ELYX · Trade

—LIVE · HYPERLIQUID MARK

LONG SIDEA 1.00 · NormalOI —

SHORT SIDEA 1.00 · NormalOI —

A is the side's deleverage index (1.00 = no ADL). A liquidation shrinks A instead of picking a victim; losses spread across the side through K.

Market	Side	Size	Entry	Mark	Liq.	PnL	Withdraw (H)

Haircut ratio · H

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profits backed at 100%

Vault · V—

Senior capital · C—

Insurance · I—

Residual · backs profit—

Open profit claims—

Warmup reserve · R—

Residual = V − (C + I) · H = min(Residual, ΣPnL⁺) ÷ ΣPnL⁺

Open interest

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Vault

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Insurance

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Markets

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