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Role

The ATA is a HyperCore trading account controlled by the borrower’s Credit Account. It can trade spot, perps, and deposit into vaults while its total equity is recognized as collateral in the Credit Account. Every ATA action passes a pre-check to ensure the global HF stays at or above 1; risky transactions are blocked before they hit HyperCore.

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CoreWriter

Mobius uses a single, health-checked lane from HyperEVM to HyperCore. ATA actions originate in the Credit Account, pass through the ATA access controller to the borrower’s CoreSubaccount, and finally reach CoreWriter. Any failure on HyperCore does not mutate the Credit Account. Because CoreWriter sends are non-atomic, dropped transactions are retried by Rebalancers using idempotent planIds/nonces.

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Liquidation Threshold for the ATA

ATA equity must be converted into a single liquidation threshold (LTATALT_{ATA}) that reflects leverage and volatility inside HyperCore positions.

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1. Adjusted LT for Leverage

We assume a 1x perp position carries similar risk to the spot asset. If spot BTC has an LTBTC=0.8LT_{BTC} = 0.8, a 1x Long BTC perp also has LT=0.8LT = 0.8. Note that LTLT is different from LTVLTV (loan-to-value). The latter indicates how much debt a user can initiate, the former dictates how much the debt has to grow against the collateral before being liquidated. Let asset ii have base liquidation threshold LTiLT_i and Maintenance Margin Mi=1−LTiM_i = 1 - LT_i. For an NN x leveraged perp position: MNi=N(1−LTi),LTNi=1−MNi=1−N(1−LTi)M_{Ni} = N(1 - LT_i), \quad LT_{Ni} = 1 - M_{Ni} = 1 - N(1 - LT_i) Example: A 3x BTC Long (where base LT_BTC=0.8LT\_{BTC}=0.8) has an effective LT=1−3(0.2)=0.4LT = 1 - 3(0.2) = 0.4. In other words, if total equity of the account is 1000 USDC, the user should be able to borrow up to 400 USDC worth of debt against the account.

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2. Portfolio aggregation

For multiple positions, compute the weighted LTLT and cross leverage LcrossL_{cross}: LTweighted=∑i=1nSi⋅LTi∑i=1nSi,Lcross=∑i=1nSiELT_{weighted} = \sum_{i=1}^n \frac{S_i \cdot LT_i}{\sum_{i=1}^n S_i}, \quad L_{cross} = \frac{\sum_{i=1}^n S_i}{E} SiS_i is position size and EE is total ATA equity.

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3. Final ATA Liquidation Threshold

LTATA=1−Lcross(1−LTweighted)LT_{ATA} = 1 - L_{cross}(1 - LT_{weighted}) Example: for an ATA with 1000 USDC equity holds a 1000 USD BTC long (LT=0.8LT = 0.8) and a 2000 USD ETH long (LT=0.7LT = 0.7) LTweighted=0.8⋅1000+0.7⋅20003000=0.733,Lcross=30001000=3LT_{weighted} = \frac{0.8 \cdot 1000 + 0.7 \cdot 2000}{3000} = 0.733, \quad L_{cross} = \frac{3000}{1000} = 3 Therefore LTATA=1−3(1−0.733)=0.2LT_{ATA} = 1 - 3(1 - 0.733) = 0.2, allowing roughly 200 USDC of borrow capacity against the ATA.

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E-Mode (Efficiency Mode)

E-Mode boosts LTATALT_{ATA} for tightly constrained strategies that reduce market risk (e.g., correlated hedges). Opting in restricts the ATA to a specific strategy category; transactions that would break the category are blocked.

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Example: Leveraged carry trade

  • Holdings: 10 HYPE spot
  • Position: 10 HYPE short perp
  • Price: $30 (spot + short notional each $300)
  • Base LTHYPE=0.5LT_{HYPE} = 0.5
Normal mode: gross exposure drives LcrossL_{cross} high enough that LTATALT_{ATA} collapses to 0 — no borrowing headroom despite the hedge. E-Mode: the protocol recognizes perfect correlation and overrides to LTATA→0.9LT_{ATA} \rightarrow 0.9, enabling up to 10x looping to maximize funding-rate yield while staying within the strategy guardrails.