Contract Specs and Margining

Hyperliquid has one main style of margining for perpetual contracts: USDC margined, USDT denominated linear contracts. That is, the oracle price is denominated in USDT terms, but the collateral is USDC. 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.

HyENA will have a similar contracts and style of margining, only with margin collateral in USDe rather than USDC. The oracle price is still denominated in USDT, but the collateral is USDe, also with no USDE/USDT conversion applied.