX has independent margin, positions, and balances
Sub-accounts can be created for further isolation
Margin mode per position: cross (shared collateral pool within a single DEX) or isolated (dedicated margin per position)

Tier 2: DEX Abstraction

DEX abstraction unifies multiple perp DEX clearinghouse states under a single account view, enabling cross-DEX margin sharing.

DEX abstraction is activated via activateDexAbstraction. Agents can also activate it on behalf of users through AgentEnableDexAbstractionAction.

When abstraction is enabled, the account exposes:

Field	Description
`dexAbstractionEnabled`	Boolean flag indicating abstraction is active
`abstraction`	Metadata including description and display name
`perpDexStates`	Array of per-DEX statuses
`dexToClearinghouseState`	Full clearinghouse state mapped per DEX index

Cross-DEX Transfers

Transfers between DEXes use explicit routing with source and destination parameters:

sourceDex                — Origin DEX index
destinationDex           — Target DEX index
sourceDexOrSpot          — Union type: DEX index or spot
destinationDexOrSpot     — Union type: DEX index or spot

The DexOrSpot union type allows transfers to route between perp DEXes and the spot book within the same operation.

DEX Management (Governance)

Governance actions available per DEX:

Action	Description
`disableDex`	Disable a DEX entirely
`setMarginTableIds`	Assign margin tables to DEXes
`setOpenInterestCaps`	Per-DEX open interest limits
`setFundingMultipliers`	Per-DEX funding rate multipliers
`setMarginModes`	Per-DEX margin mode configuration
`setFeeScale`	Fee structure per DEX
`setGrowthModes`	Growth/listing mode per DEX

Tier 3: Unified Account / Portfolio Margin

Full portfolio margining across perps, spot, and borrow/lend. Enables cross-collateralization with non-USDC tokens. Portfolio margin is enabled via UserPortfolioMarginAction with an enabled boolean field. Key fields under portfolio margin:

Field	Description
`portfolioMarginEnabled`	Account-level boolean
`portfolioMarginRatio`	Current utilization (0.0 = no risk, 1.0 = liquidation)
`tokenToPortfolioBorrowRatio`	Per-token borrow contribution to margin
`evmEscrows`	EVM-side locked collateral contributing to margin

Under portfolio margin, multiple tokens can serve as collateral simultaneously. Borrow/lend positions count toward portfolio margin calculations.

Unified Account Activation

ActivateUnifiedAccount is a one-way operation. Once activated, it cannot be reversed.

The ActivateUnifiedAccount action consolidates positions across DEXes and enables portfolio margin:

ActivateUnifiedAccount:
  fromSubAccount         — Optional: migrate from a sub-account
  sourceDexOrSpot        — Source for fund consolidation
  destinationDexOrSpot   — Destination for fund consolidation
  AllBoleTokens          — Also handles borrow/lend token migration

Account State Structure

The clearinghouse state response reveals the full layered structure:

clearinghouseState              — Standard perp state (single DEX)
spotState                       — Spot token balances
dexToClearinghouseState         — Map of DEX index → clearinghouse state
abstraction                     — Abstraction metadata
isAligned                       — Whether collateral matches DEX quote token
portfolioMarginEnabled          — Portfolio margin active
evmEscrows                      — EVM-locked collateral
portfolioMarginRatio            — Current PM utilization ratio
tokenToPortfolioBorrowRatio     — Per-token borrow ratios under PM
specialStatuses                 — Account-level flags (e.g., liquidation state)

Margin Summaries

Two margin summaries are always computed:

marginSummary — Traditional per-DEX margin calculation (accountValue, totalNtlPos, totalRawUsd, totalMarginUsed)
crossMarginSummary — Cross-margin calculation spanning all positions under abstraction
crossMaintenanceMarginUsed — Maintenance margin across cross-margined positions
withdrawable — Available for withdrawal after all margin requirements

Margin Tables

Each DEX references a MarginTable that defines its risk parameters:

MarginTable:
  marginTiers                       — Tiered margin requirements by position size
  marginTableId                     — Unique identifier
  collateralToken                   — The collateral token for this table
  collateralIsAlignedQuoteToken     — Whether collateral is the aligned quote
  collateralTokenName               — Human-readable collateral name
  MarginMode                        — Current margin mode
  maxLeverage                       — Maximum allowed leverage
  onlyIsolated                      — If true, only isolated margin allowed
  isDelisted                        — Whether the DEX is delisted
  growthMode                        — Listing/growth phase
  lastGrowthModeChangeTime          — Timestamp of last mode change
  szDecimals                        — Size decimal precision

Aligned Quote Tokens

The aligned quote token system enables non-USDC collateral:

AlignedQuoteTokenInfo:
  liquid_quote_tokens               — Tokens accepted as quote collateral
  quote_token_to_status             — Status per token (Enabled, NotAllowed)

AlignedQuoteTokenConfig:
  cross_scale                       — Scaling factor for cross-margin
  vlm_contribution_scale            — Volume contribution scaling
  fee_schedule                      — Fee rates for this quote token

The isAligned field on the account indicates whether the user’s collateral is properly aligned with the DEX’s expected quote token.

Sub-Account System

Sub-accounts allow a master address to operate multiple isolated trading identities. Each sub-account gets its own clearinghouse state, spot state, and position tracking.

Creating Sub-Accounts

CreateSubAccountAction              — Creates a new sub-account under the master

The sub_account_to_master mapping tracks which master address owns each sub-account.

Sub-Account Operations

Action	Description
`SubAccountModifyAction`	Modify settings (leverage, margin, orders)
`SubAccountTransferAction`	Transfer USD between master and sub-account
`SubAccountSpotTransferAction`	Transfer spot tokens between accounts
`UsdClassTransferAction`	Transfer USD between account classes (perp to spot)

Spot transfers include fields for token, amount, and destination (target sub-account address).

Sub-account transfers

Two transfer types are available:

Action	Description
`subAccountTransfer`	Transfer USDC between master and sub-accounts
`subAccountSpotTransfer`	Transfer spot tokens between master and sub-accounts

The sub_account_tracker at the exchange state level manages the relationship between master accounts and their sub-accounts, tracking permissions and transfer history.

Sub-Account State

The API returns sub-account data within clearinghouse state:

subAccounts                         — Array of sub-account addresses
extraAgents                         — Additional authorized agents

Sub-account tracking fields:

Field	Description
`sub_account_tracker`	Tracks all sub-accounts in the system
`sub_accounts`	List of sub-accounts for a user
`subAccountUser.master`	The master/parent address
`subAccountUser.isCross`	Whether this is a cross-margin sub-account

Multi-signature accounts

HyperLiquid supports native multi-signature accounts at the L1 level through ConvertToMultiSigUser. Once converted, the account requires multiple signers to authorize actions. The protocol tracks multi-sig state through a multi_sig_tracker at the top level of the exchange state. Multi-sig accounts can participate in all standard operations (trading, transfers, governance) with the additional requirement of collecting sufficient signatures.

Converting to a multi-sig account is a significant operation. Ensure all intended signers are configured correctly before conversion.

Agent Authorization

Agents (trading bots, vaults) can be authorized for abstraction operations:

Action	Description
`AgentEnableDexAbstractionAction`	Agent enables DEX abstraction for a user
`agentSetAbstraction`	Agent sets abstraction parameters
`userSetAbstraction`	User sets their own abstraction config

This allows vault managers and automated systems to operate across abstraction tiers on behalf of users.

Cross-Margin vs Isolated

The isCross field on sub-accounts and positions indicates the margin mode:

isCross: true — Position uses cross-margin (shared collateral pool)
isCross: false — Position is isolated (dedicated margin)

Liquidation Types

Type	Description
`LiquidateRequest::Cross`	Cross-margin liquidation
`LiquidateRequest::Isolated`	Isolated position liquidation
`borrowLendLiquidation`	Borrow/lend liquidation (portfolio margin)

Action Types by Tier

Standard (no abstraction)

CreateSubAccountAction — create sub-accounts
SubAccountModifyAction — modify leverage, orders, isolated margin
SubAccountTransferAction — USD transfers between accounts
SubAccountSpotTransferAction — spot token transfers
UsdClassTransferAction — perp to spot class transfers

DEX Abstraction

activateDexAbstraction — enable abstraction
AgentEnableDexAbstractionAction — agent-initiated enable
UserDexAbstractionAction — user-initiated DEX abstraction operations
accountClassTransfer — cross-class transfers
Source/destination DEX routing for inter-DEX transfers

Portfolio Margin / Unified

UserPortfolioMarginAction — enable and configure portfolio margin
ActivateUnifiedAccount — one-way unification (irreversible)
borrowLend integration for margin calculations
TokenDelegate — cross-system token delegation
LinkStakingUserAction — staking unification

Signal Research

Protocol Research

DeFi Infrastructure

Infrastructure

Three-Tier Architecture

Tier 1: Standard (Default)

Tier 2: DEX Abstraction

Cross-DEX Transfers

DEX Management (Governance)

Tier 3: Unified Account / Portfolio Margin

Unified Account Activation

Account State Structure

Margin Summaries

Margin Tables

Aligned Quote Tokens

Sub-Account System

Creating Sub-Accounts

Sub-Account Operations

Sub-account transfers

Sub-Account State

Multi-signature accounts

Agent Authorization

Cross-Margin vs Isolated

Liquidation Types

Action Types by Tier

​Three-Tier Architecture

​Tier 1: Standard (Default)

​Tier 2: DEX Abstraction

​Cross-DEX Transfers

​DEX Management (Governance)

​Tier 3: Unified Account / Portfolio Margin

​Unified Account Activation

​Account State Structure

​Margin Summaries

​Margin Tables

​Aligned Quote Tokens

​Sub-Account System

​Creating Sub-Accounts

​Sub-Account Operations

​Sub-account transfers

​Sub-Account State

​Multi-signature accounts

​Agent Authorization

​Cross-Margin vs Isolated

​Liquidation Types

​Action Types by Tier

Three-Tier Architecture

Tier 1: Standard (Default)

Tier 2: DEX Abstraction

Cross-DEX Transfers

DEX Management (Governance)

Tier 3: Unified Account / Portfolio Margin

Unified Account Activation

Account State Structure

Margin Summaries

Margin Tables

Aligned Quote Tokens

Sub-Account System

Creating Sub-Accounts

Sub-Account Operations

Sub-account transfers

Sub-Account State

Multi-signature accounts

Agent Authorization

Cross-Margin vs Isolated

Liquidation Types

Action Types by Tier