BeaconKý Quỹ Ban Đầu 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 vị thế long at 10x đòn bẩy, you need $1,000 in ký quỹ ban đầu. The $1,000 is your collateral - it is your skin in the game. The remaining $9,000 of exposure is provided by the đòn bẩy mechanism. This ký quỹ ban đầu is what makes giao dịch có đòn bẩy accessible: instead of needing $10,000 to get $10,000 of exposure, you only need $1,000.
How Ký Quỹ Ban Đầu Determines Kích Thước Vị Thế
The relationship between ký quỹ ban đầu, đòn bẩy, and kích thước vị thế is straightforward: Kích Thước Vị Thế = Ký Quỹ Ban Đầu multiplied by Đòn Bẩy. If you have $500 and use 20x đòn bẩy, your maximum kích thước vị thế is $10,000. With 5x đòn bẩy, the same $500 only opens a $2,500 vị thế.
Conversely, the ký quỹ ban đầu required for a specific vị thế is: Ký Quỹ Ban Đầu = Kích Thước Vị Thế divided by Đòn Bẩy. Want a $50,000 vị thế at 10x đòn bẩy? You need $5,000 in ký quỹ ban đầu. The same vị thế at 25x đòn bẩy 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 Đòn Bẩy
Initial ký quỹ and đòn bẩy are two sides of the same coin. The ký quỹ ban đầu rate is simply the inverse of the đòn bẩy multiplier. At 10x đòn bẩy, the ký quỹ ban đầu rate is 10% (1/10 of the vị thế value). At 20x đòn bẩy, it is 5%. At 100x đòn bẩy, it is just 1%.
This mathematical relationship makes it easy to calculate in either direction. If you know the đòn bẩy, you know the ký quỹ rate. If you know how much ký quỹ you want to commit, you can determine the maximum đòn bẩy for a given kích thước vị thế. The key insight is that higher đòn bẩy always means less ký quỹ relative to the vị thế - and therefore less buffer before thanh lý.
On Hyperliquid, each asset has a maximum allowed đòn bẩy that determines the minimum ký quỹ ban đầu rate. For major assets like BTC and ETH, đòn bẩy up to 50x may be available (2% ký quỹ ban đầu). For perps cổ phiếu and smaller assets, the maximum might be 20x (5% ký quỹ ban đầu). These limits exist to manage risk given each asset's typical volatility and liquidity profile.
Ký Quỹ Ban Đầu vs Ký Quỹ Duy Trì
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% ký quỹ ban đầu (20x đòn bẩy) but only 2.5% ký quỹ duy trì. When you open the vị thế, you provide 5%. As the trade moves against you, your effective ký quỹ decreases. You will not be bị thanh lý until your ký quỹ drops to the 2.5% maintenance level. The 2.5% gap gives your vị thế 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.
Ví Dụ Thực Tế
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.
Ký Quỹ Ban Đầu on Hyperliquid
On Hyperliquid, the ký quỹ ban đầu is deposited in USDC. When you select a đòn bẩy level and enter a kích thước vị thế in the Beacon giao diện giao dịch, the required ký quỹ ban đầu 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 đòn bẩy on existing vị thế, which effectively changes the ký quỹ allocation. If you increase đòn bẩy on an open vị thế, some ký quỹ is freed up (but your giá thanh lý moves closer). If you decrease đòn bẩy, more ký quỹ is committed (and your giá thanh lý moves further away). This flexibility lets you adapt your risk profile as your view on the trade evolves.