*Evidence: Logged-out mainnet public UI, captured and refreshed automatically each week. Official source.*
Source: Hyperliquid margining documentation. Checked July 15, 2026.
Journey: Hyperliquid guide hub. Next: size a controlled position, then set the stop.
The difference that matters
| Question | Cross margin | Isolated margin |
|---|---|---|
| What backs the position? | Shared cross-account collateral | Margin assigned to that position |
| Can another position change its safety buffer? | Yes | No |
| What does a backstop liquidation affect? | Cross positions and cross margin | That isolated position and its margin |
| Can margin be added or removed after entry? | Shared at account level | Yes, subject to requirements |
| Best fit | Deliberate portfolio hedges and shared equity | Bounded experiments and separate trade risk |
Why the leverage number is not the whole risk
Initial margin is approximately position size × mark price ÷ leverage. Liquidation begins when equity falls below maintenance margin. The maintenance requirement depends on the asset and margin tier, and liquidations use mark price rather than a single last trade.
For cross positions, the displayed liquidation price can move with funding, deposits, withdrawals, and unrealized PnL in other positions. Hyperliquid explicitly notes that the actual cross liquidation price is independent of the leverage setting once the position exists: lower selected leverage initially allocates more collateral, but the cross account ultimately shares equity.
For isolated positions, selected leverage affects the allocated isolated margin and therefore the liquidation price. Read the exact mechanics in Hyperliquid liquidations.
When cross margin is reasonable
- You are running an intentional hedge or spread and want profitable legs to support losing legs.
- You understand the combined maintenance requirement of every cross position.
- You monitor account value, funding, and correlated stress—not only each position card.
- You have rules for reducing exposure before the shared pool is exhausted.
When isolated margin is clearer
- You are learning the venue with a small test.
- You want a known collateral boundary for one idea.
- Positions are unrelated and should not subsidize one another.
- You need to add or remove margin from a specific position deliberately.
Sub-accounts are a different boundary
If you want separate strategy balances, use actual sub-accounts rather than pretending multiple cross positions are isolated portfolios. Hyperliquid's sub-account documentation says sub-accounts are treated independently in the clearinghouse, share the master's fee tier, and do not receive referral discounts.
Decision checklist
Before submitting the order, answer:
- What is the maximum dollar loss for this idea?
- Which collateral can this position consume?
- Are other positions intended to hedge it or merely correlated with it?
- What mark price triggers liquidation and what stop acts before that point?
- What changes if funding or another cross position loses money?
Risk warning: Leverage can cause rapid liquidation. Margin mode changes where losses are absorbed; it does not reduce market risk.