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Jade

Jade is the perps app for Yutu. It gives traders access to Yutu's native order book, signed intents, policies, positions, funding, and liquidations.

Traders can place ordinary orders, let automated strategies submit signed intents within limits set by the account owner, or let EVM contracts submit to the market engine through a write precompile.

An intent can execute immediately, after a set time, or when a committed Hyperliquid mark price crosses a threshold. The same intent can be restricted by market, order size, total exposure, trading rate, daily volume, drawdown, gas budget, and expiry.

Policy-controlled trading​

The owner doesn't have to give a strategy unrestricted control of the account. The owner assigns a session key to a policy, and the session key can only sign intents under that policy.

For example, a policy can allow BTC-PERP, cap each trade at 25,000 USDC, cap outstanding notional at 100,000 USDC, allow 12 intents per minute, and expire on Friday. Validators check those terms before the intent can reach the order book.

Mandates add strategy-wide rules such as maximum notional relative to equity, daily loss, market concentration, holding time, and allowed counterparties. They can also record objectives such as return, drawdown, slippage, trade count, and funding paid, then expose the resulting conformance history.

Read Intents, policies and mandates for the full execution and permission model.

Native order book​

The order book sits outside the EVM contract runtime. The chain applies price-time priority and records resting orders, fills, cancellations, and market state as protocol data.

Traders can inspect the live bids and asks before submitting an order. Completed fills appear in the account history and the public event stream.

Orders and conditions​

The native book supports market and limit orders, post-only orders, and the following time-in-force rules:

  • Good-til-cancelled (GTC)
  • Immediate-or-cancel (IOC)
  • Fill-or-kill (FOK)
  • Good-til-time (GTT)

Signed intents can place, replace, and cancel orders. An optional predicate can hold an intent until a timestamp or until Hyperliquid's committed mark is above or below a stated price. The chain evaluates the condition during block production, so the order doesn't depend on a keeper.

Positions and collateral​

Each market records the trader's position, entry price, collateral, realised profit or loss, and unrealised profit or loss.

Collateral is isolated by market. Losses in one position don't draw from the collateral assigned to another market.

Jade's portfolio view groups open positions, available balances, collateral movements, fills, and liquidation history under the connected account.

Funding​

Perpetual markets use funding payments to keep the contract price close to the underlying market. Jade shows the current indicative rate alongside open interest and price data.

Funding updates the position's account state at each interval. Positive and negative rates determine which side pays.

Liquidation​

A position becomes eligible for liquidation when its isolated collateral no longer meets the market's margin requirement.

The chain records liquidation candidates, executed liquidations, penalties, and resulting position state. Traders can monitor the estimated liquidation price from Jade's order ticket and portfolio.

Account history​

Intent acceptance, promotion, execution, expiry, and rejection are recorded as separate states. Orders, fills, fees, mandate constraints, and mandate conformance also produce protocol events, giving interfaces and operators a shared record of what was requested and what happened.