Every position on Perpetra is opened in one of two margin modes, selected in the order panel before you submit: Cross or Isolated.
Isolated margin
In isolated mode, a fixed amount of collateral is allocated to that one position. That position is checked against its own collateral only:
If it’s liquidated, you lose the isolated collateral backing it, but the rest of your account is untouched. See Positions & Margin for the full formulas.
Cross margin
In cross mode, all of your open cross-margin positions that share the same collateral token are checked together, at the account level, rather than one at a time. This mirrors the model used by Hyperliquid.
This means a cross position with room to spare can effectively be propped up by profit sitting in another cross position, since it’s the account total that matters, not each position in isolation. It also means a losing position can pull the rest of your cross account toward liquidation if there isn’t enough equity elsewhere to cover it.
Isolated positions are never included in this account-level calculation.
They’re always evaluated independently, on their own collateral only.
Cross liquidation price shown for an individual position is a snapshot: it
holds every other cross position’s PnL fixed at its current price and solves
for the price at which that one position’s move would tip the account into
liquidation. If another cross position’s price moves, that number changes too.
Treat it as a live estimate, not a fixed line.
Choosing a mode
You can choose margin mode independently for each position when you open it. See Positions & Margin for how leverage and maintenance margin interact with whichever mode you choose, and PnL & Liquidation for worked examples. 