Legend is built on Hyperliquid, a high-performance on-chain perpetuals exchange. All trades placed on Legend are executed directly on Hyperliquid's order book with the same deep liquidity and low-latency matching.
You can trade perpetual contracts (perps) on all assets available on Hyperliquid -- major crypto assets, memecoins, and more as listings are added.
Legend supports both margin modes available on Hyperliquid:
You can set the margin mode per asset from the trade form.
For full details on margin mechanics, see Hyperliquid's margining documentation.
Leverage can be adjusted per asset from 1x up to the maximum allowed for that asset. Higher leverage means less margin is required to open a position, but increases liquidation risk.
Maximum leverage varies by asset and is determined by Hyperliquid's margin tiers.
A successful deposit can increase your account equity while your available balance remains zero. These amounts answer different questions:
| Amount | What it tells you |
|---|---|
| Account equity | The value supporting your positions, including unrealized profit or loss. |
| Initial margin | The collateral requirement at your selected leverage for opening or increasing positions. |
| Available to trade | Your remaining capacity to open or increase positions after applicable margin requirements and order reservations. |
| Available to withdraw | What can leave the account under Hyperliquid’s withdrawal and transfer rules. This can differ from your trading capacity. |
| Maintenance margin | The minimum equity required to keep existing positions open before liquidation. |
With cross margin, positions using the same collateral share a pool of funds. A deposit adds to that pool; it is not assigned dollar by dollar to a specific position. Unrealized losses can leave equity below the initial margin requirement, so a deposit may improve your liquidation buffer without freeing capacity for a new trade.
For isolated positions, collateral is allocated separately. A deposit into your account does not automatically add margin to an isolated position.
Initial margin and maintenance margin are different thresholds. Initial margin governs opening or increasing positions. Maintenance margin governs liquidation of existing positions; it is not simply half the margin at your selected leverage.
Consider this hypothetical cross-margin account, with no open orders or isolated positions:
| Amount | Before deposit | After a $100 deposit |
|---|---|---|
| Account equity | $850 | $950 |
| Initial margin requirement | $1,000 | $1,000 |
| Free initial margin for new positions | $0 | $0 |
| Maintenance margin requirement | $100 | $100 |
| Equity above maintenance margin | $750 | $850 |
The deposit increases equity, but equity remains below the initial margin requirement. Existing positions can remain open because equity is still above maintenance margin. The example assumes prices, positions, and requirements stay unchanged; actual values move with the market, and fees and funding also affect equity.
For the underlying rules, see Hyperliquid’s margin requirements and unified account collateral.
If your account equity falls below the maintenance margin requirement, your positions may be liquidated. Hyperliquid uses a two-stage liquidation process -- market orders are sent to the order book first, with a backstop liquidation mechanism as a fallback.
For full details, see Hyperliquid's liquidation documentation.
Perpetual contracts use a funding rate mechanism to keep the contract price aligned with the spot index price. Funding is exchanged between long and short holders periodically.
For full details, see Hyperliquid's funding documentation.