1. Overview
Anytrade Futures is a decentralized perpetual futures trading feature designed to provide users with a more efficient, convenient, and reliable trading experience.
By combining liquidity aggregation, low-gas trading, and intelligent risk control mechanisms, Anytrade Futures helps users trade more smoothly while improving overall asset protection.
Core Advantages
➤ Aggregated Liquidity: Anytrade Futures integrates liquidity sources to support more efficient trade execution and a smoother trading experience.
➤ Fast Trading Experience: With responsive order processing, high-performance APIs, and intelligent routing, Anytrade Futures helps users react to market changes more quickly.
➤ Low-Gas Trading Experience: Anytrade Futures uses a hybrid model of off-chain execution and on-chain settlement, helping reduce gas costs for supported trading actions.
➤ Intelligent Risk Control: Features such as anti-wick protection and multi-source pricing help reduce unexpected risks caused by abnormal market volatility.
2. Contract Specifications
Anytrade Futures offers perpetual contracts, which are derivatives with no expiration date.
To help contract prices stay close to the underlying spot price, Anytrade Futures uses a funding rate mechanism.
In Anytrade Futures, contracts are mainly structured as follows:
➤ Collateral is posted in USDC
➤ Prices are mainly quoted in USDT
This means that oracle prices are generally quoted in USDT, while margin is posted in USDC.
Please note that no USDC/USDT exchange rate conversion is performed in this model. Technically, these contracts are USDC-settled quanto contracts, where PnL denominated in USDT is settled in USDC.
For some assets, if the main spot liquidity source is quoted in USDC, the oracle price may also be quoted in USDC. At present, the only perpetual contracts quoted in USDC are PURR-USD and HYPE-USD.
Anytrade Futures references the relevant contract specifications and mechanisms used by Hyperliquid. For more details, please refer to the Hyperliquid contract specifications: 【URL】
3. Margin Modes
When opening a position, you need to choose a margin mode.
Cross Margin
Cross Margin is the default mode. In this mode, available collateral is shared across all cross-margin positions, which can improve capital efficiency.
Isolated Margin
Isolated Margin limits collateral to a single position only. If one isolated position is liquidated, it will not directly affect your other isolated positions or your cross-margin positions.
3.1 Initial Margin and Leverage
You can set leverage from 1x up to the maximum leverage allowed for the specific asset.
The margin required to open a position is:
position_size × mark_price / leverage
After a position is opened, the initial margin is allocated to that position.
➤ For cross-margin positions, the initial margin cannot be withdrawn.
➤ For isolated-margin positions, you can add or remove margin after the position is opened.
For cross-margin positions, unrealized PnL may be treated as initial margin for new positions. For isolated positions, unrealized PnL may be treated as additional margin for that position.
You may also increase leverage on an existing position without closing it first. Initial margin requirements are checked when the position is opened. After that, you are responsible for monitoring your leverage and margin level to avoid liquidation.
If your position has negative unrealized PnL, possible actions include:
➤ Partially or fully closing the position
➤ Adding margin to an isolated position
➤ Depositing USDC for a cross-margin position
3.2 Unrealized PnL and Margin Transfer Requirements
Unrealized PnL may be withdrawn from a single position or from the cross account, as long as the remaining margin still meets the required threshold.
The remaining margin must be at least:
➤ 10% of the total notional value of all open positions
It must also satisfy the initial margin requirement:
transfer_margin_required = max(initial_margin_required, 0.1 × total_position_value)
Here, “transfer” includes actions that remove margin from a position, such as:
➤ Sending tokens
➤ Transferring funds into a spot wallet
➤ Moving isolated margin out of a position
3.3 Maintenance Margin and Liquidation
If your account value, including unrealized PnL, falls below the required maintenance margin level, your position may be liquidated.
For cross-margin positions, liquidation is based on the total notional value of your open positions.
Currently, at maximum leverage, the maintenance margin is set at half of the initial margin.
For isolated-margin positions, the same maintenance margin logic applies, but only the isolated margin and the notional value of that isolated position are used in the calculation.
4. Robust Pricing Mechanism
Anytrade Futures uses multiple price sources to help reduce the risk of market manipulation and improve pricing reliability.
The pricing mechanism follows and references the relevant methodology used by Hyperliquid.
Oracle Price
The oracle price is used to calculate funding rates.
It is based on the weighted median of centralized exchange prices and does not rely solely on Anytrade market data. Oracle prices are updated by validators approximately every 3 seconds.
Market Price
The market price is based on multiple inputs, including:
➤ The oracle price plus the 150-second exponential moving average (EMA) of the difference between the Hyperliquid mid-price and the oracle price
➤ The median of the best bid, best ask, and latest trade on Hyperliquid
➤ The weighted median mid-price from Binance, OKX, Bybit, Gate.io, and MEXC
If only two of the main pricing inputs are available, the system may also add an additional median input based on the 30-second EMA of Hyperliquid market data.
Mark Price
The mark price is used for:
➤ Margin calculations
➤ Liquidation calculations
➤ Take-profit and stop-loss triggers
➤ Unrealized PnL calculations
Whenever validators publish a new oracle price, the mark price is updated accordingly. In general, both the oracle price and the mark price are updated approximately every 3 seconds.
Notes
➤ Perpetual futures trading involves high risk. Please make sure you fully understand the product rules before trading.
➤ Higher leverage may increase both potential profits and potential losses.
➤ Before opening a position, please confirm the selected margin mode, leverage, and asset type.
➤ Before transferring margin or withdrawing unrealized PnL, please make sure the remaining margin still meets the platform requirements.
➤ Please refer to the actual page display and official announcements for the latest supported features and rules.
Risk Disclaimer
The cryptocurrency market involves substantial risk. Please make sure you understand the risks and only invest in products you are familiar with. Before investing, carefully consider your investment experience, financial situation, investment objectives, and risk tolerance, and consult an independent professional advisor if necessary. The information displayed on this page is for reference only and should not be regarded as investment advice. Past performance is not indicative of future results. Be aware that the market value of investment products and potential returns can fluctuate significantly, and there is a risk of losing your invested capital. You are solely responsible for your own investment decisions, and Anytrade shall not be liable for any investment losses that may occur.
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