These are the core terms you'll see on the Trade page. Understanding them helps you read your position and manage risk.
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The mark price is the reference price used to calculate your PnL and to trigger liquidations. Hyperliquid derives it in real time from spot prices across major exchanges (via its oracle system), rather than from a single trade.
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Why it matters: because liquidation uses the mark price, a single unusual trade on the order book can't instantly trigger unfair liquidations.
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The last price is the price of the most recent trade.
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Why it matters: it doesn't determine liquidation, but it's often used to trigger take-profit and stop-loss orders. In volatile markets, the last price can differ noticeably from the mark price.
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Your entry price is the average price at which you opened your position.

​Why it matters: if you add to a position at different prices, your entry price becomes the weighted average. It's the benchmark for whether your position is in profit or loss.
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Margin is the capital you put up as collateral to open a position. Leverage lets you control a larger position with less margin.
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Risk: higher leverage means less margin backing your position, which moves your liquidation price closer to the current price. If your margin is insufficient, your position can be liquidated.

The funding rate is a recurring payment exchanged between long and short traders to keep the contract price aligned with the spot price.

Hyperliquid calculates funding continuously and charges or pays it based on how long you hold the position, rather than at fixed settlement times.
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Liquidation is when your position is closed automatically because your margin is no longer enough to support it. This is a protective mechanism that prevents your losses from exceeding your margin, so your account doesn't go into debt.
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Your liquidation price is the price at which this happens. Liquidation is triggered when the mark price reaches your liquidation price — specifically, when your account equity falls below the maintenance margin (the minimum margin you must keep).
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Your liquidation price isn't fixed. It moves with your unrealized PnL and the funding you pay or receive, so keeping a healthy margin buffer matters more than watching the liquidation price alone.
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For the full liquidation process, including maintenance margin rates and how Hyperliquid handles liquidations, see Hyperliquid's liquidation documentation.