Markets and risk modes

Supported markets

HYPE — Recommended

• Higher expected funding yield
• Up to 65% LTV in the current design
• Greater capital efficiency
• Recommended default market

BTC

• Lower expected funding yield
• Lower LTV and capital efficiency
• More established and liquid market

Market availability and parameters may change when liquidity, volatility or execution conditions are unsuitable.

How modes work

All modes keep equal spot and perpetual notional. The selected mode changes leverage, capital assigned to perpetual margin, target HF and the price buffer before rebalancing.

Mode	Expected APY	Target HF	Indicative capital use	Selected-asset price increase to HF 1.10	Profile
Conservative	8–12%	2.2–2.8	75% spot / 25% perp margin	Approximately +100%	Lowest yield and leverage; largest buffer
Normal	12–18%	1.7–2.2	82% spot / 18% perp margin	Approximately +55%	Balanced yield, leverage and buffer
Aggressive	18–26%	1.35–1.70	90% spot / 10% perp margin	Approximately +23%	Highest yield and leverage; most frequent potential rebalancing

Capital-use and price-move figures are indicative Pilot parameters. Production values may change according to liquidity, volatility and the Monetrix risk engine.

HF 1.10 warning line

The percentages refer to the selected asset's price movement.

For example, in Normal HYPE mode, an approximate HYPE price increase of 55% may bring Health Factor to the 1.10 warning line.

At the warning line, Monetrix triggers a rebalance or partial close to raise Health Factor toward the configured range and avoid liquidation.

Aggressive mode has a smaller buffer and may therefore rebalance more frequently.

APY

APY varies with funding rates, execution costs, market conditions and the selected mode. It is not fixed or guaranteed.