> For the complete documentation index, see [llms.txt](https://docs.hyperlink.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.hyperlink.xyz/security/risks.md).

# Risks

Risks to understand before using HyperLink, the prime broker for Hyperliquid: smart contract, enclave, market, privacy, and dependency risk categories.

HyperLink is a prime broker for Hyperliquid. Read these risks before depositing. This list is not exhaustive; evaluate each category against your own risk tolerance.

## Smart contract risk

HyperLink's withdrawals and on-chain verification depend on smart contracts on HyperEVM. A bug or vulnerability in any of them can lead to loss of funds. Addresses are listed on [Smart Contracts](/security/smart-contracts.md).

## Enclave / TEE risk

HyperLink runs all trading and balance logic inside a secure enclave (TEE), and privacy depends on the hardware isolation of that environment. A flaw in the enclave code, the hardware, or the underlying infrastructure could compromise privacy or funds, and an infrastructure outage can interrupt trading.

**Mitigation:** the enclave publishes a measurement of the running code, so it can be compared with the expected deployment measurement.

## Hyperliquid dependency risk

HyperLink routes every order into Hyperliquid and depends on it for execution, liquidity, and market data. HyperLink does not control Hyperliquid. If Hyperliquid suffers downtime or problems, you cannot trade through HyperLink.

**Mitigation:** your funds remain recoverable on-chain even if Hyperliquid is unavailable.

## Market / liquidity risk

You face the same market risks as a direct Hyperliquid trader: slippage on large orders, thin liquidity in some markets, funding-rate exposure, and liquidation when account value falls below maintenance margin. Maximum leverage is per-asset and currently lower than Hyperliquid's max margin tier for the same asset, so a position you could open elsewhere may exceed HyperLink's allowed leverage.

## Privacy limits

HyperLink hides balances, positions, and orders, but deposits and withdrawals are public on HyperCore. Anyone can see deposit and withdrawal amounts, addresses, and timing, and may try to correlate them with market activity. Privacy rests on the enclave's hardware isolation; inside the enclave, your activity is known to the running code.

## HyperEVM network risk

HyperLink's contracts run on HyperEVM (network chainId 999). As a newer network, it can experience downtime, consensus issues, or vulnerabilities affecting withdrawals and verification.

## Key / agent risk

You sign requests with EIP-712 signatures, and API keys are approved agent wallets. Loss or theft of a signing key exposes the account it controls. Agents can trade and query but **cannot** withdraw or approve other agents; withdrawals require your master account's own signature. See [Authentication & Keys](/api/api-keys.md).

## Related

* [Security](/security/security.md): the trust model and what you can verify.
* [Audits](/security/audits.md): independent security reviews.
* [FAQ](/more/faq.md): common questions.


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