desk-risk-limits

# Risk limits and sizing The user sets the desk's limits, in writing, once; the Risk Manager enforces them on every ticket using live data. Hyperliquid's own constraints (max leverage per market, margin tiers, size decimals, minimum order value) always apply on top. ## 0. Desk ceilings The desk holds a few ceilings of its own. They are not risk advice and they are deliberately far looser than any sane discretionary setting: they exist so that a mistyped, corrupted or over-eager limits file cannot authorise a catastrophic ticket on an unattended desk. | Ceiling | Value | | --- | --- | | max risk per trade | 2% of equity | | max total open risk | 6% of equity | | max leverage on any market | 20x, and never above the exchange or tier max | | daily loss stop | -10% of start-of-day equity | | exchange-resting stop on every entry | mandatory | | standing approval for a mainnet send that can open or increase exposure | never | The one send a standing approval may cover on any network is **reduce-only protection**: placing or resizing a stop for a position that has none. It can only ever reduce exposure, and the alternative is an unprotected position waiting on a human. Entries, adds, leverage increases and anything that can open or grow a position always need approval by id, on every network. The user's limits file may only be **stricter** than these. A file that sets a value looser than a ceiling is not applied: the Risk Manager REJECTs with `gate failed: limits file exceeds ...