What is Notional
Notional is an application-specific blockchain for margining and lending across all venues. It is designed for higher leverage, yield-bearing margin, and multi-asset collateral — just to start. All of this with almost no additional latency compared to trading natively. Notional is starting with Hyperliquid as its initial execution venue. Over time, the protocol plans to expand to additional venues (eg. Polymarket).Technical Overview
Notional runs a pooled collateral, financing, and execution system inside a Trusted Execution Environment (TEE). User balances, borrows, positions, fills, and withdrawals are tracked on an immutable ledger, while pooled USDC liquidity can be used to finance margin when additional buying power is needed. From a systems perspective, Notional separates user-level accounting from venue-level execution. Users see their own balances and positions on the protocol ledger, while venues see the protocol account and its net activity. The protocol executes through venue accounts controlled inside the TEE and can net risk internally before sending flow outward, which improves capital efficiency while keeping execution fast and risk management centralized.What You Get
Higher leverage
Up to 100x effective leverage via margin financing within the TEE with the protocol’s idle
USDC.
Yield bearing margin
Your USDC margin earns yield from protocol fees and interest while you trade, turning idle
capital into earning capital.
Sub-30ms execution
The protocol owns exchange accounts (eg. Hyperliquid/Hypercore) directly in a TEE, giving you
institutional-grade speed without custody risk.
Multi-asset margin
Trade perps using BTC, ETH, SOL, or HYPE as collateral. No need to sell your spot holdings.
Coming soon
Cross venue margin
One balance backs all positions across venues, with shared margin instead of fragmented
collateral and manual rebalancing.
Full privacy
Orders, liquidation points, stop losses, and related execution logic are obscured via our TEE
based collateral pool model and trade netting.
Price improvement
Internal matching can improve execution, and market makers can fill at better prices than the
visible orderbook when they choose to.
Lending
Borrow against your crypto, stocks, and other assets directly through the protocol.