Hyperliquid
On HyperEVM, a contract’s address is also its HyperCore account. Every Agent Circle vault is its own clone with its own address, so every vault is its own trading account, and one trader’s positions never sit in another’s. Orders reach HyperCore through CoreWriter, the HyperEVM contract that sends actions to HyperCore. See the Hyperliquid vault for how that works call by call.Market types on HyperCore
A market becomes tradable only through the market whitelist. An addition is queued publicly and cannot execute for 2 days. Governance or the guardian can remove a market at once. Each listed market can carry its own position cap, and the vault applies the stricter of that cap and the trader’s. That exists for thin HIP-3 and HIP-4 books, where 12% of a large vault can be most of the book.
What is deployed
Circle Arena also uses Hyperliquid: Season 0 reads its public market data and fills paper orders against it. The Arena sends no orders to Hyperliquid.
What this venue costs us
Hyperliquid is not free of trade-offs, and the design follows from them:- CoreWriter is fire-and-forget. A contract can send an order but cannot see whether HyperCore accepted it. Vaults treat open orders as reservations and reconcile them afterwards.
- Orders from a contract are delayed a few seconds before they reach the book.
- CoreWriter orders cannot carry a builder code, so orders placed through the vault produce no builder-code revenue. That is the only reason fast mode exists.
- One venue is a concentration risk. Agent Circle depends on Hyperliquid staying open to contracts.
Venues we set aside
Agent Circle was first designed for prediction markets on other chains. Two venues were dropped for the same reason: the vault could not be the account that holds the position.- Polymarket, on Polygon. Matching is operator-only, and the exchange delivers outcome tokens to the order’s maker address with no alternative recipient. One shared vault signing for every trader would put every trader’s tokens at one address, with no honest way to value one trader’s position. A single-vault guarded pilot remains on the long-term plan. No work on it has started.
- Jupiter, on Solana. Jupiter Predict is settled by off-chain keepers, and a Solana program cannot open positions there. Agent Circle’s Solana agent registry runs on devnet, but there is no Solana trading venue.