# Introduction Dreamcash is a mobile trading interface for Hyperliquid, one of the fastest and most liquid on-chain exchanges in crypto. We built it for traders who want the speed and polish of a centralized exchange with the transparency and self-custody of decentralized finance.
With Dreamcash, you get direct access to Hyperliquid's perpetual contracts with up to 40x leverage, spot tokens, and a growing range of on-chain markets, all from your phone. Deposits and withdrawals happen instantly through global fiat on-ramps, so you can move between traditional finance and on-chain trading without friction. Your assets stay in your control through self-custodial wallets, and our Dreamdrop rewards system lets you earn as you trade. Downloaded over 100,000 times on iOS and Android. # Frequently Asked Questions (FAQs) ### Account & Wallet #### Why does the wallet address in the mobile app differ from the one on desktop? This occurs if you connected to the desktop app using an external wallet (e.g. Rabby or MetaMask). To use the same address on mobile, import the existing wallet via the mobile app settings. Note: our team will never ask for your private keys upon requesting support. #### Why is my referral code different on mobile and desktop? Referral codes are address-specific. If your referral code differs, you are likely connected to a different wallet address. Verify that the same address is connected on both devices. Still have issues? Contact us. #### I forgot to use a referral code, can I still add one to my account? Yes, a referral code can be added to your account in the web app [here](https://trade.dreamcash.xyz/settings/referral), if not done already. Only one referral code can be applied to an account and cannot be modified afterwards. ### Referrals & XP #### What rewards do I receive for referring users? All details on the affiliate program can be found [here](https://docs.dreamcash.xyz/season-1/affiliate-program). Summarized, Referral rewards are as follows: * 20% of trading fees from direct referrals * 4% from second-tier referrals * 1% from third-tier referrals #### How do I earn more Dreamcash XP? XP is earned through trading on Dreamcash. * Mobile app: $1 volume = 1 XP * Desktop app: $2 volume = 1 XP All details can be found [here](https://docs.dreamcash.xyz/season-1/earning-xp). #### How frequently does XP update? XP is updated every 10 minutes and reflected in your account. ### Deposits & Recovery #### I sent funds to the wrong deposit address. Can they be recovered? Funds sent to an incorrect address cannot be recovered by us. #### I deposited funds on the wrong network. Is recovery possible? Funds sent on an unsupported network are not credited. You may export your private key via account settings and attempt recovery through an external wallet at your own risk. #### Why has my deposit has not been credited to my account? Deposits are credited automatically once the required confirmations and internal processing are completed. In most cases this happens quickly, but it may take some time depending on network conditions and system processing. In rare cases, a deposit may require manual finalization by the user. If your deposit appears as **pending**, you can complete the process by: 1. Navigating to the **History** tab 2. Selecting the **pending deposit** 3. Clicking **Finalize** Once finalized, the funds will be credited to your account. If the transaction is confirmed on-chain, more than one hour has passed, and the deposit does not appear in your **History**, please contact support and include the **transaction hash and wallet address**. ### Trading #### Why does my PNL differ from external charts? Different platforms may use different oracle sources. Always reference the chart corresponding to the exact market pair traded. More information on our oracles & pricing methodology can be found [here](https://docs.dreamcash.xyz/trading/oracles-and-pricing-methodology). #### Can I get more information on Liquidations? More information on liquidations and auto-deleveraging can be found [here](https://docs.dreamcash.xyz/trading/liquidations-and-auto-deleveraging-adl). #### Which markets can be traded on Dreamcash? Refer to the Dreamcash mobile or web app for the current list of supported markets. #### Which countries are restricted from using Dreamcash?
Click to view all Restricted Countries **Entire application:** "GB", // United Kingdom "IR", // Iran "CU", // Cuba "KP", // North Korea **HIP-3 blocked for:** "US", // United States **Hyperunit blocked for:** "AF", // Afghanistan "AO", // Angola "BY", // Belarus "BI", // Burundi "CF", // Central African Republic "CG", // Congo "CU", // Cuba "ET", // Ethiopia "GW", // Guinea-Bissau "IR", // Iran "CI", // Ivory Coast (Cote D'Ivoire) "LB", // Lebanon "LR", // Liberia "LY", // Libya "ML", // Mali "MM", // Burma (Myanmar) "NI", // Nicaragua "KP", // North Korea "RU", // Russia "SO", // Somalia "SS", // South Sudan "SD", // Sudan "SY", // Syria "UA", // Ukraine "US", // United States "VE", // Venezuela "YE", // Yemen "ZW", // Zimbabwe
### Support #### How do I contact Dreamcash support? Feel free to join us on [Discord](https://discord.gg/dreamcash) or send an email to #### How do I report a bug or issue? Please contact us through the above mentioned platforms.
# What are perpetuals Perpetual futures (perps) are derivative contracts that let you speculate on asset prices without owning the underlying asset. Unlike traditional futures, perpetuals have no expiration date, meaning you can hold a position indefinitely. ### How perpetuals work When you trade a perpetual: 1. You deposit collateral 2. You open a **long** (betting price goes up) or **short** (betting price goes down) position 3. Your profit or loss is determined by the price movement multiplied by your position size 4. You can close the position at any time You never actually buy or sell the underlying asset. Instead, you're trading a contract that tracks its price. ### Leverage Perpetuals allow leverage, meaning you can control a larger position than your collateral would normally allow. **Example**: With 10x leverage and $100 collateral, you can open a $1,000 position. * If the price moves 5% in your favor → you gain $50 (50% return on collateral) * If the price moves 5% against you → you lose $50 (50% of collateral) Higher leverage amplifies both gains and losses. Dreamcash supports up to 40x leverage on eligible markets. ### Funding rate Since perpetuals don't expire, they use a mechanism called the **funding rate** to keep the contract price aligned with the spot price. * When funding is **positive**: longs pay shorts * When funding is **negative**: shorts pay longs Funding payments occur periodically (typically hourly on Hyperliquid). If you're holding a position, you'll either pay or receive funding depending on your direction and the current rate. ### Liquidation If the market moves against your position and your losses approach your collateral, you risk **liquidation**. This is when the exchange automatically closes your position to prevent further losses. Liquidation price depends on your leverage and entry price. Higher leverage = closer liquidation price = higher risk. ### Key terms | Term | Definition | | ---------------------- | ---------------------------------------------------- | | **Mark price** | The price used for PnL calculations and liquidations | | **Entry price** | The price at which you opened your position | | **Unrealized PnL** | Profit/loss on your open position | | **Realized PnL** | Profit/loss that has been settled (position closed) | | **Margin** | Collateral allocated to a position | | **Maintenance margin** | Minimum margin required to keep a position open | ### Further reading For technical details on how perpetuals work on Hyperliquid: * [Contract specifications](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/contract-specifications) * [Margining](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/margining) * [Funding](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/funding) * [Liquidations](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/liquidations) # Perpetuals vs Traditional Brokerage Margin If you're coming from traditional stock trading with margin, perpetual futures will feel familiar in some ways but different in others. This page compares the two. ### Core differences | Aspect | Traditional margin (stocks) | Perpetuals | | ----------------- | ----------------------------- | ----------------------------- | | **What you own** | Actual shares of stock | A contract tracking the price | | **Settlement** | T+1 or T+2 (days) | Instant | | **Trading hours** | Market hours (9:30am–4pm ET) | 24/7 | | **Leverage** | Typically 2x (Reg T) | Up to 40x | | **Interest/fees** | Margin interest (annual rate) | Funding rate (hourly) | | **Short selling** | Requires borrowing shares | Native, no borrowing needed | | **Expiration** | N/A (you own shares) | None (perpetual) | ### Ownership vs exposure **Traditional margin**: When you buy stock on margin, you own actual shares. You receive dividends, have voting rights, and the shares sit in your brokerage account. **Perpetuals**: You don't own anything. You hold a contract that pays out based on price movement. There are no dividends or voting rights. You're purely speculating on price. ### Leverage mechanics **Traditional margin**: In the US, Regulation T limits most retail accounts to 2x leverage (you can buy $2 of stock for every $1 of cash). Pattern day traders can access 4x intraday. You pay interest on borrowed funds, typically 8–12% annually. **Perpetuals**: Leverage up to 40x is common. Instead of interest, you pay or receive the funding rate, which adjusts based on market conditions. Funding can be positive or negative, sometimes you get paid to hold a position. ### Going short **Traditional margin**: To short a stock, your broker must locate shares to borrow. Some stocks are hard to borrow or unavailable. You pay borrow fees, and there's risk of a short squeeze or forced buy-in if shares are recalled. **Perpetuals**: Shorting is native to the contract. No borrowing required. You can short any available market instantly with the same mechanics as going long. ### Settlement and availability **Traditional margin**: Trades settle in 1–2 business days. Markets close on weekends and holidays. After-hours trading has limited liquidity. **Perpetuals**: Trades settle instantly on-chain. Markets run 24/7/365. No distinction between regular and after-hours. ### Risk profile **Traditional margin**: With 2x leverage, a 50% price drop wipes out your equity. Margin calls require you to deposit more funds or your broker sells your shares. **Perpetuals**: With higher leverage comes higher risk. At 10x, a 10% adverse move liquidates your position. At 40x, a 2.5% move does the same. Liquidation is automatic—there's no margin call to respond to. ### Funding vs margin interest | Cost type | When you pay | Typical rate | | ------------------- | --------------------------- | ------------------------------------- | | **Margin interest** | Continuously while holding | 8–12% annually | | **Funding rate** | Periodically (hourly on HL) | Variable, can be positive or negative | Funding rates fluctuate based on market sentiment. When most traders are long, longs pay shorts. When most are short, shorts pay longs. This can work in your favor or against you depending on positioning. # Understanding Hyperliquid ## Using the Hyperliquid Frontend Dreamcash and the Hyperliquid web interface share the same underlying infrastructure. If you've funded your account through Dreamcash, you can also trade via the Hyperliquid web app at [app.hyperliquid.xyz](https://app.hyperliquid.xyz). ### Same account, different interface Your Hyperliquid account is tied to your wallet address, not to any specific frontend. This means: * Positions opened in Dreamcash appear on any web interface that is built on top of Hyperliquid's infrastructure. * Funds deposited via Hyperliquid web are accessible in Dreamcash. * Order history and balances sync across all interfaces. ### Connecting to Hyperliquid web If you created your account via Dreamcash email login: 1. Go to [app.hyperliquid.xyz](https://app.hyperliquid.xyz) 2. Click **Connect** and select email login 3. Use the same email address you registered with in Dreamcash If you connected an external wallet: 1. Go to [app.hyperliquid.xyz](https://app.hyperliquid.xyz) 2. Click **Connect** and select your wallet 3. Approve the connection ### Documentation For detailed guides on using the Hyperliquid interface: * [How to start trading](https://hyperliquid.gitbook.io/hyperliquid-docs/onboarding/how-to-start-trading) * [Order types](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/order-types) * [Fees](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees) * [Margining](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/margining) # How to trade on Dreamcash This guide covers downloading Dreamcash and setting up your account. ### Download the app Dreamcash is available on iOS and Android. * **iOS**: [Download from App Store](https://apps.apple.com/us/app/dreamcash-app/id6748916424) * **Android**: [Download from Google Play](https://play.google.com/store/apps/details?id=xyz.dreamcash.app) You can also scan the QR code on [dreamcash.xyz](https://dreamcash.xyz) to go directly to your app store. ### Create or connect a wallet Dreamcash supports two methods for accessing your trading account: #### Option 1: Email login (recommended for new users) 1. Open the Dreamcash application. 2. Enter your email address 3. Verify via the link or code sent to your email 4. Your wallet is created automatically This uses [Privy](https://www.privy.io/) for wallet creation and management. Your private keys are generated and stored securely and you maintain full self-custody without needing to manage seed phrases manually. #### Option 2: Connect an external wallet If you already have a crypto wallet: 1. Open Dreamcash and tap **Connect Wallet** 2. Select your wallet provider (MetaMask, Rabby, WalletConnect, etc.) 3. Approve the connection request in your wallet This option is ideal if you already have funds on Hyperliquid or prefer to use your existing wallet setup. ### Security basics Regardless of which method you choose: * **Verify the app source** — Only download from official app stores or our website. * **Never share credentials** — Dreamcash or anyone else will never ask for your seed phrase, private keys, or passwords. * **Be cautious of phishing** — We will never message you first or ask for remote access. ### Next steps Once your account is set up: 1. Fund your account by depositing via fiat or crypto 2. Learn the app — Navigate the trading interface 3. Understand perpetuals — If you're new to perps trading # Funding your account Dreamcash supports multiple ways to fund your trading account. ### Deposit with fiat (cards & bank transfers) Dreamcash integrates Moonpay for direct fiat deposits. This lets you fund your account without needing to already hold crypto. 1. In your Dreamcash app head over to the upper right corner and press the '+' icon. 2. Choose either Apple Pay, Revolut, Bank Card or SEPA Bank Transfer 3. Enter the amount you want to deposit 4. Complete the purchase flow through Moonpay 5. Funds arrive in your account as USDC. Moonpay supports credit cards, debit cards, and bank transfers in most regions. Availability and fees vary by location and payment method. ### Deposit crypto from an external wallet If you already hold crypto, you can deposit directly to Hyperliquid: 1. In your Dreamcash app head over to the upper right corner and press the '+' icon. 2. Choose 'Crypto'. 3. Select the asset you want to deposit 4. Send funds to the deposit address shown. Hyperliquid accepts deposits from multiple chains: | Asset | Network | | ------------------ | ------------------------ | | USDC | Arbitrum | | BTC | Bitcoin | | ETH | Ethereum | | SOL | Solana | | Hyperliquid tokens | Hyperliquid Core network | After depositing non stablecoin assets, you'll need to convert them to either USDC, or USDT to use as trading collateral. ### Withdrawals To withdraw funds: 1. Navigate to **Withdraw** 2. Select the asset and amount 3. Enter your destination address 4. Confirm the withdrawal Withdrawals from Hyperliquid to Arbitrum do not cost gas. Processing time is typically instant to a few minutes. ### # Collateral and margin Your balance serves as collateral for perpetual trading. When you open a position: * A portion of your balance is allocated as margin (shown as "Amount utilized") * Unrealized PnL is reflected in your account balance * Realized PnL settles in your stablecoin of choice. The Cash section shows: * **Amount available** — Free collateral you can withdraw or use for new positions * **Amount utilized** — Collateral locked in open positions * **Unrealized** — Current profit/loss on open positions For details on how margin works, see [What are Perpetuals](/getting-started/what-are-perpetuals) and the [Hyperliquid margining documentation](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/margining). # Withdrawals To withdraw funds: 1. Tap on the **Cash** section from the home screen 2. Tap **Withdraw.** 3. Select a withdrawal method: | Method | Description | | ------------------------------ | ---------------------------------------------------------- | | **Export private keys** | Export your wallet's private keys to access funds directly | | **Send to an external wallet** | Withdraw USDC to an EVM wallet on Arbitrum | | **Bank Card** | Instant withdrawal to a linked debit card | | **SEPA transfer** | Bank transfer | | **More withdrawal options** | Additional methods via Moonpay | #### Withdrawing to an external wallet When withdrawing to an external wallet: 1. Select **Send to an external wallet** 2. Enter the amount to withdraw 3. Enter your destination wallet address (must be an EVM wallet) 4. Confirm the withdrawal Withdrawals are sent as **USDC on Arbitrum**. A $1 fee is deducted from the withdrawal amount. **Important**: Only withdraw to an EVM-compatible wallet address. Sending to a non-EVM address may result in permanent loss of funds. # Overview Dreamcash Season 1 is the first phase of the application's rewards program, designed to align incentives with traders who actively contribute to the app and the CASH HIP-3 markets. The structure is built on a simple principle: rewards should flow to those who participate. There are no shortcuts. **Dual-Track Rewards** Season 1 operates on two parallel reward mechanisms: 1. **XP** is earned through trading activity on the Dreamcash Mobile App, WebApp, and TreadFi. A fixed pool of 150M XP is distributed weekly every Thursday, pro rata based on relative trading volume. XP will form the basis for potential future reward distributions. Users trading via the Hyperliquid frontend do not earn XP. This structure reflects a deliberate choice. Hyperliquid provides the underlying infrastructure, but building a sustainable platform requires cultivating an independent user base. The incentive design rewards traders who adopt the native Dreamcash experience while still sharing value with the broader ecosystem. **Platform structure**
PlatformXPVolume WeightUSDT Rewards
Dreamcash Mobile AppYes1xYes
Dreamcash WebAppYes0.5xYes
TreadFiYes0.5xYes
Hyperliquid FrontendNo—Yes
The Mobile App carries a 1x volume weight compared to 0.5x on WebApp and TreadFi, rewarding users who adopt the native mobile experience. Any multipliers earned during the Founder Season still apply on top of these weights. # Earning XP XP is earned through trading activity on the Dreamcash Mobile App, WebApp, and TreadFi. There are no passive earning strategies. XP requires real participation on the platform. **Weekly XP Pool** A fixed pool of **50M XP** is distributed every Thursday after each weekly cycle closes. Your share of the pool is determined by your relative trading volume compared to all other participants that week. Trade more, earn more. Your weekly XP is calculated using this formula: `((mobile app volume × 1 + web app volume × 0.5) × your Founder Season multiplier) / all XP earned) × total XP pool` **Volume weighting by platform** | Platform | Weight | | ---------- | --------------- | | Mobile App | $1 volume = 1 | | WebApp | $1 volume = 0.5 | | TreadFi | $1 volume = 0.5 | All supported markets count equally toward XP. Any multipliers earned during the Founder Season still apply. **What changed?** Previously, XP was awarded weekly without any limit. $1 of volume earned a flat 1 XP on the mobile app (and $2 of volume earned 1 XP on web). Now, XP is distributed pro rata from the fixed weekly pool. Your XP depends on your share of total weekly volume, not a flat rate. This rewards early users while ensuring the longevity of the XP program without inflating numbers. > **Note on TWAP orders:** Due to a Hyperliquid platform limitation, builder codes cannot be attached to TWAP orders. As a result, TWAP orders do not count toward your Season 1 trading volume or XP. This is reflected in the Dreamcash app with an alert at the time of placing a TWAP order. # Founder season multipliers Founder Season is closed. Points, ranks, and referral volume are permanently locked. But here's the thing: we remember who showed up early. Building a new application from scratch means relying on people willing to take a chance before there's proof it works. Founder Season participants traded when the app was rougher, the liquidity thinner, and the future less certain. That matters to us. Season 1 is designed to reward that early conviction. Not as a one-time thank you, but as a structural advantage. The work you put in during Founder Season compounds throughout everything that comes next. #### What those in Founder Season receive 1. Retroactive volume XP: Your trading volume from Founder Season is converted into starting XP under Season 1 rates. This rewards real trading activity, not just participation. 2. Permanent multiplier: Your Founder Season activity converts into a multiplier that boosts all XP earned throughout Season 1 up to 2.5x for top participants. #### How multipliers are calculated Your total multiplier combines three components, each reflecting a different dimension of your Founder Season participation: 1. Rank — Based on your total trading volume during Founder Season. Higher volume, higher multiplier. 2. Points tier — Based on the total points you accumulated. Rewards consistent engagement over time. 3. Referral volume — Based on the trading volume generated by your referrals. Rewards those who helped grow the platform. These components stack. A trader active across all three dimensions earns a significantly higher multiplier than someone who focused on just one. ### Multiplier formula `Total Multiplier = 1.15x (base) + Rank Bonus + Points Bonus + Referral Bonus` The minimum multiplier is 1.15x for any Founder participant. The maximum is 2.5x for those who reached the top tier in all three categories. Your current multiplier is visible in the Dreamcash Mobile App under your rewards page. # Affiliate program Dreamcash offers a three-tier affiliate program that rewards users for growing the application. Bring in traders, and earn alongside them. The program has two earning mechanisms: USDT payouts from trading fees and XP from referred volume. Both scale with the size and activity of your referral network. ### Fee sharing Earn a percentage of trading fees generated by your referral network. Fees are tracked across three tiers: | Tier | Relationship | Fee Share | | ------ | ---------------- | --------- | | Tier 1 | Direct referrals | 20% | | Tier 2 | Their referrals | 4% | | Tier 3 | Next level | 1% | ### XP from Referrals It's important to note that you only earn XP from your own activity. You only earn USDT rewards from your referrals. # Rules & Anti-Gaming Dreamcash rewards are designed for genuine participants. The system includes measures to detect and penalize attempts to game it. ### Examples of prohibited behavior * Self-referrals: Creating multiple accounts to refer yourself results in permanent disqualification from all referral rewards. * Wash trading: Executing trades with yourself or coordinating trades between accounts to inflate volume artificially. This includes circular trading patterns between referred accounts. * Linked wallet farming: Using multiple wallets controlled by the same person to multiply rewards or circumvent limits. ### Consequences Dreamcash reserves the right to adjust or void any XP or USDT earned through manipulation, without prior notice and to suspend or terminate participation where appropriate. ### Detection Suspicious patterns are actively monitored and may result in retroactive reward adjustments. This includes but is not limited to: * Circular trading between accounts * Unusual volume spikes without corresponding market activity * Referral networks with abnormal trading patterns * Timing patterns consistent with automated gaming The goal is simply to reward traders who contribute real activity to the platform. The rules exist to protect that principle and ensure rewards flow to genuine participants. If something feels like a loophole, it probably is. Trade normally, and you have nothing to worry about. # Legal notice *Participation in Season 1 does not create contractual entitlement to rewards.* *Season 1 participation is subject to Dreamcash program rules, eligibility requirements, and applicable law. XP is an in-app engagement metric used within the Dreamcash ecosystem and does not represent ownership, monetary value, or guaranteed rewards.* *Reward structures, XP mechanics, multipliers, referral parameters, and rebate availability may evolve over time as the app develops.* *Dreamcash reserves the right to modify, suspend, or adjust program mechanics, reward allocations, or user eligibility where necessary to maintain program integrity, prevent abuse, or reflect app and market conditions.* # Funding Rates ## Funding Rates Funding keeps perp prices anchored over time. Funding is **peer-to-peer**: it transfers value between longs and shorts. CASH funding aims to reflect margin loan economics at retail brokers (e.g., Robinhood) at around 5.5% per year as default, though this fluctuates with demand and supply. When the market is in off hours, CASH hard caps the max funding rate at +- 5.5% annually. *** ### What funding is Funding is a periodic payment based on whether the perp is trading rich or cheap vs the oracle price. This is typically driven by temporary supply and demand dynamics for leverage. Typical interpretation: * Perp **above** oracle→ funding **positive** → **longs pay shorts** * Perp **below** oracle → funding **negative** → **shorts pay longs** *** ### Examples For a 100,000 USDT notional position: * at +5 bps/hour → pays **100,000 × 0.0005 = 50 USDT/hour** * at −3 bps/hour → receives **100,000 × 0.0003 = 30 USDT/hour** *** ### Practical tips * Funding can dominate PnL for longer holds. * Check “next funding” before holding high leverage through Off Hours. # Fees ## Dreamcash fees Trading on Dreamcash comes with specific fee structures depending on the platform used. For transactions conducted through Dreamcash's mobile app, a fee of 0.045% is applied. Trading via the Dreamcash webapp is subject to a lower fee of 0.025%. These competitive fees are designed to offer flexibility and cater to the varied preferences of Dreamcash users, ensuring an accessible trading experience across different platforms. *** ### Fee Tier — Growth Mode Enabled | Tier | 14d weighted volume ($) | Base (0 HYPE) Taker | Base (0 HYPE) Maker | >500,000 HYPE Taker | >500,000 HYPE Maker | >100,000 HYPE Taker | >100,000 HYPE Maker | >10,000 HYPE Taker | >10,000 HYPE Maker | >1,000 HYPE Taker | >1,000 HYPE Maker | >100 HYPE Taker | >100 HYPE Maker | >10 HYPE Taker | >10 HYPE Maker | | ---: | :---------------------: | ------------------: | ------------------: | ------------------: | ------------------: | ------------------: | ------------------: | -----------------: | -----------------: | ----------------: | ----------------: | --------------: | --------------: | -------------: | -------------: | | 0 | — | 0.0090% | 0.0030% | 0.00540% | 0.00180% | 0.00630% | 0.00210% | 0.00720% | 0.00240% | 0.00766% | 0.00256% | 0.00810% | 0.00270% | 0.00856% | 0.00286% | | 1 | >5M | 0.0080% | 0.0024% | 0.00480% | 0.00144% | 0.00560% | 0.00168% | 0.00640% | 0.00192% | 0.00680% | 0.00204% | 0.00720% | 0.00216% | 0.00760% | 0.00228% | | 2 | >25M | 0.0070% | 0.0016% | 0.00420% | 0.00096% | 0.00490% | 0.00112% | 0.00560% | 0.00128% | 0.00596% | 0.00136% | 0.00630% | 0.00144% | 0.00666% | 0.00152% | | 3 | >100M | 0.0060% | 0.0008% | 0.00360% | 0.00048% | 0.00420% | 0.00056% | 0.00480% | 0.00064% | 0.00510% | 0.00068% | 0.00540% | 0.00072% | 0.00570% | 0.00076% | | 4 | >500M | 0.0056% | 0.0000% | 0.00336% | 0.00000% | 0.00392% | 0.00000% | 0.00448% | 0.00000% | 0.00476% | 0.00000% | 0.00504% | 0.00000% | 0.00532% | 0.00000% | | 5 | >2B | 0.0052% | 0.0000% | 0.00312% | 0.00000% | 0.00364% | 0.00000% | 0.00416% | 0.00000% | 0.00442% | 0.00000% | 0.00468% | 0.00000% | 0.00494% | 0.00000% | | 6 | >7B | 0.0048% | 0.0000% | 0.00288% | 0.00000% | 0.00336% | 0.00000% | 0.00384% | 0.00000% | 0.00408% | 0.00000% | 0.00432% | 0.00000% | 0.00456% | 0.00000% | *** ### Staking discounts (by HYPE staked) | HYPE staked | Trading fee discount | | ----------: | -------------------: | | >10 | 5% | | >100 | 10% | | >1,000 | 15% | | >10,000 | 20% | | >100,000 | 30% | | >500,000 | 40% | ## Dreamcash builder code When interested in operating through our API, you may use the Dreamcash builder code in order to earn any potential rewards. `0x4950994884602d1b6c6d96e4fe30f58205c39395` # Liquidations and Auto-Deleveraging (ADL) ## Liquidations and Auto-Deleveraging (ADL) This page explains what happens if a position becomes under-margined and what can occur in extreme scenarios. *** ### Key definitions | Term | Meaning | | ------------------ | ---------------------------------------------------------------------------------- | | Initial margin | The collateral required to open a position at a given leverage | | Maintenance margin | The minimum collateral required to keep a position open | | Account equity | Your collateral plus unrealized PnL (based on mark price) | | Liquidation | Forced reduction or closure of a position to prevent losses exceeding collateral | | ADL | Auto-deleveraging, a last-resort mechanism that prevents bad debt in extreme cases | *** ### When do liquidations happen A liquidation can occur when your **account equity** falls below the **maintenance margin** requirement. A simple rule of thumb: * Higher leverage means less room for the price to move against you. #### Approximate margin levels (20x markets) Markets typically support up to 20x max leverage. As a rough guide: * Initial margin at 20x is about 5% of notional * Maintenance margin is about half of the initial margin at max leverage, or about 2.5% of notional Example: * If you open a 10,000 USDT position at 20x, you post about 500 USDT initial margin. * If losses reduce equity to about 250 USDT, you may enter liquidation territory. The UI is always authoritative for the exact margin requirements. *** ### The liquidation process When an account becomes under-margined, the liquidation engine attempts to restore margin by closing risk through the order book. 1. **Market liquidation orders** * The engine sends market orders to reduce or close the position. * If margin requirements are satisfied after this process, any remaining collateral stays with you. 2. **Partial liquidations for large positions** * For positions above a notional threshold, the engine may liquidate only part of the position first to reduce market impact. * If the account remains under-margined shortly after, subsequent liquidation orders may target the full remaining position. *** ### What is Auto-Deleveraging (ADL) ADL is a last-resort solvency mechanism. If an account’s value (or an isolated position value) becomes negative, the system must prevent bad debt. It does this by closing positions from traders on the profitable side of the market. Important properties: * ADL applies to **open positions**, not idle balances. * ADL exists to ensure the system remains solvent under all conditions. *** ### When can ADL happen ADL is triggered only when the system cannot safely close risk through normal liquidation routes and an account would otherwise become bankrupt. This is expected to be rare, but it can occur during: * extreme volatility * gaps and rapid repricing * insufficient order book liquidity during liquidation *** ### Who gets selected for ADL When ADL is triggered, traders on the **profitable opposing side** can be selected for forced deleveraging. Selection is based on a ranking that prioritizes traders who are both: * more profitable, and * more leveraged relative to their account value A commonly used ranking index is: sorting\_index = (mark\_price / entry\_price) \* (notional\_position / account\_value) Traders with the highest index are deleveraged first. # Risk disclosures & legal disclaimers Please read this section carefully. These Risk Disclosures and Disclaimers are intended to complement and reflect the governing Dreamcash Terms of Service (“TOS”), available at[ https://www.dreamcash.xyz/terms-of-service](https://www.dreamcash.xyz/terms-of-service). In the event of any inconsistency, the TOS controls. 1\. Relationship to the TOS By using Dreamcash or reviewing these docs: · You acknowledge that your use of Dreamcash is governed by the Dreamcash TOS. · These Risk Disclosures are intended to align with the TOS and not modify, replace, or override it. · Capitalized terms used but not defined here have the meanings given in the TOS. 2\. General Information, Not Financial Advice All content in this documentation, including explanations of markets, oracles, fees, trading mechanics, or protocol interactions, is provided for informational and educational purposes only and should not be construed as: · Financial, investment, legal, tax, or trading advice; · A recommendation or solicitation to trade, invest, or utilize any specific strategy; · Any assurance of future performance or profitability. You are solely responsible for your trading decisions and outcomes. 3\. Non-Custodial Interface Dreamcash is a self-custodial front-end interface — it does not: · Hold or control your assets; · Custody your private keys or wallet credentials; · Execute transactions on your behalf. All transactions are signed and broadcast by you via your wallet. Dreamcash facilitates the user experience, but does not act as an exchange, broker, custodian, or fiduciary. 4\. Third-Party Protocol & Infrastructure Risk Dreamcash acts as a user interface to interact with smart contracts deployed on the Hyperliquid protocol. It: · Does not control, maintain, or operate these protocols or smart contracts; · Is not responsible for their security, uptime, execution reliability, or correctness; · Has no oversight over the availability or behavior of the underlying blockchain or oracles. Failures of third-party infrastructure, or smart contract vulnerabilities, may result in asset loss, failed trades, slippage, or unexpected behavior. 5\. Trading and Market Risks Trading digital assets and derivatives such as perpetuals involves significant risks, including but not limited to: · High volatility · Liquidity risk · Slippage and execution uncertainty · Loss of principal Perpetuals and leveraged positions amplify risk and can result in rapid losses or liquidations. 6\. Pricing, Oracles & Displayed Data Prices shown in the UI, including mark prices, index prices, and funding calculations: · Are sourced from protocol feeds and external oracles; · May differ from prices on other venues; · Are not guaranteed to match your executed trade price. Dreamcash does not warrant that the displayed data is accurate or suitable for trading decisions. 7\. Liquidations & Protocol Risk Perpetual positions may be liquidated when margin requirements are breached. In extreme conditions, additional risk mechanisms such as Auto-Deleveraging (“ADL”) can affect positions. These mechanisms are defined by the underlying protocol, not Dreamcash. 8\. Fees, Costs, and External Charges When you interact with Hyperliquid via Dreamcash, you may incur: · Protocol fees set by the protocol; · Dreamcash service fees, as described in the TOS; · Blockchain transaction costs (e.g., gas). Fees may change over time, and Dreamcash is not liable for third-party costs outside its control. 9\. Data, Content, and Accuracy Dreamcash may display data including charts, fees, or transaction previews sourced from public blockchain data or Hyperliquid. However: · The TOS disclaims any guarantee of completeness, accuracy, or timeliness of content; · Dreamcash is not liable for losses from reliance on such data. · All content is provided “as is” and “as available.” 10\. No Warranties Consistent with the TOS, Dreamcash and this documentation are provided without warranties of any kind. This includes: · No warranty of accuracy or reliability; · No guarantee of uninterrupted availability; · No implied warranty of merchantability, fitness for a particular purpose, or non-infringement. 11\. Limitation of Liability Under the TOS, Dreamcash disclaims liability for any damages, including but not limited to: · Trading losses; · Lost data; · Lost profits; · Technical failures; · Third-party protocol issues. This limitation applies to direct, indirect, special, consequential, or punitive damages, to the maximum extent permitted by law. 12\. Indemnification Your use of Dreamcash may require you to indemnify and hold harmless Dreamcash and its affiliates for certain claims or losses arising from your use of the service. This is a contractual obligation in the TOS. 13\. Regulatory and Jurisdictional Risk Cryptocurrencies, derivatives, and related trading services may be restricted or prohibited in some jurisdictions. It is your responsibility to comply with applicable local laws and regulations. The TOS provides restrictions on who may use Dreamcash, including age and residency limitations. Residents of the Cayman Islands and the United Kingdom are not permitted to use Dreamcash, and residents of the United States are not permitted to access to HIP-3 markets on Dreamcash. 14\. Acceptance of Risk By using Dreamcash, you confirm that: · You have read and understood these Risk Disclosures and the TOS; · You understand and accept the inherent risks; · You assume full responsibility for your trading actions and outcomes.