# Table of Contents - [Welcome to Liminal | Liminal Docs](#welcome-to-liminal-liminal-docs) - [What is delta-neutral? | Liminal Docs](#what-is-delta-neutral-liminal-docs) - [What is Liminal? | Liminal Docs](#what-is-liminal-liminal-docs) - [How does Liminal work? | Liminal Docs](#how-does-liminal-work-liminal-docs) - [Key features and Benefits | Liminal Docs](#key-features-and-benefits-liminal-docs) - [Using Liminal Effectively | Liminal Docs](#using-liminal-effectively-liminal-docs) - [How does the Institutional solution work? | Liminal Docs](#how-does-the-institutional-solution-work-liminal-docs) - [Access Model & Evolution | Liminal Docs](#access-model-evolution-liminal-docs) - [How to deposit into Liminal? | Liminal Docs](#how-to-deposit-into-liminal-liminal-docs) - [How to withdraw from Liminal? | Liminal Docs](#how-to-withdraw-from-liminal-liminal-docs) - [Risks | Liminal Docs](#risks-liminal-docs) - [Audits | Liminal Docs](#audits-liminal-docs) - [Support | Liminal Docs](#support-liminal-docs) - [Fees | Liminal Docs](#fees-liminal-docs) - [Referral | Liminal Docs](#referral-liminal-docs) - [Architecture | Liminal Docs](#architecture-liminal-docs) --- # Welcome to Liminal | Liminal Docs These docs are a work in progress, actively evolving alongside the protocol. ### [](https://docs.liminal.money/#your-gateway-to-effortless-delta-neutral-yield) Your gateway to effortless, delta-neutral yield. Powered by Hyperliquid, Liminal automates advanced trading strategies to generate real and sustainable returns. There is no exposure to market direction, no lockups, and no unnecessary complexity. Whether you are a seasoned trader or exploring DeFi for the first time, Liminal turns high-performance yield into a simple and accessible experience. To learn more, visit [liminal.money](https://liminal.money/) . For updates and community discussions, follow us on [X](https://x.com/liminalmoney) or join the [Telegram channel](https://t.me/liminalmoney) . Start earning yield that is transparent, automated, and built to last. [NextWhat is delta-neutral?](https://docs.liminal.money/getting-started/delta-neutral) Last updated 3 months ago --- # What is delta-neutral? | Liminal Docs Delta-neutral strategies are at the core of how Liminal operates. They allow users to earn yield without being exposed to the directional movement of the market. This structured approach is designed to deliver consistent returns and enhanced capital stability. ### [](https://docs.liminal.money/getting-started/delta-neutral#what-is-delta-neutral) What Is Delta-Neutral? A **delta-neutral** position is one in which the portfolio’s total exposure to price changes is neutralized. The objective is to isolate yield opportunities independent of whether the market moves up or down. In trading terms, **"delta"** measures how much a position's value responds to price movement in the underlying asset. A delta-neutral setup balances long and short positions so that the combined delta equals zero. ![](https://docs.liminal.money/~gitbook/image?url=https%3A%2F%2F3462096153-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FcPoAMkVJqZ5W4LsP9yFI%252Fuploads%252FIBnAtW4bgoXSnkc4vvBm%252Fimage.png%3Falt%3Dmedia%26token%3De8a59369-9d4c-469c-a8e7-1e7b88b6eaa4&width=768&dpr=4&quality=100&sign=870afc8e&sv=2) **Example:** * Long 1 HYPE in the spot market (delta = +1) * Short 1 HYPE in perpetual futures (delta = -1) * Total delta = 0 This cancels out price volatility allowing the strategy to focus on generating yield from structural inefficiencies in the market, such as funding payments and arbitrage. ### [](https://docs.liminal.money/getting-started/delta-neutral#how-it-works-in-liminal) How It Works in Liminal Liminal automates this strategy entirely using the Hyperliquid infrastructure: 1. The user deposits USDC into Liminal. 2. Liminal opens a matched delta-neutral position: * A spot (long) position. * A short position of the same size in the perpetual futures market. 3. The positions neutralize directional risk. 4. Liminal collects yield from funding payments on the perp side. Because the strategy has no market bias, users can earn consistent returns regardless of volatility or price trends. ### [](https://docs.liminal.money/getting-started/delta-neutral#yield-generation) Yield Generation Liminal's yield does not rely on inflationary token incentives or emissions. Instead, it captures: * **Perpetual funding rates**, paid by long traders on Hyperliquid. * **Price differentials** between spot and perp markets. This is **real yield**: sustainable returns from actual market dynamics and trading activity. ### [](https://docs.liminal.money/getting-started/delta-neutral#why-automation-matters) Why Automation Matters Running delta-neutral strategies manually is complex and requires: * Constant rebalancing to remain market-neutral. * Active monitoring of margin and liquidation thresholds. * Timely execution to maximize yield opportunities. Liminal handles all of this automatically: * Real-time rebalancing and risk adjustments. * Smart execution across markets. * Efficient management with minimal slippage. Users simply deposit USDC. Liminal does the rest. ### [](https://docs.liminal.money/getting-started/delta-neutral#benefits-of-the-liminal-approach) Benefits of the Liminal Approach * Neutral exposure to market price movements. * Yield sourced directly from real trading activity. * Fully automated execution and risk mitigation. * Transparent, real-time performance tracking. This level of strategy was once reserved for professional desks. Liminal makes it available to everyone. [PreviousWelcome to Liminal](https://docs.liminal.money/) [NextWhat is Liminal?](https://docs.liminal.money/getting-started/what-is-liminal) Last updated 3 months ago --- # What is Liminal? | Liminal Docs Liminal is a delta-neutral yield protocol built on Hyperliquid Layer 1. It enables users to earn sustainable, real yield without exposure to market fluctuations. Designed for simplicity and performance, Liminal combines the power of perpetual funding rates with fully automated execution. ### [](https://docs.liminal.money/getting-started/what-is-liminal#deposit-usdc-and-earn-real-yield) Deposit USDC and Earn Real Yield By depositing USDC into Liminal, users gain exposure to automated delta-neutral strategies. These strategies combine: * A spot long position (e.g., BTC or HYPE) * A short position in perpetual futures of equal size This pairing neutralizes market exposure while capturing funding payments directly from Hyperliquid’s perp markets. There is no need to trade manually, rebalance positions, or monitor markets. Liminal handles everything in real time: * Optimized entries * Continuous auto-rebalancing * Liquidation risk management All without user intervention. ### [](https://docs.liminal.money/getting-started/what-is-liminal#consistent-yield-without-emissions) Consistent Yield Without Emissions Liminal earns yield from actual market dynamics, not from inflationary token rewards. This means: * No emissions or synthetic yield * No dilution of value * Yields are tied directly to demand for leverage on Hyperliquid Profits are transparently shared with users. The performance fee is applied on gross funding PnL, and a portion is redistributed through the referral system to reward ecosystem growth. ### [](https://docs.liminal.money/getting-started/what-is-liminal#liquidation-protection-and-custody) Liquidation Protection and Custody Liminal is built on top of Hyperliquid’s high-performance infrastructure, allowing: * Active monitoring * Dynamic position management to avoid liquidation scenarios * Continuous capital safety under changing market conditions For regular users, the strategy operates using externally owned accounts (EOAs) that are managed and secured by Liminal. All signature operations are executed within an off-internet enclave, and private keys are encrypted at rest using AES-256 to ensure maximum security. For institutional users, Liminal offers a self-custody solution via Hyperliquid’s native Agent system. This enables trade execution directly on the user's account or sub-account, without ever granting Liminal access to withdraw funds. Institutions retain full control over their assets while allowing Liminal to manage strategy execution. While the user experience is non-custodial in nature, custody mechanics differ depending on the user type. Withdrawals are always available and never subject to protocol-imposed lockups. ### [](https://docs.liminal.money/getting-started/what-is-liminal#built-for-everyone) Built for Everyone Whether you are a first-time DeFi user or part of a professional trading desk, Liminal delivers a seamless experience: * No lockups * No need for constant oversight Simply deposit capital and let the protocol work for you. Liminal is built to serve both Hyperliquid’s most active traders and passive users looking for reliable, onchain yield. [PreviousWhat is delta-neutral?](https://docs.liminal.money/getting-started/delta-neutral) [NextHow does Liminal work?](https://docs.liminal.money/getting-started/how-does-it-works) Last updated 3 months ago --- # How does Liminal work? | Liminal Docs Users deposit USDC into Liminal. No lockups or configuration steps are required. Hyperliquid's infrastructure allows Liminal to operate with the speed, transparency, and precision required to deliver safe and scalable yield. Liminal is a protocol that automates delta-neutral strategies to deliver real yield on USDC deposits. It removes the complexity of execution and provides users with seamless access to institutional-grade strategies through a simple interface. ### [](https://docs.liminal.money/getting-started/how-does-it-works#core-mechanism) Core Mechanism At its core, Liminal runs a delta-neutral strategy to capture yield from perpetual funding rates on Hyperliquid. #### [](https://docs.liminal.money/getting-started/how-does-it-works#step-by-step-process) Step-by-step process **1\. Deposit** Users deposit USDC into Liminal. There are no lockups or configuration steps required. **2\. Position Execution** Liminal allocates the deposited funds to open two offsetting positions: * A long position in the spot market (HYPE for example) * A short position of equivalent size in the perpetual futures market **3\. Delta-Neutral Exposure** These positions neutralize directional market risk. Whether the asset price moves up or down, the total position remains stable in value. **4\. Yield Capture** Liminal earns funding rate payments from the perpetual market, typically paid by long traders. These payments are distributed to users as yield. **5\. Rebalancing and Optimization** Positions are constantly monitored and adjusted to maintain neutrality and maximize funding rate capture. When a position approaches its liquidation threshold, the system proactively adjusts it by closing and reopening the overall structure. This ensures stability, protects user funds, and keeps the strategy neutral at all times. ### [](https://docs.liminal.money/getting-started/how-does-it-works#infrastructure) Infrastructure Liminal is built natively on Hyperliquid, leveraging its high-performance infrastructure: * Deep liquidity across both spot and perp markets * Low-latency, real-time execution through HyperCore * Native support for delta-neutral design at the protocol level Hyperliquid’s architecture enables Liminal to deliver scalable, safe, and transparent yield strategies. ### [](https://docs.liminal.money/getting-started/how-does-it-works#execution-engine) Execution Engine Liminal’s Liquidity Engine handles live trade execution and strategy management. Its responsibilities include: * Monitoring and maintaining safe collateral levels * Executing and rebalancing positions efficiently * Monitoring spreads between spot and perps markets to avoid any imbalance when executing This system is optimized to reduce execution risk, eliminate manual oversight, and ensure strategy consistency across market conditions. ### [](https://docs.liminal.money/getting-started/how-does-it-works#custody-model) Custody Model Liminal uses different custody models depending on the user profile. * For regular users, the strategy operates through externally owned accounts (EOAs) managed and secured by Liminal. All signature operations are executed within an off-internet enclave, and private keys are encrypted at rest using AES-256 to ensure maximum security. * For institutional users, Liminal leverages Hyperliquid’s Agent system. This allows trade execution directly on the institution’s own account or sub-account. Liminal can never access or withdraw funds. Institutions retain full custody at all times while still benefiting from automated strategy execution. This setup ensures a secure and flexible experience across user types. ### [](https://docs.liminal.money/getting-started/how-does-it-works#modes-of-use) Modes of Use Liminal provides two user interfaces for regular users, depending on preference: * **Standard tab** A clean, simplified dashboard showing deposits, performance, yield and your activity * **Pro tab** Advanced tools for experienced users, including real-time metrics, historical charts, deeper analytics and strategy customization Both interfaces provide: * Real-time visibility into portfolio performance * Access to withdraw capital at any time * Custody structure adapted to user type, with either full self-custody or secure EOA management ### [](https://docs.liminal.money/getting-started/how-does-it-works#how-metrics-are-calculated) How Metrics Are Calculated Liminal tracks and displays three core metrics to help you monitor the performance of your strategy. Here's how to interpret each one, along with their limitations. 1. #### [](https://docs.liminal.money/getting-started/how-does-it-works#your-30d-apy) Your 30d APY Your 30-day APY represents the annualized funding yield generated by your strategy over the last 30 days. For each asset, the contribution is derived from the funding rate of the perpetual leg, adjusted for both the leverage applied and the asset’s allocation within the strategy. The 30-day APY is calculated as the weighted average of these contributions across all assets. A 10% performance fee is then deducted from this weighted average, meaning the displayed APY is already net of performance fees. An exception applies for USDe and thBILL allocations are exempt from performance fees. It is important to note that this metric does not include execution costs such as spreads, trading fees, or builder fees. Execution costs are highly dependent on prevailing market conditions and vary with factors such as volatility and the user’s specific entry price. Since these conditions cannot be anticipated before execution, the 30-day APY should be interpreted as a gross performance indicator of funding yield potential, rather than a final net return. 1. #### [](https://docs.liminal.money/getting-started/how-does-it-works#your-liminal-balance) Your Liminal Balance Your Liminal balance shows the current total value of your strategy across both spot and perpetual positions. Short-term fluctuations can occur due to: * Spot/perp price spreads at entry, exit, or rebalance * Execution slippage * Temporary price volatility These variations are typically minor and tend to be offset over time as funding earned accumulates. This balance reflects your net value within Liminal, but it may briefly diverge from your initial deposit, especially around rebalances. 1. #### [](https://docs.liminal.money/getting-started/how-does-it-works#funding-earned) Funding earned Funding earned reflects the total funding received by your delta-neutral strategy, after Liminal’s 10% performance fee has been deducted. In short: Funding earned = Gross funding earned – 10% performance fee Execution costs are not deducted. This metric helps you evaluate the raw performance of your strategy. Your actual balance accounts for this value **minus** execution-related costs over time. * * * ### [](https://docs.liminal.money/getting-started/how-does-it-works#summary) Summary Liminal turns a complex delta-neutral strategy into a simple user experience: 1. Deposit USDC 2. Earn sustainable, market-neutral yield 3. Withdraw anytime, with full transparency Depending on your user profile, custody is either managed securely on your behalf or remains entirely under your control. Behind the scenes, Liminal handles execution, monitoring, and optimization, so you don’t have to. [PreviousWhat is Liminal?](https://docs.liminal.money/getting-started/what-is-liminal) [NextKey features and Benefits](https://docs.liminal.money/getting-started/key-features-and-benefits) Last updated 1 month ago --- # Key features and Benefits | Liminal Docs Liminal is designed to bring institutional-grade strategy to every user. The platform is fully automated, transparent, and intuitive. Below are the core features and benefits that set Liminal apart from other yield protocols. ### [](https://docs.liminal.money/getting-started/key-features-and-benefits#core-features) Core Features #### [](https://docs.liminal.money/getting-started/key-features-and-benefits#delta-neutral-yield) Delta-Neutral Yield Liminal runs fully delta-neutral strategies using spot and perpetual futures on Hyperliquid. This structure allows users to earn real yield without exposure to market direction. #### [](https://docs.liminal.money/getting-started/key-features-and-benefits#automated-strategy-execution) Automated Strategy Execution Once you deposit USDC, Liminal automatically handles: * Strategy initialization * Position opening * Continuous rebalancing * Risk adjustment No prior trading knowledge or active involvement is required. #### [](https://docs.liminal.money/getting-started/key-features-and-benefits#designed-to-avoid-liquidations) Designed to Avoid Liquidations The Liquidity Engine monitors all positions in real time and proactively adjusts exposure. Strategies are designed with low leverage to minimize liquidation risk. When a position gets close to its liquidation threshold, the engine initiates partial reductions, progressively reducing exposure to push the liquidation price further away. If needed, a full close is triggered as a last resort, always preserving user capital and maintaining delta-neutrality. #### [](https://docs.liminal.money/getting-started/key-features-and-benefits#real-yield-not-emissions) Real Yield, Not Emissions Liminal captures yield from perpetual funding rates in Hyperliquid markets. There are no token emissions, protocol subsidies, or artificial incentives. This yield is entirely driven by actual market demand on Hyperliquid. #### [](https://docs.liminal.money/getting-started/key-features-and-benefits#transparency-and-custody) Transparency and Custody Users retain control over their capital at all times: * Withdraw funds whenever needed * No lockups enforced by the protocol * Full transparency execution data verifiable on-chain via the “Verify” button. For regular users, strategy execution is handled through externally owned accounts (EOAs) that Liminal securely manages. All signature operations are executed within an off-internet enclave, and private keys are encrypted at rest using AES-256 to ensure maximum security. For institutional users, Liminal uses Hyperliquid’s native Agent system to execute strategies directly on your own trading account or sub-account. This preserves full custody of your assets, as Liminal has no ability to transfer or withdraw funds. ### [](https://docs.liminal.money/getting-started/key-features-and-benefits#advanced-features) Advanced Features ### [](https://docs.liminal.money/getting-started/key-features-and-benefits#native-hyperliquid-integration) Native Hyperliquid Integration Liminal is built directly on Hyperliquid’s infrastructure, benefiting from: * Deep liquidity on supported trading pairs * Real-time execution and pricing * Reliable and fast settlement via HyperCore ### [](https://docs.liminal.money/getting-started/key-features-and-benefits#institutional-mode) Institutional Mode For DAOs, trading desks, and large-scale users, Liminal offers: * Sub-accounts with isolated balances * Agent-based execution without surrendering custody * Custom strategy parameters and dedicated reporting ### [](https://docs.liminal.money/getting-started/key-features-and-benefits#flexible-custody-options) Flexible Custody Options Liminal lets you run strategies in **Regular Mode** (delegated custody) by default, or opt into **Institutional Mode** (self-custody) directly from the app. **How to switch custody:** 1. Click the top-right button in the Liminal app 2. Select “Custody” from the dropdown menu 3. Switch to Institutional Mode (optional) By default, you’re in Regular Mode. If you prefer to keep full custody of your funds, you can switch to Institutional Mode here. **Key requirements & notes:** * You must fully withdraw your funds before switching custody * Institutional Mode is available to users with at least $100K volume on Hyperliquid (requirement set by HL) * **In Institutional Mode, strategies run directly on a dedicated sub-account of your own Hyperliquid account.** This sub-account is linked to Liminal via the native Agent system. Liminal can execute trades on your behalf, but cannot transfer funds in or out of the account. **Operational differences in Institutional Mode:** * If a liquidation or rebalancing event occurs, you may be prompted to equalize your spot and perp balances manually * Liminal will send a Telegram notification whenever user action is required * Until you act, your strategy remains delta-neutral, but the affected portion of your capital is held in USDC (not actively earning funding) * There is no capital loss, only temporary opportunity cost depending on your response time This means Regular Mode may be better suited for users who want a fully hands-off experience. Institutional Mode fits best for funds, desks, or individuals managing larger positions and requiring full custody. Liminal adapts to your needs: whether you're scaling up or staying passive, switching custody is always just two clicks away. ### [](https://docs.liminal.money/getting-started/key-features-and-benefits#user-interface-options) User Interface Options Liminal provides two interface modes: * **Standard tab**: A simplified view for passive users * **Pro tab**: Detailed charts, metrics, and strategy customization Both interfaces provide real-time performance visibility and control. ### [](https://docs.liminal.money/getting-started/key-features-and-benefits#leverage-customization) Leverage Customization Leverage is a key tool to optimize capital efficiency on Liminal. It’s available to both regular and institutional users, regular users can access it via the Pro tab. Leverage can improve capital efficiency and amplify returns within Liminal’s delta-neutral framework. However, higher leverage brings the position closer to its risk thresholds and makes it more sensitive to market fluctuations. This may result in more frequent rebalancing in order to preserve delta neutrality and keep the strategy aligned. Such additional adjustments generate higher execution costs, which can gradually erode the net yield of the strategy. Leverage therefore increases both the potential upside and the likelihood of higher costs, a balance that should be carefully considered by each user. Using leverage allows you to allocate less USDC to the perp leg and more to the spot leg, increasing the total position size while keeping the same deposit. #### [](https://docs.liminal.money/getting-started/key-features-and-benefits#example-yields-assuming-a-10-base-rate) Example yields (assuming a 10% base rate): * **1× leverage** → 10.00% * **2× leverage** → 13.33% * **3× leverage** → 15.00% In the example above, the performance gain behaves as follows: * **Non-linear growth:** Returns increase with leverage, but not proportionally. * **Asymptotic cap (example-specific):** In this scenario, performance tends toward a theoretical maximum of 20%, even with higher leverage. * **Efficient around 2–3×**: with 3× leverage, you already capture over **50% of the max possible upside**, without taking on the full risk of higher leverage #### [](https://docs.liminal.money/getting-started/key-features-and-benefits#leverage-limits-by-asset) Leverage limits by asset Liminal does not adjust leverage dynamically, but applies strict leverage caps based on asset volatility. Currents limits: * **BTC** → up to 2**×** * **HYPE** → up to 1**×** * **Volatile assets like FARTCOIN or PUMP** → no leverage allowed for now Leverage parameters may evolve over time, depending on market conditions, liquidity, and volatility of each supported asset. ### [](https://docs.liminal.money/getting-started/key-features-and-benefits#strategy-customization) Strategy Customization Liminal offers deep strategy customization directly from the interface, no manual trading required. In the Pro Tab or Institutional Mode, you can: * Select exactly which assets to include in your strategy * Define the exact allocation of your capital across these assets, down to the percentage * Filter markets by funding rates to target the most attractive opportunities While the interface gives you full control over your allocation logic, some constraints apply: * Leverage and allocation caps may vary depending on the asset’s volatility and liquidity * Per-asset caps are enforced at the protocol level to ensure strategy stability and risk management * These caps are dynamically adjusted over time, based on factors like market conditions, funding trends, and available safety room in the system This replaces complex manual setups with a simple, intuitive interface, giving you full control over your allocation with none of the operational hassle. > Ideal for advanced users who want to design their own delta-neutral strategy without spending time on execution. ### [](https://docs.liminal.money/getting-started/key-features-and-benefits#benefits-to-users) Benefits to Users * Earn sustainable yield without needing to trade manually * Minimize risk through delta-neutral positioning and active liquidation protection * Maintain custody based on your profile: secure delegated EOAs for regular users, full self-custody for institutions * Customize your yield strategy with flexible settings to suit your preferences * Experience fee alignment. If you don't earn, neither do we * Access advanced infrastructure through a user-friendly interface ### [](https://docs.liminal.money/getting-started/key-features-and-benefits#who-liminal-is-for) Who Liminal Is For Liminal is built for: * DeFi users looking for passive, consistent yield * Traders seeking market-neutral yield generation * Institutions requiring automated capital deployment at scale * Newcomers who want simplicity without compromising performance Whether you're depositing $500 or $1,000,000, Liminal delivers the same level of infrastructure, reliability, and transparency. [PreviousHow does Liminal work?](https://docs.liminal.money/getting-started/how-does-it-works) [NextAccess Model & Evolution](https://docs.liminal.money/user-guides/access) Last updated 1 month ago --- # Using Liminal Effectively | Liminal Docs This guide is intended for users who want to optimize their experience on Liminal by minimizing friction, unnecessary costs, and avoidable errors. It is structured according to the natural lifecycle of a strategy on the platform. ### [](https://docs.liminal.money/user-guides/using-liminal-effectively#id-1.-before-getting-started-understanding-the-underlying) **1\. Before Getting Started: Understanding the Underlying** Liminal operates entirely on Hyperliquid. This means that every strategy executed through Liminal is subject to: * Hyperliquid trading fees (maker/taker) * Spread between spot and perp prices * Market behavior specific to Hyperliquid These parameters are external to Liminal and depend entirely on Hyperliquid’s infrastructure and dynamics. Using Liminal implies interacting with Hyperliquid. Users must understand the implications: * Spread may erode capital during entry and exit * HL fees or slippage can materially impact net performance A clear understanding of Hyperliquid mechanics helps interpret balance variations and identify where capital friction originates. Liminal is not a fixed-rate yield vault. It enables access to delta-neutral strategies fully built on Hyperliquid, capturing funding rate opportunities across assets. The 30d APY shown is an annualized estimate based on current market conditions. This rate is: * Dynamic and not guaranteed * Sensitive to short-term funding volatility * Affected by capital inflows (as more deposits compress available yield) Users should not blindly chase the highest APY at a given time, but rather assess the strategic fundamentals. ### [](https://docs.liminal.money/user-guides/using-liminal-effectively#id-2.-depositing-an-executable-action) 2\. Depositing: An Executable Action When a user deposits into Liminal and selects a strategy, execution is immediate and automated: * Spot leg is bought * Perp leg is shorted * Fees are charged (trading, spread, builder) This means every deposit triggers a real position entry. Switching strategies or withdrawing immediately results in a full re-execution, compounding fees and spread costs. Select your strategy with intent. Avoid unnecessary repositioning. ### [](https://docs.liminal.money/user-guides/using-liminal-effectively#id-3.-strategy-selection-dont-chase-apy) 3\. Strategy Selection: Don’t Chase APY The most attractive funding opportunities are often: * Short-lived and volatile * Compressed when capital piles in * Linked to assets with low liquidity or high directional risk Displayed APY does not account for: * Entry and exit costs * Spread-related friction * Market reversals Frequent strategy switching typically leads to: * Lower net performance * Capital degradation through repeated execution ### [](https://docs.liminal.money/user-guides/using-liminal-effectively#id-4.-during-strategy-let-the-engine-work) 4\. During Strategy: Let the Engine Work Once positioned, Liminal continuously manages: * Initial setup and maintenance of delta-neutral exposure * Ongoing rebalances * Liquidation-handling and re-entry logic For regular users, this process is fully automated, **no manual intervention is required**. For institutional users, certain post-liquidation situations may require manual action (e.g. equalizing spot/perp balance), as Liminal has trading rights but no fund transfer permissions in that mode. If manual action is required, users are: * Prompted via Telegram notification * Presented with an in-app modal Until the user acts, the impacted funds are held in USDC, unexposed and delta-neutral. Manual interaction with the dedicated subaccount is prohibited. It disrupts execution, invalidates delta-neutrality, and prevents the engine from operating properly. ### [](https://docs.liminal.money/user-guides/using-liminal-effectively#id-5.-withdrawals-understand-the-mechanics) 5\. Withdrawals: Understand the Mechanics A withdrawal triggers: * Exit from the strategy (closing both spot and perp legs) * Hyperliquid-related fees and slippage * Transfer of funds (to Hyperliquid or Arbitrum) Regular users can withdraw to Hyperliquid or Arbitrum. Institutional users are limited to Hyperliquid. Withdrawals are **triggered instantly upon click**, with no further signature confirmation. Be cautious, one click initiates irreversible execution. For Arbitrum withdrawals, bridging may take a few minutes depending on congestion. _Note: To minimize spread-related impact, it is generally preferable to withdraw when funding rates are low, as high funding often creates larger discrepancies between spot and perp prices. However, spreads can occasionally be positive, meaning you might exit with a slight gain if conditions are favorable._ ### [](https://docs.liminal.money/user-guides/using-liminal-effectively#id-6.-common-pitfalls-to-avoid) 6\. Common Pitfalls to Avoid * Frequent strategy switching based on short-term APY * Attempting to "time" the highest funding window * Manual interference with subaccounts * Ignoring Telegram alerts or app modals * Repeated deposit/withdraw cycles ### [](https://docs.liminal.money/user-guides/using-liminal-effectively#id-7.-core-principle) 7\. Core Principle Liminal is optimized for rational, passive, consistent use. Every execution incurs cost. To maximize alignment with projected APY: * Choose a coherent strategy * Stay positioned through funding cycles * Let the engine operate autonomously * Minimize churn and unnecessary operations [PreviousHow does the Institutional solution work?](https://docs.liminal.money/user-guides/institutions) [NextAudits](https://docs.liminal.money/more/audits) Last updated 3 months ago --- # How does the Institutional solution work? | Liminal Docs Liminal offers a dedicated **Institutional Mode** designed for professional users, trading desks, and DAOs that require advanced control, scalability, and performance. This mode allows institutions to run Liminal’s delta-neutral strategies directly from their own Hyperliquid accounts, while maintaining full custody of their assets. ### [](https://docs.liminal.money/user-guides/institutions#key-features) Key Features #### [](https://docs.liminal.money/user-guides/institutions#full-self-custody) Full Self-Custody Assets remain under your control at all times. Liminal uses Hyperliquid’s native Agent system to execute trades on your behalf without ever accessing or withdrawing your funds. You only sign a one-time authorization, which can be revoked at any time. #### [](https://docs.liminal.money/user-guides/institutions#institutional-sub-accounts) Institutional Sub-Accounts Sub-accounts allow institutions to separate capital allocations and manage strategies independently. * Segregated balances and isolated margin risk * Individual reporting and performance metrics * Streamlined strategy configuration per account Sub-accounts are created and managed directly through the Liminal dashboard. #### [](https://docs.liminal.money/user-guides/institutions#execution-through-agent-signatures) Execution Through Agent Signatures To activate Institutional Mode, users sign a permission message allowing Liminal’s strategy engine to: * Execute trades on your behalf * Maintain delta-neutral strategy integrity * Operate without custody or withdrawal access This enables high-frequency execution while maintaining institutional compliance standards. Agent authorization is handled directly from the "API" section of your Hyperliquid account. From there, you can view which agents are authorized and revoke access at any time if needed. #### [](https://docs.liminal.money/user-guides/institutions#agent-expiration-and-renewal) Agent Expiration & Renewal In Institutional Mode, Liminal leverages Hyperliquid’s agent system to execute strategies directly from the user’s sub-account. These agents have a limited validity period, typically 3–6 months, after which they automatically expire. **Once an agent has expired, Liminal can no longer trade on behalf of the institution until it is renewed.** To prevent disruptions, users receive a Telegram notification 30 days before their agent is set to expire. From that moment, they can renew their agent at any time within this window to avoid the risk of being left without an active agent. Renewal is simple: just return to the Liminal interface and follow the same steps used during the initial setup. ### [](https://docs.liminal.money/user-guides/institutions#how-to-activate-institutional-mode) How to Activate Institutional Mode 1. #### [](https://docs.liminal.money/user-guides/institutions#id-1.-open-the-custody-panel) 1\. Open the Custody Panel From the top-right corner of the Liminal interface, click your wallet dropdown and select **Custody** to access the Institutional Mode activation panel. 2. **Eligibility Requirements** * You must have at least **$100,000 volume** on your connected Hyperliquid wallet. * This is a requirement set by Hyperliquid to enable sub-account creation. 3. **Connect and Authorize** * Connect your institutional wallet * Sign the Agent authorization message 4. **Create a Sub-Account** * Name and initialize your sub-account in the dashboard * Each account operates independently with its own strategy and capital 5. **Link Your Account to Telegram** * Send the code shown on the page to Liminal's Telegram Bot (`@liminalalerts_bot`) * You will then be able to start using the Institutional version and deposit funds 6. **Approve the Builder Code** * You will be asked to approve the builder code used by Liminal * This code is used to correctly route builder fees on Hyperliquid ### [](https://docs.liminal.money/user-guides/institutions#manual-interaction-warning) Manual Interaction Warning **Important: Do not interact manually with your Liminal sub-account** If you're using Institutional Mode, Liminal executes all strategy actions (deposits, withdrawals, rebalancing) via the Hyperliquid Agent on your dedicated sub-account. Manual interaction with this sub-account (such as trading, transferring funds, or modifying positions directly) will break strategy execution and deactivate the Execution Engine, meaning Liminal can no longer guarantee delta-neutral exposure or proper performance. This can lead to: * The strategy falling out of sync * Missed funding opportunities * Unintended market exposure To avoid this: * **Only use the Liminal app** to interact with your strategy * **Never interact directly with the sub-account** on Hyperliquid If manual actions are detected: * You’ll receive a **notification via Telegram** * A **modal will appear on Liminal** prompting you to rebalance or reset your strategy via a deposit/withdraw cycle These safeguards ensure capital protection, execution continuity, and optimal yield performance. ### [](https://docs.liminal.money/user-guides/institutions#benefits-for-institutional-users) Benefits for Institutional Users * Full control and custody over capital * Low-latency execution using HyperCore * Automated, delta-neutral strategy management * Customizable strategy configurations per account * Full flexibility to design custom strategies aligned with institutional objectives ### [](https://docs.liminal.money/user-guides/institutions#institutional-vs-regular-control-vs-convenience) Institutional vs Regular: Control vs Convenience The key difference between Institutional and Regular mode lies in custody and management. In Institutional mode, users retain full custody of their funds within their own Hyperliquid accounts, but this comes with a more active management requirement. Institutional users must handle rebalancing actions when prompted in order to protect positions, and every 3–6 months their Hyperliquid agent expires, requiring renewal through the Liminal interface to continue operating delta-neutral strategies. This mode is ideal for professional desks or active users who value custody and direct control over their execution. By contrast, Regular mode is designed for simplicity. Liminal manages custody and operations on your behalf, so you don’t need to worry about rebalancing prompts or agent expirations. It’s a hands-off, deposit-and-forget experience, making it the best fit for users who want to farm yield without the operational overhead. [PreviousHow to withdraw from Liminal?](https://docs.liminal.money/user-guides/withdraw) [NextUsing Liminal Effectively](https://docs.liminal.money/user-guides/using-liminal-effectively) Last updated 1 month ago --- # Access Model & Evolution | Liminal Docs Liminal is now publicly accessible. Following a series of controlled stages and an invite-only Epoch 0, the protocol has transitioned to an open-access model. Any user can now onboard, deposit, and earn, reflecting Liminal’s evolution toward scalable, permissionless growth. This marks a key shift from the **invite-only model** used during the early phases, replaced by an open, referral-powered access system that rewards users for growing the network. ### [](https://docs.liminal.money/user-guides/access#current-system-open-access--referrals) Current System: Open Access + Referrals * No code required to join * Users can generate a referral code and earn a share of fees from users they invite * Referrals are funded through shared performance and builder fees. * Maximum per-user balance: $1,000,000 * Minimum deposit: 500 USDC * TVL caps: dynamic and per asset, adjusted over time ### [](https://docs.liminal.money/user-guides/access#access-history) Access History Liminal underwent a phased deployment to stress-test the system, fine-tune strategy logic, and confirm execution reliability in live markets. #### [](https://docs.liminal.money/user-guides/access#stage-based-rollout) Stage-Based Rollout #### [](https://docs.liminal.money/user-guides/access#genesis-stage-completed) **Genesis Stage** (Completed) * 50 initial users * TVL cap: $100,000 * Max deposit: $5,000 * No performance fees #### [](https://docs.liminal.money/user-guides/access#echo-stage-completed) **Echo Stage** (Completed) * TVL cap: $500,000 * Max deposit: $25,000 * Invite system: * Genesis users: 1 base invite + 1 per $2,500 deposited (max 5) * Echo users: 1 invite per $2,500 deposited (max 2) * Institutional mode introduced (self-custody support) #### [](https://docs.liminal.money/user-guides/access#echo-stage-extension-completed) **Echo Stage Extension** (Completed) * TVL cap: $1,000,000 * Max deposit unchanged * 50 new invites distributed by the core team #### [](https://docs.liminal.money/user-guides/access#core-stage-completed) **Core Stage** (Completed) * TVL cap: $5,000,000 * Max balance per user: $200,000 * Invite system expanded: * Genesis: up to 15 invites * Echo: up to 10 invites * Core: up to 5 invites * Customizable strategies introduced #### [](https://docs.liminal.money/user-guides/access#core-stage-extension-completed) **Core Stage Extension** (Completed) * TVL cap: $20,000,000 * Max balance per user: $500,000 * Invite rules unchanged #### [](https://docs.liminal.money/user-guides/access#epoch-based-transition) Epoch-Based Transition #### [](https://docs.liminal.money/user-guides/access#epoch-0-completed) **Epoch 0** (Completed) * Transition phase from fixed stages to dynamic scaling * Invite-only system retained * Dynamic per-asset TVL caps introduced * Max balance per user: $1,000,000 * Leverage introduced to improve capital efficiency #### [](https://docs.liminal.money/user-guides/access#epoch-1-current-phase) Epoch 1 (Current Phase) * Open access for all, no invite required * Referral system introduced * Same TVL logic as Epoch 0 (dynamic, asset-specific) * Max balance per user: $1,000,000 * Referrals powered by performance and builder fees. [PreviousKey features and Benefits](https://docs.liminal.money/getting-started/key-features-and-benefits) [NextHow to deposit into Liminal?](https://docs.liminal.money/user-guides/deposit) Last updated 2 months ago --- # How to deposit into Liminal? | Liminal Docs Liminal is designed to make advanced yield strategies accessible in just a few clicks. Depositing USDC is simple, secure, and designed with user custody in mind. Once deposited, your funds are automatically allocated to delta-neutral strategies running on Hyperliquid. ### [](https://docs.liminal.money/user-guides/deposit#supported-deposit-channels) Supported Deposit Channels Liminal currently supports **USDC and USDT/USDT0** deposits through the following networks and integrations: #### [](https://docs.liminal.money/user-guides/deposit#arbitrum) Arbitrum * Deposit USDC from any wallet connected to Arbitrum (e.g. MetaMask, Rabby) * Funds are bridged and deployed into Liminal strategies * A fast and cost-effective option for most users #### [](https://docs.liminal.money/user-guides/deposit#hyperliquid-spot-and-perps-hypercore) Hyperliquid Spot & Perps (HyperCore) * Deposit USDC from your Hyperliquid spot or perps balance * Execution is fast, fully onchain, and directly integrated * Recommended for users already active on Hyperliquid #### [](https://docs.liminal.money/user-guides/deposit#debridge-ethereum-base-bnb-chain-hyperliquid-evm) deBridge (Ethereum, Base, BNB Chain, Hyperliquid EVM) * Deposit USDC or USDT from Ethereum, Base, or BNB Chain * Deposit USDT0 from Hyperliquid EVM * Funds are bridged via deBridge and automatically routed to Liminal strategies * deBridge and Liminal fees apply, [see full fee details here](https://docs.liminal.money/more/fees#deposit-and-withdrawal-fees) ### [](https://docs.liminal.money/user-guides/deposit#step-by-step-guide) Step-by-Step Guide #### [](https://docs.liminal.money/user-guides/deposit#id-1.-connect-your-wallet) 1\. Connect Your Wallet Supported wallets include MetaMask, Rabby, and other EVM-compatible wallets #### [](https://docs.liminal.money/user-guides/deposit#id-2.-choose-network-and-deposit-source) 2\. Choose Network and Deposit Source Select based on your capital location and account type: Regular Mode * **Arbitrum** – direct USDC deposit * **Hyperliquid Spot** – deposit from spot balance * **Hyperliquid Perps** – deposit from perps account * **Ethereum / Base / BNB Chain / HyperEVM** – via **deBridge** Institutional Mode * **Hyperliquid Spot** * **Hyperliquid Perps** #### [](https://docs.liminal.money/user-guides/deposit#id-3.-enter-deposit-amount) 3\. Enter Deposit Amount * Minimum deposit: **500 USDC** * Make sure to have enough to cover gas fees #### [](https://docs.liminal.money/user-guides/deposit#id-4.-confirm-transaction) 4\. Confirm Transaction * Sign the transaction in your wallet * Funds are securely routed and deployed automatically into Liminal’s strategy engine #### [](https://docs.liminal.money/user-guides/deposit#id-5.-track-your-position) 5\. Track Your Position * Monitor strategy performance in real time via the Liminal dashboard * Toggle between **Standard** and **Pro** tabs depending on your preferred level of insight ### [](https://docs.liminal.money/user-guides/deposit#custody-and-control) Custody and Control For regular users, deposits are linked to externally owned accounts (EOAs) that are securely managed by Liminal. All EOAs are stored with AES-256 encryption, and signature operations are handled within an off-internet enclave to ensure maximum protection. For institutional users, Liminal supports execution directly on user-controlled accounts or sub-accounts via Hyperliquid’s Agent system. This setup ensures full custody is maintained at all times while allowing strategy execution on your behalf. ### [](https://docs.liminal.money/user-guides/deposit#no-lockups-always-liquid) No Lockups, Always Liquid * You can withdraw your funds at any time * No lockups or protocol-imposed withdrawal delays * Capital remains fully accessible and visible in real time through the Liminal interface Users maintain full control over their positions at all times, with transparent execution and immediate access. [PreviousAccess Model & Evolution](https://docs.liminal.money/user-guides/access) [NextHow to withdraw from Liminal?](https://docs.liminal.money/user-guides/withdraw) Last updated 3 months ago --- # How to withdraw from Liminal? | Liminal Docs Liminal is designed to offer transparency, flexibility, and user control. Withdrawals are seamless and secure, using the same channels as deposits. Users maintain control of their capital at all times, with no lockups or exit fees enforced by the protocol. ### [](https://docs.liminal.money/user-guides/withdraw#supported-withdrawal-channels) Supported Withdrawal Channels USDC withdrawals from Liminal are currently available through: #### [](https://docs.liminal.money/user-guides/withdraw#arbitrum) Arbitrum * Withdraw directly to your Arbitrum wallet * Best suited for users active in the broader EVM ecosystem * Available to Regular users only #### [](https://docs.liminal.money/user-guides/withdraw#hyperliquid-spot-hypercore) Hyperliquid Spot (HyperCore) * USDC is credited to your Hyperliquid spot balance * Ideal for users remaining within the Hyperliquid-native environment * Available to both Regular and Institutional users ### [](https://docs.liminal.money/user-guides/withdraw#step-by-step-guide) Step-by-Step Guide #### [](https://docs.liminal.money/user-guides/withdraw#id-1.-connect-to-liminal) 1\. Connect to Liminal Connect your wallet on the Liminal platform and navigate to the portfolio view. #### [](https://docs.liminal.money/user-guides/withdraw#id-2.-select-withdrawal) 2\. Select Withdrawal Click the **Withdraw** button next to your USDC balance. Choose your preferred withdrawal route: * Arbitrum (Regular users only) * Hyperliquid Spot #### [](https://docs.liminal.money/user-guides/withdraw#id-3.-enter-the-amount) 3\. Enter the Amount Specify how much USDC you want to withdraw. You can withdraw part or all of your available balance. * Withdrawals are executed instantly with no confirmation step #### [](https://docs.liminal.money/user-guides/withdraw#id-4.-receive-your-funds) 4\. Receive Your Funds After confirmation, funds are released in real time. Execution timing may vary slightly based on current market conditions. ### [](https://docs.liminal.money/user-guides/withdraw#custody-and-capital-control) Custody and Capital Control Liminal’s approach to custody depends on the user profile: * For regular users, strategies are run via EOAs that are securely managed by Liminal. All EOA private keys are encrypted at rest using AES-256, and transactions are signed within an off-internet enclave to ensure high-grade protection. * For institutional users, withdrawals are routed from sub-accounts that remain under their full custody. Using Hyperliquid’s Agent system, institutions allow Liminal to execute trades without surrendering withdrawal access or control. Regardless of user type, all withdrawals are processed transparently, with capital always visible and accessible. ### [](https://docs.liminal.money/user-guides/withdraw#things-to-keep-in-mind) Things to Keep in Mind * **No lockups**: Withdraw anytime with no waiting period or penalty * **Market conditions**: Larger withdrawals may be affected by price spreads or position unwinding * **Network fees**: Standard gas fees from Arbitrum or Hyperliquid may apply depending on the withdrawal path ### [](https://docs.liminal.money/user-guides/withdraw#transparency-and-execution) Transparency and Execution All withdrawals are executed by Liminal’s strategy engine, which is designed to unwind delta-neutral positions efficiently. This ensures that users receive their capital cleanly, without unexpected slippage or delays. From deposit to withdrawal, users retain full transparency and oversight of their assets. [PreviousHow to deposit into Liminal?](https://docs.liminal.money/user-guides/deposit) [NextHow does the Institutional solution work?](https://docs.liminal.money/user-guides/institutions) Last updated 3 months ago --- # Risks | Liminal Docs Liminal is designed to minimize risk while providing real, market-neutral yield. However, as with any protocol operating on advanced onchain trading infrastructure, some risks remain. This page outlines the primary risks associated with using Liminal and how the system is structured to manage or mitigate them. ### [](https://docs.liminal.money/more/risks#id-1.-market-risk-is-minimized-not-eliminated) 1\. Market Risk is Minimized, Not Eliminated Liminal relies on delta-neutral strategies to remove exposure to market direction. However, certain market conditions can still affect short-term performance: * Sudden spikes in volatility may temporarily affect balance between spot and perp positions * Sharp funding rate reversals can reduce or negate expected yield Liminal actively rebalances to maintain neutrality, but unpredictable events can still impact results. ### [](https://docs.liminal.money/more/risks#id-2.-negative-funding-rates) 2\. Negative Funding Rates Liminal captures yield from funding payments in **Hyperliquid’s perpetual markets**. These rates are dynamic and may sometimes turn negative: * **Short-term dips can occur** when funding turns negative on specific assets * **Over the long term**, average funding remains net positive across most market conditions **Note:** Liminal charges a performance fee **only when gross funding PnL is positive**. If no yield is earned, users pay no fees. ### [](https://docs.liminal.money/more/risks#id-3.-infrastructure-risk-hyperliquid) 3\. Infrastructure Risk (Hyperliquid) Liminal operates entirely on Hyperliquid’s infrastructure, specifically: * **HyperCore** for real-time execution across spot and perpetual markets * Native **liquidity and price feeds** provided directly by Hyperliquid As a result, **when Hyperliquid is down or under maintenance, Liminal is also affected**. This includes potential pauses in execution, updates, or withdrawals. While Hyperliquid has demonstrated high reliability and is built for high-frequency trading, this dependency means any infrastructure disruption may impact strategy performance or capital access. ### [](https://docs.liminal.money/more/risks#id-4.-execution-risk) 4\. Execution Risk Liminal automates strategy execution across multiple market layers: * Entry and exit of spot and perp positions * Dynamic rebalancing and position sizing * Spread management between markets Market depth, latency, or sudden slippage can occasionally cause execution inefficiencies. Liminal is engineered to monitor and reduce these effects automatically. ### [](https://docs.liminal.money/more/risks#id-5.-liquidity-constraints) 5\. Liquidity Constraints Liminal processes deposits and withdrawals in real time, but during high-volatility or limited-liquidity scenarios: * Withdrawals may be slightly delayed to unwind positions safely * Price discrepancies between markets may affect the final execution value Users always maintain the right to withdraw their capital, although the protocol may optimize the timing of exit execution to preserve strategy efficiency. ### [](https://docs.liminal.money/more/risks#id-6.-auto-deleveraging-adl-risk) 6\. Auto-Deleveraging (ADL) Risk Auto-Deleveraging (ADL) mechanisms exist across all major perpetual futures exchanges, not just Hyperliquid. They act as a last-resort safeguard to prevent systemic bad debt when normal liquidation processes fail under extreme volatility. On Hyperliquid, liquidations first occur directly through the order book, where the system attempts to close positions progressively based on available market depth. If remaining positions cannot be absorbed, the Hyperliquid Liquidity Provider (HLP) intervenes as a backstop liquidator to stabilize the market. Only if the HLP itself becomes undercollateralized does the ADL mechanism trigger, force-closing positions from profitable counterparties to restore balance. Although such situations are extremely rare, they can lead to the early closure of certain positions, including Liminal’s perpetual hedges. This may temporarily affect realized PnL or yield consistency during periods of severe market stress. Liminal continuously monitors market conditions and volatility to assess and manage risks related to potential ADL events, but users should understand that ADL is an exchange-level safeguard fully managed by Hyperliquid and outside of Liminal’s control. While the likelihood of ADL can be minimized through prudent risk management, it can never be fully eliminated. ### [](https://docs.liminal.money/more/risks#id-7.-smart-contract-risk) 7\. Smart Contract Risk Smart contract risk applies only to Liminal’s tokenized products (xTokens). These vaults rely on audited smart contracts responsible for minting, redemption, and strategy execution logic. The Customized product does not rely on smart contracts, it operates natively on HyperCore’s execution layer, where each user’s strategy is executed on a dedicated account or subaccount. ### [](https://docs.liminal.money/more/risks#id-8.-institutional-authorization-risk) 8\. Institutional Authorization Risk Institutional users authorize Liminal to execute strategies via Hyperliquid’s agent system. Although: * Agents are permissioned to place trades * They cannot access or withdraw funds Users should understand and trust the delegation system before enabling agent-based execution. ### [](https://docs.liminal.money/more/risks#id-9.-agent-expiration-risk) 9\. Agent Expiration Risk Institutional execution relies on Hyperliquid’s agent system, and each agent has a built-in expiration date. **Once an agent expires, Liminal can no longer execute trades on behalf of the user, leaving positions at risk of imbalance or liquidation.** Liminal notifies institutional users via Telegram around 10 days before expiration. From that moment, users can renew their agent at any time within this window, and should do so promptly to ensure uninterrupted strategy execution. For users who prefer to avoid this renewal requirement and its associated risks, switching to Regular mode provides a simpler experience without agent expiration. ### [](https://docs.liminal.money/more/risks#id-10.-asset-volatility-risk) 10\. Asset Volatility Risk Some strategies may include highly volatile or low-cap assets, for example, meme coins like **FARTCOIN**. These assets tend to: * Trigger more frequent rebalancing * Increase execution costs due to price swings and low liquidity * Reduce net yield over time despite attractive funding rates While such assets can offer higher short-term returns, they carry a higher risk of instability. Users should carefully assess the risk/reward profile of each strategy before depositing. ### [](https://docs.liminal.money/more/risks#id-11.-stablecoin-risk-usdc) 11\. Stablecoin Risk (USDC) All deposits on Liminal are in USDC. Users should consider: * Risk associated with the issuer (Circle) * The possibility of depegging during extreme market events While USDC is broadly trusted, no stablecoin is completely risk-free. ### [](https://docs.liminal.money/more/risks#how-liminal-manages-risk) How Liminal Manages Risk Liminal employs several mechanisms to reduce exposure and preserve capital integrity: * Automated position rebalancing and liquidation avoidance * Low-leverage strategy design * Real-time dashboards for visibility into performance * Always-on withdrawal access with market-aware safeguards ### [](https://docs.liminal.money/more/risks#final-note) Final Note All yield strategies involve risk. Liminal is built to minimize it, but not eliminate it. There are no smart contracts at this time, and the system is tightly integrated with Hyperliquid's execution engine. Always assess your personal risk tolerance, and only deposit capital you are comfortable managing. [PreviousAudits](https://docs.liminal.money/more/audits) [NextFees](https://docs.liminal.money/more/fees) Last updated 3 days ago --- # Audits | Liminal Docs 553KB [Audit-Liminal-Spearbit.pdf](https://3462096153-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FcPoAMkVJqZ5W4LsP9yFI%2Fuploads%2FiBKtSlA7E8GJnRRJWLjS%2FAudit-Liminal-Spearbit.pdf?alt=media&token=0723cf74-7587-4093-821f-c9cf6375c19c) PDF Download[Open](https://3462096153-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FcPoAMkVJqZ5W4LsP9yFI%2Fuploads%2FiBKtSlA7E8GJnRRJWLjS%2FAudit-Liminal-Spearbit.pdf?alt=media&token=0723cf74-7587-4093-821f-c9cf6375c19c) Security audit conducted by Spearbit 358KB [Audit-Liminal-Pashov.pdf](https://3462096153-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FcPoAMkVJqZ5W4LsP9yFI%2Fuploads%2FUqhYa9wpbHkoBbskXbff%2FAudit-Liminal-Pashov.pdf?alt=media&token=c21b418e-6c70-4d0f-a7f6-943b28b114bf) PDF Download[Open](https://3462096153-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FcPoAMkVJqZ5W4LsP9yFI%2Fuploads%2FUqhYa9wpbHkoBbskXbff%2FAudit-Liminal-Pashov.pdf?alt=media&token=c21b418e-6c70-4d0f-a7f6-943b28b114bf) Security audit conducted by **Pashov** _All reports are publicly verifiable and available for download._ [PreviousUsing Liminal Effectively](https://docs.liminal.money/user-guides/using-liminal-effectively) [NextRisks](https://docs.liminal.money/more/risks) Last updated 1 day ago --- # Support | Liminal Docs [](https://docs.liminal.money/more/support#how-to-contact-support) How to contact support ---------------------------------------------------------------------------------------------- > **TL;DR** – All support is handled in our Discord. 👉 [Join the Liminal Discord](https://discord.com/invite/liminalmoney) > → **#✅・verify** (verification) → **#🎫・open-a-ticket** (create ticket). ### [](https://docs.liminal.money/more/support#why-we-use-discord-tickets) Why we use Discord tickets * **Privacy.** Each ticket is a private thread visible only to you and the core team. * **Real-time chat.** Screenshots, TX-hashes, and quick follow-ups are easier in Discord than over email. * **Single source of truth.** All protocol and community updates already happen in the server, so you never miss context. ### [](https://docs.liminal.money/more/support#step-by-step-join-verify-open-a-ticket) Step-by-step: join, verify, open a ticket 1. **Join our Discord** and go to `**#✅・verify**`. 2. Go through Discord verification. 3. Visit `**#🎫・open-a-ticket**` and click on **“🔖 Open Ticket”**. 4. **Describe your issue and provide as much details as possible.** ### [](https://docs.liminal.money/more/support#when-should-i-contact-support) When should I contact support? Category Typical examples **Technical / UI bugs** Dashboard not loading, stats out of sync etc. **Deposits & withdrawals** Pending/failed transfers, bridge errors, incorrect amounts **Strategy performance** Yield calculations, APR discrepancies, unexpected PnL swings **Account & access** Referral issues, wallet issues **Institutional mode** Agent authorisation, sub-account setup, self-custody questions **Security concerns** Suspicious on-chain activity **Feedback & feature requests** UX improvements, new strategy ideas, integrations **Anything else** If it doesn’t fit a box, just open a ticket [PreviousArchitecture](https://docs.liminal.money/more/architecture) Last updated 2 months ago --- # Fees | Liminal Docs Liminal operates with a simple and transparent fee model. The following sections break down how fees apply across strategy performance, execution, and cross-chain interactions. ### [](https://docs.liminal.money/more/fees#performance-fee-and-builder-fee) **Performance Fee & Builder Fee** At Liminal, our fee model is designed to align with user success and long-term sustainability. The fee structure is identical for both Regular and Institutional users. We charge a **10% performance fee** on your gross funding PnL, only when your portfolio is in **net profit**, after accounting for all execution-related costs, including Hyperliquid trading fees, builder fees, and spread. This ensures performance fees are only collected when you’re truly earning. For Hypurr NFT holders, the performance fee is reduced to 5% instead of 10%. This benefit is applied automatically and requires no extra steps, simply holding a Hypurr NFT is enough to unlock it. Additionally, a **flat fee of 1 basis point** is applied to every transaction. This covers operational overhead while allowing us to leverage Hyperliquid’s native builder fee infrastructure. The result: a more seamless and transparent experience for users. **These builder fees also help finance Liminal’s referral program**, enabling us to redistribute a portion of protocol revenues back to the community. By helping grow the network, you earn a share of the value you help create. ### [](https://docs.liminal.money/more/fees#deposit-and-withdrawal-fees) **Deposit and Withdrawal Fees** Liminal does not charge any protocol fees for deposits or withdrawals on **Hyperliquid** or **Arbitrum**. However, when depositing via **deBridge** from **Ethereum**, **Base**, or **BNB Chain**, the following fees apply: * **deBridge Fees** * **Fixed Fee**: Paid in the native token of the source chain (e.g., ETH, BNB). * **Variable Fee**: 0.04% of the deposit amount, deducted in USDC or USDT. * **Liminal Fee** * 0.02% of the deposit amount, also deducted in USDC or USDT. These fees are automatically deducted during the bridging process. **Withdrawals** are always free of protocol fees and can be initiated at any time, with no delay or penalties from Liminal. **Supported Tokens per Chain** * **HyperCore & Arbitrum**: USDC * **Ethereum, Base, BNB Chain**: USDC & USDT * **HyperEVM**: USDT0 ### [](https://docs.liminal.money/more/fees#strategy-execution-costs) **Strategy Execution Costs** All strategy-related operations, such as funding optimization, rebalancing, and execution, are: * Handled automatically by Liminal's internal engine. * Included within the net strategy performance. The engine is continually optimized to reduce: * **Slippage** * **Unnecessary rebalancing** * **Inefficiencies in funding capture** Note: The "Your 30d APY" reflects gross funding returns, excluding all protocol and execution-related costs (such as performance fees, trading fees, and other execution-related costs.). ### [](https://docs.liminal.money/more/fees#referral-and-staking-based-fee-discounts) **Referral and Staking-Based Fee Discounts** Liminal maximizes fee efficiency on Hyperliquid via automatic referral codes and native staking discounts. **Referral Integration** * All users are automatically assigned the **"Liminal" referral code.** * Benefit: **4% discount on Hyperliquid trading fees**, improving strategy performance. ### [](https://docs.liminal.money/more/fees#hyperliquid-staking-discounts) **Hyperliquid Staking Discounts** Users who stake HYPE on Hyperliquid benefit from trading fee discounts, determined by their Hyperliquid tier, distinct from Liminal’s own tier system. * Discounts apply automatically based on your Hyperliquid account. * Benefits apply to both spot and perpetual markets, depending on your 14-day trading volume. ### [](https://docs.liminal.money/more/fees#trading-fee-structure-on-hyperliquid) **Trading Fee Structure on Hyperliquid** Liminal strategies are executed on Hyperliquid and follow its native fee model, determined by: * Your **14-day rolling trading volume** (spot volume counts double). * Your **staking tier**. Typical taker fees range from **0.045% (base)** to **0.024% (high-volume Diamond tier)**. Maker rebates are available for large maker volumes. These fees are paid directly to Hyperliquid, **not to Liminal**. ### [](https://docs.liminal.money/more/fees#linking-with-external-staking-accounts) **Linking with External Staking Accounts** Hyperliquid allows a trading user to **link** with a staking user for fee discounts. Important notes: * The staking user gains **control** of the trading account. * Linking is **permanent and cannot be undone**. * The staking user **loses** their personal fee benefits after linking. We **do not recommend** this method unless both parties understand and agree to the implications. ### [](https://docs.liminal.money/more/fees#summary-of-fees) Summary of Fees Fee Type Amount Notes Performance Fee 10% on net funding Charged only if your portfolio is in profit Builder Fee 1bps per transaction Applies to all executions Deposit Fee 0% (0.02% if bridged) Only applies on deBridge routes Withdrawal Fee 0% No lockups or exit penalties Institutional Access Same as above Self-custody preserved; no setup fees Referral Discount 4% Hyperliquid fee rebate Applied automatically Staking discount Up to 40% fee discount Based on HYPE staked on Hyperliquid [PreviousRisks](https://docs.liminal.money/more/risks) [NextReferral](https://docs.liminal.money/more/referral) Last updated 1 month ago --- # Referral | Liminal Docs Earn a performance-based commission while helping grow the Liminal ecosystem. Refer new users and receive up to 30% of the fees they generate, paid in USDC. ### [](https://docs.liminal.money/more/referral#id-1.-tier-structure) **1\. Tier Structure** **Tier** **Your Liminal Balance (USDC)** **Revenue Share** 🪵 **Wood** $0 – $ 999 **5 %** 🟤 **Bronze** $1 000 – $ 9 999 **10 %** ⚪️ **Silver** $10 000 – $ 49 999 **15 %** 🟡 **Gold** $50 000 – $ 99 999 **18 %** 🪩 **Platinum** $100 000 – $ 499 999 **22 %** 💎 Diamond $500 000 – $ 999 999 **26 %** ⚡ Hyper ≥ $1 000 000 or ≥ 1 Hypurr NFT **30 %** _(max)_ _The percentage applied to a commission is the tier you hold at the exact moment your referral incurs an eligible fee._ ### [](https://docs.liminal.money/more/referral#id-2.-eligible-fees) **2\. Eligible Fees** Only fees **charged through builder codes by Liminal** qualify for revenue sharing: * **10 % Performance fee** (or 5% if you hold a Hypurr NFT) * **1 bp Builder fee** Network charges, bridge costs and third-party trading fees are excluded. _Note: Liminal does not charge performance fees when funding is negative. Fees resume only once cumulative positive funding has offset prior negative periods, ensuring users are charged exclusively on net positive performance._ _Performance fees are only applied if your overall portfolio is in profit, after deducting all execution-related costs, including Hyperliquid trading fees, builder fees, spread, and slippage. This ensures Liminal only earns when you truly do._ ### [](https://docs.liminal.money/more/referral#id-3.-accrual-and-settlement) **3\. Accrual and Settlement** * **Daily accrual:** estimated earnings refresh every 24 hours based on referred users’ qualifying fees. * **Weekly settlement:** a claimable USDC balance is calculated once each week. Select **Claim** to transfer the amount to your primary wallet. * **Claim conditions:** the claimable pool unlocks when it reaches 10 USDC. Each claim transaction carries a flat 1 USDC fee (clearing-house constraint imposed by Hyperliquid). ### [](https://docs.liminal.money/more/referral#id-4.-how-to-participate) **4\. How to Participate** 1. Open **liminal.money/referrals** or choose _Referrals_ in the menu. 2. Create your unique referral code, then copy your custom link. 3. Share it on social platforms, in private messages or embed it in content. 4. Track sign-ups, balances and earnings in your referral dashboard. Activation condition: to create a referral link and start earning, you must already hold an active Liminal balance (any tier, even Wood). Deposit first, then generate your code. ### [](https://docs.liminal.money/more/referral#id-5.-illustrative-earnings) **5\. Illustrative Earnings** **Scenario** **Your tier at fee time** **Eligible fees paid** **Your share** Jeff refers one friend who pays 100 USDC in performance fees Wood (5 %) 100 USDC **5 USDC** Ben reaches Bronze; five referred users together pay 1 000 USDC in eligible fees Bronze (10 %) 1 000 USDC **100 USDC** Clara is Diamond; her network pays 50 000 USDC over the week Diamond (30 %) 50 000 USDC **15 000 USDC** ### [](https://docs.liminal.money/more/referral#id-6.-legacy-invitations-pre-epoch-1) **6\. Legacy Invitations (Pre-Epoch 1)** All users who joined Liminal before _Epoch 1_ registered via an invitation code. The creator of that code is automatically recorded as their affiliate. No eligible fees were charged before _Epoch 1_; therefore, no commissions could accrue earlier. From the first block of _Epoch 1_ onward, every performance or builder fee paid by those referred users is tracked daily and earmarked for the affiliate, even if the affiliate has not yet created a unique referral code. To unlock and claim the accumulated commissions, the affiliate must create their unique referral code in **liminal.money/referrals**. Once the referral code exists, the full amount accrued since the beginning of _Epoch 1_ becomes claimable, subject to the 10 USDC pool threshold and the 1 USDC claim fee (Hyperliquid constraint). ### [](https://docs.liminal.money/more/referral#id-7.-exclusive-benefit-for-hypurr-nft-holders) **7\.** Exclusive Benefit for Hypurr NFT Holders Holders of a Hypurr NFT automatically qualify for the highest tier of the referral program, granting them 30% revenue sharing as soon as they have made a deposit on Liminal. No additional action is required, simply holding a Hypurr NFT is enough to unlock this benefit. ### [](https://docs.liminal.money/more/referral#id-8.-frequently-asked-questions) **8\. Frequently Asked Questions** #### [](https://docs.liminal.money/more/referral#how-do-i-refer-someone-to-liminal) **How do I refer someone to Liminal?** Create your personal referral code on liminal.money/referrals after making a deposit. Share the code directly or distribute a unique link of the form liminal.money/join/YOURCODE. Each time a referred user pays an eligible fee, you receive the percentage associated with your current tier. Commissions accrue in real time and become claimable weekly in USDC. #### [](https://docs.liminal.money/more/referral#how-do-i-use-a-referral-code) **How do I use a referral code?** Simply click on any referral link. This action permanently links your account to the inviter. Liminal does not currently offer a fee discount to the referred user; instead, the inviter receives a commission on Liminal’s performance and builder fees. If you later wish to earn commissions yourself, you must first create your own code on the referrals page. #### [](https://docs.liminal.money/more/referral#when-does-my-tier-change) **When does my tier change?** The moment your aggregate balance crosses a threshold. Subsequent fees use the new percentage; earlier commissions remain unchanged. #### [](https://docs.liminal.money/more/referral#how-often-can-i-claim-earnings) **How often can I claim earnings?** The claimable pool refreshes weekly. Claim as soon as the balance reaches 10 USDC. #### [](https://docs.liminal.money/more/referral#where-can-i-obtain-support) **Where can I obtain support?** Join our Discord server, complete verification and open a ticket. > This program may evolve over time. Percentages, thresholds, and rules are subject to change. Always refer to the latest version of this page for up-to-date information. [PreviousFees](https://docs.liminal.money/more/fees) [NextArchitecture](https://docs.liminal.money/more/architecture) Last updated 1 month ago --- # Architecture | Liminal Docs Liminal is built on top of Hyperliquid’s high-performance trading infrastructure. It leverages native execution layers and real-time market data to deliver automated, delta-neutral yield strategies that are fast, efficient, and _designed with user custody in mind_. Liminal does not currently rely on smart contracts or the HyperEVM. Its operations are fully integrated with HyperCore, the core execution layer of Hyperliquid. ### [](https://docs.liminal.money/more/architecture#core-infrastructure) Core Infrastructure Liminal is powered by two main components of the Hyperliquid protocol: #### [](https://docs.liminal.money/more/architecture#id-1.-hypercore-execution-layer) 1\. HyperCore (Execution Layer) HyperCore enables high-frequency, low-latency onchain execution. Liminal uses it to: * Open and manage spot and perp positions in real time * Adjust exposure dynamically based on funding rates and price movements * Rebalance and prevent liquidation through margin-aware trade execution This infrastructure is the foundation of Liminal’s speed and reliability. #### [](https://docs.liminal.money/more/architecture#id-2.-hyperliquid-spot-and-perpetual-markets) 2\. Hyperliquid Spot and Perpetual Markets Liminal's delta-neutral strategies rely on Hyperliquid's deep and responsive markets: * **Spot market**: for long exposure in assets like HYPE/USDC * **Perpetual futures market**: for short exposure to hedge positions Hyperliquid’s low-latency matching engine and deep liquidity make it ideal for executing advanced trading strategies at scale. 1. **Unit and Spot Asset Expansion** Liminal also leverages **Unit**, a Hyperliquid-native mechanism to introduce new funding sources and expand supported assets. This includes tokens with active spot markets but no perps, enabling long-only yield strategies and composable spot allocations. New opportunities like $PUMP, $FART, and others are continuously added via Unit, broadening the universe of eligible assets and strengthening Liminal’s diversification potential. ### [](https://docs.liminal.money/more/architecture#execution-engine) Execution Engine At the heart of Liminal is an automated execution engine that: * Monitors funding rates across supported assets * Opens delta-neutral positions based on user deposits * Rebalances positions continuously as markets evolve The engine integrates directly with HyperCore to ensure fast and precise trade execution without user intervention. ### [](https://docs.liminal.money/more/architecture#custody-and-security) Custody and Security Liminal uses distinct custody models depending on the user profile: * For regular users, strategies are executed using externally owned accounts (EOAs) managed by Liminal. All signature operations are executed within an off-internet enclave, and private keys are encrypted at rest using AES-256 to ensure maximum security. * For institutional users, Liminal leverages Hyperliquid’s native Agent system. This setup allows Liminal to execute trades directly on institutional accounts or sub-accounts, without having the ability to withdraw funds. Institutions retain full custody of their assets at all times. Withdrawals are available at any moment, subject only to strategy-aware execution conditions. Liminal never has withdrawal rights over user funds, and execution permissions are scoped strictly to trading. ### [](https://docs.liminal.money/more/architecture#monitoring-and-user-interface) Monitoring and User Interface Liminal provides two interface modes: * **Standard tab**: A simple dashboard showing deposits, yield earned, and net performance * **Pro tab**: Advanced tools including real-time charts, detailed funding data, and historical performance analytics All performance data and strategy details are updated in real time using native Hyperliquid data feeds. ### [](https://docs.liminal.money/more/architecture#summary) Summary Liminal’s architecture combines: * High-frequency trading infrastructure from Hyperliquid * Fully automated delta-neutral strategy execution * Custody models adapted for both individual and institutional users * Institutional-grade liquidity management * Real-time user interfaces and performance monitoring Liminal does not currently use smart contracts. In the future, integration with HyperEVM may be introduced through precompiles, enabling modular governance and on-chain configuration layers. [PreviousReferral](https://docs.liminal.money/more/referral) [NextSupport](https://docs.liminal.money/more/support) Last updated 3 months ago ---