# Table of Contents - [Welcome to Quote | Quote Docs](#welcome-to-quote-quote-docs) - [Core Contributors | Quote Docs](#core-contributors-quote-docs) - [Algorithmic Execution Suite | Quote Docs](#algorithmic-execution-suite-quote-docs) - [Agent Wallet | Quote Docs](#agent-wallet-quote-docs) - [Execution Parameters and Backend Intelligence | Quote Docs](#execution-parameters-and-backend-intelligence-quote-docs) - [Security and Advanced Features | Quote Docs](#security-and-advanced-features-quote-docs) - [Fee Schedule | Quote Docs](#fee-schedule-quote-docs) - [Our Thesis | Quote Docs](#our-thesis-quote-docs) - [Trading with Privacy | Quote Docs](#trading-with-privacy-quote-docs) - [Contact Us | Quote Docs](#contact-us-quote-docs) - [Official Links | Quote Docs](#official-links-quote-docs) - [Risks | Quote Docs](#risks-quote-docs) - [Deposit or Transfer Issues | Quote Docs](#deposit-or-transfer-issues-quote-docs) - [Account Compromised | Quote Docs](#account-compromised-quote-docs) - [Other | Quote Docs](#other-quote-docs) - [Connectivity Issues | Quote Docs](#connectivity-issues-quote-docs) - [Standard Order Types | Quote Docs](#standard-order-types-quote-docs) - [PnL Cards | Quote Docs](#pnl-cards-quote-docs) - [Contract Specifications | Quote Docs](#contract-specifications-quote-docs) - [Liquidation | Quote Docs](#liquidation-quote-docs) - [Hyperliquid Builder Codes | Quote Docs](#hyperliquid-builder-codes-quote-docs) - [Funding Rate | Quote Docs](#funding-rate-quote-docs) - [Margin | Quote Docs](#margin-quote-docs) --- # Welcome to Quote | Quote Docs ### [hashtag](https://quote.gitbook.io/quote-docs#introduction-to-quote) Introduction to Quote Quote is a perpetuals execution layer. Traders' orders submitted via Quote are routed through the Quote Execution Engine before being submitted to the orderbook, with optimization of the parents' orders happening down to the child order level, guaranteeing privacy for standing orders. ![](https://quote.gitbook.io/quote-docs/~gitbook/image?url=https%3A%2F%2F4082675139-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FhURgR92OECYWj7OaMgcs%252Fuploads%252FYhEKjlOM17vVsLy4TfwS%252FScreenshot%25202026-02-20%2520at%25206.04.44%25E2%2580%25AFpm.png%3Falt%3Dmedia%26token%3D29d7a0f8-a914-4bff-b51c-fbe1542d4001&width=768&dpr=3&quality=100&sign=d1a1c470&sv=2) Figure 1. Quote Order Flow through the Quote Execution Engine. The QEE minimizes the cost of completing trades by: * Pacing execution dynamically * Sizing orders according to real-time orderbook depth * Posting passive orders when spreads are wide and aggressive fills when liquidity is favourable ### [hashtag](https://quote.gitbook.io/quote-docs#the-problem) The problem ![](https://quote.gitbook.io/quote-docs/~gitbook/image?url=https%3A%2F%2F4082675139-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FhURgR92OECYWj7OaMgcs%252Fuploads%252FVf91AYHM3FYb8ID7iHYf%252FScreenshot%25202026-02-20%2520at%25206.09.48%25E2%2580%25AFpm.png%3Falt%3Dmedia%26token%3D23b7f791-4f4e-4011-897b-0d0b01bd4135&width=768&dpr=3&quality=100&sign=2c854c02&sv=2) Figure 2. Hidden costs of trading perpetual derivatives Quote aims to solve several problems for traders in the perpetuals market, including: * **Spread Crossing** * **Slippage and Adverse Selection** * **High Exchange Fees** * **Lack of professional services for pro-retail** [NextOur Thesischevron-right](https://quote.gitbook.io/quote-docs/about-quote/welcome-to-quote/our-thesis) Last updated 27 days ago * [Introduction to Quote](https://quote.gitbook.io/quote-docs#introduction-to-quote) * [The problem](https://quote.gitbook.io/quote-docs#the-problem) --- # Core Contributors | Quote Docs The Quote core team consists of 4 individuals. The team was previously involved in scaling the Digital Assets business at J.P. Morgan and Sygnum, running an algorithmic trading firm on Hyperliquid, and holds a PhD from ETH Zurich. The team actively engages with the community on the [Telegram Grouparrow-up-right](https://t.me/quotemarkets) ; users are welcome to join to ask questions and share feedback. [PreviousOur Thesischevron-left](https://quote.gitbook.io/quote-docs/about-quote/welcome-to-quote/our-thesis) [NextAlgorithmic Execution Suitechevron-right](https://quote.gitbook.io/quote-docs/trading/algorithmic-execution-suite) Last updated 27 days ago --- # Algorithmic Execution Suite | Quote Docs The Quote Execution Suite (QEE) leverages three different types of orders, representing the first order types brought to market by the Quote team. All trading processed through the QEE benefits from [Security and Advanced Features](https://quote.gitbook.io/quote-docs/trading/security-and-advanced-features) and [Execution Parameters and Backend Intelligence](https://quote.gitbook.io/quote-docs/trading/execution-parameters-and-backend-intelligence) , which enhance and protect users' trades flowing through Quote. #### [hashtag](https://quote.gitbook.io/quote-docs/trading/algorithmic-execution-suite#strategies) Strategies ![](https://quote.gitbook.io/quote-docs/~gitbook/image?url=https%3A%2F%2F4082675139-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FhURgR92OECYWj7OaMgcs%252Fuploads%252FyRwAICX2ThIckB4mFkRM%252FScreenshot%25202026-02-20%2520at%25206.31.49%25E2%2580%25AFpm.png%3Falt%3Dmedia%26token%3D470923a9-d208-4e17-95ea-d250c4cfb645&width=768&dpr=3&quality=100&sign=ea4f9636&sv=2) Three ready-to-trade strategies have been structured with the following details: Name Strategy Objective Order placement strategy **Limit Chase** Executes by submitting a limit order placed at the best bid/ask that dynamically adjusts to match changing market conditions Minimize market impact, tracking market average, minimize fees Places orders at the best bid/ask and adjusts based on market price **Impact Minimization** Executes by tracking real-time market volume and adjusting aggressiveness to trade the targeted percentage of overall volume Minimize market impact, minimize paying spread Uses volume prediction to place passive child orders. Dynamically adjusts aggressiveness based on the target participation rate **Passive TWAP** Executes by submitting orders based on linear execution over time, prioritizing passive fills Minimize market impact, minimize paying spread, minimize fees Post passive orders based on the expected execution path and bounds control. Will take liquidity if the filled quantity falls below the expected bounds The algorithmic strategies in the QEE have been designed to help traders achieve specific goals: * Minimizing market impact by breaking down large orders into smaller orders over time, adapting to volume and participation rates * Maximizing liquidity capture by utilizing multi-level passive limit orders and sweeping available orders at best prices (fee inclusive) * Executing trades at specific times or prices, and adapting to changing market conditions * Protecting standing orders from public view on HyperCore [PreviousCore Contributorschevron-left](https://quote.gitbook.io/quote-docs/about-quote/readme) [NextStandard Order Typeschevron-right](https://quote.gitbook.io/quote-docs/trading/algorithmic-execution-suite/standard-order-types) Last updated 27 days ago --- # Agent Wallet | Quote Docs The Quote platform utilizes an Agentic (API) Wallet system to facilitate interactions with self-custodial wallets. This architecture separates signing authority from asset custody, allowing for seamless, "one-click" trading. An Agent Wallet must be pre-approved by the user and has a limited set of actions that can be performed without requiring an additional user signature. * Users maintain ownership while granting limited permissions to the Agent Wallet * Agent operates as an additional signer with scoped policies * Users retain ultimate control and can revoke agent access at any time In particular, the Quote Agent Wallet **has the following limited permissions** * Trade perps (with perps balance) * Trade spot (with spot balance) * Swap spot tokens While the Quote Agent wallet can **not**: * Withdraw funds * Transfer funds * Deposit (via Arbitrum or HyperEVM) * Transact on the HyperEVM ### [hashtag](https://quote.gitbook.io/quote-docs/trading/agent-wallet#resources) Resources [![Logo](https://hyperliquid.gitbook.io/hyperliquid-docs/~gitbook/image?url=https%3A%2F%2F2356094849-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FyUdp569E6w18GdfqlGvJ%252Ficon%252FsIAjqhKKIUysM08ahKPh%252FHL-logoSwitchDISliStat.png%3Falt%3Dmedia%26token%3Da81fa25c-0510-4d97-87ff-3fb8944935b1&width=48&height=48&sign=3e1219e3&sv=2)About Hyperliquid | Hyperliquid Docshyperliquid.gitbook.iochevron-right](https://hyperliquid.gitbook.io/hyperliquid-docs/) [![Logo](https://hyperliquid.gitbook.io/hyperliquid-docs/~gitbook/image?url=https%3A%2F%2F2356094849-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FyUdp569E6w18GdfqlGvJ%252Ficon%252FsIAjqhKKIUysM08ahKPh%252FHL-logoSwitchDISliStat.png%3Falt%3Dmedia%26token%3Da81fa25c-0510-4d97-87ff-3fb8944935b1&width=48&height=48&sign=3e1219e3&sv=2)HyperEVM | Hyperliquid Docshyperliquid.gitbook.iochevron-right](https://hyperliquid.gitbook.io/hyperliquid-docs/hyperevm) [PreviousExecution Parameters and Backend Intelligencechevron-left](https://quote.gitbook.io/quote-docs/trading/execution-parameters-and-backend-intelligence) [NextFee Schedulechevron-right](https://quote.gitbook.io/quote-docs/trading/fee-schedule) Last updated 27 days ago --- # Execution Parameters and Backend Intelligence | Quote Docs The Quote Execution Engine is designed for trading optimization by managing market impact, capturing passive liquidity, and providing protection against predatory market participants. When trading on the Quote UI or Traders API, traders submit an order similar to a traditional perp-dex, with the only difference being two additional data points: urgency and strictness. On the backend, the data input refers to a suite of algorithmic strategies. #### [hashtag](https://quote.gitbook.io/quote-docs/trading/execution-parameters-and-backend-intelligence#urgency) Urgency The Urgency parameter determines how aggressively the system interacts with market liquidity. It dictates the size of orders posted to the book and the speed at which the system seeks a fill. #### [hashtag](https://quote.gitbook.io/quote-docs/trading/execution-parameters-and-backend-intelligence#strictness-bounds-control) Strictness (Bounds Control) The Strictness (or Bounds Control) parameter defines how much the execution is allowed to deviate from the indicated limit price or target participation rate. [hashtag](https://quote.gitbook.io/quote-docs/trading/execution-parameters-and-backend-intelligence#backend-intelligence) Backend intelligence --------------------------------------------------------------------------------------------------------------------------------------------------- #### [hashtag](https://quote.gitbook.io/quote-docs/trading/execution-parameters-and-backend-intelligence#adaptive-volume-tracking) Adaptive Volume Tracking The system monitors real-time market volume and historical moving averages to blend orders into the book. This minimizes information leakage by ensuring the execution footprint remains consistent with organic market activity. #### [hashtag](https://quote.gitbook.io/quote-docs/trading/execution-parameters-and-backend-intelligence#dynamic-order-placement) Dynamic Order Placement A passive-only strategy that monitors and tracks bids (for buy orders) or offers (for sell orders) across multiple venues. It dynamically adjusts placement across various price levels within the order books to optimize capture. #### [hashtag](https://quote.gitbook.io/quote-docs/trading/execution-parameters-and-backend-intelligence#enhanced-fill-probability) Enhanced Fill Probability By distributing orders across several price layers simultaneously, this strategy increases the likelihood of execution. The distribution is calibrated based on specific urgency requirements and available liquidity. #### [hashtag](https://quote.gitbook.io/quote-docs/trading/execution-parameters-and-backend-intelligence#segmented-execution) Segmented Execution Large parent orders are partitioned into smaller, user-defined "clips." These clips are then executed at precise, recurring time intervals to maintain a steady market presence without triggering volatility. #### [hashtag](https://quote.gitbook.io/quote-docs/trading/execution-parameters-and-backend-intelligence#urgency-driven-sizing) Urgency-Driven Sizing The algorithms utilize a user-defined Urgency parameter to calculate the optimal volume to post at each depth level of the order book, balancing the need for speed against the desire for price improvement. #### [hashtag](https://quote.gitbook.io/quote-docs/trading/execution-parameters-and-backend-intelligence#anti-gaming-protection) Anti-Gaming Protection All executions utilize logic models to randomize order schedules and sizes. This protects your positions from predatory market participants and HFT strategies looking to identify and "front-run" institutional flow. #### [hashtag](https://quote.gitbook.io/quote-docs/trading/execution-parameters-and-backend-intelligence#smart-overfill-protection) Smart Overfill Protection The system monitors all child orders in real-time to prevent over-execution. This safeguard remains active even during venue disconnections or technical timeouts, ensuring total filled quantity never exceeds the parent order limit. #### [hashtag](https://quote.gitbook.io/quote-docs/trading/execution-parameters-and-backend-intelligence#automated-error-handling) Automated Error Handling To ensure execution consistency, the algorithms automatically regenerate child orders if a clip encounters errors or fails to fill within its allotted interval, maintaining the integrity of the execution schedule. #### [hashtag](https://quote.gitbook.io/quote-docs/trading/execution-parameters-and-backend-intelligence#non-accelerated-pacing) Non-Accelerated Pacing If market conditions move outside your limit price, the strategy remains disciplined. It will not increase aggressiveness to "catch up" for lost time, ensuring you only trade at your desired levels and avoid price chasing. #### [hashtag](https://quote.gitbook.io/quote-docs/trading/execution-parameters-and-backend-intelligence#order-randomization) Order Randomization Users can apply a Variance setting to randomize clip sizes. This further helps to blend execution activity into general market volume, making it more difficult for external observers to detect a large parent order in progress. More information around the [Security and Advanced Features](https://quote.gitbook.io/quote-docs/trading/security-and-advanced-features) of the QEE can be found in the section above. [PreviousSecurity and Advanced Featureschevron-left](https://quote.gitbook.io/quote-docs/trading/security-and-advanced-features) [NextAgent Walletchevron-right](https://quote.gitbook.io/quote-docs/trading/agent-wallet) Last updated 27 days ago --- # Security and Advanced Features | Quote Docs Quote operates to the highest standard of Security, and the core logic of the Quotes Execution Engine (QEE) algorithms includes advanced security features. #### [hashtag](https://quote.gitbook.io/quote-docs/trading/security-and-advanced-features#order-price-protection) Order Price Protection For specific algorithmic strategies, child orders sent to markets are governed by a Fair Price Model. This model computes aggressive and fair price benchmarks to ensure that orders crossing beyond fair value are restricted. These price limits are applied to both aggressive and resting orders to maintain execution quality. #### [hashtag](https://quote.gitbook.io/quote-docs/trading/security-and-advanced-features#volatility-protection) Volatility Protection To mitigate risk during extreme market swings, the Quote Execution Engine (QEE) converts Market orders into Limit orders. These orders are sent to HyperCore with a reasonable, configurable price leniency, providing a critical layer of protection against slippage. #### [hashtag](https://quote.gitbook.io/quote-docs/trading/security-and-advanced-features#overfill-protection) Overfill Protection The system actively monitors the relationship between parent and child orders to prevent excess exposure. * **Safety Checks** The QEE ensures child order exposure never exceeds the total requested size of the parent order. * **Pending Request Logic** If a child order remains pending past a timeout or a mid-execution disconnection occurs, the engine halts new activity until the pending status is resolved, effectively preventing overfill scenarios. #### [hashtag](https://quote.gitbook.io/quote-docs/trading/security-and-advanced-features#order-state-recovery) Order State Recovery The QEE enters recovery mode following network errors, disconnects, or the detection of long-pending order states. Gateways automatically reconnect to target destinations to query for the latest fills and order statuses, synchronizing the parent and child order records. > Note: This mechanism ensures all fills are booked to reduce overfill or mishedge risks. Any fill that cannot be mapped to a specific order is still recorded in the system for reconciliation and out-trade detection. #### [hashtag](https://quote.gitbook.io/quote-docs/trading/security-and-advanced-features#runaway-algo-and-duplicate-order-detection) Runaway Algo & Duplicate Order Detection The system employs high-frequency safeguards to maintain market and system stability: * **Rate Limiting** Both incoming and outgoing order rates are monitored. If a configured threshold is breached, new orders are blocked until the rate limit window resets. * **Duplicate Detection** The system checks for identical orders (Symbol + Side + Price + Size). If the frequency of these identical orders exceeds the allowed rate within a specific window, they are blocked to prevent accidental order loops. More information around the [Security and Advanced Features](https://quote.gitbook.io/quote-docs/trading/security-and-advanced-features) of the QEE can be found in the section below. [PreviousTrading with Privacychevron-left](https://quote.gitbook.io/quote-docs/trading/trading-with-privacy) [NextExecution Parameters and Backend Intelligencechevron-right](https://quote.gitbook.io/quote-docs/trading/execution-parameters-and-backend-intelligence) Last updated 27 days ago --- # Fee Schedule | Quote Docs ### [hashtag](https://quote.gitbook.io/quote-docs/trading/fee-schedule#quote-alpha) Quote Alpha Fees are applied to trading orders, 2bps (0.02%) for perpetual derivatives and 4bps (0.04%) for spot. Unlike normal Trading Desks, when using Quote, there are no fixed subscription costs or minimum monthly payments. Quote's fee structure applies on top of [Hyperliquid's fee structurearrow-up-right](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees) , as for Builder Codes design. [PreviousAgent Walletchevron-left](https://quote.gitbook.io/quote-docs/trading/agent-wallet) [NextOtherchevron-right](https://quote.gitbook.io/quote-docs/trading/other) Last updated 27 days ago --- # Our Thesis | Quote Docs ### [hashtag](https://quote.gitbook.io/quote-docs/about-quote/welcome-to-quote/our-thesis#the-core-idea) The core idea Quote addresses the structural inefficiencies of the perpetuals market by introducing a permissionless trading desk. Our platform puts institutional-grade algorithms and trading execution strategies at anyone's fingertips, leveraging liquidity from Hyperliquid. The core of our solution is the **Quote Execution Engine**, a high-performance engine that optimizes how traders' orders interact with the underlying market: * Executions are continuously optimized with real-time market data from the Quote Data Engine, to capture the best possible prices, inclusive of exchange fees * Instead of sending a naive order to the book, the QEE breaks parent trades into multiple optimized child orders * Orders are routed through Hyperliquid via Builder Codes, maintaining a non-custodial environment that enables us to deliver professional execution while traders retain control of their assets By using Quote, we expand an institutional service to on-chain traders, internalizing part of the value leakage from Market Makers, Sophisticated Traders and Exchanges. ### [hashtag](https://quote.gitbook.io/quote-docs/about-quote/welcome-to-quote/our-thesis#technical-overview) Technical overview The Beta version of Quote was developed from first principles. ![](https://quote.gitbook.io/quote-docs/~gitbook/image?url=https%3A%2F%2F4082675139-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FhURgR92OECYWj7OaMgcs%252Fuploads%252FR6csesV9sUO0rzqJqd4g%252FScreenshot%25202026-02-20%2520at%25206.14.36%25E2%2580%25AFpm.png%3Falt%3Dmedia%26token%3Da2612fec-73ab-40dc-a415-5308ea98c791&width=768&dpr=3&quality=100&sign=7695019f&sv=2) Figure 3. Quote Execution Engine Flow. The QEE leverages battle-tested algorithmic logic and a HyperCore specialized Data Engine to execute trades. The Quote Data Engine was tailor-built to leverage the rich HyperCore data streams. Once an order is submitted through the Quote UI or via the Traders API, trader order data is routed through the Quote Execution Engine, which uses recorded market data to optimize the parent order by breaking it into child orders and submitting them to Hyperliquid via Builder Codes. [PreviousWelcome to Quotechevron-left](https://quote.gitbook.io/quote-docs) [NextCore Contributorschevron-right](https://quote.gitbook.io/quote-docs/about-quote/readme) Last updated 27 days ago * [The core idea](https://quote.gitbook.io/quote-docs/about-quote/welcome-to-quote/our-thesis#the-core-idea) * [Technical overview](https://quote.gitbook.io/quote-docs/about-quote/welcome-to-quote/our-thesis#technical-overview) --- # Trading with Privacy | Quote Docs ![](https://quote.gitbook.io/quote-docs/~gitbook/image?url=https%3A%2F%2F4082675139-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FhURgR92OECYWj7OaMgcs%252Fuploads%252FZVBgdpdDDrce3F792KZG%252FScreenshot%25202026-01-18%2520at%25201.01.26%25E2%2580%25AFpm.png%3Falt%3Dmedia%26token%3Df234fe94-c45b-42ba-9c53-620b27425bd1&width=768&dpr=3&quality=100&sign=cc5691bd&sv=2) Figure 6. Quote Privacy Features for Private Orders. Quote's passive strategies have a set of anti-gaming features to minimize information leakage. The schedule and sizes posted to exchanges are randomized, and an algorithmic model is used to filter liquidity used to determine order placement. Resting orders remain confined to the Quote Execution Engine until placed on HyperCore, ensuring that the parent trade is never fully displayed until fully executed. This option is enabled in the UI for orders with a Privacy Shield. ![](https://quote.gitbook.io/quote-docs/~gitbook/image?url=https%3A%2F%2F4082675139-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FhURgR92OECYWj7OaMgcs%252Fuploads%252FTzAkuLfBUqEvyZUu9oY3%252Fstrategies.jpg%3Falt%3Dmedia%26token%3D42bf1cfa-db7d-4606-ba48-190740e1c7a6&width=768&dpr=3&quality=100&sign=dfcd978b&sv=2) Figure 7. Quote Available Strategies. [PreviousStandard Order Typeschevron-left](https://quote.gitbook.io/quote-docs/trading/algorithmic-execution-suite/standard-order-types) [NextSecurity and Advanced Featureschevron-right](https://quote.gitbook.io/quote-docs/trading/security-and-advanced-features) Last updated 2 months ago --- # Contact Us | Quote Docs For any issues regarding the Quote application or any questions about the protocol, the Quote team is reachable on the official [Telegram Communityarrow-up-right](https://t.me/quotemarkets) . [PreviousAccount Compromisedchevron-left](https://quote.gitbook.io/quote-docs/support/account-compromised) [NextRiskschevron-right](https://quote.gitbook.io/quote-docs/others/risks) Last updated 2 months ago --- # Official Links | Quote Docs Voice Link Website [quotemarkets.xyzarrow-up-right](https://quotemarkets.xyz/) Community [https://t.me/quotemarketsarrow-up-right](https://t.me/quotemarkets) X [https://x.com/quotedotxyzarrow-up-right](https://x.com/quotedotxyz) The list provided above is a complete list of official accounts, websites and communities of Quote Labs. There are no other social media accounts or communities. [PreviousRiskschevron-left](https://quote.gitbook.io/quote-docs/others/risks) Last updated 27 days ago --- # Risks | Quote Docs #### [hashtag](https://quote.gitbook.io/quote-docs/others/risks#smart-contract-risk) Smart contract risk The on-chain perp DEX depends on the correctness and security of smart contracts. Bugs or vulnerabilities in the smart contracts could result in the loss of user funds. #### [hashtag](https://quote.gitbook.io/quote-docs/others/risks#l1-risk) L1 risk Quote is built on top of Hyperliquid, which runs on its own L1, and has not undergone as extensive testing and scrutiny as other established L1s like Ethereum. The network may experience downtime due to consensus or other issues. #### [hashtag](https://quote.gitbook.io/quote-docs/others/risks#market-liquidity-risk) Market liquidity risk As a relatively new protocol, there could be a potential risk of low liquidity, especially in the early stages. This can lead to significant price slippage for traders, negatively affecting the overall trading experience and possibly leading to substantial losses. #### [hashtag](https://quote.gitbook.io/quote-docs/others/risks#oracle-manipulation-risk) Oracle manipulation risk Quote and Hyperliquid rely on price oracles maintained by the validators to supply market data. If an oracle is compromised or manipulated for an extended period of time, the mark price could be affected and liquidations could occur before the price reverts to its fair value. #### [hashtag](https://quote.gitbook.io/quote-docs/others/risks#risk-mitigation) Risk mitigation There are additional measures in place to prevent oracle manipulation attacks on less liquid assets. One such restriction is open interest caps, which are based on a combination of liquidity, basis, and leverage in the system. When an asset hits the open interest cap, no new positions can be opened. Furthermore, orders cannot rest further than 1% from the oracle price. HLP is exempt from these rules in order to continue quoting liquidity. Note that this is not an exhaustive list of potential risks. [PreviousContact Uschevron-left](https://quote.gitbook.io/quote-docs/support/contact-us) [NextOfficial Linkschevron-right](https://quote.gitbook.io/quote-docs/others/official-links) Last updated 3 months ago --- # Deposit or Transfer Issues | Quote Docs [hashtag](https://quote.gitbook.io/quote-docs/support/deposit-or-transfer-issues#deposited-via-arbitrum-network-usdc) Deposited via Arbitrum network (USDC) ---------------------------------------------------------------------------------------------------------------------------------------------------------------- Description: You deposited via the Arbitrum network #### [hashtag](https://quote.gitbook.io/quote-docs/support/deposit-or-transfer-issues#important-note) Important note * Only USDC deposits from the Arbitrum network are supported. If you transferred USDT, ETH, ARB or any other token, your funds will not have been deposited. #### [hashtag](https://quote.gitbook.io/quote-docs/support/deposit-or-transfer-issues#what-to-do-for-email-accounts-only) What to do (for email accounts only) * Wrong deposit: If you deposited anything other than USDC on the Arbitrum network, you can retrieve the funds yourself by following the steps here: [https://hyperliquid.gitbook.io/hyperliquid-docs/onboarding/export-your-email-walletarrow-up-right](https://hyperliquid.gitbook.io/hyperliquid-docs/onboarding/export-your-email-wallet) * Deposited <5 USDC, which is the minimum: If your deposit was less than 5 USDC, then it will not be credited. If you logged in with an email, you can send more USDC and the whole amount will be credited. If you are not an email wallet user, your funds are lost. [hashtag](https://quote.gitbook.io/quote-docs/support/deposit-or-transfer-issues#transfer-or-deposit-to-usdc-perps-missing) Transfer or deposit to USDC (Perps) missing ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Description: You transferred USDC from your Spot to Perps balance or deposited USDC via Arbitrum and can’t figure out where it went or why you are not able to use the USDC in your Perps balance. Situation 1: Transferred 1,000 from USDC (Spot) to USDC (Perps). When I checked, I see <1,000 USDC in my Available Balance. Where did it go? Situation 2: Deposited 1,000 USDC from Arbitrum, and the deposit was successful. When I checked, I see <1,000 USDC in my Available Balance. Where did it go? #### [hashtag](https://quote.gitbook.io/quote-docs/support/deposit-or-transfer-issues#reasoning) Reasoning * If you have open positions on cross margin with negative unrealized P&L, your deposits and Spot to Perp transfers will go toward collateral for those open positions. Please refer to the Docs to understand how margining works: [https://hyperliquid.gitbook.io/hyperliquid-docs/trading/margining#unrealized-pnl-and-transfer-margin-requirementsarrow-up-right](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/margining#unrealized-pnl-and-transfer-margin-requirements) [arrow-up-right](https://hyperliquid.gitbook.io/hyperliquid-docs/support/faq/withdrawal-issues) [PreviousPnL Cardschevron-left](https://quote.gitbook.io/quote-docs/trading/other/pnl-cards) [NextConnectivity Issueschevron-right](https://quote.gitbook.io/quote-docs/support/connectivity-issues) Last updated 3 months ago * [Deposited via Arbitrum network (USDC)](https://quote.gitbook.io/quote-docs/support/deposit-or-transfer-issues#deposited-via-arbitrum-network-usdc) * [Transfer or deposit to USDC (Perps) missing](https://quote.gitbook.io/quote-docs/support/deposit-or-transfer-issues#transfer-or-deposit-to-usdc-perps-missing) --- # Account Compromised | Quote Docs If you notice unauthorized transactions, missing funds, or an unknown multi-sig on your Quote account, your wallet was likely compromised. Quote (and Hyperliquid in the backend) is non-custodial. Only someone with access to your private key or seed phrase can sign transactions on your address’ behalf. If you see activity you didn’t initiate, it’s highly likely that your key was compromised, meaning someone else has control of your address. #### [hashtag](https://quote.gitbook.io/quote-docs/support/account-compromised#what-to-do) What to do * Stop using the compromised address. Treat it as permanently unsafe ("burned") * Create a new wallet address using a trusted wallet provider * Transfer any remaining funds from your old wallet to your new one—this applies across all apps, not just Quote * Send any assets you may have on the HyperEVM to your new address (This is also applicable if your HyperCore address has been converted into a multi-sig you do not control) * Revoke smart contract permissions via [https://revoke.casharrow-up-right](https://revoke.cash/) to limit further access to your wallet * Clear your browser's cache and cookies, especially if you suspect there may be malware or phishing * Identify how you were compromised and determine if your device has malware. This helps ensure you do not repeat the same mistakes again #### [hashtag](https://quote.gitbook.io/quote-docs/support/account-compromised#best-practices-moving-forward) Best practices moving forward Being in DeFi means being responsible for self-custody and keeping your own assets safe. Remember to always be vigilant * Never share your seed phrase and private key (Never input it into a website and never share it with a 'support' person) * Consider using a hardware wallet for a more secure setup (e.g., Ledger, Trezor, Keystone). Hardware wallets can be paired with browser wallets like Rabby to keep your private key off the browser * Never rush to perform actions. Always read and double-check any transaction you sign (Review warnings or alerts from your wallet, if there is insufficient information, do not sign) * Never click on unknown links, and beware of sponsored links on your search engine, always verify (cross-reference links against official Twitter accounts, DefiLlama, CoinGecko etc.). Bookmark frequently visited sites to avoid phishing attempts * Never download unknown or unverified applications * Never download PDFs from unknown users or sources * Assume most DMs are scams. Be suspicious if someone asks you to install software or sends a link out of context * Keep your browsers and extensions up to date; delete any extensions that are no longer maintained [PreviousConnectivity Issueschevron-left](https://quote.gitbook.io/quote-docs/support/connectivity-issues) [NextContact Uschevron-right](https://quote.gitbook.io/quote-docs/support/contact-us) Last updated 3 months ago --- # Other | Quote Docs [PreviousFee Schedulechevron-left](https://quote.gitbook.io/quote-docs/trading/fee-schedule) [NextHyperliquid Builder Codeschevron-right](https://quote.gitbook.io/quote-docs/trading/other/hyperliquid-builder-codes) Last updated 3 months ago --- # Connectivity Issues | Quote Docs Description: I can’t connect my wallet to Quote / I'm stuck in a loop when trying to sign / My wallet isn’t responding. What should I do? If you’re experiencing issues connecting your wallet to Quote, such as a recursive "Establish Connection" loop, failed transaction signing, or your wallet extension not loading, try the following troubleshooting steps. #### [hashtag](https://quote.gitbook.io/quote-docs/support/connectivity-issues#quick-fixes) Quick fixes * Update your wallet extension to the latest version and make sure it’s enabled * Hard refresh your browser (on most browsers: Ctrl+Shift+R or Cmd+Shift+R) and clear cache * Disconnect and reconnect your wallet * Switch networks (e.g., to Ethereum) and then switch back to Arbitrum if you’re trying to deposit USDC on Arbitrum or the HyperEVM if you’re trying to use the HyperEVM #### [hashtag](https://quote.gitbook.io/quote-docs/support/connectivity-issues#wallet-specific-issues) Wallet specific compatibility issues with Quote * Coinbase: Users on mobile may face connection problems. Try using the Coinbase Chrome extension instead * Metamask: Some users face issues with MetaMask on the HyperEVM. If this persists, consider migrating to a more compatible wallet like Rabby * Trezor forbidden keypath error: This is related to privacy settings within Trezor. In Trezor Suite's Security / Safety Checks change from "Strict" to "Prompt" * Ledger "Transfer Failed" error on the HyperEVM: Update to the latest Ledger software/firmware * Reinstall your wallet extension: Make sure you have your seed phrase or private key backed up before doing this Lastly, you can try switching to Rabby Wallet, which often works more smoothly with Quote. Your trades, history, and address remain the same even if you use a new wallet extension. [https://support.rabby.io/hc/en-us/articles/11477459275279-How-to-migrate-from-other-wallets-to-Rabby-Walletarrow-up-right](https://support.rabby.io/hc/en-us/articles/11477459275279-How-to-migrate-from-other-wallets-to-Rabby-Wallet) [PreviousDeposit or Transfer Issueschevron-left](https://quote.gitbook.io/quote-docs/support/deposit-or-transfer-issues) [NextAccount Compromisedchevron-right](https://quote.gitbook.io/quote-docs/support/account-compromised) Last updated 3 months ago --- # Standard Order Types | Quote Docs Besides professional execution, Quote provides a standard suite of order types: * Market orders * Limit orders * Scale orders * Standard TWAP orders * Standard Iceberg orders On applicable order types, a privacy option can be enabled to protect trading strategies from being frontrun. More information on Standard Order Types can be found on the [Hyperliquid Documentationarrow-up-right](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/order-types) . [PreviousAlgorithmic Execution Suitechevron-left](https://quote.gitbook.io/quote-docs/trading/algorithmic-execution-suite) [NextTrading with Privacychevron-right](https://quote.gitbook.io/quote-docs/trading/trading-with-privacy) Last updated 1 month ago --- # PnL Cards | Quote Docs [PreviousContract Specificationschevron-left](https://quote.gitbook.io/quote-docs/trading/other/contract-specifications) [NextDeposit or Transfer Issueschevron-right](https://quote.gitbook.io/quote-docs/support/deposit-or-transfer-issues) --- # Contract Specifications | Quote Docs Quote perpetuals are powered by Hyperliquid in the backend. Hyperliquid perpetuals are derivative products without an expiration date. Instead, they rely on funding payments to ensure convergence to the underlying spot price over time. See [Fundingarrow-up-right](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/funding) for more information. Hyperliquid has one main style of margining for perpetual contracts: USDC margining, USDT denominated linear contracts. That is, the oracle price is denominated in USDT, but the collateral is USDC. This allows for the best combination of liquidity and accessibility. Note that no conversions with the USDC/USDT exchange rate are applied, so these contracts are technically quanto contracts where USDT pnl is denominated in USDC. When the spot asset's primary source of liquidity is USDC denominated, the oracle price is denominated in USDC. Currently, the only USDC-denominated perpetual contracts are PURR-USD and HYPE-USD, where the most liquid spot oracle source is Hyperliquid spot. Hyperliquid's contract specifications are simpler than most platforms. There are a few contract-specific details and no address-specific restrictions. [PreviousLiquidationchevron-left](https://quote.gitbook.io/quote-docs/trading/other/liquidation) [NextPnL Cardschevron-right](https://quote.gitbook.io/quote-docs/trading/other/pnl-cards) Last updated 3 months ago --- # Liquidation | Quote Docs A liquidation occurs when a trader’s account equity drops below the required maintenance margin, which is set at 50% of the initial margin at maximum leverage. Depending on the asset, this margin can range from 1.25% (for 40x leverage) to 16.7% (for 3x leverage). When this threshold is breached: 1. The system attempts to close positions by placing market orders for the full position size. 2. If sufficient capital is recovered and margin requirements are restored, any leftover collateral stays with the trader. 3. If liquidation through the market fails and account equity falls below two-thirds of the maintenance margin, a backstop liquidation occurs through the Liquidator Vault. * Cross Margin: In backstop events, all cross margin and positions are transferred to the liquidator. If no isolated positions exist, the trader’s account equity becomes zero. * Isolated Margin: Only the isolated position and its margin are transferred. Other assets and cross positions remain unaffected. In backstop scenarios, maintenance margin is not returned to the trader — this buffer ensures liquidations remain profitable for the Liquidator Vault. To avoid backstop liquidation, traders are advised to use stop loss orders or manually exit before their mark price hits the liquidation threshold. * * * **Mark Price & Robust Liquidation** Hyperliquid (Quote uses HL systems) uses a mark price—an aggregated value based on both external CEX data and internal book state—making it more reliable than relying solely on a volatile order book price. This improves fairness and helps prevent unnecessary liquidations during market spikes. To learn more, please look at Hyperliquid liquidation Docs: https://hyperliquid.gitbook.io/hyperliquid-docs/trading/liquidations [PreviousFunding Ratechevron-left](https://quote.gitbook.io/quote-docs/trading/other/funding-rate) [NextContract Specificationschevron-right](https://quote.gitbook.io/quote-docs/trading/other/contract-specifications) Last updated 3 months ago --- # Hyperliquid Builder Codes | Quote Docs Quote leverages Builder Codes to offer its users access to the underlying market. Builder codes allow builders (like Quote) to receive a fee on fills that they send on behalf of a user. As part of onboarding to Quote, the user must approve a maximum Quote builder fee, and can revoke permissions at any time. Builder codes are processed entirely on-chain as part of the fee logic. More information about Quote fees is to be found on the Fee Schedule, and more information about Builders Codes can be found in the [Hyperliquid docsarrow-up-right](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/builder-codes) . ### [hashtag](https://quote.gitbook.io/quote-docs/trading/other/hyperliquid-builder-codes#resources) Resources [PreviousOtherchevron-left](https://quote.gitbook.io/quote-docs/trading/other) [NextMarginchevron-right](https://quote.gitbook.io/quote-docs/trading/other/margin) Last updated 2 months ago --- # Funding Rate | Quote Docs The funding rate is a periodic payment exchanged between traders holding long and short positions in perpetual contracts. Its primary purpose is to keep the perpetual contract price (mark price) closely aligned with the underlying spot index price. * * * **What It Means:** * If the funding rate is positive: Traders holding long positions pay traders holding short positions. * If the funding rate is negative: Traders holding short positions pay traders holding long positions. This mechanism ensures that if the price of the perpetual diverges from spot (due to demand imbalance), there is a financial incentive for traders to take the opposite side, pulling prices back in line. * * * **How It Works on Hyperliquid:** * Funding is calculated and settled every hour. This is more frequent than on many other platforms, helping to maintain tighter alignment with the index price. * You only pay or receive funding if you’re holding a position at the funding timestamp. * The amount you pay/receive is proportional to your position size and the prevailing funding rate. * * * **Why It Matters:** Funding rate directly affects your profit and loss (PnL) over time. Even if price doesn’t move, a high funding rate can eat into returns (if you’re paying), or enhance gains (if you’re receiving). [PreviousMarginchevron-left](https://quote.gitbook.io/quote-docs/trading/other/margin) [NextLiquidationchevron-right](https://quote.gitbook.io/quote-docs/trading/other/liquidation) Last updated 3 months ago --- # Margin | Quote Docs Margin calculations follow standard practices used by major centralized derivatives exchanges. * * * **Margin Modes** When opening a position, users must choose a margin mode: * Cross Margin (default) Collateral is shared across all cross-margin positions, maximizing capital efficiency. Losses or gains from one position can affect others under the same mode. * Isolated Margin Collateral is confined to a single asset. If the position is liquidated, it does not impact other positions — whether cross or isolated. Likewise, losses from elsewhere won’t affect this position. * * * **Initial Margin & Leverage** * Users can set leverage anywhere from 1x up to the asset’s maximum. * The margin required to open a position is: Position Size × Mark Price ÷ Leverage * In cross margin, the initial margin is locked and cannot be withdrawn. * In isolated margin, users can adjust the margin (add/remove) even after the position is opened. For cross positions, unrealized PnL can be reused as margin for new positions. For isolated positions, unrealized PnL adds to that position’s margin. Once a position is open, leverage is not automatically re-evaluated. Users must monitor their risk and can adjust by: * Closing part or all of the position * Adding margin (if isolated) * Depositing USDC (if cross) * * * **Maintenance Margin & Liquidation** * Cross positions are liquidated if your total account value (including unrealized PnL) falls below the maintenance margin, which is 50% of the initial margin at max leverage. * Isolated positions follow the same logic, but the calculation is limited to the margin and notional value of the individual position only. [PreviousHyperliquid Builder Codeschevron-left](https://quote.gitbook.io/quote-docs/trading/other/hyperliquid-builder-codes) [NextFunding Ratechevron-right](https://quote.gitbook.io/quote-docs/trading/other/funding-rate) Last updated 3 months ago ---