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LearnHyperCore8 pages
HyperCore overviewFoundationHyperCore is where Hyperliquid's order books, margin, clearing and settlement run as native protocol state, applied by every validator in one order.The clearinghouse: one margin enginePractitionerHyperCore's clearinghouse holds balances and positions and checks margin on every trade; in standard mode each perp dex has its own balance and cross margin.The order book and matchingPractitionerEach HyperCore asset has one on-chain book matched in price-time priority, with cancels and post-only orders sequenced ahead of orders that take liquidity.Oracles, mark prices and robust price indicesPractitionerValidators publish perp oracle prices every 3 seconds; the mark price used for margin and liquidation is a median that no single book or venue can move.Quote assets: USDC, USDH, aligned and permissionlessPractitionerAny token can become a HyperCore quote asset if its issuer stakes 200k HYPE against a peg and liquidity standard; aligned issuers also share reserve yield.Vaults: HLP, protocol vaults, user vaultsFoundationA vault pools depositors' USDC into one HyperCore account run by one strategy; HLP is the protocol vault that makes markets and performs liquidations.Multi-sig accountsPractitionerHyperCore can make any account a native k-of-n multi-sig with no smart contract, but CoreWriter stops working for it and its HyperEVM side keeps the old key.API servers and how state reaches youPractitionerAPI servers follow a node, keep a local copy of HyperCore state, answer reads from it, and reply to a transaction only once it executes in a committed block.

Multi-sig accounts

Practitioner

HyperCore can make any account a native k-of-n multi-sig with no smart contract, but CoreWriter stops working for it and its HyperEVM side keeps the old key.

A multi-sig account acts only when enough of its keys sign. HyperCore builds this into the account model: you convert an existing account, with no contract to deploy.

Converting names the signers and the threshold

Section titled “Converting names the signers and the threshold”

ConvertToMultiSigUser names the authorised users (existing Hyperliquid users) and the threshold that must sign each action. From then on every action must arrive through multi-sig; the original key can’t act alone. Sent again through multi-sig, the same action changes the set or threshold, or with an empty set converts the account back.

Say you and two partners convert an account to 2-of-3, and you will submit.

  1. You and one partner each sign the same payload and nonce: the inner action, the multi-sig account, and you as the submitting authorised user (the leader).
  2. You submit one MultiSig action wrapping the inner action and both signatures.
  3. HyperCore checks them against the set and threshold, then executes the inner action as the account.

The leader must be an authorised user or its API wallet, never the multi-sig account. Signing detail is on multi-sig actions.

MultiSig can wrap any normal action. Measured on testnet, a 2-of-2 quorum could stake HYPE (cDeposit), activate a HIP-4 outcome deployer, withdraw stake into the unstaking queue (cWithdraw) and grant named deployer actions to one operator key (setSubDeployers). A user can be a multi-sig account and an authorised user of others at once.

What this means for you. A signature round per action suits custody, not active trading. Deployers delegate daily work to one key through narrow permissions: for HIP-4, setSubDeployers, tested end to end on testnet (outcome deployer). A quorum’s grant, such as a sub-deployer permission, is revoked only by another quorum, never by one signer.

What you give up: CoreWriter and the HyperEVM side

Section titled “What you give up: CoreWriter and the HyperEVM side”
  • No CoreWriter. No HyperEVM contract, vault or token can act for the account, sign for it, or hold, stake or reclaim anything in it. Rules that need code must be enforced by the signers off chain. A design needing both code and shared custody puts custody in HyperCore signers and the code elsewhere, as in collateral underwriting.
  • The HyperEVM side keeps the original key. The same address on the HyperEVM stays under the original wallet; the docs advise multi-sig users to avoid the HyperEVM entirely, before and after conversion.
Parameter Value
Authorised users per multi-sig account at most 10
Nonce checked the leader’s only (or its API wallet’s)
Signatures per action at least the threshold, all over the same nonce and leader
Mainnet HIP-3 and HIP-4 deployer accounts that are multi-sig, 2026-09-20 8 of 12, thresholds from 2-of-3 to 4-of-8

An info request absent from the official docs returns any account’s signers:

{ "type": "userToMultiSigSigners", "user": "0x..." }

A multi-sig account returns {"authorizedUsers": [...], "threshold": n}. On the wire convertToMultiSigUser.signers is a JSON string; the string "null" converts back.

Error Meaning
“Multi-sig required” the account is multi-sig and the action came from a single key, such as its original one
“Multi-sig threshold not met” too few authorised signatures
“Invalid multi-sig outer signer” the leader’s signature does not match the submitted payload, usually an encoding error
“Invalid multi-sig inner signer” an inner signature does not recover to an authorised user, for example one made with the wrong signing scheme

Both “invalid signer” errors are usually encoding bugs, not permission problems (fixes). Measured after converting to 2-of-2, the original key’s cWithdraw got “Multi-sig required”; one authorised key alone got “Multi-sig threshold not met”.

For a trading key that cannot withdraw, see API wallets and agents. For the path multi-sig cannot use, see CoreWriter.