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How money is lost

1. 01Isolated liquidation

   If the position is Isolated, Hyperliquid takes only the isolated margin assigned to that position. Other isolated positions keep their own margin. Cross-margin equity is not used to save an isolated position.

2. 02Cross liquidation

   Bitfork defaults to Cross. All cross positions share one USDC margin pool. A loss on one market can liquidate other cross positions. If the account cannot meet maintenance margin, Hyperliquid's backstop can zero the remaining cross (perps) equity.

3. 03What is not taken in a liquidation

   Hyperliquid does not take tokens sitting in your Arbitrum (or other chain) wallet that you never deposited. In standard mode, Hyperliquid spot balances are separate from perps equity. Isolated margin on other positions is not used to cover a cross liquidation. Anything already lost to fees, funding, or a prior fill is already gone.

4. 04Leverage

   Leverage multiplies both gain and loss. Higher leverage means a smaller adverse move can liquidate you. A 50× position is wiped by a move of about 2% against you, before fees and funding. The ticket shows an estimated liquidation price; that estimate can be wrong, especially in Cross.

5. 05Gaps, slippage, and cascades

   Markets can jump. Liquidation may fill worse than the estimated price. In a cascade, many accounts are closed at once and the mark can gap through your level. Isolated estimates on the ticket do not model the rest of a Cross account.

6. 06Funding

   Perps pay a periodic funding rate between longs and shorts. If you are on the paying side, funding drains margin even when the price has not moved. Positive funding: longs pay shorts. A position that looks safe on price can still be liquidated as funding chips away at margin.

7. 07Market and IOC orders

   Bitfork sends market orders as immediate-or-cancel. They may fill at a worse price than you saw, fill only in part, or not fill. You still pay the builder fee on fills. A failed or partial fill is not a refund of gas you already spent on other chains.

8. 08Deposits and CCTP

   Depositing USDC uses Circle CCTP on Arbitrum. Bridges can delay, fail, or require a retry. Until Hyperliquid shows the credit, that size is not tradable margin. The 0.20 USDC Circle forward fee is not refundable because a later step failed. Never send the wrong token or the wrong network.

9. 09Swaps and third-party bridges

   Quotes expire. Routes use third-party DEXs and bridges that Bitfork does not control. A swap can fail after you sign, settle for less than quoted, or get stuck in a bridge. Gas is not ours and is not refunded. We cannot retrieve funds sent to the wrong address.

10. 10Hyperliquid, downtime, and contracts

    Perps run on Hyperliquid's own chain and matching engine. If Hyperliquid is down, halted, or exploited, your perps equity is at risk regardless of this website. Smart contracts, oracles, and liquidators can fail. Bitfork is an interface, not a guarantor.

11. 11Wallet, phishing, and approvals

    Anyone with your seed phrase or a malicious approval can empty the wallet. Bookmark bitfork.app. We will never DM you a support link. Revoke token approvals you no longer need. Disconnect wallets you are not using.

12. 12Wrong network or token

    Sending USDT when native USDC is required, or using Ethereum instead of Arbitrum, can strand funds. Recovery is often impossible. Check the network and the token contract before you sign.

13. 13No undo, no customer desk

    On-chain and Hyperliquid actions are final. Bitfork does not hold your keys and cannot reverse a trade, a liquidation, or a mis-sent deposit. There is no chargeback.

14. 14Demo is paper

    Demo mode uses live prices and fake USDC. It does not open real positions, pay real funding, or get you real liquidations. Filling in demo does not mean the same order would fill on Hyperliquid.

15. 15Not financial advice

    Nothing here is a recommendation. You can lose some or all of the funds you put into a swap, a bridge, or a perps position. Only use money you can afford to lose.