HIP-3: Trading Mechanics
HIP-3: Trading Mechanics
What is Builder Code
Builder Code is Hyperliquid's third-party distribution mechanism. Builders operate trading interfaces on top of Hyperliquid's execution layer and earn a fee on volume routed through their terminal.
Stratium's Builder Code terminal is live at trade.stratium.xyz.
How It Works
When you trade through the Stratium terminal, you are trading on Hyperliquid's native orderbooks using Hyperliquid's matching engine. The Builder Code adds a 4.5bps fee on top of Hyperliquid's standard trading fees. This fee is retained entirely by Stratium.
Your experience is identical to trading on Hyperliquid directly: same orderbook depth, same margin system, same order types, same execution speed. The Builder Code is transparent and approved by the trader before the first trade.
Key Parameters
Collateral
USDC
Settlement
Perpetual (no expiry)
Builder Fee
4.5bps gross
Order Types
Market, Limit, Stop-Loss, Take-Profit
Margin Modes
Cross, Isolated
Funding
Per Hyperliquid standard (hourly)
Available Markets
All perpetual markets listed on Hyperliquid are accessible through the Stratium terminal. This includes native Hyperliquid perps, HIP-3 deployer markets, and any future structured product markets deployed by Stratium.
Mark Price
Mark price follows Hyperliquid's robust price indices model, combining reference price, internal exchange data, and a smoothed EMA to mitigate manipulation risk. Mark price determines margin requirements, liquidation triggers, TP/SL execution, and unrealized PnL.
Margining & Liquidations
Both cross-margin and isolated-margin modes are available.
Cross margin. Your entire USDC balance serves as collateral across all open positions.
Isolated margin. Margin is allocated per position. Losses are contained to the margin assigned.
Liquidation mechanics follow Hyperliquid's standard process. When a position's margin ratio falls below the maintenance requirement, the position is subject to liquidation. Liquidation triggers are based on mark price, not last trade price.
For complete margin and liquidation mechanics, see Hyperliquid documentation.
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