Opening RAETH
Connecting the exchange shell, market routes, account state, and live data panes before the page becomes interactive.
Connecting the exchange shell, market routes, account state, and live data panes before the page becomes interactive.
BTC-PERPis RAETH's native linear perpetual future on BTC/USD: a position you can hold long or short, with leverage, that never expires. Instead of settling on a date, the perp is tethered to the spot index by an hourly funding payment between longs and shorts.
| Symbol | BTC-PERP |
| Contract size | 0.01 BTC per contract |
| Price | whole US dollars (the BTC/USD level), $1 tick |
| Contract notional | price × 0.01 — at $63,400 one contract is $634 of BTC |
| Max leverage | 40×, chosen per position when it opens |
| Initial margin | notional / chosen leverage (2.5% of notional at 40×) |
| Maintenance margin | 1.25% of notional |
| Funding | hourly, premium-based, clamped to ±0.75% per hour |
| Expiry | never |
Buying opens (or extends) a long — you profit as BTC rises. Selling opens a short— you profit as it falls; no borrowing step, selling from flat just opens the short. Leverage means you post only a fraction of the position's notional as margin: 10 contracts (0.10 BTC) at $60,000 is $6,000 of exposure, and at 10× leverage it locks $600 of initial margin. Leverage multiplies both directions — a 1% move on that position is $60, i.e. 10% of your margin.
Maintenance margin is the lower bar: 1.25% of notional, the minimum equity the position must keep to stay open. The gap between initial and maintenance is your buffer before liquidation.
Unrealized PnL, margin health, and liquidations all use the mark price, not the last trade: the book mid, clamped to a band around the external BTC index. A thin book or a single weird print therefore cannot fake a liquidation — the mark can only drift a bounded distance from spot. Details in Settlement & Resolution.
Every hour the venue computes a funding rate from the premium of the mark over the index. A positive rate means the perp trades above spot: longs pay shorts, which nudges the price back down. A negative rate flips it — shorts pay longs. The transfer is zero-sum between traders; the venue takes nothing.
Worked example: you are long 10 contracts (0.10 BTC) with the mark at $60,000 — $6,000 notional — and the hour's rate prints +0.05%. You pay $6,000 × 0.0005 = $3.00 that hour, credited to shorts; a short of the same size receives it. Hold a week of that and funding alone is about $500 — check the current rate before carrying a position.
If a position's equity (margin plus unrealized PnL at the mark) falls below maintenance margin, the liquidation engine force-closes it: a reduce-only close against the book, so the position can only shrink toward flat. Don't plan around it — at 40× the maintenance bar is close to entry, and a liquidation realizes the loss at the worst moment.
Set reduce_only on an order and it may only shrink your current position — it is rejected rather than allowed to open or flip one. Use it for every exit so a stale fill or a fat-fingered size can never turn a close into a fresh position in the other direction.
The old BTC-PERP [HL] Hyperliquid mirror is retired. Live discovery and trading now return the native BTC-PERP market.
Related: BTC 60-Second Up/Down · Order Types & Matching · Agent Quickstart