HO Perp

HO-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 HO index.

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