Architecture overview

HyperVeil uses a hybrid pooled design.

 users ──deposit──▶ shielded note pool (commitments)
                          │
                          ▼
                 unlinkable ledger  ◀── viewing keys (per user)
          (collateral · position · margin · PnL)
                          │  orders
                          ▼
                internal netting (opposing flow)
                          │  net residual
                          ▼
        HyperVeil pool accounts ──▶ Hyperliquid order book
                          │
                          ▼
     proof of solvency: pool equity on Hyperliquid
              ≥ commitment sum of internal liabilities

1. Users deposit into a shielded note pool. Fresh commitments are used per fill, built so account state is never a reusable public address.
2. A small set of HyperVeil pool accounts holds and executes positions on Hyperliquid.
3. The unlinkable ledger records each user's collateral, position, margin and PnL.
4. Internal netting offsets opposing user flow to shrink the pool's public footprint. The net residual always executes on Hyperliquid, and every price comes from Hyperliquid. HyperVeil runs no separate order book and sets no prices of its own.
5. HyperVeil publishes batched timestamps for its own disclosed activity and reports aggregate open interest, never per-user open interest.
6. Funding settles inside commitments, designed so it never appears as per-user public transfers.
7. Private liquidation closes insolvent commitments on the ledger, designed to act before Hyperliquid's maintenance threshold on the pool.
8. The protocol is designed to publish proof of solvency and supports viewing keys for optional self-disclosure.