Hyperliquid made a perpetual out of anything with a price feed. These objects never had one.
Hyperliquid made a perpetual out of anything with a price feed. These objects never had one.
Listing desk
Hyperliquid needs a feed before it can list something. The desk here is the feed: it appraises the object, publishes how it got to the number, and signs the mark the program settles on. Three steps between a thing sitting in your house and a market with a price on it.
Send the object and whatever documents you have on it. Photos, a deed, a receipt, a service book, a serial number. The desk needs enough to tell your object apart from every other one like it.
An appraiser reads the file and puts it next to objects that have already listed. If it clears, the desk issues a Certificate of Listing. The certificate names the object, sets the opening mark, and fixes the size of one contract.
Trading starts at the opening mark. Longs and shorts pay each other funding every eight hours. An account that drops under maintenance margin gets liquidated, the same as it would on any other exchange.
Catalogue
Notices
A perpetual never needed the owner's permission, only a price. Hyperliquid takes that price from a market that already exists. The desk here makes one, which is why a notice can be filed on something you do not own.
Anyone can file on a specific object, and if the desk accepts the notice the object opens for trading like any other.
The registered owner is served a copy of the notice. They have seven days to contest it. A contest goes to a second appraisal, run by an appraiser who never saw the first file. If the second number disagrees with the first, the market opens at the second one. If the owner says nothing, the first number stands.
Contesting a notice doesn't take the object off the board. It only changes where the market opens.