Beaconbaşlangıç teminatı Defined
Initial margin is the minimum amount of collateral you must provide to open a new leveraged position in perpetual futures trading. Think of it as a security deposit - you put up a fraction of the total position value, and the exchange provides the rest through leverage.
For example, if you want to open a $10,000 BTC long position at 10x kaldıraç, you need $1,000 in başlangıç teminatı. The $1,000 is your collateral - it is your skin in the game. The remaining $9,000 of exposure is provided by the kaldıraç mechanism. This başlangıç teminatı is what makes leveraged trading accessible: instead of needing $10,000 to get $10,000 of exposure, you only need $1,000.
How başlangıç teminatı Determines pozisyon büyüklüğü
The relationship between başlangıç teminatı, kaldıraç, and pozisyon büyüklüğü is straightforward: pozisyon büyüklüğü = başlangıç teminatı multiplied by Kaldıraç. If you have $500 and use 20x kaldıraç, your maximum pozisyon büyüklüğü is $10,000. With 5x kaldıraç, the same $500 only opens a $2,500 position.
Conversely, the başlangıç teminatı required for a specific position is: başlangıç teminatı = pozisyon büyüklüğü divided by Kaldıraç. Want a $50,000 position at 10x kaldıraç? You need $5,000 in başlangıç teminatı. The same position at 25x kaldıraç only requires $2,000.
This is why leverage is such a powerful tool - and such a dangerous one. Lower initial margin requirements mean you can control larger positions with less capital. But they also mean that adverse price movements consume a larger percentage of your margin. A 5% price move against a 20x leveraged position wipes out 100% of your initial margin, leading to liquidation.
Relationship to Kaldıraç
başlangıç teminatı and kaldıraç are two sides of the same coin. The başlangıç teminatı rate is simply the inverse of the kaldıraç multiplier. At 10x kaldıraç, the başlangıç teminatı rate is 10% (1/10 of the position value). At 20x kaldıraç, it is 5%. At 100x kaldıraç, it is just 1%.
This mathematical relationship makes it easy to calculate in either direction. If you know the kaldıraç, you know the margin rate. If you know how much margin you want to commit, you can determine the maximum kaldıraç for a given pozisyon büyüklüğü. The key insight is that higher kaldıraç always means less margin relative to the position - and therefore less buffer before likidasyon.
On Hyperliquid, each asset has a maximum allowed kaldıraç that determines the minimum başlangıç teminatı rate. For major assets like BTC and ETH, kaldıraç up to 50x may be available (2% başlangıç teminatı). For stock perp'ler and smaller assets, the maximum might be 20x (5% başlangıç teminatı). These limits exist to manage risk given each asset's typical volatility and liquidity profile.
başlangıç teminatı vs sürdürme teminatı
Initial margin is what you need to open a position. Maintenance margin is what you need to keep it open. Initial margin is always higher than maintenance margin, and the gap between them is your safety buffer.
For example, an asset might require 5% başlangıç teminatı (20x kaldıraç) but only 2.5% sürdürme teminatı. When you open the position, you provide 5%. As the trade moves against you, your effective margin decreases. You will not be liquidated until your margin drops to the 2.5% maintenance level. The 2.5% gap gives your position room to absorb some adverse movement.
In cross margin mode, your entire account balance counts toward meeting both initial and maintenance margin requirements. In isolated margin mode, only the margin specifically assigned to the position is considered. Understanding both concepts is essential for effective risk management.
Practical Examples
Example 1 - Conservative approach: You have $5,000 in your account and want to go long on BTC at $65,000. At 3x leverage, you need $5,000 / 3 = $1,667 in initial margin per $5,000 of position. Your total position size would be $15,000, controlling about 0.23 BTC. A 33% price drop would be needed to liquidate you.
Example 2 - Aggressive approach: Same $5,000 account, same BTC trade, but at 20x leverage. Your initial margin is $5,000 / 20 = $250 per $5,000 of position, allowing a $100,000 position (about 1.54 BTC). But now only a 5% price drop would liquidate you. The larger position amplifies both profits and risks dramatically.
Use the liquidation calculator and PnL calculator to model different leverage and margin scenarios before committing real capital. Understanding these numbers before you trade is far better than learning them during a liquidation.
başlangıç teminatı on Hyperliquid
On Hyperliquid, the başlangıç teminatı is deposited in USDC. When you select a kaldıraç level and enter a pozisyon büyüklüğü in the Beacon trading interface, the required başlangıç teminatı is calculated and displayed before you confirm the trade. This transparency ensures you always know exactly how much collateral is being committed.
Hyperliquid supports adjusting kaldıraç on existing positions, which effectively changes the margin allocation. If you increase kaldıraç on an open position, some margin is freed up (but your likidasyon price moves closer). If you decrease kaldıraç, more margin is committed (and your likidasyon price moves further away). This flexibility lets you adapt your risk profile as your view on the trade evolves.