Documentation Index
Fetch the complete documentation index at: https://docs.legend.trade/llms.txt
Use this file to discover all available pages before exploring further.
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.
Margin Modes
Legend supports both margin modes available on Hyperliquid:
- Cross margin — the default. Collateral is shared across all cross-margin positions, maximizing capital efficiency. A loss on one position can affect your entire account balance.
- Isolated margin — collateral is locked to a single position. Losses are contained to the margin allocated to that position, but capital efficiency is lower.
You can set the margin mode per asset from the trade form.
For full details on margin mechanics, see Hyperliquid’s margining documentation.
Leverage
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.
Liquidations
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.
Funding Rates
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.