S Perp

S-PERP is a perpetual futures contract on Hyperliquid, settled in USDC. It never expires — the position stays open until you close it or it is liquidated. Every hour, funding is exchanged between longs and shorts to hold the contract price against the S index.

Your margin is shared across every Hyperliquid position in this wallet, so a loss here can move the liquidation price of the others.