Glossary
Plain-language definitions of the perps, leverage, and Hyperliquid terms used across Bloxwap.
New to perpetuals? These are the core terms you'll meet across Bloxwap, each defined in a sentence or two. For how trading costs work see Fees; for what you can trade see Assets; for common questions see the FAQ.
- Perpetual (perp)
- A derivative contract that tracks an asset’s price with no expiry date, so a position can stay open indefinitely. Regular funding payments keep its price aligned with spot. Bloxwap routes every perp to the Hyperliquid protocol.
- Leverage
- Borrowed exposure that multiplies a position’s size relative to the margin you post — 10× turns $100 of margin into $1,000 of exposure. It magnifies both gains and losses. Bloxwap caps leverage per asset (up to 40× on BTC), with caps set by Hyperliquid.
- Margin
- The collateral you post to open and maintain a leveraged position. If losses erode it past the maintenance threshold, the position is liquidated. On Bloxwap, margin is posted in USDC.
- Liquidation
- The forced closing of a leveraged position when its margin can no longer cover losses. The Hyperliquid protocol — not Bloxwap — performs liquidations, and you can lose all of the margin committed to that position.
- Funding rate
- A periodic payment exchanged between the long and short holders of a perpetual that keeps its price tethered to the underlying spot price. When the perp trades above spot, longs pay shorts; when it trades below, shorts pay longs.
- USDC
- A US-dollar-pegged stablecoin used as the settlement and collateral currency for trading on Bloxwap. Deposits made in other tokens are routed into USDC automatically.
- Non-custodial
- A model in which you keep control of your own funds and keys and the service never holds your assets. Bloxwap is a non-custodial interface to Hyperliquid — it never custodies your funds or private keys, and all trades execute from your own wallet.
- Builder fee
- A small fee an interface (a “builder”) can attach to the orders it routes to Hyperliquid. Bloxwap’s builder fee is 5 bps (0.05%) standard and 2.5 bps for Genesis traders; it funds Bloxwap and the Season 01 prize pool.
- HIP-3
- A Hyperliquid improvement (Hyperliquid Improvement Proposal 3) that lets independent operators deploy their own perpetual markets on Hyperliquid. Bloxwap lists HIP-3 markets such as stocks and commodities, which trade 24/7.
- HyperCore
- Hyperliquid’s native on-chain order book and settlement layer (also called Hyperliquid Core). It is where orders match and settle, and where Bloxwap Season 01 prizes are paid out in USDC.
- Basis points (bps)
- A unit of measure equal to one one-hundredth of a percent (0.01%). 5 bps is 0.05% and 2.5 bps is 0.025%. Bloxwap quotes its builder fee in basis points.