# Hyperliquid Spot Trading Guide: How to Buy & Sell HIP-1 Tokens > Learn how to spot trade on Hyperliquid. Understand HIP-1 tokens, navigate spot markets, buy your first token, and know the key differences between spot and perps. *Source: https://hyperliquidguide.com/guides/trading/spot-trading-guide* ## What Is Spot Trading on Hyperliquid? If you have used Hyperliquid for [perpetual futures](/guides/trading/perpetuals-explained), you already know the interface, the speed, and the zero-gas-fee experience. Spot trading on Hyperliquid gives you all of that - but for buying and selling actual tokens instead of trading derivatives contracts. When you buy a token on the spot market, you own it. There is no leverage, no liquidation price, no funding rates. You buy PURR, you hold PURR. You sell it when you want, at the price you choose. It is the simplest form of trading, running on Hyperliquid's fully on-chain order book. With [unified accounts](/guides/trading/unified-accounts-guide), your spot and perps balances share the same USDC pool - no more manual transfers between them. Spot trading launched as Hyperliquid expanded beyond perpetual futures into [commodities](/guides/trading/commodities-trading-guide) and [equity perps](/guides/trading/equity-perps-guide), and it has opened up an entirely new ecosystem of tokens native to the Hyperliquid blockchain. > **Tip:** If you do not have a Hyperliquid account yet, start with our [beginner guide](/guides/getting-started/how-to-trade-on-hyperliquid) and make sure to use a [referral link](https://app.hyperliquid.xyz/join/Concept211) for a 4% lifetime fee discount. The discount applies to both spot and perpetual trading. --- ## What Are HIP-1 Tokens? HIP-1 is Hyperliquid's native token standard - think of it as Hyperliquid's equivalent of ERC-20 on Ethereum. Any token deployed through the HIP-1 standard can be traded directly on Hyperliquid's spot order book. Our [full HIP-1 explainer](/ecosystem/hip-1-native-token-standard) covers the deployment parameters, hyperliquidity, deployer fee shares, and the proposed `scaleWei` upgrade that would bring dividends and stock splits to spot tokens. ### How HIP-1 Works Projects and communities can deploy tokens natively on the Hyperliquid L1. These tokens inherit all the benefits of the Hyperliquid chain: - **Zero gas fees** for every transfer and trade - **Sub-second finality** on all transactions - **Full order book trading** with limit orders, market orders, and the same professional tools available for perps ### Notable HIP-1 Tokens The HIP-1 ecosystem has grown rapidly. Some examples include: - **[HYPE](/ecosystem/what-is-hype-token)** - Hyperliquid's native protocol token, used for staking, governance, and fee discounts - **[PURR](/ecosystem/purr-token-explained)** - The first HIP-1 token ever deployed, airdropped to points holders in April 2024 - **[Unit assets](/ecosystem/unit-protocol-guide)** - uBTC, uETH and uSOL, spot representations of major cryptocurrencies held 1:1 - ** [xStocks equity tokens](/ecosystem/xstocks-tokenized-stocks-hyperliquid)** - AAPLX, TSLAX, NVDAX and seven more share-backed stock tokens, deployed August 2026 - **Various community tokens** - New HIP-1 tokens launch regularly as the ecosystem grows The full list of available spot markets is visible in the Hyperliquid trading interface under the Spot tab. Note that a ticker existing there does not guarantee anyone is trading it. Several of the newer listings, the [tokenized equities](/ecosystem/xstocks-tokenized-stocks-hyperliquid) included, still have empty order books. > **Key takeaway:** HIP-1 tokens are native to Hyperliquid. They trade on the same high-performance order book as perpetuals, with the same zero gas fees and sub-second execution. This makes Hyperliquid's spot market fundamentally different from AMM-based DEXs. --- ## How to Access Spot Markets Getting to the spot markets on Hyperliquid takes about two clicks: 1. **Open the Hyperliquid trading interface** at app.hyperliquid.xyz 2. **Click the "Spot" tab** in the market selector area (near the top of the interface, where you switch between assets) 3. **Browse available pairs** - You will see a list of HIP-1 tokens paired with USDC 4. **Select a token** to open its order book, chart, and trading panel ![Hyperliquid interface showing the Spot tab selected with a list of available HIP-1 token pairs](/images/trading/shared/hyperliquid-spot-interface.webp) The spot trading interface is nearly identical to the perpetual futures interface. The chart, order book, order entry panel, and portfolio section all work the same way. The main difference is that there is no leverage selector and no funding rate - because spot trading does not involve derivatives. > **Note:** Not all tokens available as perpetual futures have spot markets, and vice versa. The spot market features tokens deployed through HIP-1, while perps can list any asset with a reliable price feed. Check both tabs to see the full range of what is available. ## Buying Your First Token This walkthrough focuses specifically on buying a **spot** HIP-1 token — outright ownership, no leverage, no liquidation. If you have never placed any order on the platform before and want the full beginner flow (wallet, deposit, your first perp trade, and managing a position), start with [how to trade on Hyperliquid](/guides/getting-started/how-to-trade-on-hyperliquid) first, then come back here for the spot-specific steps. ### Step 1: Make Sure You Have USDC Spot purchases on Hyperliquid are settled in USDC. You need USDC deposited into your Hyperliquid account. If you have not done this yet, follow our [deposit guide](/guides/getting-started/deposit-usdc-to-hyperliquid). ### Step 2: Navigate to the Spot Market Click the Spot tab and select the token you want to buy. For this example, we will use PURR-USDC. ### Step 3: Choose Your Order Type - **Market order:** Buys immediately at the best available price. Simple, fast, but pays taker fees (0.070%). - **Limit order:** Sets a specific price you are willing to pay. You wait for the market to come to your price. Pays lower maker fees (0.040%) if your order rests on the book. For a full breakdown of all available order types including stop-loss and take-profit, see our [order types guide](/guides/trading/order-types-guide). For your first spot trade, a limit order placed slightly above the current bid is a good middle ground - it will likely fill quickly while still paying maker fees. ### Step 4: Enter Your Size Type the amount of USDC you want to spend, or the number of tokens you want to buy. The interface shows the estimated fill price and total cost. ### Step 5: Confirm and Execute Review the order details and click "Buy." If you placed a market order, it fills instantly. If you placed a limit order, it appears in your open orders until filled. Your tokens appear in your portfolio immediately after the order fills. ![Spot order entry panel on Hyperliquid with a limit buy order for PURR-USDC](/images/trading/shared/hyperliquid-spot-purr.webp) --- ## Spot vs Perpetual Trading Both spot and perpetual futures are available on Hyperliquid, and understanding when to use each is important. | Feature | Spot Trading | Perpetual Futures | |---|---|---| | **What you own** | The actual token | A derivatives contract | | **Leverage** | None (1x only) | Up to 50x | | **Liquidation risk** | None | Yes, based on leverage | | **Funding rates** | None | Paid/received every hour | | **Shorting** | Must own the token to sell | Can short without owning | | **Best for** | Long-term holding, new tokens | Short-term trading, hedging | | **Fee rates** | 0.070% taker / 0.040% maker | 0.045% taker / 0.015% maker | | **Settlement** | USDC | USDC | ### When to Use Spot - **You want to hold a token long-term.** No funding rates means no ongoing costs for holding. A perpetual futures position costs you funding every hour - spot ownership costs you nothing after the initial purchase. - **You want to own HIP-1 native tokens.** Some tokens are only available on Hyperliquid's spot market. - **You want zero liquidation risk.** Your token can go down 90% and you still own it. There is no margin call, no forced closure. - **You are accumulating tokens for staking or governance.** To stake HYPE for fee discounts or participate in governance, you need to own the actual tokens - not a perpetual contract. - **You want to use tokens as DeFi collateral.** Spot holdings can be deposited into protocols like [Felix or HyperLend](/guides/trading/lending-borrowing-guide) to earn yield or borrow against your positions. ### When to Use Perps - **You want leverage.** Spot is always 1x. Perps let you amplify your exposure - see our [leverage trading guide](/guides/trading/leverage-trading-guide) for details. - **You want to short.** Spot trading requires you to own a token before selling. Perps let you [open a short position](/guides/getting-started/how-to-short-on-hyperliquid) on any listed asset. - **You are actively trading and want capital efficiency.** With leverage, you can control larger positions with less capital, freeing up margin for other trades. > **Key takeaway:** Spot is for owning. Perps are for trading. If you believe in a token long-term and want to hold it, buy spot. If you are making short-term directional bets or want leverage, trade perps. Many traders use both - spot for their core holdings and perps for active trading. **Start Spot Trading on Hyperliquid** — Buy HIP-1 tokens with zero gas fees on Hyperliquid's on-chain order book. Sign up through our referral link for a 4% lifetime discount on both spot and perpetual trading fees. [Get Your 4% Discount](https://app.hyperliquid.xyz/join/Concept211) ## Understanding Spot Fees Spot trading fees on Hyperliquid are higher than perpetual futures rates: - **Taker fee:** 0.070% (market orders and immediately filled limit orders) - **Maker fee:** 0.040% (limit orders that rest on the book) - **Gas fees:** Zero. Always. Spot volume counts 2x toward fee tiers, so active spot traders unlock VIP discounts faster than their raw volume would suggest. All the same fee reduction mechanisms apply to spot trading: - **Referral discount:** 4% lifetime reduction when you sign up through a [referral link](https://app.hyperliquid.xyz/join/Concept211) - **HYPE staking:** Up to 40% additional reduction - **VIP tiers:** Volume-based discounts for high-volume traders For a complete breakdown of fees and how to minimize them, see our [fee guide](/guides/fees/fees-explained). > **Tip:** Use limit orders for spot purchases. Paying 0.040% instead of 0.070% saves you 43% on fees. On a $10,000 token purchase, that is $3.00 saved by simply placing a limit order instead of a market order. It adds up. --- ## Risks of Spot Trading on Hyperliquid Spot trading eliminates leverage risk and liquidation risk, but it comes with its own set of considerations. ### Newer, Less Established Tokens Many HIP-1 tokens are newer projects without the track record of established Layer 1 tokens or major DeFi protocols. Some will succeed and grow; others will not. The barrier to deploying an HIP-1 token is relatively low, which means you need to do your own research before buying. ### Liquidity Varies Significantly Major pairs like HYPE-USDC have deep order books. Smaller community tokens may have thin liquidity, which means: - Larger orders may suffer slippage - Wide bid-ask spreads can increase your effective cost - Selling quickly in a downturn may be difficult Always check the order book depth before placing a large spot order. If the book is thin, consider using limit orders or breaking your purchase into smaller chunks. ### Tokens Are Native to Hyperliquid HIP-1 tokens exist on the Hyperliquid L1 blockchain. While HYPE can be bridged to other chains, many community tokens currently cannot be transferred off the Hyperliquid ecosystem. If you need cross-chain portability, verify whether the specific token supports bridging before buying. > **Warning:** Do your own research (DYOR) on any HIP-1 token before buying. Check the project's community, documentation, token distribution, and trading volume. The fact that a token is listed on Hyperliquid's spot market does not constitute an endorsement of the project. Only invest what you can afford to lose. ### Price Volatility Spot tokens - especially small-cap HIP-1 tokens - can be extremely volatile. 50%+ daily price swings are not unusual for newer listings. While you cannot be liquidated in spot trading, you can still lose a significant portion of your investment if a token's price drops sharply. **Trade Spot & Perps on One Platform** — Hyperliquid gives you access to both spot and perpetual futures with zero gas fees, deep liquidity, and no KYC. Save 4% on all trading fees with our referral code. [Start Trading Now](https://app.hyperliquid.xyz/join/Concept211) ## Summary Spot trading on Hyperliquid brings the same speed, zero gas fees, and professional order book experience that made its perpetual futures popular - but for outright token ownership. With HIP-1 tokens, you can buy, hold, and sell native Hyperliquid ecosystem tokens without worrying about leverage, liquidation, or funding rates. Key points to remember: - **HIP-1 tokens are Hyperliquid's native token standard**, traded on the same high-performance order book as perps - **Spot trading has no leverage, no liquidation, and no funding rates** - you own the tokens outright - **Spot fees are higher than perps** (0.070% taker, 0.040% maker vs 0.045% / 0.015% for perps), but spot volume counts 2x toward fee tiers - **Use limit orders** to pay 43% less in fees than market orders - **Do your own research** on HIP-1 tokens - newer projects carry higher risk and may have lower liquidity - **Consider spot for long-term holds** and perps for short-term leveraged trades - **Explore the full ecosystem** - spot tokens are just one part of Hyperliquid's expanding [DeFi ecosystem](/ecosystem/hyperliquid-defi-ecosystem), which includes lending, liquid staking, and structured products If you are ready to explore Hyperliquid's spot markets, make sure your account was created through a [referral link](https://app.hyperliquid.xyz/join/Concept211) for a 4% lifetime fee discount on every spot and perpetual trade. For detailed deposit instructions, see our [USDC deposit guide](/guides/getting-started/deposit-usdc-to-hyperliquid).