Perp Engine PRD v1.0 — Product Requirements Index
Each file covers one independent module and can be read standalone.
Document Structure
| File |
Module |
Core Content |
Phase |
| 01-overview.md |
Project Overview |
Background, goals, scope, phases, revenue model |
— |
| 02-routing.md |
L2 Order Routing |
Routing rules, thresholds, force-HL conditions |
Phase 2 |
| 03-account-assets.md |
L1 Account & Assets |
Registration, deposits/withdrawals, multi-chain aggregation |
Phase 1 |
| 04-internal-execution.md |
L3 Internal Execution |
Internal position model, counterparty accounting, execution price |
Phase 3 |
| 05-hl-execution.md |
L4 HL Proxy Execution |
Account architecture, position mapping, fill correction, drift monitoring |
Phase 2 |
| 06-margin-liquidation.md |
L5 Margin & Liquidation |
Isolated/cross formulas, HL precision replication, liquidation engine |
Phase 3 |
| 07-risk-management.md |
L6 Risk Management |
Net exposure, hedging strategy, risk reserve |
Phase 2 |
| 07a-hedge-architecture.md |
L6 Hedge System Architecture Design |
HL Account Model, Capital Efficiency, Pre-hedge Assessment, Edge Cases |
Phase 2 |
| 08-market-data.md |
L7 Market Data |
HL data passthrough, precision rule sync, exception handling |
Phase 1 |
| 09-settlement.md |
L8 Settlement |
PnL formulas, funding settlement, drift fallback, three-way reconciliation |
Phase 3 |
| 10-withdrawal-liquidity.md |
Withdrawal Liquidity |
5-min SLA, tiered processing, liquidity monitoring |
Phase 1 |
| 11-admin.md |
L9 Admin |
Routing config, risk dashboard, RBAC |
Phase 2–3 |
| 12-infrastructure.md |
Infrastructure |
Database, observability, security, deployment, performance |
Phase 1 |
Core Architecture Principles
Platform is the sole risk controller and liquidation authority. HL is only an execution channel.
- Platform maintains complete position records per user (both INTERNAL and HYPERLIQUID)
- Platform uses HL mark prices to compute margin ratios and liquidation conditions
- INTERNAL positions: settled internally; platform earns client losses
- HYPERLIQUID positions: Platform triggers timing → sends close order to HL
- Platform HL account always maintains excess margin to prevent HL from liquidating it
Glossary
| Term |
Definition |
| INTERNAL |
Platform internalized position — not opened on HL |
| HYPERLIQUID |
Position routed to HL for execution |
| Internalization |
Platform acts as user’s direct counterparty |
| Client Loss |
User loss = platform’s counterparty gain (core B-book revenue) |
| Routing Threshold |
Notional value cutoff (default $10,000 per order) |
| Net Exposure |
Platform’s accumulated directional risk per asset (INTERNAL only) |
| Calculation Drift |
Delta between Platform’s computed PnL and HL’s actual PnL |
| Aggregation |
Moving assets from user deposit addresses into platform hot wallet |
| Hot Wallet |
Online-signing wallet for daily withdrawal processing |
| Cold Wallet |
Offline-signing wallet for secure storage of large balances |