Glossary

Terms specific to Liquary and Hyperliquid, as the app and these docs use them. Each group is alphabetical.

Orders and prices

• Activation price: for a trailing stop, the mark price at which tracking starts. Optional: without one, tracking starts at once.
• ALO (Add Liquidity Only): the post-only time-in-force: the order only rests as a maker and is rejected if it would cross the book.
• Chase: a Liquary order that rests post-only one tick inside the top of the book and re-prices as the book moves, until it fills. Runs in your browser tab. See Chase.
• Mark price: Hyperliquid’s fair price for a perp, blended from the order book and the oracle. It triggers stop, take-profit and trailing orders, and liquidations are measured against it.
• Market order: on Liquary, a limit sent inside a price envelope (5% on perps, 2% on spot) so a thin book cannot fill you at a runaway price.
• Retracement: how far the mark may give back from its watermark before a trailing stop fires, as a percentage or a USD distance.
• Scale (ladder): one order split into 2 to 20 limit orders across a price range. See Scale.
• Trailing stop: a stop whose trigger follows the mark at a fixed retracement and fires when the mark turns. Perps only. See Trailing stop.
• Trigger order: a stop-loss, take-profit or trailing order. It sits dormant on the exchange and becomes a market or limit order when the mark reaches its trigger price. Perps only: Hyperliquid does not offer them on spot. See Order types.
• TWAP: a size executed in slices over a duration. Hyperliquid’s own on perps; Liquary’s own loop on prediction markets. See TWAP.
• Watermark: for a trailing stop, the best mark price seen since tracking started (highest for a sell, lowest for a buy). The trigger sits one retracement behind it.

Account and fees

• Builder fee: the Liquary fee, a share of notional (0.025% on perps at the entry tier, lower with volume, and a flat 0.05% on prediction markets), charged on fills through Hyperliquid’s builder-code mechanism. Perp TWAPs and trailing stops carry none. See Fees.
• Dead-man switch: a scheduled cancel-all Hyperliquid fires for you if Liquary stops renewing it. It cancels every open order, stop-losses included. See Dead-man switch.
• No-agent mode: your wallet signs every action itself; nothing is stored.
• Trading agent: a delegated key that signs your orders silently. It can trade but never withdraw. See Trading agents.

Markets

• Deployer: the account that listed a prediction market and settles it. One question can be listed by several deployers; Liquary shows one card and routes your buy across them. See How markets work.
• HIP-2 (Hyperliquidity): Hyperliquid’s protocol-run liquidity for spot tokens, quoting on the token’s own order book.
• HIP-3 (builder dexs): perpetual markets deployed by third parties on Hyperliquid (stocks, commodities, indices…). Each dex has its own collateral book; Liquary funds it for you when you trade there. See Margin & leverage.
• HIP-4 (prediction markets): Hyperliquid’s outcome markets: each side of a question is a token that settles to $1 if it happens and $0 if not, so its price is the market’s probability. See Predictions.
• Native perps: Hyperliquid’s own perpetual markets, such as BTC or HYPE, margined in USDC.
• Odds: a prediction side’s price read as a probability (a $0.62 side is 62%), or as a bookmaker-style multiple of your stake.
• Settlement: the moment a prediction market resolves and each side pays $1 or $0. A draw on a two-sided match pays both sides $0.50.