# Hyperliquid

Pear functions as a **non-custodial trading front-end** on Hyperliquid. We route your paired perpetual futures orders through **builder codes**, ensuring both legs (long & short) are executed efficiently and transparently—while you always maintain full fund control on Arbitrum.

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#### 🛠️ Technical Workflow

1. **Builder Code Setup**
   * Each order dispatched through Pear includes a builder payload:

     `{"b": <PearBuilderAddress>, "f": <fee_in_tenths_of_bps>}`.
   * Users initially execute an `ApproveBuilderFee` transaction on Arbitrum to authorize Pear's builder address and max fee — fully on-chain\
     <https://hyperliquid.gitbook.io/hyperliquid-docs/trading/builder-codes>
2. **Perpetual Futures via Hyperliquid**
   * Pear supports fully **on-chain perp execution** on Hyperliquid’s orderbook. Both legs of a pair trade are **perps denominated in USDC** and executed on Arbitrum through Hyperliquid’s Layer‑1 solution routing.
3. **Atomic, Timestamp-Synced Execution**
   * Pear orchestrates simultaneous dispatch of long and short orders in the **same block**, ensuring near-identical execution time for each leg.
4. **Non-Custodial Flow**
   * You deposit collateral directly into Hyperliquid. Pear never holds your funds—it only manages and routes order creation, monitoring, and closure.
   * Your trades merely include Pear’s builder code for attribution and fee tracking.

#### 🧭 Step-by-Step Flow via Arbitrum

1. **Approve Permissions**: User submits `ApproveBuilderFee` transaction (one-time).
2. **Open Pair Trade**: User designs trade (e.g. long BTC, short ETH) via Pear.
3. **Routing Orders**: Pear formats two transactions, each including builder code, and sends to Hyperliquid on Arbitrum.
4. **Execution by Hyperliquid**: Both orders enter HypCore in the same block, executed and margin managed by Hyperliquid.
5. **Monitoring & Management**: Pear tracks positions via Hyperliquid API; users can view real-time PnL, funding, and close or adjust positions—all via Pear UI.