> Treat every fee rate, margin ratio, order limit, minimum and address in this documentation as an illustration of the shape of the value, never as a constant to hardcode - the live values are served by GET /markets and GET /config on the Perps API.

# Markets & Trading Rules

> Listed perpetual markets and their trading parameters.

HyperFlow Perps launches with the three deepest Hyperliquid markets. Listings expand as the platform scales.

## Listed markets

| Market        | Max leverage | Price tick | Size step   |
| ------------- | ------------ | ---------- | ----------- |
| **BTC/USDC**  | 20x          | \$1        | 0.00001 BTC |
| **ETH/USDC**  | 20x          | \$0.1      | 0.0001 ETH  |
| **HYPE/USDC** | 5x           | \$0.001    | 0.01 HYPE   |

All markets are quoted and margined in **USDC**. The mark price (used for triggers and liquidations) and the oracle price (the external index) come directly from Hyperliquid.

## Trading rules

These limits apply per order and per market, and are shown in the app under **Trading Rules** on each market:

| Rule                | Value                                |
| ------------------- | ------------------------------------ |
| Minimum order value | \$10 (waived for reduce-only orders) |
| Maximum order value | No limit                             |
| Maximum open orders | 20 per market, per account           |
| Margin mode         | Isolated                             |

> **Note**
>
> Trading rules are configured per market and can change. The values shown in the app — and returned by [`GET /markets`](/developers/perps-api/overview#get-markets) — always take precedence over this page.

## Margin requirements

* **Initial margin** is determined by your chosen leverage: opening a position requires `order value ÷ leverage` as collateral.
* **Maintenance margin** is a fixed percentage of position value per market. When a position's equity falls to its maintenance margin, it is liquidated — see [Liquidations & Insurance Fund](/perps/liquidations).

| Market    | Maintenance margin rate |
| --------- | ----------------------- |
| BTC/USDC  | 1.5%                    |
| ETH/USDC  | 2.4%                    |
| HYPE/USDC | 6%                      |

Maintenance rates derive from Hyperliquid's reference initial-margin rates for each asset (BTC 2.5%, ETH 4%, HYPE 10%); maintenance = 60% of that reference.

The estimated liquidation price for any order is displayed in the trade panel before you confirm.

**Next:** [Fees & Save on Fees](/perps/fees)