Hyperliquid + Mobius
Hyperliquid runs two tightly coupled layers: HyperCore (on-chain order books for spot and perpetuals) and HyperEVM (an EVM-compatible smart contract layer secured by the same consensus). HyperEVM contracts can interact directly with HyperCore order books, yet the two environments historically operated in silos. Mobius bridges them. It is the prime brokerage layer for Hyperliquid, enabling unified margin across both environments so any mix of HyperEVM assets and HyperCore positions can serve as collateral for borrowing and trading.Core components
- HyperEVM Money Market: CDP-style lending pools where lenders deposit assets (e.g., USDC) to earn interest. Borrowers draw overcollateralized loans; collateral stays locked (no rehypothecation), isolating risk and simplifying liquidations.
- Credit Account + Abstracted Trading Account (ATA): Each borrower gets a Credit Account on HyperEVM that holds collateral and debt, and can spawn an ATA on HyperCore. The ATA behaves like a HyperCore subaccount for spot/perp/vault actions. ATA equity, including unrealized PnL, counts toward Credit Account collateral.
- Rebalancers: Off-chain agents that monitor accounts, resubmit CoreWriter transactions, perform liquidations, and move funds between HyperEVM and HyperCore to maintain health.
Prime brokerage in context
Traditional prime brokers extend margin based on an entire portfolio, letting risks net out for superior capital efficiency. DeFi has lacked this: trading (perp DEXs) and credit (lending protocols) are fragmented. As Hyperliquid’s prime broker, Mobius moves risk logic fully onchain and treats HyperCore trading accounts plus HyperEVM DeFi holdings as unified collateral. It delivers Unified Margin so any user can operate like a hedge fund with cross-product financing across the Hyperliquid ecosystem.