Standby mode

Due to minimum size thresholds enforced by Hyperliquid, when the TVL of a specific leveraged token is below $250 it enters Standby mode. In standby mode users can still mint and redeem leveraged tokens. However all funds will be held idly in the HyperEVM smart contract and have no exposure to the underlying asset. Meaning, the value of minted tokens will remain static until the enforced TVL requirements are met. As soon as the TVL of a leveraged token goes above $300, it will be activated again with no additional action required by the user.

Standby mode is very uncommon and will most likely (if ever) only impact low volume long tail assets.