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Hyperliquid Delisting Rules, Hyperps and Index Perps
Rules verified against Hyperliquid's official docs on 2026-09-15. Builder-deployed markets follow HIP-3 rules covered on the stock and commodity perps page.
A perpetual contract has no expiry, so the only way out of one you did not close yourself is a delisting. Hyperliquid's docs describe that event in one short page, and two adjacent pages describe the contracts most likely to be affected by it: hyperps, which exist before their underlying does, and index perps, which track a formula rather than an asset.
Delisting: who decides and what happens
"Validators vote on whether to delist validator-operated perps." If the vote passes, "the perps will settle to the 1 hour time weighted spot oracle price before the scheduled delisting voting time" — the docs call this "a settlement mechanism used by many centralized exchanges". At delisting "all positions are settled and open orders are cancelled", and "after settlement, no new orders will be accepted". The one piece of advice on the page: "users who wish to avoid automatic settlement should close their positions beforehand". No notice period is stated in the docs read on 2026-09-15; the scheduled voting time is the reference point.
Listing: what the docs commit to
"Hyperliquid currently supports trading of 100+ assets. Assets are added according to community input. Ultimately Hyperliquid will feature a decentralized and permissionless listing process." Validator-operated perps run at "3x to 40x" max leverage, with maintenance margin "half of the initial margin at max leverage" — the tiering that steps large positions down is on the margin-modes page. Builder-deployed markets (HIP-3) are the permissionless path today and have their own listing rules.
Hyperps: perps without an underlying
"Hyperps (Hyperliquid-only perps) trade like vanilla perpetual contracts, but do not require an underlying spot or index oracle price." In place of a spot oracle they use "an 8 hour exponentially weighted moving average of the last day's minutely mark prices"; the docs give the formula and note that when fewer than 480 samples exist "the initial mark price is used as the padding value". Funding premium samples "are computed as 1% of the usual clamped interest rate and premium formula", and the docs' warning is direct: "if there is heavy price momentum in one direction, funding will heavily incentivize positions in the opposite direction for the next eight hours". Three caps limit manipulation: mark price "capped at 3x the 8-hour mark price EMA", or "1.5x the median external perp price" where other venues list a pre-launch perp, and the oracle "at most 4 times the one month average mark price".
Conversion is the exit: "for a hyperp tracking ABC, shortly after when ABC/USDT is listed on Binance, OKX, or Bybit spot trading, ABC-USD will convert to a normal ABC-USD perp". Nothing in the docs sets a deadline if that listing never comes; the design "only [requires] that the underlying asset or index eventually exists for settlement or conversion".
Index perps: a formula as the underlying
"Index contracts track a formula instead of a spot asset price as the underlying index, but
otherwise function exactly the same as normal perpetual contracts." Validators "periodically
publish the value of the index formula to the Hyperliquid L1", and the median of their reports
replaces the spot oracle in funding. The docs describe two: NFTI-USD, "a 3-minute EMA
of the aggregate floor price" of six NFT collections (BAYC divided by 10) from OpenSea and Blur,
converted at the ETH-USDT oracle and divided by 10,000; and FRIEND-USD, "the first
index perpetual contract listed by Hyperliquid", whose definition the docs record changing three
times (dated without a year) with scale factors "to ensure a continuous transition". The lesson for a trader is
that an index contract's definition is governance-controlled and can be rebalanced.
What this means before you hold through an event
- A validator-operated perp can be settled at an oracle TWAP you did not choose; closing before the vote is the only way to pick your own exit.
- A hyperp's funding can swing hard on momentum; the eight-hour funding window is the docs' own framing of the risk.
- An index perp can be redefined; the historical FRIEND-USD changes show how.
FAQ
Do I get a warning before a delisting?
The docs reference "the scheduled delisting voting time" but state no notice period. This site does not add one.
At what price is a delisted position settled?
"The 1 hour time weighted spot oracle price before the scheduled delisting voting time."
Are HIP-3 stock and commodity perps delisted the same way?
The delisting page covers "validator-operated perps". Builder-deployed markets are governed by their deployer under HIP-3, covered on the equity perps page.
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