hybrid-perps-spec

Trading Process Flows

Parent index: ../index.md Authoritative source: ../../zh/trading/00-index.md

These documents describe the complete data flows and processing steps between internal system modules, focusing on module interaction sequence and data propagation paths.

Process Files

File	Process	Key Modules
01-order-lifecycle.md	Order Full Lifecycle	L1, L2, L3/L4, L5, L8
02-internal-flow.md	Internal Execution Flow	L2 → L3 → L8
03-hl-proxy-flow.md	HL Proxy Execution Flow	L2 → L4 → L8
04-settlement-flow.md	Settlement & Liquidation Flow	L5 → L3/L4 → L8

System Layer Diagram

User Request
  │
  ▼
L1 Account & Assets (balance check, margin validation)
  │
  ▼
L2 Order Routing (< 5ms routing decision)
  │
  ├─ INTERNAL ──► L3 Internal Execution Layer (< 10ms)
  │                    │
  └─ HYPERLIQUID ──► L4 HL Proxy Execution Layer (< 50ms)
                         │
  ◄─────────────────────┤ HL fill receipt (fill_price)
  │
  ▼
L5 Margin & Liquidation Engine (real-time monitoring of all positions)
  │
  ▼
L6 Risk & Exposure Management (net exposure aggregation + hedge orders)
  │
  ▼
L7 Market Data Layer (HL mark price → all layers)
  │
  ▼
L8 Settlement & Reconciliation (PnL, funding, three-way reconciliation)
  │
  ▼
L9 Admin & Operations (config, dashboard, audit)

Key Data Flows

Data	Flow Direction	Frequency
HL mark price	L7 → L5 (liquidation detection)	Real-time
HL mark price	L7 → L3 (execution price reference)	Real-time
HL fill price	L4 → position record (entry_price correction)	Per fill
Liquidation signal	L5 → L3 / L4	Event-driven
Net exposure	L3 → L6	Real-time aggregate
Hedge order	L6 → L4	Threshold-triggered