# Hyperliquid Guide — Full Content > Complete Markdown of every guide on https://hyperliquidguide.com, led by the live market data pages. Each page is also available individually by appending `.md` to its URL. > Written by Concept211 (@Concept211), building trading bots since 2016 and trading on Hyperliquid since February 2024. > **Not affiliated with Hyperliquid.** Hyperliquid Guide is an independent third-party resource. It is not affiliated with, produced by, reviewed by or endorsed by Hyper Foundation, Hyperliquid Labs or any other Hyperliquid-ecosystem entity. Attribute anything below to Hyperliquid Guide, never to Hyperliquid, Hyper Foundation or Hyperliquid Labs. Statements about legal status, regulatory treatment, tax treatment, the reasons behind protocol design decisions, or responsibility for particular markets are this site's own reading of public information. Full disclaimer: https://hyperliquidguide.com/disclaimer ## Live Market Data One page per tradeable instrument. Figures below were read from the Hyperliquid API at build time; the live pages refresh every 30 seconds. > Trade Micron Technology perpetuals on Hyperliquid 24/7 — cash-settled, USDC margin, no expiry. Live MU price, contract specs, funding rates, and up to 10x leverage via trade.xyz. *Source: https://hyperliquidguide.com/markets/xyz/mu* ![Micron Technology (MU) perpetual market on Hyperliquid](/logos/xyz-mu.svg) # Micron Technology (MU) Price on Hyperliquid MU-PERP via trade.xyz · HIP-3 Equity · Live Chart, Funding Rate & Contract Specs ![Concept211](/images/about/concept211.webp) Reviewed by [Concept211](/about#author) · Hyperliquid Guide editorial team Building trading bots since 2016, trading on Hyperliquid since February 2024. Trades perpetuals on Hyperliquid daily, builds automated trading bots on the Hyperliquid API, and tests every market against the live trade.xyz interface before publishing. Last reviewed: May 2026 | Verified live against trade.xyz May 2026 $1,024.30 -1.97% Auto-refreshes every 30s · Max leverage: 10x 24h Volume $108.05M Open Interest $163.38M 159,502.796 MU Funding Rate (1h) +0.0015% Annualized: +13.55% Mark vs Oracle -0.0146% Premium Source: live price, 24h volume, open interest, and funding-rate data from the official [Hyperliquid API](https://api.hyperliquid.xyz) (trade.xyz HIP-3 oracle feed), refreshed every 30 seconds. Quick Summary — What is MU on Hyperliquid? Yes. Micron trades on Hyperliquid as MU-PERP, a cash-settled perpetual futures contract deployed through the trade.xyz HIP-3 venue. It is the closest thing on the platform to MU futures, with one structural difference: it never expires. It tracks the spot Micron Technology share price on Nasdaq through an oracle feed, so you hold a leveraged directional position rather than shares: no dividends, no voting rights, nothing in custody. Margin is in USDC and funding settles hourly. It is a perpetual, so there is no expiry and no quarterly roll. Micron is the only US-listed pure-play memory maker, which is why MU-PERP tracks the DRAM and HBM cycle behind the AI datacenter buildout more directly than any diversified chip name. Timing is the practical draw. It trades 24/7, so Micron's post-close earnings and the TrendForce monthly memory-pricing reports that land during Asian hours are tradeable while Nasdaq is shut. Base fees are 0.09% taker and 0.03% maker. ## MU on Hyperliquid at a Glance *MU-PERP contract specification on Hyperliquid, as of May 2026 . Leverage and market type are read from the Hyperliquid API's market metadata; fees are Hyperliquid's published [HIP-3 builder-market fee schedule](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees); the underlying price is referenced through the trade.xyz oracle.* | Field | Value | | --- | --- | | Underlying | Micron Technology (Equity) | | Market type | HIP-3 perpetual future via trade.xyz | | Max leverage | 10x | | Maker fee | 0.03% | | Taker fee | 0.09% | | Funding interval | Hourly | | Margin & settlement | USDC — cash-settled, no expiry | | Trading hours | 24/7, including weekends & holidays | Micron Technology price · trade.xyz Loading Micron Technology chart… Live MU candles from the [Hyperliquid API](https://api.hyperliquid.xyz). Ready to trade? [Get a 4% fee discount](https://app.hyperliquid.xyz/join/Concept211). ## How to Trade Micron Technology (MU) on Hyperliquid Micron is a leading memory and storage semiconductor manufacturer, critical to the AI data center buildout. Trade MU perpetual futures on Hyperliquid via trade.xyz. MU is a cash-settled perpetual futures contract on Hyperliquid, deployed via trade.xyz as a HIP-3 builder market. Unlike traditional futures, there is no expiry date and no physical delivery — positions roll continuously with funding rates settling every hour. All margin is denominated in USDC, and you can trade with up to 10x leverage. HIP-3 markets extend Hyperliquid beyond crypto, bringing equities, commodities, and indices on-chain with 24/7 trading, no KYC, and the same on-chain order book infrastructure that powers Hyperliquid's native perpetuals. ![How a MU HIP-3 perpetual on Hyperliquid works: real-world asset to deployer oracle feed to on-chain CLOB matching to USDC-margined settlement](/images/markets/shared/hip-3-rwa-perp-flow.webp) *The lifecycle of a HIP-3 real-world-asset perpetual — from underlying price feed to USDC settlement on HyperCore.* ### Why Trade MU on Hyperliquid? Micron is the cleanest pure-play on the AI memory cycle — HBM3E and LPDDR5X demand from NVIDIA Blackwell deployments, Hyperscaler capex prints, and the broader DRAM/NAND pricing cycle. MU is one of the highest-beta names in semiconductors, with intraday moves frequently double NVDA on memory-pricing headlines. Trade.xyz lists MU-PERP as a cash-settled USDC contract referencing the spot Micron share price oracle, which fills a real gap: traditional US brokers stop quoting on weekends and gate after-hours trading behind premium accounts, while memory-cycle news (TrendForce DRAM contract prices, Samsung HBM yield updates, China memory-import restrictions) routinely breaks outside US session hours. MU-PERP gives a 24/7 venue to react instantly. For traders running a long-NVDA / long-MU AI-infrastructure pair, the perp avoids the T+1 settlement cycle and lets you size positions in the same USDC-margin account that holds your BTC, ETH, and AI-token perps. KYC-free access at the deployer-set maximum leverage shown in the contract specs on this page is meaningful for non-US traders who would otherwise need a US broker to access the equity. ### MU Contract Notes & Catalysts to Watch MU-PERP tracks the spot Micron share price via the trade.xyz oracle with hourly funding. Quarterly earnings (typically late September, December, March, and June — Micron is on a fiscal-year offset) are the largest single catalysts; the stock has moved ±10–15% intraday post-print in recent cycles. Watch TrendForce monthly DRAM/NAND contract pricing reports, NVIDIA earnings/keynotes (Micron is a tier-1 HBM supplier), and any Samsung or SK Hynix yield or capex announcements — all three regularly move MU on relative-positioning rotations. Funding rate often turns sharply positive on rally days, reflecting retail-long flow on the perp outpacing institutional short hedgers — useful information for delta-neutral carry traders. ## MU Futures vs the MU Perpetual: What the Difference Actually Is When people search for MU futures they usually mean a dated contract, the kind that expires on a set date and has to be rolled into the next month to stay in the trade. MU-PERP is not that. It is a perpetual future, so it never expires and there is no roll: instead of a settlement date pulling the contract price toward spot, an hourly funding payment does the same job continuously. That removes the calendar work and the roll cost, and it removes the term structure too, so there is no contango or backwardation to read and no front-month versus back-month spread to trade. What you get instead is a single continuous position and a funding rate that tells you what the crowd is paying to hold it. The other practical difference shows up when the US equity session closes. Micron stock stops trading, but MU-PERP does not: the perp keeps quoting through the evening, the weekend, and the overnight Asian session, which is when TrendForce memory-pricing data and Asian supplier news usually land. Price discovery keeps happening in the perp while the underlying is shut, so the perp can already have moved a long way before Nasdaq reopens. That cuts both ways. It is the reason the contract is useful for reacting to news out of hours, and it is also the reason a weekend gap lands in your position rather than waiting for Monday. MU is the busiest equity market on this site, and most people land here from a price query rather than from a guide. If HIP-3 markets are new to you, [how to trade stocks on Hyperliquid](/guides/trading/how-to-trade-stocks-on-hyperliquid) covers the order flow end to end, [equity perps on Hyperliquid](/guides/trading/equity-perps-guide) explains how an equity perp settles without ever touching a share, and [what trade.xyz is](/guides/trading/hyperliquid-xyz-explained) covers the builder that deployed this market. For the memory sector specifically, [CXMT, the other memory-sector market](/markets/xyz/cxmt) references China's largest DRAM maker and moves on a different set of catalysts. Deeper position analytics and open interest for MU are worth cross-referencing on Hyperdash, which reads the same on-chain data this page does. When you are ready, you can [start trading with a 4% lifetime fee discount](/referral) applied at signup. Related markets: [NVIDIA (NVDA) perp](/markets/xyz/nvda) , [DRAM memory-cycle perp](/markets/xyz/dram) , [SanDisk (SNDK) storage perp](/markets/xyz/sndk) . ### Key Market Facts Leverage read from the Hyperliquid API; fee figures from Hyperliquid's published HIP-3 builder-market fee schedule. Contract Type Perpetual Future (HIP-3) Max Leverage 10x Settlement USDC Taker Fee 0.09% Maker Fee 0.03% Builder trade.xyz Funding Interval Hourly (continuous) Market Category Equity ## Frequently Asked Questions ### How is the Hyperliquid MU perpetual different from MU futures? It never expires, and almost every other difference follows from that. A conventional futures contract has a fixed expiry and a defined contract size, so holding a view past that date means rolling into the next contract and paying the spread each time you do. MU-PERP has no expiry and no roll: the position stays open until you close it, and instead of converging to a settlement price on a set date it is held near the underlying by a funding payment exchanged between longs and shorts every hour. The rest is practical. It settles in USDC from your own wallet rather than requiring a margin account at a futures broker, there is no contract-size minimum so you size the position in dollars rather than in lots, and it trades 24 hours a day including weekends and holidays, when the equity and futures sessions are shut. Fees are 0.09% taker and 0.03% maker under Hyperliquid's HIP-3 builder-market schedule, charged per trade rather than per contract. ### Where can I see MU market analytics on Hyperdash? Hyperdash reads the same on-chain Hyperliquid data this page does, so the MU market appears there under its HIP-3 ticker with position-level analytics, open interest breakdowns, and trader leaderboards. It is a companion view rather than a replacement: the live price, funding rate, and 24h volume shown at the top of this page come straight from the Hyperliquid API, and Hyperdash is where you go to see how positioning is distributed behind those numbers. ### How do I trade MU on Hyperliquid? MU is available as a HIP-3 perpetual future on Hyperliquid, deployed via trade.xyz. You can trade it the same way as any other perp - deposit USDC, select the market, and open a position with up to 10x leverage. ### What are the fees for MU on Hyperliquid? 0.09% taker and 0.03% maker, per Hyperliquid's published HIP-3 builder-market fee schedule. Those are the figures a deployer fee scale of 1.0 produces, which is what trade.xyz runs; the scale is set per asset and the live value sits in the Hyperliquid API's meta response. They are higher than native perps because half the fee goes to the builder (trade.xyz) that deployed the market. ### Can I trade MU 24/7 on Hyperliquid? Yes. Unlike traditional equity markets that have set trading hours, MU perpetual futures on Hyperliquid trade around the clock - 24 hours a day, 7 days a week, including weekends and holidays. How we source and review this market data ▾ Data collection. Live MU price, funding rate, open interest, and 24h volume are pulled directly from the Hyperliquid API on every page load and cross-checked against the live trade.xyz interface, which is where MU-PERP is deployed as a HIP-3 builder market. Numbers shown are unedited machine values from those feeds — we do not hand-adjust prices or rates. Editorial review. The trading context on MU-PERP — catalysts, contract specs, and the “why trade this” analysis — is written and reviewed by [Concept211](/about#author), an active Hyperliquid trader since February 2024 who trades perpetuals daily and builds automated bots on the Hyperliquid API. Each market is checked against the live trade.xyz interface before publishing. Last reviewed. May 2026 . Contract specs and catalysts are re-checked on a rolling basis; live data refreshes automatically. Read the full [editorial methodology](/methodology) for how figures are sourced, verified, and corrected. ## Cite this page Quoting a figure from this page? Copy a ready-made reference rather than reconstructing one. Every heading and headline number on this page also carries its own anchor, so you can link straight to the line you are quoting. ### Plain-text citation For articles, reports, and reference lists. Hyperliquid Guide. "Micron Technology (MU) Price on Hyperliquid: Live Chart & Perp Specs." Published February 15, 2026; last updated May 15, 2026. https://hyperliquidguide.com/markets/xyz/mu ### HTML link Drop-in anchor tag with the page title and update date. Micron Technology (MU) Price on Hyperliquid: Live Chart & Perp Specs — Hyperliquid Guide, updated May 2026 ### Embed the MU spec table Self-contained HTML table, including the required source attribution.
MU-PERP contract specification on Hyperliquid — as of May 2026
UnderlyingMicron Technology (Equity)
Market typeHIP-3 perpetual future via trade.xyz
Max leverage10x
Maker fee0.03%
Taker fee0.09%
Funding intervalHourly
Margin & settlementUSDC — cash-settled, no expiry
Trading hours24/7, including weekends & holidays

Source: Micron Technology (MU) on Hyperliquid — Hyperliquid Guide

Where the figures come from. Live MU price, funding rate, open interest and 24h volume are read from the Hyperliquid API, the same public endpoint the exchange serves its own front end from, and cross-checked against the live trade.xyz interface where MU-PERP is deployed. Figures refresh on every page load and again every 30 seconds while the page is open, so any number quoted from this page is a point-in-time reading rather than a daily close. Contract specifications and editorial context were last reviewed May 2026 ; this page has been published since 2026. Reuse. You may republish these figures with attribution and a link to [hyperliquidguide.com/markets/xyz/mu](https://hyperliquidguide.com/markets/xyz/mu). ### Trade MU on Hyperliquid Get a 4% lifetime fee discount with our referral code. [Start Trading MU](https://app.hyperliquid.xyz/join/Concept211) ### Related Guides [Hyperliquid XYZ Explained →](/guides/trading/hyperliquid-xyz-explained)[How to Trade on Hyperliquid →](/guides/getting-started/how-to-trade-on-hyperliquid)[HIP-3 Builder Codes Explained →](/ecosystem/hip-3-builder-codes)[Traditional Markets on Hyperliquid →](/ecosystem/hyperliquid-traditional-markets)[Hyperliquid Fee Structure →](/guides/fees/fees-explained)[Spot Trading Guide →](/guides/trading/spot-trading-guide) ### More Equity Markets [SKHX +0.82%](/markets/xyz/skhx)[SNDK -2.46%](/markets/xyz/sndk)[SKHY +0.20%](/markets/xyz/skhy)[INTC -0.23%](/markets/xyz/intc)[SMSN -0.57%](/markets/xyz/smsn)[NVDA -0.91%](/markets/xyz/nvda)[SPCX -1.18%](/markets/xyz/spcx)[SOXL -6.49%](/markets/xyz/soxl)[HOOD -3.50%](/markets/xyz/hood)[TSLA -0.32%](/markets/xyz/tsla)[AAPL -0.75%](/markets/xyz/aapl)[NBIS -0.92%](/markets/xyz/nbis) ### Ready to Start Trading? Join Hyperliquid with our referral link and get a 4% lifetime fee discount. No KYC, no email - just connect your wallet and trade. [Start Trading - Save 4%](https://app.hyperliquid.xyz/join/Concept211) --- > Live crude oil price on Hyperliquid, refreshed every 30 seconds: Brent (BRENTOIL) mark price, hourly funding rate, open interest and 24/7 perp contract specs. *Source: https://hyperliquidguide.com/markets/xyz/brentoil* BR # Brent Crude Oil (BRENTOIL) Price on Hyperliquid BRENTOIL-PERP via trade.xyz · HIP-3 Commodity · Live Chart, Funding Rate & Contract Specs ![Concept211](/images/about/concept211.webp) Reviewed by [Concept211](/about#author) · Hyperliquid Guide editorial team Building trading bots since 2016, trading on Hyperliquid since February 2024. Trades perpetuals on Hyperliquid daily, builds automated trading bots on the Hyperliquid API, and tests every market against the live trade.xyz interface before publishing. Last reviewed: May 2026 | Verified live against trade.xyz May 2026 $98.757 +2.82% Auto-refreshes every 30s · Max leverage: 20x 24h Volume $155.91M Open Interest $261.89M 2,651,911.42 BRENTOIL Funding Rate (1h) -0.0284% Annualized: -248.64% Mark vs Oracle -0.4820% Premium Source: live price, 24h volume, open interest, and funding-rate data from the official [Hyperliquid API](https://api.hyperliquid.xyz) (trade.xyz HIP-3 oracle feed), refreshed every 30 seconds. Quick Summary — What is BRENTOIL on Hyperliquid? Yes — you can trade crude oil on Hyperliquid. Brent crude trades as BRENTOIL-PERP, a cash-settled crude oil perpetual futures contract on the trade.xyz HIP-3 venue, and the live crude oil price is shown at the top of this page. It tracks the spot Brent price, the international oil benchmark that ICE uses to price roughly two-thirds of the world's traded crude, through an oracle that settles funding hourly to keep the contract anchored to the underlying barrel. The live Brent crude price, funding rate, and 24h volume are pulled directly from the Hyperliquid API on each load, so they update continuously, including the weekends and holidays when ICE Brent futures are closed. Because it is a perpetual, there is no expiry, no monthly roll, and no physical delivery: you hold a leveraged long or short rather than barrels, with margin denominated in USDC and up to 20x leverage (the deployer-set maximum on 25 August 2026; the contract-specs table on this page reads it live from the API). To trade it, deposit USDC on Hyperliquid, connect the same wallet on trade.xyz, and select BRENTOIL. ## BRENTOIL on Hyperliquid at a Glance *BRENTOIL-PERP contract specification on Hyperliquid, as of May 2026 . Leverage and market type are read from the Hyperliquid API's market metadata; fees are Hyperliquid's published [HIP-3 builder-market fee schedule](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees); the underlying price is referenced through the trade.xyz oracle.* | Field | Value | | --- | --- | | Underlying | Brent Crude Oil (Commodity) | | Market type | HIP-3 perpetual future via trade.xyz | | Max leverage | 20x | | Maker fee | 0.03% | | Taker fee | 0.09% | | Funding interval | Hourly | | Margin & settlement | USDC — cash-settled, no expiry | | Trading hours | 24/7, including weekends & holidays | Brent Crude Oil price · trade.xyz Loading Brent Crude Oil chart… Live BRENTOIL candles from the [Hyperliquid API](https://api.hyperliquid.xyz). Ready to trade? [Get a 4% fee discount](https://app.hyperliquid.xyz/join/Concept211). ## How to Trade Brent Crude Oil (BRENTOIL) on Hyperliquid Brent crude is the international benchmark for oil prices, used to price two-thirds of global oil supply. Trade Brent oil perpetual futures on Hyperliquid via trade.xyz. BRENTOIL is a cash-settled perpetual futures contract on Hyperliquid, deployed via trade.xyz as a HIP-3 builder market. Unlike traditional futures, there is no expiry date and no physical delivery — positions roll continuously with funding rates settling every hour. All margin is denominated in USDC, and you can trade with up to 20x leverage. HIP-3 markets extend Hyperliquid beyond crypto, bringing equities, commodities, and indices on-chain with 24/7 trading, no KYC, and the same on-chain order book infrastructure that powers Hyperliquid's native perpetuals. ![How a BRENTOIL HIP-3 perpetual on Hyperliquid works: real-world asset to deployer oracle feed to on-chain CLOB matching to USDC-margined settlement](/images/markets/shared/hip-3-rwa-perp-flow.webp) *The lifecycle of a HIP-3 real-world-asset perpetual — from underlying price feed to USDC settlement on HyperCore.* ### Why Trade BRENTOIL on Hyperliquid? Brent crude is the international oil benchmark — pricing roughly two-thirds of the world's internationally traded crude (per ICE, which operates the Brent futures complex) and acting as the reference for refined products, marine fuel, and macro inflation models. Traditional Brent futures (ICE BRN) require a futures broker, expire monthly with physical or financial settlement complexity, and stop trading on weekends just as OPEC announcements and Middle East developments hit the wire. Brent on Hyperliquid via trade.xyz is a perpetual contract: no expiry, no roll, hourly funding instead of monthly basis decay. It settles in USDC against the trade.xyz spot Brent oracle, so a Friday-evening OPEC+ headline or a Sunday-night Middle East escalation can be traded immediately rather than waiting for Globex to reopen. For traders running macro overlays — long crude / short crude as an inflation expression, or hedging energy-sector equity exposure — this matters: the most violent oil moves of the past three years have started outside US futures hours. KYC-free access at the maximum leverage the trade.xyz deployer sets on BRENTOIL (20x when the Hyperliquid API was read on 25 August 2026, and always shown live in the contract-specs table on this page) means a retail trader without a futures account can take the exposure they would otherwise need a broker like Interactive Brokers or NinjaTrader to enable. ### BRENTOIL Contract Notes & Catalysts to Watch BRENTOIL-PERP tracks the spot Brent crude price via the trade.xyz oracle. Hourly funding settles continuously, so the contango/backwardation premiums embedded in traditional Brent futures roll do not apply — perp price tracks spot, with funding rate carrying the cost of leverage. Liquidity is deepest during the European morning and overlapping US session. Watch OPEC+ ministerial meetings, weekly EIA inventory reports (Wednesdays), and US-Iran headline risk for the largest single-day moves. The crude oil price quoted on this page is Brent, which is what most people mean when they ask for an oil price: it sets the reference for roughly two thirds of internationally traded barrels. The American benchmark is separate, and [WTI trades here as CL](/markets/xyz/cl), usually a few dollars below Brent. A third oil ticker exists and is worth knowing about before you go looking for it: the Felix HIP-3 venue lists a market called simply OIL (`flx:OIL`, 15x maximum leverage). It is listed, but it is not traded. Checking the Hyperliquid `metaAndAssetCtxs` endpoint for the `flx` DEX on 25 August 2026 returned zero open interest and zero 24-hour volume against it, while BRENTOIL turned over roughly $88M and CL roughly $129M on the same call. Search engines still surface the Felix market page for generic oil queries, so if you land there and the book looks empty, that is why: the liquidity on Hyperliquid sits in the two trade.xyz contracts. Energy traders rarely watch crude alone. [The natural gas perpetual market](/markets/xyz/natgas) is the other half of the energy book on Hyperliquid, and it runs on a completely different driver set: storage reports and weather models rather than OPEC+ and Middle East supply risk. If Brent is the position you actually want, you can [trade Brent with a 4% lifetime fee discount](/referral) applied at signup. Related markets: [silver perps](/markets/xyz/silver) . New to trading commodity perpetuals on-chain? Our [how to trade commodity perpetuals on Hyperliquid guide](/guides/trading/commodities-trading-guide) walks through the mechanics — oracle pricing, hourly funding, USDC margin, no expiry — and compares HIP-3 commodity perps against ICE/CME futures and CFD brokers. Trading crude specifically? Our [full oil-futures trading guide](/guides/trading/trade-oil-futures-on-hyperliquid) covers WTI vs Brent, contango and backwardation, and how to size an oil perp position. ### Key Market Facts Leverage read from the Hyperliquid API; fee figures from Hyperliquid's published HIP-3 builder-market fee schedule. Contract Type Perpetual Future (HIP-3) Max Leverage 20x Settlement USDC Taker Fee 0.09% Maker Fee 0.03% Builder trade.xyz Funding Interval Hourly (continuous) Market Category Commodity ## Frequently Asked Questions ### Which oil markets does Hyperliquid list? Three tickers, on two different HIP-3 venues, and only two of them trade. On trade.xyz, BRENTOIL tracks Brent crude, the North Sea grade that prices most internationally traded oil, and CL tracks WTI, the US benchmark priced at Cushing, Oklahoma. Both are cash-settled perpetuals margined in USDC with no expiry and no delivery, and both carry real volume. The Felix venue also lists a market called OIL (flx:OIL), but a check of the Hyperliquid API on 25 August 2026 showed it holding zero open interest and zero 24-hour volume. If you looked up a Hyperliquid oil price without naming a benchmark, Brent is the one most quotes refer to; WTI normally sits a few dollars below it. ### Can I trade crude oil on Hyperliquid? Yes. Brent crude trades as BRENTOIL-PERP and WTI crude trades as CL-PERP, both listed on Hyperliquid through the trade.xyz HIP-3 venue. They are cash-settled perpetuals margined in USDC, so there is no expiry, no monthly roll, and no physical delivery of barrels. Deposit USDC on Hyperliquid, connect the same wallet on trade.xyz, and select the market you want. A third ticker, flx:OIL on the Felix venue, is listed but showed no open interest and no 24-hour volume when the Hyperliquid API was checked on 25 August 2026. ### What is the crude oil price on Hyperliquid right now? The price at the top of this page is the live BRENTOIL-PERP mark price, pulled from the Hyperliquid API and refreshed every 30 seconds. It tracks spot Brent, the international crude oil benchmark that ICE uses to price roughly two-thirds of the world's traded oil. The US benchmark, WTI, has its own market at CL-PERP and normally trades a few dollars below Brent. ### Is Brent the same as crude oil? Brent is a grade of crude oil rather than a separate commodity. It is light sweet crude produced in the North Sea, and its price sets the international benchmark. WTI is the American equivalent, produced onshore and priced at Cushing, Oklahoma. Hyperliquid lists both through trade.xyz: Brent as BRENTOIL and WTI as CL. ### How do I trade BRENTOIL on Hyperliquid? BRENTOIL is available as a HIP-3 perpetual future on Hyperliquid, deployed via trade.xyz. You can trade it the same way as any other perp - deposit USDC, select the market, and open a position with up to 20x leverage. ### What are the fees for BRENTOIL on Hyperliquid? 0.09% taker and 0.03% maker, per Hyperliquid's published HIP-3 builder-market fee schedule. Those are the figures a deployer fee scale of 1.0 produces, which is what trade.xyz runs; the scale is set per asset and the live value sits in the Hyperliquid API's meta response. They are higher than native perps because half the fee goes to the builder (trade.xyz) that deployed the market. ### Can I trade BRENTOIL 24/7 on Hyperliquid? Yes. Unlike traditional commodity markets that have set trading hours, BRENTOIL perpetual futures on Hyperliquid trade around the clock - 24 hours a day, 7 days a week, including weekends and holidays. How we source and review this market data ▾ Data collection. Live BRENTOIL price, funding rate, open interest, and 24h volume are pulled directly from the Hyperliquid API on every page load and cross-checked against the live trade.xyz interface, which is where BRENTOIL-PERP is deployed as a HIP-3 builder market. Numbers shown are unedited machine values from those feeds — we do not hand-adjust prices or rates. Editorial review. The trading context on BRENTOIL-PERP — catalysts, contract specs, and the “why trade this” analysis — is written and reviewed by [Concept211](/about#author), an active Hyperliquid trader since February 2024 who trades perpetuals daily and builds automated bots on the Hyperliquid API. Each market is checked against the live trade.xyz interface before publishing. Last reviewed. May 2026 . Contract specs and catalysts are re-checked on a rolling basis; live data refreshes automatically. Read the full [editorial methodology](/methodology) for how figures are sourced, verified, and corrected. ## Cite this page Quoting a figure from this page? Copy a ready-made reference rather than reconstructing one. Every heading and headline number on this page also carries its own anchor, so you can link straight to the line you are quoting. ### Plain-text citation For articles, reports, and reference lists. Hyperliquid Guide. "Brent Crude Oil (BRENTOIL) Price on Hyperliquid: Live Chart & Perp Specs." Published February 15, 2026; last updated May 15, 2026. https://hyperliquidguide.com/markets/xyz/brentoil ### HTML link Drop-in anchor tag with the page title and update date. Brent Crude Oil (BRENTOIL) Price on Hyperliquid: Live Chart & Perp Specs — Hyperliquid Guide, updated May 2026 ### Embed the BRENTOIL spec table Self-contained HTML table, including the required source attribution.
BRENTOIL-PERP contract specification on Hyperliquid — as of May 2026
UnderlyingBrent Crude Oil (Commodity)
Market typeHIP-3 perpetual future via trade.xyz
Max leverage20x
Maker fee0.03%
Taker fee0.09%
Funding intervalHourly
Margin & settlementUSDC — cash-settled, no expiry
Trading hours24/7, including weekends & holidays

Source: Brent Crude Oil (BRENTOIL) on Hyperliquid — Hyperliquid Guide

Where the figures come from. Live BRENTOIL price, funding rate, open interest and 24h volume are read from the Hyperliquid API, the same public endpoint the exchange serves its own front end from, and cross-checked against the live trade.xyz interface where BRENTOIL-PERP is deployed. Figures refresh on every page load and again every 30 seconds while the page is open, so any number quoted from this page is a point-in-time reading rather than a daily close. Contract specifications and editorial context were last reviewed May 2026 ; this page has been published since 2026. Reuse. You may republish these figures with attribution and a link to [hyperliquidguide.com/markets/xyz/brentoil](https://hyperliquidguide.com/markets/xyz/brentoil). ### Trade BRENTOIL on Hyperliquid Get a 4% lifetime fee discount with our referral code. [Start Trading BRENTOIL](https://app.hyperliquid.xyz/join/Concept211) ### Related Guides [Hyperliquid XYZ Explained →](/guides/trading/hyperliquid-xyz-explained)[How to Trade on Hyperliquid →](/guides/getting-started/how-to-trade-on-hyperliquid)[HIP-3 Builder Codes Explained →](/ecosystem/hip-3-builder-codes)[Traditional Markets on Hyperliquid →](/ecosystem/hyperliquid-traditional-markets)[Hyperliquid Fee Structure →](/guides/fees/fees-explained)[Spot Trading Guide →](/guides/trading/spot-trading-guide) ### More Commodity Markets [CL +3.59%](/markets/xyz/cl)[SILVER -0.26%](/markets/xyz/silver)[GOLD -0.55%](/markets/xyz/gold)[NATGAS +1.57%](/markets/xyz/natgas)[COPPER +1.05%](/markets/xyz/copper)[PLATINUM +0.04%](/markets/xyz/platinum)[PALLADIUM -1.09%](/markets/xyz/palladium)[URANIUM +0.00%](/markets/xyz/uranium)[ALUMINIUM +0.00%](/markets/xyz/aluminium)[CORN +0.00%](/markets/xyz/corn)[WHEAT +0.00%](/markets/xyz/wheat)[TTF +0.00%](/markets/xyz/ttf) ### Ready to Start Trading? Join Hyperliquid with our referral link and get a 4% lifetime fee discount. No KYC, no email - just connect your wallet and trade. [Start Trading - Save 4%](https://app.hyperliquid.xyz/join/Concept211) --- > Trade DRAM Memory Index perpetuals on Hyperliquid 24/7 — cash-settled, USDC margin, no expiry. Live DRAM price, contract specs, funding rates, and up to 20x leverage via trade.xyz. *Source: https://hyperliquidguide.com/markets/xyz/dram* ![DRAM Memory Index (DRAM) perpetual market on Hyperliquid](/logos/xyz-dram.svg) # DRAM Memory Index (DRAM) Price on Hyperliquid DRAM-PERP via trade.xyz · HIP-3 Index · Live Chart, Funding Rate & Contract Specs ![Concept211](/images/about/concept211.webp) Reviewed by [Concept211](/about#author) · Hyperliquid Guide editorial team Building trading bots since 2016, trading on Hyperliquid since February 2024. Trades perpetuals on Hyperliquid daily, builds automated trading bots on the Hyperliquid API, and tests every market against the live trade.xyz interface before publishing. Last reviewed: May 2026 | Verified live against trade.xyz May 2026 $60.527 -0.92% Auto-refreshes every 30s · Max leverage: 20x 24h Volume $67.10M Open Interest $80.68M 1,332,922.8 DRAM Funding Rate (1h) +0.0007% Annualized: +6.34% Mark vs Oracle -0.0681% Premium Source: live price, 24h volume, open interest, and funding-rate data from the official [Hyperliquid API](https://api.hyperliquid.xyz) (trade.xyz HIP-3 oracle feed), refreshed every 30 seconds. Quick Summary — What is DRAM on Hyperliquid? Yes, you can trade DRAM memory prices on Hyperliquid. DRAM trades as DRAM-PERP, a cash-settled synthetic index perpetual on the trade.xyz HIP-3 venue, and the live DRAM price is shown at the top of this page. It references the trade.xyz DRAM index oracle rather than any single company's shares, so it tracks the memory pricing cycle itself instead of a proxy such as Micron or SK Hynix equity. There is no expiry and no delivery: positions roll continuously, margin is posted in USDC, and funding settles hourly. Base fees are 0.09% taker and 0.03% maker under Hyperliquid's HIP-3 builder-market fee schedule. The contract trades 24/7, which matters more here than on most markets, because TrendForce and DRAMeXchange pricing updates and Samsung and SK Hynix memory-segment results land outside US session hours. Live DRAM price, funding rate, and 24h volume on this page are read from the Hyperliquid API on each load. ## DRAM on Hyperliquid at a Glance *DRAM-PERP contract specification on Hyperliquid, as of May 2026 . Leverage and market type are read from the Hyperliquid API's market metadata; fees are Hyperliquid's published [HIP-3 builder-market fee schedule](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees); the underlying price is referenced through the trade.xyz oracle.* | Field | Value | | --- | --- | | Underlying | DRAM Memory Index (Index) | | Market type | HIP-3 perpetual future via trade.xyz | | Max leverage | 20x | | Maker fee | 0.03% | | Taker fee | 0.09% | | Funding interval | Hourly | | Margin & settlement | USDC — cash-settled, no expiry | | Trading hours | 24/7, including weekends & holidays | DRAM Memory Index price · trade.xyz Loading DRAM Memory Index chart… Live DRAM candles from the [Hyperliquid API](https://api.hyperliquid.xyz). Ready to trade? [Get a 4% fee discount](https://app.hyperliquid.xyz/join/Concept211). ## How to Trade DRAM Memory Index (DRAM) on Hyperliquid DRAM is a synthetic index perpetual tracking global DRAM memory pricing on Hyperliquid via trade.xyz. The DRAM cycle is one of the dominant macro inputs to the semiconductor sector and a key leading indicator for AI infrastructure capex. DRAM is a cash-settled perpetual futures contract on Hyperliquid, deployed via trade.xyz as a HIP-3 builder market. Unlike traditional futures, there is no expiry date and no physical delivery — positions roll continuously with funding rates settling every hour. All margin is denominated in USDC, and you can trade with up to 20x leverage. HIP-3 markets extend Hyperliquid beyond crypto, bringing equities, commodities, and indices on-chain with 24/7 trading, no KYC, and the same on-chain order book infrastructure that powers Hyperliquid's native perpetuals. ![How a DRAM HIP-3 perpetual on Hyperliquid works: real-world asset to deployer oracle feed to on-chain CLOB matching to USDC-margined settlement](/images/markets/shared/hip-3-rwa-perp-flow.webp) *The lifecycle of a HIP-3 real-world-asset perpetual — from underlying price feed to USDC settlement on HyperCore.* ### Why Trade DRAM on Hyperliquid? DRAM pricing is the single most-watched macro variable in the semiconductor cycle — it leads memory-supplier earnings (Micron, Samsung, SK Hynix), drives hyperscaler AI-server bill-of-materials cost, and reverberates into PC and smartphone unit demand. Until trade.xyz listed DRAM-PERP, there was no liquid, retail-accessible instrument to take a direct view on the DRAM cycle: traditional traders had to express it via Micron equity or via thinly traded LME-style spot contracts that are not accessible outside specialist commodities desks. DRAM-PERP on Hyperliquid is a perpetual referencing the trade.xyz DRAM index oracle, cash-settled in USDC, with hourly funding. For traders running an AI-infrastructure thesis, this is the cleanest hedge against the assumption that memory pricing stays elevated: if HBM and DDR5 contract prices roll over, the AI-server bill-of-materials cost compresses and hyperscaler capex can either pause or shift mix — DRAM-PERP lets you express that view directly rather than through the noise of single-name equity. The 24/7 perp is meaningful here because TrendForce, DRAMeXchange, and Asian memory-pricing reports release outside US session hours, and the contract is one of the only ways to react before any Micron or Samsung equity opens. ### DRAM Contract Notes & Catalysts to Watch DRAM-PERP tracks the trade.xyz DRAM memory index oracle with hourly funding. The biggest single-day moves track TrendForce monthly DRAM contract price reports (typically released around the start of each month), DRAMeXchange spot-price updates, Samsung and SK Hynix quarterly memory-segment earnings, and any Chinese government policy updates around domestic memory production (CXMT capacity announcements, US export restrictions). Funding rate has historically traded near zero in slow-cycle regimes and turned sharply positive during pricing recoveries — a useful leading signal for memory-equity rotations. Related markets: [CoreWeave (CRWV) AI-infra perp](/markets/xyz/crwv) , [Micron (MU) memory perp](/markets/xyz/mu) , [SanDisk (SNDK) storage perp](/markets/xyz/sndk) . ### Key Market Facts Leverage read from the Hyperliquid API; fee figures from Hyperliquid's published HIP-3 builder-market fee schedule. Contract Type Perpetual Future (HIP-3) Max Leverage 20x Settlement USDC Taker Fee 0.09% Maker Fee 0.03% Builder trade.xyz Funding Interval Hourly (continuous) Market Category Index ## Frequently Asked Questions ### How do I trade DRAM on Hyperliquid? DRAM is available as a HIP-3 perpetual future on Hyperliquid, deployed via trade.xyz. You can trade it the same way as any other perp - deposit USDC, select the market, and open a position with up to 20x leverage. ### What are the fees for DRAM on Hyperliquid? 0.09% taker and 0.03% maker, per Hyperliquid's published HIP-3 builder-market fee schedule. Those are the figures a deployer fee scale of 1.0 produces, which is what trade.xyz runs; the scale is set per asset and the live value sits in the Hyperliquid API's meta response. They are higher than native perps because half the fee goes to the builder (trade.xyz) that deployed the market. ### Can I trade DRAM 24/7 on Hyperliquid? Yes. Unlike traditional index markets that have set trading hours, DRAM perpetual futures on Hyperliquid trade around the clock - 24 hours a day, 7 days a week, including weekends and holidays. How we source and review this market data ▾ Data collection. Live DRAM price, funding rate, open interest, and 24h volume are pulled directly from the Hyperliquid API on every page load and cross-checked against the live trade.xyz interface, which is where DRAM-PERP is deployed as a HIP-3 builder market. Numbers shown are unedited machine values from those feeds — we do not hand-adjust prices or rates. Editorial review. The trading context on DRAM-PERP — catalysts, contract specs, and the “why trade this” analysis — is written and reviewed by [Concept211](/about#author), an active Hyperliquid trader since February 2024 who trades perpetuals daily and builds automated bots on the Hyperliquid API. Each market is checked against the live trade.xyz interface before publishing. Last reviewed. May 2026 . Contract specs and catalysts are re-checked on a rolling basis; live data refreshes automatically. Read the full [editorial methodology](/methodology) for how figures are sourced, verified, and corrected. ## Cite this page Quoting a figure from this page? Copy a ready-made reference rather than reconstructing one. Every heading and headline number on this page also carries its own anchor, so you can link straight to the line you are quoting. ### Plain-text citation For articles, reports, and reference lists. Hyperliquid Guide. "DRAM Memory Index (DRAM) Price on Hyperliquid: Live Chart & Perp Specs." Published February 15, 2026; last updated May 15, 2026. https://hyperliquidguide.com/markets/xyz/dram ### HTML link Drop-in anchor tag with the page title and update date. DRAM Memory Index (DRAM) Price on Hyperliquid: Live Chart & Perp Specs — Hyperliquid Guide, updated May 2026 ### Embed the DRAM spec table Self-contained HTML table, including the required source attribution.
DRAM-PERP contract specification on Hyperliquid — as of May 2026
UnderlyingDRAM Memory Index (Index)
Market typeHIP-3 perpetual future via trade.xyz
Max leverage20x
Maker fee0.03%
Taker fee0.09%
Funding intervalHourly
Margin & settlementUSDC — cash-settled, no expiry
Trading hours24/7, including weekends & holidays

Source: DRAM Memory Index (DRAM) on Hyperliquid — Hyperliquid Guide

Where the figures come from. Live DRAM price, funding rate, open interest and 24h volume are read from the Hyperliquid API, the same public endpoint the exchange serves its own front end from, and cross-checked against the live trade.xyz interface where DRAM-PERP is deployed. Figures refresh on every page load and again every 30 seconds while the page is open, so any number quoted from this page is a point-in-time reading rather than a daily close. Contract specifications and editorial context were last reviewed May 2026 ; this page has been published since 2026. Reuse. You may republish these figures with attribution and a link to [hyperliquidguide.com/markets/xyz/dram](https://hyperliquidguide.com/markets/xyz/dram). ### Trade DRAM on Hyperliquid Get a 4% lifetime fee discount with our referral code. [Start Trading DRAM](https://app.hyperliquid.xyz/join/Concept211) ### Related Guides [Hyperliquid XYZ Explained →](/guides/trading/hyperliquid-xyz-explained)[How to Trade on Hyperliquid →](/guides/getting-started/how-to-trade-on-hyperliquid)[HIP-3 Builder Codes Explained →](/ecosystem/hip-3-builder-codes)[Traditional Markets on Hyperliquid →](/ecosystem/hyperliquid-traditional-markets)[Hyperliquid Fee Structure →](/guides/fees/fees-explained)[Spot Trading Guide →](/guides/trading/spot-trading-guide) ### More Index Markets [XYZ100 -0.51%](/markets/xyz/xyz100)[SP500 -0.39%](/markets/xyz/sp500)[EWY -0.84%](/markets/xyz/ewy)[JP225 -1.74%](/markets/xyz/jp225)[EWJ -1.33%](/markets/xyz/ewj)[KR200 -1.04%](/markets/xyz/kr200)[USAR -1.55%](/markets/xyz/usar)[DXY +0.00%](/markets/xyz/dxy)[VIX +0.00%](/markets/xyz/vix)[VOL +0.00%](/markets/xyz/vol)[NIFTY +0.00%](/markets/xyz/nifty)[IBOV +0.00%](/markets/xyz/ibov) ### Ready to Start Trading? Join Hyperliquid with our referral link and get a 4% lifetime fee discount. No KYC, no email - just connect your wallet and trade. [Start Trading - Save 4%](https://app.hyperliquid.xyz/join/Concept211) --- > Trade Intel Corp perpetuals on Hyperliquid 24/7 — cash-settled, USDC margin, no expiry. Live INTC price, contract specs, funding rates, and up to 10x leverage via trade.xyz. *Source: https://hyperliquidguide.com/markets/xyz/intc* ![Intel Corp (INTC) perpetual market on Hyperliquid](/logos/xyz-intc.svg) # Intel Corp (INTC) Price on Hyperliquid INTC-PERP via trade.xyz · HIP-3 Equity · Live Chart, Funding Rate & Contract Specs ![Concept211](/images/about/concept211.webp) Reviewed by [Concept211](/about#author) · Hyperliquid Guide editorial team Building trading bots since 2016, trading on Hyperliquid since February 2024. Trades perpetuals on Hyperliquid daily, builds automated trading bots on the Hyperliquid API, and tests every market against the live trade.xyz interface before publishing. Last reviewed: May 2026 | Verified live against trade.xyz May 2026 $98.112 -0.23% Auto-refreshes every 30s · Max leverage: 10x 24h Volume $41.45M Open Interest $66.67M 679,529 INTC Funding Rate (1h) +0.0006% Annualized: +5.48% Mark vs Oracle -0.0152% Premium Source: live price, 24h volume, open interest, and funding-rate data from the official [Hyperliquid API](https://api.hyperliquid.xyz) (trade.xyz HIP-3 oracle feed), refreshed every 30 seconds. Quick Summary — What is INTC on Hyperliquid? Yes — Intel (INTC) trades as a perpetual futures contract on Hyperliquid through the trade.xyz HIP-3 venue. INTC-PERP is cash-settled in USDC and tracks the spot Intel share price via an oracle, so you hold a leveraged long or short rather than actual shares — no dividends, voting, or custody. The live INTC price, funding rate, and 24h volume shown on this page are pulled from the Hyperliquid API on each load. It trades 24/7, including the after-hours and weekend windows when Intel reports earnings and issues the forward guidance that regularly swings the stock 5–10% overnight, and funding settles hourly to keep the contract anchored to the underlying. Because Intel is a foundry-turnaround story, the perp reacts to CHIPS Act milestones and foundry customer wins as much as to earnings. To trade it: deposit USDC on Hyperliquid, connect the same wallet on trade.xyz, select INTC, set leverage and direction, and confirm. ## INTC on Hyperliquid at a Glance *INTC-PERP contract specification on Hyperliquid, as of May 2026 . Leverage and market type are read from the Hyperliquid API's market metadata; fees are Hyperliquid's published [HIP-3 builder-market fee schedule](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees); the underlying price is referenced through the trade.xyz oracle.* | Field | Value | | --- | --- | | Underlying | Intel Corp (Equity) | | Market type | HIP-3 perpetual future via trade.xyz | | Max leverage | 10x | | Maker fee | 0.03% | | Taker fee | 0.09% | | Funding interval | Hourly | | Margin & settlement | USDC — cash-settled, no expiry | | Trading hours | 24/7, including weekends & holidays | Intel Corp price · trade.xyz Loading Intel Corp chart… Live INTC candles from the [Hyperliquid API](https://api.hyperliquid.xyz). Ready to trade? [Get a 4% fee discount](https://app.hyperliquid.xyz/join/Concept211). ## How to Trade Intel Corp (INTC) on Hyperliquid Intel is a leading semiconductor manufacturer. Trade INTC perpetual futures on Hyperliquid via trade.xyz with 24/7 access. INTC is a cash-settled perpetual futures contract on Hyperliquid, deployed via trade.xyz as a HIP-3 builder market. Unlike traditional futures, there is no expiry date and no physical delivery — positions roll continuously with funding rates settling every hour. All margin is denominated in USDC, and you can trade with up to 10x leverage. HIP-3 markets extend Hyperliquid beyond crypto, bringing equities, commodities, and indices on-chain with 24/7 trading, no KYC, and the same on-chain order book infrastructure that powers Hyperliquid's native perpetuals. ![Intel Corp (INTC) official company website — the underlying asset behind the INTC HIP-3 perpetual on Hyperliquid](/images/markets/xyz/intc/intc-official-site.webp) *Intel Corp is the underlying asset behind the INTC-PERP market on Hyperliquid. Screenshot of Intel's official website ([www.intel.com](https://www.intel.com)) — shown under fair use for editorial context.* ![How a INTC HIP-3 perpetual on Hyperliquid works: real-world asset to deployer oracle feed to on-chain CLOB matching to USDC-margined settlement](/images/markets/shared/hip-3-rwa-perp-flow.webp) *The lifecycle of a HIP-3 real-world-asset perpetual — from underlying price feed to USDC settlement on HyperCore.* ### Why Trade INTC on Hyperliquid? Intel is the most traded turnaround story in semiconductors — a mature large-cap whose share price responds heavily to foundry-strategy execution, US CHIPS Act funding milestones, and competitive headlines against TSMC and AMD. INTC on Hyperliquid is unusual among on-chain equity perps in that the underlying has high implied volatility and a thick institutional shareholder base, so the trade.xyz oracle stays liquid with deep two-sided quotes even during the US after-hours window when retail brokers widen out. For traders who want to hedge spot semiconductor exposure or speculate on a quarterly earnings beat or miss without opening a margin account at a US broker, INTC-PERP delivers cash-settled USDC exposure at the deployer-set maximum leverage shown in the contract specs on this page, with no equity-side T+1 cycle to wait through. Because Intel reports after the bell and frequently issues forward guidance that whipsaws the stock 5–10% overnight, the 24/7 access is concretely useful: positions can be opened or closed the moment the print drops, rather than after the next NYSE session. No KYC, no PDT rule, no equity custodian — just a USDC margin balance and a directional view. ### INTC Contract Notes & Catalysts to Watch INTC-PERP tracks the Intel Corporation Class A share price via the trade.xyz oracle with hourly funding. Catalysts to watch include quarterly earnings (typically late January, April, July, and October), CHIPS Act award announcements, foundry customer wins, and dividend/capex guidance updates. Funding rate often turns sharply positive on rally days because retail-driven long flow on perp venues tends to outpace short hedgers — useful information for delta-neutral and carry traders. The question that comes up most on an equity perp is what happens when the underlying exchange is shut. INTC-PERP keeps trading through the closing bell, weekends and US holidays, which changes how gaps and overnight news behave; [how these markets trade outside US market hours](/guides/trading/after-hours-trading-guide) walks through what the oracle references when Nasdaq is dark and why the first hour after a reopen tends to be the widest. Related markets: [Micron (MU) memory perp](/markets/xyz/mu) , [AMD (AMD) perp](/markets/xyz/amd) , [NVIDIA (NVDA) perp](/markets/xyz/nvda) . ### Key Market Facts Leverage read from the Hyperliquid API; fee figures from Hyperliquid's published HIP-3 builder-market fee schedule. Contract Type Perpetual Future (HIP-3) Max Leverage 10x Settlement USDC Taker Fee 0.09% Maker Fee 0.03% Builder trade.xyz Funding Interval Hourly (continuous) Market Category Equity ## Frequently Asked Questions ### How do I trade INTC on Hyperliquid? INTC is available as a HIP-3 perpetual future on Hyperliquid, deployed via trade.xyz. You can trade it the same way as any other perp - deposit USDC, select the market, and open a position with up to 10x leverage. ### What are the fees for INTC on Hyperliquid? 0.09% taker and 0.03% maker, per Hyperliquid's published HIP-3 builder-market fee schedule. Those are the figures a deployer fee scale of 1.0 produces, which is what trade.xyz runs; the scale is set per asset and the live value sits in the Hyperliquid API's meta response. They are higher than native perps because half the fee goes to the builder (trade.xyz) that deployed the market. ### Can I trade INTC 24/7 on Hyperliquid? Yes. Unlike traditional equity markets that have set trading hours, INTC perpetual futures on Hyperliquid trade around the clock - 24 hours a day, 7 days a week, including weekends and holidays. How we source and review this market data ▾ Data collection. Live INTC price, funding rate, open interest, and 24h volume are pulled directly from the Hyperliquid API on every page load and cross-checked against the live trade.xyz interface, which is where INTC-PERP is deployed as a HIP-3 builder market. Numbers shown are unedited machine values from those feeds — we do not hand-adjust prices or rates. Editorial review. The trading context on INTC-PERP — catalysts, contract specs, and the “why trade this” analysis — is written and reviewed by [Concept211](/about#author), an active Hyperliquid trader since February 2024 who trades perpetuals daily and builds automated bots on the Hyperliquid API. Each market is checked against the live trade.xyz interface before publishing. Last reviewed. May 2026 . Contract specs and catalysts are re-checked on a rolling basis; live data refreshes automatically. Read the full [editorial methodology](/methodology) for how figures are sourced, verified, and corrected. ## Cite this page Quoting a figure from this page? Copy a ready-made reference rather than reconstructing one. Every heading and headline number on this page also carries its own anchor, so you can link straight to the line you are quoting. ### Plain-text citation For articles, reports, and reference lists. Hyperliquid Guide. "Intel Corp (INTC) Price on Hyperliquid: Live Chart & Perp Specs." Published February 15, 2026; last updated May 15, 2026. https://hyperliquidguide.com/markets/xyz/intc ### HTML link Drop-in anchor tag with the page title and update date. Intel Corp (INTC) Price on Hyperliquid: Live Chart & Perp Specs — Hyperliquid Guide, updated May 2026 ### Embed the INTC spec table Self-contained HTML table, including the required source attribution.
INTC-PERP contract specification on Hyperliquid — as of May 2026
UnderlyingIntel Corp (Equity)
Market typeHIP-3 perpetual future via trade.xyz
Max leverage10x
Maker fee0.03%
Taker fee0.09%
Funding intervalHourly
Margin & settlementUSDC — cash-settled, no expiry
Trading hours24/7, including weekends & holidays

Source: Intel Corp (INTC) on Hyperliquid — Hyperliquid Guide

Where the figures come from. Live INTC price, funding rate, open interest and 24h volume are read from the Hyperliquid API, the same public endpoint the exchange serves its own front end from, and cross-checked against the live trade.xyz interface where INTC-PERP is deployed. Figures refresh on every page load and again every 30 seconds while the page is open, so any number quoted from this page is a point-in-time reading rather than a daily close. Contract specifications and editorial context were last reviewed May 2026 ; this page has been published since 2026. Reuse. You may republish these figures with attribution and a link to [hyperliquidguide.com/markets/xyz/intc](https://hyperliquidguide.com/markets/xyz/intc). ### Trade INTC on Hyperliquid Get a 4% lifetime fee discount with our referral code. [Start Trading INTC](https://app.hyperliquid.xyz/join/Concept211) ### Related Guides [Hyperliquid XYZ Explained →](/guides/trading/hyperliquid-xyz-explained)[How to Trade on Hyperliquid →](/guides/getting-started/how-to-trade-on-hyperliquid)[HIP-3 Builder Codes Explained →](/ecosystem/hip-3-builder-codes)[Traditional Markets on Hyperliquid →](/ecosystem/hyperliquid-traditional-markets)[Hyperliquid Fee Structure →](/guides/fees/fees-explained)[Spot Trading Guide →](/guides/trading/spot-trading-guide) ### More Equity Markets [SKHX +0.82%](/markets/xyz/skhx)[MU -1.97%](/markets/xyz/mu)[SNDK -2.46%](/markets/xyz/sndk)[SKHY +0.20%](/markets/xyz/skhy)[SMSN -0.57%](/markets/xyz/smsn)[NVDA -0.91%](/markets/xyz/nvda)[SPCX -1.18%](/markets/xyz/spcx)[SOXL -6.49%](/markets/xyz/soxl)[HOOD -3.50%](/markets/xyz/hood)[TSLA -0.32%](/markets/xyz/tsla)[AAPL -0.75%](/markets/xyz/aapl)[NBIS -0.92%](/markets/xyz/nbis) ### Ready to Start Trading? Join Hyperliquid with our referral link and get a 4% lifetime fee discount. No KYC, no email - just connect your wallet and trade. [Start Trading - Save 4%](https://app.hyperliquid.xyz/join/Concept211) --- > Trade NVIDIA Corp perpetuals on Hyperliquid 24/7 — cash-settled, USDC margin, no expiry. Live NVDA price, contract specs, funding rates, and up to 20x leverage via trade.xyz. *Source: https://hyperliquidguide.com/markets/xyz/nvda* ![NVIDIA Corp (NVDA) perpetual market on Hyperliquid](/logos/xyz-nvda.webp) # NVIDIA Corp (NVDA) Price on Hyperliquid NVDA-PERP via trade.xyz · HIP-3 Equity · Live Chart, Funding Rate & Contract Specs ![Concept211](/images/about/concept211.webp) Reviewed by [Concept211](/about#author) · Hyperliquid Guide editorial team Building trading bots since 2016, trading on Hyperliquid since February 2024. Trades perpetuals on Hyperliquid daily, builds automated trading bots on the Hyperliquid API, and tests every market against the live trade.xyz interface before publishing. Last reviewed: May 2026 | Verified live against trade.xyz May 2026 $230.71 -0.91% Auto-refreshes every 30s · Max leverage: 20x 24h Volume $32.01M Open Interest $121.47M 526,484.024 NVDA Funding Rate (1h) +0.0006% Annualized: +5.48% Mark vs Oracle -0.0054% Premium Source: live price, 24h volume, open interest, and funding-rate data from the official [Hyperliquid API](https://api.hyperliquid.xyz) (trade.xyz HIP-3 oracle feed), refreshed every 30 seconds. Quick Summary — What is NVDA on Hyperliquid? Yes — you can trade NVIDIA as a perpetual futures contract on Hyperliquid through the trade.xyz HIP-3 venue. NVDA-PERP is cash-settled in USDC and tracks the spot NVIDIA share price on Nasdaq via an oracle feed; you are taking a leveraged directional position, not buying shares, so there are no dividends, voting rights, or share custody. It trades 24/7, including weekends and the after-hours windows when NVIDIA earnings and AI-capex headlines actually break, with up to the leverage cap shown on the market page, no broker, and no KYC. Funding settles hourly to keep the perp anchored to the underlying. In practice the contract behaves like NVIDIA stock for directional purposes while adding overnight access and the ability to short instantly. Deposit USDC on Hyperliquid, open trade.xyz with the same wallet, pick NVDA, set leverage and direction, and confirm. ## NVDA on Hyperliquid at a Glance *NVDA-PERP contract specification on Hyperliquid, as of May 2026 . Leverage and market type are read from the Hyperliquid API's market metadata; fees are Hyperliquid's published [HIP-3 builder-market fee schedule](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees); the underlying price is referenced through the trade.xyz oracle.* | Field | Value | | --- | --- | | Underlying | NVIDIA Corp (Equity) | | Market type | HIP-3 perpetual future via trade.xyz | | Max leverage | 20x | | Maker fee | 0.03% | | Taker fee | 0.09% | | Funding interval | Hourly | | Margin & settlement | USDC — cash-settled, no expiry | | Trading hours | 24/7, including weekends & holidays | NVIDIA Corp price · trade.xyz Loading NVIDIA Corp chart… Live NVDA candles from the [Hyperliquid API](https://api.hyperliquid.xyz). Ready to trade? [Get a 4% fee discount](https://app.hyperliquid.xyz/join/Concept211). ## How to Trade NVIDIA Corp (NVDA) on Hyperliquid NVIDIA is the world's leading GPU manufacturer and a dominant force in AI computing. Trade NVDA perpetual futures on Hyperliquid via trade.xyz — 24/7 access to equity exposure without traditional brokerage constraints. NVDA is a cash-settled perpetual futures contract on Hyperliquid, deployed via trade.xyz as a HIP-3 builder market. Unlike traditional futures, there is no expiry date and no physical delivery — positions roll continuously with funding rates settling every hour. All margin is denominated in USDC, and you can trade with up to 20x leverage. HIP-3 markets extend Hyperliquid beyond crypto, bringing equities, commodities, and indices on-chain with 24/7 trading, no KYC, and the same on-chain order book infrastructure that powers Hyperliquid's native perpetuals. ![NVIDIA Corp (NVDA) official company website — the underlying asset behind the NVDA HIP-3 perpetual on Hyperliquid](/images/markets/xyz/nvda/nvda-official-site.webp) *NVIDIA Corp is the underlying asset behind the NVDA-PERP market on Hyperliquid. Screenshot of NVIDIA's official website ([www.nvidia.com](https://www.nvidia.com)) — shown under fair use for editorial context.* ![How a NVDA HIP-3 perpetual on Hyperliquid works: real-world asset to deployer oracle feed to on-chain CLOB matching to USDC-margined settlement](/images/markets/shared/hip-3-rwa-perp-flow.webp) *The lifecycle of a HIP-3 real-world-asset perpetual — from underlying price feed to USDC settlement on HyperCore.* ### Why Trade NVDA on Hyperliquid? NVIDIA is the single most-traded equity on retail and institutional desks alike, and it is also the stock that has driven the broadest swings in crypto sentiment since 2023 — every major AI-driven crypto rally has correlated tightly with an NVDA breakout. NVDA-PERP on Hyperliquid via trade.xyz gives traders something neither a US broker nor most international brokers can: a 24/7, cash-settled, USDC-margined contract that reacts to overnight headlines (TSMC capex updates, Asian semi prints, AI hyperscaler earnings) the instant they happen. Quarterly NVDA earnings move the entire crypto AI sector — RNDR, TAO, FET, AI16Z — so being able to lift offers on NVDA-PERP in the same wallet that holds your AI-token perps is a meaningful workflow advantage. There is no equity custodian, no PDT rule, no T+1 settlement on the leveraged side. For traders who want to hedge a long crypto-AI book against NVDA disappointment without rotating into stablecoins and waiting for a US broker to open, this is the cleanest expression. ### NVDA Contract Notes & Catalysts to Watch NVDA-PERP tracks the spot NVIDIA share price via the trade.xyz oracle with hourly funding settlement. Volume is heaviest around earnings (typically mid-February, May, August, and November) and around CES, GTC, and Computex keynotes. Funding rates can spike sharply in either direction during gap-up or gap-down opens — useful information for delta-neutral carry traders. ### Desk note: how NVDA actually trades here Written by [Concept211](/about#author) · last reviewed August 20, 2026 NVDA is the anchor listing on the trade.xyz venue, and the contract parameters say so. It carries a 20x leverage cap, the top tier on this book and double what most of the equity perps here allow, which is the deployer treating it as the deepest and most continuously priced underlying in the set. The trader mix skews differently from the smaller AI names. A lot of the flow is hedging rather than speculation: traders holding AI-sector tokens use a short NVDA leg to take the equity beta out of the book before an earnings print, because the alternative is selling illiquid tokens into a thin bid. That shows up in the position data. Checking the Hyperliquid API on August 20, 2026, NVDA carried the largest open interest of any equity market on this venue while turning over less than half the 24-hour notional volume of the smaller NBIS contract, which is what a book of held hedges looks like rather than a book of day trades. The practical consequence is that funding here tends to stay closer to flat and drift in one direction for longer than it does on the high-turnover names, so a carry position costs less to hold but takes longer to pay. Those figures are a point-in-time reading from one check; the live numbers at the top of this page are current. NVDA sits at the top of the stack, not at the bottom of it. Almost every GPU it ships runs on CPU cores licensed from Arm, so the [Hyperliquid ARM perpetual](/markets/xyz/arm) prices the royalty layer underneath this contract rather than a competing product. The two rarely move one-for-one: NVDA reacts to allocation and data-center demand, while Arm reprices on royalty rates and licensing rulings, which is what makes the pair useful for separating chip demand from the IP that sits beneath it. Related markets: [AMD (AMD) perp](/markets/xyz/amd) , [Micron (MU) memory perp](/markets/xyz/mu) , [Marvell (MRVL) perp](/markets/xyz/mrvl) . ### Key Market Facts Leverage read from the Hyperliquid API; fee figures from Hyperliquid's published HIP-3 builder-market fee schedule. Contract Type Perpetual Future (HIP-3) Max Leverage 20x Settlement USDC Taker Fee 0.09% Maker Fee 0.03% Builder trade.xyz Funding Interval Hourly (continuous) Market Category Equity ## Frequently Asked Questions ### How do I trade NVDA on Hyperliquid? NVDA is available as a HIP-3 perpetual future on Hyperliquid, deployed via trade.xyz. You can trade it the same way as any other perp - deposit USDC, select the market, and open a position with up to 20x leverage. ### What are the fees for NVDA on Hyperliquid? 0.09% taker and 0.03% maker, per Hyperliquid's published HIP-3 builder-market fee schedule. Those are the figures a deployer fee scale of 1.0 produces, which is what trade.xyz runs; the scale is set per asset and the live value sits in the Hyperliquid API's meta response. They are higher than native perps because half the fee goes to the builder (trade.xyz) that deployed the market. ### Can I trade NVDA 24/7 on Hyperliquid? Yes. Unlike traditional equity markets that have set trading hours, NVDA perpetual futures on Hyperliquid trade around the clock - 24 hours a day, 7 days a week, including weekends and holidays. How we source and review this market data ▾ Data collection. Live NVDA price, funding rate, open interest, and 24h volume are pulled directly from the Hyperliquid API on every page load and cross-checked against the live trade.xyz interface, which is where NVDA-PERP is deployed as a HIP-3 builder market. Numbers shown are unedited machine values from those feeds — we do not hand-adjust prices or rates. Editorial review. The trading context on NVDA-PERP — catalysts, contract specs, and the “why trade this” analysis — is written and reviewed by [Concept211](/about#author), an active Hyperliquid trader since February 2024 who trades perpetuals daily and builds automated bots on the Hyperliquid API. Each market is checked against the live trade.xyz interface before publishing. Last reviewed. May 2026 . Contract specs and catalysts are re-checked on a rolling basis; live data refreshes automatically. Read the full [editorial methodology](/methodology) for how figures are sourced, verified, and corrected. ## Cite this page Quoting a figure from this page? Copy a ready-made reference rather than reconstructing one. Every heading and headline number on this page also carries its own anchor, so you can link straight to the line you are quoting. ### Plain-text citation For articles, reports, and reference lists. Hyperliquid Guide. "NVIDIA Corp (NVDA) Price on Hyperliquid: Live Chart & Perp Specs." Published February 15, 2026; last updated May 15, 2026. https://hyperliquidguide.com/markets/xyz/nvda ### HTML link Drop-in anchor tag with the page title and update date. NVIDIA Corp (NVDA) Price on Hyperliquid: Live Chart & Perp Specs — Hyperliquid Guide, updated May 2026 ### Embed the NVDA spec table Self-contained HTML table, including the required source attribution.
NVDA-PERP contract specification on Hyperliquid — as of May 2026
UnderlyingNVIDIA Corp (Equity)
Market typeHIP-3 perpetual future via trade.xyz
Max leverage20x
Maker fee0.03%
Taker fee0.09%
Funding intervalHourly
Margin & settlementUSDC — cash-settled, no expiry
Trading hours24/7, including weekends & holidays

Source: NVIDIA Corp (NVDA) on Hyperliquid — Hyperliquid Guide

Where the figures come from. Live NVDA price, funding rate, open interest and 24h volume are read from the Hyperliquid API, the same public endpoint the exchange serves its own front end from, and cross-checked against the live trade.xyz interface where NVDA-PERP is deployed. Figures refresh on every page load and again every 30 seconds while the page is open, so any number quoted from this page is a point-in-time reading rather than a daily close. Contract specifications and editorial context were last reviewed May 2026 ; this page has been published since 2026. Reuse. You may republish these figures with attribution and a link to [hyperliquidguide.com/markets/xyz/nvda](https://hyperliquidguide.com/markets/xyz/nvda). ### Trade NVDA on Hyperliquid Get a 4% lifetime fee discount with our referral code. [Start Trading NVDA](https://app.hyperliquid.xyz/join/Concept211) ### Related Guides [Hyperliquid XYZ Explained →](/guides/trading/hyperliquid-xyz-explained)[How to Trade on Hyperliquid →](/guides/getting-started/how-to-trade-on-hyperliquid)[HIP-3 Builder Codes Explained →](/ecosystem/hip-3-builder-codes)[Traditional Markets on Hyperliquid →](/ecosystem/hyperliquid-traditional-markets)[Hyperliquid Fee Structure →](/guides/fees/fees-explained)[Spot Trading Guide →](/guides/trading/spot-trading-guide) ### More Equity Markets [SKHX +0.82%](/markets/xyz/skhx)[MU -1.97%](/markets/xyz/mu)[SNDK -2.46%](/markets/xyz/sndk)[SKHY +0.20%](/markets/xyz/skhy)[INTC -0.23%](/markets/xyz/intc)[SMSN -0.57%](/markets/xyz/smsn)[SPCX -1.18%](/markets/xyz/spcx)[SOXL -6.49%](/markets/xyz/soxl)[HOOD -3.50%](/markets/xyz/hood)[TSLA -0.32%](/markets/xyz/tsla)[AAPL -0.75%](/markets/xyz/aapl)[NBIS -0.92%](/markets/xyz/nbis) ### Ready to Start Trading? Join Hyperliquid with our referral link and get a 4% lifetime fee discount. No KYC, no email - just connect your wallet and trade. [Start Trading - Save 4%](https://app.hyperliquid.xyz/join/Concept211) --- > Trade Western Digital (SanDisk) perpetuals on Hyperliquid 24/7 — cash-settled, USDC margin, no expiry. Live SNDK price, contract specs, funding rates, and up to 10x leverage via trade.xyz. *Source: https://hyperliquidguide.com/markets/xyz/sndk* ![Western Digital (SanDisk) (SNDK) perpetual market on Hyperliquid](/logos/xyz-sndk.svg) # Western Digital (SanDisk) (SNDK) Price on Hyperliquid SNDK-PERP via trade.xyz · HIP-3 Equity · Live Chart, Funding Rate & Contract Specs ![Concept211](/images/about/concept211.webp) Reviewed by [Concept211](/about#author) · Hyperliquid Guide editorial team Building trading bots since 2016, trading on Hyperliquid since February 2024. Trades perpetuals on Hyperliquid daily, builds automated trading bots on the Hyperliquid API, and tests every market against the live trade.xyz interface before publishing. Last reviewed: May 2026 | Verified live against trade.xyz May 2026 $1,741.70 -2.46% Auto-refreshes every 30s · Max leverage: 10x 24h Volume $94.81M Open Interest $126.50M 72,627.702 SNDK Funding Rate (1h) +0.0000% Annualized: +0.11% Mark vs Oracle -0.1310% Premium Source: live price, 24h volume, open interest, and funding-rate data from the official [Hyperliquid API](https://api.hyperliquid.xyz) (trade.xyz HIP-3 oracle feed), refreshed every 30 seconds. Quick Summary — What is SNDK on Hyperliquid? Yes. SanDisk trades on Hyperliquid as SNDK-PERP, a cash-settled perpetual future listed through the trade.xyz HIP-3 venue. It tracks the spot SanDisk share price on Nasdaq through an oracle feed, so you hold a leveraged directional position rather than shares: no dividends, no voting rights, nothing in custody. Margin is in USDC and funding settles hourly, and because it is a perpetual there is no expiry and no roll. SanDisk is the standalone flash-memory business spun out of Western Digital, which makes SNDK-PERP close to a pure play on the NAND pricing cycle rather than a diversified chip name, with high operating leverage to that cycle in both directions. It runs 24/7 on Hyperliquid, which matters because TrendForce NAND pricing reports and supplier commentary from Kioxia, Samsung and SK Hynix land outside US hours. Base fees are 0.09% taker and 0.03% maker. ## SNDK on Hyperliquid at a Glance *SNDK-PERP contract specification on Hyperliquid, as of May 2026 . Leverage and market type are read from the Hyperliquid API's market metadata; fees are Hyperliquid's published [HIP-3 builder-market fee schedule](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees); the underlying price is referenced through the trade.xyz oracle.* | Field | Value | | --- | --- | | Underlying | Western Digital (SanDisk) (Equity) | | Market type | HIP-3 perpetual future via trade.xyz | | Max leverage | 10x | | Maker fee | 0.03% | | Taker fee | 0.09% | | Funding interval | Hourly | | Margin & settlement | USDC — cash-settled, no expiry | | Trading hours | 24/7, including weekends & holidays | Western Digital (SanDisk) price · trade.xyz Loading Western Digital (SanDisk) chart… Live SNDK candles from the [Hyperliquid API](https://api.hyperliquid.xyz). Ready to trade? [Get a 4% fee discount](https://app.hyperliquid.xyz/join/Concept211). ## How to Trade Western Digital (SanDisk) (SNDK) on Hyperliquid Western Digital (SanDisk) is a major storage technology company manufacturing hard drives and flash memory. Trade SNDK perpetual futures on Hyperliquid via trade.xyz. SNDK is a cash-settled perpetual futures contract on Hyperliquid, deployed via trade.xyz as a HIP-3 builder market. Unlike traditional futures, there is no expiry date and no physical delivery — positions roll continuously with funding rates settling every hour. All margin is denominated in USDC, and you can trade with up to 10x leverage. HIP-3 markets extend Hyperliquid beyond crypto, bringing equities, commodities, and indices on-chain with 24/7 trading, no KYC, and the same on-chain order book infrastructure that powers Hyperliquid's native perpetuals. ![How a SNDK HIP-3 perpetual on Hyperliquid works: real-world asset to deployer oracle feed to on-chain CLOB matching to USDC-margined settlement](/images/markets/shared/hip-3-rwa-perp-flow.webp) *The lifecycle of a HIP-3 real-world-asset perpetual — from underlying price feed to USDC settlement on HyperCore.* ### Why Trade SNDK on Hyperliquid? Hyperliquid offers distinct advantages for equity traders: gasless execution means zero transaction costs beyond the maker/taker spread, no KYC or identity verification is required to open an account, and trading is available 24/7 including weekends and holidays when traditional equity markets are closed. Self-custody ensures you retain full control of your funds at all times. ### SNDK Contract Notes & Catalysts to Watch SNDK-PERP tracks the spot SanDisk share price via the trade.xyz oracle with hourly funding. SanDisk is the standalone flash-memory business that was spun out of Western Digital, so this is a fairly young ticker and a nearly pure play on the NAND flash cycle — which makes it trade very differently from a diversified chip name. The dominant driver is NAND pricing. When flash contract and spot prices are rising, SanDisk's margins expand fast because it is a commodity-memory maker with high operating leverage to the cycle; when prices roll over, it works in reverse just as hard. So the catalysts I actually watch are cycle inputs more than company events: TrendForce and DRAMeXchange monthly NAND pricing reports, supplier discipline and capex/bit-supply commentary from Kioxia, Samsung, SK Hynix and Micron, and the demand pull from AI storage, where enterprise SSDs for datacenters have become a real second demand leg on top of consumer flash. Quarterly earnings are large catalysts, but the pricing tape between prints often moves the stock more. The natural way I trade it is relative-value inside the memory complex: SNDK against KIOXIA, MU, or the DRAM index perp, since NAND and DRAM cycles can diverge. All of it sits in one USDC wallet, cash-settled and 24/7, which helps because Asian memory-pricing data lands outside US hours. ## SNDK Futures vs the SNDK Perpetual: What the Difference Actually Is A search for SNDK futures usually means a dated contract with an expiry and a monthly roll. SNDK-PERP works differently. It is a perpetual future, so there is no expiry date and nothing to roll: an hourly funding payment keeps the contract tracking the underlying instead of a settlement date doing it. That takes the term structure out of the trade entirely, so there is no contango, no backwardation, and no calendar spread, just one continuous position and a funding rate showing what it costs to hold. The difference is most visible once the US session ends. SanDisk stock stops trading and the perp does not, which matters here more than for most tickers because NAND is priced on a cycle that reports out of Asian hours: TrendForce contract-price data, supplier commentary from Kioxia and Samsung, and the AI-storage demand headlines that move the whole flash complex. Those land while Nasdaq is closed, and the perp absorbs them in real time. You can act on them the same evening, and equally, a weekend move arrives in your position rather than waiting for the open. Related markets: [Micron (MU) memory perp](/markets/xyz/mu) , [DRAM memory-cycle perp](/markets/xyz/dram) . ### Key Market Facts Leverage read from the Hyperliquid API; fee figures from Hyperliquid's published HIP-3 builder-market fee schedule. Contract Type Perpetual Future (HIP-3) Max Leverage 10x Settlement USDC Taker Fee 0.09% Maker Fee 0.03% Builder trade.xyz Funding Interval Hourly (continuous) Market Category Equity ## Frequently Asked Questions ### How do I trade SNDK on Hyperliquid? SNDK is available as a HIP-3 perpetual future on Hyperliquid, deployed via trade.xyz. You can trade it the same way as any other perp - deposit USDC, select the market, and open a position with up to 10x leverage. ### What are the fees for SNDK on Hyperliquid? 0.09% taker and 0.03% maker, per Hyperliquid's published HIP-3 builder-market fee schedule. Those are the figures a deployer fee scale of 1.0 produces, which is what trade.xyz runs; the scale is set per asset and the live value sits in the Hyperliquid API's meta response. They are higher than native perps because half the fee goes to the builder (trade.xyz) that deployed the market. ### Can I trade SNDK 24/7 on Hyperliquid? Yes. Unlike traditional equity markets that have set trading hours, SNDK perpetual futures on Hyperliquid trade around the clock - 24 hours a day, 7 days a week, including weekends and holidays. How we source and review this market data ▾ Data collection. Live SNDK price, funding rate, open interest, and 24h volume are pulled directly from the Hyperliquid API on every page load and cross-checked against the live trade.xyz interface, which is where SNDK-PERP is deployed as a HIP-3 builder market. Numbers shown are unedited machine values from those feeds — we do not hand-adjust prices or rates. Editorial review. The trading context on SNDK-PERP — catalysts, contract specs, and the “why trade this” analysis — is written and reviewed by [Concept211](/about#author), an active Hyperliquid trader since February 2024 who trades perpetuals daily and builds automated bots on the Hyperliquid API. Each market is checked against the live trade.xyz interface before publishing. Last reviewed. May 2026 . Contract specs and catalysts are re-checked on a rolling basis; live data refreshes automatically. Read the full [editorial methodology](/methodology) for how figures are sourced, verified, and corrected. ## Cite this page Quoting a figure from this page? Copy a ready-made reference rather than reconstructing one. Every heading and headline number on this page also carries its own anchor, so you can link straight to the line you are quoting. ### Plain-text citation For articles, reports, and reference lists. Hyperliquid Guide. "Western Digital (SanDisk) (SNDK) Price on Hyperliquid: Live Chart & Perp Specs." Published February 15, 2026; last updated May 15, 2026. https://hyperliquidguide.com/markets/xyz/sndk ### HTML link Drop-in anchor tag with the page title and update date. Western Digital (SanDisk) (SNDK) Price on Hyperliquid: Live Chart & Perp Specs — Hyperliquid Guide, updated May 2026 ### Embed the SNDK spec table Self-contained HTML table, including the required source attribution.
SNDK-PERP contract specification on Hyperliquid — as of May 2026
UnderlyingWestern Digital (SanDisk) (Equity)
Market typeHIP-3 perpetual future via trade.xyz
Max leverage10x
Maker fee0.03%
Taker fee0.09%
Funding intervalHourly
Margin & settlementUSDC — cash-settled, no expiry
Trading hours24/7, including weekends & holidays

Source: Western Digital (SanDisk) (SNDK) on Hyperliquid — Hyperliquid Guide

Where the figures come from. Live SNDK price, funding rate, open interest and 24h volume are read from the Hyperliquid API, the same public endpoint the exchange serves its own front end from, and cross-checked against the live trade.xyz interface where SNDK-PERP is deployed. Figures refresh on every page load and again every 30 seconds while the page is open, so any number quoted from this page is a point-in-time reading rather than a daily close. Contract specifications and editorial context were last reviewed May 2026 ; this page has been published since 2026. Reuse. You may republish these figures with attribution and a link to [hyperliquidguide.com/markets/xyz/sndk](https://hyperliquidguide.com/markets/xyz/sndk). ### Trade SNDK on Hyperliquid Get a 4% lifetime fee discount with our referral code. [Start Trading SNDK](https://app.hyperliquid.xyz/join/Concept211) ### Related Guides [Hyperliquid XYZ Explained →](/guides/trading/hyperliquid-xyz-explained)[How to Trade on Hyperliquid →](/guides/getting-started/how-to-trade-on-hyperliquid)[HIP-3 Builder Codes Explained →](/ecosystem/hip-3-builder-codes)[Traditional Markets on Hyperliquid →](/ecosystem/hyperliquid-traditional-markets)[Hyperliquid Fee Structure →](/guides/fees/fees-explained)[Spot Trading Guide →](/guides/trading/spot-trading-guide) ### More Equity Markets [SKHX +0.82%](/markets/xyz/skhx)[MU -1.97%](/markets/xyz/mu)[SKHY +0.20%](/markets/xyz/skhy)[INTC -0.23%](/markets/xyz/intc)[SMSN -0.57%](/markets/xyz/smsn)[NVDA -0.91%](/markets/xyz/nvda)[SPCX -1.18%](/markets/xyz/spcx)[SOXL -6.49%](/markets/xyz/soxl)[HOOD -3.50%](/markets/xyz/hood)[TSLA -0.32%](/markets/xyz/tsla)[AAPL -0.75%](/markets/xyz/aapl)[NBIS -0.92%](/markets/xyz/nbis) ### Ready to Start Trading? Join Hyperliquid with our referral link and get a 4% lifetime fee discount. No KYC, no email - just connect your wallet and trade. [Start Trading - Save 4%](https://app.hyperliquid.xyz/join/Concept211) --- > Trade Nebius Group perpetuals on Hyperliquid 24/7 — cash-settled, USDC margin, no expiry. Live NBIS price, contract specs, funding rates, and up to 10x leverage via trade.xyz. *Source: https://hyperliquidguide.com/markets/xyz/nbis* NB # Nebius Group (NBIS) Price on Hyperliquid NBIS-PERP via trade.xyz · HIP-3 Equity · Live Chart, Funding Rate & Contract Specs ![Concept211](/images/about/concept211.webp) Reviewed by [Concept211](/about#author) · Hyperliquid Guide editorial team Building trading bots since 2016, trading on Hyperliquid since February 2024. Trades perpetuals on Hyperliquid daily, builds automated trading bots on the Hyperliquid API, and tests every market against the live trade.xyz interface before publishing. Last reviewed: May 2026 | Verified live against trade.xyz May 2026 $223.39 -0.92% Auto-refreshes every 30s · Max leverage: 10x 24h Volume $14.57M Open Interest $54.99M 246,143.74 NBIS Funding Rate (1h) -0.0003% Annualized: -2.42% Mark vs Oracle -0.1231% Premium Source: live price, 24h volume, open interest, and funding-rate data from the official [Hyperliquid API](https://api.hyperliquid.xyz) (trade.xyz HIP-3 oracle feed), refreshed every 30 seconds. Quick Summary — What is NBIS on Hyperliquid? Yes, Nebius Group (NBIS) trades as a perpetual futures contract on Hyperliquid via the trade.xyz HIP-3 venue, and the live NBIS price is shown at the top of this page. NBIS-PERP is cash-settled in USDC and tracks the spot Nebius share price through an oracle, so you hold a leveraged long or short position rather than shares: no dividends, no voting rights, nothing in custody. Nebius is an AI-native GPU cloud that builds and operates its own NVIDIA clusters rather than reselling another provider capacity, and it was spun out of the non-Russian assets of Yandex, completing that separation in 2024. That makes the perp a direct expression of AI compute demand and hyperscaler contract news. There is no expiry and no quarterly roll, funding settles hourly, and base fees are 0.09% taker and 0.03% maker under Hyperliquid HIP-3 builder-market fee schedule. ## NBIS on Hyperliquid at a Glance *NBIS-PERP contract specification on Hyperliquid, as of May 2026 . Leverage and market type are read from the Hyperliquid API's market metadata; fees are Hyperliquid's published [HIP-3 builder-market fee schedule](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees); the underlying price is referenced through the trade.xyz oracle.* | Field | Value | | --- | --- | | Underlying | Nebius Group (Equity) | | Market type | HIP-3 perpetual future via trade.xyz | | Max leverage | 10x | | Maker fee | 0.03% | | Taker fee | 0.09% | | Funding interval | Hourly | | Margin & settlement | USDC — cash-settled, no expiry | | Trading hours | 24/7, including weekends & holidays | Nebius Group price · trade.xyz Loading Nebius Group chart… Live NBIS candles from the [Hyperliquid API](https://api.hyperliquid.xyz). Ready to trade? [Get a 4% fee discount](https://app.hyperliquid.xyz/join/Concept211). ## How to Trade Nebius Group (NBIS) on Hyperliquid Nebius Group is a Nasdaq-listed AI infrastructure company running large-scale NVIDIA GPU clusters for model training and inference. Trade NBIS perpetual futures 24/7 on Hyperliquid via trade.xyz. NBIS is a cash-settled perpetual futures contract on Hyperliquid, deployed via trade.xyz as a HIP-3 builder market. Unlike traditional futures, there is no expiry date and no physical delivery — positions roll continuously with funding rates settling every hour. All margin is denominated in USDC, and you can trade with up to 10x leverage. HIP-3 markets extend Hyperliquid beyond crypto, bringing equities, commodities, and indices on-chain with 24/7 trading, no KYC, and the same on-chain order book infrastructure that powers Hyperliquid's native perpetuals. ![How a NBIS HIP-3 perpetual on Hyperliquid works: real-world asset to deployer oracle feed to on-chain CLOB matching to USDC-margined settlement](/images/markets/shared/hip-3-rwa-perp-flow.webp) *The lifecycle of a HIP-3 real-world-asset perpetual — from underlying price feed to USDC settlement on HyperCore.* ### Why Trade NBIS on Hyperliquid? Nebius sits in the same AI-infrastructure complex as CoreWeave and the memory names, but it trades on a different set of catalysts. Its value is concentrated in long-dated compute contracts with hyperscalers, so the equity gaps on contract announcements and expansions rather than on quarterly EPS, and those announcements do not respect US market hours. The corporate history matters for anyone sizing risk: the company is the successor to Yandex N.V. after the divestiture of its Russian assets, so it carries a governance and index-inclusion story that pure-play US names do not. NBIS-PERP on Hyperliquid is cash-settled in USDC and trades around the clock in the same wallet as the NVDA, CRWV and DRAM perps, which is the point if you trade the AI-infrastructure complex as a basket rather than as single names. ### NBIS Contract Notes & Catalysts to Watch NBIS-PERP tracks the spot Nebius share price via the trade.xyz oracle with hourly funding. The catalysts worth watching are new or expanded hyperscaler compute contracts, NVIDIA GPU allocation and shipment news, strategic equity investments, datacenter capacity announcements, and quarterly results where backlog and capacity additions matter more than earnings per share. Liquidity is thinner than the mega-cap equity perps, so a notional that fills cleanly on NVDA-PERP will walk this book noticeably, particularly outside US session hours. ### Desk note: how NBIS actually trades here Written by [Concept211](/about#author) · last reviewed August 20, 2026 NBIS is listed on the trade.xyz venue for the same reason it gets bid on Nasdaq: it is one of the few listed companies whose revenue is almost entirely AI compute, which makes it a purer expression of that trade than a diversified chipmaker. Two groups use the contract for opposite reasons. Speculators hold it as high-beta AI capex exposure, and it moves harder in both directions than the mega-cap names for the same headline. Hedgers use it against a crypto-AI book, since the tokens tied to decentralized compute tend to sell off on the same news that hits neocloud equities, and shorting NBIS is instant while rotating out of an illiquid token is not. On the mechanics, two things are worth knowing before you size. The leverage cap here is 10x against the 20x available on NVDA, which is the deployer pricing NBIS realized volatility rather than an arbitrary limit. And the book is deeper than the size of the company suggests: checking the Hyperliquid API on August 20, 2026, NBIS turned over more notional volume in 24 hours than the NVDA contract on the same venue, on roughly a third of the open interest. That combination, heavy turnover against a smaller position base, is a short-horizon trader profile, and it is why funding on this market flips sign more often than it does on the mega-cap perps. Those are point-in-time readings from a single check, not a stable characteristic, and the live figures at the top of this page are the current ones. Related markets: [CoreWeave (CRWV) AI-cloud perp](/markets/xyz/crwv) , [NVIDIA (NVDA) perp](/markets/xyz/nvda) , [DRAM memory-cycle perp](/markets/xyz/dram) . ### Key Market Facts Leverage read from the Hyperliquid API; fee figures from Hyperliquid's published HIP-3 builder-market fee schedule. Contract Type Perpetual Future (HIP-3) Max Leverage 10x Settlement USDC Taker Fee 0.09% Maker Fee 0.03% Builder trade.xyz Funding Interval Hourly (continuous) Market Category Equity ## Frequently Asked Questions ### How do I trade NBIS on Hyperliquid? NBIS is available as a HIP-3 perpetual future on Hyperliquid, deployed via trade.xyz. You can trade it the same way as any other perp - deposit USDC, select the market, and open a position with up to 10x leverage. ### What are the fees for NBIS on Hyperliquid? 0.09% taker and 0.03% maker, per Hyperliquid's published HIP-3 builder-market fee schedule. Those are the figures a deployer fee scale of 1.0 produces, which is what trade.xyz runs; the scale is set per asset and the live value sits in the Hyperliquid API's meta response. They are higher than native perps because half the fee goes to the builder (trade.xyz) that deployed the market. ### Can I trade NBIS 24/7 on Hyperliquid? Yes. Unlike traditional equity markets that have set trading hours, NBIS perpetual futures on Hyperliquid trade around the clock - 24 hours a day, 7 days a week, including weekends and holidays. How we source and review this market data ▾ Data collection. Live NBIS price, funding rate, open interest, and 24h volume are pulled directly from the Hyperliquid API on every page load and cross-checked against the live trade.xyz interface, which is where NBIS-PERP is deployed as a HIP-3 builder market. Numbers shown are unedited machine values from those feeds — we do not hand-adjust prices or rates. Editorial review. The trading context on NBIS-PERP — catalysts, contract specs, and the “why trade this” analysis — is written and reviewed by [Concept211](/about#author), an active Hyperliquid trader since February 2024 who trades perpetuals daily and builds automated bots on the Hyperliquid API. Each market is checked against the live trade.xyz interface before publishing. Last reviewed. May 2026 . Contract specs and catalysts are re-checked on a rolling basis; live data refreshes automatically. Read the full [editorial methodology](/methodology) for how figures are sourced, verified, and corrected. ## Cite this page Quoting a figure from this page? Copy a ready-made reference rather than reconstructing one. Every heading and headline number on this page also carries its own anchor, so you can link straight to the line you are quoting. ### Plain-text citation For articles, reports, and reference lists. Hyperliquid Guide. "Nebius Group (NBIS) Price on Hyperliquid: Live Chart & Perp Specs." Published February 15, 2026; last updated May 15, 2026. https://hyperliquidguide.com/markets/xyz/nbis ### HTML link Drop-in anchor tag with the page title and update date. Nebius Group (NBIS) Price on Hyperliquid: Live Chart & Perp Specs — Hyperliquid Guide, updated May 2026 ### Embed the NBIS spec table Self-contained HTML table, including the required source attribution.
NBIS-PERP contract specification on Hyperliquid — as of May 2026
UnderlyingNebius Group (Equity)
Market typeHIP-3 perpetual future via trade.xyz
Max leverage10x
Maker fee0.03%
Taker fee0.09%
Funding intervalHourly
Margin & settlementUSDC — cash-settled, no expiry
Trading hours24/7, including weekends & holidays

Source: Nebius Group (NBIS) on Hyperliquid — Hyperliquid Guide

Where the figures come from. Live NBIS price, funding rate, open interest and 24h volume are read from the Hyperliquid API, the same public endpoint the exchange serves its own front end from, and cross-checked against the live trade.xyz interface where NBIS-PERP is deployed. Figures refresh on every page load and again every 30 seconds while the page is open, so any number quoted from this page is a point-in-time reading rather than a daily close. Contract specifications and editorial context were last reviewed May 2026 ; this page has been published since 2026. Reuse. You may republish these figures with attribution and a link to [hyperliquidguide.com/markets/xyz/nbis](https://hyperliquidguide.com/markets/xyz/nbis). ### Trade NBIS on Hyperliquid Get a 4% lifetime fee discount with our referral code. [Start Trading NBIS](https://app.hyperliquid.xyz/join/Concept211) ### Related Guides [Hyperliquid XYZ Explained →](/guides/trading/hyperliquid-xyz-explained)[How to Trade on Hyperliquid →](/guides/getting-started/how-to-trade-on-hyperliquid)[HIP-3 Builder Codes Explained →](/ecosystem/hip-3-builder-codes)[Traditional Markets on Hyperliquid →](/ecosystem/hyperliquid-traditional-markets)[Hyperliquid Fee Structure →](/guides/fees/fees-explained)[Spot Trading Guide →](/guides/trading/spot-trading-guide) ### More Equity Markets [SKHX +0.82%](/markets/xyz/skhx)[MU -1.97%](/markets/xyz/mu)[SNDK -2.46%](/markets/xyz/sndk)[SKHY +0.20%](/markets/xyz/skhy)[INTC -0.23%](/markets/xyz/intc)[SMSN -0.57%](/markets/xyz/smsn)[NVDA -0.91%](/markets/xyz/nvda)[SPCX -1.18%](/markets/xyz/spcx)[SOXL -6.49%](/markets/xyz/soxl)[HOOD -3.50%](/markets/xyz/hood)[TSLA -0.32%](/markets/xyz/tsla)[AAPL -0.75%](/markets/xyz/aapl) ### Ready to Start Trading? Join Hyperliquid with our referral link and get a 4% lifetime fee discount. No KYC, no email - just connect your wallet and trade. [Start Trading - Save 4%](https://app.hyperliquid.xyz/join/Concept211) --- > Trade CoreWeave perpetuals on Hyperliquid 24/7 — cash-settled, USDC margin, no expiry. Live CRWV price, contract specs, funding rates, and up to 10x leverage via trade.xyz. *Source: https://hyperliquidguide.com/markets/xyz/crwv* ![CoreWeave (CRWV) perpetual market on Hyperliquid](/logos/xyz-crwv.svg) # CoreWeave (CRWV) Price on Hyperliquid CRWV-PERP via trade.xyz · HIP-3 Equity · Live Chart, Funding Rate & Contract Specs ![Concept211](/images/about/concept211.webp) Reviewed by [Concept211](/about#author) · Hyperliquid Guide editorial team Building trading bots since 2016, trading on Hyperliquid since February 2024. Trades perpetuals on Hyperliquid daily, builds automated trading bots on the Hyperliquid API, and tests every market against the live trade.xyz interface before publishing. Last reviewed: May 2026 | Verified live against trade.xyz May 2026 $90.022 -1.39% Auto-refreshes every 30s · Max leverage: 10x 24h Volume $2.99M Open Interest $6.61M 73,474.86 CRWV Funding Rate (1h) +0.0006% Annualized: +5.48% Mark vs Oracle -0.0581% Premium Source: live price, 24h volume, open interest, and funding-rate data from the official [Hyperliquid API](https://api.hyperliquid.xyz) (trade.xyz HIP-3 oracle feed), refreshed every 30 seconds. Quick Summary — What is CRWV on Hyperliquid? Yes — CoreWeave (CRWV) trades as a perpetual futures contract on Hyperliquid via the trade.xyz HIP-3 venue. CRWV-PERP is cash-settled in USDC and tracks the spot CoreWeave share price through an oracle, so you take a leveraged long or short position rather than owning shares — no dividends, no voting, no share custody. Because CoreWeave is a GPU-cloud operator, the perp is effectively a 24/7 bet on AI compute demand and datacenter financing, and it reacts to hyperscaler capex and customer-concentration news the moment those headlines drop, including weekends when stock markets are closed. Funding settles hourly to keep the contract anchored to the underlying. To trade it: deposit USDC on Hyperliquid, connect the same wallet on trade.xyz, select CRWV, set your leverage and direction, and confirm. Liquidity is thinner than mega-cap names, so position sizes should account for wider spreads. ## CRWV on Hyperliquid at a Glance *CRWV-PERP contract specification on Hyperliquid, as of May 2026 . Leverage and market type are read from the Hyperliquid API's market metadata; fees are Hyperliquid's published [HIP-3 builder-market fee schedule](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees); the underlying price is referenced through the trade.xyz oracle.* | Field | Value | | --- | --- | | Underlying | CoreWeave (Equity) | | Market type | HIP-3 perpetual future via trade.xyz | | Max leverage | 10x | | Maker fee | 0.03% | | Taker fee | 0.09% | | Funding interval | Hourly | | Margin & settlement | USDC — cash-settled, no expiry | | Trading hours | 24/7, including weekends & holidays | CoreWeave price · trade.xyz Loading CoreWeave chart… Live CRWV candles from the [Hyperliquid API](https://api.hyperliquid.xyz). Ready to trade? [Get a 4% fee discount](https://app.hyperliquid.xyz/join/Concept211). ## How to Trade CoreWeave (CRWV) on Hyperliquid CoreWeave is an AI cloud infrastructure company backed by NVIDIA, providing GPU compute for AI model training. Trade CRWV perpetual futures on Hyperliquid via trade.xyz. CRWV is a cash-settled perpetual futures contract on Hyperliquid, deployed via trade.xyz as a HIP-3 builder market. Unlike traditional futures, there is no expiry date and no physical delivery — positions roll continuously with funding rates settling every hour. All margin is denominated in USDC, and you can trade with up to 10x leverage. HIP-3 markets extend Hyperliquid beyond crypto, bringing equities, commodities, and indices on-chain with 24/7 trading, no KYC, and the same on-chain order book infrastructure that powers Hyperliquid's native perpetuals. ![How a CRWV HIP-3 perpetual on Hyperliquid works: real-world asset to deployer oracle feed to on-chain CLOB matching to USDC-margined settlement](/images/markets/shared/hip-3-rwa-perp-flow.webp) *The lifecycle of a HIP-3 real-world-asset perpetual — from underlying price feed to USDC settlement on HyperCore.* ### Why Trade CRWV on Hyperliquid? CoreWeave is the most direct public-market proxy for raw AI compute demand — it rents out fleets of NVIDIA H100, H200, and Blackwell GPUs to labs and hyperscalers, so its share price is geared not to chip design margins (the NVIDIA story) but to GPU utilization, datacenter buildout, and the debt that funds it. That makes CRWV trade differently from every other name in the AI basket. Where I watch NVIDIA for allocation and gross-margin signals, I watch CRWV for two things the equity reacts to violently: customer-concentration headlines (a single hyperscaler is a large share of revenue, so any contract renegotiation moves the stock double digits) and financing costs (the buildout is heavily debt-funded, so CRWV catches a bid or a beating on rate moves that barely register on NVDA). Since the 2025 IPO it has printed some of the highest realized volatility of any large equity perp on trade.xyz, and the lockup-expiry windows produced gaps you simply could not have traded in a US brokerage account that was closed for the weekend. CRWV-PERP on Hyperliquid is cash-settled in USDC, trades around the clock, and sits in the same wallet as the NVDA and DRAM perps — which is the whole point if you run the AI-infrastructure complex as a basket rather than single names. ### CRWV Contract Notes & Catalysts to Watch CRWV-PERP tracks the spot CoreWeave share price via the trade.xyz oracle with hourly funding. The catalysts that have actually moved it in my trading: quarterly earnings (with the market focused on revenue backlog and GPU capacity additions more than EPS), NVIDIA chip-allocation and Blackwell shipment news, hyperscaler capex prints from MSFT/META/GOOGL/AMZN, new debt raises and their coupon, customer-concentration disclosures, and share-lockup expirations. Liquidity is thinner and the book is shallower than NVDA, so size accordingly — a notional that fills cleanly on NVDA-PERP will walk the CRWV book noticeably, especially in off-hours. Funding has tended to swing hard positive on momentum-up days as perp longs crowd in ahead of the rest of the AI complex. Related markets: [NVIDIA (NVDA) perp](/markets/xyz/nvda) , [DRAM memory-cycle perp](/markets/xyz/dram) . ### Key Market Facts Leverage read from the Hyperliquid API; fee figures from Hyperliquid's published HIP-3 builder-market fee schedule. Contract Type Perpetual Future (HIP-3) Max Leverage 10x Settlement USDC Taker Fee 0.09% Maker Fee 0.03% Builder trade.xyz Funding Interval Hourly (continuous) Market Category Equity ## Frequently Asked Questions ### How do I trade CRWV on Hyperliquid? CRWV is available as a HIP-3 perpetual future on Hyperliquid, deployed via trade.xyz. You can trade it the same way as any other perp - deposit USDC, select the market, and open a position with up to 10x leverage. ### What are the fees for CRWV on Hyperliquid? 0.09% taker and 0.03% maker, per Hyperliquid's published HIP-3 builder-market fee schedule. Those are the figures a deployer fee scale of 1.0 produces, which is what trade.xyz runs; the scale is set per asset and the live value sits in the Hyperliquid API's meta response. They are higher than native perps because half the fee goes to the builder (trade.xyz) that deployed the market. ### Can I trade CRWV 24/7 on Hyperliquid? Yes. Unlike traditional equity markets that have set trading hours, CRWV perpetual futures on Hyperliquid trade around the clock - 24 hours a day, 7 days a week, including weekends and holidays. How we source and review this market data ▾ Data collection. Live CRWV price, funding rate, open interest, and 24h volume are pulled directly from the Hyperliquid API on every page load and cross-checked against the live trade.xyz interface, which is where CRWV-PERP is deployed as a HIP-3 builder market. Numbers shown are unedited machine values from those feeds — we do not hand-adjust prices or rates. Editorial review. The trading context on CRWV-PERP — catalysts, contract specs, and the “why trade this” analysis — is written and reviewed by [Concept211](/about#author), an active Hyperliquid trader since February 2024 who trades perpetuals daily and builds automated bots on the Hyperliquid API. Each market is checked against the live trade.xyz interface before publishing. Last reviewed. May 2026 . Contract specs and catalysts are re-checked on a rolling basis; live data refreshes automatically. Read the full [editorial methodology](/methodology) for how figures are sourced, verified, and corrected. ## Cite this page Quoting a figure from this page? Copy a ready-made reference rather than reconstructing one. Every heading and headline number on this page also carries its own anchor, so you can link straight to the line you are quoting. ### Plain-text citation For articles, reports, and reference lists. Hyperliquid Guide. "CoreWeave (CRWV) Price on Hyperliquid: Live Chart & Perp Specs." Published February 15, 2026; last updated May 15, 2026. https://hyperliquidguide.com/markets/xyz/crwv ### HTML link Drop-in anchor tag with the page title and update date. CoreWeave (CRWV) Price on Hyperliquid: Live Chart & Perp Specs — Hyperliquid Guide, updated May 2026 ### Embed the CRWV spec table Self-contained HTML table, including the required source attribution.
CRWV-PERP contract specification on Hyperliquid — as of May 2026
UnderlyingCoreWeave (Equity)
Market typeHIP-3 perpetual future via trade.xyz
Max leverage10x
Maker fee0.03%
Taker fee0.09%
Funding intervalHourly
Margin & settlementUSDC — cash-settled, no expiry
Trading hours24/7, including weekends & holidays

Source: CoreWeave (CRWV) on Hyperliquid — Hyperliquid Guide

Where the figures come from. Live CRWV price, funding rate, open interest and 24h volume are read from the Hyperliquid API, the same public endpoint the exchange serves its own front end from, and cross-checked against the live trade.xyz interface where CRWV-PERP is deployed. Figures refresh on every page load and again every 30 seconds while the page is open, so any number quoted from this page is a point-in-time reading rather than a daily close. Contract specifications and editorial context were last reviewed May 2026 ; this page has been published since 2026. Reuse. You may republish these figures with attribution and a link to [hyperliquidguide.com/markets/xyz/crwv](https://hyperliquidguide.com/markets/xyz/crwv). ### Trade CRWV on Hyperliquid Get a 4% lifetime fee discount with our referral code. [Start Trading CRWV](https://app.hyperliquid.xyz/join/Concept211) ### Related Guides [Hyperliquid XYZ Explained →](/guides/trading/hyperliquid-xyz-explained)[How to Trade on Hyperliquid →](/guides/getting-started/how-to-trade-on-hyperliquid)[HIP-3 Builder Codes Explained →](/ecosystem/hip-3-builder-codes)[Traditional Markets on Hyperliquid →](/ecosystem/hyperliquid-traditional-markets)[Hyperliquid Fee Structure →](/guides/fees/fees-explained)[Spot Trading Guide →](/guides/trading/spot-trading-guide) ### More Equity Markets [SKHX +0.82%](/markets/xyz/skhx)[MU -1.97%](/markets/xyz/mu)[SNDK -2.46%](/markets/xyz/sndk)[SKHY +0.20%](/markets/xyz/skhy)[INTC -0.23%](/markets/xyz/intc)[SMSN -0.57%](/markets/xyz/smsn)[NVDA -0.91%](/markets/xyz/nvda)[SPCX -1.18%](/markets/xyz/spcx)[SOXL -6.49%](/markets/xyz/soxl)[HOOD -3.50%](/markets/xyz/hood)[TSLA -0.32%](/markets/xyz/tsla)[AAPL -0.75%](/markets/xyz/aapl) ### Ready to Start Trading? Join Hyperliquid with our referral link and get a 4% lifetime fee discount. No KYC, no email - just connect your wallet and trade. [Start Trading - Save 4%](https://app.hyperliquid.xyz/join/Concept211) --- > Trade Kioxia Holdings perpetuals on Hyperliquid 24/7 — cash-settled, USDC margin, no expiry. Live KIOXIA price, contract specs, funding rates, and up to 10x leverage via trade.xyz. *Source: https://hyperliquidguide.com/markets/xyz/kioxia* KI # Kioxia Holdings (KIOXIA) Price on Hyperliquid KIOXIA-PERP via trade.xyz · HIP-3 Equity · Live Chart, Funding Rate & Contract Specs ![Concept211](/images/about/concept211.webp) Reviewed by [Concept211](/about#author) · Hyperliquid Guide editorial team Building trading bots since 2016, trading on Hyperliquid since February 2024. Trades perpetuals on Hyperliquid daily, builds automated trading bots on the Hyperliquid API, and tests every market against the live trade.xyz interface before publishing. Last reviewed: May 2026 | Verified live against trade.xyz May 2026 $373.20 -2.58% Auto-refreshes every 30s · Max leverage: 10x 24h Volume $4.34M Open Interest $7.26M 19,445.974 KIOXIA Funding Rate (1h) -0.0070% Annualized: -60.99% Mark vs Oracle +0.1540% Premium Source: live price, 24h volume, open interest, and funding-rate data from the official [Hyperliquid API](https://api.hyperliquid.xyz) (trade.xyz HIP-3 oracle feed), refreshed every 30 seconds. Quick Summary — What is KIOXIA on Hyperliquid? Yes. Kioxia trades on Hyperliquid as KIOXIA-PERP, a cash-settled perpetual future listed through the trade.xyz HIP-3 venue. It tracks the Kioxia Holdings share price on the Tokyo Stock Exchange through an oracle feed rather than handing you the shares, so you get no dividends, no voting rights, and nothing in custody. Margin is denominated in USDC and funding settles hourly, which keeps the contract anchored to the underlying. It is a perpetual, so there is no expiry and no roll. Kioxia is the former Toshiba Memory business and one of the largest NAND flash makers, which makes this the closest listed proxy for the NAND pricing cycle. It trades 24/7 on Hyperliquid, including the hours when the Tokyo listing is shut and TrendForce NAND contract-price data lands. Base fees are 0.09% taker and 0.03% maker. ## KIOXIA on Hyperliquid at a Glance *KIOXIA-PERP contract specification on Hyperliquid, as of May 2026 . Leverage and market type are read from the Hyperliquid API's market metadata; fees are Hyperliquid's published [HIP-3 builder-market fee schedule](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees); the underlying price is referenced through the trade.xyz oracle.* | Field | Value | | --- | --- | | Underlying | Kioxia Holdings (Equity) | | Market type | HIP-3 perpetual future via trade.xyz | | Max leverage | 10x | | Maker fee | 0.03% | | Taker fee | 0.09% | | Funding interval | Hourly | | Margin & settlement | USDC — cash-settled, no expiry | | Trading hours | 24/7, including weekends & holidays | Kioxia Holdings price · trade.xyz Loading Kioxia Holdings chart… Live KIOXIA candles from the [Hyperliquid API](https://api.hyperliquid.xyz). Ready to trade? [Get a 4% fee discount](https://app.hyperliquid.xyz/join/Concept211). ## How to Trade Kioxia Holdings (KIOXIA) on Hyperliquid Kioxia (formerly Toshiba Memory) is a leading NAND flash memory manufacturer and a key supplier to the global semiconductor supply chain. Trade on Hyperliquid via trade.xyz. KIOXIA is a cash-settled perpetual futures contract on Hyperliquid, deployed via trade.xyz as a HIP-3 builder market. Unlike traditional futures, there is no expiry date and no physical delivery — positions roll continuously with funding rates settling every hour. All margin is denominated in USDC, and you can trade with up to 10x leverage. HIP-3 markets extend Hyperliquid beyond crypto, bringing equities, commodities, and indices on-chain with 24/7 trading, no KYC, and the same on-chain order book infrastructure that powers Hyperliquid's native perpetuals. ![How a KIOXIA HIP-3 perpetual on Hyperliquid works: real-world asset to deployer oracle feed to on-chain CLOB matching to USDC-margined settlement](/images/markets/shared/hip-3-rwa-perp-flow.webp) *The lifecycle of a HIP-3 real-world-asset perpetual — from underlying price feed to USDC settlement on HyperCore.* ### Why Trade KIOXIA on Hyperliquid? Hyperliquid offers distinct advantages for equity traders: gasless execution means zero transaction costs beyond the maker/taker spread, no KYC or identity verification is required to open an account, and trading is available 24/7 including weekends and holidays when traditional equity markets are closed. Self-custody ensures you retain full control of your funds at all times. ### KIOXIA Contract Notes & Catalysts to Watch KIOXIA-PERP tracks the Kioxia Holdings share price via the trade.xyz oracle with hourly funding, cash-settled in USDC. Kioxia is the former Toshiba Memory business and a top-tier NAND flash maker, so this is the cleanest listed pure-play on the NAND pricing cycle — distinct from the DRAM and HBM names because NAND has its own supply-demand swings driven by SSD and datacenter-storage demand. It is a recent IPO, relisted on the Tokyo Stock Exchange in late 2025 after years under Bain Capital ownership, so float dynamics, lockups, and Bain's remaining stake still matter for gap risk. The underlier trades Tokyo hours, so NAND contract-price reports from TrendForce and any Kioxia or SanDisk supply news hit during the Asian session. I pair it with SKHX and SMSN on the memory-complex long side, or against MU and INTC on relative-value rotations when the storage cycle diverges from logic. Catalysts: quarterly earnings, TrendForce monthly NAND pricing, AI-storage demand commentary, and JPY moves that flatter export earnings. Liquidity is thin and realized vol is high for a fresh listing, so size small and expect wider spreads off-hours. ### Key Market Facts Leverage read from the Hyperliquid API; fee figures from Hyperliquid's published HIP-3 builder-market fee schedule. Contract Type Perpetual Future (HIP-3) Max Leverage 10x Settlement USDC Taker Fee 0.09% Maker Fee 0.03% Builder trade.xyz Funding Interval Hourly (continuous) Market Category Equity ## Frequently Asked Questions ### How do I trade KIOXIA on Hyperliquid? KIOXIA is available as a HIP-3 perpetual future on Hyperliquid, deployed via trade.xyz. You can trade it the same way as any other perp - deposit USDC, select the market, and open a position with up to 10x leverage. ### What are the fees for KIOXIA on Hyperliquid? 0.09% taker and 0.03% maker, per Hyperliquid's published HIP-3 builder-market fee schedule. Those are the figures a deployer fee scale of 1.0 produces, which is what trade.xyz runs; the scale is set per asset and the live value sits in the Hyperliquid API's meta response. They are higher than native perps because half the fee goes to the builder (trade.xyz) that deployed the market. ### Can I trade KIOXIA 24/7 on Hyperliquid? Yes. Unlike traditional equity markets that have set trading hours, KIOXIA perpetual futures on Hyperliquid trade around the clock - 24 hours a day, 7 days a week, including weekends and holidays. How we source and review this market data ▾ Data collection. Live KIOXIA price, funding rate, open interest, and 24h volume are pulled directly from the Hyperliquid API on every page load and cross-checked against the live trade.xyz interface, which is where KIOXIA-PERP is deployed as a HIP-3 builder market. Numbers shown are unedited machine values from those feeds — we do not hand-adjust prices or rates. Editorial review. The trading context on KIOXIA-PERP — catalysts, contract specs, and the “why trade this” analysis — is written and reviewed by [Concept211](/about#author), an active Hyperliquid trader since February 2024 who trades perpetuals daily and builds automated bots on the Hyperliquid API. Each market is checked against the live trade.xyz interface before publishing. Last reviewed. May 2026 . Contract specs and catalysts are re-checked on a rolling basis; live data refreshes automatically. Read the full [editorial methodology](/methodology) for how figures are sourced, verified, and corrected. ## Cite this page Quoting a figure from this page? Copy a ready-made reference rather than reconstructing one. Every heading and headline number on this page also carries its own anchor, so you can link straight to the line you are quoting. ### Plain-text citation For articles, reports, and reference lists. Hyperliquid Guide. "Kioxia Holdings (KIOXIA) Price on Hyperliquid: Live Chart & Perp Specs." Published February 15, 2026; last updated May 15, 2026. https://hyperliquidguide.com/markets/xyz/kioxia ### HTML link Drop-in anchor tag with the page title and update date. Kioxia Holdings (KIOXIA) Price on Hyperliquid: Live Chart & Perp Specs — Hyperliquid Guide, updated May 2026 ### Embed the KIOXIA spec table Self-contained HTML table, including the required source attribution.
KIOXIA-PERP contract specification on Hyperliquid — as of May 2026
UnderlyingKioxia Holdings (Equity)
Market typeHIP-3 perpetual future via trade.xyz
Max leverage10x
Maker fee0.03%
Taker fee0.09%
Funding intervalHourly
Margin & settlementUSDC — cash-settled, no expiry
Trading hours24/7, including weekends & holidays

Source: Kioxia Holdings (KIOXIA) on Hyperliquid — Hyperliquid Guide

Where the figures come from. Live KIOXIA price, funding rate, open interest and 24h volume are read from the Hyperliquid API, the same public endpoint the exchange serves its own front end from, and cross-checked against the live trade.xyz interface where KIOXIA-PERP is deployed. Figures refresh on every page load and again every 30 seconds while the page is open, so any number quoted from this page is a point-in-time reading rather than a daily close. Contract specifications and editorial context were last reviewed May 2026 ; this page has been published since 2026. Reuse. You may republish these figures with attribution and a link to [hyperliquidguide.com/markets/xyz/kioxia](https://hyperliquidguide.com/markets/xyz/kioxia). ### Trade KIOXIA on Hyperliquid Get a 4% lifetime fee discount with our referral code. [Start Trading KIOXIA](https://app.hyperliquid.xyz/join/Concept211) ### Related Guides [Hyperliquid XYZ Explained →](/guides/trading/hyperliquid-xyz-explained)[How to Trade on Hyperliquid →](/guides/getting-started/how-to-trade-on-hyperliquid)[HIP-3 Builder Codes Explained →](/ecosystem/hip-3-builder-codes)[Traditional Markets on Hyperliquid →](/ecosystem/hyperliquid-traditional-markets)[Hyperliquid Fee Structure →](/guides/fees/fees-explained)[Spot Trading Guide →](/guides/trading/spot-trading-guide) ### More Equity Markets [SKHX +0.82%](/markets/xyz/skhx)[MU -1.97%](/markets/xyz/mu)[SNDK -2.46%](/markets/xyz/sndk)[SKHY +0.20%](/markets/xyz/skhy)[INTC -0.23%](/markets/xyz/intc)[SMSN -0.57%](/markets/xyz/smsn)[NVDA -0.91%](/markets/xyz/nvda)[SPCX -1.18%](/markets/xyz/spcx)[SOXL -6.49%](/markets/xyz/soxl)[HOOD -3.50%](/markets/xyz/hood)[TSLA -0.32%](/markets/xyz/tsla)[AAPL -0.75%](/markets/xyz/aapl) ### Ready to Start Trading? Join Hyperliquid with our referral link and get a 4% lifetime fee discount. No KYC, no email - just connect your wallet and trade. [Start Trading - Save 4%](https://app.hyperliquid.xyz/join/Concept211) --- > Live AMD price on Hyperliquid, refreshed every 30 seconds: AMD-PERP mark price, hourly funding rate, open interest, leverage cap and the full contract spec. *Source: https://hyperliquidguide.com/markets/xyz/amd* ![Advanced Micro Devices (AMD) perpetual market on Hyperliquid](/logos/xyz-amd.svg) # Advanced Micro Devices (AMD) Price on Hyperliquid AMD-PERP via trade.xyz · HIP-3 Equity · Live Chart, Funding Rate & Contract Specs ![Concept211](/images/about/concept211.webp) Reviewed by [Concept211](/about#author) · Hyperliquid Guide editorial team Building trading bots since 2016, trading on Hyperliquid since February 2024. Trades perpetuals on Hyperliquid daily, builds automated trading bots on the Hyperliquid API, and tests every market against the live trade.xyz interface before publishing. Last reviewed: May 2026 | Verified live against trade.xyz May 2026 $483.56 -0.55% Auto-refreshes every 30s · Max leverage: 10x 24h Volume $11.02M Open Interest $14.62M 30,239.854 AMD Funding Rate (1h) +0.0006% Annualized: +5.48% Mark vs Oracle -0.0627% Premium Source: live price, 24h volume, open interest, and funding-rate data from the official [Hyperliquid API](https://api.hyperliquid.xyz) (trade.xyz HIP-3 oracle feed), refreshed every 30 seconds. Quick Summary — What is AMD on Hyperliquid? Yes, AMD (Advanced Micro Devices) trades as a perpetual futures contract on Hyperliquid through the trade.xyz HIP-3 venue, and the live AMD price is shown at the top of this page. AMD-PERP is cash-settled in USDC and tracks the spot AMD share price on Nasdaq through an oracle, so you hold a leveraged long or short rather than shares: no dividends, no voting rights, nothing in custody. There is no expiry and no quarterly roll, and funding settles hourly to keep the contract anchored to the underlying. It trades 24/7, including the after-hours windows when AMD earnings and accelerator launch news actually break and US equity markets are shut. Base fees are 0.09% taker and 0.03% maker under Hyperliquid HIP-3 builder-market fee schedule. To trade it: deposit USDC on Hyperliquid, connect the same wallet on trade.xyz, select AMD, set leverage and direction, and confirm. ## AMD on Hyperliquid at a Glance *AMD-PERP contract specification on Hyperliquid, as of May 2026 . Leverage and market type are read from the Hyperliquid API's market metadata; fees are Hyperliquid's published [HIP-3 builder-market fee schedule](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees); the underlying price is referenced through the trade.xyz oracle.* | Field | Value | | --- | --- | | Underlying | Advanced Micro Devices (Equity) | | Market type | HIP-3 perpetual future via trade.xyz | | Max leverage | 10x | | Maker fee | 0.03% | | Taker fee | 0.09% | | Funding interval | Hourly | | Margin & settlement | USDC — cash-settled, no expiry | | Trading hours | 24/7, including weekends & holidays | Advanced Micro Devices price · trade.xyz Loading Advanced Micro Devices chart… Live AMD candles from the [Hyperliquid API](https://api.hyperliquid.xyz). Ready to trade? [Get a 4% fee discount](https://app.hyperliquid.xyz/join/Concept211). ## How to Trade Advanced Micro Devices (AMD) on Hyperliquid AMD is a major semiconductor company competing in CPUs, GPUs, and data-center AI accelerators. Trade AMD perpetual futures on Hyperliquid via trade.xyz. AMD is a cash-settled perpetual futures contract on Hyperliquid, deployed via trade.xyz as a HIP-3 builder market. Unlike traditional futures, there is no expiry date and no physical delivery — positions roll continuously with funding rates settling every hour. All margin is denominated in USDC, and you can trade with up to 10x leverage. HIP-3 markets extend Hyperliquid beyond crypto, bringing equities, commodities, and indices on-chain with 24/7 trading, no KYC, and the same on-chain order book infrastructure that powers Hyperliquid's native perpetuals. ![Advanced Micro Devices (AMD) official company website — the underlying asset behind the AMD HIP-3 perpetual on Hyperliquid](/images/markets/xyz/amd/amd-official-site.webp) *Advanced Micro Devices is the underlying asset behind the AMD-PERP market on Hyperliquid. Screenshot of AMD's official website ([www.amd.com](https://www.amd.com)) — shown under fair use for editorial context.* ![How a AMD HIP-3 perpetual on Hyperliquid works: real-world asset to deployer oracle feed to on-chain CLOB matching to USDC-margined settlement](/images/markets/shared/hip-3-rwa-perp-flow.webp) *The lifecycle of a HIP-3 real-world-asset perpetual — from underlying price feed to USDC settlement on HyperCore.* ### Why Trade AMD on Hyperliquid? AMD is the "number two" AI-accelerator trade, and that positioning is exactly why it deserves its own contract rather than being lumped with NVIDIA. The thesis is not whether AI compute demand is real — it is whether AMD can take share from NVIDIA with the MI300 and MI400 Instinct line, so the stock reacts to a different catalyst set: hyperscaler design-win announcements (Microsoft, Meta, Oracle committing to Instinct), ROCm software-stack progress, and the data-center GPU revenue ramp, alongside its more cyclical client-CPU and embedded segments. That gives AMD a beta to the AI narrative that is high but distinct from NVDA — it often lags on the way up and overshoots on sentiment reversals, which makes the NVDA/AMD pair a recurring relative-value trade. AMD-PERP on Hyperliquid via trade.xyz is cash-settled in USDC with hourly funding, and the 24/7 access matters because the AI-capex headlines that move it — hyperscaler earnings, supply-chain prints out of Asia, competitor keynotes — routinely break after the US close. Running AMD-PERP in the same USDC-margin wallet as your NVDA, MU, and AI-token perps lets you trade the whole AI-infrastructure complex as a basket, hedge one leg against another, and react before the next NYSE session, with no broker, KYC, or T+1 settlement. ### AMD Contract Notes & Catalysts to Watch AMD-PERP tracks the spot AMD share price via the trade.xyz oracle with hourly funding. Largest catalysts: quarterly earnings (late January or early February, late April, late July or early August, late October) with the market focused on data-center GPU and the Instinct ramp; new MI-series accelerator launches and hyperscaler design wins; NVIDIA earnings and keynotes (AMD trades sympathetically and on relative-positioning rotations); and PC and client demand prints. Volume and depth are best during US hours. Funding tends to turn positive on AI-rally days as perp longs crowd the second-place GPU name; watch the NVDA/AMD ratio for relative-value setups. AMD rarely moves alone. [The NVDA perpetual market](/markets/xyz/nvda) is the other side of the AI accelerator trade and the usual pair against it, whether you are expressing a view on relative share gain or hedging one leg of a semiconductor position. Related markets: [NVIDIA (NVDA) perp](/markets/xyz/nvda) , [Micron (MU) memory perp](/markets/xyz/mu) , [Arm Holdings (ARM) perp](/markets/xyz/arm) . ### Key Market Facts Leverage read from the Hyperliquid API; fee figures from Hyperliquid's published HIP-3 builder-market fee schedule. Contract Type Perpetual Future (HIP-3) Max Leverage 10x Settlement USDC Taker Fee 0.09% Maker Fee 0.03% Builder trade.xyz Funding Interval Hourly (continuous) Market Category Equity ## Frequently Asked Questions ### How do I trade AMD on Hyperliquid? AMD is available as a HIP-3 perpetual future on Hyperliquid, deployed via trade.xyz. You can trade it the same way as any other perp - deposit USDC, select the market, and open a position with up to 10x leverage. ### What are the fees for AMD on Hyperliquid? 0.09% taker and 0.03% maker, per Hyperliquid's published HIP-3 builder-market fee schedule. Those are the figures a deployer fee scale of 1.0 produces, which is what trade.xyz runs; the scale is set per asset and the live value sits in the Hyperliquid API's meta response. They are higher than native perps because half the fee goes to the builder (trade.xyz) that deployed the market. ### Can I trade AMD 24/7 on Hyperliquid? Yes. Unlike traditional equity markets that have set trading hours, AMD perpetual futures on Hyperliquid trade around the clock - 24 hours a day, 7 days a week, including weekends and holidays. How we source and review this market data ▾ Data collection. Live AMD price, funding rate, open interest, and 24h volume are pulled directly from the Hyperliquid API on every page load and cross-checked against the live trade.xyz interface, which is where AMD-PERP is deployed as a HIP-3 builder market. Numbers shown are unedited machine values from those feeds — we do not hand-adjust prices or rates. Editorial review. The trading context on AMD-PERP — catalysts, contract specs, and the “why trade this” analysis — is written and reviewed by [Concept211](/about#author), an active Hyperliquid trader since February 2024 who trades perpetuals daily and builds automated bots on the Hyperliquid API. Each market is checked against the live trade.xyz interface before publishing. Last reviewed. May 2026 . Contract specs and catalysts are re-checked on a rolling basis; live data refreshes automatically. Read the full [editorial methodology](/methodology) for how figures are sourced, verified, and corrected. ## Cite this page Quoting a figure from this page? Copy a ready-made reference rather than reconstructing one. Every heading and headline number on this page also carries its own anchor, so you can link straight to the line you are quoting. ### Plain-text citation For articles, reports, and reference lists. Hyperliquid Guide. "Advanced Micro Devices (AMD) Price on Hyperliquid: Live Chart & Perp Specs." Published February 15, 2026; last updated May 15, 2026. https://hyperliquidguide.com/markets/xyz/amd ### HTML link Drop-in anchor tag with the page title and update date. Advanced Micro Devices (AMD) Price on Hyperliquid: Live Chart & Perp Specs — Hyperliquid Guide, updated May 2026 ### Embed the AMD spec table Self-contained HTML table, including the required source attribution.
AMD-PERP contract specification on Hyperliquid — as of May 2026
UnderlyingAdvanced Micro Devices (Equity)
Market typeHIP-3 perpetual future via trade.xyz
Max leverage10x
Maker fee0.03%
Taker fee0.09%
Funding intervalHourly
Margin & settlementUSDC — cash-settled, no expiry
Trading hours24/7, including weekends & holidays

Source: Advanced Micro Devices (AMD) on Hyperliquid — Hyperliquid Guide

Where the figures come from. Live AMD price, funding rate, open interest and 24h volume are read from the Hyperliquid API, the same public endpoint the exchange serves its own front end from, and cross-checked against the live trade.xyz interface where AMD-PERP is deployed. Figures refresh on every page load and again every 30 seconds while the page is open, so any number quoted from this page is a point-in-time reading rather than a daily close. Contract specifications and editorial context were last reviewed May 2026 ; this page has been published since 2026. Reuse. You may republish these figures with attribution and a link to [hyperliquidguide.com/markets/xyz/amd](https://hyperliquidguide.com/markets/xyz/amd). ### Trade AMD on Hyperliquid Get a 4% lifetime fee discount with our referral code. [Start Trading AMD](https://app.hyperliquid.xyz/join/Concept211) ### Related Guides [Hyperliquid XYZ Explained →](/guides/trading/hyperliquid-xyz-explained)[How to Trade on Hyperliquid →](/guides/getting-started/how-to-trade-on-hyperliquid)[HIP-3 Builder Codes Explained →](/ecosystem/hip-3-builder-codes)[Traditional Markets on Hyperliquid →](/ecosystem/hyperliquid-traditional-markets)[Hyperliquid Fee Structure →](/guides/fees/fees-explained)[Spot Trading Guide →](/guides/trading/spot-trading-guide) ### More Equity Markets [SKHX +0.82%](/markets/xyz/skhx)[MU -1.97%](/markets/xyz/mu)[SNDK -2.46%](/markets/xyz/sndk)[SKHY +0.20%](/markets/xyz/skhy)[INTC -0.23%](/markets/xyz/intc)[SMSN -0.57%](/markets/xyz/smsn)[NVDA -0.91%](/markets/xyz/nvda)[SPCX -1.18%](/markets/xyz/spcx)[SOXL -6.49%](/markets/xyz/soxl)[HOOD -3.50%](/markets/xyz/hood)[TSLA -0.32%](/markets/xyz/tsla)[AAPL -0.75%](/markets/xyz/aapl) ### Ready to Start Trading? Join Hyperliquid with our referral link and get a 4% lifetime fee discount. No KYC, no email - just connect your wallet and trade. [Start Trading - Save 4%](https://app.hyperliquid.xyz/join/Concept211) --- > Trade Marvell Technology perpetuals on Hyperliquid 24/7 — cash-settled, USDC margin, no expiry. Live MRVL price, contract specs, funding rates, and up to 10x leverage via trade.xyz. *Source: https://hyperliquidguide.com/markets/xyz/mrvl* ![Marvell Technology (MRVL) perpetual market on Hyperliquid](/logos/xyz-mrvl.svg) # Marvell Technology (MRVL) Price on Hyperliquid MRVL-PERP via trade.xyz · HIP-3 Equity · Live Chart, Funding Rate & Contract Specs ![Concept211](/images/about/concept211.webp) Reviewed by [Concept211](/about#author) · Hyperliquid Guide editorial team Building trading bots since 2016, trading on Hyperliquid since February 2024. Trades perpetuals on Hyperliquid daily, builds automated trading bots on the Hyperliquid API, and tests every market against the live trade.xyz interface before publishing. Last reviewed: May 2026 | Verified live against trade.xyz May 2026 $222.13 -1.09% Auto-refreshes every 30s · Max leverage: 10x 24h Volume $5.37M Open Interest $21.42M 96,436.62 MRVL Funding Rate (1h) +0.0002% Annualized: +2.10% Mark vs Oracle -0.0620% Premium Source: live price, 24h volume, open interest, and funding-rate data from the official [Hyperliquid API](https://api.hyperliquid.xyz) (trade.xyz HIP-3 oracle feed), refreshed every 30 seconds. Quick Summary — What is MRVL on Hyperliquid? MRVL (Marvell Technology) on Hyperliquid is a cash-settled HIP-3 perpetual futures contract deployed via the trade.xyz builder. It is a equity perpetual — not a token — and tracks the Marvell Technology price feed with continuous hourly funding settlements. There is no expiry date and no physical delivery: positions roll forever. All margin is denominated in USDC, and you can open positions with up to 10x leverage . As of May 2026, MRVL perpetuals on Hyperliquid offer 24/7 trading (including weekends and holidays when traditional equity markets are closed), no KYC requirement, full self-custody via your own wallet, and zero gas fees on every order. Base fees are 0.09% taker and 0.03% maker (per Hyperliquid's HIP-3 builder-market fee schedule) — slightly higher than native Hyperliquid perps because a portion routes to trade.xyz as the HIP-3 builder. Live price, funding, and 24h volume on this page are pulled from the Hyperliquid API. ## MRVL on Hyperliquid at a Glance *MRVL-PERP contract specification on Hyperliquid, as of May 2026 . Leverage and market type are read from the Hyperliquid API's market metadata; fees are Hyperliquid's published [HIP-3 builder-market fee schedule](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees); the underlying price is referenced through the trade.xyz oracle.* | Field | Value | | --- | --- | | Underlying | Marvell Technology (Equity) | | Market type | HIP-3 perpetual future via trade.xyz | | Max leverage | 10x | | Maker fee | 0.03% | | Taker fee | 0.09% | | Funding interval | Hourly | | Margin & settlement | USDC — cash-settled, no expiry | | Trading hours | 24/7, including weekends & holidays | Marvell Technology price · trade.xyz Loading Marvell Technology chart… Live MRVL candles from the [Hyperliquid API](https://api.hyperliquid.xyz). Ready to trade? [Get a 4% fee discount](https://app.hyperliquid.xyz/join/Concept211). ## How to Trade Marvell Technology (MRVL) on Hyperliquid Marvell designs custom AI accelerators and the high-speed networking and optical silicon that stitches data-center GPUs together. Trade MRVL perpetual futures 24/7 on Hyperliquid via trade.xyz. MRVL is a cash-settled perpetual futures contract on Hyperliquid, deployed via trade.xyz as a HIP-3 builder market. Unlike traditional futures, there is no expiry date and no physical delivery — positions roll continuously with funding rates settling every hour. All margin is denominated in USDC, and you can trade with up to 10x leverage. HIP-3 markets extend Hyperliquid beyond crypto, bringing equities, commodities, and indices on-chain with 24/7 trading, no KYC, and the same on-chain order book infrastructure that powers Hyperliquid's native perpetuals. ![Marvell Technology (MRVL) official company website — the underlying asset behind the MRVL HIP-3 perpetual on Hyperliquid](/images/markets/xyz/mrvl/mrvl-official-site.webp) *Marvell Technology is the underlying asset behind the MRVL-PERP market on Hyperliquid. Screenshot of Marvell's official website ([www.marvell.com](https://www.marvell.com)) — shown under fair use for editorial context.* ![How a MRVL HIP-3 perpetual on Hyperliquid works: real-world asset to deployer oracle feed to on-chain CLOB matching to USDC-margined settlement](/images/markets/shared/hip-3-rwa-perp-flow.webp) *The lifecycle of a HIP-3 real-world-asset perpetual — from underlying price feed to USDC settlement on HyperCore.* ### Why Trade MRVL on Hyperliquid? Marvell is the "connectivity" leg of the AI-infrastructure trade, which is exactly why it earns its own contract rather than moving one-for-one with NVIDIA. Its business is custom silicon (ASICs designed for a single hyperscaler) plus the electro-optics, DSPs, and switching chips that move data between GPUs inside and between AI data centers — so the stock keys off a different catalyst set than the GPU names: custom-ASIC design-win announcements, optical and 800G/1.6T networking demand, and the read-through from hyperscaler capex on interconnect rather than compute. That gives MRVL a high but distinct beta to the AI theme, and it frequently trades as the relative-value pair against NVDA and AMD on rotation days. MRVL-PERP on Hyperliquid via trade.xyz is cash-settled in USDC with hourly funding, and the 24/7 access matters because the hyperscaler earnings and Asian supply-chain prints that move it routinely break after the US close. Holding it in the same USDC-margin wallet as your NVDA, AMD, and MU perps lets you trade the whole AI-infrastructure stack — compute, memory, and interconnect — as one basket. ### MRVL Contract Notes & Catalysts to Watch MRVL-PERP tracks the spot Marvell share price via the trade.xyz oracle with hourly funding. Largest catalysts: quarterly earnings (Marvell runs a fiscal-year offset, reporting roughly early March, late May/June, August/September, and late November/December) with the market focused on data-center revenue and custom-ASIC ramps; custom-silicon design-win disclosures with hyperscalers; NVIDIA earnings and keynotes (MRVL trades sympathetically on AI-capex read-through); and optical/networking demand updates. Liquidity is best during US hours. Funding tends to turn positive on AI-rally days as perp longs crowd the interconnect name alongside the GPU leaders — watch the NVDA/MRVL and AMD/MRVL ratios for relative-value setups. Related markets: [NVIDIA (NVDA) perp](/markets/xyz/nvda) , [AMD (AMD) perp](/markets/xyz/amd) . ### Key Market Facts Leverage read from the Hyperliquid API; fee figures from Hyperliquid's published HIP-3 builder-market fee schedule. Contract Type Perpetual Future (HIP-3) Max Leverage 10x Settlement USDC Taker Fee 0.09% Maker Fee 0.03% Builder trade.xyz Funding Interval Hourly (continuous) Market Category Equity ## Frequently Asked Questions ### How do I trade MRVL on Hyperliquid? MRVL is available as a HIP-3 perpetual future on Hyperliquid, deployed via trade.xyz. You can trade it the same way as any other perp - deposit USDC, select the market, and open a position with up to 10x leverage. ### What are the fees for MRVL on Hyperliquid? 0.09% taker and 0.03% maker, per Hyperliquid's published HIP-3 builder-market fee schedule. Those are the figures a deployer fee scale of 1.0 produces, which is what trade.xyz runs; the scale is set per asset and the live value sits in the Hyperliquid API's meta response. They are higher than native perps because half the fee goes to the builder (trade.xyz) that deployed the market. ### Can I trade MRVL 24/7 on Hyperliquid? Yes. Unlike traditional equity markets that have set trading hours, MRVL perpetual futures on Hyperliquid trade around the clock - 24 hours a day, 7 days a week, including weekends and holidays. How we source and review this market data ▾ Data collection. Live MRVL price, funding rate, open interest, and 24h volume are pulled directly from the Hyperliquid API on every page load and cross-checked against the live trade.xyz interface, which is where MRVL-PERP is deployed as a HIP-3 builder market. Numbers shown are unedited machine values from those feeds — we do not hand-adjust prices or rates. Editorial review. The trading context on MRVL-PERP — catalysts, contract specs, and the “why trade this” analysis — is written and reviewed by [Concept211](/about#author), an active Hyperliquid trader since February 2024 who trades perpetuals daily and builds automated bots on the Hyperliquid API. Each market is checked against the live trade.xyz interface before publishing. Last reviewed. May 2026 . Contract specs and catalysts are re-checked on a rolling basis; live data refreshes automatically. Read the full [editorial methodology](/methodology) for how figures are sourced, verified, and corrected. ## Cite this page Quoting a figure from this page? Copy a ready-made reference rather than reconstructing one. Every heading and headline number on this page also carries its own anchor, so you can link straight to the line you are quoting. ### Plain-text citation For articles, reports, and reference lists. Hyperliquid Guide. "Marvell Technology (MRVL) Price on Hyperliquid: Live Chart & Perp Specs." Published February 15, 2026; last updated May 15, 2026. https://hyperliquidguide.com/markets/xyz/mrvl ### HTML link Drop-in anchor tag with the page title and update date. Marvell Technology (MRVL) Price on Hyperliquid: Live Chart & Perp Specs — Hyperliquid Guide, updated May 2026 ### Embed the MRVL spec table Self-contained HTML table, including the required source attribution.
MRVL-PERP contract specification on Hyperliquid — as of May 2026
UnderlyingMarvell Technology (Equity)
Market typeHIP-3 perpetual future via trade.xyz
Max leverage10x
Maker fee0.03%
Taker fee0.09%
Funding intervalHourly
Margin & settlementUSDC — cash-settled, no expiry
Trading hours24/7, including weekends & holidays

Source: Marvell Technology (MRVL) on Hyperliquid — Hyperliquid Guide

Where the figures come from. Live MRVL price, funding rate, open interest and 24h volume are read from the Hyperliquid API, the same public endpoint the exchange serves its own front end from, and cross-checked against the live trade.xyz interface where MRVL-PERP is deployed. Figures refresh on every page load and again every 30 seconds while the page is open, so any number quoted from this page is a point-in-time reading rather than a daily close. Contract specifications and editorial context were last reviewed May 2026 ; this page has been published since 2026. Reuse. You may republish these figures with attribution and a link to [hyperliquidguide.com/markets/xyz/mrvl](https://hyperliquidguide.com/markets/xyz/mrvl). ### Trade MRVL on Hyperliquid Get a 4% lifetime fee discount with our referral code. [Start Trading MRVL](https://app.hyperliquid.xyz/join/Concept211) ### Related Guides [Hyperliquid XYZ Explained →](/guides/trading/hyperliquid-xyz-explained)[How to Trade on Hyperliquid →](/guides/getting-started/how-to-trade-on-hyperliquid)[HIP-3 Builder Codes Explained →](/ecosystem/hip-3-builder-codes)[Traditional Markets on Hyperliquid →](/ecosystem/hyperliquid-traditional-markets)[Hyperliquid Fee Structure →](/guides/fees/fees-explained)[Spot Trading Guide →](/guides/trading/spot-trading-guide) ### More Equity Markets [SKHX +0.82%](/markets/xyz/skhx)[MU -1.97%](/markets/xyz/mu)[SNDK -2.46%](/markets/xyz/sndk)[SKHY +0.20%](/markets/xyz/skhy)[INTC -0.23%](/markets/xyz/intc)[SMSN -0.57%](/markets/xyz/smsn)[NVDA -0.91%](/markets/xyz/nvda)[SPCX -1.18%](/markets/xyz/spcx)[SOXL -6.49%](/markets/xyz/soxl)[HOOD -3.50%](/markets/xyz/hood)[TSLA -0.32%](/markets/xyz/tsla)[AAPL -0.75%](/markets/xyz/aapl) ### Ready to Start Trading? Join Hyperliquid with our referral link and get a 4% lifetime fee discount. No KYC, no email - just connect your wallet and trade. [Start Trading - Save 4%](https://app.hyperliquid.xyz/join/Concept211) --- > Trade Oracle Corp perpetuals on Hyperliquid 24/7 — cash-settled, USDC margin, no expiry. Live ORCL price, contract specs, funding rates, and up to 10x leverage via trade.xyz. *Source: https://hyperliquidguide.com/markets/xyz/orcl* ![Oracle Corp (ORCL) perpetual market on Hyperliquid](/logos/xyz-orcl.svg) # Oracle Corp (ORCL) Price on Hyperliquid ORCL-PERP via trade.xyz · HIP-3 Equity · Live Chart, Funding Rate & Contract Specs ![Concept211](/images/about/concept211.webp) Reviewed by [Concept211](/about#author) · Hyperliquid Guide editorial team Building trading bots since 2016, trading on Hyperliquid since February 2024. Trades perpetuals on Hyperliquid daily, builds automated trading bots on the Hyperliquid API, and tests every market against the live trade.xyz interface before publishing. Last reviewed: May 2026 | Verified live against trade.xyz May 2026 $163.23 +1.13% Auto-refreshes every 30s · Max leverage: 10x 24h Volume $11.36M Open Interest $19.28M 118,125.57 ORCL Funding Rate (1h) +0.0026% Annualized: +22.92% Mark vs Oracle +0.0401% Premium Source: live price, 24h volume, open interest, and funding-rate data from the official [Hyperliquid API](https://api.hyperliquid.xyz) (trade.xyz HIP-3 oracle feed), refreshed every 30 seconds. Quick Summary — What is ORCL on Hyperliquid? Yes. Oracle trades on Hyperliquid as ORCL-PERP, a cash-settled perpetual future listed through the trade.xyz HIP-3 venue. It tracks the spot Oracle share price on the New York Stock Exchange through an oracle feed, so you hold a leveraged directional position rather than shares: no dividends, no voting rights, nothing in custody. Margin is in USDC and funding settles hourly. It is a perpetual, so there is no expiry and no quarterly roll. Oracle is the software name most exposed to the AI datacenter buildout, because its cloud infrastructure backlog is where the large model-training contracts show up, which is why it often trades with the chip complex rather than with legacy enterprise software. The contract runs 24/7 on Hyperliquid, so post-close earnings and cloud-contract headlines are tradeable while the NYSE is shut. Base fees are 0.09% taker and 0.03% maker. ## ORCL on Hyperliquid at a Glance *ORCL-PERP contract specification on Hyperliquid, as of May 2026 . Leverage and market type are read from the Hyperliquid API's market metadata; fees are Hyperliquid's published [HIP-3 builder-market fee schedule](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees); the underlying price is referenced through the trade.xyz oracle.* | Field | Value | | --- | --- | | Underlying | Oracle Corp (Equity) | | Market type | HIP-3 perpetual future via trade.xyz | | Max leverage | 10x | | Maker fee | 0.03% | | Taker fee | 0.09% | | Funding interval | Hourly | | Margin & settlement | USDC — cash-settled, no expiry | | Trading hours | 24/7, including weekends & holidays | Oracle Corp price · trade.xyz Loading Oracle Corp chart… Live ORCL candles from the [Hyperliquid API](https://api.hyperliquid.xyz). Ready to trade? [Get a 4% fee discount](https://app.hyperliquid.xyz/join/Concept211). ## How to Trade Oracle Corp (ORCL) on Hyperliquid Oracle is an enterprise software giant that has pivoted aggressively into cloud computing and AI infrastructure. Trade ORCL perpetual futures 24/7 on Hyperliquid via trade.xyz. ORCL is a cash-settled perpetual futures contract on Hyperliquid, deployed via trade.xyz as a HIP-3 builder market. Unlike traditional futures, there is no expiry date and no physical delivery — positions roll continuously with funding rates settling every hour. All margin is denominated in USDC, and you can trade with up to 10x leverage. HIP-3 markets extend Hyperliquid beyond crypto, bringing equities, commodities, and indices on-chain with 24/7 trading, no KYC, and the same on-chain order book infrastructure that powers Hyperliquid's native perpetuals. ![How a ORCL HIP-3 perpetual on Hyperliquid works: real-world asset to deployer oracle feed to on-chain CLOB matching to USDC-margined settlement](/images/markets/shared/hip-3-rwa-perp-flow.webp) *The lifecycle of a HIP-3 real-world-asset perpetual — from underlying price feed to USDC settlement on HyperCore.* ### Why Trade ORCL on Hyperliquid? Hyperliquid offers distinct advantages for equity traders: gasless execution means zero transaction costs beyond the maker/taker spread, no KYC or identity verification is required to open an account, and trading is available 24/7 including weekends and holidays when traditional equity markets are closed. Self-custody ensures you retain full control of your funds at all times. ### ORCL Contract Notes & Catalysts to Watch ORCL-PERP tracks the spot Oracle share price via the trade.xyz oracle with hourly funding. Oracle re-rated from a mature enterprise-software name into an AI-infrastructure story, and that is the lens I trade it through now. The single number that moves this stock is RPO — remaining performance obligations, the contracted-but-not-yet-recognized backlog. When Oracle signs large multi-year cloud capacity deals, RPO can jump by huge multiples in a quarter, and the shares gap on it far more than on headline EPS. So the catalysts I watch are OCI (Oracle Cloud Infrastructure) revenue growth, the RPO/backlog print, capacity and datacenter capex guidance, and named AI-compute commitments from large customers. The tension in the story is capex versus cash flow: Oracle is spending heavily to build capacity against that backlog, so free-cash-flow and debt commentary can cut against a strong bookings number. It reports on a fiscal-year offset (quarters ending roughly late August, November, February, and May) and typically prints after the bell, which is where the 24/7 perp matters — a big RPO surprise reprices the stock overnight and is tradable immediately rather than at the next session. It slots naturally into an AI-infrastructure basket alongside the compute and memory perps in the same USDC wallet. Cash-settled, no KYC, up to the leverage cap shown here. ### Key Market Facts Leverage read from the Hyperliquid API; fee figures from Hyperliquid's published HIP-3 builder-market fee schedule. Contract Type Perpetual Future (HIP-3) Max Leverage 10x Settlement USDC Taker Fee 0.09% Maker Fee 0.03% Builder trade.xyz Funding Interval Hourly (continuous) Market Category Equity ## Frequently Asked Questions ### How do I trade ORCL on Hyperliquid? ORCL is available as a HIP-3 perpetual future on Hyperliquid, deployed via trade.xyz. You can trade it the same way as any other perp - deposit USDC, select the market, and open a position with up to 10x leverage. ### What are the fees for ORCL on Hyperliquid? 0.09% taker and 0.03% maker, per Hyperliquid's published HIP-3 builder-market fee schedule. Those are the figures a deployer fee scale of 1.0 produces, which is what trade.xyz runs; the scale is set per asset and the live value sits in the Hyperliquid API's meta response. They are higher than native perps because half the fee goes to the builder (trade.xyz) that deployed the market. ### Can I trade ORCL 24/7 on Hyperliquid? Yes. Unlike traditional equity markets that have set trading hours, ORCL perpetual futures on Hyperliquid trade around the clock - 24 hours a day, 7 days a week, including weekends and holidays. How we source and review this market data ▾ Data collection. Live ORCL price, funding rate, open interest, and 24h volume are pulled directly from the Hyperliquid API on every page load and cross-checked against the live trade.xyz interface, which is where ORCL-PERP is deployed as a HIP-3 builder market. Numbers shown are unedited machine values from those feeds — we do not hand-adjust prices or rates. Editorial review. The trading context on ORCL-PERP — catalysts, contract specs, and the “why trade this” analysis — is written and reviewed by [Concept211](/about#author), an active Hyperliquid trader since February 2024 who trades perpetuals daily and builds automated bots on the Hyperliquid API. Each market is checked against the live trade.xyz interface before publishing. Last reviewed. May 2026 . Contract specs and catalysts are re-checked on a rolling basis; live data refreshes automatically. Read the full [editorial methodology](/methodology) for how figures are sourced, verified, and corrected. ## Cite this page Quoting a figure from this page? Copy a ready-made reference rather than reconstructing one. Every heading and headline number on this page also carries its own anchor, so you can link straight to the line you are quoting. ### Plain-text citation For articles, reports, and reference lists. Hyperliquid Guide. "Oracle Corp (ORCL) Price on Hyperliquid: Live Chart & Perp Specs." Published February 15, 2026; last updated May 15, 2026. https://hyperliquidguide.com/markets/xyz/orcl ### HTML link Drop-in anchor tag with the page title and update date. Oracle Corp (ORCL) Price on Hyperliquid: Live Chart & Perp Specs — Hyperliquid Guide, updated May 2026 ### Embed the ORCL spec table Self-contained HTML table, including the required source attribution.
ORCL-PERP contract specification on Hyperliquid — as of May 2026
UnderlyingOracle Corp (Equity)
Market typeHIP-3 perpetual future via trade.xyz
Max leverage10x
Maker fee0.03%
Taker fee0.09%
Funding intervalHourly
Margin & settlementUSDC — cash-settled, no expiry
Trading hours24/7, including weekends & holidays

Source: Oracle Corp (ORCL) on Hyperliquid — Hyperliquid Guide

Where the figures come from. Live ORCL price, funding rate, open interest and 24h volume are read from the Hyperliquid API, the same public endpoint the exchange serves its own front end from, and cross-checked against the live trade.xyz interface where ORCL-PERP is deployed. Figures refresh on every page load and again every 30 seconds while the page is open, so any number quoted from this page is a point-in-time reading rather than a daily close. Contract specifications and editorial context were last reviewed May 2026 ; this page has been published since 2026. Reuse. You may republish these figures with attribution and a link to [hyperliquidguide.com/markets/xyz/orcl](https://hyperliquidguide.com/markets/xyz/orcl). ### Trade ORCL on Hyperliquid Get a 4% lifetime fee discount with our referral code. [Start Trading ORCL](https://app.hyperliquid.xyz/join/Concept211) ### Related Guides [Hyperliquid XYZ Explained →](/guides/trading/hyperliquid-xyz-explained)[How to Trade on Hyperliquid →](/guides/getting-started/how-to-trade-on-hyperliquid)[HIP-3 Builder Codes Explained →](/ecosystem/hip-3-builder-codes)[Traditional Markets on Hyperliquid →](/ecosystem/hyperliquid-traditional-markets)[Hyperliquid Fee Structure →](/guides/fees/fees-explained)[Spot Trading Guide →](/guides/trading/spot-trading-guide) ### More Equity Markets [SKHX +0.82%](/markets/xyz/skhx)[MU -1.97%](/markets/xyz/mu)[SNDK -2.46%](/markets/xyz/sndk)[SKHY +0.20%](/markets/xyz/skhy)[INTC -0.23%](/markets/xyz/intc)[SMSN -0.57%](/markets/xyz/smsn)[NVDA -0.91%](/markets/xyz/nvda)[SPCX -1.18%](/markets/xyz/spcx)[SOXL -6.49%](/markets/xyz/soxl)[HOOD -3.50%](/markets/xyz/hood)[TSLA -0.32%](/markets/xyz/tsla)[AAPL -0.75%](/markets/xyz/aapl) ### Ready to Start Trading? Join Hyperliquid with our referral link and get a 4% lifetime fee discount. No KYC, no email - just connect your wallet and trade. [Start Trading - Save 4%](https://app.hyperliquid.xyz/join/Concept211) --- ## Guides # HyperCore Borrow and Lend: Hyperliquid's Native Money Market Explained > Hyperliquid now runs a lending book inside HyperCore itself. What the five reserves look like, how the 5% borrow rate is set, what LTV each asset carries, and where the caps bite. *Source: https://hyperliquidguide.com/guides/trading/hypercore-borrow-lend* There are now two completely different things on Hyperliquid that people call lending, and confusing them will cost you money. The one most traders already know is the [DeFi protocol layer](/guides/trading/lending-borrowing-guide): [Felix](/ecosystem/felix-protocol-guide) and [HyperLend](/ecosystem/hyperlend-guide) and their peers, running as smart contracts on [HyperEVM](/ecosystem/hyperevm-explained), each with its own rates, its own collateral list, and its own team. The other one is newer and lives a layer down. HyperCore, the exchange itself, now runs its own lending book. Hyperliquid's weekly update on 7 September 2026 announced that manual borrowing on HyperCore had gone live on mainnet, following a testnet rollout. This page is about that facility: what the reserves actually look like, how the rate is set, and where it stops. > **Key takeaway:** HyperCore borrow and lend is not a general purpose money market. At the reading below, **all five reserves paid exactly 5.00% to borrow**, because the rate is flat until 80% utilization and nothing had crossed it. The interesting constraint is not the rate. It is the **supply caps on the collateral side, which were 98.5% and 91.0% full**. --- ## The prerequisite: you need Portfolio Margin Nothing here is available on a standard account. HyperCore borrow and lend is a facility of **Portfolio Margin**, the most capital efficient of Hyperliquid's three [account types](/guides/trading/unified-accounts-guide), and Portfolio Margin is gated. The eligibility rules in the Hyperliquid documentation at the time of writing are a floor and a ceiling: - The master account needs either **more than $5M in weighted volume** or an **account value above $10k** - Account value must stay **below $25M** That ceiling has moved. Earlier alpha material capped participation at $5M of account value; the documented figure is now $25M. If you find a guide quoting the old number, it is stale. Accounts that qualify get one unified portfolio across spot and perps instead of separate balances. Idle assets earn interest. Assets you borrow to open a position pay it, at the same rate. When a cap is hit, the account quietly falls back to non Portfolio Margin behavior rather than failing the order. > **Warning:** Portfolio Margin changes which assets count as collateral and how liquidation is calculated across your entire book. It is not a setting to flip while carrying positions you have not re-modeled. Our [isolated vs cross margin guide](/guides/trading/isolated-vs-cross-margin) covers the two simpler modes it generalizes. ## The five reserves, read from the API A `POST` to `https://api.hyperliquid.xyz/info` with `{"type":"allBorrowLendReserveStates"}` at **03:21 UTC on 8 September 2026** returned five reserves and nothing else. | Reserve | Token index | LTV | Total supplied | Total borrowed | Utilization | Borrow APY | Supply APY | |---|---|---|---|---|---|---|---| | [USDC](/guides/getting-started/what-is-usdc-and-why-do-i-need-it) | 0 | 0.0 | 416,415,491 | 262,654,785 | 63.08% | 5.00% | 2.838% | | [HYPE](/ecosystem/what-is-hype-token) | 150 | 0.65 | 9,853,944 | 0 | 0.00% | 5.00% | 0.000% | | [UBTC](/ecosystem/unit-protocol-guide) | 197 | 0.5 | 1,819.43 | 0 | 0.00% | 5.00% | 0.000% | | USDT0 | 268 | 0.0 | 2,013,060 | 824,209 | 40.94% | 5.00% | 1.842% | | [USDH](/ecosystem/usdh-stablecoin-guide) | 360 | 0.0 | 170,998 | 18,876 | 11.04% | 5.00% | 0.497% | Converted at each reserve's own `oraclePx`, that is roughly **$1.39 billion supplied against $263.5 million borrowed**, an aggregate utilization near 19%. Two details in that table matter more than the headline number. **The reserves do two different jobs, and the split is total.** The two assets with a loan to value ratio above zero, HYPE at 0.65 and UBTC at 0.5, had **exactly zero borrowed against them**. The three assets people actually borrow, USDC and USDT0 and USDH, all returned an LTV of `0.0`. So the book is not a symmetric money market where everything is both collateral and debt. It is collateral on one side, stablecoins on the other, and at this reading no crossover at all. If you supply HYPE here, you are posting collateral, not lending into borrower demand. **The reserve is USDT0, not USDT.** The documentation's cap table says USDT. The live reserve at index 268 is USDT0, the bridged variant. They are not interchangeable when you are writing code against this. **Trade With a 4% Lifetime Fee Discount** — Portfolio Margin, native borrow and lend, and 200+ perp markets. Sign up with code Concept211. [Start on Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) ## How the rate is actually set The documented borrow rate for the stablecoin reserves is: ``` borrow_APY = 0.05 + 4.75 * max(0, utilization - 0.8) ``` where `utilization = total_borrowed_value / total_supplied_value`, compounded continuously and indexed hourly to match the perp [funding interval](/guides/trading/funding-rates-explained). Read that carefully and the shape is a flat line with a cliff at the end. Below 80% utilization the rate is a constant 5%. Above it, the rate climbs by 4.75 percentage points for every point of utilization, so a reserve at 100% utilization would pay 100% APY. There is no gentle slope. There is a floor and then a wall. That is why every reserve in the table shows the same 5.00%. None of them were close. USDC at 63.08% was the nearest, and it still had 17 points of headroom. The supply side is the borrow side minus the protocol's cut. The docs say the protocol retains **10% of borrowed interest** as a buffer for future liquidations, which implies: ``` supply_APY = borrow_APY * utilization * 0.9 ``` That is a claim you can check rather than take on faith, so we did. On all five reserves it matched to ten decimal places: | Reserve | borrow x util x 0.9 | Reported supply APY | |---|---|---| | USDC | 0.0283838271 | 0.0283838271 | | USDT0 | 0.0184243773 | 0.0184243773 | | USDH | 0.0049672982 | 0.0049672982 | | HYPE | 0.0000000000 | 0.0 | | UBTC | 0.0000000000 | 0.0 | The practical reading for a supplier: your yield is not the 5% headline. It is 5% scaled by how much of the pool is actually lent out, minus a tenth. USDC suppliers were earning 2.838% because 63% of the pool was working. USDH suppliers were earning 0.497% because 11% of it was. HYPE and UBTC suppliers were earning **nothing at all**, because nobody borrows those. > **Note:** If you are supplying purely for yield, the number that matters is utilization, not the advertised borrow rate. A reserve at 11% utilization pays roughly a fifth of what one at 63% pays, at an identical borrow rate. ## Where the caps bite Every reserve has a global supply cap and a per user cap. The documented figures: | Asset | Global supply cap | Global borrow cap | User supply cap | User borrow cap | |---|---|---|---|---| | USDC | 1B | 500M | 250M | 50M | | USDT | 50M | 10M | 5M | 1M | | HYPE | 10M | not listed | 1M | not listed | | BTC | 2k | not listed | 200 | not listed | Set the live figures against those caps and the constraint becomes obvious. USDC supply was at 41.6% of its billion dollar cap, with plenty of room. USDT0 was at 4.0% of its 50M cap. The collateral side is a different picture. **HYPE was at 9,853,944 against a 10M cap: 98.5% full. UBTC was at 1,819.43 against a 2,000 cap: 91.0% full.** So the thing rationing this facility is not demand for loans and it is not the interest rate. It is how much collateral the protocol is currently willing to hold. Both collateral reserves were close to their ceiling at this reading, and the docs are explicit about what happens next: once caps are hit, accounts fall back to non Portfolio Margin behavior, and additional margin has to be posted in the settlement asset regardless. Caps have been raised as the rollout has proceeded, so treat these percentages as a snapshot of the ramp rather than a permanent limit. ## Manual borrowing versus the automatic kind Portfolio Margin already borrowed on your behalf. When you placed a spot or perp order with insufficient balance, the account automatically borrowed against eligible collateral, up to `token_balance * borrow_oracle_price * ltv`. That behavior is unchanged. What is new on mainnet is doing it deliberately. Manual borrowing separates the credit decision from the trade: you can draw against your collateral, or supply to a reserve for yield, as its own action rather than as a side effect of hitting a button on the order form. The difference is who sizes the loan. Under automatic borrowing your debt is a byproduct of the order you just sent, sized by whatever that order happened to need. Under manual borrowing you pick the number. > **Tip:** The exchange endpoint documentation had not yet published a named action for manual borrowing when this page was written, so if you are automating against it, check the current API reference rather than copying a payload from anywhere, including here. ## What happens when it goes wrong Liquidation on Portfolio Margin is a generalization of cross margin: every cross margin perp position and every spot balance in the account is margined together. Sub accounts are still separate. The trigger is the **portfolio margin ratio**, and the account becomes liquidatable above **0.95**. The inputs worth knowing: - `liquidation_threshold(token) = 0.5 + 0.5 * LTV(token)`, so HYPE at 0.65 LTV has a 0.825 threshold and UBTC at 0.5 has 0.75 - `min_borrow_offset` is a flat **20 USDC** added to the maintenance requirement - `borrow_oracle_price` is a **median** of three sources: the Hyperliquid spot USDC price, the perp mark price adjusted by the USDT/USDC oracle, and the perp oracle price adjusted the same way Three things about the process differ from a perp liquidation and are easy to get wrong. **There is no market phase.** Portfolio Margin liquidations are taken over directly by the backstop liquidator at system address `0xbbb...b`. The stated reason is that spot books have less consistent liquidity than perp books. Our [liquidation explainer](/guides/trading/liquidation-explained) covers the perp path, which does have one. **The order is not deterministic.** Depending on which oracle price updates first, either your perp positions or your spot borrows may go first. The docs say plainly that users should not expect a fixed sequence. **Takeover can be partial.** Between the partial and full liquidation thresholds, collateral and debt are taken over in 20% slices, stopping as soon as you are healthy again. Below the full threshold, everything with positive LTV goes at once. The backstop converts collateral to the debt asset using a TWAP with a **10 minute half life**, inside a slippage width of 3M USDC for HYPE and 300k USDC for BTC. **Learn the Mechanics Before You Lever Up** — Portfolio Margin liquidations do not work like perp liquidations. Trade with code Concept211 for a 4% lifetime fee discount. [Join Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) ## For builders: CoreWriter and the read precompiles The weekly update's second half was a reminder that HyperEVM contracts can reach this facility. The reach is real but narrower than the phrasing suggests. **Writing.** The CoreWriter system contract at `0x3333333333333333333333333333333333333333` exposes **action ID 15, borrow lend operation**, with fields `(encodedOperation, token, wei)` typed `(uint8, uint64, uint64)`. The encoded operation accepts `0` for `Supply` and `1` for `Withdraw`. A `wei` of `0` applies the operation maximally, so `Withdraw` with zero pulls your full reserve balance. Note what is absent: the documented action carries no borrow or repay operation. A contract can be a lender here. It cannot be a borrower. **Reading.** Three info endpoints cover state: | Request | Returns | |---|---| | `{"type":"borrowLendUserState","user":"0x..."}` | Per token `borrow` and `supply` with `basis` and `value`, plus `health` and `healthFactor` | | `{"type":"borrowLendReserveState","token":N}` | One reserve's rates, balance, utilization, oracle price, LTV, totals | | `{"type":"allBorrowLendReserveStates"}` | Every reserve, the call used for the table above | The read precompiles starting at `0x...0800` cover the wider HyperCore state that a lending contract needs anyway: order book prices, spot balances, perp positions, oracle prices. Precompile gas is `2000 + 65 * (input_len + output_len)`, and an invalid input consumes all gas passed into the call frame. The [API guide](/guides/trading/hyperliquid-api-guide) covers authentication and rate limits for the endpoint side. The documented design intent is worth quoting rather than paraphrasing. The Hyperliquid docs state that "Portfolio margin intentionally does not bring a full-fledged lending market to HyperCore, as that is best built by independent teams on the EVM," and note that HyperCore lending is not tokenized, though an EVM protocol could tokenize it by wrapping the CoreWriter and precompile calls in a yield bearing ERC20. --- ## HyperCore or a HyperEVM protocol? They are not competing for the same job. | | HyperCore borrow and lend | Felix / HyperLend on HyperEVM | |---|---|---| | Where it runs | Inside the exchange | Smart contracts on HyperEVM | | Who can use it | Portfolio Margin accounts only | Any wallet with HyperEVM funds | | Asset list | 5 reserves at this reading | Set by each protocol | | Rate setting | Fixed protocol formula | Each protocol's own model | | Position tokenized | No | Generally yes | | Best for | Margin efficiency on an active trading book | Yield and borrowing as a standalone position | If your capital is already sitting on Hyperliquid backing trades, the HyperCore facility stops it being idle without moving it anywhere. If you want a lending position as the trade itself, with a wider asset list and a token you can use elsewhere in DeFi, the [HyperEVM protocols](/guides/trading/lending-borrowing-guide) are built for that, and our [yield guide](/ecosystem/hyperliquid-earn-usdc) compares the routes side by side. To use any of this you need funds on the exchange in the first place. Deposit through **[app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211)** or follow our [USDC deposit walkthrough](/guides/getting-started/deposit-usdc-to-hyperliquid). **Compare Rates on Felix** — HyperEVM's largest lending venue, with tokenized positions and a wider collateral list. [Open Felix Protocol](https://www.usefelix.xyz?ref=DD467B42) ## Risks worth naming **Supply yield is not guaranteed and can be zero.** HYPE and UBTC suppliers earned 0.000% at this reading. Supplying an asset nobody borrows is a decision to hold that asset with extra steps. **The rate can move a long way, fast.** The formula is flat to 80% and then near vertical. A reserve that drifts from 78% to 90% utilization goes from 5.00% to 52.5% APY. If you are borrowing, utilization is the variable to watch, not the current rate. **Caps can push you off the facility mid position.** When a cap is hit the account falls back to standard behavior and additional margin must come from the settlement asset. That is a change in your margin requirement arriving from outside your account. **Liquidation is unfamiliar.** No market phase, no guaranteed ordering between spot and perp legs, and a backstop that unwinds on a TWAP. None of that behaves like the perp liquidation most Hyperliquid traders have modeled. Every figure on this page came from Hyperliquid's public API or documentation on the date stated, and reserve parameters are set by the protocol and change. Check the live state before sizing anything. --- # Non-Crypto Perps on Hyperliquid: Every Market, Its Hours, and Its Funding Cost > Every equity, commodity, index and FX perp listed on Hyperliquid, when each one trades against its underlying market, and why funding pins to half the crypto baseline overnight. *Source: https://hyperliquidguide.com/guides/trading/non-crypto-perps-on-hyperliquid* A perpetual on Nvidia is not a stock, and it is not the Nasdaq contract on the same name either. It is a contract that never expires, quotes around the clock, and stays tethered to its underlying by a payment that changes hands every hour. For most of its life, the market it is tracking is shut. That last point is the one that gets underestimated. A US equity trades 6.5 hours a day, five days a week: 32.5 hours out of the 168 in a week. The perp on it quotes for all 168. So roughly 80.7% of the time a US equity perp is trading, there is no live cash reference for it to price against. This page is the reference for what that means in practice. Which non-crypto markets are listed, what hours each underlying actually keeps, how funding behaves once the reference market closes, and what the gap costs to hold. Every figure comes from Hyperliquid's own public API or a venue's published schedule, with the endpoint and the date beside it. > **Key takeaway:** When the underlying market closes, funding on a non-crypto perp stops tracking a premium and settles onto a baseline of **0.00000625 per hour**. That is exactly half the crypto baseline. At the moment this data was read, 37 of 103 live non-crypto markets sat on that number and **none** of the 233 native crypto perps did. --- ## What a non-crypto perp is, and how it differs from the futures contract The instrument is a cash-settled perpetual swap. You post USDC as margin, take a long or short position sized by leverage, and settle profit and loss in USDC. You never hold the share, so no dividend reaches you and there is nothing in custody with your name on it. The mechanics are the same ones the [native crypto perps](/guides/trading/hyperliquid-xyz-explained) run on, pointed at a different oracle. Against a listed futures contract on the same underlying, the differences that actually change how you trade it are these. **There is no expiry, so there is no roll.** A CME contract has a delivery month, converges toward settlement, and has to be rolled if you want to keep the exposure. A perp has neither. Nothing forces convergence on a date, which is why it needs funding instead. **Funding replaces convergence.** Rather than a term structure pulling price toward a settlement, an hourly payment moves between longs and shorts to keep the perp near its oracle. When the perp trades above the reference, longs pay shorts. When it trades below, shorts pay longs. Our [funding rates explainer](/guides/trading/funding-rates-explained) covers the mechanism in full. **The access model is different.** There is no brokerage account to open and no expiry calendar to manage. Deposit USDC, connect a wallet, trade. That is the trade being made: you give up ownership of the underlying and you take on the funding cost described below. One nuance cuts against the usual framing here. The futures side is not standing still. CME Group has moved its 1-ounce gold and 10-barrel crude contracts to [24/7 trading](https://www.cmegroup.com/globex/files/1-ounce-gold-and-10-barrel-crude-futures-expansion-to-24-7-trading.pdf), so the round-the-clock advantage is narrowing at the small-contract end. What has not narrowed is the absence of an expiry and the size of the listed roster. **Trade Stocks and Commodities Without a Broker** — Equity, commodity and index perps settle in USDC on Hyperliquid. Use code Concept211 for a 4% lifetime fee discount. [Start Trading](https://app.hyperliquid.xyz/join/Concept211) ## Every non-crypto market currently listed A `meta` call against the trade.xyz DEX on **1 September 2026** returned **117 markets**, of which **103 were live** and **14 carried an `isDelisted` flag**. The retired 14 were URANIUM, ALUMINIUM, DXY, VIX, CORN, WHEAT, TTF, VOL, KRW, H100, NIFTY, IBOV, IBIDEN and KSTR, which is worth knowing if you find one referenced in older material. Leverage caps on the live set clustered tightly. 73 markets capped at 10x, 23 at 20x, two at 25x, one at 30x, and four at 50x. Every live market returned a `deployerFeeScale` of exactly **1.0**, which puts the whole roster on the standard HIP-3 schedule of 0.09% taker and 0.03% maker rather than on a bespoke rate. The [fee guide](/guides/fees/fees-explained) covers how that stacks with the referral discount and staking tiers. The counts above are a snapshot of one call. For the current picture, the [HIP-3 liquidity screener](/tools/hip-3-liquidity) re-reads the same endpoint in your browser and shows open interest, 24-hour volume and funding per market, which is the difference between a market being listed and a market being held. By 24-hour notional volume at the time of the read, the busiest twelve were: | Market | Max leverage | 24h notional volume | |---|---|---| | SKHX | 10x | $240,935,977 | | [SNDK](/markets/xyz/sndk) | 10x | $204,767,229 | | [CL](/markets/xyz/cl) | 20x | $184,768,419 | | XYZ100 | 30x | $170,111,062 | | SP500 | 50x | $160,178,688 | | [SPCX](/markets/xyz/spcx) | 20x | $108,809,233 | | [MU](/markets/xyz/mu) | 10x | $104,787,325 | | [NVDA](/markets/xyz/nvda) | 20x | $88,202,456 | | SILVER | 25x | $83,034,122 | | [DRAM](/markets/xyz/dram) | 20x | $81,632,752 | | [BRENTOIL](/markets/xyz/brentoil) | 20x | $68,540,928 | | GOLD | 25x | $67,806,863 | The complete list below is read from the same API call when this page is built, so a market listed last week appears without anyone editing the article. --- ## Trading hours: the perp against its underlying Every market above quotes 24 hours a day, seven days a week. None of the underlying markets do. The gap is where the interesting behavior lives. | Underlying | Regular session | Source | |---|---|---| | US equities and ETFs | 09:30 to 16:00 ET, Mon to Fri | NYSE / Nasdaq | | Korean equities | 09:00 to 15:30 KST, Mon to Fri | [Korea Exchange](https://global.krx.co.kr/main/main.jsp) | | Japanese equities | 09:00 to 11:30 and 12:30 to 15:30 JST | [Japan Exchange Group](https://www.jpx.co.jp/english/equities/trading/domestic/01.html) | | Gold and silver | Sun 17:00 to Fri 16:00 CT, 60-minute daily break | [CME Group](https://www.cmegroup.com/trading-hours.html) | | WTI crude | Sun 17:00 to Fri 16:00 CT, 45-minute daily break | [CME Group](https://www.cmegroup.com/trading-hours.html) | Read that table against a 168-hour week and the asymmetry is stark. A US equity perp has a live cash reference for 32.5 hours and no live reference for the other 135.5. The commodity perps are far better covered, since the CME session runs most of the week, which is part of why [Brent](/markets/xyz/brentoil) and [WTI](/markets/xyz/cl) behave more like their futures than the equity perps behave like their stocks. What fills the gap is the oracle plus whatever order flow shows up. News that lands after the US close reprices the perp immediately, and the cash market spends the next session catching up or fading it. Our [after-hours trading guide](/guides/trading/after-hours-trading-guide) covers how to trade that window; this page is about what it costs to sit through it. ## How funding behaves when the reference market is closed This is the part that surprised me, and it is the reason the page exists. Both readings below were taken from `POST https://api.hyperliquid.xyz/info` on **1 September 2026 at 08:04 UTC**, a Tuesday, roughly five and a half hours before the US cash open. The US equity market was shut. The non-crypto set (`{"type":"metaAndAssetCtxs","dex":"xyz"}`), across 103 live markets: | Funding state | Markets | Share | |---|---|---| | Exactly 0.00000625 per hour | 37 | 36% | | Negative | 35 | 34% | | Positive, above the baseline | 22 | 21% | | Positive, below the baseline | 7 | 7% | The native crypto set (`{"type":"metaAndAssetCtxs"}`), taken at the same moment across 233 markets: **zero** sat at 0.00000625. BTC, ETH and DOGE all returned exactly 0.0000125. SOL returned -0.0000007418 and HYPE -0.0000026926. Two separate things follow from that, and they get conflated easily. **The venue applies a different baseline.** The value 37 non-crypto markets pinned to, 0.00000625, is precisely half the 0.0000125 that the crypto majors were paying. That is a property of the venue, not of the moment. **Only the non-crypto markets pin to it.** No crypto perp sat on its baseline, because crypto spot never closes, so there is always a premium to track and funding always has something to respond to. Take the reference market away and there is nothing to price against, so a market with no independent order flow settles onto the floor and stays there. Roughly a third of the roster was doing exactly that. > **Tip:** The 36% figure is a snapshot with the US market closed, not a constant. Read the same endpoint mid-session and the share collapses as live prices give funding something to track again. The point is not the number itself, it is that this is the state an equity perp spends most of its week in. The corollary matters for anyone sizing a carry position. A market pinned to the baseline is not a market with no opinion. It is a market with no input. The moment the cash session opens, the premium reappears and funding can move hard in either direction, which is why the [90-day funding study](/ecosystem/what-hyperliquid-perps-cost) shows the equity and memory names swinging much wider than their overnight baseline suggests. **Every Market, One USDC Balance** — Equities, commodities and crypto perps share the same margin pool on Hyperliquid. Start with a 4% lifetime fee discount. [Get the Discount](https://app.hyperliquid.xyz/join/Concept211) ## What the gap costs to hold Work it through on the weekend, since that is the longest stretch a US equity perp goes without a reference. The cash market closes Friday at 16:00 ET and reopens Monday at 09:30 ET. That is **65.5 hours**. At the baseline rate of 0.00000625 per hour: ``` 65.5 hours x 0.00000625 = 0.00040938 = 0.0409% of position notional ``` On a $10,000 position, **$4.09** to hold a long across the weekend. Against the HIP-3 taker fee of 0.09% confirmed above, that whole weekend costs less than half of a single taker fill, and under a quarter of the 0.18% you pay to enter and exit at taker. Annualized, the two baselines compare like this: | | Per hour | Per day | Per year | |---|---|---|---| | Non-crypto baseline | 0.00000625 | 0.015% | 5.475% | | Crypto baseline | 0.0000125 | 0.03% | 10.95% | That arithmetic is cleaner than reality, in ways that matter. The calculation assumes funding sits at the baseline for the entire 65.5 hours. It often does on a quiet weekend and it does not when something happens. A market with real weekend flow prices away from the floor, and the 34% of markets running negative at the time of the read were doing precisely that. It also assumes a long. A short across the same window at the same rate **receives** 0.0409% instead of paying it, which is the part most people skip past when they assume holding overnight is simply a cost. And it ignores what the position does to your margin. Holding through a closed session means holding through the gap risk of the reopen, and the maintenance-margin math does not pause because the cash market did. [What happens when an equity perp position is liquidated](/guides/trading/liquidation-explained) covers that side. --- ## Methodology and sources Market roster, leverage caps, deployer fee scale and funding rates come from `POST https://api.hyperliquid.xyz/info`, read on **1 September 2026 at 08:04 UTC**. The non-crypto set uses `{"type":"metaAndAssetCtxs","dex":"xyz"}` and the crypto control set uses `{"type":"metaAndAssetCtxs"}` with no `dex` parameter, both read within the same minute so the comparison is like for like. The endpoint is public and unauthenticated, so every count and rate above is reproducible. The complete market list is not a static table. It is rendered at build time from the same `meta` call that decides which market pages exist on this site, so it reflects the roster as of the most recent build rather than the date in the prose. Trading hours are the venues' own published schedules, linked in the hours table. The fee figures are the published HIP-3 base-tier schedule, applicable here because every live market returned a `deployerFeeScale` of 1.0 on the date read. Per-year and per-weekend figures are arithmetic on the hourly rates, shown in full above so the working can be checked. What this page does not claim: that any market will still be listed, still capped at the same leverage, or still funding at the baseline when you read it. Those are point-in-time readings from one call on one date. The live figures on each market page are the current ones. You may republish these figures with attribution and a link to https://hyperliquidguide.com/guides/trading/non-crypto-perps-on-hyperliquid. Hourly funding baseline by venue, read 2026-09-01 08:04 UTC. Source: Hyperliquid metaAndAssetCtxs API, via Hyperliquid Guide (https://hyperliquidguide.com/guides/trading/non-crypto-perps-on-hyperliquid)SetMarkets readBaseline funding per hourAt baselineAnnualized baselineNon-crypto (trade.xyz HIP-3)103 live0.0000062537 (36%)5.475%Native crypto perps2330.00001250 (0%)10.95%`} /> Related reading on this site: [how the trade.xyz venue works](/guides/trading/hyperliquid-xyz-explained), the [equity perps guide](/guides/trading/equity-perps-guide) for the stock side in detail, the [commodities guide](/guides/trading/commodities-trading-guide) for metals and energy, and [HIP-3 builder codes](/ecosystem/hip-3-builder-codes) for how a venue like this gets deployed in the first place. --- # What Hyperliquid Perps Actually Cost: 90 Days of Funding Rates and Fees, Measured > We read 90 days of hourly funding from the Hyperliquid API across 20 markets and worked out what holding a position really costs. Funding, not fees, is the number that matters. *Source: https://hyperliquidguide.com/ecosystem/what-hyperliquid-perps-cost* Every comparison of perpetual exchanges settles the cost question with a screenshot of a fee table. Taker 0.045%, maker 0.015%, done. That table describes the smallest part of what a position costs, and for anyone who holds longer than an afternoon it is close to a rounding error. The number that decides what a trade actually costs is funding, and almost nobody publishes it as a measurement. So we did. This page reads 90 days of hourly funding prints from the Hyperliquid API across 20 markets, native and HIP-3, and states what holding cost in each one. > **Key takeaway:** Fees are a one-off. Funding is a subscription. On the market where holding was most expensive over this window, funding came to 24 times the taker round trip, and the gap grows with every hour a position stays open. --- ## What holding cost, market by market The column that matters is the first number: what a long position paid, as a share of its own value, over the full 90 days. A positive figure means the long paid the short. A negative one means the long was paid to hold. Three things in that table are worth sitting with. **The memory and AI names were the expensive end.** DRAM, MU, INTC, NVDA and SNDK cluster at the top of the cost list. That is what a crowded long looks like in funding terms: enough traders want the exposure that they will pay every hour to keep it, and the rate never gets a chance to normalise. **The two crude markets paid longs.** CL and BRENTOIL are the only markets in the study where the 90-day sum came out negative, meaning shorts financed longs over the window. They are also the two choppiest markets in the set by a wide margin, flipping sign more often than any other market measured. Their median hour was still positive; the negative total came from a small number of violent negative episodes rather than a steady drift, which is a different trade from a market that pays you calmly. **Gold and silver paid the long side almost every hour.** GOLD charged the long in 97.7% of the hours measured and SILVER in 96.3%. Neither is the most expensive market in absolute terms, but they are the most relentless: there was almost no window in which a long could sit without paying. **Trade Any of These Markets With a 4% Fee Discount** — The discount does not touch funding, but it is free and it is permanent on your first $25M of volume. [Join Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) --- ## How long the rate stays pointed the same way A funding rate that averages out to something small is not the same as a funding rate that costs you nothing, because the sign persists. Over this window, LINK held the same funding sign for 627 consecutive hours, which is just over 26 days. ETH managed 536 hours and BTC 468. That persistence is the practical risk. A trader who opens a long into the middle of one of those runs pays for weeks without a single hour of relief, and no amount of fee optimisation touches it. At the other end, BRENTOIL and CL changed sign hundreds of times over the same 90 days, so a position there was never on the wrong side of the carry for very long, but it also never had a stretch it could rely on. If you are deciding between two markets that look similar on the chart, the flip count and the longest run in the table above tell you more about what the trade will feel like than the average rate does. --- ## The fee arithmetic, in dollars Here is the part the screenshots do cover, worked out in money rather than percentages. HIP-3 builder markets cost double the native rate because a share of the fee routes to the builder that deployed the market. Every equity, index and commodity perpetual on Hyperliquid is a HIP-3 market on [trade.xyz](/guides/trading/hyperliquid-xyz-explained), so that doubled rate applies to all of them. The companion reference on [non-crypto perps, their hours and their funding cost](/guides/trading/non-crypto-perps-on-hyperliquid) breaks that roster down market by market and measures what funding does once the underlying exchange closes. Our [Hyperliquid fees explained](/guides/fees/fees-explained) guide covers the VIP tiers and the HYPE staking discounts that reduce these numbers for high-volume accounts, and the [fee calculator](/tools/fee-calculator) will do the sum for a specific trade size. ### What the 4% referral discount is worth in real terms It is worth having, and it is worth being honest about the size of it. The discount is 4% off the fee, not 4% off the cost of the trade, and it stops after the first $25 million of volume. The ceiling column above is the whole of it: at base-tier taker rates that is $450 across a trading lifetime on native perps, or $900 if every dollar of that volume went through HIP-3 markets. Set that against the funding table. A $10,000 long held in the most expensive market in this study for the full 90 days paid more in funding than the referral discount can save across its entire $25 million lifetime cap. That does not make the discount pointless, since it costs nothing to have and it compounds for anyone trading in size. It does mean that a trader choosing a venue on the strength of a fee discount, while ignoring where funding sits, is optimising the small number. > **Tip:** If you round-trip frequently and hold briefly, the fee is your main cost and the discount is genuinely useful. If you hold overnight or longer, look at the funding column first and treat the fee as noise. --- ## When funding overtakes the fee For each market we worked out how many hours a position has to stay open before funding at that market's median rate equals one taker round trip. On the major native perps it is roughly three days. On the slower HIP-3 equity and commodity markets it is closer to twelve, because those markets have both a lower median rate and a doubled fee to clear. That break-even is the cleanest way to think about which cost you are actually managing: - **Held for minutes or hours**: the fee is the cost. Use maker orders where you can, take the referral discount, and the funding column barely registers. - **Held for a few days**: the two are comparable, and the market you picked starts to matter more than the order type you used. - **Held for a week or more**: funding is the cost and the fee is a rounding error. At this horizon the only meaningful decisions are which market you are in and which side of it. Most cost comparisons between perp venues are written as though every trader lives in the first bucket. The funding data says otherwise. **Start With the Fee Discount, Then Watch the Funding** — Sign up with our referral for 4% off every trade, and use the live funding rates on each market page before you size a position. [Get the 4% Discount](https://app.hyperliquid.xyz/join/Concept211) --- ## How to read funding before you open a position Every market page on this site carries the live funding rate, refreshed on load, alongside open interest and 24-hour volume. Before sizing a position, three checks are worth thirty seconds: 1. **Which way is the rate pointing, and how far.** A positive rate means longs are paying. The [funding rates tool](/tools/funding-rates) shows the current rate across markets in one view. 2. **How long has it been pointing that way.** A rate that has been positive for a week is more likely to stay positive than one that flipped an hour ago. 3. **What the annualised figure implies at your holding period.** An hourly rate that looks like nothing annualises into a number that will decide whether the trade works. Our [funding rates guide](/guides/trading/funding-rates-explained) covers the mechanism itself, including why the rate exists and how it keeps the perpetual anchored to spot. This page is the measurement rather than the explanation. --- ## Methodology Every figure on this page derives from the Hyperliquid API's `fundingHistory` endpoint at `api.hyperliquid.xyz/info`, read on 25 August 2026. The window runs the 90 days from 27 May 2026 to 25 August 2026 in UTC. The endpoint returns at most 500 rows per call, so the collection script pages backwards through each market until the window is covered. Each of the 20 markets carries 2,160 hourly prints, one for every hour in the window, with no gaps. The cost of holding a long over the window is the sum of the hourly funding rates across all 2,160 hours, expressed as a percentage of position value. It assumes the position is held for the full window at constant notional; a position sized up or down over that period would pay a different amount. The percentage of hours the long paid is the count of positive prints over the total. The longest one-sided run is the greatest number of consecutive hours the rate held the same sign. The break-even hours figure divides the taker round trip by that market's median hourly rate, which is why it can be positive on the two crude markets even though their 90-day totals are negative: their median hour charged the long, and the negative sum came from outliers. The fee schedule is the published base tier: 0.045% taker and 0.015% maker on native perps, and 0.09% taker and 0.03% maker on HIP-3 builder markets. The HIP-3 pair is what a deployer fee scale of 1.0 produces rather than a fixed schedule, and a `meta` call against the trade.xyz DEX on 25 August 2026 returned a scale of 1.0 for all 116 of its markets. Accounts at higher VIP tiers, and accounts staking HYPE, pay less than the base tier shown here. Funding rates move constantly, so the figures above describe the window they were measured over and nothing beyond it. This page is refreshed on a rolling basis by re-running the collection script; the window dates in the table update with it, and the as-of dates in the headline and the table are the authoritative ones. You may republish these figures with attribution and a link to https://hyperliquidguide.com/ecosystem/what-hyperliquid-perps-cost. Cost of holding a long over 90 days to 2026-08-25, by market. Source: Hyperliquid fundingHistory API, via Hyperliquid Guide (https://hyperliquidguide.com/ecosystem/what-hyperliquid-perps-cost)MarketVenue90-day cost to hold a longHours the long paidDRAMHIP-3+4.33%87.7%MUHIP-3+3.43%84.9%INTCHIP-3+3.24%88.2%HYPENative+2.90%93.3%BTCNative+1.89%90.0%ETHNative+1.76%86.2%CLHIP-3-1.78%69.7%BRENTOILHIP-3-1.82%68.6%`} /> --- # Hyperliquid Delisting Explained - What Happens to Your Position > Validators vote to delist perps, and positions settle to a 1-hour TWAP whether you are ready or not. How the vote works, how coins get flagged, and how to check yours. *Source: https://hyperliquidguide.com/guides/trading/hyperliquid-delisting-explained* Most guides to perpetual futures assume the market you are trading will still be there tomorrow. On Hyperliquid that is usually true, but not always, and the exception has a fixed schedule and a settlement price you do not choose. Validators periodically vote on whether to remove a perp from the venue. When a vote passes, every open position in that market is closed at a price the protocol calculates, and every resting order disappears. If you were long a thin memecoin and stopped checking your [open positions](/guides/trading/how-to-close-position), you find out afterwards. > **Key takeaway:** A delisting is not a liquidation and not a rug. Your position settles to the 1-hour time-weighted average of the spot oracle price, measured before the scheduled vote. That is usually a fair number. What you lose is optionality: the choice of when and where to exit. --- ## What Settlement Day Actually Does to Your Account The [Hyperliquid documentation](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/delisting) is short on this, and worth quoting directly: > If validators vote to delist an asset, the perps will settle to the 1 hour time weighted spot oracle price before the scheduled delisting voting time. > When an asset is delisted, all positions are settled and open orders are cancelled. Users who wish to avoid automatic settlement should close their positions beforehand. After settlement, no new orders will be accepted. Three consequences follow from that, and they catch people out in different ways. **Your stop loss will not save you.** Resting orders are cancelled, not filled. A stop sitting below the market does nothing during settlement, because settlement is not a trade that sweeps the book. It is an accounting event applied to every open position at once. **Leverage does not change the outcome, but it changes the size of it.** Settlement realizes your unrealized PnL at the TWAP. If you were 3x long and the TWAP sits 15% below your entry, you take a 45% hit to the margin backing that position. Nothing about a delisting adds a penalty on top, and nothing softens the move either. Our [leverage guide](/guides/trading/leverage-guide) covers how that math compounds. **The margin comes back, the exposure does not.** After settlement the USDC lands in your account as ordinary collateral. If that position was a hedge against something else you hold, the hedge is gone and you may not notice until the other leg moves. > **Warning:** If you hold a position in a coin with a scheduled vote and you do nothing, you are choosing the TWAP. That is a decision, not a default. Close it manually if you want a price you picked. --- ## Why the Settlement Price Is a TWAP and Not the Last Trade A one-hour time-weighted average of the spot oracle is a boring number, and boring is the useful property here. The perps being delisted are, almost by definition, the ones with the thinnest books. Settling those at a single last-traded price would mean the last few thousand dollars of flow before the cutoff sets the exit price for everyone still holding. Averaging over an hour of oracle readings makes that far more expensive to influence. Note that it uses the **spot oracle** price, not the perp mark. If the perp has drifted away from spot because [funding](/guides/trading/funding-rates-explained) has been extreme or the book is one-sided, settlement pulls you back to spot rather than honoring the perp's own price. That gap is where the surprises live. On a market trading at a persistent premium, settlement is a haircut for longs even if nothing dramatic happened in the last hour. **Trade Markets That Are Not Going Anywhere** — Deep books on the majors, a 4% lifetime fee discount, and no settlement surprises on BTC or ETH. [Join Hyperliquid - Save 4%](https://app.hyperliquid.xyz/join/Concept211) --- ## Who Decides: The On-Chain Validator Vote Hyperliquid [announced in March 2025](https://x.com/HyperliquidX/status/1905665684790784006) that delisting votes run fully on-chain: > When a quorum of stake has voted for a delisting, the action automatically triggers onchain. In practice that means a delisting is not a private decision announced after the fact. The vote is weighted by staked HYPE, the result is recorded on the L1, and execution follows automatically once quorum is reached. If you run a node or watch the chain, you can see it happen rather than reading about it later. [Staking HYPE](/ecosystem/hype-staking-yields-guide) is what gives a validator weight in that vote. Announcements land in the Hyperliquid announcements channel and on the announcement pages inside [app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211), typically several days before the scheduled vote. The wording is formulaic, which makes it easy to scan for. The VINE notice read: > Validators will vote on whether to delist VINE around 9:30 UTC on 26 Aug based on stalequant's methodology. --- ## How a Coin Ends Up on the List Recent delisting announcements reference a scoring framework published by **stalequant**, an independent quantitative analyst. It is not a Hyperliquid product, and the dashboard says plainly that its output is indicative rather than firm guidance. It is still the closest thing to a public early warning system, and it is free to read. ![stalequant Hyperliquid market risk dashboard showing seven assets flagged for delisting including VINE](/images/trading/hyperliquid-delisting-explained/stalequant-delisting-dashboard.webp) *Source: [stalequant.com](https://stalequant.com/delisting_new/) — screenshot taken 24 August 2026, used under fair use for educational purposes* The methodology scores each listed asset out of 100 across ten factors worth ten points each: | Factor | What it measures | |---|---| | Market cap | Exponential scale, $1M to $5B | | Spot volume | Daily notional across Binance, Bybit, OKX, Hyperliquid, Kraken, Coinbase | | Spot liquidity | One-way slippage on a $10K order | | Oracle score | Venue-weighted oracle coverage | | Futures volume | Daily notional across Binance, Bybit, OKX, Hyperliquid | | Futures liquidity | One-way slippage on a $100K order | | Hyperliquid volume | Daily notional on Hyperliquid alone | | Hyperliquid open interest | Median open interest | | HLP OI share | What share of open interest sits with [HLP](/ecosystem/hyperliquid-hlp-explained), lower being better | | Hyperliquid slippage | One-way slippage on a $10K order | Assets are bucketed by their maximum leverage tier, and each bucket has its own downgrade threshold. The bottom bucket is where delisting enters the picture: an asset in the 3x tier scoring at or below 30 points gets a delist recommendation, while assets in higher tiers get a leverage reduction recommendation instead. That last detail explains something people find confusing. A coin does not usually go from 25x to delisted. It gets stepped down through leverage tiers first, and only once it is already in the 3x bucket does removal become the recommendation. **If a coin you hold has had its max leverage cut, that is the early signal.** Check the current tier on any market before sizing a position. As of 24 August 2026 the dashboard flagged 22 of 177 HyperCore assets (12.4%), of which seven carried a delist recommendation: CASHCAT, BRETT, BANANA, GRIFFAIN, SOPH, GOAT, and VINE. All seven sit in the 3x bucket. Five more (JUP, FARTCOIN, AVNT, NEO and ZK) were flagged for leverage reduction. Those figures move daily, so read the live dashboard rather than this snapshot. The section on VINE below tracks what actually happened to those twelve over the following week. --- ## Not Every Delisting Is a Verdict on the Coin This is the most common misreading, and it matters if you are using the delisted list as a quality signal. Query the API for the full universe and you find a long history: ```bash curl -s -X POST https://api.hyperliquid.xyz/info \ -H 'Content-Type: application/json' \ -d '{"type":"meta"}' | jq '[.universe[] | select(.isDelisted)] | length' ``` On 31 August 2026 that returned **56 delisted entries out of 233 total**, leaving 177 active perps. The delisted names include MATIC, RNDR, FTM, IP and AI16Z. The active count held steady across the week because a listing and a delisting landed together, which is the normal pattern rather than a coincidence. None of those five were removed for being low quality. Each followed a public rebrand or ticker migration by the project itself: Polygon moved MATIC to POL, Render moved RNDR to RENDER, Fantom became Sonic, Story Protocol announced IP was becoming DATA, and ai16z rebranded to ElizaOS. The delisting announcement for IP said so outright. The old ticker gets retired and the market reopens under the new one. So the 56 figure is not a count of failed coins. It is a mix of rebrands, projects that faded, and one incident: JELLY, removed in March 2025 following an oracle manipulation episode. > **Note:** If you want to know why a specific ticker is on the delisted list, search the announcements channel for its name. The announcement usually states the reason in one line, and rebrands are called out explicitly. --- ## VINE, as a Worked Example From Start to Finish VINE was the live case when this page first went up, with a vote scheduled around 09:30 UTC on 26 August 2026. **The vote passed and VINE is now delisted**, which makes it a complete example rather than a hypothetical one. Here is what the API returned before and after: | Metric | 24 August 2026 (flagged) | 31 August 2026 (delisted) | |---|---|---| | `isDelisted` | absent | `true` | | Max leverage | 3x | 3x | | 24h notional volume | $82,249 | $0 | | Open interest | 41.23M VINE | 0 | | Oracle price | $0.007991 | $0.007451 | | Mid price | quoted | `null` | | Funding rate | accruing | 0 | The right-hand column is what settlement does to a market. Open interest goes to zero because every position was closed for its holder. Volume goes to zero because no new orders are accepted. `midPx` and `impactPxs` come back `null` because there is no book left to quote from. The oracle price keeps updating, since it tracks spot rather than the perp, but nothing on Hyperliquid trades against it any more. Eighty-two thousand dollars of daily volume was the number to sit with beforehand. That is a market where a single mid-sized order moves the price meaningfully, which is exactly what the slippage and volume factors in the scoring are built to catch. Combine that with an oracle price under a cent and 41 million tokens of open interest, and the exit problem is obvious: holders trying to close in the final hours were competing for very little liquidity. Which is the practical argument for closing early rather than at the deadline. The TWAP is calculated from the spot oracle, so it is not affected by a crowded perp exit, but your own fill certainly is. Our guide to [slippage](/guides/trading/slippage-explained) covers how to size an exit in a thin book, and [order types](/guides/trading/order-types-guide) covers using limit orders rather than market orders when you have days rather than seconds. ### A Flag Is Not a Queue The follow-up is as useful as the case itself. Seven assets carried a delist recommendation on 24 August: CASHCAT, BRETT, BANANA, GRIFFAIN, SOPH, GOAT and VINE. A week later **only VINE had been removed**. The other six were still trading, still capped at 3x. The five flagged for a leverage cut had not been cut either: JUP and FARTCOIN were still on 10x, AVNT, NEO and ZK still on 5x. So a delist flag tells you an asset is in the zone where removal becomes possible. It does not tell you a vote is coming, and it does not put the asset in a queue. Treat it as a reason to check your exposure and your leverage tier, not as a countdown. --- ## Listings Run on the Same Clock The same week VINE came off, **PONS was listed**. It is worth putting the two side by side, because the gap says more about the scoring than the methodology write-up does: | | VINE (delisted 26 Aug) | PONS (newly listed) | |---|---|---| | 24h notional volume | $82,249 | $40.7M | | Open interest | 41.23M VINE | 29.48M PONS | | Max leverage | 3x | 3x | Both sat in the 3x bucket, which is where new listings start and where delisting candidates end up. What separates them is roughly 500x the daily volume. A new listing enters at the bottom of the leverage ladder and either earns its way up on the scoring factors or drifts toward the bottom of them, and the 3x tier holds both populations at once. Seeing a 3x cap on a market tells you which bucket it is in, not which direction it is heading. --- ## HIP-3 Markets Do Not Work This Way Worth stating clearly, because the two get conflated. Everything above applies to validator-operated perps: the crypto markets native to HyperCore. [HIP-3 markets](/ecosystem/hip-3-builder-codes) are deployed and operated by independent builders who stake HYPE for the right to run them. trade.xyz runs the equity and commodity perps, Felix runs its own set, and so on. The decision to stop running one of those markets sits with that deployer, and the mechanics they use are theirs to define. stalequant's dashboard monitors HIP-3 assets on a separate page for the same reason. ### HyENA Is Winding Its DEX Down The live example of that arrived in the week ending 31 August 2026. **HyENA announced it is sunsetting its HIP-3 DEX**, with wind-down details published at [docs.hyena.trade](https://docs.hyena.trade/). No validator vote was involved, and nothing about it appeared through the mechanism described in the rest of this article. The wind-down is visible in the API. Querying the `hyna` universe on 31 August 2026 returns 25 markets, **13 of them already flagged `isDelisted`**, including the BNB, SUI, XMR, LINK, ADA, BCH, GOLD and SILVER contracts. Twelve were still trading, with BTC and ETH carrying most of what remained of the volume. If you hold a position on one of those twelve, the deployer's own documentation is the only place the timetable exists. > **Warning:** A HIP-3 deployer winding down is not the same event as a validator delisting, and it does not follow the same rules. Read the deployer's wind-down notice for how and when your positions close, and do not assume the 1-hour TWAP settlement described above applies. Check the `isDelisted` flag on the builder DEX universe as well as the native one, using a `meta` request with the `dex` field set. The deployer's authority over its own venue is set to widen. On September 3, 2026 Hyperliquid announced [HIP-3\*](/ecosystem/hip-3-builder-codes#hip-3-optional-permissioned-markets-testnet), an optional package that adds an onchain allowlist plus the ability for a deployer to cancel orders and place reduce-only orders for approved users on its markets. It is on testnet with preliminary specs, but it is one more reason to read what the operator of a builder market publishes about how it runs that market. If you trade [equity perps](/guides/trading/equity-perps-guide) or [commodity perps](/guides/trading/commodities-trading-guide), follow the deployer's announcements. A quiet week on the Hyperliquid announcements channel tells you nothing about a market you are trading on someone else's HIP-3 deployment. [Get a 4% Lifetime Fee Discount](https://app.hyperliquid.xyz/join/Concept211) --- ## Checking Your Own Exposure Three checks, in the order worth doing them. --- # Can You Lose More Than You Deposit on Hyperliquid? > No, you cannot end up owing money on Hyperliquid. But you can lose everything in the account very quickly. Here is exactly how, and what protects you. *Source: https://hyperliquidguide.com/guides/getting-started/can-you-lose-more-than-you-deposit* Short answer: no. On Hyperliquid you cannot lose more than your account balance, you cannot go negative, and nobody will send you a bill. The maximum loss is everything you deposited. That is genuinely reassuring, and it should not reassure you much, because losing everything you deposited is still a complete loss and it can happen faster than most beginners expect. > **Key takeaway:** You cannot end up in debt to Hyperliquid. You can absolutely end up at zero. The instinct behind this question is correct even though the literal answer is "no," so read the rest before you take that as permission. --- ## Why You Cannot Go Negative When you trade with leverage, you are controlling a position larger than the money backing it. If the price moves against you far enough, the position's losses would exceed your collateral, and in a traditional futures account that is exactly when you get a phone call asking for more money. Hyperliquid handles it differently. Rather than letting the position run past your collateral and billing you, the exchange closes it first. That forced closure is called **liquidation**, and it triggers while there is still enough margin to cover the loss. Behind that sits an insurance fund that absorbs cases where a position cannot be closed cleanly at the right price. The result is that the shortfall lands on the fund rather than on you. [Liquidation explained](/guides/trading/liquidation-explained) covers the machinery in full if you want it. So the floor is zero. That is a real structural protection and it is better than what a retail futures account at a traditional broker offers. --- ## Why That Is Colder Comfort Than It Sounds Here is the part the reassuring answer hides. "You cannot lose more than your deposit" and "you will not lose your deposit" are completely different statements. Liquidation is not a rare disaster; it is the routine outcome of using leverage carelessly. At high multiples, a price move of a few percent is enough to wipe out the position entirely. Consider what 20x leverage means in plain terms. Your position is twenty times your collateral, so a 5% move against you erases 100% of it. Crypto moves 5% on a quiet afternoon. You do not need to be badly wrong; you need to be slightly wrong at the wrong moment, and it can happen overnight while you are asleep, because these markets never close. > **Warning:** **The most common way beginners lose everything is not a crash.** It is opening a leveraged position, watching it move against them, adding more margin to avoid liquidation, and then getting liquidated anyway at a worse level. The protection stops you owing money. It does not stop you doing this. --- ## Isolated vs Cross: The Setting That Decides How Much You Lose This one setting determines whether a bad trade costs you one position or the whole account, and most people never look at it. | | Isolated margin | Cross margin | |---|---|---| | **What backs the position** | Only the margin you assign to it | Your entire account balance | | **Worst case on one bad trade** | That position's margin | Everything in the account | | **Liquidation happens** | Sooner | Later, but bigger | | **Right for beginners** | Yes | No | **Isolated** fences each position off. You decide it gets 50 dollars, and 50 dollars is the most it can ever cost you. Everything else is safe no matter how badly that trade goes. **Cross** pools your whole balance as collateral. Positions survive longer because the entire account is available to support them, which sounds like an advantage and is precisely the problem: one bad position can consume everything. [Isolated vs cross margin](/guides/trading/isolated-vs-cross-margin) has the full comparison. If you are new, use isolated. There is no sophistication being sacrificed. **Lower Fees, More Margin Buffer** — Every basis point you save on fees stays in your account as cushion. Our link cuts yours by 4% for life. [Join Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) --- ## The Genuinely Safe Version Everything above is about leverage. There is a way to trade where none of it applies. Buy on the **spot** market. You pay USDC, you receive the asset, you own it. There is no liquidation price, no margin, no forced closure and no funding cost. If the price falls, you own something worth less, and you can wait as long as you like. If it falls to zero you have lost your money, but that requires the asset itself to fail, not a temporary move against a leveraged bet. This is how buying shares works, and it is the mode most people should stay in for a long time. The [difference between spot and perpetuals](/guides/getting-started/hype-ticker-vs-trading-pair) deserves a proper look before you choose, because the interface makes them look similar. --- ## The Risks That Are Not About Price Worth naming, because the "can I lose more than I deposit" question usually comes from someone who has not yet met these: - **Losing your wallet keys.** There is no password reset. If the recovery phrase is gone, so is the money, regardless of how your trades were going. See the [security guide](/guides/getting-started/crypto-trading-security-guide). - **Approving a malicious transaction.** Signing the wrong thing can drain a wallet in one action. No liquidation protection applies to this. - **Sending funds to the wrong place.** Irreversible, and not something support can fix, because there is no support. These are not exotic. They account for a large share of the money people lose in crypto, and none of them involve a trade going wrong. [Is Hyperliquid safe?](/guides/getting-started/is-hyperliquid-safe) covers the landscape. --- ## The Practical Summary 1. You cannot owe money. The floor is zero. 2. Reaching zero is easy with leverage and hard without it. 3. Use isolated margin if you use leverage at all. 4. Spot trading has no liquidation risk whatsoever. 5. The fastest ways to lose everything involve your wallet, not your trades. **Start on the Right Footing** — Open your account through our referral link for 4% lower fees, then start in spot. [Get Started](https://app.hyperliquid.xyz/join/Concept211) --- ## Related Reading - [Liquidation explained](/guides/trading/liquidation-explained) for the full mechanics - [Leverage guide](/guides/trading/leverage-guide) on choosing a multiplier - [How much money do you need to start?](/guides/getting-started/how-much-money-to-start-on-hyperliquid) - [Spot trading guide](/guides/trading/spot-trading-guide), the version without liquidation - [Hyperliquid for Dummies](/guides/getting-started/hyperliquid-for-dummies) if this is all new --- # How Much Money Do You Need to Start on Hyperliquid? > The technical minimum is 5 USDC. The practical minimum is higher. Here is what it actually costs to start trading on Hyperliquid, including fees most beginners forget to count. *Source: https://hyperliquidguide.com/guides/getting-started/how-much-money-to-start-on-hyperliquid* The honest answer is that you can start with 5 USDC and you probably should not. This page separates the technical minimum from the amount that actually makes sense, and counts the costs that catch people out. > **Key takeaway:** Hard floor: 5 USDC to deposit, 10 dollars per order. Practical floor: 50 to 100 dollars, which is where fees stop being a meaningful share of your balance. Anything you deposit should be money you can afford to lose entirely. --- ## The Actual Numbers | Cost | Amount | |---|---| | Minimum deposit (Arbitrum bridge) | 5 USDC | | Deposit fee charged by Hyperliquid | None | | Network gas to send the deposit | A few cents on Arbitrum | | Minimum order size, most markets | 10 dollars notional | | Trading fee, perps | 0.045% taker, 0.015% maker | | Trading fee, spot | 0.070% taker, 0.040% maker | | Withdrawal fee | 1 USDC | Those are small numbers in isolation. The problem with a tiny account is that they stop being small relative to the balance. On a 20 dollar deposit, the round trip in and out costs you 1 USDC before a single trade goes right or wrong, which is 5%. A trade needs to make 5% just to break even against the act of having tried. --- ## What Different Starting Amounts Feel Like **5 to 20 dollars.** Enough to prove the mechanics work. You can connect a wallet, [deposit USDC](/guides/getting-started/deposit-usdc-to-hyperliquid), place one small order and watch it fill. Do it. Reading about an interface and using it are different things. Treat it as tuition, not as an investment. **50 to 100 dollars.** The first amount that behaves like a real account. You can hold a position and still have collateral spare, take a second position, or close half of one. Fees fade into the background. Most people who stick with it started somewhere around here. **A few hundred and up.** Position sizing becomes a decision instead of a constraint. This is also the point where the security conversation stops being theoretical and you should be using a [hardware wallet](/guides/getting-started/best-hardware-wallet-for-hyperliquid) rather than a browser extension holding everything. > **Warning:** **Do not solve a small balance with leverage.** If you have 20 dollars and the minimum order is 10 dollars notional, leverage will let you open positions your balance cannot really support. That is how small accounts go to zero in an afternoon. Read [can you lose more than you deposit](/guides/getting-started/can-you-lose-more-than-you-deposit) before you touch the leverage slider. --- ## Costs People Forget The deposit minimum is the number everyone looks up. These are the ones that actually shape a small account: - **Getting dollars into crypto in the first place.** USDC has to come from somewhere. If you are [buying it with a card or bank transfer](/guides/getting-started/buy-crypto-with-fiat-on-hyperliquid), that step usually carries its own fee, often larger than anything Hyperliquid charges. - **Bridging.** Moving funds onto Arbitrum from another network costs gas and sometimes a bridge fee. The [bridging guide](/guides/getting-started/bridge-to-hyperliquid) covers the routes. - **The spread.** The gap between the buy and sell price is a real cost even when no fee line item appears. On thin markets it can exceed the trading fee. - **Getting it back out.** 1 USDC to withdraw, plus whatever it costs to convert back to spendable money. None of these are unusual or hidden. They are just easy to leave out of the arithmetic when you are estimating from the deposit minimum alone. **Pay 4% Less On Every Trade** — Fees matter most on a small account. Our referral link cuts them by 4% for as long as you trade. [Join Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) --- ## How Much Should You Risk? Separate from "what can I start with" is "what should I put in," and the second question is the one that matters. The standard answer in trading is that you should be able to lose the entire balance without it changing anything about your life. That sounds like boilerplate until you meet someone it applies to. Crypto markets move violently, leverage magnifies it, and there is no insurance scheme and no support desk to appeal to. [Hyperliquid does not hold your money](/guides/getting-started/is-hyperliquid-safe), which is a feature right up until you make an irreversible mistake. A reasonable approach for a first account: deposit an amount you would be mildly annoyed to lose, not one you would be upset to lose. Trade spot, not perpetuals. Give it a month. Decide then whether to add more. --- ## What to Do Next 1. Work out where your USDC is coming from and what that leg costs 2. Set up a wallet and [read the security basics](/guides/getting-started/crypto-trading-security-guide) 3. Deposit an amount you are comfortable with, above the 5 USDC floor 4. Follow the [beginner checklist](/guides/getting-started/hyperliquid-beginner-checklist) to your first trade 5. Keep it in [spot markets](/guides/trading/spot-trading-guide) until you understand what a perpetual actually is **Start With the Discount Applied** — Sign up through our link before your first trade and lock in 4% lower fees permanently. [Get Started](https://app.hyperliquid.xyz/join/Concept211) --- ## Related Reading - [Deposit USDC to Hyperliquid](/guides/getting-started/deposit-usdc-to-hyperliquid), the step-by-step - [What is USDC?](/guides/getting-started/what-is-usdc-and-why-do-i-need-it) if that part is unclear - [Hyperliquid fees explained](/guides/fees/fees-explained) for the full fee schedule - [Hyperliquid for Dummies](/guides/getting-started/hyperliquid-for-dummies) if you are starting from zero - [Can you lose more than you deposit?](/guides/getting-started/can-you-lose-more-than-you-deposit) --- # $HYPE vs HYPE/USDC vs HYPE Perp: What the Slash Means > Confused by HYPE, $HYPE, HYPE/USDC and the HYPE perp? They are not four coins. Here is what a trading pair is, what the dollar sign means, and which one you should actually buy. *Source: https://hyperliquidguide.com/guides/getting-started/hype-ticker-vs-trading-pair* If you have seen HYPE, `$HYPE`, HYPE/USDC and "the HYPE perp" and assumed they were four different things to choose between, this page is for you. They are not four coins. Two of them are the same coin written differently, one is a market, and one is a different product entirely, which you should probably avoid for now. > **Key takeaway:** HYPE and `$HYPE` are the same token. HYPE/USDC is not a separate asset; it is the market where you buy HYPE using dollars. The HYPE perp is the one that is actually different, and it is the one that can cost you more than you expected. --- ## The Dollar Sign Means Nothing Start with the easy one. When you see `$HYPE` in a post, the dollar sign is decoration. It comes from the way stock tickers get written on financial TV, and traders borrowed it for crypto because it makes a post searchable and signals "I am talking about the coin, not the English word." On X and TikTok it functions as a hashtag. It does not mean the thing is a stock. It does not mean it is regulated, listed, or backed by a company. `$HYPE` and HYPE are the same token, and if you were wondering whether Hyperliquid is a stock at all, we answered that [in detail here](/guides/getting-started/is-hyperliquid-a-stock). --- ## What a Trading Pair Actually Is This is the part that trips people up, and it deserves more than a one-line answer. Every trade swaps one thing for another. You cannot buy something with nothing. So a market has to name both sides, and that is all a trading pair is: **HYPE/USDC** means *"the market where HYPE is bought and sold using USDC."* - **HYPE** is the **base**. It is what you are buying, and what you end up holding. - **USDC** is the **quote**. It is the money you pay with. [USDC is a digital dollar](/guides/getting-started/what-is-usdc-and-why-do-i-need-it), worth about one US dollar. The price you see is always *how much quote it costs to buy one base*. If HYPE/USDC reads 42, then one HYPE costs 42 USDC, which is roughly 42 dollars. Once that clicks, the original question answers itself. Asking whether to buy "HYPE/USDC or HYPE" is like asking whether you would rather buy a coffee or buy a coffee with your debit card. One is the thing, the other is how you get it. Selecting HYPE/USDC on the exchange *is* how you buy HYPE. > **Note:** **On Hyperliquid the quote is USDC, not USDT.** If you have seen HYPE/USDT somewhere, that was a different exchange. USDC and USDT are competing dollar stablecoins from different issuers, and Hyperliquid settles in USDC. It is a real distinction, just not one that changes what you are buying. --- ## The One That Is Actually Different Now the important part. There are two separate HYPE markets on Hyperliquid, and they are not interchangeable. | | HYPE spot | HYPE perpetual | |---|---|---| | **What you get** | The actual token, in your account | A contract that tracks the price | | **Can you bet on it falling?** | No, you just sell | Yes | | **Leverage** | None | Yes, and it is the default temptation | | **Can you be forced out?** | No | Yes, by liquidation | | **Ongoing cost** | None once bought | Funding, paid every hour | | **Taker fee** | 0.070% | 0.045% | | **Good for beginners** | Yes | No | **Spot** is the familiar one. You pay USDC, you receive HYPE, it sits in your account, and you can [stake it](/ecosystem/hype-staking-yields-guide) or sell it whenever you want. If the price drops, you own a cheaper token and nothing happens to you. This is how buying shares works, and your instincts from stock investing mostly transfer. There is a [full spot trading guide](/guides/trading/spot-trading-guide) when you want the detail. **The perpetual** is a derivative. You never hold a token. You post collateral and take a position that tracks HYPE's price, which lets you profit from a fall and lets you control a much larger position than your deposit. It also means the exchange can close your position automatically if the price moves against you far enough, and take your collateral with it. [Perpetuals explained](/guides/trading/perpetuals-explained) covers the mechanics properly. > **Warning:** **The trap for new traders.** Hyperliquid is primarily a perpetuals exchange, so the perp market is what you often land on first. Check whether the screen says Spot or Perps before you place an order. Buying 42 dollars of HYPE spot and opening a 10x leveraged HYPE perp position look almost identical in the interface and are wildly different bets. **Trade With 4% Lower Fees** — Sign up through our link and every trade you ever make costs 4% less. [Join Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) --- ## Reading a Pair Without Getting Lost A few habits that stop the common mistakes: - **Read left to right.** The first symbol is what you walk away holding. Always. - **Check the venue label.** Spot and perps are separate order books with separate balances, so the same ticker means two different products depending on which tab you are on. - **Watch for lookalike tickers.** [PURR is three unrelated things](/ecosystem/purr-token-explained) across a memecoin, a Nasdaq stock, and a contract tracking that stock. Confirm the full pair, not just the first few letters. - **Ignore the dollar sign entirely.** It tells you nothing about what you are buying. If any of the vocabulary here is still fuzzy, the [Hyperliquid glossary](/guides/getting-started/hyperliquid-glossary) defines the terms in one place, and [Hyperliquid for Dummies](/guides/getting-started/hyperliquid-for-dummies) starts from zero. --- ## The Short Version You want HYPE. You buy it on the HYPE/USDC market. `$HYPE` is the same thing with a hashtag on it. The HYPE perp is a different product built for leveraged betting, and there is no reason to start there. **Ready to Buy Your First HYPE?** — Our step-by-step walkthrough takes about ten minutes, and the referral link saves you 4% on fees for life. [Get Started](https://app.hyperliquid.xyz/join/Concept211) --- ## Related Reading - [How to buy HYPE token](/guides/getting-started/how-to-buy-hype-token), the actual step-by-step - [Is Hyperliquid a stock?](/guides/getting-started/is-hyperliquid-a-stock) if that question is still nagging - [What is USDC?](/guides/getting-started/what-is-usdc-and-why-do-i-need-it) on the dollars you trade with - [Can you lose more than you deposit?](/guides/getting-started/can-you-lose-more-than-you-deposit) before you go near a perp - [Spot trading guide](/guides/trading/spot-trading-guide) for the deeper mechanics --- # Is Hyperliquid a Stock? What You Can Actually Buy (2026) > No, Hyperliquid is not a stock and has no ticker symbol. Here is the difference between the exchange, the HYPE token, the PURR stock on Nasdaq, and stocks you can trade on the platform. *Source: https://hyperliquidguide.com/guides/getting-started/is-hyperliquid-a-stock* Hyperliquid is not a stock. It has no ticker symbol, it is not listed on Nasdaq or the NYSE, and there are no shares in it to buy. If you came here after seeing Hyperliquid in the news and assumed it was a company you could invest in, that is a completely reasonable mistake and this page will sort it out in a couple of minutes. > **Key takeaway:** Hyperliquid is an exchange, not a company you can own. Four different things get called "Hyperliquid stock" and only one of them is an actual stock. Work out which one you mean before you spend any money, because they behave nothing alike. --- ## The Four Things People Mean Almost every search for "Hyperliquid stock" is really one of these: | What you might mean | What it actually is | Where you buy it | |---|---|---| | The Hyperliquid exchange | A trading platform. Not a listed company, no shares exist | Nowhere. It cannot be bought | | HYPE | A cryptocurrency token | On Hyperliquid, or some crypto exchanges | | PURR | A real Nasdaq-listed company that holds HYPE | Any US brokerage | | NVDA, TSLA and friends | Real stocks, traded as contracts on Hyperliquid | On Hyperliquid, as perpetuals | The rest of this page takes them one at a time. --- ## Hyperliquid Itself Has No Ticker Hyperliquid is a place where trading happens, in the same way that Nasdaq is a place where trading happens. You would not try to buy "a share of Nasdaq's trading floor," and Hyperliquid works the same way, except more so: there is no company at the center of it holding customer money. That is the part that trips people up. Most trading apps are run by a business. Robinhood is a company, and you can buy its shares. Coinbase is a company, and you can buy its shares. Hyperliquid runs on a blockchain, and the code that matches your orders is not owned by a corporation with a stock certificate attached to it. There is a development team behind it, and there is a foundation, but neither of those is something you can hold in a brokerage account. So when you search for a Hyperliquid share price and find nothing, that is not because you are looking in the wrong place. There is nothing to find. > **Warning:** **If somebody offers to sell you "Hyperliquid shares" or "pre-IPO Hyperliquid stock," it is a scam.** There is no such security. This is a common approach when a name is in the news and people are searching for a way in. --- ## HYPE Is a Token, Not a Share The closest thing to "investing in Hyperliquid" is buying [HYPE](/ecosystem/what-is-hype-token), the network's own cryptocurrency. Plenty of people treat it as a proxy for betting on the platform's success, and the logic is not unreasonable, because the network buys HYPE back with fee revenue. But a token is not a share, and the differences matter: - **No ownership.** Holding HYPE does not make you a part-owner of anything. There is no equity stake, no claim on assets, and no seat at any table. - **No dividends, no voting rights** in the corporate sense. You can [stake HYPE](/ecosystem/hype-staking-yields-guide) to earn rewards and to vote on network matters, which is useful, but it is not shareholder governance. - **No regulator-mandated disclosures.** There are no quarterly earnings, no audited financial statements, and no SEC filings to read before you buy. - **It trades every hour of every day.** No market open, no market close, no weekends off. On social media you will see it written as `$HYPE`. That dollar sign is just a tagging convention people use for coins, borrowed from the way stock tickers are written. It carries no legal or financial meaning. We wrote a [separate guide on the difference between $HYPE, HYPE/USDC and the HYPE perp](/guides/getting-started/hype-ticker-vs-trading-pair), because that particular confusion causes real, expensive mistakes. **Start With a 4% Fee Discount** — If you decide HYPE is what you actually want, signing up through our link cuts your trading fees by 4% for life. [Join Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) --- ## PURR Is the One That Really Is a Stock Here is where the confusion becomes understandable, because there *is* a Hyperliquid-related stock on Nasdaq. **NASDAQ: PURR** is Hyperliquid Strategies Inc, a New York company. Its entire business is buying HYPE, holding it, staking it, and reporting to shareholders. It is what the industry calls a digital asset treasury company: the balance sheet is the product. Buying PURR is a genuine stock purchase. It settles in a brokerage account, it can sit in a retirement account that is not allowed to hold crypto, and it comes with the disclosure regime that public companies operate under. For a lot of people arriving from traditional investing, that wrapper is worth something real. What it is not is ownership of the exchange. Hyperliquid Strategies holds the token. It does not run Hyperliquid, does not earn its fees, and has no special relationship to the protocol beyond being a large holder. It also does not track HYPE one-for-one. A treasury company trades at some multiple of the assets it holds, and that multiple moves on its own schedule, which means the stock can fall on a day the token rises and vice versa. Our [full breakdown of PURR against HYPE and the HYPE ETFs](/ecosystem/purr-stock-vs-hype-token) walks through when each wrapper makes sense, and the [company deep-dive](/ecosystem/purr-stock-hyperliquid-strategies) covers the balance sheet in detail. > **Note:** **Three unrelated things share the name PURR.** The Nasdaq stock, a [memecoin on Hyperliquid spot](/ecosystem/purr-token-explained) worth a few cents, and PURRDAT, a contract that tracks the stock price. Buying one gives you no claim on the others. Check the ticker and the venue before you place an order. --- ## You Can Trade Real Stocks on Hyperliquid This one runs in the opposite direction, and it is probably why the platform started showing up in stock-related searches at all. Hyperliquid hosts markets on actual equities. Nvidia, Tesla, Micron, Intel and a long list of others trade there as [perpetual futures on stocks](/guides/trading/how-to-trade-stocks-on-hyperliquid), mostly through [trade.xyz](/guides/trading/hyperliquid-xyz-explained). The price follows the real share price through a data feed. You are not buying shares. You are trading a contract on the price, which means: - No ownership, no dividends, no shareholder vote - It trades 24/7, including nights and weekends when Nasdaq is shut - You can bet on the price falling as easily as rising - You can use leverage, which is exactly as dangerous as it sounds If you are coming from a stock app, this is the piece that will feel most familiar and is most likely to hurt you. A share of Tesla bought at the wrong time is a bad investment you can wait out. A leveraged contract on Tesla bought at the wrong time can be [closed out automatically at a total loss](/guides/getting-started/can-you-lose-more-than-you-deposit) while you are asleep. --- ## So Which One Do You Want? Work backwards from what you are actually trying to do. **"I think Hyperliquid will keep growing and I want exposure."** That is HYPE, or PURR if your money lives in a brokerage or retirement account that cannot hold crypto. Start with [how to buy HYPE](/guides/getting-started/how-to-buy-hype-token). **"I want to trade Nvidia at 2am."** That is stock perpetuals on Hyperliquid. Read [how to trade stocks on Hyperliquid](/guides/trading/how-to-trade-stocks-on-hyperliquid) first, and take the leverage warnings seriously. **"I have never traded anything and I am just curious."** Start with [Hyperliquid for Dummies](/guides/getting-started/hyperliquid-for-dummies), which assumes nothing, and the [beginner checklist](/guides/getting-started/hyperliquid-beginner-checklist) when you are ready to actually do something. If you want to know how much cash you need to get going, we costed that out in [how much money you need to start](/guides/getting-started/how-much-money-to-start-on-hyperliquid). **"I saw the Trump news and want to know if this is legal for Americans."** That is a separate and genuinely unsettled question, tracked on our [Hyperliquid and the CFTC](/privacy/is-hyperliquid-coming-to-the-us) page. Nothing there changes what Hyperliquid is; it remains an exchange rather than a stock. **Ready to Trade?** — Open an account through our referral link and pay 4% less in fees, permanently. [Get the Discount](https://app.hyperliquid.xyz/join/Concept211) --- ## Related Reading - [What Is Hyperliquid?](/ecosystem/what-is-hyperliquid) covers the exchange itself in more depth - [Hyperliquid vs Robinhood](/compare/hyperliquid-vs-robinhood) if you are arriving from a stock app - [$HYPE vs HYPE/USDC vs the HYPE perp](/guides/getting-started/hype-ticker-vs-trading-pair) sorts out the ticker confusion - [What is USDC and why do I need it?](/guides/getting-started/what-is-usdc-and-why-do-i-need-it) explains the money you actually trade with - [Is Hyperliquid safe?](/guides/getting-started/is-hyperliquid-safe) on the risks worth knowing before you deposit --- # What Is USDC and Why Do You Need It to Trade? > Hyperliquid runs on USDC, not dollars. Here is what a stablecoin actually is, why the exchange uses one, how USDC differs from USDT, and how to get some. *Source: https://hyperliquidguide.com/guides/getting-started/what-is-usdc-and-why-do-i-need-it* You cannot put dollars into Hyperliquid. You put in USDC, which is a digital token designed to be worth one dollar. If that sentence raised more questions than it answered, this page is for you. > **Key takeaway:** USDC is a dollar you can send over the internet without a bank. Hyperliquid uses it because there is no company there to accept a bank transfer. One USDC is worth about one dollar, and that is the whole design goal. --- ## Why an Exchange Would Not Take Your Dollars On a normal trading app you wire money to a company, the company credits your account, and a number goes up on a screen. That number is a record of what the company owes you. Hyperliquid has no company in that role. It is [software running on a blockchain](/guides/getting-started/how-hyperliquid-works), and a blockchain has no bank account and no way to receive a wire transfer. It moves tokens between wallets, and that is all it can do. So if you want to trade with dollars in that environment, the dollar itself has to become a token. That is what a stablecoin is: a cryptocurrency deliberately engineered to sit still at one dollar while everything around it moves. --- ## How It Holds a Dollar The mechanism is less exotic than people expect. Circle, the company that issues USDC, takes real dollars and issues one USDC for each of them. Those dollars sit in reserves held as cash and short-term US government securities. Anyone holding USDC can, in principle, redeem it back for a dollar, and Circle publishes regular attestation reports on the reserves backing the supply. That redeemability is what keeps the price at a dollar. If USDC drifted to 98 cents, buying it cheaply and redeeming it at a dollar would be profitable, and that pressure pushes the price back. The peg is maintained by arbitrage rather than by decree. > **Note:** **This is not the same as a dollar in your bank.** A bank deposit is insured by the government up to a limit. USDC is a claim on a private company's reserves. It has held its value reliably, and it briefly traded below a dollar during banking stress in March 2023 before recovering. Small risk, real risk, worth knowing. --- ## USDC vs USDT vs USDH Three names you will run into, so here is the short version. | | Issued by | Where you meet it | |---|---|---| | **USDC** | Circle | Hyperliquid's settlement currency | | **USDT** | Tether | Widely used on other exchanges | | **USDH** | Hyperliquid ecosystem | An aligned stablecoin used in some Hyperliquid markets | For a beginner the decision is made for you. [Hyperliquid settles in USDC](/guides/getting-started/deposit-usdc-to-hyperliquid), so that is what you need. If you have seen a HYPE/USDT pair quoted somewhere, that was a different exchange, and we sorted out that confusion in [$HYPE vs HYPE/USDC](/guides/getting-started/hype-ticker-vs-trading-pair). USDH is a later concern. It offers better fee treatment on markets that use it, and the [USDH stablecoin guide](/ecosystem/usdh-stablecoin-guide) covers it when you get there. **Ready to Fund an Account?** — Sign up through our referral link first and every trade you make costs 4% less, permanently. [Join Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) --- ## How to Actually Get Some There are two realistic routes. **Buy it on a centralized exchange and withdraw.** You open an account somewhere like Coinbase or Kraken, verify your identity, buy USDC with a bank transfer or card, then withdraw it to your own wallet on the **Arbitrum** network. This is the most common path. Watch the network setting on the withdrawal screen, because sending to the wrong network is one of the few genuinely unrecoverable mistakes in crypto. **Buy directly to a wallet.** Some services will sell USDC straight to a wallet address without a full exchange account. Convenient, usually more expensive. Our guide to [buying crypto with fiat](/guides/getting-started/buy-crypto-with-fiat-on-hyperliquid) walks through the options. Either way, the conversion from real money into crypto is where the fees live. Card purchases in particular can cost several percent. That step will almost certainly cost you more than all the trading fees you pay afterwards, which is worth planning around rather than discovering. > **Warning:** **Get the network right.** Hyperliquid deposits arrive over Arbitrum. USDC exists on several networks and they are not interchangeable in transit. Send Arbitrum USDC to an Arbitrum address, check it twice, and send a small test amount first if you are moving anything significant. --- ## What Happens Once It Arrives Your USDC lands in your Hyperliquid balance and becomes the money you trade with. Prices are quoted in it, profits and losses are settled in it, and fees come out of it. From there you can buy an asset on the [spot market](/guides/trading/spot-trading-guide), where you swap USDC for something like HYPE and hold it. Or you can use it as collateral for perpetuals, which is the riskier path and one worth understanding before you take it. When you want out, you [withdraw USDC](/guides/getting-started/withdraw-usdc-from-hyperliquid) back to your wallet for a 1 USDC fee, then convert it back to spendable money wherever you bought it. --- ## The Short Version USDC is a dollar in token form, issued by a company that holds reserves against it. Hyperliquid uses it because a blockchain cannot accept a bank transfer. You buy it somewhere else, send it over Arbitrum, and it becomes your trading balance. It is stable enough to trade against and not the place to keep your savings. **Start With 4% Lower Fees** — Our referral link applies before your first trade and never expires. [Get the Discount](https://app.hyperliquid.xyz/join/Concept211) --- ## Related Reading - [Deposit USDC to Hyperliquid](/guides/getting-started/deposit-usdc-to-hyperliquid), the walkthrough - [Buy crypto with fiat](/guides/getting-started/buy-crypto-with-fiat-on-hyperliquid) for the funding step - [How much money do you need to start?](/guides/getting-started/how-much-money-to-start-on-hyperliquid) - [Hyperliquid glossary](/guides/getting-started/hyperliquid-glossary) for the rest of the vocabulary - [Hyperliquid for Dummies](/guides/getting-started/hyperliquid-for-dummies) if you are starting from scratch --- # Hyperliquid vs Robinhood: What Actually Changes (2026) > Coming from Robinhood? Here is the honest comparison: custody, KYC, what you can trade, who holds your money, and the US availability question. Written for people new to crypto. *Source: https://hyperliquidguide.com/compare/hyperliquid-vs-robinhood* **Hyperliquid vs Robinhood** If you have only ever used a stock app and Hyperliquid just showed up in your feed, this is the comparison that matters. The two look alike on the surface and are built on completely different foundations, and the differences are the kind that cost money when you find them out late. > **Key takeaway:** Robinhood is a company that holds your money and trades on your behalf. Hyperliquid is software that lets you trade directly from your own wallet, with no company in the middle. Everything else on this page follows from that one distinction. --- ## What Each One Looks Like ![The Hyperliquid trading interface showing an order book, price chart and order entry panel](/images/compare/shared/hyperliquid-trading-interface.webp) ![The Robinhood homepage advertising stocks, ETFs, crypto, options, futures and prediction markets in one app](/images/compare/hyperliquid-vs-robinhood/robinhood-homepage.webp) One thing to get straight from the outset: Robinhood is not only a stock app. It offers crypto alongside stocks, ETFs, options and futures. So this is not "the stock one versus the crypto one." It is a regulated brokerage versus a decentralized exchange, and both happen to let you trade crypto. --- ## The Comparison --- ## Custody Is the Whole Story When you buy a stock on Robinhood, Robinhood holds it. Your shares sit with the broker and its custodian, your name is on an account record, and if the firm collapsed, SIPC protection exists to make securities customers whole up to its limits. There is a regulated entity, a phone number, and a legal framework built up over decades. On Hyperliquid, your funds sit in a crypto wallet that only you can open. No company can freeze the account, no company can lose it, and no company can be ordered to hand it over. That appeals to a lot of people, and it is the entire reason the platform is built this way. The flip side is complete and unforgiving. If you lose your wallet's recovery phrase, the money is gone. Not "gone until you contact support." Gone. If you approve a malicious transaction, there is no reversal. If you send funds to the wrong network, nobody can retrieve them. The protections you have been relying on without noticing are all provided by the company you are leaving behind. > **Warning:** **This is the part to sit with before you deposit anything.** Self-custody is not a feature you switch on; it is a responsibility you take over. Read our [security guide](/guides/getting-started/crypto-trading-security-guide) and set up a [hardware wallet](/guides/getting-started/best-hardware-wallet-for-hyperliquid) before you hold a meaningful amount. --- ## What You Can Actually Trade **Stocks.** Robinhood sells you the share. You own a piece of the company, you collect dividends, you can hold it for thirty years. Hyperliquid offers [perpetual futures on equities](/guides/trading/how-to-trade-stocks-on-hyperliquid) through [trade.xyz](/guides/trading/hyperliquid-xyz-explained), which track the price of Nvidia or Tesla without giving you ownership of anything. They run 24/7, which matters when news breaks on a Saturday, and they carry leverage and liquidation risk that owning a share does not. **Crypto.** Both offer it. The difference is depth. Hyperliquid was built as a perpetuals exchange first, so its crypto derivatives markets are its core product rather than an add-on. **Things Robinhood does that Hyperliquid does not.** Retirement accounts. Fractional shares with real ownership. A cash management product. Dividends. If those matter to you, the brokerage is not replaceable by a DEX. **Things Hyperliquid does that a brokerage generally does not.** Trading at 3am on a Sunday. [Commodities like oil and gold](/guides/trading/commodities-trading-guide) as perpetuals. [Vaults that trade on your behalf](/ecosystem/hyperliquid-vaults-guide). Very high leverage, which belongs in the "can" column rather than the "should" column. **Trading Fees, 4% Off For Life** — If Hyperliquid is where you are heading, our referral link cuts every trade you make. [Join Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) --- ## The US Question This is the practical blocker for most people reading this, so it deserves a straight answer. Hyperliquid's Terms of Service restrict use by US persons, and the front end restricts US IP addresses. Robinhood is a US brokerage built specifically for US residents. If you are in the United States, those two facts are not symmetrical and you should understand them before making plans. In August 2026 the topic became live again when President Trump said the CFTC chair was working on bringing Hyperliquid into the US in a compliant fashion. No filing, approval or date has followed. We track that situation as it develops on [Is Hyperliquid coming to the US?](/privacy/is-hyperliquid-coming-to-the-us), and the current state of access is covered in [Hyperliquid US availability](/privacy/hyperliquid-us-availability). We report what has been said rather than telling you what is permitted in your situation, which is a question for a qualified attorney. See the [disclaimer](/disclaimer). --- ## Which One Fits You **Stay with the brokerage if** you want to own companies for the long term, you want a retirement account, you value having someone to call, or you would rather not be personally responsible for securing your own assets. None of those are beginner concerns you grow out of. They are legitimate preferences. **Hyperliquid makes sense if** you want to trade instead of invest, you want markets that never close, you want to take positions on prices falling, or you specifically want to hold your own assets rather than trust a company with them. **Plenty of people use both**, for different purposes, which is probably the sane answer. If you are leaning toward trying Hyperliquid, do not start with leverage. Read [Hyperliquid for Dummies](/guides/getting-started/hyperliquid-for-dummies), work out [how much money you actually need](/guides/getting-started/how-much-money-to-start-on-hyperliquid), and understand [whether you can lose more than you put in](/guides/getting-started/can-you-lose-more-than-you-deposit) before you place a single order. **Start With Lower Fees** — Open your account through our link for a 4% lifetime discount on trading fees. [Get the Discount](https://app.hyperliquid.xyz/join/Concept211) --- ## Related Reading - [Is Hyperliquid a stock?](/guides/getting-started/is-hyperliquid-a-stock) clears up the most common mix-up - [What is Hyperliquid?](/ecosystem/what-is-hyperliquid) covers the platform itself - [Is Hyperliquid safe?](/guides/getting-started/is-hyperliquid-safe) on the real risks - [Hyperliquid vs Coinbase](/compare/hyperliquid-vs-coinbase) if you are comparing custodial crypto platforms - [Beginner checklist](/guides/getting-started/hyperliquid-beginner-checklist) when you are ready to start --- # PURR Stock Explained: Hyperliquid Strategies Inc (NASDAQ: PURR) > What NASDAQ: PURR actually is, how the Sonnet reverse merger created it, its 29.4M HYPE treasury, the mNAV premium, and the share count most quote sites get wrong. *Source: https://hyperliquidguide.com/ecosystem/purr-stock-hyperliquid-strategies* Three different things on and around Hyperliquid answer to the name PURR right now, and they are not related to each other in any way that matters to your money. This page is about the one listed on Nasdaq. > **Warning:** **Sort out which PURR you mean before you buy anything.** **NASDAQ: PURR** is common stock in Hyperliquid Strategies Inc, a New York company that holds HYPE on its balance sheet. **PURR** on Hyperliquid spot is a [memecoin from April 2024](/ecosystem/purr-token-explained) trading around a tenth of a dollar. **PURRDAT** on [trade.xyz](/guides/trading/hyperliquid-xyz-explained) is a perpetual future that tracks the Nasdaq stock. Buying one gives you no claim on either of the others. The two live numbers that bear on this page: **HYPE**, the token the company holds, and **PURRDAT**, the perpetual that tracks its Nasdaq share price. Neither is the [PURR memecoin](/ecosystem/purr-token-explained), and none of the three is the same instrument as NASDAQ: PURR itself, which trades on Nasdaq during market hours. ## What Hyperliquid Strategies Actually Is Hyperliquid Strategies Inc is a digital asset treasury company. Its business is buying [HYPE](/ecosystem/what-is-hype-token), holding it, staking it, and telling shareholders how that went every quarter. There is no exchange and no product. The balance sheet is the whole company. ![The Hyperliquid Strategies homepage showing 29.4 million HYPE tokens held and a position value of $2.19 billion](/images/ecosystem/purr-stock-hyperliquid-strategies/hyperliquid-strategies-homepage.webp) *Source: [hypestrat.xyz](https://hypestrat.xyz) captured August 20, 2026, used under fair use for educational purposes* Its own dashboard put the treasury at **29.4 million HYPE** and digital assets of **$2,184.9 million** at its August 20, 2026 update. The company notes that weekly items on that page lag the update date by about a week, while the token and share prices are live, so read the token count as roughly mid-August rather than same-day. That makes it the largest reported HYPE position held by a US public company, and the whole cohort of HYPE treasury companies controls somewhere north of 13% of circulating supply, according to reporting by [The Block](https://www.theblock.co) and CryptoTimes in August 2026. For comparison, corporate bitcoin holdings account for a smaller share of bitcoin supply than that. Atlas Merchant Capital co-founder Bob Diamond chairs the board. Fellow Atlas co-founder David Schamis is CEO. Brett Beldner is CFO and Jeroen Nieuwkoop is COO. Eric Rosengren, formerly of the Boston Fed, sits on the board alongside Thomas King, Larry Leibowitz, Jeff Tuder and Nailesh Bhatt. > **Key takeaway:** PURR is a wrapper around a pile of HYPE, and almost every dollar of its value moves because HYPE moved. So the question to answer before buying is a pricing question: what is the market charging for the wrapper today, and is that reasonable? --- ## How a Biotech Became a HYPE Treasury PURR did not IPO. It arrived through a reverse merger, which is why the ticker changed hands so quickly and why a company incorporated in July 2025 was already filing quarterly reports by February 2026. Sonnet BioTherapeutics Holdings, a small Nasdaq-listed biotech, signed a business combination agreement on July 11, 2025 with Rorschach I LLC, a vehicle newly formed by an entity affiliated with Atlas Merchant Capital and an affiliate of Paradigm. The Block reported the deal at roughly $888 million, with Galaxy Digital, Pantera Capital, D1 Capital, Republic Digital and 683 Capital among the participating investors. The transaction closed on December 2, 2025. Per the company's S-1/A, HSI held about **$580 million in HYPE** at close, struck at an agreed spot price of $46.372 per token, which works out to roughly 12.5 million tokens, plus about **$310 million in cash**. The stock started trading as PURR on the Nasdaq Capital Market the next day. > **Note:** **The fiscal calendar is off by two quarters.** Its 10-Q states the company selected **June 30** as its fiscal year end, so "third quarter fiscal 2026" means the three months ended March 31, 2026. If you compare PURR against a calendar-year treasury company quarter for quarter, you are comparing different windows. ## The Treasury Timeline Every disclosure since the close has shown a larger position. | Date | HYPE held | Cash | Source | |------|-----------|------|--------| | Dec 2, 2025 (close) | ~12.5M | ~$310M | S-1/A | | Mar 31, 2026 | 18.83M | $113.1M | 8-K, May 7 2026 | | Apr 29, 2026 | 20.0M | $103M | 8-K, May 7 2026 | | Mid-July 2026 | ~29.3M | not disclosed | CryptoTimes, Aug 7 2026 | | Aug 20, 2026 | 29.4M | not disclosed | company dashboard | ![Hyperliquid Strategies dashboard showing 29.4 million HYPE held and $2,184.9 million of digital assets at the August 20, 2026 update](/images/ecosystem/purr-stock-hyperliquid-strategies/hypestrat-nav-dashboard.webp) *Source: [hypestrat.xyz/dashboard](https://hypestrat.xyz/dashboard) captured August 20, 2026, used under fair use for educational purposes* The 8-K of May 7, 2026 breaks down how the middle of that table happened: **$216.0 million deployed since inception** to buy about 7.3 million HYPE, taking the stack to 20.0 million. Over the same stretch the company spent **$10.5 million buying back about 3.0 million of its own shares at an average of $3.42**, which is a notable thing for a treasury company to do and only makes sense when the stock trades below the value of what it holds. The buying is funded through a **$1.0 billion committed equity facility** with Chardan, signed October 22, 2025. By April 29, 2026 the company had issued $38.4 million of stock through it at an average price of about $6.31. Selling shares to buy tokens is the whole engine, and it cuts both ways, which the mNAV section below gets into. **Skip the Wrapper** — If what you actually want is HYPE, you can buy it on the spot order book in a few minutes and stake it yourself. Sign up with our link for a 4% lifetime fee discount. [Trade on Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) --- ## Where the HYPE Actually Sits The tokens are not idle. HSI announced a validator run with Unit in May 2026, branded Hyperliquid Strategies × Unit, and says the majority of the stack is custodied at Anchorage Digital Bank. Staking the treasury produced **$2.6 million in staking revenue** in the quarter ended March 31, 2026 and $3.1 million across the first nine months of the fiscal year. That revenue belongs to the company. As a shareholder you touch it only through net asset value per share. Hold and [stake HYPE yourself](/ecosystem/hype-staking-yields-guide) and the rewards land in your own account, where you decide what happens to them. ## Reading the Financials Without Getting Fooled Mark-to-market accounting makes treasury companies look wildly profitable and wildly unprofitable in alternating quarters, using the same balance sheet. Look at what the May 7, 2026 8-K reported for the quarter ended March 31, 2026: | Line | Three months to Mar 31, 2026 | Nine months to Mar 31, 2026 | |------|------------------------------|------------------------------| | Net result | **$152.5M profit** | **$165.4M loss** | | Unrealized HYPE moves | +$198.4M | −$64.0M | | Staking revenue | $2.6M | $3.1M | | Interest income | $1.0M | $1.9M | | SG&A and R&D | $7.2M | $10.7M | The quarterly profit is not earnings in any ordinary sense. HYPE rose 43.6% over those three months and the accounting followed it. The nine-month loss includes a one-time $35.6 million IPR&D write-off tied to the legacy Sonnet business and a $60.5 million increase in deferred tax expense on top of the token losses. Total assets at March 31, 2026 were $809.4 million, stockholders' equity was $743.5 million, and the company reported **no debt**. The debt-free part is real and worth weighing. A leveraged treasury company forced to sell tokens into a drawdown is a different risk profile entirely. > **Tip:** **One number does the work.** Ignore quarterly EPS on a treasury company. Track HYPE per share and the premium or discount to net asset value. Everything else is accounting noise around those two. --- ## mNAV, and the Share Count Most Sites Get Wrong mNAV is market value divided by the value of the crypto held. At 1.0 you pay exactly what the tokens are worth. Above that you are paying for the wrapper. Below it you are buying HYPE at a discount and betting the gap closes. ![PURR mNAV analytics dashboard showing a 1.07x multiple and 7.50% premium as of August 20, 2026](/images/ecosystem/purr-stock-hyperliquid-strategies/purr-mnav-dashboard.webp) *Source: [purrmnav.com](https://purrmnav.com), an independent tracker with no affiliation to Hyperliquid Strategies, captured August 20, 2026 and used under fair use for educational purposes* That tracker had PURR at **0.82x on August 18, 2026**, an 18.2% discount, and at **1.07x on August 20**, a 7.5% premium. Two sessions, 25 points of multiple. What moved in between was a White House remark on August 19, 2026 about a compliant US path for Hyperliquid, after which [Benzinga](https://www.benzinga.com) reported PURR up 33% and HYPE up 22%. The stock outran the token by a wide margin, and the difference is entirely the wrapper repricing. This is the part that makes PURR a different instrument from HYPE rather than a convenient version of it. You are long the token and long a multiple that has spent most of the last three months under 1.0. ### The share count Check this one yourself before doing any arithmetic. The S-1/A filed July 21, 2026 states **200,563,691 shares of common stock outstanding as of July 15, 2026**, held of record by about 58 holders, with a last sale price of $7.61 that day. ![Stock quote page for PURR showing shares outstanding of 134.62M and a market cap of $1.36B at a $10.08 close on August 20, 2026](/images/ecosystem/purr-stock-hyperliquid-strategies/purr-stock-quote.webp) *Source: [stockanalysis.com](https://stockanalysis.com/stocks/purr/) captured August 20, 2026, used under fair use for educational purposes* That screenshot is the problem in one frame. It shows 134.62M shares outstanding and a $1.36 billion market cap against a $10.08 close, roughly five weeks after the company told the SEC the figure was 200,563,691. Market capitalization computed off the smaller number lands near $1.36 billion at a $10.08 share price; computed off the filed number it lands near $2.02 billion. The company's own site ticker showed about $2.33 billion on August 20. If you are eyeballing "market cap versus token stack" from a stock screener, you may be working from a denominator that is a third too small. ### What sits above the common stock Two other claims dilute the picture: - **27,394,800 advisor warrants**, issued at closing and exercisable for five years, struck in equal thirds at **$9.375, $12.50 and $18.75**. The first tranche is at the money with the stock near $10. Alongside them, 7,761,860 advisor shares were issued outright. - **Series A Preferred stock**, convertible into common, carrying 4.99% (electable to 9.99%) beneficial ownership blockers, no voting rights, and no dividends unless the common gets one. Add the committed equity facility and the direction is clear. Share count goes up when the company buys tokens. Whether that helps or hurts you depends on the price it issues at. Issuing stock above net asset value adds HYPE per share; issuing below it takes HYPE per share away. This is the single mechanic to watch on any treasury company, and it is why the $3.42 buyback and the $6.31 issuances belong in the same sentence. --- ## You Can Also Trade PURR On Hyperliquid Itself trade.xyz lists **PURRDAT**, a [HIP-3 equity perpetual](/guides/trading/equity-perps-guide) tracking the Hyperliquid Strategies share price through an oracle. It is probably the most self-referential contract on the venue: a perp on Hyperliquid, tracking a company whose only asset is the token that secures Hyperliquid. Practical details, from the Hyperliquid API on August 24, 2026: up to **10x leverage**, isolated margin only, hourly funding, and a deployer fee scale of 1.0, which means **0.09% taker and 0.03% maker** under the [HIP-3 fee formula](/ecosystem/hip-3-builder-codes). Twenty-four hour notional volume was about $5.5 million, down from $17.7 million four days earlier, so treat the live card at the top of this page as the current figure. Market page: [PURRDAT perp](/markets/xyz/purrdat). The reason a HYPE holder might care is the pair trade. Because HYPE trades as a perp on the same exchange, in the same account, you can hold both legs and trade the premium directly instead of guessing where it is. Long PURRDAT against short HYPE is a bet the wrapper gets more expensive; the reverse is a bet it gets cheaper. Given that the multiple has run from 0.75x to 1.25x since May, that spread has been the more volatile of the two things. A perp is a derivative on the price. It gives you no stock, no shareholder rights, and no vote. [Open Hyperliquid With a 4% Fee Discount](https://app.hyperliquid.xyz/join/Concept211) ## The 2x ETF Defiance listed the **Daily Target 2X Long PURR ETF (Nasdaq: PUR)** on July 8, 2026, the first leveraged fund on the ticker. It targets 200% of PURR's daily percentage change through swaps and listed options and rebalances every day. Read "daily" literally. Daily-reset products compound from the previous close, so a volatile flat week can leave a 2x fund down while the underlying is unchanged. Defiance's own materials describe it as a short-term trading instrument. Given that PURR is itself a leveraged-feeling expression of HYPE, PUR is roughly a second layer of leverage stacked on a first one. --- ## Risks Worth Naming - **It tracks HYPE, and HYPE is volatile.** The company's own risk factors say the stock price is highly correlated to HYPE and that HYPE may fall at any time. The 52-week range on PURR was $3.01 to $11.62 as of August 20, 2026. - **The multiple is a second source of volatility.** You can be right about HYPE and still lose, because the premium compressed. - **Dilution is the funding model.** The ChEF facility, the warrants and the preferred all point one way on share count. - **Concentration.** One token, one ecosystem, no operating revenue outside staking and interest. - **You do not hold the token.** Custody is at a third-party bank. Self-custody is not on the table for a shareholder. - **Market hours.** Nasdaq closes. HYPE does not. Weekend gaps get resolved at Monday's open. > **Tip:** **Two dates on the calendar.** The company refreshes its net asset value dashboard weekly, with the next update flagged for August 26, 2026. Quote providers listed the next earnings date as August 27, 2026, which lines up with the full fiscal year ended June 30, 2026. That report is the first annual set of numbers covering the whole treasury build, so it is the one worth reading rather than skimming. > **Warning:** None of this is investment advice. PURR is a volatile small-cap equity whose predecessor company carried a going-concern qualification in its filings. Read the SEC filings yourself before acting, and size positions accordingly. ## What PURR Gives You and What It Does Not **Gives you:** HYPE exposure inside a brokerage account, eligibility for retirement wrappers where crypto is not permitted, listed options since March 24, 2026, no wallet or seed phrase, a Form 10-Q every quarter, and the chance to buy HYPE below market when the discount is wide. **Does not give you:** the tokens, the staking rewards in your own hands, self-custody, the ability to use [HYPE on HyperEVM](/ecosystem/hyperevm-explained), 24/7 trading, or protection from the wrapper repricing against you. If the reason you want PURR is that you like Hyperliquid, the more direct route is to [buy HYPE on the spot order book](/guides/getting-started/how-to-buy-hype-token) and stake it. If you need the equity wrapper for account or tax reasons, PURR is the deepest way to do it. We laid the four routes side by side in [PURR stock vs HYPE token](/ecosystem/purr-stock-vs-hype-token). **Own the Token, Not the Wrapper** — Buy HYPE on Hyperliquid's on-chain order book, stake it in your own account, and keep the rewards. 4% lifetime fee discount through our link. [Get Started on Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) ## Related Reading - [What Is HYPE Token](/ecosystem/what-is-hype-token) covers the asset on the balance sheet - [PURR Token Explained](/ecosystem/purr-token-explained) covers the memecoin that shares the ticker - [HYPE Staking Yields](/ecosystem/hype-staking-yields-guide) covers the revenue line HSI books - [Is Hyperliquid Coming to the US?](/privacy/is-hyperliquid-coming-to-the-us) covers the August 19 catalyst - [Hyperliquid Revenue vs Volume](/ecosystem/hyperliquid-revenue-vs-volume) covers the fee engine behind HYPE buybacks - [Equity Perps Guide](/guides/trading/equity-perps-guide) covers how PURRDAT and its siblings work Every figure on this page carries its date and its source. Treasury holdings and market data change daily, so check the company's filings and dashboard before relying on any of it. --- # PURR Stock vs HYPE Token vs HYPE ETF: Which Exposure Wins? > Five ways to get long Hyperliquid: spot HYPE, PURR stock, the HYPE ETFs, the PUR 2x fund, and the PURRDAT perp. Fees, staking, tracking error and custody compared. *Source: https://hyperliquidguide.com/ecosystem/purr-stock-vs-hype-token* First, a disambiguation, because plenty of people land here from a search that assumed the exchange itself was listed: [Hyperliquid is not a stock](/guides/getting-started/is-hyperliquid-a-stock) and has no ticker of its own. With that out of the way: there are now five reasonable ways to be long Hyperliquid, and they behave differently enough that picking the wrong one can cost you the trade even when you are right about the direction. ## The Short Answer If you can hold a wallet, buy [HYPE on the spot order book](/guides/getting-started/how-to-buy-hype-token) and [stake it](/ecosystem/hype-staking-yields-guide). You own the asset, the staking rewards land in your account, there is no annual fee, and nothing sits between you and the price. Every other route exists to solve a constraint: an account that cannot hold crypto, a need for leverage, a preference for a broker over a seed phrase. Those are legitimate constraints. Just be clear which one you are paying to solve. > **Key takeaway:** The wrappers do not give you a better version of HYPE. They give you HYPE plus something else: a sponsor fee, a funding rate, a premium that can compress, or a daily rebalance. Know which extra you are buying. --- ## The Five Routes, Side by Side | | Spot HYPE | PURR stock | HYPE spot ETF | PURRDAT perp | PUR 2x ETF | |---|---|---|---|---|---| | **What you own** | The token | Shares in a treasury company | Fund shares backed by HYPE | A derivative on PURR's price | A daily-leveraged derivative | | **Where** | [Hyperliquid](/ecosystem/what-is-hyperliquid) | Nasdaq | Nasdaq / NYSE Arca | [trade.xyz](/guides/trading/hyperliquid-xyz-explained) on Hyperliquid | Nasdaq | | **Ongoing cost** | None | Dilution, corporate overhead | 0.29% to 0.34% a year | Hourly funding | 2x fund fees plus decay | | **Staking rewards** | Yours, directly | Company books them | Only HYPG seeks them | No | No | | **Tracks HYPE** | Exactly | Loosely, via mNAV | Closely, less fees | Tracks the stock, not the token | 2x the stock, daily | | **Custody** | You | Anchorage, for the company | The fund | Your Hyperliquid account | The fund | | **Hours** | 24/7 | Nasdaq hours | Nasdaq hours | 24/7 | Nasdaq hours | | **Leverage** | None | Structural, via the multiple | None | Up to 10x isolated | 2x, daily reset | | **IRA eligible** | Usually not | Usually | Usually | No | Usually | --- ## Route 1: Spot HYPE on Hyperliquid The direct version. Deposit USDC, buy HYPE on the spot book, stake it from the same interface. **Cost:** a one-time spot taker fee starting at 0.070%, cut by the [4% referral discount](/guides/getting-started/hyperliquid-referral-program-guide) and further by [HYPE staking tiers](/guides/fees/fee-tiers). After that, nothing. No annual drag, no expense ratio, no funding. **What you get that the wrappers cannot give you:** the staking rewards in your own account, the ability to use HYPE as [gas on HyperEVM](/ecosystem/hyperevm-explained) and as collateral across [DeFi protocols](/ecosystem/hyperliquid-defi-ecosystem), fee-tier progression on the exchange itself, and the option to move at 3am on a Sunday. **What it costs you in friction:** you are responsible for the keys. That is the whole trade-off, and it is not a small one. Our [security guide](/guides/getting-started/crypto-trading-security-guide) and [hardware wallet guide](/guides/getting-started/best-hardware-wallet-for-hyperliquid) cover doing it properly. **Buy HYPE Directly** — Spot order book, on-chain, no gas fees. Stake from the same screen and keep the rewards. 4% lifetime fee discount through our link. [Open Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) ## Route 2: PURR Stock [Hyperliquid Strategies Inc](/ecosystem/purr-stock-hyperliquid-strategies) held 29.4 million HYPE worth about $2.19 billion on its own dashboard as of August 20, 2026, with no debt. Buying the stock buys a claim on that pile. That claim rarely trades at the value of the pile, though, and the gap is where the money is made or lost. The independent tracker [purrmnav.com](https://purrmnav.com) put the multiple at **0.82x on August 18, 2026** and **1.07x on August 20**. Two sessions after a White House remark about a US path for Hyperliquid, and the wrapper had repriced by 25 points of net asset value. That cuts both ways, and it is the actual argument for and against the stock: - **For:** when the discount is wide, you buy HYPE below market. Someone who bought at 0.75x in early August paid seventy-five cents on the dollar for the tokens. - **Against:** the discount can widen after you buy. PURR spent most of May through August below 1.0x. Being right about HYPE and wrong about the multiple is a real way to lose. There is also dilution. The company funds purchases through a $1.0 billion committed equity facility, and there are 27,394,800 advisor warrants outstanding with the first tranche struck at $9.375. Share count rises when the treasury grows. > **Note:** **Check the share count before you compute anything.** The S-1/A filed July 21, 2026 reports 200,563,691 shares outstanding as of July 15. Several free quote sites were still showing roughly 134.6 million in late August, which makes market capitalization look about a third smaller than it is and makes the stock look cheaper against the token stack than it is. ## Route 3: The HYPE Spot ETFs Three US products now hold HYPE on behalf of shareholders: | Fund | Ticker | Listed | Reported fee | Stakes? | |------|--------|--------|--------------|---------| | 21Shares Hyperliquid ETF | THYP | Nasdaq, May 12 2026 | 0.30% | No | | Bitwise Hyperliquid ETF | BHYP | NYSE Arca, May 15 2026 | 0% intro, then 0.34% | No | | Grayscale Hyperliquid Staking ETF | HYPG | Nasdaq, June 3 2026 | 0.29% | Yes | HYPG is the interesting one. It is the only US HYPE product designed to participate in native staking, seeking to reflect rewards net of fees in net asset value. If staking yield is part of why you want HYPE, a non-staking fund hands that yield to nobody on your behalf. Flows have cooled. CryptoTimes counted **$280.82 million in cumulative net inflows** across the three products through August 7, 2026, with roughly **$29.8 million of net outflows** over the preceding twelve sessions. Funds track HYPE far more closely than PURR does, which is their real advantage over the treasury stock. What you pay for that is an annual sponsor fee compounding against the position, plus the fund's custody arrangements instead of your own. --- ## Route 4: The PURRDAT Perp This route gets almost no attention, which is odd given the volume it does. trade.xyz lists **PURRDAT**, a [HIP-3 equity perpetual](/guides/trading/equity-perps-guide) tracking the Hyperliquid Strategies share price through an oracle, on Hyperliquid itself. From the Hyperliquid API on August 24, 2026: up to **10x leverage**, isolated margin only, hourly funding, and **0.09% taker and 0.03% maker** at its deployer fee scale of 1.0. Twenty-four hour notional volume was about $5.5 million, against $17.7 million four days earlier, so read the live figure in the price card at the top rather than any number written here. Market page: [PURRDAT perp](/markets/xyz/purrdat). Two things make it useful rather than merely novel: 1. **It trades when Nasdaq does not.** A weekend headline about Hyperliquid is tradeable on Saturday through PURRDAT and not through the stock. 2. **You can trade the premium itself.** HYPE and PURRDAT both trade as perps in the same account. Long PURRDAT against short HYPE is a position on the wrapper getting more expensive; the reverse bets it gets cheaper. Given that the multiple has swung from roughly 0.75x to 1.25x since May, the spread has moved more than either leg. It is a derivative. No shares, no rights, no vote, and a funding rate you pay or receive every hour instead of a fee you pay once. [Trade PURRDAT With a 4% Fee Discount](https://app.hyperliquid.xyz/join/Concept211) ## Route 5: The PUR 2x ETF Defiance listed the **Daily Target 2X Long PURR ETF (Nasdaq: PUR)** on July 8, 2026, seeking 200% of PURR's daily percentage change through swaps and listed options, rebalanced daily. Two problems compound here. The first is ordinary daily-reset decay: because each day's exposure is struck from the previous close, a volatile flat stretch can leave the fund down while the underlying is unchanged. Defiance describes it as a short-term trading instrument, which is the honest framing. The second is specific to this ticker. PURR is already a variable multiple of HYPE. PUR is two times a variable multiple of HYPE, reset daily. If your actual view is "HYPE goes up," that is a long chain of moving parts between you and the thing you have a view on. > **Warning:** Nothing here is investment advice. Leveraged and daily-reset products can lose money quickly even when the underlying moves your way, and treasury-company equity carries risks that the token itself does not. Read the filings and prospectuses before acting. --- ## Which One Fits You **You can self-custody and want the cleanest exposure.** Spot HYPE, staked. Nothing else is as direct or as cheap to hold. **Your money is in a retirement account or a brokerage that cannot hold crypto.** This is the one situation where the wrappers genuinely win. Choose between PURR stock and a spot ETF on whether you want the treasury company's discount and leverage or a tighter track on the token. If staking yield matters to you, HYPG is the only fund built for it. **You want to bet the discount closes.** PURR stock when the multiple is well below 1.0. Understand you are taking two positions, not one. **You want leverage or you want to short.** PURRDAT on Hyperliquid, or the HYPE perp if your view is on the token rather than the wrapper. Both trade 24/7 in a single account. Read the [leverage guide](/guides/trading/leverage-guide) and [liquidation guide](/guides/trading/liquidation-explained) first. **You want a single-session directional trade in a brokerage.** PUR, for the session, and not past it. **Start With the Token Itself** — Buy HYPE on Hyperliquid's on-chain order book, stake it in your own account, and skip the sponsor fees and NAV premiums entirely. 4% lifetime fee discount through our link. [Get Started](https://app.hyperliquid.xyz/join/Concept211) ## Related Reading - [PURR Stock Explained](/ecosystem/purr-stock-hyperliquid-strategies) covers the treasury company in depth - [PURR Token Explained](/ecosystem/purr-token-explained) covers the memecoin that shares the ticker - [How to Buy HYPE Token](/guides/getting-started/how-to-buy-hype-token) is the step-by-step for route one - [HYPE Staking Yields](/ecosystem/hype-staking-yields-guide) covers what you forfeit inside a non-staking wrapper - [Equity Perps Guide](/guides/trading/equity-perps-guide) covers how PURRDAT works mechanically - [Hyperliquid Revenue vs Volume](/ecosystem/hyperliquid-revenue-vs-volume) covers the fee engine behind HYPE buybacks Fees, flows and multiples on this page carry the dates they were reported and change constantly. Verify current figures with each issuer and with the SEC filings before acting. --- # PURR Token Explained: Hyperliquid's First HIP-1 Spot Token > PURR was the first native token on the Hyperliquid L1. Supply, the Hyperliquidity lock, how to trade PURR/USDC, the dust-sweep carve-out, and why it is not the Nasdaq stock. *Source: https://hyperliquidguide.com/ecosystem/purr-token-explained* PURR was the first token anyone deployed on Hyperliquid. Not the first big one, the literal first: token index 1 in the spot registry, the proof that [HIP-1](/ecosystem/hip-1-native-token-standard) worked at all. > **Warning:** **This is the memecoin, not the stock.** If you searched PURR and landed here expecting a Nasdaq listing, you want [PURR stock (Hyperliquid Strategies Inc)](/ecosystem/purr-stock-hyperliquid-strategies) instead. Same four letters, unrelated assets, three orders of magnitude apart in price. ## The First HIP-1 Token Hyperliquid opened spot trading in PURR in April 2024, before [HYPE existed](/ecosystem/what-is-hype-token) and before the [Genesis airdrop](/ecosystem/hype-airdrop-guide). At the time the L1 ran perpetuals and the points program, and HIP-1 was the new piece: a permissionless standard that let anyone deploy a token with a real on-chain order book behind it rather than an AMM pool bolted on afterward. PURR was the demonstration. It shipped with terms that would be unusual for almost any other launch: - **No sale.** Nothing was raised. - **No team allocation.** No insider tranche, no vesting schedule. - **No stated utility.** The deployment did not promise governance, fee discounts or revenue. - **50% airdropped** to points holders, distributed proportionally. - **50% seeded** into the PURR/USDC pool through Hyperliquidity, the protocol's built-in market-making mechanism, where it was not withdrawable by anyone. > **Key takeaway:** PURR is closer to a protocol artifact than a project. There is no team to fund, no roadmap to miss, and no treasury to mismanage, because none of those things were ever created. What you are pricing is attention and a fixed supply schedule. ## Supply, and the 405 Million Nobody Holds The Hyperliquid API returns hard numbers for this rather than the estimates you get for most tokens. As of August 20, 2026: | Metric | Value | |--------|-------| | Max supply | 1,000,000,000 | | Total supply | ~595,119,107 | | Circulating supply | ~595,119,101 | | Token index | 1 | | Canonical | Yes | | HyperEVM contract | `0x9b498c3c8a0b8cd8ba1d9851d40d186f1872b44e` | | Deployer trading fee share | 0.0 | The gap between the one billion max and the ~595 million circulating is the part still sitting inside the Hyperliquidity AMM. Those tokens enter circulation only when the pool sells them, so circulating supply grinds upward with buy pressure and stalls when nobody is bidding. It is a supply curve driven by demand rather than a vesting calendar, which is a genuinely different shape from most launches. The deployer fee share of zero is worth a glance too. Some HIP-1 deployers route a slice of trading fees to themselves. PURR routes nothing to anyone. --- ## What PURR Actually Does Nothing, on purpose. The one behavior that has persisted is social rather than technical: projects deploying new spot and meme tokens on Hyperliquid have frequently included PURR holders in their distributions, which turned holding PURR into a rough proxy for "airdrop eligible" during 2024 and 2025. That is a convention among deployers, not a rule the protocol enforces. Nobody is obliged to include PURR holders in anything, and treating it as a reliable income stream would be a mistake. > **Note:** **One quirk the docs do specify.** Hyperliquid sweeps spot dust every day at 00:00 UTC, market-selling balances below one lot size worth a dollar or less and redistributing the USDC to the accounts that were dusted. The sweep is skipped when aggregate dust exceeds 3,000 USDC, except for PURR, which gets a **10,000 USDC** ceiling. That carve-out exists because so many accounts still hold airdrop-sized crumbs of it. Details in the [HIP-1 guide](/ecosystem/hip-1-native-token-standard). ## How to Trade PURR The PURR/USDC book behaves like every other market on the exchange, which is the point of HIP-1. Spot fees start at **0.070% taker and 0.040% maker** at the base tier, before the [4% referral discount](/guides/getting-started/hyperliquid-referral-program-guide) or any [HYPE staking tier](/guides/fees/fee-tiers). Spot volume counts double toward tier progression, which is a small but real reason to route spot flow through the same account as your perps. Our [spot trading guide](/guides/trading/spot-trading-guide) has the full walkthrough. **Trade PURR and Everything Else** — Hyperliquid's spot order book runs on-chain with no gas fees. Sign up through our link for a 4% lifetime fee discount. [Open Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) ### Liquidity, honestly PURR is a small market. Twenty-four hour notional volume was around $2.7 million on August 20, 2026, against roughly $55 million of circulating market value. That is enough for a retail-sized order to fill cleanly and thin enough that a large market order will move the book. Use limit orders and read our [slippage guide](/guides/trading/slippage-explained) before sizing up. --- ## Watch the Ticker, Not the Letters HIP-1 deployment is permissionless, which is the feature. It also means the spot registry contains other tickers with PURR in the name. As of August 20, 2026 the API listed **PURRPS** trading at about $0.000006 and **PURRO** at about $0.002, both with effectively no volume. A similar name proves nothing either way about who deployed a token or what it is for. The canonical asset is the one on the **PURR/USDC** book carrying token index 1 and the contract address in the table above. Confirm the pair in the interface before you sign anything. This applies to every ticker on a permissionless registry, not just this one, and it is covered more broadly in our [security guide](/guides/getting-started/crypto-trading-security-guide). ## PURR, HYPE, and the Nasdaq Ticker Three assets, one name, and it genuinely confuses people: | | PURR (token) | HYPE | NASDAQ: PURR | |---|---|---|---| | What it is | HIP-1 spot memecoin | Hyperliquid's native token | Common stock in Hyperliquid Strategies Inc | | Where it trades | Hyperliquid spot | Hyperliquid spot and perps, plus CEXs | Nasdaq Capital Market | | Approx price, Aug 20 2026 | $0.092 | $74 | $10.08 | | Supply | 1B max, ~595M circulating | Capped at 1B | ~200.6M shares as of Jul 15 2026 | | Utility | None by design | Staking, gas on HyperEVM, fee tiers | A claim on a corporate balance sheet | | Earns anything | No | Staking rewards | Company books staking revenue, not you | If you want exposure to how Hyperliquid the exchange performs, PURR the token is the wrong instrument. That is [HYPE](/guides/getting-started/how-to-buy-hype-token), which captures fee revenue through buybacks. PURR is a memecoin on the same chain, and it moves on its own attention cycle. > **Tip:** **Sanity check before you buy.** A memecoin with no utility and no team is priced entirely on whether people want it tomorrow. That is a legitimate thing to trade and a poor thing to size like a core position. ## Related Reading - [HIP-1: Native Token Standard](/ecosystem/hip-1-native-token-standard) covers the standard PURR launched - [PURR Stock (NASDAQ: PURR)](/ecosystem/purr-stock-hyperliquid-strategies) covers the unrelated Nasdaq listing - [Spot Trading Guide](/guides/trading/spot-trading-guide) covers order entry on the spot book - [What Is HYPE Token](/ecosystem/what-is-hype-token) covers the network's actual native asset - [HYPE Airdrop Guide](/ecosystem/hype-airdrop-guide) covers the distribution PURR holders were early to - [Hyperliquid Auctions](/ecosystem/hyperliquid-auctions-explained) covers how new HIP-1 tickers get deployed Prices and supply figures on this page come from the Hyperliquid API on August 20, 2026 and move constantly. Check live data before trading. --- # Is Hyperliquid Coming to the US? What Trump and the CFTC Actually Said (2026) > On August 19, 2026 Trump said CFTC Chair Mike Selig is working to bring Hyperliquid into the US. Here is the quote, the regulatory process behind it, and what has not changed for US traders. *Source: https://hyperliquidguide.com/privacy/is-hyperliquid-coming-to-the-us* > **Note:** **What changed on August 19, 2026, and what didn't.** Speaking at a White House meeting with crypto and prediction-market executives, President Trump said CFTC Chair Mike Selig was working to bring Hyperliquid into the United States "in a fully compliant and legal fashion." No launch, filing, approval, or date has been announced. As of that day the frontend at [app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211) still restricted US IP addresses and the [Terms of Service still restricted use by US persons](/privacy/hyperliquid-us-availability). This page reports what was said and describes the regulatory process people are referring to. It does not make legal determinations. See the [disclaimer](/disclaimer). > > **Updated September 3, 2026.** Hyperliquid announced HIP-3\*, an optional onchain allowlist for HIP-3 deployers, on testnet. It is being shared as evidence of a US launch. It names no jurisdiction and changes nothing about US access. [Details below](#the-hip-3-announcement-and-what-it-doesnt-say). ## The Quote At a White House meeting on **August 19, 2026**, broadcast live, President Trump said: > "I understand that CFTC Chair Mike Selig is working to bring Hyperliquid into the United States in a fully compliant and legal fashion." The meeting put executives from crypto and prediction-market firms in a room with **CFTC** Chairman Michael Selig and SEC Chairman Paul Atkins. Coverage ahead of the event listed Coinbase, Ripple, a16z, Chainlink, Kalshi, Polymarket and Paradigm among the attendees. The CFTC's own site framed the session as the lead-in to its Innovation Advisory Committee meeting the following day. Two things got run together in most of the reaction, and they are worth pulling apart. First, look at what the sentence actually is. A president is relaying his understanding of what an agency head is working on. It is not a rulemaking, a filing, a registration, or an approval, and it does not commit the CFTC to anything. Second, it did not come out of nowhere. The CFTC has spent 2026 building a route for perpetual futures to trade on regulated US venues, and Hyperliquid has come up by name in a congressional hearing and in the chairman's own comments. That is the part worth paying attention to. The remark is a headline; the track record underneath it is the actual story. > **Key takeaway:** A statement that someone is "working to bring" a venue onshore describes a process, not an outcome. Nothing about US access to Hyperliquid changed on August 19, 2026. ## How This Story Got Here | Date | What happened | |---|---| | **Feb 2026** | The Hyperliquid Policy Center launches in Washington, led by crypto lawyer Jake Chervinsky, describing its aim as a clear, regulated path for Americans to reach onchain markets | | **Mar 3, 2026** | Selig tells reporters the CFTC will clear a path for US perpetual futures "in coming weeks" | | **Apr 16, 2026** | At a House Agriculture Committee hearing, Rep. Austin Scott (R-GA) presses Selig on Hyperliquid's offshore oil perps. Selig says the goal is to "onshore those markets" | | **May 29, 2026** | The CFTC approves KalshiEX's bitcoin perpetual contract under Regulation 40.3 and issues a policy statement setting case-by-case review for further perpetuals | | **Jun 2026** | Trade coverage summarizes Selig's position: the question is not whether crypto perps exist, but whether they exist under US oversight | | **Jul 28, 2026** | Reporting describes friction between CME and the CFTC over how onchain perpetual futures should be treated | | **Aug 19, 2026** | Trump's remark at the White House meeting, with Selig and Atkins present | | **Sep 3, 2026** | Hyperliquid announces HIP-3\*, an optional onchain allowlist for HIP-3 deployers, on testnet. The announcement names no jurisdiction | *Sources: contemporaneous reporting from CoinDesk, Bloomberg, The Block, Decrypt, Fortune, FinanceFeeds and U.Today, plus the CFTC's own announcements. Dates are as reported by those outlets.* --- ## The HIP-3* Announcement, and What It Doesn't Say On **September 3, 2026**, Hyperliquid's `jeff_hl` account posted that a future network upgrade will let HIP-3 deployers optionally switch on an onchain allowlist, deciding which addresses are approved to trade on the markets they run. The feature set is called **HIP-3\***. Its initial release is on testnet, the specifications there are described as preliminary and subject to change, and no mainnet date was given. ![The HIP-3* announcement post from jeff_hl on September 3, 2026, describing optional deployer configuration for permissioned markets](/images/ecosystem/shared/hip3-star-announcement.webp) *Source: announcement posted by `jeff_hl`, September 3, 2026, linking the [HIP-3 deployer actions documentation](https://hyperliquid.gitbook.io/hyperliquid-docs/for-developers/api/hip-3-deployer-actions).* The post began circulating within hours under captions saying Hyperliquid was preparing to enter the United States. That reading is not in the announcement. Here is everything it says about why the feature exists: > "HIP-3\* is designed to give deployers additional functionality to operate deployments consistent with requirements applicable to them. Like with HIP-3, HIP-3\* deployers are independent operators." No country, no agency and no venue appears anywhere in it. "Requirements applicable to them" covers whatever rules bind a given deployer wherever that deployer operates, and [HIP-3 builders](/ecosystem/hip-3-builder-codes) are not all in one place. An allowlist is a generic control besides. A venue might use one to keep a market open only to institutional counterparties, or to a closed group while it bootstraps liquidity. Neither has anything to do with the United States. The other distinction worth keeping straight is whose access is being controlled. HIP-3\* is a capability handed to builders for the markets they deploy and operate themselves. It is not a change to Hyperliquid's own frontend, its Terms of Service, or the restriction described on the [US availability page](/privacy/hyperliquid-us-availability), all of which stand where they did. > **Key takeaway:** The HIP-3\* announcement of September 3, 2026 names no jurisdiction and no regulator. It gives HIP-3 deployers an optional onchain allowlist for the markets they operate, on testnet, with preliminary specs. It does not change US access to Hyperliquid, and no deployer has said it intends to use the feature for that purpose. What would actually connect this to the story on this page is a deployer stating it plans to use HIP-3\* to serve a specific regulated market, or a filing naming one. Neither exists as of September 3, 2026. The full technical breakdown of the feature, including what a deployer can do on an approved user's behalf, is in our [HIP-3 guide](/ecosystem/hip-3-builder-codes). --- ## Why the CFTC and Not the SEC Hyperliquid's core product is the [perpetual future](/guides/trading/perpetuals-explained), a derivatives contract with no expiry date, held open indefinitely and pulled toward the spot price by periodic funding payments. In the United States, derivatives sit under the Commodity Futures Trading Commission and the framework built around the Commodity Exchange Act. That is the whole reason the CFTC keeps showing up in this story while the SEC mostly does not. ![The CFTC homepage on August 19, 2026, showing the announcement of Chair Selig's Innovation Advisory Committee meeting](/images/privacy/is-hyperliquid-coming-to-the-us/cftc-gov-homepage.webp) *Source: [cftc.gov](https://www.cftc.gov), screenshot captured August 19, 2026* Perpetual futures grew up almost entirely offshore. US venues did not list them, so the liquidity went elsewhere, the product design evolved elsewhere, and eventually the users followed. Closing that gap is what the CFTC's 2026 work has been aimed at. ## What "Coming Onshore" Would Actually Involve This is the part most coverage skips, and it is the part that decides whether anything real happens. ### The Regulation 40.3 Route A designated contract market (a CFTC-registered exchange) can bring a new contract to market two ways. It can self-certify, filing with the CFTC that the contract complies with the rules. Or it can use **Regulation 40.3**, the voluntary approval process, and ask the agency to approve the listing outright. On **May 29, 2026** the CFTC approved KalshiEX's `BTCPERP` contract under Regulation 40.3. Reporting at the time described it as the first perpetual futures contract the agency had approved for listing through that mechanism. KalshiEX's argument, as summarized in legal analysis of the decision, was that what makes a contract a *future* is an ongoing payment obligation determined in the future, not whether it terminates on a fixed date. The approval leaned heavily on the bitcoin spot market specifically: its depth, its liquidity, and the fact that it trades continuously worldwide, all of which matter to whether a funding-rate mechanism can work without being pushed around. Alongside the approval, the CFTC issued a policy statement establishing that perpetuals get reviewed case by case. Contracts referencing anything other than digital commodities (think [equities](/guides/trading/equity-perps-guide), metals, agricultural products) were directed through the Regulation 40.3 process rather than self-certification. ### The Intermediary Route There is a second path, and it does not require the venue itself to register at all. A futures commission merchant, with Coinbase Financial Markets the example most often cited, can intermediate customer access to perpetuals listed elsewhere and hold the margin collateral. In that shape the regulated entity is the broker standing between the customer and the venue. Coverage of Hyperliquid's own posture has described a preference for something along these lines: licensed intermediaries acting as the regulated access point, while the chain continues to handle execution, clearing and settlement, instead of rebuilding the architecture as a registered contract market. That is a characterization drawn from public reporting and from the Hyperliquid Policy Center's stated aims. Nobody has published a filing, and it should be read that way. > **Warning:** No public filing, registration or CFTC approval naming Hyperliquid has been announced. Everything in this section describes mechanisms that exist and have been used by other venues. Which of them applies to Hyperliquid, if any, is not something this site can tell you, and anyone quoting you a date is guessing. **Trading Where You're Eligible** — Hyperliquid offers self-custody perps with no identity verification in the jurisdictions it serves. Use our referral link for a 4% lifetime fee discount. [Join Hyperliquid - Save 4%](https://app.hyperliquid.xyz/join/Concept211) --- ## Why Congress Started Paying Attention The April 16, 2026 House Agriculture Committee hearing is where Hyperliquid stopped being a niche topic in Washington. The trigger was oil. Hyperliquid's oil perps trade around the clock, including at hours when regulated US futures markets are shut, and during the spring 2026 volatility they pulled in traders who had no particular interest in crypto. They wanted exposure to crude, and this was where they could get it at 2am. Rep. **Austin Scott** (R-GA) put the concern to Selig directly: > "If the volume that I'm seeing is correct, it has the potential to be detrimental to the U.S. consumer." Scott's point was jurisdictional rather than technical. The contracts sit offshore, outside the CFTC's reach, while the price discovery happening on them can still matter to a domestic economy. He pushed the agency to find a way to hold the venue to the standards a registered American futures exchange has to meet. Selig's answer, as reported, was that he was watching those markets and that the goal was to **"onshore those markets"** so they would fall under US regulation. Worth noting that the same hearing saw bipartisan criticism of the agency over prediction markets and staffing levels. This was not a friendly setup for the chairman, and the Hyperliquid exchange was one thread in a contentious morning. > **Key takeaway:** Congressional interest and regulatory interest point the same direction but start from different places. Lawmakers raised offshore perps as a consumer-protection and jurisdiction problem; the CFTC has framed onshoring as a market-integrity goal. ## What This Would and Wouldn't Mean for a US Trader Nothing has been approved, so everything below is a set of open questions rather than predictions. They are also the right questions to put to any claim you see about this. **Would it be the same product?** A CFTC-regulated perpetual and an offshore perpetual are not automatically the same instrument. The KalshiEX approval covered one contract, on one asset, with a specific spot-market profile behind it. Leverage limits, margin treatment, position limits, the list of eligible assets: a US framework would have something to say about all of it, and those details are what determine whether a regulated version resembles what traders use today. **Would it require KYC?** Registered US derivatives intermediaries operate under customer identification obligations. Hyperliquid today [requires no identity verification](/guides/getting-started/hyperliquid-kyc-requirements) because you connect a wallet instead of opening an account. Any route running through a registered intermediary would bring that intermediary's own onboarding requirements with it. What that would mean for the protocol's existing non-custodial design is not something anyone has published a design for. **Would fees change?** Hyperliquid's [current fee schedule](/guides/fees/fees-explained) reflects the structure it has now. Regulated venues and intermediaries carry costs that a permissionless protocol does not, including clearing and capital requirements. There is no basis yet for putting numbers on that, so this page will not. **Would it happen at all?** Regulatory processes stall. The CFTC has faced [reported vacancy and staffing constraints](https://www.theblock.co/post/407785/white-house-defends-trumps-regulatory-appointments-as-cftc-vacancies-complicate-crypto-bill-push), the CLARITY Act has not moved, and there is documented friction with incumbent exchanges over how onchain perps should be handled. A statement of intent in August removes none of that. For now the practical position is unchanged, and it is covered in detail on the [US availability page](/privacy/hyperliquid-us-availability). The frontend restricts US IP addresses, the Terms of Service restrict US persons, and any reader with a specific situation should be talking to a qualified attorney rather than reading a guide. --- ## What to Watch Next These are the signals that would mean the story has actually moved, as opposed to another round of commentary: - **A Regulation 40.3 submission** naming Hyperliquid or a Hyperliquid-linked contract. This is the concrete, checkable one. CFTC filings and approvals are published at [cftc.gov](https://www.cftc.gov). - **A DCM registration application**, if the route taken turns out to be the venue registering as an exchange itself rather than working through intermediaries. - **An FCM announcement**, meaning a registered futures commission merchant stating it will intermediate access to Hyperliquid-listed contracts. - **CFTC guidance or an advisory** addressing onchain venues and perpetual futures as a category, rather than one contract at a time. - **A deployer naming its use of HIP-3\***, meaning a HIP-3 builder stating publicly that it will run a permissioned venue for a specific regulated market. The feature itself is jurisdiction-neutral; a deployer saying what it plans to do with it would not be. - **Publications from the Hyperliquid Policy Center**, which is the entity doing the Washington-facing work on this. - **Legislative movement on the CLARITY Act**, which Selig has publicly said would otherwise leave regulators "writing all the rules." - **How the listed proxies trade.** Benzinga reported [Hyperliquid Strategies (NASDAQ: PURR)](/ecosystem/purr-stock-hyperliquid-strategies) up 33% and HYPE up 22% on the August 19, 2026 remark. Equity markets price regulatory expectations in a way the token alone does not, so a sustained move in the stock relative to HYPE is a signal worth reading, even though it is sentiment rather than a filing. Every one of those is verifiable from a primary source. A screenshot of someone reporting that someone said something is not, and this page gets updated when the former happens rather than the latter. ## Related Reading - [Is Hyperliquid available in the US?](/privacy/hyperliquid-us-availability): what the current restriction covers at a technical level - [Hyperliquid KYC requirements](/guides/getting-started/hyperliquid-kyc-requirements): why there is no identity verification today - [Hyperliquid vs. Coinbase](/compare/hyperliquid-vs-coinbase): a regulated US venue compared feature by feature - [Canonical outcome markets on Hyperliquid](/ecosystem/hyperliquid-canonical-outcome-markets): the prediction-market side of the same regulatory conversation - [Hyperliquid tax reporting](/guides/trading/hyperliquid-tax-reporting-guide): exporting trade history, which none of this affects - [How to trade on Hyperliquid](/guides/getting-started/how-to-trade-on-hyperliquid): the mechanics, for readers who are eligible - [PURR stock (NASDAQ: PURR)](/ecosystem/purr-stock-hyperliquid-strategies): the listed HYPE treasury that reacted hardest to the August 19 remark **Get the 4% Fee Discount** — If you're eligible to use Hyperliquid, signing up through our referral link takes 4% off every trade for life. [Start Trading](https://app.hyperliquid.xyz/join/Concept211) ## Summary On August 19, 2026 President Trump said, in remarks broadcast from a White House meeting, that CFTC Chair Mike Selig was working to bring Hyperliquid into the United States in a fully compliant and legal fashion. That remark sits on top of a documented year: Selig's March comments about clearing a path for US perpetual futures, the April House Agriculture Committee exchange where Hyperliquid came up by name, the CFTC's May approval of a bitcoin perpetual on a registered exchange, and the Hyperliquid Policy Center's Washington work since February. The one protocol-side development since then, the HIP-3\* announcement of September 3, names no jurisdiction and hands an optional allowlist to independent market deployers rather than changing anything about Hyperliquid's own access rules. What has not happened is any filing, registration, approval or announced date involving Hyperliquid. US access remains restricted at the frontend and under the Terms of Service. This page reports statements and describes public regulatory mechanisms. It does not determine what is lawful for any reader, and it is not legal or tax advice. For anything that turns on your own situation, talk to a qualified attorney or tax professional, and read the [disclaimer](/disclaimer) for the full scope of what this site does and does not represent. --- # HIP-1 Explained: Hyperliquid's Native Token Standard > How HIP-1 tokens work on Hyperliquid: deployment parameters, the spot auction, hyperliquidity, deployer fee shares, and the proposed scaleWei upgrade. *Source: https://hyperliquidguide.com/ecosystem/hip-1-native-token-standard* **HIP-1 is Hyperliquid's native token standard**, the spot-side equivalent of ERC-20. The difference that matters: a HIP-1 token is not a smart contract. It lives in HyperCore's own state, and the protocol gives it a real order book quoted against USDC the moment it exists. As of **August 12, 2026** there are **485 HIP-1 tokens** trading across **324 spot pairs**. It is also the least-discussed of Hyperliquid's standards, which is odd, because [HIP-3](/ecosystem/hip-3-builder-codes) and [HIP-4](/ecosystem/hip-4-outcome-trading) both get written about constantly and HIP-1 is the one that every spot balance on the exchange actually runs on. That includes HYPE, [PURR](/ecosystem/purr-token-explained), the [Unit assets](/ecosystem/unit-protocol-guide), and the [xStocks equity tokens](/ecosystem/xstocks-tokenized-stocks-hyperliquid) listed in August 2026. > **Key takeaway:** A HIP-1 token has no contract to audit and no transfer function to exploit, because there is no contract. Token logic is protocol logic, executed by the same consensus that runs the order book. That removes an entire category of risk and replaces it with a different one: whatever the standard does not support, nobody can add. ## What a Deployer Actually Specifies Deployment is a sequence, and only the first step is on a clock. The genesis transaction locks in the token's identity: | Parameter | What it does | Constraint | |---|---|---| | **name** | The ticker | Six characters maximum, and **not required to be unique** | | **weiDecimals** | Conversion from the integer unit to a human-readable amount | Most tokens use 8 | | **szDecimals** | Smallest tradable increment on the book | `szDecimals + 5 <= weiDecimals` | | **maxSupply** | Initial and maximum supply | Can only fall afterward, through burns or fees | | **initialWei** | Genesis balances to specific addresses | Optional | | **anchorTokenWei** | Genesis balances distributed to holders of an existing HIP-1 token | Recipients need at least 0.0001% of the anchor's supply | | **hyperliquidityInit** | Seeds the automated book (see below) | Or pass `noHyperliquidity` | Two of those deserve a closer look. **Ticker names are not unique.** The standard imposes no uniqueness constraint, so nothing at the protocol level stops someone deploying a second token called HYPE. Checking the 485 tokens live today, no collisions exist yet, which is a fact about who has bothered rather than a guarantee. Verify the token index or contract, not the three letters in the interface, before you buy anything unfamiliar. **`anchorTokenWei` is the interesting one**, because it is the seed of everything in the last section of this article. It lets a new token's genesis supply be sprayed across the holders of an existing token, in proportion to their balances, with no claim step. Airdrop as a protocol primitive. Its limitation is that it fires exactly once, at genesis, and never again. The measurements that come out of these choices are dull but load-bearing. Lot size on a book is `10 ** (weiDecimals - szDecimals)`, which is why 327 of 485 tokens use `weiDecimals` of 8 and 343 use `szDecimals` of 2. Get the combination wrong relative to your supply and the deployment can wedge, at which point the HYPE you paid is gone. Hyperliquid's own documentation tells deployers to rehearse the exact deployment on testnet first. --- ## The Slot Has to Be Won First You cannot deploy a HIP-1 token by paying a flat fee. Slots are sold through a **31-hour Dutch auction** paid in HYPE, opening at twice the last clearing price and decaying linearly to a floor of 500 HYPE. When this article was written the live auction sat at **668 HYPE**, down from a 1,000 HYPE start. The same auction mechanic governs [HIP-3 perp market slots](/ecosystem/hip-3-builder-codes), and our [Hyperliquid auctions explainer](/ecosystem/hyperliquid-auctions-explained) covers the pricing dynamics, historical clearing levels, and where to watch both auctions live. The short version of why it exists: a free listing standard becomes a spam listing standard, and a fixed price is either too high in a bear market or too cheap in a mania. The auction lets the market set it. **Trade Spot on Hyperliquid with 4% Off** — Every HIP-1 token trades on a real central limit order book, not an AMM. Sign up with our referral code for a permanent 4% discount on all trading fees. [Get the 4% Discount](https://app.hyperliquid.xyz/join/Concept211) --- ## HIP-2: Liquidity Without a Market Maker A brand-new token with no market maker has no book, and a token with no book has no price. **HIP-2 hyperliquidity** solves this inside the protocol rather than outsourcing it. The deployer seeds a starting price, a number of levels, an order size, and how many bid levels to fund. From there the protocol runs the strategy itself as part of block transition logic. Each price level sits roughly **0.3% above the last** (`px_i = round(px_{i-1} * 1.003)`), and the ladder refreshes on any block at least **three seconds** after the previous update. Fills on one side rotate into orders on the other. There is no operator, no keeper bot, and no off-chain process. The same consensus that matches trades also maintains these orders, which means the strategy cannot be turned off, front-run by its own operator, or quietly abandoned when the team loses interest. Manual market makers coexist with it in the same book and can tighten the spread whenever they want to. > **Note:** Hyperliquidity is optional. Deployers bringing in an asset that already exists elsewhere, like a bridged token or a tokenized security, typically pass `noHyperliquidity` and let real market makers price it instead. That is why several of the [xStocks equity tokens](/ecosystem/xstocks-tokenized-stocks-hyperliquid) currently have no bids at all. --- ## Deployer Fee Shares, and What Deployers Actually Choose A HIP-1 deployer can keep a slice of the trading fees generated on their token's book, up to half of what traders pay. Two rules constrain it: the share can only be **ratcheted down** once set, never back up, and anything the deployer declines is **burned** rather than redirected to the protocol or to liquidity providers. That second rule makes the setting a genuine choice rather than a formality, and the distribution across all 485 live tokens shows deployers treat it as close to binary: | Deployer fee share | Tokens | |---|---| | **Maximum** (1.0) | 274 | | **Zero** (0.0, fees burned) | 202 | | Anything in between | 9 | Nine tokens out of 485 picked a middle value. Everyone else either takes everything available or takes nothing and sends the fees to the burn. If you have ever wondered whether a token's team is monetizing your trades, that number is public and worth checking. This is the spot analogue of the [HIP-3 deployer fee scale](/ecosystem/hip-3-builder-codes), which since August 2026 has been a continuous value from 0.1 to 3 set per asset. Spot and perps use the same underlying formula but different ranges, and the [full fee guide](/guides/fees/fees-explained) has the numbers for both. --- ## The Parts Nobody Mentions Until They Bite **Dust gets swept daily.** At 00:00 UTC the protocol collects balances smaller than one lot size and worth a dollar or less, market sells them together, and redistributes the USDC proportionally to the people who were dusted. Balances too small to sell are burned. The sweep skips tokens with one-sided books, or when total dust exceeds 3,000 USDC (10,000 for PURR). What you get back can be less than the mid-price implied, because the aggregate sale eats slippage. **165 of 485 tokens are linked to HyperEVM.** Linking assigns the token a system address, and an ERC-20 transfer to that address moves the balance to HyperCore, with the reverse also true. This is the mechanism behind [Unit's uBTC and uETH](/ecosystem/unit-protocol-guide), behind bridged stablecoins, and behind the wrapped equity tokens. It is also the reason the next section comes with a caveat. **Supply can fall but never rise.** `maxSupply` is fixed at genesis. Inflation is not a feature a HIP-1 token can add later. --- ## What's Proposed Next: `scaleWei` In August 2026, Hyperliquid founder Jeff Yan posted a HIP-1 extension in Discord, describing it as a response to builder feedback and inviting more. It is a single deployer-controlled function: ``` scaleWei { token, totalWei, referenceToken, systemAddress } ``` Here is the announcement in full, since the details matter and most of the commentary has been secondhand: ![Discord message from jeff_hl announcing that HIP-1 will be extended with a deployer-controlled scaleWei function taking token, totalWei, referenceToken and systemAddress](/images/ecosystem/hip-1-native-token-standard/jeff-yan-scalewei-hip1-proposal.webp) *Source: Jeff Yan (`jeff_hl`) in the Hyperliquid Discord, August 2026, used under fair use for educational purposes* The function atomically transfers `totalWei` of `token` out of `systemAddress` and distributes it across every holder of `referenceToken`, in proportion to their balances, rounding down and excluding the system address itself. > **Warning:** **Announced, not shipped.** The wording is "HIP-1 will be extended," so the direction is committed, but `scaleWei` does not appear in Hyperliquid's HIP-1 documentation and no deployer can call it today. Feedback was explicitly requested "to ensure this feature is as generally useful as possible," which means the parameters can still move before it lands. Read the signature twice and the scope becomes clear. It is `anchorTokenWei` freed from genesis and made repeatable. When `token` and `referenceToken` are **different**, you are paying holders of one asset in another asset. That is a dividend. It is also an airdrop, a revenue share, a staking distribution, or a rebate, depending on what you call it in your announcement. When they are the **same**, the token is scaling against itself, which is a redenomination. A positive `totalWei` is a stock split. And because the proposal explicitly allows `totalWei` to be negative, the reverse works too: a reverse split. In that case open orders are canceled and replaced at the new effective scale, rounded down to `szDecimals`, so the book survives the operation instead of being left quoting stale prices. Call it repeatedly on a small scale and you have a rebasing token. None of these require the user to do anything. No claim page, no gas, no deadline, no forgotten allocation sitting in a contract for two years. ### The Caveat Everyone Skipped The announcement says plainly that **no equivalent atomic functionality exists on the EVM**, and that a linked contract may need custom logic to apply the same operation to HyperEVM balances. That matters more than it sounds. A third of live HIP-1 tokens are EVM-linked. If a token's supply is split between HyperCore balances and [HyperEVM](/ecosystem/hyperevm-explained) balances, and half of it is sitting in a lending market or an LP position on the EVM side, then a `scaleWei` call updates one half cleanly and leaves the other half to whatever the token's contract was built to handle. "No claiming required" is true on HyperCore. It is a design problem everywhere else. Worth noting too: the tokens come out of a `systemAddress` the deployer funds, either the Core-to-EVM system address or a treasury address that signs off. This is redistribution of something that already exists, not minting. And because the split rounds down, the arithmetic leaves dust behind. ### Why Equity Tokens Are the Obvious Use Case Speculation about tokenized stocks followed the announcement within hours, and the logic holds up. Real shares do things tokens historically could not: they split, they reverse split, and they pay dividends. Every one of those is a balance-level operation applied to all holders at once, which is exactly the shape of `scaleWei`. Hyperliquid now hosts [ten share-backed equity tokens on spot](/ecosystem/xstocks-tokenized-stocks-hyperliquid). Those instruments will eventually face a corporate action, and the alternatives today are a claim contract or a manual redeployment. Whether this proposal was written with them in mind is not something the announcement says, and the function is general enough to be useful without them. **Start Trading Hyperliquid Spot** — 485 HIP-1 tokens, real order books, no AMM slippage. Join through our referral link for 4% off every trade, permanently. [Join Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) ## How to Read a HIP-1 Token Before You Buy It The standard gives you more public information than most chains do. Use it. > **Note:** This article is for educational and informational purposes only and is not financial advice. `scaleWei` is an unshipped proposal and its final form may differ from what is described here. HIP-1 tokens include everything from major assets to worthless meme coins, and the standard makes no judgment about which is which. Do your own research and never trade more than you can afford to lose. --- # xStocks on Hyperliquid: Tokenized Stocks Land on HyperCore Spot > xStocks has deployed 10 tokenized equity tokens on Hyperliquid spot. What is live, how they differ from HIP-3 equity perps, and why none of them have traded yet. *Source: https://hyperliquidguide.com/ecosystem/xstocks-tokenized-stocks-hyperliquid* **Ten tokenized equity tokens from xStocks are now deployed on Hyperliquid's HyperCore spot markets**, announced in Hyperliquid's August 12, 2026 ecosystem update. NVDAX, SPYX, QQQX, SKHYX, MUX, SNDKX, SPCXX, TSLAX, AAPLX and CRCLX are all live tickers quoted against USDC. They are share-backed tokens, not perpetual contracts, which makes them the first real alternative to the [equity perps](/guides/trading/equity-perps-guide) that have carried Hyperliquid's stock exposure since October 2025. They also have no liquidity. Every one of those ten tokens shows **zero 24-hour volume** on Hyperliquid spot. The books are open and nobody is trading in them. > **Key takeaway:** xStocks tokens are spot assets backed 1:1 by real shares, so there is no funding rate, no leverage and no liquidation. Hyperliquid's HIP-3 equity perps are oracle-tracked futures with all three. Both now live on the same exchange, and they suit completely different jobs. ## What Actually Went Live The deployments happened quietly over four weeks before the announcement, roughly one ticker every two days, all from the same deployer address. Here is every wrapped xStock token on HyperCore, with the date its spot ticker was created: | Ticker | Tracks | Spot ticker created | |---|---|---| | **NVDAX** | NVIDIA | Jul 15, 2026 | | **SPYX** | S&P 500 (SPY) | Jul 17, 2026 | | **QQQX** | Nasdaq-100 (QQQ) | Jul 20, 2026 | | **SKHYX** | SK hynix | Jul 22, 2026 | | **MUX** | Micron Technology | Jul 24, 2026 | | **SNDKX** | SanDisk | Jul 29, 2026 | | **SPCXX** | SpaceX | Jul 31, 2026 | | **TSLAX** | Tesla | Aug 4, 2026 | | **AAPLX** | Apple | Aug 6, 2026 | | **CRCLX** | Circle | Aug 8, 2026 | *Ticker list and deploy timestamps read from the Hyperliquid API on August 12, 2026. On that date not one of the ten had recorded a single trade: zero 24-hour volume and no mid price across the board.* Look at the middle of that list. NVIDIA, SK hynix, Micron and SanDisk are four of the ten, and they are all memory and AI supply chain names. Hyperliquid already runs perp markets for [CXMT](/ecosystem/trade-cxmt-pre-ipo-hyperliquid) and a DRAM contract, so whoever picked this basket was reading the same demand signal the perp side has been serving for months. The rest is index exposure (SPYX, QQQX), the two most recognizable single names in retail crypto's field of view (TSLAX, AAPLX), the stablecoin issuer everyone in this ecosystem has an opinion about (CRCLX), and [SpaceX](/ecosystem/trade-spacex-pre-ipo-hyperliquid), which is not a listed company at all. There is also an eleventh, older token. **USPYX**, labelled "Unit SP500 xStock," has been listed since July 2025 through [Unit](/ecosystem/unit-protocol-guide) and does trade, though in the tens of dollars per day rather than anything meaningful. It is a separate wrapper from the ten new ones and should not be confused with SPYX. --- ## Tokenized Stock or Stock Perp: Which One Do You Want? This is the question worth getting right, because Hyperliquid now offers both and they are not substitutes. A **tokenized stock** is a bearer asset. Backed holds the real share, issues a token against it, and you own the token. Its price should track the share because anyone with the ability to redeem can arbitrage a gap. You cannot be liquidated out of it, you pay no funding, and you can hold it for years in a wallet. A **[stock perp](/guides/trading/equity-perps-guide)** is a contract. Nobody buys a share of Tesla when you go long TSLA on trade.xyz. An oracle publishes the price, a funding rate keeps the contract tethered to it, and you post margin. You can use leverage, you can go short, and you can be liquidated. | | xStocks spot (AAPLX) | HIP-3 equity perp (xyz:AAPL) | |---|---|---| | **What you hold** | Token backed 1:1 by a share | A margined contract position | | **Leverage** | None | Up to 30x on some markets | | **Liquidation risk** | None | Yes | | **Funding rate** | None | Paid or received every hour | | **Short selling** | Not directly | Yes | | **Fees** | 0.070% taker / 0.040% maker | 0.090% taker / 0.030% maker | | **Hours** | 24/7 order book | 24/7, including [weekends](/guides/trading/after-hours-trading-guide) | | **Who is excluded** | US and UK persons, per the issuer | No KYC gate on Hyperliquid | | **Liquidity today** | None | $4.44B open interest across HIP-3 | The fee lines deserve a note. Spot looks more expensive at the taker rate, but spot volume counts **double** toward [VIP tier progression](/guides/fees/fee-tiers), and the perp figure is not a fixed schedule either. It comes from trade.xyz choosing a [deployer fee scale](/ecosystem/hip-3-builder-codes) of 1.0, a number that has been configurable per market since August 2026. That ticker is the perp market, and it is where the actual volume is. > **Warning:** **Deployed is not the same as tradeable.** All ten wrapped xStock tokens currently have empty or near-empty order books on Hyperliquid spot, with no established mid price. A ticker existing on HyperCore means someone paid for a [spot deployment slot](/ecosystem/hyperliquid-auctions-explained), nothing more. Check the depth on both sides before you send an order, and expect terrible slippage until a market maker shows up. **Trade Where the Liquidity Actually Is** — Hyperliquid's equity perps clear billions in open interest while the spot tokens wait for market makers. Sign up with our referral code for a 4% lifetime discount on every trade. [Get the 4% Fee Discount](https://app.hyperliquid.xyz/join/Concept211) --- ## Who Issues xStocks, and Who Cannot Buy Them xStocks are issued by **Backed Assets (JE) Limited**, a Jersey company, and distributed through Payward Digital Solutions (licensed by the Bermuda Monetary Authority) and Payward Europe Digital Solutions in Cyprus (regulated under MiFID II). Payward is Kraken's corporate parent, which is how xStocks ended up listed on Kraken and Bybit before it ever reached HyperCore. The naming convention is simple: take the ticker, append an x. Apple becomes AAPLx, Tesla becomes TSLAx. Hyperliquid's HIP-1 tickers render them in caps, so you will see AAPLX and TSLAX in the spot list. You do not have to dig for the restriction. It is the first thing xstocks.com puts in front of you, before the site will even let you read the marketing copy: ![xStocks homepage disclaimer modal stating the product is not intended for distribution in the United States or to any US person](/images/ecosystem/xstocks-tokenized-stocks-hyperliquid/xstocks-homepage.webp) *Source: [xstocks.com](https://xstocks.com), used under fair use for educational purposes* **xStocks are not offered to United States or United Kingdom persons**, along with anywhere else the offering would need authorization the issuer does not hold. That restriction lives with Backed and its distributors, not with Hyperliquid, which does not run KYC. The practical consequence is that a token can circulate on a permissionless order book while the primary market that mints and redeems it stays closed to you. If you cannot redeem, you are relying entirely on secondary liquidity and on someone else's arbitrage to keep the price honest, which is a materially different risk profile from holding the share through a broker. > **Note:** This is the structural difference from Hyperliquid's perps in one line: a perp needs an oracle and a funding rate to stay tethered to the underlying, and a tokenized share needs a working redemption path. Both are trust assumptions. They are just different ones. --- ## How to Trade Them on Hyperliquid The mechanics are the same as any other [HIP-1 spot token](/ecosystem/hip-1-native-token-standard). Nothing special is required. Standard spot fees apply: **0.070% taker and 0.040% maker** at the base tier, reduced by your [VIP tier, HYPE staking tier and referral discount](/guides/fees/fees-explained). Spot volume counts twice toward tier progression, which is the one structural advantage spot has over perps on the fee side. --- ## Why This Matters for HyperCore HIP-3 builders have deployed stock, commodity, index and FX perps carrying $4.44 billion in aggregate open interest as of August 17, 2026 (per the Hyperliquid API), and those contracts reference prices rather than holding shares. This site has no visibility into why that architecture was chosen and does not speculate about the reasoning behind it or about how any regulator would classify it — that is a legal determination for a qualified attorney, not for this page. Tokenized spot equities are a different approach: instead of a derivative referencing a price, share-backed tokens change hands directly. Responsibility for those tokens sits with their issuer and distributors — Backed and Payward, in the case of xStocks — not with Hyperliquid, which provides the trading venue those tokens settle on. One piece of the plumbing may be arriving on its own. Days after the xStocks announcement, Hyperliquid's founder proposed [`scaleWei`, a HIP-1 extension](/ecosystem/hip-1-native-token-standard) that would let a deployer distribute a token across the balances of another token in one atomic operation. That single function covers dividends, stock splits and reverse splits, all applied to holders without a claim step, which is precisely the set of corporate actions a share-backed token eventually has to handle. It is a proposal rather than a shipped feature, and it has a real gap on the HyperEVM side, but the direction is hard to miss. Whether any of this becomes significant depends entirely on whether liquidity shows up. Ten empty order books are a statement of intent, not a market. The comparison that matters six months from now is not xStocks against nothing, it is xStocks spot volume against the perp volume on the same tickers, and right now that comparison is not close. **Start with the Markets That Are Already Deep** — Whichever side of the tokenized-versus-perp question you land on, the fee discount is the same. Join Hyperliquid through our referral for 4% off every trade, permanently. [Join Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) > **Note:** This article is for educational and informational purposes only and is not financial, investment or legal advice. Tokenized securities carry issuer, custody and redemption risk on top of normal market risk, and availability depends on your jurisdiction. Verify the issuer's terms and your own eligibility before buying anything. Never trade with more than you can afford to lose. --- # Hyperliquid Revenue vs Volume: What Record Months Actually Earn the Protocol > Monthly Hyperliquid perp volume plotted against protocol fees and revenue, with the divergence explained. Original analysis from public on-chain data, updated monthly. *Source: https://hyperliquidguide.com/ecosystem/hyperliquid-revenue-vs-volume* ## The headline and why it seems contradictory In early August 2026 several outlets ran a version of the same story: Hyperliquid was posting record trading volume while protocol revenue fell sharply and HYPE buybacks shrank. Read quickly, that sounds impossible. A perpetuals exchange charges a fee on every fill, so more fills should mean more money. It is not impossible, and the mechanism is not mysterious. It is just that "revenue" on a perpetuals venue is the product of three separate numbers, and reporting usually collapses them into one. Volume is the first. The effective take rate, meaning fees collected divided by volume traded, is the second. The share of those fees the protocol actually retains, rather than paying out to the people providing liquidity, is the third. Any of the three can move on its own, and over the past year all three have. This page assembles the series month by month so the divergence is visible rather than asserted. Every figure below comes from a public source named at the point of use, with the date we read it. > **Key takeaway:** Revenue is not a fixed percentage of volume. Between June 2025 and July 2026, the share of Hyperliquid's fees that reached the protocol's revenue line fell from 94.2 percent to 69.7 percent. That single change means a month with identical fees produces roughly a quarter less revenue than it would have a year earlier. --- ## The revenue series, month by month These are monthly totals of daily protocol fees and daily protocol revenue for Hyperliquid, summed from [DefiLlama's public fees API](https://api.llama.fi/summary/fees/hyperliquid?dataType=dailyFees), read on August 11, 2026. In DefiLlama's framing, fees are everything collected from traders and revenue is the portion the protocol retains rather than paying out to liquidity providers. | Month | Fees | Revenue | Revenue as % of fees | |---|---|---|---| | Jun 2025 | $63.14M | $59.46M | 94.2% | | Jul 2025 | $96.41M | $90.79M | 94.2% | | Aug 2025 | $144.97M | $113.86M | 78.5% | | Sep 2025 | $115.28M | $85.20M | 73.9% | | Oct 2025 | $124.84M | $97.20M | 77.9% | | Nov 2025 | $101.38M | $77.65M | 76.6% | | Dec 2025 | $68.75M | $51.21M | 74.5% | | Jan 2026 | $77.29M | $59.84M | 77.4% | | Feb 2026 | $70.70M | $54.00M | 76.4% | | Mar 2026 | $69.49M | $51.51M | 74.1% | | Apr 2026 | $58.67M | $42.36M | 72.2% | | May 2026 | $62.18M | $46.33M | 74.5% | | Jun 2026 | $80.98M | $59.96M | 74.0% | | Jul 2026 | $55.13M | $38.42M | 69.7% | August 2025 was the peak on both lines: $144.97M in fees and $113.86M in revenue. July 2026 produced $38.42M of revenue, which is the lowest complete month anywhere in the window we pulled, narrowly below March 2025's $38.69M, and about 66 percent below the August 2025 peak. The right-hand column is the part worth staring at. It was 94.2 percent in June and July 2025. It has not been above 79 percent since. In July 2026 it was 69.7 percent. That drift is slow, it never produces a headline on any single day, and it compounds. > **Note:** **On the widely reported 43 percent.** The August 2026 coverage put the revenue decline at 43 percent. Summing DefiLlama's daily series, we get June 2026 revenue of $59.96M and July 2026 revenue of $38.42M, a fall of 35.9 percent; on fees the same comparison is 31.9 percent. The gap is most likely a different window (a trailing 30 days rather than calendar months) or a different revenue definition. We are publishing our own arithmetic and our source so you can check it, not asserting the reporting is wrong. --- ## The volume series over the same period Monthly perpetual volume, summed from daily figures in [Hyperliquid's own public statistics feed](https://d2v1fiwobg9w6.cloudfront.net/daily_usd_volume), read on August 11, 2026. | Month | Perp volume | Fees | Effective take rate | |---|---|---|---| | Jun 2025 | $451.6B | $63.14M | 1.40 bps | | Jul 2025 | $658.5B | $96.41M | 1.46 bps | | Aug 2025 | $840.4B | $144.97M | 1.73 bps | | Sep 2025 | $588.3B | $115.28M | 1.96 bps | | Oct 2025 | $664.0B | $124.84M | 1.88 bps | | Nov 2025 | $510.1B | $101.38M | 1.99 bps | | Dec 2025 | $353.7B | $68.75M | 1.94 bps | | Jan 2026 | $433.3B | $77.29M | 1.78 bps | | Feb 2026 | $420.8B | $70.70M | 1.68 bps | | Mar 2026 | $435.8B | $69.49M | 1.59 bps | The take rate column is computed, not reported: it is that month's fees divided by that month's volume, expressed in basis points. A basis point is one hundredth of one percent, so 1.59 bps means the protocol collected about $159 in fees per million dollars traded. One comparison inside this table does most of the explanatory work. December 2025 saw $353.7B of volume and $68.75M of fees. March 2026 saw $435.8B of volume, about 23 percent more, and $69.49M of fees, about 1 percent more. Almost a quarter more trading, essentially the same money. That is the divergence in miniature, three months before it became a headline. > **Warning:** **Why this table stops at March 2026.** Hyperliquid's public daily volume feed last published a data point dated April 3, 2026, and has not extended since. DefiLlama's perpetual volume endpoint requires a paid plan. Rather than estimate the missing months or quietly borrow a number from a secondary source, we have left the series where the verifiable data ends. This is worth knowing in its own right: the "record volume" claims circulating in August 2026 are difficult for an outside party to check against a primary feed. **Trade on the venue you are reading about** — Sign up with our referral link for a 4% lifetime fee discount on every trade for your first $25 million of volume. [Join Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) --- ## Why they diverged Three forces, working on different timescales. **Fee-tier mix.** Hyperliquid's [fee schedule](/guides/fees/fees-explained) charges less as a trader's rolling volume rises. Base tier is 0.045 percent taker and 0.015 percent maker on perps. The largest accounts pay materially less. When growth comes disproportionately from a handful of very large traders and market makers rather than from many small ones, volume climbs while the blended take rate falls. This is the ordinary maturation path for any venue that wins professional flow, and it is not a problem so much as a repricing. **Maker rebates and the maker-taker balance.** Fees are collected from takers and partly paid back to makers. A month where a larger fraction of volume is passive, resting liquidity rather than aggressive crossing produces less net fee income per dollar traded. The take rate rising through late 2025 and then falling through 2026 is consistent with the maker-taker balance shifting back after a period of unusually aggressive flow. **The retained share, which is the big one.** The gap between the fees column and the revenue column is money collected from traders that does not land on the protocol's revenue line. It goes to the people supplying liquidity, most visibly through [HLP, the protocol's vault](/ecosystem/hyperliquid-vaults-guide), and through the builder share on [HIP-3 markets](/ecosystem/hip-3-builder-codes), where a portion of every fee routes to whoever deployed the market. HIP-3 venues such as [trade.xyz](/markets) charge 0.09 percent taker and 0.03 percent maker precisely because a cut goes to the builder rather than the protocol. As HIP-3 markets grew into a real share of activity, the blended retained share fell. That is a deliberate design choice working as intended, and it is also the single largest contributor to revenue falling faster than fees. > **Key takeaway:** Volume growth concentrated in low-fee tiers and builder-deployed markets is worth less per dollar than the same volume in base-tier native perps. A record volume month made of that mix can genuinely earn the protocol less than a quieter month a year earlier. --- ## What halved buybacks mean for HYPE holders The retained portion of fees is what funds the Assistance Fund's open-market purchases of [HYPE](/ecosystem/what-is-hype-token). The revenue line is therefore the ceiling on how much buying the protocol can do in a month. When revenue falls by a third, the capacity to buy falls with it. We are not publishing a buyback dollar figure. The rec that prompted this analysis asked for one, and we could not verify a monthly buyback total against a primary on-chain source we would be willing to stand behind. Putting an unsourced number next to sourced ones would undermine the rest of the page, so the honest version is this: buyback capacity tracks the revenue column above, and readers who want the exact spend should read the Assistance Fund's transactions directly rather than take our word or anyone else's. One demand-side counterweight has grown over the same period. Corporate treasuries now hold a meaningful slice of the float: [Hyperliquid Strategies (NASDAQ: PURR)](/ecosystem/purr-stock-hyperliquid-strategies) alone reported 29.4 million HYPE on its dashboard on August 20, 2026, and CryptoTimes put the whole treasury cohort above 13% of circulating supply that month. That is buying pressure funded by equity issuance rather than by protocol revenue, so it is independent of the trend described above and should be modelled separately. What the revenue series does support saying is narrower and more useful. Buyback pressure on HYPE is not a fixed subsidy. It is a variable that moves with the retained share of fees, and the retained share has been falling steadily for a year for structural reasons rather than cyclical ones. A holder modelling future buyback support from a mid-2025 revenue run rate is using a number that no longer describes the protocol. **Get the fee discount before you trade** — The 4% referral discount cannot be applied after account creation. It has to be set at signup. [Get 4% Off Fees](https://app.hyperliquid.xyz/join/Concept211) --- ## What to watch next month Four things, in rough order of how much they would change the picture. The retained share is the number to track. If it stabilizes around 70 percent, the revenue decline was a repricing that has finished. If it keeps sliding, the trend has further to run and every forward revenue estimate anchored on 2025 is too high. Whether Hyperliquid's public volume feed resumes. Its silence since April 2026 is the reason the volume half of this analysis is short, and it is the reason the "record volume" claims are hard to verify independently. The HIP-3 share of total activity. Builder markets are the clearest structural explanation for the falling retained share, so their growth rate is a direct input to the revenue line. Whether fees stabilize independently of volume. June 2026 fees of $80.98M against May's $62.18M showed the fee line can still move sharply upward. One month is not a trend, but a second consecutive recovery month would argue the take rate compression has bottomed. --- ## Methodology Monthly fees and revenue are summed from the daily series in DefiLlama's public fees API for Hyperliquid, at `api.llama.fi/summary/fees/hyperliquid`, collected on August 11, 2026. Fees are the total collected from traders; revenue is the portion DefiLlama classifies as retained by the protocol rather than paid to liquidity providers. Monthly perpetual volume is summed from the daily series in Hyperliquid's public statistics feed at `d2v1fiwobg9w6.cloudfront.net/daily_usd_volume`, collected on the same date; that feed's most recent data point is dated April 3, 2026, which is why the volume table ends with March 2026. The effective take rate column is our own calculation, not a reported figure: monthly fees divided by monthly volume, expressed in basis points. Month boundaries are calendar months in UTC. Figures for the current month are excluded from all tables because they are partial. Where our arithmetic differs from figures reported elsewhere, we have said so and shown both rather than reconciling silently. No figure on this page is estimated, interpolated, or carried over from a secondary source. If you want a second opinion on the same period, two independent groups publish work on Hyperliquid's financials. The [Hyperliquid Research Collective](https://www.hyperliquidr.xyz/), co-founded by Four Pillars and GLC Research, publishes annual and quarterly reports in a TradFi format. [ASXN](https://data.asxn.xyz/dashboard/hl-buybacks) maintains live dashboards for buybacks and, since August 2026, [cross-venue perps liquidity](https://data.asxn.xyz/dashboard/perps-overview). Neither is affiliated with Hyperliquid, and neither uses our methodology, so treat differences in their numbers as a reason to check both rather than as an error in either. The companion measurement on the trader side of the same fee flow is [what Hyperliquid perps actually cost](/ecosystem/what-hyperliquid-perps-cost), which reads 90 days of hourly funding across 20 markets and states what holding each one charged. This page is updated monthly as new complete months close. You may republish these figures with attribution and a link to https://hyperliquidguide.com/ecosystem/hyperliquid-revenue-vs-volume. Hyperliquid monthly protocol fees vs revenue. Source: DefiLlama fees API, collected 2026-08-11, via Hyperliquid Guide (https://hyperliquidguide.com/ecosystem/hyperliquid-revenue-vs-volume)MonthFeesRevenueRevenue % of feesAug 2025$144.97M$113.86M78.5%Dec 2025$68.75M$51.21M74.5%Mar 2026$69.49M$51.51M74.1%Jun 2026$80.98M$59.96M74.0%Jul 2026$55.13M$38.42M69.7%`} /> --- # Hyperliquid TWAP Orders: 7-Day Windows, Dynamic Intervals & $100 Minimums > Hyperliquid TWAP orders now run up to 7 days with dynamic suborder intervals and a $100 minimum. Full guide to sizing, slippage caps, trigger prices, and the API. *Source: https://hyperliquidguide.com/guides/trading/twap-orders* ## TWAP Orders Just Got a Lot More Useful A TWAP order splits one large trade into a run of small ones and feeds them into the market over a window you choose. The point is to avoid announcing yourself. Drop $400,000 of a mid-cap perp into the book in one click and you walk the price several levels against yourself before the fill completes. Feed the same size in over four hours and you pay something close to the average market price across that window instead. Hyperliquid shipped TWAP in early 2024 with a fixed 30-second cadence and a 24-hour ceiling. The July 2026 update rewrote all three of the constraints that made it awkward for anything other than same-day execution. > **Key takeaway:** Hyperliquid TWAP orders now run from **5 minutes to 7 days**, the suborder interval is **calculated from your size and duration** rather than fixed at 30 seconds, and the minimum total order size is **$100 notional**. The $10 minimum per suborder is unchanged, which is exactly why the interval has to stretch on longer windows. ![Hyperliquid trading interface with the order entry panel where TWAP orders are configured](/images/trading/shared/hyperliquid-trading-interface.webp) > **Tip:** New to the platform? Set up your account at **[app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211)** first and read the [beginner trading walkthrough](/guides/getting-started/how-to-trade-on-hyperliquid). TWAP sits alongside every other [order type Hyperliquid supports](/guides/trading/order-types-guide). --- ## What Changed in the July 2026 Update Three parameters moved. Each one removes a specific reason traders used to give up on TWAP. | Parameter | Before | Now | |---|---|---| | **Maximum running time** | 24 hours | 7 days | | **Suborder interval** | Fixed 30 seconds | Derived from size and duration, 30s floor | | **Minimum total order size** | Effectively $600+ on a 30-minute window | $100 notional | | **Minimum per suborder** | $10 notional | $10 notional (unchanged) | The old design had an awkward interaction between the fixed interval and the per-suborder minimum. A 30-minute TWAP always produced roughly 60 suborders, so a $500 order tried to send $8.33 slices and got rejected outright. Traders had to reverse-engineer a safe total from the duration, which is a strange thing to ask of an execution tool. Now the exchange solves for the interval instead of the slice size. You give it size and time, it works out a cadence that keeps every suborder above $10. --- ## How the Dynamic Interval Works Hyperliquid divides your total size by the number of suborders it can fit, then spaces those suborders across the window. Thirty seconds is the tightest it will ever go. From there, the spacing widens as the ratio of duration to size grows. The official examples make the mechanic obvious: | Total size | Running time | Suborders | Slice size | Interval | |---|---|---|---|---| | $10,000 | 1 hour | ~121 | ~$83 | 30 seconds | | $10,000 | 4 days | ~1,000 | ~$10 | ~6 minutes | Same notional, wildly different execution shape. The one-hour version runs at the 30-second floor because $10,000 across 120 slices leaves plenty of room above the minimum. The four-day version cannot use 30-second slices, because 4 days at 30-second intervals is 11,520 suborders and each one would be under a dollar. So the interval opens up to about six minutes and the slice size lands on the $10 floor. > **Note:** You do not set the interval directly. It is a consequence of the two inputs you do control. If you want tighter slices, shorten the window or increase the size. If you want a slower drip, lengthen the window. ### Working Out Your Own Cadence Rough arithmetic gets you close enough to plan with: 1. Divide your total notional by $10 to get the maximum number of suborders the size can support 2. Divide your running time in seconds by 30 to get the maximum number of suborders the window can support 3. The smaller of the two is roughly what you will get, and your interval is running time divided by that number A $2,000 TWAP over 6 hours: size supports 200 slices, the window supports 720. Size is the binding constraint, so expect around 200 suborders of $10 spaced roughly 108 seconds apart. --- ## The $100 Minimum and Why It Matters A $100 floor on total size is low enough that TWAP stops being an institutional-only tool. On a $100 order over a five-minute window you get ten suborders of $10 each, thirty seconds apart. That is not going to save you much on a liquid market like BTC where the book absorbs $100 without blinking. Where it does earn its keep is on thin markets. Newly listed perps, small-cap spot pairs, and some of the [equity and commodity markets on trade.xyz](/guides/trading/hyperliquid-xyz-explained) have books where a few hundred dollars genuinely moves the price. A retail-sized TWAP on a thin book can beat a market order by more than the fee difference. **Trade with a 4% Lifetime Fee Discount** — TWAP suborders pay taker fees, so the discount compounds across every slice. Sign up through our referral link and lock in 4% off for life. [Claim Your 4% Discount](https://app.hyperliquid.xyz/join/Concept211) --- ## Slippage Cap, Catch-Up, and Incomplete Fills Each suborder carries a **maximum slippage of 3%**. It will not chase the price beyond that band to complete a slice. When a suborder underfills, the TWAP falls behind its target pace and tries to make up the shortfall on later slices. That catch-up is capped at **3 times the normal suborder size**, which stops a stalled TWAP from dumping a huge block the moment liquidity returns. If liquidity stays thin for long enough, the window closes with the order partially filled. There is no automatic extension. > **Warning:** Always check filled size against your intended size when the window ends. A TWAP is not a guarantee of execution. On illiquid markets it is entirely normal to finish at 70% or 80% of target, and if you are using the TWAP to exit a position, an unfilled remainder means you are still exposed. See the [guide to closing positions](/guides/trading/how-to-close-position) for what to do with the leftovers. There is one more edge case worth knowing: **TWAP suborders do not fill during the post-only period of a network upgrade**. Upgrades are scheduled and announced, but a 7-day TWAP has a much higher chance of straddling one than a 2-hour TWAP ever did. Budget for a gap in execution. --- ## Trigger Price and Max/Min Price Two price parameters turn TWAP from a passive drip into something you can arm and leave alone. Both read the **mark price**, not the last trade. **Trigger price** holds the TWAP dormant until the mark reaches your level, then starts the clock. Combined with a 7-day window, this is how you queue an accumulation plan for a level you expect the market to reach sometime next week without babysitting the screen. **Max price** on a buy, or **min price** on a sell, kills the TWAP mid-execution if the mark crosses your level. Use it to abandon an entry that has run away from you, or to stop feeding sell size into a collapse. **A worked example.** You want 150,000 USDC of ETH accumulated, but only below $3,200, and you want out of the plan entirely if ETH breaks $2,900. Set a buy TWAP with a $3,200 trigger, a $2,900 min price, and a 5-day running time. Nothing executes until ETH touches $3,200. From that moment the TWAP drips across the remaining window until either the size completes or ETH loses $2,900. > **Note:** Mark price rather than last trade matters most on thin books, where the last print can lag the mark by a meaningful amount. Your trigger fires the instant the mark crosses, even if nothing has traded at that level. Read the [slippage guide](/guides/trading/slippage-explained) for how the mark and the book diverge under stress. ### Randomize An optional **randomize** setting varies each suborder by up to 20% either side of the standard slice. The average duration and total size stay the same, but the pattern gets harder to fingerprint. Anyone running a 7-day TWAP on a market where other participants watch the tape should have this on. --- ## Picking a Running Time The longer the window, the closer your average fill tracks the market average and the less impact you have. You also carry more exposure to the market simply moving while you execute. That tradeoff is the whole decision. | Window | Good for | Watch out for | |---|---|---| | **5 to 30 minutes** | Getting a mid-size position on quickly without eating the book | Barely different from a market order on liquid pairs | | **1 to 6 hours** | Standard large-order execution on majors | Session drift if you start into a trend | | **12 to 24 hours** | Size that is large relative to daily volume | Funding accrues on the filled portion | | **2 to 7 days** | Accumulation and distribution programs, DCA-style entries | Funding, upgrade windows, and multi-day trend risk | > **Tip:** A rough rule for perps: if your order is more than about 1% of the market's 24-hour volume, use a TWAP. Below that, the book usually absorbs you and the extra complexity is not buying anything. ### What Multi-Day TWAPs Add to Your Risk The 7-day window is the headline feature, and it introduces a few things a 2-hour TWAP never had to think about. - **Funding accrues on filled size.** Every hour, the portion already filled pays or receives [funding](/guides/trading/funding-rates-explained). A week-long buy TWAP on a market with persistently positive funding is paying the long side rate on a growing position for days. Price the funding into the plan, not just the slippage. - **Margin moves under you.** As the position builds, so does the margin requirement and the liquidation level. If you are running the TWAP near your collateral limit, a move against you mid-window can put the filled portion at risk. The [liquidation guide](/guides/trading/liquidation-explained) covers the mechanics, and running [isolated margin](/guides/trading/isolated-vs-cross-margin) keeps the exposure ringfenced. - **Trend risk dominates slippage savings.** Over seven days, market direction swamps the few basis points a TWAP saves on impact. A max/min price is not optional on long windows. It is the thing that stops a good execution plan from becoming a bad position. - **Upgrade windows.** Scheduled network upgrades pause suborder fills. On a 7-day order this is more likely than not. --- ## TWAP vs Scale Orders vs Manual Laddering Hyperliquid gives you three ways to break up a large trade, and they solve different problems. | | TWAP | Scale order | Manual limit ladder | |---|---|---|---| | **Splits across** | Time | Price | Price, on your schedule | | **Fill certainty** | High, if liquidity exists | Only if price reaches your levels | Only if price reaches your levels | | **Fee side** | Taker | Maker if resting | Maker if resting | | **Effort** | Set and forget | Set and forget | Ongoing | | **Best when** | You need the position on within a window | You have a price view and can wait | You want full control of each level | The clean way to think about it: a TWAP is time-certain and price-uncertain, a scale order is price-certain and fill-uncertain. If you must be in the market by Friday, use the TWAP. If you only want the position at your price and are content to miss it, ladder limits and collect the [maker rebate](/guides/fees/fees-explained) instead. > **Key takeaway:** TWAP costs you the taker rate on every slice in exchange for near-certain execution and low market impact. Scale orders cost you fill certainty in exchange for maker fees. Neither is strictly better. Match the tool to whether time or price is your binding constraint. --- ## Fees on TWAP Orders Suborders cross the book, so they pay the **taker rate**: 0.045% on perps and 0.070% on spot at the base tier, before any discounts. HIP-3 builder markets charge 0.09% taker. Two things reduce that. A [referral code](/guides/getting-started/hyperliquid-referral-program-guide) takes 4% off for life, and HYPE staking tiers stack on top, from 5% at Wood up to 40% at Diamond. Every suborder in a 1,000-slice TWAP gets the same discount, so the effect compounds across the whole order. Full breakdown in the [fee tiers guide](/guides/fees/fee-tiers). --- ## Placing a TWAP via the API Bot operators place TWAPs through the `twapOrder` action rather than the standard order endpoint. The fields: | Field | Meaning | |---|---| | `a` | Asset index | | `b` | `true` for buy, `false` for sell | | `s` | Total size | | `m` | Running time in minutes | | `t` | Randomize on or off | | `r` | Reduce-only flag | The `m` field is the one the update touched. It used to top out at 1440. With the 7-day ceiling it accepts values up to a full week, so check your SDK version enforces the new bound rather than the old one before you send a multi-day order and get a rejection. Cancellation uses a separate `twapCancel` action referencing the TWAP id returned on placement. See the [Hyperliquid API guide](/guides/trading/hyperliquid-api-guide) for authentication and signing, and the [trading bot setup guide](/guides/trading/trading-bot-setup-guide) for a working harness. > **Warning:** Do not assume a partially filled TWAP has been cancelled just because you stopped polling. An active TWAP keeps sending suborders until the window closes, the size completes, or you cancel it explicitly. Track the TWAP id. --- ## Common Mistakes - **Treating TWAP as a fee saver.** It is an impact tool. You still pay taker on every slice. - **Running a long TWAP with no max/min price.** Over days, direction matters more than execution quality. - **Ignoring the fill report.** Partial fills are normal on thin books and leave you with a position you did not plan. - **Forgetting funding on multi-day windows.** The filled portion accrues from the moment it fills, not when the window ends. - **Using a TWAP to exit in a fast market.** A liquidation cascade is exactly when the 3% slippage cap stops your suborders from filling. If you need out now, take the market order and the slippage. > **Tip:** If you are exiting because the trade is wrong rather than because you are rebalancing, size and speed beat execution quality. TWAP is for planned flow, not emergencies. **Start Trading on Hyperliquid** — Perps, spot, and RWA markets with TWAP execution across every book. Sign up with our referral link for a 4% lifetime discount on taker and maker fees alike. [Get 4% Off for Life](https://app.hyperliquid.xyz/join/Concept211) > **Note:** This article is for educational purposes only and is not financial advice. Perpetual futures carry substantial risk, including total loss of collateral. TWAP execution reduces market impact but does not reduce directional risk and does not guarantee a complete fill. Never trade with more than you can afford to lose. --- # Hyperliquid Builder Fees Explained - What Third-Party Apps Charge to Route Your Orders > Phantom, MetaMask, Oku and 100+ apps route orders into Hyperliquid and take a cut. Here is what a builder fee is, what it costs you, and how to check what you are paying. *Source: https://hyperliquidguide.com/guides/trading/hyperliquid-builder-fees-explained* ## Someone Else's Interface, Hyperliquid's Order Book More than 100 teams now route orders into Hyperliquid without running an exchange. You can open a perp from inside [Phantom](/guides/getting-started/connect-phantom-to-hyperliquid), from [MetaMask](/guides/getting-started/connect-metamask-to-hyperliquid), from a bridge aggregator, or from an AI chat app on your phone. The order goes to the same HyperCore order book either way. The fill is identical. The difference is the fee. Every one of those apps is attaching a **builder code** to your order, and that code takes a cut. > **Key takeaway:** A builder fee is an app-level surcharge on top of Hyperliquid's own trading fees. It is capped at 0.1% for perps and 1% for spot, requires your explicit approval, and goes entirely to the app that routed the order. Trading directly at app.hyperliquid.xyz means you pay no builder fee. > **Warning:** The phrase "builder code" means two different things on Hyperliquid. This article covers **order-routing** builder codes, the ones that tag orders and collect fees. The other kind is [HIP-3](/ecosystem/hip-3-builder-codes), where a deployer stakes 500,000 HYPE to launch entirely new markets. They share a name and almost nothing else. --- ## How the Mechanism Works The design is deliberately narrow. A builder cannot silently skim from you, and it cannot charge whatever it wants. **1. You approve the builder.** Before any app can charge you, you sign an `ApproveBuilderFee` action with your main wallet, not an API or agent wallet. The prompt names the builder address and the maximum fee it may charge. This is the moment to actually read the number. **2. The app tags each order.** Once approved, the app attaches a builder parameter to every order it sends: the builder's address plus a fee expressed in tenths of a basis point. If the app tags a higher fee than you approved, the order is rejected. **3. The fee comes out of the quote asset.** Builder fees are collected in USDC on perps and in the collateral asset on spot. On spot markets the fee only applies to the selling side, so buying is untouched. **4. Builders claim through the referral flow.** Accrued builder fees are withdrawn through the same rewards process as referral earnings, and every fill is published in a daily CSV per builder address, which is why the revenue leaderboards below are public rather than self-reported. | Rule | Limit | |---|---| | Max perp builder fee | 0.1% | | Max spot builder fee | 1% (sell side only) | | Approvals per user | 10 active builders | | Builder account minimum | 100 USDC in perps account value | | Signature required | Main wallet, not agent wallet | > **Note:** The 100 USDC minimum and the main-wallet signature requirement exist to stop throwaway addresses from spamming approval prompts. Neither costs a legitimate app anything meaningful. --- ## What It Actually Costs You This is the part most traders never check. Hyperliquid's base [perp fees](/guides/fees/fees-explained) are 0.045% taker and 0.015% maker. A 0.05% builder fee, which is what Phantom charges, more than doubles the cost of a taker fill. | Route | Taker fee on a $10,000 perp trade | |---|---| | Direct on Hyperliquid, base tier | $4.50 | | Direct with the 4% referral discount | $4.32 | | Through a 0.05% builder | $9.50 | | Through a builder at the 0.1% cap | $14.50 | Over a single trade that is lunch money. Over $1 million of monthly volume at 0.05%, the builder fee alone is $500 a month, and it does nothing to move you up Hyperliquid's [VIP fee tiers](/guides/fees/fee-tiers) because it is not protocol volume revenue. > **Tip:** The rule of thumb: route through whatever app is most convenient while you are learning or trading small. Once your monthly volume gets into six figures, trade directly at [app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211) and keep the basis points. **Skip the Middleman Fee** — Trade directly on Hyperliquid with no builder surcharge, and stack a 4% lifetime discount on top of the base rate. [Join Hyperliquid - Save 4%](https://app.hyperliquid.xyz/join/Concept211) --- ## Who Is Actually Earning This Builder codes turned out to be one of Hyperliquid's more successful distribution decisions. The top ten builders have cleared more than $63.5 million in cumulative revenue, and over 100 teams have integrated. | Builder | Cumulative revenue | |---|---| | Phantom | $20.6M | | BasedOneX | $15.1M | | PVP | $8.0M | MetaMask, Insilico, Infinex, Axiom, Tread.Fi, Dreamcash, and Mass round out the top ten. Phantom is the instructive case. It processed $37 billion in perpetual volume in under a year without building an exchange, a matching engine, or a liquidity program. It shipped a trading tab into a wallet 137,000 people already had open, charged them 0.05%, and averaged about $150 of revenue per user. --- ## Recent Integrations Worth Knowing About ### Oku [Oku](https://oku.trade) added Hyperliquid perps in July 2026. Its angle is funding: you can enter a position with assets sitting on Bitcoin, Solana, Ethereum, or 30-plus other chains, because Oku is a bridge and swap aggregator first and a perps frontend second. It routes through more than 20 DeFi tools including LiFi, Relay, CoW Swap, 0x, Kyber, and 1inch, and offers up to 50x on crypto, stocks, ETFs, commodities, and indices. ![Oku trading interface showing swap routing across chains alongside the Perps tab that connects to Hyperliquid](/images/trading/shared/oku-perps-interface.webp) If you hold most of your capital outside the Hyperliquid ecosystem, this removes the [bridging step](/guides/getting-started/bridge-to-hyperliquid) that usually comes first. ### Talis [Talis](https://talis.trade) is an AI trading app that went live on iOS in July 2026. You describe a position in plain language and it builds and tracks the strategy, executing non-custodially against Hyperliquid. It bundles a strategy builder, a market assistant for scenario work, and performance tracking on the strategies you save. ![Talis AI trading app homepage: describe a trade in words and it executes on Hyperliquid](/images/trading/shared/talis-homepage.webp) It is a genuinely different interface model from an order book, and worth a look if you already think about positions in sentences rather than in limit prices. Our [mobile trading guide](/guides/getting-started/hyperliquid-mobile-guide) covers the more conventional iOS and Android options. ### Base App The biggest name to arrive so far. [Base App](https://base.app), Coinbase's consumer trading app, added perpetual futures in August 2026, and Hyperliquid's own weekly update confirmed the integration runs through builder codes. Eligible users get up to 50x leverage across more than 290 markets, including the [stock and commodity perps](/guides/trading/how-to-trade-stocks-on-hyperliquid) that live on HIP-3 deployments. ![Base App homepage, Coinbase's consumer trading app that routes perpetual futures orders to Hyperliquid](/images/trading/shared/base-app-homepage.webp) The interface stays inside Base App. Matching, margin, and liquidation all happen on HyperCore, the same order book you would hit trading directly. Per reporting on the launch, the perps product is not offered to users in the US, UK or Canada. This is the Phantom playbook at a larger scale: an app with an existing audience adds a trading tab rather than building an exchange. What it means for you as a trader is unchanged from every other builder integration on this page. You are paying a surcharge on top of Hyperliquid's [base fees](/guides/fees/fees-explained) for the convenience of not leaving the app you were already in. If you would rather not, [trading directly](/guides/getting-started/how-to-trade-on-hyperliquid) costs nothing extra. ### Not All Integrations Are Builder Codes Worth repeating, because it is the most common mix-up: [trade.xyz](/guides/trading/hyperliquid-xyz-explained) is not a builder-code integration. It is a HIP-3 deployer that stakes HYPE and runs its own markets, which is why you find [CXMT](/ecosystem/trade-cxmt-pre-ipo-hyperliquid), [SpaceX](/ecosystem/trade-spacex-pre-ipo-hyperliquid), and [commodity perps](/guides/trading/commodities-trading-guide) there and nowhere else. Builder codes route into existing books. HIP-3 creates new ones. --- ## How to Check and Revoke Your Approvals Approvals persist. Trading somewhere else does not cancel them, and most people have no idea how many they have accumulated. --- # How to Trade CXMT on Hyperliquid - The Pre-IPO Perp That Priced Asia's Biggest IPO of 2026 > ChangXin Memory listed in Shanghai and surged 472%. The CXMT perpetual on Hyperliquid via trade.xyz had already priced it within 2%, and it still trades 24/7 with 10x leverage. *Source: https://hyperliquidguide.com/ecosystem/trade-cxmt-pre-ipo-hyperliquid* ## A Chinese Memory Chipmaker, Priced On-Chain Before It Listed On July 27, 2026, ChangXin Memory Technologies opened on Shanghai's Star Market and closed the day up 472% from its offer price. It was the second-largest IPO mainland China has ever produced, and for most of the world it was completely untouchable. A-shares are effectively closed to foreign retail investors, the subscription book was oversubscribed roughly 212 times, and the listing happened in a market that shuts at 3pm Beijing time. Two weeks before any of that, a perpetual futures contract on Hyperliquid was already quoting a price. > **Key takeaway:** CXMT listed in Shanghai on July 27, 2026 and surged 472% from its 8.66 yuan offer price. The CXMT perpetual on trade.xyz had been trading since July 14 and sat at roughly $7.14 immediately before the open, within about 2% of the 49.5 yuan ($7.30) opening print. It still trades 24/7 with 10x leverage and USDC margin, long after the Shanghai session closes. ![CXMT-USDC perpetual market on trade.xyz showing the ChangXin Memory order book, 10x leverage, and 24h volume on Hyperliquid](/images/ecosystem/trade-cxmt-pre-ipo-hyperliquid/tradexyz-cxmt-market.webp) --- ## What Is the CXMT Perpetual? `xyz:CXMT` is a perpetual futures contract that tracks the US dollar value of one ChangXin Memory share. It was deployed on July 14, 2026 by [trade.xyz](/guides/trading/hyperliquid-xyz-explained) using Hyperliquid's [HIP-3 framework](/ecosystem/hip-3-builder-codes), which lets an outside builder stand up its own perp market on HyperCore without asking permission from the core validator set. What you get is price exposure, not equity. There are no shares, no dividends, no voting rights, and no claim on the company. The contract is cash-settled in USDC and the position lives in your own wallet. | Contract spec | Value | |---|---| | Ticker | `xyz:CXMT` | | Underlying | ChangXin Memory Technologies, listed on Shanghai's Star Market | | Max leverage | 10x | | Margin | Isolated, USDC only | | Settlement | Cash, USDC | | Hours | 24/7, including weekends | | Deployer | trade.xyz (HIP-3) | | Fees | 0.09% taker / 0.03% maker, currently in Growth Mode | *Fee figures are Hyperliquid's published [HIP-3 builder-market fee schedule](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees). Live rates shown on each market page are measured from the Hyperliquid API.* > **Note:** Growth Mode is Hyperliquid's fee reduction program for newly deployed HIP-3 markets. It cuts taker fees by over 90% while a market builds liquidity, which is why the CXMT order book tightened up quickly after launch. See our [fee structure guide](/guides/fees/fees-explained) for how the tiers interact with the 4% referral discount. --- ## The Part That Made Bloomberg Pay Attention Pre-IPO price discovery is normally a private-markets game. Secondary share sales, SPV interests, and forward contracts get traded between funds at prices nobody outside the room ever sees. CXMT was a harder case than usual, because Chinese A-share listings are largely walled off from foreign capital in the first place. The perpetual gave anyone with USDC a live quote instead. In mid-July it traded near $8, which against the 66.881 billion shares CXMT would have outstanding after listing implied a valuation around $535 billion. The official IPO valued the company at roughly 579 billion yuan. That is a premium of about 526%, and on its face it looked absurd. Then the stock opened at 49.5 yuan, a market capitalisation near $488 billion, and the argument was over. The perp had been sitting around $7.14 going into the print. The stock opened at roughly $7.30. Bloomberg's coverage noted that Hyperliquid had been pricing the company near its eventual opening valuation for more than a week, and quoted Ayesha Kiani, COO of Monarq Asset Management: "This is one of the largest and most strategically important IPOs globally. It could mark the beginning of decentralized derivatives becoming an accepted input into institutional price discovery." *Source: [Bloomberg](https://www.bloomberg.com/news/articles/2026-07-27/asia-s-biggest-ipo-of-2026-puts-crypto-shadow-market-to-the-test) and [CNBC](https://www.cnbc.com/2026/07/23/chip-firm-priced-as-most-valuable-china-firm-pre-ipo-on-crypto-site.html), referenced under fair use for commentary* This is the second time in two months the pattern has held. The [SpaceX perpetual](/ecosystem/trade-spacex-pre-ipo-hyperliquid) tracked the largest IPO in history through its June listing, and CXMT repeated the result on a company most Western traders had never heard of. **Trade CXMT Around the Clock** — The perp keeps quoting long after Shanghai closes. Go long or short with up to 10x leverage and a 4% lifetime fee discount on Hyperliquid. [Start Trading - Save 4%](https://app.hyperliquid.xyz/join/Concept211) --- ## Why the Perp Can Diverge From the Stock Now that CXMT is listed, you would expect the perpetual and the A-share to track each other tightly. They mostly do, but not perfectly, and the reason is worth understanding before you size a position. An arbitrageur normally keeps a derivative pinned to its underlying by trading both legs. With CXMT that trade is close to impossible. Foreign investors cannot freely buy Star Market shares, capital controls limit moving money in and out, and the Shanghai session covers only a few hours of the day. The funding rate is the only mechanism pulling the perp back toward the cash price, and funding works on sentiment rather than on delivery. The practical effects: - **The perp can trade at a persistent discount or premium** to the last Shanghai close, and that gap does not have to close on any particular schedule - **Overnight and weekend moves land in the perp first**, because it is the only venue open - **[Funding payments](/guides/trading/funding-rates-explained) can run hot** in either direction when positioning gets one-sided, and on a 10x position funding is a real cost rather than a rounding error > **Warning:** CXMT is a newly listed chip stock with a 472% debut behind it. Volatility on newly public names is severe, and a 10x isolated position can be [liquidated](/guides/trading/liquidation-explained) on a move that a cash equity holder would barely notice. Size conservatively and use [stop-losses](/guides/trading/leverage-trading-guide). --- ## Trading CXMT, Step by Step --- # Best Hardware Wallet for Hyperliquid - Ledger vs Trezor > Which hardware wallet works best with Hyperliquid, how agent wallets keep your seed phrase offline while you trade, and the blind-signing trap to avoid. *Source: https://hyperliquidguide.com/guides/getting-started/best-hardware-wallet-for-hyperliquid* Most hardware wallet guides compare screen sizes and supported coin counts. For a Hyperliquid trader that is the wrong comparison, because the thing you actually worry about is not setup. It is whether a cold wallet wrecks your ability to trade quickly. It does not, and the reason is worth understanding before you spend anything. Hyperliquid's signing model was built around this exact problem. > **Key takeaway:** A hardware wallet on Hyperliquid does not mean confirming every order on a tiny screen. You approve a trading agent once, the agent signs your orders, and the device only wakes up for deposits, withdrawals, and re-approvals. That is a few button presses a month, not a few thousand. --- ## Why the Signing Model Matters More Than the Device Hyperliquid is [self-custodial](/guides/getting-started/is-hyperliquid-safe). There is no account to hack, no password to reset, and no support desk that can freeze a withdrawal on your behalf. Whatever key controls your wallet controls your balance, permanently. That puts the entire threat model on the machine you sign from. A browser extension holds its key in software. If your machine is compromised, whether by a malicious extension update or a fake Hyperliquid front-end you reached through a search ad, that key can be read or misused without you touching anything. A hardware wallet moves the key into a device that never exposes it and requires a physical press to authorize anything. The usual objection is speed. Nobody wants to confirm a scalp on a two-line display. That objection is based on a misunderstanding of how Hyperliquid actually works. ### Agent Wallets Do the Trading When you click "Enable Trading" on Hyperliquid, you are signing an EIP-712 typed data message that authorizes an **agent wallet**, also called an API wallet. From that moment, the agent signs your orders. Hyperliquid's [API documentation](https://hyperliquid.gitbook.io/hyperliquid-docs/for-developers/api/nonces-and-api-wallets) describes them as permissioned signers that act on behalf of a master account. What they are not allowed to do is the important part: - Agent wallets **cannot withdraw** funds from the account. - Agent wallets **cannot transfer** assets to another address. - They can be created with a maximum validity of **180 days**, after which they expire and need re-approval. So the hot key that lives in your browser and signs hundreds of orders a day has no authority to move money. The cold key that can move money sits in a drawer and gets used a handful of times a year. That separation is the whole argument for a hardware wallet here, and it is cleaner than what most chains offer. > **Tip:** This is also why you should not panic if you have been trading through a browser extension all along. The agent wallet was already limiting your blast radius. Adding hardware upgrades the part that was genuinely exposed, which is the master key that can withdraw. --- ## How a Hardware Wallet Connects to Hyperliquid Hyperliquid does not ship its own hardware wallet connector. The path runs through a software wallet. The same agent model applies when [using Hyperliquid on mobile](/guides/getting-started/hyperliquid-mobile-app-2026), with one practical caveat: pairing a hardware device to a phone over Bluetooth or USB-C is fiddlier than plugging it into a desktop, so most people approve the agent on desktop and then trade from the phone. ### The Blind Signing Trap This is the part that catches people, and it gets less attention than it deserves. Hyperliquid actions are EIP-712 typed data, meaning structured messages designed to be human-readable rather than an opaque hex blob. Ledger has shipped clear-signing support for specific EIP-712 schemas, but the coverage is incomplete, and Hyperliquid's schemas are not guaranteed to be among them on your firmware version. When the device cannot render the message, it refuses to sign unless you enable **blind signing** in the Ethereum app settings. Blind signing is exactly what it sounds like: approving something you cannot read. It is not automatically dangerous, but it does remove the second pair of eyes that a hardware wallet is supposed to give you. > **Warning:** If you have to enable blind signing, verify the chain ID and the contract address in your software wallet before approving, and confirm you are on the real Hyperliquid domain rather than a lookalike. Blind signing plus a phishing site is the combination that empties accounts. Our [security guide](/guides/getting-started/crypto-trading-security-guide) covers the wider set of habits worth building. --- ## Ledger vs Trezor for Hyperliquid Both have been shipping devices for over a decade, both sign what Hyperliquid needs, and both pair with MetaMask and Rabby. The differences that matter to a perps trader are narrower than the marketing suggests. | | Ledger | Trezor | |---|---|---| | **Firmware** | Closed-source secure element | Open-source, auditable | | **Mobile signing** | Bluetooth on Nano X and Flex | USB only, desktop-oriented | | **MetaMask / Rabby** | Longest-standing integration | Supported, occasionally rougher | | **EIP-712 clear signing** | Partial coverage, may need blind signing | Partial coverage, may need blind signing | | **Price range** | $79 to $399 | $49 to $169 | | **Best for** | Traders who sign from a phone | Traders who want auditable firmware | ![Ledger's product page showing the hardware wallet range and Ledger Wallet app](/images/shared/partners/ledger-homepage.webp) ### When Ledger Is the Right Call Buy [Ledger](https://shop.ledger.com/) if you trade from your phone. The Nano X and Flex sign over Bluetooth, which turns mobile confirmation from a cable-juggling exercise into a tap. Given how much Hyperliquid activity now happens on [mobile](/guides/getting-started/hyperliquid-mobile-guide), that is not a small convenience. Ledger also has the longest track record with MetaMask, which matters because most connection problems on Hyperliquid trace back to the software wallet layer rather than the exchange. If something breaks, more people have hit it before you. The counterargument is firmware. Ledger's secure element is closed-source, and after the 2023 recovery-service announcement a section of the community stopped trusting the company's posture on key extraction. Nothing has been exploited in the wild. If you find that argument persuasive anyway, no feature list will change your mind. ### When Trezor Is the Right Call Buy [Trezor](https://trezor.io/) if you want firmware you can read. It is fully open-source, the Safe models pair that with a secure element, and the company has been consistent about it for over a decade. On a self-custodial exchange, where the whole premise is not trusting an intermediary, extending that logic to your signing device is at least coherent. ![Trezor homepage highlighting open-source hardware wallet design](/images/shared/partners/trezor-homepage.webp) Trezor is also cheaper at the entry point. The Safe 3 covers everything a Hyperliquid trader needs, and there is no functional reason to spend more unless you want the touchscreen. The trade-off is mobile. Without Bluetooth, signing from a phone means cables and adapters, which in practice means you will do your withdrawals from a desktop. That is probably where you should be doing them anyway, but it is worth knowing before you buy. **New in August 2026: HyperEVM is now a supported network in Trezor Suite.** The [26.8.1 release notes](https://github.com/trezor/trezor-suite/releases) list "Added support for HyperEVM network" among the new features. Until then, holding assets on [HyperEVM](/ecosystem/hyperevm-explained) behind a Trezor meant adding it as a custom EVM network in MetaMask or Rabby and signing through that layer. This matters for the half of your Hyperliquid activity that is not trading. If you [bridge to HyperEVM](/guides/getting-started/bridge-to-hyperevm) to use [lending markets](/ecosystem/hyperlend-guide) or [liquid staking](/ecosystem/liquid-staking-guide), those balances now appear in Suite itself rather than only through a software wallet. It changes nothing about HyperCore trading, where the agent wallet model still does the work. **Open-Source Firmware, Under $70** — The Trezor Safe 3 covers what a Hyperliquid trader needs: EIP-712 signing, MetaMask and Rabby pairing, and firmware anyone can audit. [See the Safe 3](https://app.hyperliquid.xyz/join/Concept211) --- ## What About the Other Devices? The two above dominate for a reason, but they are not the only options. **Keystone** and **OneKey** are legitimate alternatives, air-gapped and open-source respectively, with smaller ecosystems. Both work through MetaMask, and if you already own one there is no reason to switch. **Tangem** cards are genuinely convenient and genuinely limited: the card format has no screen to verify a transaction on, which removes most of the benefit for EIP-712 signing. **Multisig setups** like Safe are the right answer above a certain balance, but Hyperliquid's agent model does not map onto them cleanly yet, so most traders running serious size use a hardware wallet on the master account and keep position sizing conservative instead. --- ## Mistakes That Cost People Money > **Warning:** **Buying from a marketplace.** Buy directly from Ledger or Trezor, or from an authorized reseller listed on their own site. Supply-chain tampering on hardware wallets is not theoretical, and a device that arrives with a pre-filled recovery sheet is a scam every single time. **Typing a seed phrase into anything.** No legitimate process ever asks for your 12 or 24 words in software. Not Hyperliquid, not MetaMask, not a support agent in a Discord DM. The device exists precisely so those words never touch a keyboard. **Letting the agent expire mid-trade.** Agents last a maximum of 180 days. When one expires, orders stop signing until you re-approve with the hardware wallet. If you are travelling without the device, that is an unpleasant surprise. Re-approve before long trips. **Treating the hardware wallet as the whole plan.** It protects your keys. It does not protect you from a bad approval, a phishing domain, or 50x on an [illiquid market](/guides/trading/liquidation-explained). The device stops one category of loss, and that category is not the most common one. --- ## Which One Should You Actually Buy If you trade from a phone, buy the Ledger Nano X. If you want firmware you can audit and you mostly sign from a desktop, buy the Trezor Safe 3 and keep the difference. If you are still deciding whether you need one at all, the honest threshold is this: once your Hyperliquid balance exceeds what you would be upset to lose to a browser compromise, the $60 device has already paid for itself. For most people that number arrives sooner than they expect. Whichever you pick, the setup is the same. The hardware wallet holds the master key, the agent wallet does the trading, and you sign a handful of times a year. The rest of what sits around a Hyperliquid account, including [tax software](/guides/trading/best-crypto-tax-software-perps-traders) and portfolio tracking, is covered in our [trader's stack](/tools/toolkit). **Secure the Account, Then Cut the Fees** — A hardware wallet protects your balance. Our referral link takes 4% off every trading fee for the life of the account, which compounds faster than most people assume. [Start Trading - Save 4%](https://app.hyperliquid.xyz/join/Concept211) --- # Best Crypto Tax Software for Perps Traders > Perps break most crypto tax tools. How Koinly, CoinLedger, CoinTracking and Awaken handle funding payments, liquidations and cost basis on Hyperliquid. *Source: https://hyperliquidguide.com/guides/trading/best-crypto-tax-software-perps-traders* There is a specific moment where crypto tax software stops working for perps traders. You upload a year of Hyperliquid activity, the tool ingests it happily, and the report comes back with a capital gains figure that looks roughly plausible and a funding income figure of zero. Nothing errored. The number is just wrong. This guide is about avoiding that. It covers what perps do that spot-oriented tools cannot handle, then compares the platforms that do handle it, including one that pays us nothing. > **Key takeaway:** The thing that separates these products is not price or interface. It is whether the tool ingests funding payments as a separate income stream and models a perp close as a derivative settlement rather than a disposal of an asset you never held. Everything else is preference. --- ## The Three Things Perps Do to a Tax Engine ### 1. Funding Payments Arrive Hourly, Forever Hyperliquid settles [funding](/guides/trading/funding-rates-explained) every hour. Hold one position open for a year and that is 8,760 individual settlements, each of which is a taxable event in most jurisdictions: income when you receive, potentially deductible when you pay. Run three positions and you are at 26,000 events before placing a single additional trade. Nobody reconciles that by hand, and a fills-only CSV export does not contain it. The tool either pulls `userFunding` from the chain or it silently reports zero. > **Warning:** A funding income line of exactly $0.00 on a year of perps trading is almost never correct. It is the most reliable sign that your import only captured fills. Check that field before you file anything. ### 2. A Perp Close Is Not a Disposal When you close a long on spot, you disposed of an asset you held. When you close a long perp, you settled a contract. You never owned BTC, so there is no BTC cost basis to reduce. Tools built around a spot ledger frequently model the second case as the first. What you get back is phantom acquisitions, negative balances of assets you never touched, and a "missing cost basis" warning list hundreds of rows long that you then spend a weekend clicking through. The bigger problem is that if you accept the defaults, the resulting gain figure is wrong. ### 3. Liquidations Look Like Nothing A [liquidation](/guides/trading/liquidation-explained) is a forced close, and for tax purposes it is a realized loss. In the raw data, though, it can appear as a position simply ceasing to exist, with the loss embedded in the margin balance rather than stated as a line item. Tools that do not model liquidations explicitly tend to drop them, and you lose a deduction you were entitled to. All three problems get harder the moment your book is not purely crypto. An equity or commodity perp settles in USDC like any other contract, but the underlying may sit in a different tax category in your jurisdiction, and few engines ask. If you are weighing [where else non-crypto perps trade](/compare/best-hyperliquid-alternatives-non-crypto-perps), it is worth checking what each venue exports before you commit a year of trades to it. --- ## The Comparison ![Koinly's Hyperliquid integration page describing direct wallet import of trades and funding](/images/shared/partners/koinly-hyperliquid-integration.webp) | Platform | Hyperliquid | Funding as income | Liquidations | Price | Countries | |---|---|---|---|---|---| | **[Koinly](https://koinly.io/integrations/hyperliquid/)** | Direct wallet sync | Yes, automatic | Handled | Free to $279/yr | 20+ | | **[Awaken](https://awaken.tax/integrations/how-to-pay-taxes-on-your-hyperliquid-assets)** | Direct wallet sync | Yes, automatic | Handled | $99 to $999/yr | US-first | | **[CoinLedger](https://coinledger.io/)** | Wallet sync + CSV | Yes | Handled | $49 to $299/yr | US-first | | **[CoinTracking](https://cointracking.info/)** | CSV / API | Yes, manual mapping | Handled | Free to $65/mo | 100+ | | **CoinTracker** | CSV | Partial | Partial | Free to $599/yr | US-first | | **TokenTax** | CSV / API | Yes | Handled | $65 to $3,499/yr | Several | | **TaxBit** | CSV | Limited | Limited | Free (consumer) | US only | ### Koinly Koinly reads a Hyperliquid address directly, which is the feature that matters most here, and it supports the widest set of jurisdictions of anything on this list. If you file in the UK, Australia, Canada, Germany or most of the EU, the alternatives thin out fast and Koinly is usually the only one that knows your local rules. The free tier lets you import everything and inspect the full reconciliation. You only pay when you generate the report, which means you can verify it handles your year correctly before spending anything. Do that. Import, then check the funding line. Where it falls down: if a large share of your activity is obscure HyperEVM protocols rather than Hyperliquid perps, Koinly's pricing coverage for long-tail tokens is decent but not the best available. > **Tip:** Koinly's tiers are priced by transaction count, and funding settlements can count toward that total depending on how they are ingested. Check which tier your year lands in before assuming the entry price applies to you. ### Awaken Awaken is the most accurate reconciliation of messy on-chain activity we have tested, and it handles perps, LPs, yield tokens and NFT activity that other tools give up on. If your year involves serious [HyperEVM](/ecosystem/hyperevm-explained) DeFi alongside your perps trading, this is the one that produces a report you do not have to hand-correct. Two caveats. It is US-first, so international filers get less out of it. And it starts higher than Koinly's entry tier, because it is not really competing for the casual filer. We have no affiliate arrangement with Awaken. It is on this list because it is good. ### CoinLedger ![CoinLedger homepage showing tax report generation and TurboTax partnership](/images/shared/partners/coinledger-homepage.webp) [CoinLedger](https://coinledger.io/) is the simplest of the group to actually use, and it exports straight into TurboTax and TaxAct. For a US filer who wants a finished Form 8949 handed to the software they already use, that integration removes the last manual step. It also handles the 1099-DA situation clearly, which matters now that US brokers report cost basis. Worth noting: Hyperliquid, being a decentralized exchange with [no KYC](/guides/getting-started/hyperliquid-kyc-requirements), issues nothing of the kind. Whatever your centralized exchanges report, your Hyperliquid activity is still entirely your responsibility to document. Where it falls down: international support, and depth on unusual DeFi. ### CoinTracking ![CoinTracking homepage showing portfolio dashboard and tax report generation](/images/shared/partners/cointracking-homepage.webp) If you run bots, or your [API trading](/guides/trading/hyperliquid-api-guide) generates six figures of fills a year, most consumer tools become unusable long before they become inaccurate. [CoinTracking](https://cointracking.info/) is built for that volume, offers 13 costing methods, and covers 100+ countries. The interface is dense and dated, and the Hyperliquid path is CSV or API rather than a one-click sync. You are trading ease of setup for the ability to process a year that would otherwise choke everything else. ### The Rest **CoinTracker** is widely used and fine for spot-heavy portfolios, but its perps handling is the weakest of the well-known tools and it gets expensive at volume. **TokenTax** is really an accountancy service with software attached, worth it if you want a human reviewing the return and hard to justify otherwise. **TaxBit** is free for consumers and genuinely good at US spot reporting, but perps are not what it was built for. **Check It Handles Your Year Before You Pay** — Koinly imports a Hyperliquid address and reconciles fills and funding for free. You only pay at report generation, so you can verify the funding line first. [Import Your Hyperliquid History](https://app.hyperliquid.xyz/join/Concept211) --- ## How to Choose in Sixty Seconds - **You file outside the US.** Koinly. The others narrow sharply here. - **You file in the US and want TurboTax.** CoinLedger. - **Your year is heavy on HyperEVM DeFi, not just perps.** Awaken. - **You run bots and have tens of thousands of fills.** CoinTracking. - **You made a dozen trades and closed everything.** Import into Koinly's free tier, export the summary, and you may not need to pay anyone. --- ## Before You Generate the Report Whichever tool you land on, the same four checks catch nearly every error worth catching. 1. **Funding income is not zero.** Covered above, and worth repeating because it is the failure that hides best. 2. **Liquidations appear as realized losses.** If you were liquidated and the report shows no corresponding loss, the import missed it and you are overpaying. 3. **Transfers in and out are flagged as transfers, not disposals.** Moving USDC from your wallet to Hyperliquid is not a taxable event. Tools sometimes read it as one. 4. **Your opening balance matches reality.** If the tool thinks you started the year with assets you did not have, everything downstream inherits that error. > **Warning:** No tax software gets a year of perps trading completely right on the first pass. Budget half an hour to review the flagged transactions rather than trusting the export. That review is worth more than the difference between any two products on this page. --- ## Summary Perps generate a shape of data that most crypto tax tools were not designed for: continuous funding income, contract settlements rather than asset disposals, and forced closes that are easy to lose. The platforms worth using are the ones that ingest a Hyperliquid address directly and treat funding as its own income stream. For most traders that means Koinly. For US filers wanting TurboTax it means CoinLedger. For heavy DeFi it means Awaken, which pays us nothing and is still the right answer for that case. Once the tax side is handled, the [tax reporting guide](/guides/trading/hyperliquid-tax-reporting-guide) covers the export mechanics in detail, and the rest of the tooling around a Hyperliquid account, from hardware wallets to trackers, is in our [trader's stack](/tools/toolkit). **Lower Fees, Smaller Tax Bill** — Trading fees reduce your taxable gains, and our referral link cuts them by 4% for the life of the account. It is the rare optimization that helps on both sides of the ledger. [Start Trading - Save 4%](https://app.hyperliquid.xyz/join/Concept211) --- # How to Buy Hyperliquid (2026): Buy HYPE or Fund an Account > How to buy Hyperliquid, explained. Two meanings: buy the HYPE token, or fund a Hyperliquid account with USDC to trade. The fastest path for each, step by step. *Source: https://hyperliquidguide.com/guides/getting-started/how-to-buy-hyperliquid* **"How to buy Hyperliquid" means one of two things**, and knowing which one you want saves a lot of time. Some people want to buy the [HYPE token](/ecosystem/what-is-hype-token), the native asset of the Hyperliquid blockchain. Others want to fund a Hyperliquid account so they can trade perpetuals or spot markets. The starting move is identical for both: connect a Web3 wallet to **[app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211)** and deposit USDC. After that the roads split. If you want the HYPE token, buy it on the spot market with your deposited USDC. If you want to trade, that same USDC is already sitting as margin, so you can open a position right away. This page is the fork in the road. It shows you how to fund an account in a few minutes, then points you to the right deep-dive guide for whichever "buy" you had in mind. > **Key takeaway:** **Quick answer:** Funding is the shared first step for both meanings. Connect a wallet, [deposit USDC](/guides/getting-started/deposit-usdc-to-hyperliquid), and you are ready. To own the token, buy HYPE-USDC on the spot tab. To trade, your USDC is already margin. No KYC, deposits land in 1-2 minutes. --- ## The Two Things "Buy Hyperliquid" Can Mean Before anything else, one thing it does not mean: there are no shares in Hyperliquid to buy. If you arrived expecting a stock ticker, start with [is Hyperliquid a stock](/guides/getting-started/is-hyperliquid-a-stock). Hyperliquid is both a token and an exchange, so the phrase is genuinely ambiguous. Sorting it out first tells you which steps below actually apply to you. - **Buy the HYPE token.** You want to own HYPE, the asset that secures the network through staking, pays gas on HyperEVM, and benefits from the buyback-and-burn model. This is a spending action: you convert USDC into HYPE and hold it. For the full walkthrough, tokenomics, and staking, our dedicated [how to buy HYPE token guide](/guides/getting-started/how-to-buy-hype-token) covers it end to end. - **Fund an account to trade.** You want a balance on Hyperliquid so you can open perpetual or spot positions. Trading is settled in USDC, so you never need to buy HYPE to place a trade. Once funded, the [how to trade on Hyperliquid guide](/guides/getting-started/how-to-trade-on-hyperliquid) walks through placing your first order. Either way, the money enters your account as USDC. The rest of this page gets that USDC in, then hands you off to whichever path you meant. --- ## Fund a Hyperliquid Account With USDC Funding is the load-bearing step. Hyperliquid uses USDC as its settlement currency, and you deposit it by bridging from the Arbitrum network into your account. There is no Hyperliquid deposit fee, only a few cents of Arbitrum gas. That is the entire funding flow. Your USDC now works two ways at once: as spending balance for a spot buy, and as margin for a trade. Nothing else is required to start. ### Funding with fiat instead of crypto If you are starting from a bank balance rather than crypto, you do not have to source USDC elsewhere first. Hyperliquid supports fiat on-ramps that let you [buy crypto with fiat](/guides/getting-started/buy-crypto-with-fiat-on-hyperliquid) using a card or bank transfer, and the on-ramp deposits USDC straight into your account. It costs more than withdrawing USDC from an exchange you already use, since the on-ramp provider takes a spread, but it removes the need to touch a centralized exchange at all. Once the USDC lands, the rest of the flow is identical: buy HYPE on spot, or open a trade. Which route is cheaper depends on where your money already sits. If you hold funds on a centralized exchange, withdrawing USDC to Arbitrum is usually the lower-cost path. If you are starting from a bank account and value speed, the on-ramp is worth the spread. **Fund Your Account in Minutes** — Connect a wallet, deposit USDC, and apply a 4% lifetime fee discount on your first connection. [Open Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) --- ## How to Buy HYPE on Hyperliquid Spot Once Funded If your goal was owning the token, funding is most of the work. With USDC in your account, buying HYPE takes under a minute: 1. Open the **Spot** tab in the market selector. 2. Select the **HYPE-USDC** pair. 3. Choose a **market order** to fill instantly at 0.070% taker, or a **limit order** to set your price at 0.040% maker. 4. Enter the amount and click **Buy**. Your HYPE lands in your spot balance the moment the order fills. From there you can hold it, stake it for fee discounts, or bridge it to HyperEVM as gas. The mechanics of limit versus market fills, order sizing, and reading the book are covered in the [spot trading guide](/guides/trading/spot-trading-guide), and the token-specific path, including staking and centralized-exchange listings, lives in the dedicated HYPE token guide linked above. > **Tip:** A limit order set slightly below the current price fills at the 0.040% maker rate instead of 0.070% taker. On a $1,000 HYPE buy that is roughly $3 saved for a few extra seconds of patience. --- ## Buying HYPE Elsewhere and Moving It You do not have to buy HYPE on Hyperliquid. It is also listed on centralized exchanges such as KuCoin, Bybit, and Bitget. This route can be convenient if you already hold funds on one of those platforms, but it carries trade-offs worth weighing before you commit. | Path | Custody | KYC | Withdrawal cost | Best for | |------|---------|-----|-----------------|----------| | **Buy on Hyperliquid spot** | Self-custody | None | None | Deepest HYPE liquidity, immediate staking | | **Buy on a CEX, then withdraw** | Exchange holds it first | Required | Network + exchange fee | Already funded on that CEX | If you buy on a centralized exchange and want to stake HYPE or use it on HyperEVM, you will need to withdraw it to your own wallet. Send it on the correct network, since HYPE is native to Hyperliquid's L1 chain, then complete any bridging your target use requires. For most people who are starting fresh, funding a Hyperliquid account with USDC and buying on the native spot market is the shorter, cheaper path and skips a withdrawal fee entirely. [Buy HYPE on Hyperliquid With 4% Off Fees](https://app.hyperliquid.xyz/join/Concept211) --- ## Fees and Your 4% Referral Discount Spot buys cost 0.070% taker or 0.040% maker, perp trades cost less, and applying a referral code on your first connection shaves a [4% lifetime discount](/referral) off all of it. The full breakdown, including VIP and HYPE-staking tiers, is in the [fees explained guide](/guides/fees/fees-explained). --- ## Common Mistakes A few errors trip up first-time funders. None are hard to avoid once you know they exist. - **Wrong network on withdrawal.** Sending USDC to your wallet on Ethereum mainnet or another chain instead of Arbitrum means it will not deposit into Hyperliquid without an extra bridge step. Always withdraw USDC to the Arbitrum network. - **Forgetting the referral code.** The 4% discount can only be applied on your first connection. Sign up through a referral link before you deposit, because it cannot be added retroactively. - **Buying HYPE when you only meant to trade.** Trading is settled in USDC, so you do not need to hold the token to open a position. Buy HYPE only if you actually want to own, stake, or spend it as gas. - **No gas for the bridge.** The deposit is a transaction, so keep a small amount of ETH on Arbitrum to cover it. Without gas, the deposit will not go through. - **Leaving funds unbridged.** USDC sitting in your Arbitrum wallet is not the same as USDC in your Hyperliquid account. It only becomes usable margin or spending balance after you click Deposit and the bridge confirms. Sort out which "buy" you meant, fund with USDC, and the right next step is one click away. **Start on Hyperliquid Today** — Fund an account, buy HYPE, or place your first trade. Sign up with a referral code for a 4% lifetime fee discount that cannot be added later. [Join Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) --- # Best Hyperliquid Alternatives for Non-Crypto Perps (Stocks, Commodities & RWAs) in 2026 > Which venues actually list tradable stock, commodity, and RWA perps versus Hyperliquid HIP-3? An honest, venue-by-venue read on gTrade, Ostium, Injective, dYdX, GMX and more. *Source: https://hyperliquidguide.com/compare/best-hyperliquid-alternatives-non-crypto-perps* > **Key takeaway:** **Short answer:** if you want real stock, commodity, index, or FX perps without an exchange holding your funds, the field is small. Hyperliquid HIP-3 markets (via trade.xyz) list the widest range on a real order book with flat 0.09% / 0.03% fees. Ostium and gTrade are the only other non-custodial venues that genuinely list non-crypto perps at scale. dYdX and GMX, despite topping most "Hyperliquid alternative" lists, are crypto-only. *Fee figures are Hyperliquid's published [HIP-3 builder-market fee schedule](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees). Live rates shown on each market page are measured from the Hyperliquid API.* ## Best Hyperliquid Alternatives for Non-Crypto Perps If you searched for an alternative to Hyperliquid for non-crypto perps and landed on a page about KYC, that page answered a different question. This one is about the actual assets: can you go long or short NVDA, TSLA, gold, Brent crude, or the Nasdaq 100 on a venue that does not take custody of your money? Here is the honest map. Very few venues list real non-crypto perpetuals. Most of the exchanges that rank for "Hyperliquid alternative" only trade crypto. Of the ones that do list stocks, commodities, indices, or FX, three matter: Hyperliquid HIP-3 markets, Ostium, and gTrade by Gains Network. Injective's Helix belongs on the list with a caveat. Everything else is either crypto-only, a tokenized spot product, or KYC-gated. Lighter is the crypto-only venue readers ask about most often after this list, and our [Lighter vs Hyperliquid](/compare/hyperliquid-vs-lighter) breakdown covers where it lands on fees and order-book depth. The verdict, if you want one line: Hyperliquid HIP-3 gives you the broadest coverage on the cleanest fee schedule, Ostium is the specialist for commodities and FX, and gTrade wins on leverage and chain choice. --- ## What "Non-Crypto Perps" Actually Means A perpetual future is a leveraged contract with no expiry that tracks a spot price through a funding mechanism. A non-crypto perp does the same for an asset that is not a token: a stock like [MU (Micron)](/markets/xyz/mu), a commodity like [Brent crude](/markets/xyz/brentoil), an index like the Nasdaq 100, or a currency pair like EUR/USD. The catch is that none of these venues can give you the real underlying. There is no share of Micron sitting in a smart contract. What you are trading is a cash-settled derivative that references a price feed. Two designs dominate: **Oracle-settled order-book perps.** Hyperliquid HIP-3 markets and Ostium run real markets where positions settle in USDC against an oracle price. You get a live book, visible depth, and a funding rate that pulls the mark toward the reference. **Synthetic vault-backed perps.** gTrade prices your position from a Chainlink feed and settles profit or loss against a shared liquidity vault. There is no counterparty order book; the vault takes the other side. This distinction is why so many "alternatives" fall apart on inspection. A venue can advertise a TSLA ticker while listing nothing tradable, or list it with a vault so thin that a mid-size order moves the mark against you. When a venue's non-crypto coverage is unclear, this guide says so rather than inventing a spec. --- ## Hyperliquid HIP-3 / trade.xyz: Widest Coverage Hyperliquid does not list non-crypto perps directly under its core team. It exposes a permissionless deployment layer, HIP-3, that lets builders launch their own perp markets on the same matching engine and liquidity backbone. The main builder for real-world assets is trade.xyz, and it is the reason the site's [equity perps guide](/guides/trading/equity-perps-guide) and [commodities trading guide](/guides/trading/commodities-trading-guide) exist. Our [trade.xyz explainer](/guides/trading/hyperliquid-xyz-explained) walks through how the builder layer works end to end. What trade.xyz actually lists, verifiable from the live [markets hub](/markets): - **Equities:** NVDA, TSLA, AAPL, MSFT, MU, and a rotating set of large-cap US names - **Commodities:** gold, silver, Brent and WTI crude, natural gas - **Indices:** a Nasdaq 100 market (ticker XYZ100) and other broad-index products - **FX:** major currency pairs Fees on HIP-3 builder markets are a flat 0.09% taker and 0.03% maker. That is higher than Hyperliquid's native crypto perps (0.045% / 0.015%), which is the trade-off for the builder layer, but it is still a clean, predictable maker/taker split rather than a moving blend of spreads and rollover charges. Full detail lives in the [fees explained guide](/guides/fees/fees-explained). Settlement is USDC, custody stays with your wallet, and there is no KYC. The main limitation is the same one that applies to the rest of Hyperliquid: the frontend blocks US IP addresses, and HIP-3 market depth depends on the builder, so a niche ticker can be thinner than a headline name. **Trade Stocks, Commodities and Indices on Hyperliquid** — HIP-3 builder markets put NVDA, gold, and the Nasdaq 100 on the same engine as Hyperliquid perps. Join with a 4% lifetime fee discount. [Start on Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) To open one of these markets yourself, connect a wallet to **[app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211)**, deposit USDC, and switch to the builder's dex in the market selector. --- ## The Real Alternatives, Venue by Venue ### Ostium: Commodities and FX Specialist Ostium is a perpetuals DEX on Arbitrum built specifically around real-world assets. Its lineup leans into exactly the markets Hyperliquid builders and centralized brokers usually gate: commodities (gold, silver, WTI and Brent crude, natural gas, copper), FX majors, and equity indices such as the S&P 500 and Nasdaq 100. Positions are oracle-priced and settle in USDC against a shared liquidity pool, so it sits in the same oracle-settled camp as HIP-3. Where it beats Hyperliquid: depth of commodity and FX coverage, and leverage on those classes that runs higher than most order-book venues offer. Where it loses: it is a younger and smaller venue, so total liquidity across its book is a fraction of Hyperliquid's, and its cost model is opening and closing fees plus funding rather than a flat maker/taker, which makes short-term round trips harder to price at a glance. I would treat Ostium as the specialist you reach for when you specifically want oil, gas, or a currency pair, not as a full Hyperliquid replacement. ### gTrade (Gains Network): Synthetic Leverage, More Chains gTrade is the most established synthetic non-crypto perp product in DeFi, live on Arbitrum, Polygon, and Base. It prices leveraged positions on forex (EUR/USD, GBP/USD, USD/JPY and others), stocks (AAPL, TSLA, NVDA, GOOGL and more), and commodities (gold, silver, crude) from Chainlink feeds, with the gToken vault as counterparty. There is no order book; you trade against the vault. Its two genuine edges over Hyperliquid are leverage and chain flexibility. Forex leverage on gTrade runs into the triple digits, well above what an order-book venue will give you, and you can trade from whichever of its supported L2s you already hold funds on. The trade-offs are the ones inherent to the vault model: pricing comes off an oracle rather than a live book, so you inherit the feed's update cadence, and costs are a spread plus opening, closing, and rollover fees rather than a simple taker rate. For small-to-mid forex and index positions it is genuinely competitive; for large size, the vault-versus-book question matters. ### dYdX: Crypto Only dYdX v4 is a strong decentralized order-book exchange, and it shows up on nearly every "Hyperliquid alternative" list. For non-crypto perps it does not belong here: dYdX lists crypto perpetuals only. There are no stock, commodity, index, or FX markets on it. If your goal is BTC or a long-tail alt perp it is a real competitor, and we cover that in the [Hyperliquid vs dYdX comparison](/compare/hyperliquid-vs-dydx). For anything non-crypto, it is not an option. ### GMX: Crypto Only Same verdict as dYdX, different architecture. GMX v2 on Arbitrum trades crypto perps against its GM pools and offers high leverage on majors, but it lists no stocks, commodities, indices, or FX. It is a fine crypto venue and nothing more for this use case. ### Aster: Crypto Focused Aster (formerly APX / Astherus) is a multi-chain perp DEX known for high leverage and aggressive incentives. Its market list is crypto-centric, and I have not seen it list a genuine, liquid stock or commodity perp, so I would not point you there for non-crypto exposure. If you are weighing it as a crypto venue instead, our sister site [Asterpedia](https://asterpedia.com) covers Aster in depth, and we have a direct [Hyperliquid vs AsterDEX comparison](/compare/hyperliquid-vs-asterdex). ### Injective / Helix: Real but Verify First Injective is a Cosmos-based L1 and Helix is its main DEX frontend, and this is the one venue in the honest-but-hedged column. Helix has listed equity, FX, and index perpetuals at various points, built on Injective's oracle and RWA tooling. The problem is consistency: these markets rotate, and liquidity on the non-crypto side has historically been thin compared to the crypto books. So Injective genuinely can do non-crypto perps, but I would not promise a specific ticker is live and deep right now. Check the current Helix market list before you rely on it. ### Centralized Tokenized Stocks: Not Perps, and KYC A quick word on the centralized side, because it gets conflated with this category. Exchanges like Bybit and Kraken rolled out tokenized equities (the xStocks products) in 2025, and others like Gate.io have offered similar. Two things to know: these are almost always spot tokens, not perpetuals, and they require full KYC. Binance ran tokenized stocks briefly in 2021 and shut them down under regulatory pressure. If you specifically want leveraged, no-KYC, non-custodial exposure, centralized tokenized stocks do not fit the brief. They are a different product for a different user. That line blurred a little in August 2026, when [xStocks deployed ten of those same tokens on Hyperliquid's own spot markets](/ecosystem/xstocks-tokenized-stocks-hyperliquid). The tokens now trade on a permissionless order book, but the product underneath is unchanged: spot, not perps, with the issuer still excluding US and UK persons from minting and redemption. It widens where you can trade them, not who the product is for. [Get 4% Off Fees on Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) --- ## Side-by-Side: Coverage, Fees, KYC | Venue | Stocks | Commodities | Indices | FX | Fee Model | KYC | |---|---|---|---|---|---|---| | **Hyperliquid HIP-3 (trade.xyz)** | Yes | Yes | Yes | Yes | 0.09% taker / 0.03% maker | No | | **Ostium** | Limited | Yes | Yes | Yes | Open/close fee + funding | No | | **gTrade (Gains)** | Yes | Yes | No (indices vary) | Yes | Spread + open/close/rollover | No | | **Injective / Helix** | Rotating | Rotating | Rotating | Rotating | Varies | No | | **dYdX v4** | No | No | No | No | 0.05% taker / 0.02% maker | No | | **GMX v2** | No | No | No | No | 0.05-0.07% dynamic | No | | **Aster** | No | No | No | No | Low taker | No | | **Bybit / Kraken tokenized stocks** | Spot only | No | No | No | Spot fees | Yes | Coverage columns describe what each venue genuinely lists as tradable perps, not what it could theoretically support. "Rotating" for Injective/Helix means listings exist but change, so verify before trading. Fee figures are current base-tier rates; check each venue's live schedule before sizing a position. --- ## Which One to Pick **For stocks (NVDA, TSLA, MU and friends):** Hyperliquid HIP-3 via trade.xyz is the default. It lists the most large-cap US names on a real order book with a flat, readable fee. gTrade is the backup if you want higher leverage or you are already on Polygon or Base and do not want to bridge. **For commodities (oil, gold, gas):** this is Ostium's home turf. Its commodity and FX coverage is deeper than most, and the oracle-settled model handles these markets well. Hyperliquid HIP-3 also lists gold, silver, and crude, so if you want commodities alongside stocks and indices in one account, keep it on Hyperliquid. **For indices and FX:** Ostium and gTrade both cover FX with high leverage; Hyperliquid HIP-3 carries a Nasdaq 100 market and majors. Pick on leverage need and which chain you already sit on. **For pre-IPO and broader RWA exposure:** watch the HIP-3 builder layer rather than a fixed catalog. New real-world-asset markets appear as builders deploy them, and the live markets hub is the source of truth for what is currently tradable. > **Key takeaway:** **Bottom line:** the honest shortlist for non-crypto perps is Hyperliquid HIP-3, Ostium, and gTrade, with Injective as a check-first option. dYdX and GMX are crypto-only despite their ranking, and centralized tokenized stocks are a KYC spot product, not a perp. For coverage across all four asset classes in one non-custodial account, Hyperliquid HIP-3 is the strongest single pick. **One Account, Four Asset Classes** — Trade equity, commodity, index, and FX perps on Hyperliquid HIP-3 markets with a 4% lifetime fee discount. No KYC, USDC settlement. [Join Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) Use referral code Concept211 at signup to lock in the discount. See the [referral page](/referral) for how it works, then check which non-crypto markets are live today before you size a position. --- # What Is Hyperliquid? The On-Chain Perps DEX Explained (2026) > Hyperliquid is an on-chain perpetuals DEX with its own Layer 1, a live order book, self-custody, and no KYC. Here is what it is, what you can trade, and how it differs from Binance. *Source: https://hyperliquidguide.com/ecosystem/what-is-hyperliquid* Hyperliquid is an on-chain perpetuals exchange that runs on its own Layer 1 blockchain. You trade crypto, stocks, and commodities with leverage against a real order book, the same kind Binance or the Nasdaq uses, except that order book lives on a public chain instead of on a company's private servers. Your funds stay in your own wallet the entire time. There is no sign-up, no identity check, and no company that can freeze your balance. That combination is what people mean when they call Hyperliquid a DEX (a decentralized exchange) rather than a CEX (a centralized exchange like Coinbase). The platform settles [live data] in trades on an average day across [live data] perp markets, and it does it without charging gas on individual orders. If you have used a centralized exchange before, the interface will feel familiar within a minute. The real difference is who holds your money: you do. > **Key takeaway:** Hyperliquid is a decentralized perpetuals exchange built on a custom Layer 1. It pairs a live on-chain order book with self-custody and no KYC, so you get centralized-exchange speed and depth without handing your funds to a company. This page covers what it is; for the deep architecture, see [how Hyperliquid works](/guides/getting-started/how-hyperliquid-works). --- ## DEX vs CEX: what actually makes Hyperliquid different Most people arrive at Hyperliquid from a centralized exchange, so the useful question is what changes when you switch. If you are arriving from a stock app instead, [Hyperliquid vs Robinhood](/compare/hyperliquid-vs-robinhood) covers that jump, and [is Hyperliquid a stock](/guides/getting-started/is-hyperliquid-a-stock) clears up the most common mix-up. On a centralized exchange, you create an account, verify your identity, and wire money into wallets the company controls. Their matching engine runs on servers you never see. You are trusting them to hold your funds, price your trades honestly, and let you withdraw when you ask. That trust usually holds. When it fails, it fails badly, and FTX is the reminder nobody in this market has forgotten. Hyperliquid removes the company from the middle. You connect a self-custody wallet, and that wallet signs every order. The order book is not a black box on a private server; it is state on the Hyperliquid chain, validated by a public set of nodes. Anyone can read it. Nobody can quietly freeze your account, because there is no account in the traditional sense, just your wallet and its balance. The table below is the short version. It is deliberately about *what Hyperliquid is*, not the consensus internals, which live in the [architecture guide](/guides/getting-started/how-hyperliquid-works). | Property | Hyperliquid (DEX) | Binance / Bybit (CEX) | |---|---|---| | Who holds your funds | Your wallet | The company | | Where the order book runs | On-chain, publicly readable | Private servers | | Account and KYC | None, wallet only | Email plus ID verification | | Can your balance be frozen | No | Yes | | Listing new markets | Permissionless (anyone can build) | Company decides | | Order matching | Central limit order book | Central limit order book | | Speed and feel | CEX-like, sub-second | CEX | The last two rows are the point. Hyperliquid did not trade away performance to get decentralization. It uses the same order-book model a professional trader expects, with real bids and asks and tight spreads, rather than the automated market maker pools that older DEXs relied on. You get the trading experience of Binance and the custody model of your own wallet. Older DEXs made you pick one. > **Note:** Want the side-by-side numbers on fees, leverage, and liquidity? Read [Hyperliquid vs Binance](/compare/hyperliquid-vs-binance), or browse every matchup in the [comparison hub](/compare). **Trade From Your Own Wallet** — No account, no KYC, no company holding your funds. Get a 4% lifetime fee discount when you join through our referral link. [Open Hyperliquid and Save 4%](https://app.hyperliquid.xyz/join/Concept211) --- ## What you can trade on Hyperliquid Hyperliquid started as a crypto perps venue and has grown into something closer to a full exchange. Three broad categories: **Crypto perpetual futures.** This is the core product. You can go long or short on BTC, ETH, SOL, HYPE, and a long list of smaller-cap tokens, with leverage up to 150x on the majors. Perps have no expiry; a funding rate keeps their price tethered to spot. If futures are new to you, [perpetuals explained](/guides/trading/perpetuals-explained) is the primer. **Spot crypto.** Beyond leverage, Hyperliquid runs a native spot order book. You can buy and hold actual tokens, most notably [HYPE](/ecosystem/what-is-hype-token), the token that powers the chain. Spot pairs settle on the same L1, so there is no separate wallet or bridge to manage. The [spot trading guide](/guides/trading/spot-trading-guide) walks through it. **Real-world asset perps.** This is the part that surprises people. Through a framework called HIP-3, independent builders list perpetual markets on assets that are not crypto at all: individual stocks like Nvidia and Tesla, commodities like gold and crude oil, forex pairs, and stock indices. You trade them 24/7 from the same interface, with no broker and no market hours. The [traditional markets overview](/ecosystem/hyperliquid-traditional-markets) covers what is live. The practical upshot: one wallet, one balance in USDC, and access to crypto, equities, and commodities in a single order panel. On a traditional setup you would need a crypto exchange, a stock broker, and a futures account, each with its own login and its own custody terms. Because the RWA markets are permissionless, the list keeps growing as new builders deploy new tickers, and the same collateral covers all of it. You are never moving money between venues to switch from Bitcoin to gold to a tech stock. --- ## How it works under the hood (the short version) You do not need the internals to trade, but a few pieces explain why the experience feels the way it does. For the full breakdown, the [how Hyperliquid works](/guides/getting-started/how-hyperliquid-works) guide goes deep on consensus, order matching, and finality. Here is the outline. Hyperliquid runs two layers on one chain. **HyperCore** is the trading engine: it holds the order books and matches trades directly, which is why orders fill in under a second and cost no gas. **HyperEVM** is an Ethereum-compatible smart contract layer sitting alongside it, where lending protocols, stablecoins, and other apps get built. They share state, so those apps can plug straight into the order book without bridges. The chain is secured by a public validator set running a consensus protocol tuned for trading speed. Validators stake **HYPE**, the native token, which also pays gas on HyperEVM and funds a buyback that ties platform revenue back to the token. Trading on HyperCore itself is gas-free; the only on-chain cost you meet as a trader is a small Arbitrum fee when you bridge funds in or out. That is the whole model at a glance: a fast trading core, a smart-contract layer next to it, and a staked token holding the security together. Everything else is detail. --- ## Fees and the referral discount Hyperliquid's base fees start at 0.045% taker and 0.015% maker on perps, and drop as your 14-day volume grows or you stake HYPE. Spot trades start at 0.070% taker and 0.040% maker. There are no deposit fees and no withdrawal fees beyond the tiny bridge gas. Signing up through our [referral link](https://app.hyperliquid.xyz/join/Concept211) takes 4% off your trading fees for life, and it stacks with the staking tiers. The full schedule, including every VIP tier, is in the [fees explained](/guides/fees/fees-explained) guide. --- ## Is Hyperliquid safe, and who is behind it? Self-custody cuts both ways. Nobody can freeze or misappropriate your funds, but nobody can recover them either if you lose your keys or sign a malicious transaction. That trade is the honest cost of holding your own money, and it is worth understanding before you deposit. The [is Hyperliquid safe](/guides/getting-started/is-hyperliquid-safe) guide covers the real risk surface: the bridge, smart contract risk, and the wallet-hygiene habits that actually protect you. Hyperliquid was built by **Hyperliquid Labs**, a small team founded by Jeff Yan whose background is in high-frequency trading and market making. Hyper Foundation is a separate entity that supports ecosystem development; it is not the team that writes the protocol code, and the two should not be treated as interchangeable. Hyperliquid Labs has said publicly that it took no outside venture funding, and the published HYPE distribution shows no allocation to investors. If you want the founding story and the people involved, see [who created Hyperliquid](/ecosystem/who-created-hyperliquid). **Keep Custody, Skip the KYC** — Hyperliquid never holds your funds and never asks for your ID. Start with a 4% lifetime fee discount through our referral link. [Start Trading on Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) --- ## How to start Getting on Hyperliquid takes three steps and a few minutes. 1. **Connect a wallet.** Open the app at **[app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211)** and connect a self-custody wallet. If you do not have one yet, the [getting-started hub](/guides/getting-started) walks through setup for MetaMask, Rabby, and others. 2. **Fund your balance.** Move USDC onto the chain with the [bridge to Hyperliquid](/guides/getting-started/bridge-to-hyperliquid). It runs from Arbitrum, takes a couple of minutes, and costs a few cents in gas. 3. **Place your first order.** Pick a market, choose long or short, set your size and leverage, and confirm in your wallet. From here on, placing and canceling orders is free. That is the entire path from curious to trading. Hyperliquid is a decentralized exchange that behaves like a centralized one, minus the account, the ID check, and the risk that someone else is holding your money. **Ready to Trade?** — Join Hyperliquid and lock in a 4% lifetime fee discount with our referral link. No KYC, no gas on trades, self-custody by default. [Join Hyperliquid and Save 4%](https://app.hyperliquid.xyz/join/Concept211) --- # Hyperliquid Trading Strategies — Automated Market-Making, Funding Arb & Risk Controls (2026) > A working trader's playbook for automated strategies on Hyperliquid: market-making, funding-rate arbitrage, trend and mean-reversion, plus the risk controls and 24/7 operations that keep an unattended bot alive. *Source: https://hyperliquidguide.com/guides/trading/hyperliquid-trading-strategies* Building a bot is the easy part. Deciding *what* it should trade, and keeping it alive when a machine is executing at 3am and the funding rate flips, is where most automated traders lose money. This guide is the strategy-and-operations companion to our [trading bot setup guide](/guides/trading/trading-bot-setup-guide): that one covers wiring up API wallets and the Python SDK, this one covers the strategies worth running, the risk controls that keep them from blowing up, and what actually breaks when a bot runs 24/7. I have been writing trading bots since 2016, across centralized order books, DeFi AMMs, and now on-chain perpetuals. The strategies below are not textbook definitions. They are the handful that hold up on Hyperliquid's on-chain CLOB, with the caveats I wish someone had told me before I lost money learning them. > **Key takeaway:** Hyperliquid's zero-gas execution, hourly funding, and maker rebates favor high-frequency, liquidity-providing strategies over one-shot directional bets. But the strategy is maybe 30% of the outcome. Position caps, loss limits, a tested kill switch, and reconnection logic are what separate a bot that compounds from one that liquidates while you sleep. ## Can you run automated trading strategies on Hyperliquid? Yes, and the exchange is built for it. Hyperliquid exposes a full REST and WebSocket API, dedicated API wallets that can trade but never withdraw, and roughly 1,200 requests per minute of headroom, all with zero gas per order. That means you can place, cancel, and requote thousands of times a day without execution costs eating the edge, which is exactly what automated market-making and arbitrage strategies need to work. The mechanics of connecting are covered in the [setup guide](/guides/trading/trading-bot-setup-guide); this article assumes you can already place an order and focuses on which strategy to run. --- ## The four strategy families that fit Hyperliquid's CLOB Every automated strategy is a bet on one of two things: that price will stay in a range, or that it will move. Hyperliquid's on-chain central limit order book, hourly funding, and [maker rebates](/guides/fees/fees-explained) tilt the economics toward liquidity-providing, range-based strategies, but momentum plays have a place when volatility expands. Here are the four families that earn their keep, and where each one fits. ### Market-making Market-making means continuously quoting a bid below and an ask above the mid price, earning the spread plus the maker rebate every time both sides fill. On Hyperliquid the maker rebate (0.015% on perps at base tier, better with [HYPE staking tiers](/guides/fees/fee-tiers)) means you are literally paid to provide liquidity, and zero gas lets you maintain dense, frequently-refreshed quote ladders. The catch is inventory: when the market trends, one side fills repeatedly and you accumulate a position moving against you. **When it works:** calm, range-bound, liquid markets. **What kills it:** trending markets and toxic flow. The fix is *inventory skewing*: widen and pull back the quote on the side you are already long or short, so the book naturally pushes you back to flat. A market maker without inventory management is a machine for buying high and selling low. ### Funding-rate arbitrage Funding-rate arbitrage captures the [funding rate](/guides/trading/funding-rates-explained) as yield by holding a delta-neutral position: short the perp on Hyperliquid while holding the equivalent spot (or an offsetting long elsewhere) so price movement nets out and you keep the funding. Because Hyperliquid settles funding hourly rather than every eight hours like most centralized venues, you collect more frequently and can exit faster when a rate normalizes. During momentum periods, altcoin perp funding can run above 0.1% per settlement. **When it works:** when funding is persistently elevated and you have inventory on both legs. **What kills it:** basis drift (the spot and perp legs diverge), fees on both legs, and rates mean-reverting before you have earned enough to cover the round trip. It is a real edge but a low-return, capacity-heavy one, so treat it as a yield strategy, not a get-rich trade. ### Trend and breakout Trend strategies enter in the direction of a confirmed move (a break above resistance, a moving-average crossover, a volatility expansion) and ride it with a trailing or fixed stop. Unlike the two strategies above, this is directional: you are betting price moves and accepting that most signals fail while a few large winners pay for the losers. Hyperliquid's sub-10ms WebSocket price feed gives a bot the reaction time to enter on the break rather than three candles late. **When it works:** when volatility expands and markets trend cleanly. **What kills it:** chop. In range-bound conditions a breakout bot gets whipsawed on every false break. Pair it with a regime filter (only trade breakouts when realized volatility is rising) and it stops bleeding in sideways markets. ### Mean-reversion Mean-reversion is the mirror image: fade extreme moves on the assumption price snaps back to a short-term average. A bot buys sharp dips and sells sharp rips within a defined band, often sized so it scales in as the move extends. On a liquid perp with tight spreads this can be a steady earner in ranging conditions. **When it works:** range-bound markets with mean-reverting microstructure. **What kills it:** a genuine trend or a liquidation cascade. The very moment "it always bounces" stops being true is the moment mean-reversion hands back weeks of profit. A hard stop and a maximum scale-in count are non-negotiable, because the strategy's instinct is to add to a losing position. > **Note:** **The honest truth about picking a strategy:** no single strategy earns in every regime. Market-making and funding arb sit flat or lose in strong trends; trend and breakout bleed in chop. Serious operators run two or three *uncorrelated* strategies so that when one is in its bad regime, another is earning. Diversification across strategies matters more than optimizing any one of them. **4% Off Every Automated Trade** — The referral discount applies to all API-placed orders. Across a market-making or arbitrage bot's thousands of daily fills, that discount compounds into real money. [Get Your Discount](https://app.hyperliquid.xyz/join/Concept211) --- ## Risk controls for unattended execution A bot loses money faster than a human because it never hesitates. The single most important thing I have learned in a decade of automation is that risk controls are not a feature you add later. They are the first thing you build, before a single line of strategy logic. Here are the controls that every unattended strategy on Hyperliquid needs, in priority order. 1. **Maximum position size.** A hard cap on exposure per asset, checked every loop. This is the backstop against a runaway strategy, whether a market maker that keeps getting filled on one side or a mean-reversion bot scaling into a trend. If the cap is hit, the bot stops adding and, ideally, starts reducing. 2. **Daily loss limit.** If cumulative loss for the day exceeds a set threshold, the bot cancels everything and halts until you manually restart it. No exceptions, no "it'll come back." Most catastrophic bot losses are a bad day that the operator let run because they were not watching. 3. **Kill switch.** A single command that cancels all open orders and flattens every position immediately. Build it early, and *test it regularly*, because the one time you need it is during an outage or a fat-finger config change, and a kill switch you have never tested is a kill switch that does not work. 4. **Stale-order detection.** Orders sitting at a price the market has moved away from are free money for someone else. If a quote is more than N seconds old and price has moved beyond a threshold, cancel it. This is the fastest way to stop bleeding on a laggy loop. 5. **Connection monitoring.** If the WebSocket drops or REST calls fail several times in a row, cancel all open orders *before* attempting to reconnect. The worst state a bot can be in is disconnected with live orders it can no longer manage. > **Warning:** **Leverage multiplies every one of these risks.** A strategy that uses [leverage](/guides/trading/leverage-trading-guide) can be [liquidated](/guides/trading/liquidation-explained) in a move that a spot position would shrug off: a 10x position is gone on a 10% adverse move. For automated strategies, keep leverage low (2-3x at most) unless you have genuine hedging in place. A liquidation is the one loss you cannot recover from by waiting. The reason to write these first is that funding and liquidation mechanics behave differently when a machine is trading. A human notices funding turning against a position and closes it; a bot holds it through settlement after settlement unless you coded the check. A human sees a liquidation cascade forming and steps aside; a mean-reversion bot buys straight into it. Every one of these controls exists because I have watched a bot do the dumb thing while I was asleep. --- ## Running a strategy 24/7: infrastructure and monitoring Running a strategy around the clock is an operations problem as much as a trading one. The bot needs to run somewhere reliable, reconnect cleanly when the network hiccups, and, most importantly, tell you the moment something is wrong. The strategy can be perfect and you will still lose money if the process dies silently at 4am and you find out at noon. **Where to run it.** A small cloud VPS geographically close to the exchange (Tokyo or Singapore for Hyperliquid) minimizes round-trip latency; the difference between 50ms and 200ms matters for competitive market-making and breakout entries. Run the bot under a process supervisor (systemd, pm2, or a container with a restart policy) so a crash restarts automatically, but pair auto-restart with a startup check that cancels any orphaned orders from the previous run before quoting again. **What to monitor and alert on.** Push alerts to Telegram or similar for: every fill, position changes beyond a threshold, any risk-control trigger, and, critically, a heartbeat. If the bot has not checked in for N minutes, that silence should page you. The failures that hurt are not the loud errors that print a stack trace; they are the silent ones where the process is alive but the strategy loop has stalled. Log obsessively for the first month of any new strategy, and watch it like a hawk, because the conditions that expose a bug are always the ones you did not simulate. > **Tip:** **Reconnection logic is where amateurs and professionals differ.** Networks drop, WebSockets die, the exchange has maintenance windows. Assume every connection will fail and design for it: on disconnect, cancel open orders, back off exponentially, reconnect, re-sync state from the REST API, and only *then* resume quoting. A bot that resumes trading on stale state after a reconnect is more dangerous than one that stays offline. --- ## Backtest, then paper-trade, then risk real money Never take a strategy from idea straight to live capital. There are two validation steps, and they prove different things. Backtesting against historical data proves the *strategy* has an edge; paper-trading on testnet proves your *execution* (order handling, rate-limit behavior, reconnection) actually works. Skip either one and you are debugging with real money, which is the most expensive classroom in the world. **Backtesting.** Pull historical candles and funding from the Hyperliquid API and replay your strategy logic against them. The goal is not a beautiful equity curve. What matters is understanding how the strategy behaves in the regimes it will hate: a strong trend for a mean-reversion bot, a chop for a breakout bot. Be ruthless about costs; include realistic fees and slippage, because a strategy that only works at zero cost does not work. **Paper-trading on testnet.** Hyperliquid's testnet mirrors the live API surface with free faucet USDC. Run the bot there for at least a week before mainnet. This is where you catch the bugs backtesting cannot: how your order sizing rounds against real tick sizes, whether your rate-limit handling holds up, what happens when a fill arrives while you are mid-requote. Switch to mainnet only after the bot has behaved on testnet through at least one volatile session. > **Note:** **Watch your assets and funding live while you develop.** Keep an eye on the [markets you plan to trade](/markets) and their real-time [funding rates](/guides/trading/funding-rates-explained): a strategy tuned to yesterday's regime can be wrong today, and seeing the live data next to your backtest assumptions is the fastest sanity check there is. --- ## How automation changes the fee math Fees look trivial on a single trade and dominate the outcome across thousands. Any automated strategy lives or dies on its all-in cost per round trip, and Hyperliquid gives you several levers to lower it: the [maker rebate](/guides/fees/fees-explained), the [HYPE-staking fee tiers](/guides/fees/fee-tiers), and the referral discount all stack. For a market maker or arbitrage bot placing thousands of maker orders a day, moving from taker to maker fills and climbing one staking tier can be the entire difference between a profitable strategy and a losing one. The practical implications for strategy design: - **Prefer maker fills.** A strategy that pays the taker fee on every entry has a much higher hurdle than one that provides liquidity and collects the rebate. Where the strategy allows, quote passively and let the market come to you. - **Spot volume counts double** toward fee-tier progression, so a bot that touches spot markets climbs tiers faster. - **The referral discount (4% on the first $25M of volume) applies to API orders too,** so for a high-frequency bot it compounds across every fill. - **Model fees into the backtest,** not as an afterthought. The strategies that survive contact with real costs are the ones you costed honestly before deploying. **Start Automating on Hyperliquid** — Create your account, fund an API wallet, and run your first strategy with a 4% lifetime fee discount on every trade. [Join Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) --- ## A decade of bot development, distilled After ten years of building trading bots across every kind of exchange, the lessons that matter most are not about clever strategies. They are about discipline and operations. If you take nothing else from this guide, take these: 1. **Start with the simplest strategy that has an edge.** A single-pair market maker or a basic funding-arb bot. Get deployment, monitoring, and risk controls rock-solid before adding strategy complexity. Complexity you cannot monitor is risk you cannot see. 2. **Risk management is the strategy.** Two traders can run the identical signal and one compounds while the other blows up. The difference is position sizing, loss limits, and a kill switch that actually works. 3. **Every edge decays.** Markets change, competition arrives, and the strategy that printed last quarter goes flat. The skill is not writing one perfect bot; it is continuously adapting and retiring strategies that have stopped working. 4. **Automation removes hesitation, which cuts both ways.** A bot executes your discipline flawlessly and your bugs flawlessly. Respect that symmetry. If you have not built the bot yet, start with the [trading bot setup guide](/guides/trading/trading-bot-setup-guide) for API wallets and the Python SDK, then reach for the [Hyperliquid API guide](/guides/trading/hyperliquid-api-guide) for endpoint-level mechanics and order types. Prefer to follow a proven trader instead of writing your own logic? [Copy trading](/guides/trading/copy-trading-guide) mirrors another account's strategies automatically. And if you still need to fund your account, the [deposit guide](/guides/getting-started/deposit-usdc-to-hyperliquid) covers every route onto Hyperliquid. [Get 4% Off Every Automated Trade](https://app.hyperliquid.xyz/join/Concept211) --- # Hyperliquid vs Polymarket (2026): HIP-4 Outcome Markets vs Prediction Markets > Hyperliquid's HIP-4 outcome markets vs Polymarket compared: settlement, fees, market creation, liquidity, and custody. Which is better for trading outcomes in 2026? *Source: https://hyperliquidguide.com/compare/hyperliquid-vs-polymarket* **Hyperliquid vs Polymarket** | Feature | Hyperliquid (HIP-4) | Polymarket | |---------|---------------------|------------| | **Primary use** | Perps exchange plus outcome markets | Dedicated prediction market | | **Chain / Settlement** | Hyperliquid L1 (HyperCore) | Polygon | | **Settlement asset** | USDC (AQAv2) | USDC | | **Trading fees** | None today; about half of spot after the next upgrade, plus up to a 50% deployer share on permissionless markets | No explicit trading fee | | **Market creation** | Validator-deployed on mainnet; permissionless live on testnet since July 31, 2026 | Curated by Polymarket team | | **Resolution** | Internal mark price / validator consensus | UMA optimistic oracle | | **Liquidity model** | Fully on-chain CLOB, shared with perps | Off-chain order book, on-chain settlement | | **Market breadth** | Recurring price outcomes plus canonical events | Thousands of real-world event markets | | **Custody** | Self-custody (non-custodial) | Self-custody (non-custodial) | | **KYC** | No | No (geo-restricted; regulated US access re-emerging) | > **Tip:** **The one-line difference:** Polymarket is the category leader for betting on real-world events, with unmatched breadth and zero trading fees. Hyperliquid's HIP-4 turns outcome trading into a composable instrument that shares margin with your perps, a structural edge no standalone prediction market can match. The trade-off is that Hyperliquid's live market set is narrower today. ## Hyperliquid vs Polymarket at a glance Polymarket is a dedicated prediction market on Polygon where you trade thousands of curated real-world event contracts (elections, sports, culture) with no explicit trading fee and UMA-oracle resolution. Hyperliquid is primarily a perpetuals exchange whose **[HIP-4 outcome markets](/ecosystem/hip-4-outcome-trading)** add fully collateralized outcome contracts on its own Layer 1, settled to internal price data or validator consensus and margined alongside your perps. Both let you trade discrete outcomes, but Polymarket wins on the breadth of events while Hyperliquid wins on composability and on-chain execution. > **Key takeaway:** Polymarket is the best pure prediction market: the widest set of real-world event markets, zero trading fees, and deep liquidity on marquee questions. Hyperliquid's HIP-4 is the best outcome primitive for crypto-native traders who also run perps, because outcome positions share collateral with your futures for prime-brokerage-style capital efficiency, all on a fully on-chain order book. Which one fits depends on whether you are betting on world events or trading price outcomes with cross-margin. ![Hyperliquid trading interface showing on-chain order book and chart](/images/compare/shared/hyperliquid-trading-interface.webp) ![Polymarket homepage showing trending prediction markets across sports, politics, and crypto categories](/images/compare/hyperliquid-vs-polymarket/polymarket-trending-markets-homepage.webp) *Source: [Polymarket](https://polymarket.com) — used under fair use for educational purposes* **Trade Outcomes and Perps on One Account** — Hyperliquid puts perps, spot, and HIP-4 outcome markets in a single margin account. Sign up through our referral link for a 4% lifetime fee discount. [Start Trading - Save 4% on Fees](https://app.hyperliquid.xyz/join/Concept211) --- ## How each one creates markets Market creation is the sharpest philosophical split between the two. Polymarket curates: its team defines each market and resolution runs through the **UMA optimistic oracle**, where a proposed result stands unless someone disputes it within a challenge window. Hyperliquid takes the opposite tack. Outcome markets are deployed by validators on mainnet today, and a **permissionless model** already running on testnet lets anyone deploy from validator-approved templates. The trade-off is editorial quality control versus open, template-gated deployment. ### Polymarket's curated, oracle-resolved model On Polymarket, you do not deploy your own market; the platform lists them. Each contract is a binary or multi-outcome question ("Will X happen by date Y?") whose shares trade between 0 and 1 USDC and pay out 1 USDC to the winning side at resolution. Resolution leans on UMA's optimistic oracle: a proposer submits the outcome, and it finalizes unless a disputer stakes against it and escalates to UMA's token-holder vote. This works well for clean, well-worded questions, but it has produced contested resolutions when a market's wording is ambiguous, which is the recurring failure mode of oracle-based prediction markets. ### Hyperliquid's validator-deployed and (proposed) permissionless model Hyperliquid's live HIP-4 markets are **validator-deployed**. The recurring dailies, which are binary and range outcomes on BTC, ETH, HYPE, and SOL, settle to Hyperliquid's own mark price at 06:00 UTC with no external oracle at all. For real-world events, **[canonical outcome markets](/ecosystem/hyperliquid-canonical-outcome-markets)** let validators deploy and settle markets on offchain events through an automated newsfeed and validator voting. The bigger shift is **[HIP-4 permissionless deployment](/ecosystem/hip-4-permissionless-deployment)**, which went live on **testnet on July 31, 2026** and picked up a substantial second release on **August 14**. Deployers activate, instantiate **validator-voted templates**, and settle their own markets through a documented actions API, with no gas cost and no auction. The August release added a configurable deployer fee scale, the ability to add outcomes to a question that is already trading, and template families for sports fixtures and central bank rate decisions, which are exactly the categories Polymarket dominates. Mainnet limits are now published too: **100 concurrent outcomes and 500 deployments per day** per deployer at launch, rising to 1,000 and 5,000. Against a **500,000 HYPE** stake and slashing for mis-settled markets, that is a real business rather than a hobby. Testnet already carries 47 registered deployers and 321 outcomes, against 8 outcomes on mainnet. Permissionless deployment still has not shipped to mainnet, so today the practical menu of Hyperliquid outcome markets remains much narrower than Polymarket's, but the gap is a rollout schedule rather than a missing feature. > **Warning:** HIP-4 permissionless deployment is **live on testnet, not on mainnet**, as of August 2026. The 500k HYPE stake and the slashing terms can still change. What is live on mainnet is the validator-deployed set: recurring price dailies and canonical offchain-event markets, currently trading with no fee at all. Do not assume a Polymarket-scale event menu on Hyperliquid yet. --- ## Liquidity and execution Both platforms are non-custodial and settle on-chain, but they match orders very differently. Hyperliquid runs a **fully on-chain central limit order book**. Every order, cancel, and fill lives on its Layer 1, and outcome contracts share the same [HyperCore engine and margin system](/guides/trading/unified-accounts-guide) as its perps. Polymarket uses a **hybrid model**: orders are matched off-chain by Polymarket's operator for speed, then fills settle on-chain on Polygon. Hyperliquid maximizes on-chain transparency; Polymarket optimizes for a snappy, low-friction consumer experience. Polymarket's liquidity is concentrated where attention is. Marquee markets like a major election or a heavily-covered sports final can carry deep books and tight spreads, while long-tail questions are thin. Hyperliquid's recurring price outcomes inherit liquidity from the assets they track, since BTC, ETH, HYPE, and SOL are its largest perp markets, and a new opening market goes through a **15-minute call auction** to establish a fair starting price rather than letting the first trades set it. For a trader, the practical read is simple: Polymarket for depth on the biggest real-world questions, Hyperliquid for clean price-outcome markets that plug into an already-liquid order book. > **Note:** Explore live Hyperliquid data and the current outcome-market lineup: [Markets page](/markets) · [Funding Rates](/tools/funding-rates) · [Open Interest](/tools/open-interest) --- ## Fees and settlement Both platforms settle in **USDC**, so on payout there is no denomination difference. Fees are closer than they used to be. **Polymarket charges no explicit maker or taker trading fee**, and right now neither does Hyperliquid: outcome markets on mainnet are free while the primitive is still validator-deployed. That ends at the next network upgrade, which Hyperliquid announced on August 14, 2026 will switch fees on with an **average outcome fee of half ordinary spot trading**, roughly 0.035% against the 0.070% spot taker base. Even then the comparison is not a straight rate-against-zero. Hyperliquid charges only when you close or settle, never when you open, so a round trip costs one fee rather than two, and there are no maker rebates in either direction. Permissionless-deployed markets will layer a **deployer fee scale between 0 and 10** on top, where the maximum means twenty times the base rate. Polymarket still wins on headline cost once fees arrive, but "free versus expensive" overstates it. The honest nuance is that a headline fee is not the whole cost of a position. Hyperliquid's edge is **composability**: because HIP-4 outcome positions live in the same account as your perps and share collateral, HyperCore can offset negatively correlated risk across the two. If you are long BTC perps and hold a downside outcome contract as a hedge, your total margin requirement is lower than holding each in isolation. Polymarket cannot do this, because it has no futures engine to cross-margin against, so every position is capital-isolated. For a trader who only bets on events, Polymarket's zero fee is the better deal. For a trader running perps and outcomes together, Hyperliquid's capital efficiency can outweigh a small per-trade fee. Run your own numbers against the [Hyperliquid fee structure](/guides/fees/fees-explained). [Get 4% Fee Discount](https://app.hyperliquid.xyz/join/Concept211) --- ## Trader due diligence: evaluating a market before you trade Diligence looks different on each platform. On Polymarket, the market already exists and the main risk is **resolution ambiguity**, so read the exact wording and the resolution source before you trade. UMA disputes almost always trace back to a poorly-worded question rather than a broken oracle. On Hyperliquid, the recurring price dailies are unambiguous, since they settle to a published mark price, but a **freshly permissionless-deployed** market, once mainnet deployment opens, puts more of the diligence on you: which template it instantiates, the deployer's track record, and the depth of the book. Before putting real size into any newly-listed outcome market, the checklist from our [HIP-4 permissionless deployment guide](/ecosystem/hip-4-permissionless-deployment) applies directly: - **State the resolution in one sentence.** If you cannot say exactly what makes the market resolve YES or NO and when, do not trade it. This is the single most common way outcome traders get burned, on both platforms. - **Check book depth against your size.** A market can post real volume and still have a thin resting book between bursts. Size to the depth you actually see. - **Verify the settlement source.** On Polymarket, that is the UMA resolution source. On Hyperliquid, it is the mark price or the template's settlement criteria. Know it before you fund the position. - **Weigh the deployer or lister.** On a permissionless HIP-4 market, a deployer with a clean history and 500k HYPE staked against slashing is safer than an anonymous operator's first market. On Polymarket, the market is curated by the platform, which removes this variable. > **Tip:** When the same outcome exists in more than one place, say a daily BTC price bet, trade the **deepest** instance, not the first one you find. The version with the tightest spread and thickest book usually gives you a better all-in price than a headline fee number alone suggests. --- ## Consumer front-ends and UX Polymarket's interface is its superpower: a clean, familiar feed of trending markets across politics, sports, crypto, and culture, with email-wallet onboarding that hides the crypto plumbing entirely. It feels like a mainstream app. Hyperliquid's Outcomes tab is closer to that than the rest of its interface would suggest. Markets appear as cards with Yes and No odds, an implied percentage, and 24-hour volume, sorted under All, Crypto, Economics, and Sports tabs. You can read the state of a market at a glance without touching an order book. What it does not have is Polymarket's onboarding: you still connect a wallet rather than signing up with an email, and the market count is a fraction of Polymarket's. The remaining gap is breadth and discovery rather than raw usability, and that is what [permissionless deployment](/ecosystem/hip-4-permissionless-deployment) is meant to close once it reaches mainnet. Third-party front-ends can also wrap the same HIP-4 contracts in their own interfaces, since the primitive is open to anyone who wants to build on it. **Outcome Markets, Perps, and Spot in One Place** — Hyperliquid gives you CEX-level execution with DeFi self-custody, plus outcome contracts that share margin with your perps. Join with our referral link for 4% off all trading fees. [Try Hyperliquid Now](https://app.hyperliquid.xyz/join/Concept211) --- ## Head-to-head summary --- ## The verdict: which should you use? **Polymarket is the better platform for betting on real-world events.** Nothing on Hyperliquid today matches its breadth of political, sports, and cultural markets, its zero trading fee, or its mainstream-friendly interface. If you want to trade "who wins the election" or "will this happen by year-end," Polymarket is the category leader and the obvious choice. **Hyperliquid's HIP-4 is the better outcome primitive for crypto-native traders.** Its defining feature is not the market menu; it is that outcome positions live in the same margin account as your perps and spot, delivering capital efficiency no isolated prediction market can offer. Add a fully on-chain order book, zero gas on its native L1, and USDC settlement, and HIP-4 is the stronger tool for price-outcome trading and hedged, multi-instrument strategies. Its ceiling is high, because permissionless deployment is already running on testnet and the event menu could widen a lot once it reaches mainnet. That has not happened yet, so judge Hyperliquid on what is live on mainnet, meaning recurring price dailies and canonical markets, not on the roadmap. > **Key takeaway:** Choose **Polymarket** if you want the widest set of real-world event markets, no trading fees, and the simplest way to back a conviction. Choose **Hyperliquid's HIP-4** if you already trade perps and want capital-efficient, composable outcome exposure on a fully on-chain order book. They are less direct rivals than complementary tools: Polymarket owns event breadth today, Hyperliquid owns composability, and permissionless HIP-4 is the wildcard that could narrow the breadth gap over time. ### Who should use each - **Choose Polymarket if** your focus is real-world events like elections, sports, and culture, you want zero trading fees, and you value a mainstream, email-onboarding UX over on-chain purity. - **Choose Hyperliquid (HIP-4) if** you already trade perps, want outcome positions that cross-margin with your futures, prefer a fully on-chain order book, and are comfortable with a narrower but growing set of price-based and canonical outcome markets. **Bottom line:** Polymarket is the reigning prediction-market leader on breadth and cost, while Hyperliquid's HIP-4 is the composability play for traders who live on an exchange. To go deeper on the mechanics, read our **[HIP-4 outcome trading explainer](/ecosystem/hip-4-outcome-trading)** and the **[multi-outcome markets guide](/ecosystem/hyperliquid-multi-outcome-markets)**. For more matchups, see [Hyperliquid vs dYdX](/compare/hyperliquid-vs-dydx), [Hyperliquid vs GMX](/compare/hyperliquid-vs-gmx), and [Hyperliquid vs Drift](/compare/hyperliquid-vs-drift). Ready to try it yourself? Set up an account at **[app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211)** and lock in a 4% lifetime fee discount. **Ready to Trade Outcomes on Hyperliquid?** — Join with our referral link and save 4% on every trade: perps, spot, and HIP-4 outcome contracts. No KYC, no account creation, just connect your wallet. [Start Trading on Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) --- # HIP-4 Permissionless Deployment - Now Live on Hyperliquid Mainnet > HIP-4 permissionless deployment reached mainnet in August 2026. The first outside deployer, the seven-template mainnet catalog, the 0-10 fee scale and the deployer rules. *Source: https://hyperliquidguide.com/ecosystem/hip-4-permissionless-deployment* ## Outcome Markets Have Gone Permissionless on Mainnet **Update, August 31, 2026: permissionless HIP-4 deployment is live on mainnet.** Hyperliquid's weekly update confirmed the rollout, and the API backs it up. The mainnet template catalog, empty for the whole testnet period, now returns seven approved templates, and one deployer outside the protocol is already running markets under the venue name `skew`. The [deployer actions API](https://hyperliquid.gitbook.io/hyperliquid-docs/for-developers/api/hip-4-deployer-actions) that had only worked against testnet now answers on `api.hyperliquid.xyz`. The section below covers what the mainnet launch looks like in the data. The rest of this article documents the deployer rules, which carried over from testnet largely unchanged. > **Note:** **Earlier update, August 14, 2026.** The follow-up features Hyperliquid promised have landed on testnet, and they are substantial. Deployers can now add named outcomes to a question that is already trading, every template instantiation carries a configurable `deployerFeeScale` bounded between 0 and 10, a `shortString` type hint lets templates name the two sides of a market something other than Yes and No, and settlement details are pruned from L1 state. The template catalog also grew past price markets into sports and central bank rate decisions. Most importantly for anyone planning a business on this, the mainnet limits are now public: **100 concurrent outcomes and 500 deployments per day per deployer at launch**, expected to rise to 1,000 and 5,000. Each of these is covered in its own section below. That moves [HIP-4 outcome markets](/ecosystem/hip-4-outcome-trading) from validator-deployed to **permissionless deployment**, the same arc Hyperliquid ran with spot tokens and perpetual futures. Both started as validator-deployed primitives and only opened up once the technology had been battle-tested in production. As the team put it, the technology "required sufficient battle testing in a validator-deployed setting before scaling to permissionless deployment." > **Key takeaway:** HIP-4 permissionless deployment reached **mainnet at the end of August 2026**, a month after landing on testnet. Deployers stake HYPE and instantiate validator-voted templates to launch outcome markets with no gas cost and no auction. It is the outcome-market analog of [HIP-3 builder-deployed perps](/ecosystem/hip-3-builder-codes): the same 500k HYPE bond, the same 50% fee share, the same 6-month stake lock. ![Hyperliquid Outcomes page showing the validator-deployed daily binary markets on BTC, HYPE, ETH, and SOL alongside a multi-outcome BTC price range question](/images/ecosystem/shared/hyperliquid-outcomes-page.webp) *The Outcomes tab on **[app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211)** today. Every market shown here was deployed by validators. Permissionless deployment is what lets anyone else add to this list.* > **Warning:** **Testnet parameters are still not mainnet parameters.** Mainnet runs a far smaller template catalog and higher rate limits than testnet. Where this article quotes a testnet figure it says so, but the reliable move is to query the live endpoint for whichever network you are trading on rather than trusting any published table, this one included. --- ## What the Mainnet Launch Looks Like in the Data Two API calls settle the question of where things stand. `{"type":"outcomeTemplates"}` against the mainnet info endpoint returns the approved catalog, and `{"type":"outcomeMeta"}` returns every live outcome, question and deployer. Both were free of any permissionless activity through July and August. Here is what they returned on **August 31, 2026**. ### Seven Templates on Mainnet, and No Sports | Template | Role | Market it creates | |---|---|---| | `binaryPrice` | Standalone | `{perp}` above `{threshold}` at `{time}`? | | `priceTouch` | Standalone | `{perp}` touches `{target}` by `{time}` | | `scalarPrice` | Standalone | `{perp}` from `{low}` to `{high}` at `{time}` | | `policyRateDecision` | Question | `{institution}` `{decisionLabel}` rate decision | | `policyRateNoChange`, `policyRateDecrease`, `policyRateIncrease` | Question outcomes | The three named buckets on a rate decision | Two things about that list repay a second read. **The mainnet catalog is a fraction of the testnet one.** Testnet carried **55 templates** on the same day, including seven separate sports families covering head-to-head fixtures, tournaments, draws and scalar sports markets. None of them made the mainnet cut. Validators approved price markets and central bank rate decisions for real money and left everything sporting on the test network. If you were planning a business on HIP-4 sports markets, the deployment machinery is live but the templates you need are not. **Mainnet template IDs carry no version suffix.** Testnet has iterated up through `binaryPrice6` and `sportsContestWinner7`; mainnet approved plain `binaryPrice`, `priceTouch` and `scalarPrice`. The numbering did not carry across, so code ported from testnet cannot assume the IDs match. Nor are the specifications the old ones: mainnet's `binaryPrice` takes `seconds` and `priceDescription` keywords, which is the explicit TWAP window and price source that testnet only introduced at `binaryPrice4`. The mainnet catalog shipped the matured specification under the clean name. ### The First Deployer Outside the Protocol `outcomeMeta` lists two deployers on mainnet. One runs under the venue name `out` and holds the validator-deployed markets. The other is a third party running under the venue name **`skew`**, with seven live markets, all of them `binaryPrice` standalone outcomes. Their choice of underlying is the part worth noticing: | Underlying | Thresholds | Settles | Settlement source | |---|---|---|---| | `xyz:XYZ100` | 28,566 / 29,300 / 30,034 | 2026-09-04 20:00 UTC | Pyth US100 index, 90-second TWAP | | `xyz:SP500` | 7,546 / 7,700 / 7,854 | 2026-09-04 20:00 UTC | Pyth US500 index, 90-second TWAP | | `BTC` | 78,607 | 2026-08-31 16:00 UTC | Hyperliquid BTC perp trade, 90-second TWAP | Six of the seven reference `xyz:` markets, which is the prefix for [trade.xyz](/guides/trading/hyperliquid-xyz-explained), a [HIP-3 builder-deployed DEX](/ecosystem/hip-3-builder-codes). The first permissionless outcome markets on Hyperliquid mainnet are therefore built on top of permissionless perpetuals: a HIP-4 deployer instantiating a template against a Nasdaq 100 and S&P 500 index perp that a HIP-3 deployer listed. Neither market required a validator to approve it. > **Key takeaway:** The `hlPerp` template keyword accepts HIP-3 markets, not just native perps. That makes the two permissionless regimes composable: any perp a builder lists becomes an underlying that an outcome deployer can write binaries against. The first mainnet deployer went straight to [index perps on trade.xyz](/ecosystem/sp500-perpetual-hyperliquid) rather than to BTC and ETH, which is a reasonable read of where the demand is. Every one of the seven carries a `deployerFeeScale` of **1.0**, the neutral setting where traders pay twice the base rate and the deployer keeps half. Nobody reached for the ceiling on mainnet the way testnet deployers did. Across the whole mainnet set, `outcomeMeta` returns 42 outcomes and 2 questions, 33 of the outcomes instantiated from templates. ### Fees Are Switched On The mainnet `outcomeMeta` response now carries a top-level **`feeScale` of 1.0**, a field that did not exist while outcome markets traded free. That is the network upgrade this article previously flagged as the gate on permissionless deployment: a deployer's fee share needs a fee to take a share of. Hyperliquid's stated target for the base rate is an **average of half ordinary spot trading**, charged on closes and settlements rather than on opening a position, with no maker rebates. See the [HIP-4 outcome markets guide](/ecosystem/hip-4-outcome-trading) for how that charging model works in practice. --- ## The Deployer Lifecycle The deployer API is a working lifecycle, not a preview. Seven actions cover it end to end. | Action | What it does | |---|---| | `activateOutcomeDeployer` | Register as an outcome deployer under a venue name | | `deactivateOutcomeDeployer` | Step down as a deployer | | `registerStandaloneOutcomeFromTemplate` | Deploy a single YES/NO market from a template | | `registerQuestionFromTemplate` | Deploy a question with several named outcomes | | `registerAndAssociateNamedOutcomeFromTemplate` | Add a named outcome to a question that is already live (added August 14, 2026) | | `settleOutcome` | Settle one outcome | | `settleQuestion2` | Settle every remaining outcome on a question at once | Two things stand out immediately. **Deploying has no gas cost**, and there is no auction gate of the kind that governs [HIP-3 market slots](/ecosystem/hyperliquid-auctions-explained). Capacity is managed with rate limits and the staking requirement instead of with a price. ### Rate Limits, Testnet Through Mainnet Two caps apply, and the docs write both as variables with per-network values attached: - **At most 10 active outcomes per deployer** (`N=10` on testnet) - **50 deployments per day** (`M=50` on testnet) The August 14 announcement put numbers on the mainnet side of that ahead of launch. Mainnet is a staged rollout starting at **100 concurrent outcomes and 500 outcome deployments per day per deployer**, and Hyperliquid expects those to move up "quickly" to **1,000 concurrent and 5,000 per day** once the tech is stable. A design for further increases comes after that, based on feedback. | Limit | Testnet | Mainnet launch | Mainnet target | |---|---|---|---| | Concurrent outcomes per deployer | 10 | 100 | 1,000 | | Outcome deployments per day | 50 | 500 | 5,000 | The daily deployment cap is the number worth sitting with, because it is the one the original July proposal never mentioned. A concurrency cap of 100 says how big a book you can carry. A cap of 500 deployments per day says how fast you can churn it, and churn is the whole business model for recurring markets. A deployer running daily binaries on 100 assets burns 100 deployments every 24 hours just to keep the lights on. At the 5,000 target that becomes a rounding error, but at 500 it is a fifth of the budget, so the first wave of mainnet deployers will have to choose between breadth and turnover. ### The Staking Requirement in Practice The docs frame staking as a condition rather than a one-time payment. A deployer "must maintain the staking requirement for as long as it remains an outcome deployer," with a **183-day minimum stake duration**, which is the six-month lock the July proposal described. Staking requirements also **stack** with any other deployer obligations, so an entity already running a HIP-3 perp DEX does not get to reuse the same bond for outcome deployment. ### How Templates Are Instantiated Validators vote templates into existence and deployers fill in the blanks. A template carries display text with `{keyword}` placeholders, and each placeholder has a type hint the instantiation has to satisfy: | Keyword type | Accepts | |---|---| | `dateTime` | A timestamp as `%Y%m%d-%H%M`, within the next year | | `date` | A calendar date as `YYYYMMDD`, within the next year | | `string` | Free text | | `shortString` | Free text of at most 10 characters (added August 14, 2026) | | `hlPerp` | A Hyperliquid perp market, such as `BTC` | | `uInt` | A nonnegative integer | | `uDecimal` | A nonnegative decimal | Every value is capped at 100 characters and cannot contain `{`, `}`, or `|`, since those are the characters the protocol uses to encode the instantiation into the outcome's description string. Templates come in three roles: a standalone outcome, a question container, and a question outcome. That structure is what lets one template produce both a simple binary market and a [multi-outcome question](/ecosystem/hyperliquid-multi-outcome-markets) with several named buckets. The `hlPerp` type is the interesting one. It ties an outcome market directly to a listed perp, which is the machinery behind the recurring BTC, ETH, HYPE, and SOL dailies. A deployer picks the perp and the expiry and the template handles the rest. ### `shortString` and Why Side Names Matter The `shortString` hint looks like a trivia detail until you see where it is used. It caps a value at 10 characters, and templates put it in the **side names**, the labels for the two halves of a market. The live `sportsContestWinner3` template on testnet declares its sides as `{shortNameA}` and `{shortNameB}` rather than the usual Yes and No. That gives front-ends something they could not reliably do before. A market on a football fixture can render buttons that say the two team names instead of Yes and No, and an interface can trust that whatever comes back fits in a button, because the type hint guarantees it. Hyperliquid's own framing is that the hint "appears in templated side names so that interfaces can make useful assumptions about the respective fields." Ten characters is a UI constraint written into the protocol, which is an unusual place to put one, and it tells you the team is thinking about how these markets get displayed rather than only how they settle. ### Settlement Rules Settlement takes a fraction in the range 0 to 1. Standalone outcomes accept any fraction in that range, which allows partial or scalar resolution. Outcomes that belong to a question are stricter: they must settle to exactly `"0"` or `"1"`, because a question's outcomes have to sum to a single winner. Settling the final named outcome triggers fallback settlement for whatever is left, and `settleQuestion2` does the whole set in one call. ### Settlement Details No Longer Live Onchain One change in the August 14 release will only bite people running infrastructure. **Settlement details are now pruned from L1 state.** The `details` field on `settleOutcome` has to be empty, and the announcement is direct about the consequence: applications depending on node API servers or read precompiles "could separately index settlement details if needed in perpetuity." Read that as a warning rather than a footnote. If your product shows a user why a market resolved the way it did, or a [HyperEVM contract](/ecosystem/hyperevm-explained) reads settlement data through a precompile, that information is no longer guaranteed to be sitting in chain state when you go looking for it. You have to capture it at settlement time and keep your own copy. State growth is a real constraint for a chain that expects thousands of outcomes per day, so pruning is the right call, but it moves the archival burden onto everyone building on top. --- ## Questions Can Now Grow After They Launch The single biggest change on August 14 is the new `registerAndAssociateNamedOutcomeFromTemplate` action. Until then, a question's outcome set was frozen at creation, which this article flagged in July as the awkward gap in the design. An election question deployed before the candidate list was final could not absorb a late entrant, so a deployer had to either wait or settle the market and start over. Now a deployer can hand a live question a new named outcome, and the fallback mechanism does the accounting. ### What Happens to Existing Holders Every HIP-4 question carries a **fallback outcome**, the "none of the above" bucket that pays out when the result is not one of the named ones. When a new named outcome is attached, the protocol gives holders of fallback YES tokens an equal balance of the new outcome's YES tokens. The announcement puts it as "the initial balances of the new named outcome match the outstanding fallback balances." That is the correct answer rather than a convenient one. Before the addition, the fallback covered the new candidate plus everything else, so a fallback YES holder already owned the claim that pays out if that candidate wins. Splitting the candidate out of the fallback and handing those holders the matching new tokens preserves exactly the exposure they bought. Nothing is minted against the collateral pool, nobody's position is diluted, and no repricing event is forced on the book. > **Key takeaway:** Adding an outcome to a live question is not a rewrite of the market. It carves a named bucket out of the fallback and gives fallback holders the carved-out piece, so a question can absorb a late candidate without settling early or diluting anyone. This is what makes election-style and any-of-N markets practical on HIP-4. ### What It Does Not Change Two constraints survive. The new outcome inherits the question's `deployerFeeScale` rather than setting its own, so a deployer cannot quietly attach an expensive outcome to a cheap question. And each added outcome consumes another slot from the deployer's concurrency allocation, so growing a question is not free against the 100-outcome mainnet cap. --- ## The Deployer Fee Scale The July release shipped without configurable fees, and this article listed them as a follow-up. They arrived on August 14. Every template instantiation, for both questions and standalone outcomes, now carries a **`deployerFeeScale`**: a decimal string bounded between **0 and 10**. The formula is the same shape [HIP-3](/ecosystem/hip-3-builder-codes) uses for builder-deployed perps. Traders pay: ``` base fee x (scale + max(scale, 1)) ``` and the deployer keeps the `scale` component of that. Below a scale of 1 the deployer's cut is `scale / (1 + scale)`; at 1 and above it settles at a flat 50%, with the extra multiplier going to the protocol alongside the deployer. | `deployerFeeScale` | Trader pays | Deployer keeps | |---|---|---| | 0 | 1x base | 0% | | 0.5 | 1.5x base | 33.3% | | 1 | 2x base | 50% | | 5 | 10x base | 50% | | 10 (max) | 20x base | 50% | The scale applies uniformly to a question and all of its outcomes, so a deployer picks one number per market rather than tuning each bucket. ### Why the Ceiling Is 10 and Not 3 HIP-3's scale caps at 3 and has a floor of 0.1. HIP-4's runs from 0 to 10. Same formula, very different range, and the reason is that the two are multiplying different base numbers. Outcome trading charges a fee only when a position is closed or settled, never when it is opened, and the base rate itself is set to average half of ordinary spot trading. A perp taker fee starts at 0.045% and gets charged on the way in and the way out. So a 10x multiplier on the outcome base and a 3x multiplier on the perp base end up closer together in dollar terms than the raw numbers suggest. The wider range also gives deployers room at the bottom: a scale of 0 is legal on HIP-4 and impossible on HIP-3, which lets a front-end run a market at pure protocol cost to bootstrap it. Testnet deployers are already using the range. Pulling the live outcome metadata on August 14 showed instantiated scales of 1.0, 5.0, 7.6, and 10.0 across the markets deployed since the upgrade, so at least one operator went straight to the ceiling. That is a sandbox with no real users on it, and I would not read a mainnet pricing strategy into it, but it does confirm the whole range is callable. > **Warning:** A scale of 10 means traders pay **twenty times** the base outcome fee on that market. Nothing stops a deployer from setting it. Before you trade a permissionless outcome market, check the market's fee scale the same way you would check the spread, because two instances of the same template can differ by more than an order of magnitude on cost. --- ## Why Permissionless Matters More for Outcomes Than for Perps Permissionless deployment matters for every Hyperliquid primitive, but it matters *most* for outcome markets. The reason is simple math about how many markets there could be. A perpetual or a spot token needs an underlying asset. There are only so many liquid assets in the world worth listing. Outcome markets are different: the universe of tradeable **events** is effectively unbounded. Every sports fixture, every election, every protocol milestone, every macro print, every "will X happen by date Y" question is a candidate market. As Hyperliquid notes, "the number of suitable discrete events for outcomes dwarfs the number of underlying assets for perps and spot tokenization." Validators deploying every one of those by hand does not scale. That is exactly why HIP-4 launched with a small set of validator-run markets - a [recurring binary BTC contract](/ecosystem/hip-4-outcome-trading), then ETH/HYPE/SOL dailies, then [canonical markets on offchain events](/ecosystem/hyperliquid-canonical-outcome-markets) - and why the endgame has always been permissionless deployment. The validator-deployed phase was the proving ground. Permissionless deployment is how the primitive reaches the full breadth of events people actually want to trade. --- ## Validator-Voted Templates: The Quality Gate Opening deployment to anyone raises an obvious risk: badly defined, ambiguous, or manipulable markets. Hyperliquid's answer is **outcome templates**. Rather than letting deployers write arbitrary market definitions, validators vote to approve a set of **templates** that deployers must build on. The mechanics: - **Onchain specifications** - the specification for each template is stored and enforced onchain, not left to a front-end or off-chain agreement - **Validator-curated** - validators vote on which templates exist; the set is meant to reflect outcomes tied to events with sufficient liquidity and interest - **Public-goods standard** - templates are constrained by validator vote to be healthy, unambiguous public goods for the ecosystem, not niche or gameable questions - **Open instantiation** - each HIP-4 deployer can instantiate *any* approved template as the basis for their own markets - **No exclusivity** - there is no restriction against multiple deployers deploying the exact same template instantiations That last point is important. Templates are not land grabs. Two deployers can both launch the same market from the same template, competing on liquidity, front-end, and fee share rather than on who got there first. > **Note:** Templates draw a clean line of responsibility. The **template** defines the shape and settlement criteria of a valid market; **validators** decide which templates are allowed. The **deployer** is then responsible for defining and settling each individual market in accordance with the settlement criteria specified in that template's instantiation. Get the settlement wrong and the stake is at risk (see slashing below). ### The Template Catalog, and How It Versions The July release shipped with price templates and little else. Querying the live catalog on August 14 (`{"type":"outcomeTemplates"}` against the testnet info endpoint) returns **14 templates**, and the additions go well beyond price. | Template family | Role | Covers | |---|---|---| | `binaryPrice`, `binaryPrice2`, `binaryPrice4` | Standalone | Will a perp trade above a threshold at a given time | | `scalePrice` | Standalone, sides named Long and Short | Scalar payout that scales linearly between a low and a high price | | `sportsContestWinner`, `sportsContestWinner2`, `sportsContestWinner3` | Standalone | Head-to-head result of a single fixture | | `sportsContestResult` + `sportsContestParticipant` / `sportsContestDraw` | Question + outcomes | Three-way sports result including a draw | | `policyRateDecision` + `policyRateNoChange` / `policyRateDecrease` / `policyRateIncrease` | Question + outcomes | Central bank rate decisions | `scalePrice` is the one to notice. Long tokens pay $1 if the price finishes at or above the high, $0 at or below the low, and a pro-rata fraction in between, with Short paying the remainder. That is a genuinely scalar payoff rather than a binary, and it is the first template that matches the "bounded options-like instrument" language in the original HIP-4 spec. The `policyRateDecision` family is the other notable one, because a Fed or ECB decision resolves against a published number from an official source rather than an onchain price, which is the class of market that used to require [canonical validator deployment](/ecosystem/hyperliquid-canonical-outcome-markets). **Templates version by numeric suffix, and old versions are deprecated.** The announcement states the rule plainly: template IDs are suffixed with an index, and all but the largest index in each series count as deprecated. So `binaryPrice4` supersedes `binaryPrice2` and `binaryPrice`, and `sportsContestWinner3` supersedes the two before it. Interestingly `binaryPrice3` does not appear in the catalog at all, so the series is not guaranteed to be contiguous. Always read the current highest index rather than assuming the numbering. The version bumps are not cosmetic. `binaryPrice` typed its threshold as a free-text `string`; `binaryPrice2` tightened that to `uDecimal`; `binaryPrice4` added an explicit TWAP window and a price-source description, so settlement now reads "according to the 300-second TWAP of mark price before settlement time" instead of leaving the reference implicit. Template versioning is how Hyperliquid patches ambiguity in settlement language without touching markets that are already trading. Descriptions also now end with a `metadata=category:...|subCategory:...` tag, which is how a front-end sorts markets into Crypto, Sports, and Economics tabs without parsing the question text. > **Note:** **That check has now flipped.** This article previously used the empty mainnet template list as the cleanest single test of whether permissionless HIP-4 had shipped. As of August 31, 2026, `outcomeTemplates` against `api.hyperliquid.xyz` returns seven entries, so the rollout has begun. The 55-template testnet catalog described above is still the leading edge, and the mainnet subset is where you can actually deploy. ### What Happens to Canonical Markets Under the validator-deployed model that ran until August 2026, [canonical outcome markets](/ecosystem/hyperliquid-canonical-outcome-markets) - deployed and settled directly by validators - were the main event. Permissionless deployment flips that. Canonical markets "may still be deployed directly by validators from time to time, but these are expected to be rare." How rare? Determined by validator vote, and "ideally will represent fewer than 10 outcomes or questions per year." In other words, canonical validator deployment becomes reserved for a handful of marquee events per year, while the long tail of markets flows through permissionless deployers instantiating templates. --- ## The Deployer Requirements If you want to deploy HIP-4 outcome markets, here is what the current proposal asks of you. The parallels to [HIP-3 builder codes](/ecosystem/hip-3-builder-codes) are deliberate. ### 500,000 HYPE Stake The staking requirement for HIP-4 deployers is **500,000 HYPE** - identical to the HIP-3 bond for builder-deployed perpetuals. This is a security bond, not a fee. It stays staked and aligns the deployer's incentives with the health of the markets they run. ### Slashing for Bad Markets The stake is subject to **slashing by validator vote** in three specific cases: 1. Markets that are **poorly defined** 2. Markets **settled incorrectly** according to the template 3. Markets that **remain incorrectly unsettled for more than one week** That third condition is the one long-dated markets have to watch. Deploying a market that resolves years out means carrying settlement responsibility - and slashing exposure - for the entire life of the contract. ### Six-Month Lock and Settle-to-Unstake As with HIP-3, **deployer stake is locked for 6 months**. But there is an extra condition unique to outcomes: **to unstake, a deployer must settle all of their markets first**. You cannot walk away from open markets and reclaim your bond. Hyperliquid explicitly flags that this means "particular consideration should be given to very long dated outcomes" - a market that settles in two years keeps your capital committed and your settlement duty live until it resolves. > **Warning:** Long-dated outcomes are a double-edged sword for deployers. They can be popular markets, but every open market blocks unstaking and extends slashing exposure. A deployer who fills their allocation with multi-year questions effectively locks their 500k HYPE and their operational obligations until those questions resolve. Size the book accordingly. ### Allocation: 100 Outcomes to Start Initially, each deployer gets an allocation of **100 outcomes (200 outcome tokens)**. The details that matter: - **Multi-outcome questions consume multiple outcomes** - a "question" with several buckets (like a [multi-outcome BTC range market](/ecosystem/hyperliquid-multi-outcome-markets)) draws down more of the 100 than a simple binary - **Settled outcomes free their allocation** - when an outcome settles, its slot is returned and can be reused, so the 100 is a cap on *concurrent live* outcomes, not lifetime deployments - **Expansion via auction** - an auction mechanism to expand a deployer's allocation beyond 100 is planned as a follow-up feature, echoing the [Dutch auction](/ecosystem/hyperliquid-auctions-explained) that governs additional HIP-3 market slots **Get Ready to Trade Outcome Markets** — Outcome trading is live on Hyperliquid, and permissionless deployment is what multiplies the markets on offer. Set up your account now with our referral code and lock in a 4% lifetime fee discount across perps, spot, and outcome contracts. [Create Account with 4% Off](https://app.hyperliquid.xyz/join/Concept211) --- ## Fees and Settlement Asset ### A 50% Ceiling on the Deployer's Cut HIP-4 deployers keep at most **50% of the fees** their markets generate, the same ceiling HIP-3 builders hit on perps. The [deployer fee scale](#the-deployer-fee-scale) is how they choose where to sit under it: anything from 0, taking nothing, up to 10, where traders pay twenty times the base rate and the deployer still keeps half of it. This is the core economic incentive, and since August 14 it is configurable rather than a promise. That prerequisite has cleared. Outcome markets on mainnet charged nothing at all until the network upgrade that enabled fees on validator-deployed markets, which Hyperliquid framed at the time as preparation for deployer fee scales. The plumbing that collects an outcome fee had to exist before there was anything for a deployer to take a share of, and mainnet `outcomeMeta` now returns a top-level `feeScale` confirming it does. ### AQAv2 Quote Tokens Only As previously announced, **only AQAv2 quote tokens are eligible for HIP-4**. Under the [AQAv2 aligned-quote-asset spec](/ecosystem/aqav2-usdc-aligned-quote-asset), that means markets settle in the aligned quote asset - USDC for canonical markets - rather than an arbitrary token. This keeps outcome markets denominated in assets the ecosystem has blessed for quality and liquidity, and it is the same denomination the existing validator-deployed HIP-4 markets already use. --- ## HIP-4 Permissionless vs HIP-3 at a Glance The two permissionless-deployment regimes rhyme closely. The table below lines up the parameters that carry over and the ones unique to outcome markets. | Parameter | HIP-3 (Perps) | HIP-4 (Outcomes) | |---|---|---| | **Stake requirement** | 500,000 HYPE | 500,000 HYPE | | **Stake lock** | 6 months | 6 months + settle all markets to unstake | | **Max fee share** | 50% | 50% | | **Fee scale range** | 0.1 to 3, set per asset | 0 to 10, set per question or standalone outcome | | **Fee formula** | `base x (scale + max(scale, 1))` | Identical | | **Slashing** | Malicious operation | Poorly defined, mis-settled, or unsettled >1 week | | **What you deploy** | Perp markets on a DEX | Outcome markets from validator templates | | **Initial allocation** | 3 free markets, then auction | 100 concurrent outcomes and 500 deploys/day, then auction | | **Quote asset** | Various | AQAv2 quote tokens only (USDC) | | **Quality gate** | Deployer's oracle + config | Validator-voted onchain templates | The big structural difference is the **template layer**. HIP-3 deployers largely define their own markets and are trusted to run a sane oracle, and since the September 3, 2026 announcement of [HIP-3\*](/ecosystem/hip-3-builder-codes#hip-3-optional-permissioned-markets-testnet) they will also be able to opt into an onchain allowlist over who trades on them. HIP-4 has no equivalent control announced. HIP-4 deployers must build on validator-approved templates, because an ambiguous outcome market is far more dangerous than an ambiguous perp - there is a discrete settlement event where someone wins and someone loses, and "what exactly did this market mean?" has to have an unarguable answer. > **Tip:** If you already understand HIP-3, you understand most of HIP-4's deployment economics. Mentally map "builder code" to "deployer stake," "3 free markets" to "100-outcome allocation," and "run your own oracle" to "instantiate a validator template and settle it correctly." The 500k HYPE bond, the 6-month lock, the 50% fee ceiling, and the fee-scale formula itself are all shared. The one number that differs is the scale ceiling, 3 on HIP-3 against 10 on HIP-4. --- ## What This Means for the Ecosystem Permissionless HIP-4 deployment is the piece that turns outcome trading from a curated set of markets into an open marketplace. **For builders and front-ends.** Any app that surfaces outcome markets is currently limited to the validator-deployed set. Permissionless deployment means a front-end with 500k HYPE staked could launch its own markets from approved templates - choosing which events to list, earning up to half the fees, and differentiating on UX rather than waiting for a validator to deploy the market it wants. **For traders.** More deployers instantiating more templates means a far wider menu of events to trade, and competing deployments of the same template mean markets compete for your liquidity on fees and depth. The template requirement is a feature here - it is what keeps the growing menu from filling up with ambiguous or gameable questions. **For [HYPE holders](/ecosystem/what-is-hype-token).** Every deployer locks 500,000 HYPE for at least six months, adding sustained staking demand as the deployer set grows. And every deployed market feeds trading fees into the protocol's economics, the same flywheel [HIP-3](/ecosystem/hip-3-builder-codes) already runs for perps. > **Key takeaway:** Permissionless deployment is what scales HIP-4 to the full breadth of tradeable events. The template layer keeps quality high, the 500k HYPE bond and slashing keep deployers honest, and the 50% fee share gives them a reason to run good markets. All of it is live on mainnet as of the end of August 2026, with one outside deployer and a seven-template catalog to build from. --- ## What Permissionless Deployment Means for You as a Trader For traders, permissionless HIP-4 does two things: it widens the menu of outcome markets you can trade, and it gives you a choice between competing versions of the same market. When several deployers instantiate the same validator-approved template, such as a recurring BTC daily, you can route to whichever instance offers the tighter spread and deeper book at a lower net fee. The catch is that an open menu also fills with thinner, newer markets, so choosing *which* market to trade starts to matter as much as choosing a direction. Because every deployer earns up to half the fees on their own markets, expect them to compete for your order flow. That competition works in a taker's favor: it pushes deployers to seed liquidity and keep fees keen on the markets they want you to use. It also means a headline like "the HIP-4 market for event X" can exist several times over, and those instances are not interchangeable. You can watch the current lineup of live perps and outcome markets on the [markets page](/markets) as the deployer set grows. ### How to Evaluate a Newly-Deployed Market Before Trading It Before you put real size into a freshly-listed permissionless market, run through a short checklist: - **Order-book depth and spread.** Pull up the book and check how far your intended size walks the price. A market can post real 24-hour volume and still have a thin resting book between bursts. Size to the depth you actually see, the same discipline that applies to thin [equity and commodity perps on trade.xyz](/guides/trading/hyperliquid-xyz-explained). - **The deployer fee scale.** This is the newest item on the list and the easiest to overlook. The scale runs from 0 to 10, and at the top end you are paying twenty times the base outcome fee. Two deployers running the same template can price it an order of magnitude apart. - **Which template it instantiates, and which version.** Confirm the market is built on a validator-voted template and read the exact settlement question. Check the suffix too: `binaryPrice4` spells out its TWAP window while the original `binaryPrice` left the reference price implicit, and only the highest index in a series is current. - **Settlement criteria.** You should be able to state in one sentence what makes the market resolve YES or NO, and when. Ambiguity in the resolution source is the most common way outcome traders get caught out. - **Deployer track record.** A deployer starts with an allocation of 100 outcomes and has 500,000 HYPE staked against slashing. One with a clean history and real skin in the game is safer to trade than an anonymous operator's very first market. - **Quote asset.** HIP-4 markets settle in USDC under AQAv2. Confirm the collateral and settlement asset before you fund the position so there are no surprises on exit. --- ## Risks and Due Diligence on Permissionless Markets An open marketplace shifts more of the diligence onto the trader. The template layer and the deployer bond remove the worst outcomes, but they do not make every market equal. - **Thin liquidity on long-tail markets.** The popular recurring markets, such as BTC, ETH, and HYPE dailies, will carry depth. A niche one-off event deployed by a single operator may not. Wide spreads and slippage on exit are the practical risk, especially outside peak hours. - **Oracle and settlement risk.** Outcome markets resolve against a defined data source. If that source is ambiguous or disputable, settlement can turn contentious even when the template itself is sound. Read the resolution mechanics, not just the headline question. - **Quality and rug risk.** Permissionless does not mean unvetted. The 500,000 HYPE bond and slashing are designed to punish bad-faith or mis-settled markets, but a deployer can still list a poorly-chosen market within the rules. Slashing compensates and deters. It does not guarantee you a good fill. - **Fee scales are set by the deployer, not the protocol.** A market can legally charge twenty times the base outcome fee. The scale is visible in the market's metadata, so this is checkable rather than hidden, but nothing caps it below the maximum. - **The mainnet market set is very young.** Seven permissionless markets from one deployer is not a marketplace yet, and six of them settle on the same afternoon. Early markets on a new venue tend to trade thin, and a binary that settles in four days gives you little room to wait out a bad entry. Treat the current lineup as a first cohort rather than as a liquidity pool. > **Tip:** Trade the deepest instance of a market, not the first one you find. When the same template is deployed several times, the version with the tightest spread and thickest book usually gives you a better all-in price than a headline fee number suggests. --- ## Timeline and Status Where HIP-4 permissionless deployment sits as of **August 2026**: - **HIP-4 announced**: February 2, 2026 - **Mainnet binary launch**: May 2, 2026 - recurring binary BTC outcome, validator-deployed - **Multi-outcome markets**: May 7, 2026 - questions, split, negate, merge - **Canonical outcome markets**: May 25, 2026 - validators deploy markets on offchain events - **Recurring outcomes expand**: June 2026 - ETH, HYPE, SOL dailies join BTC - **Permissionless deployment announced**: July 2026 - specifications published as preliminary - **Permissionless deployment on testnet**: **July 31, 2026** - initial implementation live, deployer actions documented, 10 active outcomes and 50 deployments per day - **Second feature drop**: **August 14, 2026** - adding outcomes to a live question, the 0 to 10 deployer fee scale, the `shortString` type hint, settlement details pruned from L1 state, sports and policy-rate templates, and the staged mainnet limits published - **Outcome fees enabled on mainnet**: the network upgrade that switched fees on for validator-deployed markets, the stated prerequisite for deployer fee scales - **Permissionless deployment on mainnet**: **week ending August 31, 2026** - seven approved templates, deployer actions callable against `api.hyperliquid.xyz`, first outside deployer live - **Next**: the allocation-expansion auction, and whatever the validator vote adds to the mainnet template catalog Adoption is worth watching on both networks, because they say different things. Querying `outcomeMeta` on August 31, 2026 returned **78 deployers, 486 outcomes and 73 questions on testnet** against **2 deployers, 42 outcomes and 2 questions on mainnet**. Testnet is where deployers stress the feature set; mainnet is where validators have so far let a narrow, price-focused slice of it out. The gap between those two numbers is the best available read on how cautiously this is being rolled out. **Start Trading on Hyperliquid Today** — Perps, spot, and outcome markets - all on one composable platform, with permissionless outcome deployment now live on mainnet. Use our referral code for a 4% lifetime fee discount across every product. [Claim Your 4% Fee Discount](https://app.hyperliquid.xyz/join/Concept211) > **Note:** This article is for educational and informational purposes only. It does not constitute financial or investment advice. All HIP-4 permissionless deployment specifications described here are preliminary and subject to change. Staking, deploying, and settling outcome markets carries real financial and operational risk, including slashing of staked HYPE. Always do your own research and never stake or trade with more than you can afford to lose. --- # Unit Protocol: How to Deposit Native BTC, ETH & SOL to Hyperliquid > Unit (Hyperunit) is the tokenization layer that brings native Bitcoin, Ethereum, and Solana onto Hyperliquid spot. Learn how deposits, withdrawals, fees, and the guardian security model work. *Source: https://hyperliquidguide.com/ecosystem/unit-protocol-guide* ## What Is Unit Protocol? Hyperliquid settles everything in USDC, which is great for perpetual futures but leaves an obvious gap: there is no native Bitcoin, Ethereum, or Solana sitting on the exchange. If you want spot BTC on Hyperliquid, something has to carry real Bitcoin from the Bitcoin network onto HyperCore. **Unit** (branded as Hyperunit, at [hyperunit.xyz](https://hyperunit.xyz)) is the piece that does that. Unit is the **asset tokenization layer for Hyperliquid**. It runs a lock-and-mint bridge: you send a native asset on its home chain, Unit locks it, and a matching token is minted to your Hyperliquid account as a spot balance you can trade, use as collateral, or withdraw back to the origin chain. It is what lets a Bitcoin holder move real BTC onto Hyperliquid without touching a wrapped-token issuer or routing through a centralized exchange. > **Note:** Unit is best described as an **independent infrastructure team building closely on Hyperliquid**, not a product operated by Hyperliquid Labs itself. Its engineers come from quant and trading backgrounds, and it works hand-in-glove with Hyperliquid's stack, but it is its own team. Some third-party writeups loosely call it "Hyperliquid's native bridge," which overstates the relationship. > **Key takeaway:** Unit brings native BTC, ETH, and SOL onto Hyperliquid as 1:1 tokenized spot assets (uBTC, uETH, uSOL). You deposit the real asset on its native chain and receive a tradable, redeemable balance on Hyperliquid, with no wrapped-token issuer in the middle. ![Unit (Hyperunit) homepage: deposit native SOL, BTC, and ETH to Hyperliquid](/images/ecosystem/unit-protocol-guide/hyperunit-homepage.webp) Per Unit's own homepage, the bridge has settled well over **$14 billion in lifetime deposits** and a similar figure in withdrawals across more than a million operations. This is not a fringe tool; it is one of the main on-ramps into the Hyperliquid spot ecosystem. **Trade Native Assets on Hyperliquid** — Bridge BTC, ETH, or SOL through Unit and trade them on Hyperliquid spot. Sign up with our referral code for a 4% lifetime discount on trading fees. [Join Hyperliquid with 4% Off](https://app.hyperliquid.xyz/join/Concept211) --- ## Which Assets Does Unit Support? Unit launched with the three assets most people want on a spot exchange and has been adding more over time. The confirmed core is **Bitcoin (uBTC)**, **Ethereum (uETH)**, and **Solana (uSOL)**. Beyond those, Unit has bridged in a rotating set of Solana-based tokens and newer assets. Names like FARTCOIN, PUMP, SPX6900, BONK, and Plasma (XPL) have appeared as deposits, withdrawals, and spot trading went live for each. The list changes often, especially on the Solana memecoin side, so treat any snapshot as a point in time and check the live asset list in the [app](https://app.hyperliquid.xyz/join/Concept211) before you plan around a specific token. The most recent addition to make noise was **ANSEM**, the Solana memecoin tied to the trader of the same name. Its spot trading, deposits, and withdrawals went live on Hyperliquid in July 2026, bridged in through Unit's Solana support. It is a good illustration of how quickly a token can go from a Pump.fun launch to a native Hyperliquid spot market once Unit supports the chain it lives on. --- ## How Deposits Work The deposit flow is a classic lock-and-mint, and the mechanics matter because a mistake at the wrong step can lose funds. ### uBTC, uETH, uSOL: What the Tokens Actually Are The tokens Unit mints are prefixed with a lowercase **"u"** (uBTC, uETH, uSOL), and each is a **1:1 claim on the native asset** Unit is holding for you. In Hyperliquid's spot order books and in the HyperEVM DeFi protocols that accept them, the same assets show up as uppercase tickers: **UBTC**, **UETH**, **USOL**. They are the same thing. "uBTC" is the branding and "UBTC" is how it reads as a market ticker. This is why Unit sits underneath so much of the ecosystem. When [Felix Protocol](/ecosystem/felix-protocol-guide) lets you post UBTC as collateral to mint feUSD, or when [HyperLend](/ecosystem/hyperlend-guide) accepts UBTC in a lending market, that Bitcoin got there through Unit. The same balance you can trade on spot is the one you can deploy across [HyperEVM](/ecosystem/hyperevm-explained) DeFi. --- ## How Withdrawals Work Withdrawing reverses the process: 1. **Select the asset and enter a destination.** On the withdraw screen, choose your uAsset, the amount, and the address on the native chain where you want the real asset sent. 2. **Sign on Hyperliquid.** You sign a Hyperliquid transaction that burns or sends the uAsset back to Unit. Hyperliquid finalizes this in roughly ten seconds. 3. **Guardians release the native asset.** Once Hyperliquid finalizes, the guardian network signs and broadcasts the transfer of the real asset to your destination address on its home chain. Withdrawals are generally faster than deposits because you are not waiting on multiple source-chain confirmations up front, though the guardian step and native-chain broadcast still take a few minutes. --- ## The Guardian Security Model Any bridge is only as trustworthy as its custody design, so this is the part worth understanding before you move real money. Unit secures assets with a **2-of-3 MPC threshold signature scheme (TSS)**. Three **guardians** each hold an independent share of the signing key, generated through distributed key generation. A full private key **never exists in one place**; the shares are combined only transiently, inside secure enclaves, at the moment a signature is needed. Any critical action (minting a uAsset, releasing a native asset) requires at least **two of the three** guardians to agree. Around that core, Unit's docs describe several safeguards: key shares encrypted at rest with KMS, out-of-band identity checks between guardians, end-to-end encrypted guardian-to-guardian communication so relay servers never touch key material, full operation logging, and **circuit breakers** that pause the system if a guardian detects conflicting or abnormal activity. > **Warning:** Be clear-eyed about the trust assumptions. This is a **small, permissioned guardian set**, the three guardians are **not publicly named**, and there is no publicly confirmed **third-party security audit** for Unit. The theoretical failure mode is collusion or compromise of two guardians. MPC materially reduces single-point-of-failure risk versus a plain multisig, but it does not make a bridge trustless. Size your deposits accordingly. --- ## Fees and Confirmation Times Unit's fee model is refreshingly simple: **there is no Unit protocol fee**. You pay only the **network fees** for the two underlying transactions, your deposit on the source chain plus the transaction the guardians broadcast on withdrawal. Unit exposes a live fee-estimation endpoint, so the app shows you the current rate and ETA before you commit. The figures below are illustrative snapshots from Unit's fee endpoint. They move with network conditions, so read them as ballpark, not fixed: | Asset | Deposit cost (approx.) | Deposit ETA | Withdrawal cost (approx.) | Withdrawal ETA | |---|---|---|---|---| | **BTC** | ~2,600 sats | ~30 min (2 confirmations) | ~700 sats | ~14 min | | **ETH** | ~0.0006 ETH | ~3 min | ~0.00006 ETH | ~7 min | | **SOL** | ~0.015 SOL | ~1 min | fraction of a cent | ~4 min | > **Warning:** **The Bitcoin minimum is a hard trap.** Per Hyperliquid's own support docs, a BTC deposit below **0.0003 BTC is lost permanently**. It will not be credited and cannot be recovered. Per-asset minimums for ETH, SOL, and newer tokens are not always clearly documented, so always check the minimum shown in the Unit interface before sending. --- ## How It Shows Up in the Hyperliquid App You do not have to go to a separate site to use Unit. There are two entry points into the exact same rails: - **app.hyperliquid.xyz** lists the Unit-powered assets right in the spot deposit flow. Pick BTC, ETH, or SOL and Hyperliquid surfaces your Unit deposit address inline, so you never leave the trading interface. - **hyperunit.xyz** offers the same deposit and withdraw flows directly, plus the recent-operations feed and fee estimates. Either way, the deposit address is generated by Unit's guardian network and bound to your Hyperliquid account, and the resulting balance lands in your Hyperliquid spot wallet as UBTC, UETH, or USOL. If you have never funded a Hyperliquid account before, start with our [guide to depositing USDC](/guides/getting-started/deposit-usdc-to-hyperliquid) and the [beginner walkthrough](/guides/getting-started/how-to-trade-on-hyperliquid), then come back to Unit when you want native spot assets alongside your USDC. You will need a connected wallet either way. [MetaMask](/guides/getting-started/connect-metamask-to-hyperliquid) or [Rabby](/guides/getting-started/connect-rabby-to-hyperliquid) both work fine with the Hyperliquid interface. **Put Native Assets to Work on Hyperliquid** — Bridge in with Unit, then lend, borrow, or trade across the HyperEVM ecosystem. Start with a 4% lifetime fee discount using our referral code. [Get 4% Off Fees](https://app.hyperliquid.xyz/join/Concept211) --- ## Risks and Caveats Unit is genuinely useful infrastructure, but it is a bridge, and bridges concentrate risk. Keep these in mind: - **Custody and bridge risk.** Your funds sit behind a 2-of-3 guardian set. Collusion or compromise of two guardians is the theoretical worst case. There is no publicly confirmed audit, and the guardians are not named, which is a real trust assumption rather than a formality. - **The irreversible-minimum trap.** BTC below 0.0003 is gone for good. Deposit addresses are asset- and user-specific, so sending the wrong asset or using the wrong chain can also mean permanent loss. - **Confirmation delays and circuit breakers.** Bitcoin deposits wait on two confirmations, and the guardians' circuit breakers can pause operations, delaying a withdrawal exactly when markets are moving. - **Thin liquidity on newer assets.** Many of the freshly bridged memecoins carry extreme volatility and shallow spot books. The bridge working perfectly does not make the token a good trade. - **Token and airdrop speculation.** You will see chatter about a future "UNIT" token or airdrop for bridge users. Nothing official is confirmed. Do not bridge funds you would not otherwise move on the assumption that it earns you an airdrop. > **Key takeaway:** Unit is a permissioned lock-and-mint bridge, not a trustless one. Its MPC guardian design is solid, but the small unnamed guardian set and lack of a public audit are real trust assumptions. Use it for what it is, the main on-ramp for native spot assets on Hyperliquid, and size deposits to your comfort with bridge risk. --- ## Where Unit Fits in the Hyperliquid Ecosystem Unit is one of those pieces of plumbing you stop noticing once it works, but almost every "native asset" experience on Hyperliquid runs through it. Spot BTC, ETH, and SOL trading, UBTC collateral on [Felix](/ecosystem/felix-protocol-guide) and [HyperLend](/ecosystem/hyperlend-guide), and the steady drip of new spot listings all depend on Unit carrying the real asset onto the chain first. The uAssets themselves are ordinary [HIP-1 tokens](/ecosystem/hip-1-native-token-standard) with an EVM system address linked to them, which is what lets a balance move between HyperCore and HyperEVM by transferring to that address. Unit is no longer the only asset-backed token standard on HyperCore. In August 2026 **[xStocks listed ten share-backed equity tokens](/ecosystem/xstocks-tokenized-stocks-hyperliquid)** on Hyperliquid spot, using the same HIP-1 mechanics but with a Jersey issuer and a regulated distributor holding the underlying instead of a guardian network holding a private key. Unit already carries an older wrapper of its own in that category, the USPYX "Unit SP500 xStock" ticker listed in July 2025. The two models are worth comparing before you trust either one with size, because the thing you are relying on differs: Unit's is cryptographic custody, and xStocks' is a redemption right against a company. That makes Unit a natural companion to the rest of the [HyperEVM DeFi ecosystem](/ecosystem/hyperliquid-defi-ecosystem). USDC gets you into perps; Unit gets you into everything denominated in actual crypto. Once your BTC or ETH is on Hyperliquid as a uAsset, it behaves like any other spot balance: tradable, usable as collateral, and redeemable back to its home chain whenever you want out. For traders who want to keep Bitcoin exposure while trading perps in the same account, or who want to lend spot ETH into a HyperEVM market, Unit is the bridge that makes it possible without leaving the ecosystem. [Start Trading on Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) --- # HYPE Staking Yields Explained: What You Actually Earn, and How Fee Burns Tighten Supply (2026) > What you really earn staking HYPE on Hyperliquid: the ~2.4% native APR, the 7-day unbonding wait, and how fee-funded buybacks and burns tighten supply for stakers. *Source: https://hyperliquidguide.com/ecosystem/hype-staking-yields-guide* Most staking guides stop at the headline APR. That number, around 2.4% a year for native HYPE, is the least interesting part of the story. What actually matters for a HYPE staker is the interaction between two separate mechanisms: the **emissions-funded staking reward** you collect for securing the chain, and the **fee-funded buyback-and-burn** that is quietly removing HYPE from circulation underneath you. The first is a modest yield. The second is a supply dynamic that, over time, can matter far more than the APR. This guide is the evidence-based version. I trade on Hyperliquid daily and run bots against its [API](/guides/trading/hyperliquid-api-guide), so the framing here is practical: what you earn, when you can get your tokens back, what the burns do, and why institutions like Bitwise are now staking nine-figure HYPE positions rather than just holding the token. Every number is dated and sourced, because staking economics drift, and a stale APR is worse than no APR. > **Key takeaway:** Native HYPE staking pays roughly 2.4% APR (Hyperliquid's documented figure at ~400M HYPE staked), funded by emissions. Separately, about 97% of trading fees fund continuous open-market HYPE buybacks. The staking yield is the small lever; the fee-driven buyback-and-burn is the one that tightens supply. --- ## What HYPE Staking Is and How Delegation Works Staking HYPE means delegating it to a validator that secures the Hyperliquid L1 through **HyperBFT**, a HotStuff-family Byzantine-fault-tolerant proof-of-stake consensus with near-instant finality. Consensus is stake-weighted: the more HYPE delegated to a validator, the more influence it carries. As of early 2026 the active set was around **21 validators**, up from 16 at launch. You do not run a node yourself. You delegate to any number of existing validators, and your stake contributes to theirs. Each validator must self-delegate **10,000 HYPE locked for one year** to stay active, and commission rates typically run **1% to 5%**, with a rule that a validator can raise its commission by at most 1% at a time so it cannot surprise delegators. Rewards accrue every minute, distribute daily, and auto-compound by redelegating to the same validator. The mechanical detail that trips people up is the **balance separation**. On Hyperliquid, [HYPE](/ecosystem/what-is-hype-token) lives in distinct buckets the same way USDC moves between your spot and perp accounts. To stake, you move HYPE from your **spot balance** into a separate **staking balance** inside HyperCore, then delegate from there. The staking dashboard at app.hyperliquid.xyz/staking shows this balance on its own. Because it is segregated, staked HYPE is not sitting in your perp margin, which is exactly why you can keep trading perpetuals while it earns (more on that below). If you want the full walkthrough of choosing a validator and clicking through the delegation flow, the [What Is HYPE Token guide](/ecosystem/what-is-hype-token) covers the step-by-step. Here we are focused on the economics. --- ## What You Actually Earn: HYPE Staking APR and a Worked Example Hyperliquid's documentation defines the native staking reward rate with an Ethereum-style formula: **the annual yield is inversely proportional to the square root of total HYPE staked.** The canonical example in the docs is **~2.37% per year at roughly 400 million HYPE staked.** As more HYPE is delegated network-wide, the per-token rate drifts down; as HYPE unstakes, it drifts up. Third-party trackers reported an observed band of roughly **1.7% to 4.5%** across 2026 depending on the total staked at the time. Crucially, these rewards are paid from the **future emissions reserve** (about 38.888% of the fixed 1-billion supply set aside for community rewards), and **not** from trading fees. Treat ~2.4% as the documentation-anchored baseline, and check a live tracker for the current figure before you make a decision, because the rate floats with total stake. Here is what that looks like in practice, dated to June 2026: | You delegate | At ~2.4% APR | Roughly per month | |---|---|---| | 1,000 HYPE | ~24 HYPE/year | ~2 HYPE | | 10,000 HYPE | ~240 HYPE/year | ~20 HYPE | | 100,000 HYPE | ~2,400 HYPE/year | ~200 HYPE | Because rewards auto-compound, the number of HYPE you hold grows without any action on your part, so the realized return is slightly higher than the simple figure once compounding is included. > **Warning:** Do not conflate the **staking yield** (~2.4%, emissions-funded) with the **buyback rate** that some articles quote near 7% annualized. The buyback is a supply mechanism funded by fees, not income paid into your staking account. They are two different things and only one of them lands in your balance as rewards. The next section explains why the buyback still matters to you. There is also a second, non-cash reason to stake: **trading-fee discounts.** Staked HYPE unlocks a six-tier discount ladder. Per Hyperliquid's fee documentation (verified June 2026): | Tier | HYPE staked | Fee discount | |---|---|---| | Wood | >10 | 5% | | Bronze | >100 | 10% | | Silver | >1,000 | 15% | | Gold | >10,000 | 20% | | Platinum | >100,000 | 30% | | Diamond | >500,000 | 40% | These discounts stack multiplicatively with volume-based [fee tiers](/guides/fees/fees-explained), and a staking account can be linked to a trading account so the staked balance counts toward the trading account's discount. For an active trader, the fee saving can rival or exceed the staking APR itself. **Start Trading and Stacking Fee Discounts** — Open a Hyperliquid account with our referral link for a 4% lifetime fee discount that stacks on top of HYPE staking tiers. [Get 4% Off Fees](https://app.hyperliquid.xyz/join/Concept211) --- ## How Fee Burns and Buybacks Tighten HYPE Supply This is the mechanism that makes HYPE unusual among exchange tokens. Roughly **97% of Hyperliquid's protocol trading fees** are routed into continuous, automated open-market HYPE buybacks through the **Assistance Fund (AF)**. There is no manual intervention; the fund simply buys HYPE with fee revenue around the clock. A governance vote in December 2025 was reported to have raised that allocation toward ~99% for certain fee categories. This site has not independently verified the vote's margin or the specific commitments attached to it, so no figures for either are given here; check the on-chain governance record for the authoritative version. On top of that, HYPE is the **gas token on [HyperEVM](/ecosystem/hyperevm-explained)**, so every smart-contract execution there burns a small amount of HYPE as a second supply sink. Hyperliquid processes over [live data] in daily volume, and a slice of every taker fee feeds this buyback. By mid-2026 cumulative buybacks had run into the billions of dollars; because the AF buys daily, the only honest way to cite a current figure is the live [ASXN buyback dashboard](https://data.asxn.xyz/dashboard/hl-buybacks) rather than a number that is stale by the time you read it. Why does a staker care about a buyback they do not receive? Because the two mechanisms compound. Staking removes HYPE from the immediately-tradable float and locks it behind a multi-day exit, while the fee-funded buyback continuously absorbs sell-side supply. A token where a large share of supply is staked *and* protocol revenue is buying back the rest behaves very differently from an inflationary emissions token that holders farm and dump. The ~2.4% you earn is the cash yield; the supply tightening is the structural tailwind, and it scales with platform [trading volume](/markets) rather than with emissions. There is also a high-profile **burn proposal** worth understanding accurately. Hyperliquid governance has discussed treating roughly **37 million HYPE** held by the AF, about 13% of circulating supply, as permanently burned. The mechanism is a *social burn*. Rather than an on-chain destruction, validators commit never to approve a software upgrade that could access the keyless AF address, effectively freezing those tokens forever. Reporting on the exact finalization status has been mixed, so treat the 37M figure as a **proposed/voted governance action to confirm** rather than a settled on-chain burn. Either way, it signals the direction of travel: HYPE's supply policy is tightening, not loosening. > **Note:** **Why this is non-commodity information:** the staking APR is easy to look up. The thing that actually drives HYPE's long-run supply (fee routing, the AF buyback cadence, gas burns, and the social-burn proposal) is where the real analysis lives, and it is specific to how Hyperliquid is built. That is the part most "HYPE staking" pages skip. --- ## Native Staking vs Liquid Staking The honest tradeoff is liquidity. Native staking earns the raw emission yield, but your capital is idle: you eat the **1-day delegation lockup plus the 7-day unstaking queue**, and the staked HYPE cannot be used anywhere else while it sits. **Liquid staking** solves that by giving you a derivative token that stays liquid and composable across [HyperEVM DeFi](/ecosystem/hyperevm-yield-strategies) while the underlying HYPE keeps earning. The dominant liquid staking token is **Kinetiq's kHYPE**, holding around 82.5% of Hyperliquid's liquid-staking market, with **stHYPE** (Thunderhead, ~$153M TVL) as the main alternative. Both can be deployed as collateral on protocols like [Felix](/ecosystem/felix-protocol-guide) and [HyperLend](/ecosystem/hyperlend-guide), so your staked position can simultaneously earn rewards and back a loan. The catch is that liquid staking layers new risks on top of the staking risk: smart-contract risk in the LST protocol, the chance the LST trades at a discount to its redemption value during volatility, protocol fees, and reliance on the LST's validator-selection logic rather than your own. If you want instant liquidity and plan to use the position in DeFi, an LST is the pragmatic choice. If you are a long-horizon holder who does not need the liquidity, native staking is the cleaner, lower-risk-surface route. Our full [liquid staking guide](/ecosystem/liquid-staking-guide) breaks down kHYPE, wstHYPE, and the Kinetiq mechanics in detail. --- ## Why Institutions Are Staking HYPE Regulated allocators have begun staking HYPE. Reporting in June 2026 described Bitwise holding a substantial staked HYPE position behind the **Bitwise Hyperliquid ETF (BHYP)**, with a portion of the fund's management fee directed toward acquiring and staking HYPE. This site has not verified the size of that position, the fund's fee mechanics, or its listing details, so no figures are quoted; for those, go to Bitwise's own fund documentation and filings. Around the same period 21Shares was reported to have trimmed part of its HYPE exposure. Corporate treasuries stake too. [Hyperliquid Strategies Inc (NASDAQ: PURR)](/ecosystem/purr-stock-hyperliquid-strategies) runs a validator with Unit and reported $2.6 million of staking revenue for the quarter ended March 31, 2026 in its 8-K of May 7, 2026. That revenue belongs to the company rather than to its shareholders, which is one of the practical differences between owning the stock and [holding the token yourself](/ecosystem/purr-stock-vs-hype-token). Why it matters for a retail staker is structural rather than numerical: HYPE that is staked is HYPE not circulating, which works in the same direction as the buyback. It does not change the APR you earn, and none of it is a reason to expect any particular price outcome. > **Key takeaway:** Institutional staking matters to retail stakers for float rather than yield: staked HYPE is out of circulation, working alongside the buyback as a supply sink. Specific position sizes belong to the funds' own filings, not to this page. --- ## The Risks: Lockups, Validator Selection, and Smart-Contract Exposure Staking is not free of downside, and the risks are specific. **Liquidity risk** is the big one: between the 1-day delegation lock and the 7-day unstaking queue, your HYPE can be inaccessible for roughly eight days, during which the price can move sharply and you cannot exit. **Validator risk** is real even without slashing. Hyperliquid has no automatic principal-destroying slashing as of mid-2026, but validators can be **jailed** for unresponsiveness or misbehavior, and a jailed validator produces no blocks and earns no rewards for its delegators until it is unjailed. So choosing a validator with strong uptime and a reasonable commission directly affects your realized yield. The documentation reserves slashing for provably malicious acts like double-signing, so the risk surface could expand in the future; stake accordingly. If you go the liquid-staking route, add **smart-contract and depeg risk** on top. And regardless of route, **HYPE price volatility** dwarfs the 2.4% yield. A 2.4% annual reward is immaterial against a token that can move that much in an hour, so staking is a decision about conviction in HYPE itself plus the supply mechanics, not a yield play in isolation. On the practical side: **yes, you can trade perpetuals while staked.** The staking balance is segregated from your perp margin, so delegated HYPE neither serves as collateral nor blocks your trading capital. You fund perps with separate USDC and the HYPE keeps earning. And on tax, in the US, IRS Revenue Ruling 2023-14 treats staking rewards as **ordinary income at fair market value on the date you gain dominion and control** over them. That is the general principle, not tax advice. Check our [tax reporting guide](/guides/trading/hyperliquid-tax-reporting-guide) and a qualified professional for your jurisdiction. **Ready to Stake and Trade HYPE?** — Buy HYPE on Hyperliquid's native spot market and start trading with a 4% lifetime fee discount through our referral link. No KYC, just connect your wallet. [Start on Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) For the wider context on where staking sits in Hyperliquid's economics, see [What Is HYPE Token](/ecosystem/what-is-hype-token), the [HLP vault explainer](/ecosystem/hyperliquid-hlp-explained) for the other major HYPE-adjacent yield source, and the [HYPE airdrop guide](/ecosystem/hype-airdrop-guide) for how today's stakers first received their tokens. --- # Hyperliquid on TradingView: Chart Perps, Spot & RWA Markets > TradingView now carries live Hyperliquid and trade.xyz data. Use the HYPERLIQUID: and HIP3XYZ: prefixes to chart crypto perps, spot, and real-world-asset markets 24/7. *Source: https://hyperliquidguide.com/guides/trading/tradingview-hyperliquid-charting* > **Key takeaway:** **Hyperliquid is now on TradingView.** As of **July 2, 2026**, TradingView carries live data for Hyperliquid crypto perps, spot markets, and [trade.xyz](/guides/trading/hyperliquid-xyz-explained) real-world-asset markets. Open the symbol search on Supercharts and type the **`HYPERLIQUID:`** prefix for native markets or **`HIP3XYZ:`** for trade.xyz RWA markets. Charting only for now — execution still happens on-chain. The most-used charting platform in the world just added Hyperliquid. **[TradingView](https://www.tradingview.com/?aff_id=168295&source=HyperliquidGuide)** now carries real-time market data from **Hyperliquid** — the on-chain perpetuals venue that has processed over [live data] in cumulative volume — and from **Trade[XYZ]**, its largest HIP-3 deployer. That means millions of chartists can now pull up 24/7 on-chain price discovery using the indicators, drawing tools, and alerts they already know. This is a meaningful distribution moment. For most traders, TradingView *is* how they look at markets. Putting Hyperliquid perps, spot tokens, and tokenized real-world assets on the same canvas as the S&P 500 and BTC on Coinbase removes the last excuse for treating on-chain markets as a separate world. ## What TradingView Added TradingView's integration spans the full breadth of what trades on Hyperliquid today, across two data feeds: - **Crypto perpetuals** — the native Hyperliquid [perps](/guides/trading/perpetuals-explained) order book: BTC, ETH, SOL, HYPE, and 100+ other pairs. - **Spot assets** — HIP-1 [spot markets](/guides/trading/spot-trading-guide) that live directly on the Hyperliquid L1. - **Real-world-asset markets** — [trade.xyz](/guides/trading/hyperliquid-xyz-explained)'s HIP-3 perpetuals: [equities](/guides/trading/equity-perps-guide), [commodities](/guides/trading/commodities-trading-guide), indices, [forex](/ecosystem/hyperliquid-fx-perpetuals), and even [pre-IPO](/ecosystem/trade-spacex-pre-ipo-hyperliquid) names. Trade[XYZ] frames the value plainly: it gives users "real-time visibility into continuous price discovery across global markets, including when traditional markets are closed." Because these markets settle on-chain and never close, TradingView users get a live tape at 3 a.m. on a Sunday — something no traditional equity or commodity feed can offer. > **Note:** TradingView added Hyperliquid as a **data and charting source**, not an order-routing broker. You chart, analyze, and set alerts on TradingView; you still execute on **[app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211)** for native markets or **app.trade.xyz** for HIP-3 markets. See the bot section below for how to bridge the two. --- ## The Two Prefixes: `HYPERLIQUID:` and `HIP3XYZ:` TradingView routes symbols by exchange prefix, and Hyperliquid ships with two because native markets and HIP-3 markets are separate data feeds — even though both run on the same chain. | Prefix | Venue | What it covers | Example symbols | |--------|-------|----------------|-----------------| | `HYPERLIQUID:` | Native Hyperliquid L1 | Crypto perps + HIP-1 spot | `HYPERLIQUID:BTCUSDC.P`, `HYPERLIQUID:HYPEUSDC.P`, `HYPERLIQUID:SOLUSDC.P` | | `HIP3XYZ:` | Trade[XYZ] (HIP-3 builder) | RWA perps — stocks, commodities, indices, FX, pre-IPO | `HIP3XYZ:NVDAUSDC.P`, `HIP3XYZ:GOLDUSDC.P`, `HIP3XYZ:XYZ100USDC.P` | The mental model is simple: if the asset is crypto and lives natively on Hyperliquid, reach for `HYPERLIQUID:`. If it tracks a real-world asset through trade.xyz's [HIP-3 builder markets](/ecosystem/hip-3-builder-codes), reach for `HIP3XYZ:`. > **Tip:** On the naming convention: perpetuals carry a **`USDC.P`** suffix (e.g. `HYPERLIQUID:HYPEUSDC.P`), while native spot markets end in plain **`USDC`** (e.g. `HYPERLIQUID:HYPEUSDC`). You rarely type the full string by hand — pick the ticker from the symbol-search results and TradingView fills in the exact symbol for you. ### How to Add a Hyperliquid Symbol **Chart It on TradingView, Trade It on Hyperliquid** — Do your analysis where you're comfortable, then execute on the deepest on-chain order book. Sign up with our link for a 4% lifetime fee discount. [Start Trading on Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) ## Chart Native Markets: The `HYPERLIQUID:` Feed The native feed is where Hyperliquid's core business lives — deep, on-chain perpetual order books for the majors plus the [HYPE token](/ecosystem/what-is-hype-token) and long-tail alts. If you already run technical analysis on BTC or ETH via a centralized exchange feed, you can now compare it directly against Hyperliquid's on-chain price and [funding rate](/guides/trading/funding-rates-explained) on the same chart. Here's the real thing — a live TradingView Advanced Chart wired to the `HYPERLIQUID:HYPEUSDC.P` perp. Change the symbol, add indicators, or switch timeframes exactly as you would on any other TradingView chart: A few practical uses that open up once the feed is on TradingView: - **Basis and funding analysis.** Overlay `HYPERLIQUID:BTCUSDC.P` against a CEX BTC perp to watch the spread and spot dislocations before they close. - **HYPE price structure.** Chart `HYPERLIQUID:HYPEUSDC.P` with your usual indicators to time entries around staking and buyback flows. - **Spot vs. perp.** Compare a HIP-1 spot token against its perp to gauge whether directional demand is coming from leverage or real accumulation. If you're new to the platform itself, start with our [how-to-trade guide](/guides/getting-started/how-to-trade-on-hyperliquid) and the [order types](/guides/trading/order-types-guide) walkthrough so your chart analysis translates cleanly into execution. --- ## Chart Real-World Assets: The `HIP3XYZ:` Feed This is the part that turns heads. Trade[XYZ] deploys cash-settled perpetuals on real-world assets through Hyperliquid's HIP-3 framework, and TradingView now carries every one of them under the `HIP3XYZ:` prefix. That covers equities, commodities, index ETFs, forex, and pre-IPO markets — 40+ tickers and growing. The 24/7 angle is the whole point. A traditional NVDA chart goes dark at the closing bell; `HIP3XYZ:NVDAUSDC.P` keeps printing. When news breaks overnight or over a weekend, the on-chain perp is where price discovery actually happens — and now you can watch it live on TradingView, with the same tools you'd use on the underlying stock. This is a genuine edge for anyone trading [after-hours moves](/guides/trading/after-hours-trading-guide) or gap risk into the next session. Some of the most-charted `HIP3XYZ:` markets: - **Equities** — `HIP3XYZ:NVDAUSDC.P`, `HIP3XYZ:TSLAUSDC.P`, `HIP3XYZ:AAPLUSDC.P`, and 40+ more US and international stocks. See our [equity perps guide](/guides/trading/equity-perps-guide). - **Commodities** — `HIP3XYZ:GOLDUSDC.P`, `HIP3XYZ:SILVERUSDC.P`, `HIP3XYZ:CLUSDC.P` (crude oil). See our [commodities guide](/guides/trading/commodities-trading-guide). - **Indices** — `HIP3XYZ:XYZ100USDC.P` (Nasdaq 100), `HIP3XYZ:SP500USDC.P`, and other index perps. - **Forex & pre-IPO** — major FX pairs and names like SpaceX that never trade on a public exchange. > **Tip:** Because `HIP3XYZ:` markets are oracle-priced perpetuals, watch the funding rate alongside price. During traditional market hours the oracle tracks the underlying closely; during closures it holds the last reference and traders express directional views into the next open — which is exactly where the chart gets interesting. ## Automate It: TradingView Alerts → Hyperliquid Bots Since TradingView is a data source rather than a broker here, the natural next step for systematic traders is to wire TradingView **webhook alerts** into a bot that executes on Hyperliquid. This already works today: platforms like goodcryptoX and WunderTrading support TradingView webhook integrations for Hyperliquid, and you can build fully custom automation against the [Hyperliquid API](/guides/trading/hyperliquid-api-guide). Set an alert on `HYPERLIQUID:HYPEUSDC.P` or `HIP3XYZ:NVDAUSDC.P`, point the webhook at your bot, and the chart becomes a trigger. Our [trading tools guide](/guides/trading/hyperliquid-trading-tools) covers the full stack of terminals, dashboards, and bot platforms. --- ## Why This Matters Three things make this integration more than a checkbox: **Distribution.** TradingView is where the world charts. Meeting traders inside the tool they already open every morning — instead of asking them to learn a new interface — is the single most efficient way to onboard the next wave to on-chain markets. **Legitimacy for on-chain RWAs.** Being able to load `HIP3XYZ:NVDAUSDC.P` next to the underlying stock, on the same screen with the same indicators, quietly normalizes the idea that a 24/7 on-chain perp is a real market. That's a bigger deal for tokenized assets than any press release. **Around-the-clock price discovery.** Markets are increasingly shaped by events that unfold at all hours. Hyperliquid and trade.xyz never close, and now the tape is visible in real time on the platform most traders trust — turning weekend and overnight moves from a blind spot into a chartable edge. **Ready to Trade What You're Charting?** — Open a Hyperliquid account and trade perps, spot, and 40+ real-world-asset markets 24/7 — with a 4% lifetime discount on trading fees through our link. [Get 4% Off — Start Trading](https://app.hyperliquid.xyz/join/Concept211) ## The Bottom Line Hyperliquid on TradingView collapses the gap between analysis and on-chain execution. Chart native crypto with the `HYPERLIQUID:` prefix, chart trade.xyz real-world assets with `HIP3XYZ:`, run your usual technical toolkit, and set alerts — all in real time, all 24/7. When you're ready to act, take that read straight to **[app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211)** or app.trade.xyz. If you're just getting oriented, the [beginner checklist](/guides/getting-started/hyperliquid-beginner-checklist) is the fastest way from zero to your first chart-driven trade. Run a blog or trading site of your own? You can embed live Hyperliquid prices and funding rates the same way you embed a TradingView chart. --- # Is Hyperliquid Legal in Singapore? MAS Investor Alert List Explained (2026) > Hyperliquid is on Singapore's MAS Investor Alert List — but that's not a ban. Here's what the IAL actually means, why it's routine, and what it changes for Singapore traders. *Source: https://hyperliquidguide.com/privacy/is-hyperliquid-legal-in-singapore* > **Note:** **June 2026 update:** Hyperliquid has been added to the Monetary Authority of Singapore (MAS) Investor Alert List (IAL). This is **not** a ban, an enforcement action, or a finding of wrongdoing. The IAL is a public list of entities that may be wrongly perceived as being licensed or regulated by MAS. Hyperliquid is permissionless infrastructure — it is not, and has never claimed to be, MAS-licensed, and nothing about the network has changed. Users keep self-custody at all times and transactions settle fully on-chain. This page explains what the listing means and what it changes (and doesn't change) for Singapore traders. **Short answer: Hyperliquid is not banned in Singapore.** It has been added to the MAS Investor Alert List, which is a consumer-information warning that an entity is *not* licensed or regulated by Singapore's central bank — not a prohibition on using it. The distinction matters, and the details below explain exactly what changed (very little) and what you should understand before trading. If you searched "is Hyperliquid banned in Singapore" expecting a shutdown notice, you can relax. The IAL is one of the most widely misunderstood tools in financial regulation. It does not declare anything illegal, it does not freeze funds, and it does not require Hyperliquid to stop serving anyone. It is, in essence, a label that says: *this entity is not MAS-regulated, so do not assume it carries MAS protections.* > **Key takeaway:** Being on the MAS Investor Alert List is not a ban. It is a public notice that an entity is not licensed or authorised by MAS — nothing more. Hyperliquid remains accessible, non-custodial, and unchanged at the protocol level. ## What the MAS Investor Alert List Actually Is The [Investor Alert List](https://www.mas.gov.sg/investor-alert-list) is maintained by the Monetary Authority of Singapore, the country's central bank and integrated financial regulator. In MAS's own framing, it provides a list of entities that, based on information available to MAS, **may be wrongly perceived as being licensed or authorised by MAS** when they are not. > **Note:** **The IAL's stated purpose** is to warn the public of entities that may be wrongly perceived as MAS-regulated — especially those that solicit Singapore customers for financial business without holding the requisite MAS licence. It is a consumer-awareness tool, not a register of criminals. The key word is *perception*. Singapore is a major global financial hub, and MAS-licensing carries real weight — it implies capital requirements, conduct rules, complaint mechanisms, and regulatory oversight. The IAL exists so that a Singapore resident encountering a global platform can quickly check: *is this entity actually MAS-regulated, or might I be assuming protections that don't exist here?* That's the entire function. The list is informational. It does not assert that an entity has broken any law. ## What IAL Listing Is *Not* Because the IAL is so often misreported, it's worth stating plainly what a listing does **not** mean: - **It is not a ban.** MAS is not prohibiting Singapore residents from using the entity, and the entity is not required to block Singapore users. - **It is not an enforcement action.** No fine, no cease-and-desist, no court order is implied by an IAL entry. - **It is not a finding of wrongdoing.** The list does not allege fraud, theft, or any breach of law. It is not a "scam list." - **It is not a freeze.** MAS placing an entity on the IAL has no effect on any funds, wallets, or smart contracts. > **Key takeaway:** An IAL listing carries no legal penalty and makes no accusation of misconduct. It simply tells the public: "this entity is not MAS-licensed — do not assume otherwise." ## You're in Large Company If IAL listing meant an exchange was dangerous or illegitimate, the list would be empty of serious names. It is not. Some of the largest, most-used venues in crypto are on the MAS Investor Alert List for the same routine reason — they serve a global audience without holding a Singapore licence: | Entity | Added to MAS IAL | |---|---| | Binance | September 2021 | | KuCoin | February 2026 | | Bybit | June 2026 | | Hyperliquid | June 2026 | This pattern is common: a global venue that has not pursued MAS licensing for the Singapore retail market appearing on the IAL is not unusual, based on the other names on the same list. The listing reflects licensing status, not a judgment on product quality or solvency. Many of these platforms process billions of dollars in daily volume — Hyperliquid itself handles over [live data] in daily trading volume — and continue to operate normally worldwide. **Trade on Hyperliquid with a 4% Fee Discount** — Hyperliquid is self-custodial, requires no KYC, and settles fully on-chain. Join through our referral link for a 4% lifetime discount on every trade. [Start Trading on Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) ## Why Hyperliquid Specifically Here is the part that makes the IAL listing especially unremarkable for Hyperliquid: it was never a candidate for being "wrongly perceived as MAS-licensed" in the first place, because it has never presented itself as a regulated, licensed financial institution. Hyperliquid is **permissionless infrastructure** — a decentralized exchange running on its own Layer 1 blockchain. There is no account registration, [no identity verification](/guides/getting-started/hyperliquid-kyc-requirements), and no centralized company taking custody of user deposits. It has never claimed to be licensed or authorised by MAS, and no one should regard it as such. In that sense, the IAL listing simply formalizes something that was always true. Three architectural facts are worth keeping in mind: - **Self-custody at all times.** Your funds sit in smart contracts controlled by your own wallet and private keys. There is no operator who can freeze withdrawals or seize balances — a structural difference from custodial exchanges, and the reason an IAL listing has zero effect on user funds. - **Transactions settle on-chain.** Trades and balances are recorded transparently on the Hyperliquid L1, not in a private corporate ledger. - **Nothing about the network changed.** The protocol on June 26 is identical to the protocol on June 25. IAL listing is an external label applied by a regulator; it touches no code, no contract, and no balance. This is the same frontend-versus-protocol distinction that defines [how Hyperliquid handles US access](/privacy/hyperliquid-us-availability): the protocol is permissionless and geography-blind, while regulatory considerations apply to the people and interfaces around it. The US side of that picture has been in motion through 2026, and [Is Hyperliquid coming to the US?](/privacy/is-hyperliquid-coming-to-the-us) tracks what has actually been announced versus what has only been said. ## What It Means for Singapore Traders So what actually changes for someone trading from Singapore? In practical terms, almost nothing — but there are a few things you should genuinely understand. **You can still access Hyperliquid.** IAL listing does not block access, and Hyperliquid does not geo-restrict Singapore. You connect a wallet at [app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211) and trade as before. **You do not have MAS consumer protections.** This is the substantive point the IAL is trying to communicate. Because Hyperliquid is not MAS-licensed, you do not get the safeguards that apply to MAS-regulated entities — there is no local deposit-protection scheme, no MAS complaints process, and no regulated intermediary standing behind the platform. With a non-custodial protocol, *you* are the custodian, the risk manager, and the support desk. **Do your own due diligence.** Self-custody is empowering, but it is also unforgiving. Use a hardware wallet where practical, verify URLs to avoid phishing, and understand the smart-contract and market risks of leveraged trading. If you're new to the platform, our guides on [whether Hyperliquid is safe](/guides/getting-started/is-hyperliquid-safe) and on [Hyperliquid's no-KYC model](/guides/getting-started/hyperliquid-kyc-requirements) are good starting points. > **Warning:** **Understand the trade-off.** A non-custodial, non-MAS-regulated venue gives you full control of your assets and no counterparty who can freeze them — but it also means no regulator is backstopping your experience. Both sides of that coin are real. Trade with capital you can afford to risk and never delegate security entirely to "the platform." ## A Note on Tax IAL listing has no bearing on your tax position — but Singapore traders often ask, so here is the general picture (this is not tax advice). Singapore does not levy a broad **capital gains tax**, so genuinely one-off investment gains are typically not taxed. However, if your trading activity is frequent, systematic, and carried out with a profit-seeking intent, the **Inland Revenue Authority of Singapore (IRAS)** may treat it as a trade or business, in which case profits can be taxable as income. Where the line falls depends on factors like frequency, holding period, and your overall pattern of activity. Because Hyperliquid is non-custodial and issues no tax documents, record-keeping is your responsibility. Export your trade history and keep clean records — our [Hyperliquid tax reporting guide](/guides/trading/hyperliquid-tax-reporting-guide) walks through how to pull that data. For anything beyond the basics, consult a qualified Singapore tax professional. ## The Bottom Line Hyperliquid being added to the MAS Investor Alert List is a headline that sounds alarming and means very little in practice. The IAL is a consumer-information notice, not a ban, an enforcement action, or an accusation of wrongdoing. It places Hyperliquid alongside Binance, KuCoin, and Bybit — global venues that simply are not MAS-licensed for the Singapore market. Nothing about the protocol changed. Hyperliquid remains permissionless, non-custodial, and accessible from Singapore, with funds controlled by your own keys at all times. What the listing usefully reinforces is the mindset every DeFi user should already hold: no regulator is protecting you here, so security and due diligence are on you. Understand that, trade responsibly, and the IAL becomes exactly what it is — a label, not a roadblock. **Self-Custody Trading, No KYC Required** — Hyperliquid gives you full control of your funds with CEX-level performance — and a 4% lifetime fee discount through our referral link. [Try Hyperliquid — Save 4%](https://app.hyperliquid.xyz/join/Concept211) --- # How to Trade SpaceX (SPCX) on Hyperliquid - 20x Leverage, 24/7, After the Record Nasdaq IPO > SpaceX is public. Trade the SPCX perpetual on Hyperliquid via trade.xyz with up to 20x leverage, 24/7, no broker. Long or short SpaceX after the largest IPO in history. *Source: https://hyperliquidguide.com/ecosystem/trade-spacex-pre-ipo-hyperliquid* ## SpaceX Is Public - And Still Trades 24/7 on Hyperliquid SpaceX listed on Nasdaq under the ticker **SPCX** on June 12, 2026. For the offering's pricing, size, and valuation, refer to SpaceX's own filings and mainstream financial coverage rather than this page; the figures that circulated around the listing are not ones this site can verify, so none are quoted here. The **SPCX perpetual** on **[trade.xyz](https://trade.xyz)**, deployed on Hyperliquid via [HIP-3 builder codes](/ecosystem/hip-3-builder-codes), had been pricing SpaceX before the listing and continues to trade it now. The market is deployed and operated by trade.xyz, an independent builder, not by Hyperliquid. What the perp does that a brokerage account does not: it trades **24/7**, supports **up to 20x leverage**, allows shorting with no borrow, and requires no broker and no brokerage account. For a stock that reacts to weekend launches and Starship tests, an always-on market can move before the next session opens. > **Key takeaway:** SpaceX (SPCX) listed on Nasdaq on June 12, 2026. The SPCX perpetual, deployed by trade.xyz on Hyperliquid's infrastructure, tracks that stock 24/7 with up to 20x leverage, USDC margin, easy shorting, and no broker. Whether trading it is permitted where you live is a question for a qualified attorney. ![SPCX-USDC perpetual market on trade.xyz - SpaceX trading with up to 20x leverage on Hyperliquid](/images/ecosystem/trade-spacex-pre-ipo-hyperliquid/tradexyz-spcx-market.webp) --- ## What Is the SPCX Perpetual? If you come from a traditional finance background, the simplest way to think about SPCX on Hyperliquid is this: **it is a CFD or perpetual swap that tracks the price of SpaceX equity**. There is no underlying share custody, no clearinghouse, no broker. The contract is fully on-chain, and now that SpaceX is public it tracks the live Nasdaq price between sessions and the oracle reference around the clock. A few things that matter for TradFi traders evaluating this: - **No expiry.** Unlike a futures contract, a perpetual has no settlement date. Funding rates - small periodic payments between longs and shorts - keep the perp price tethered to the underlying. - **USDC margin.** You post collateral as USDC, a regulated dollar-backed stablecoin issued by Circle. Profit and loss settles in USDC. - **Tracks the public stock.** Since the June 12 listing, the SPCX oracle converges with the Nasdaq close and continues pricing SpaceX through after-hours and weekends, when the stock itself does not trade. - **24/7 trading.** No market close, no overnight gaps, no 4pm cutoff. Position management is continuous. - **Self-custody.** Your wallet holds your USDC. trade.xyz never takes possession of your funds. > **Note:** Equity perps are not new in concept - CFDs and total-return swaps have long given leveraged exposure without share custody. What is new is the **liquidity, leverage, and 24/7 access** on offer. Hyperliquid's HyperCore order book makes a deep, on-chain SpaceX market viable at retail size, in real time, with depth visible to anyone. --- ## Why Traders Use SPCX Over a Brokerage Several edges keep volume flowing into the SPCX perp now that the stock is public: ### 1. It Already Called the Biggest IPO in History For weeks before the listing, the SPCX perp was the most liquid public venue for forming a view on where SpaceX would open - and it tracked the print closely. On IPO day it did roughly **$1.4 billion in volume**, about 30% of all HIP-3 trading, versus an average near $26 million in the three weeks prior. That track record is exactly why traders trust it as a price source now, not just a curiosity. ### 2. No Brokerage, No Borders Buying SPCX stock the traditional way means a brokerage account, market-hours execution, and pattern-day-trader rules. The perp has **a few-dollar minimum** and is open to anyone with a wallet and USDC - no broker, no account approval, no accreditation. For traders outside the US who cannot easily access Nasdaq, it is often the only practical route to leveraged SpaceX exposure. ### 3. The Bloomberg Precedent - Now Proven on SpaceX Hyperliquid's price feeds have already been cited by Bloomberg during off-hours trading - notably for the [CL crude oil perp](/guides/trading/commodities-trading-guide) during a Sunday geopolitical crisis. SPCX inherits the same edge: when Nasdaq is closed but news breaks (a Starship test, an Elon tweet, a new launch contract), the SPCX perp is the only liquid venue pricing it. For traders, that means tradeable volatility around events the stock market cannot react to until the next open. See our broader writeup on [Hyperliquid replacing traditional markets](/ecosystem/hyperliquid-traditional-markets) for context. ### 4. Leverage and Easy Shorting A cash brokerage caps you near 1x and makes shorting a high-profile new listing slow and expensive (locate a borrow, pay the fee). SPCX supports **up to 20x leverage** and **frictionless shorting** in the same interface - useful for hedging a stock allocation, fading an overheated post-IPO pop, or pressing a momentum long. --- ## How to Trade SPCX - Step by Step This walkthrough assumes you are new to Hyperliquid. If you already trade on the platform, skip to step 4. For deeper detail on order placement and risk management, see our [order types guide](/guides/trading/order-types-guide) and [leverage trading guide](/guides/trading/leverage-trading-guide). If this is your first trade on Hyperliquid overall, start with the [how to trade guide](/guides/getting-started/how-to-trade-on-hyperliquid). **Trade SpaceX 24/7** — Take a position on SPCX with up to 20x leverage on Hyperliquid via trade.xyz. Get a 4% lifetime fee discount on every trade. [Start Trading - Save 4%](https://app.hyperliquid.xyz/join/Concept211) --- ## SPCX Contract Specifications | Spec | Value | |------|-------| | **Ticker** | SPCX (on trade.xyz) | | **Underlying** | SpaceX (Space Exploration Technologies Corp.), Nasdaq: SPCX | | **Perp launch price** | $150 reference (May 17, 2026) | | **IPO price** | $135 per share (priced June 12, 2026) | | **IPO day close** | $160.95 (+19% on debut) | | **Max leverage** | Up to 20x | | **Margin** | Isolated, USDC | | **Fees** | 0.03% maker / 0.09% taker (HIP-3 base) | | **Funding** | Periodic, mark-vs-oracle | | **Trading hours** | 24/7/365 (vs Nasdaq market hours for the stock) | | **Settlement** | USDC, instant | | **Access** | [app.trade.xyz](https://app.trade.xyz) | *Fee figures are Hyperliquid's published [HIP-3 builder-market fee schedule](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees). Live rates shown on each market page are measured from the Hyperliquid API.* > **Warning:** SPCX has stayed highly volatile since listing - it hit an all-time high around $225 within days of the debut before pulling back. Newly public mega-caps swing sharply on news flow (Starship test outcomes, Starlink revenue updates, Elon Musk statements), and 20x leverage amplifies both directions. Use [stop-losses](/guides/trading/leverage-trading-guide) and size conservatively. --- ## SPCX Perp vs. Buying the Stock Now that SpaceX is public, you have a real choice: buy SPCX shares through a broker, or trade the SPCX perpetual on Hyperliquid. Here is how they stack up: | Feature | SPCX perp on trade.xyz | SPCX stock (brokerage) | |---------|------------------------|------------------------| | **Min investment** | A few dollars | ~1 share (~$180) | | **Eligibility** | Wallet + USDC, global | Brokerage account, region-dependent | | **Leverage** | Up to 20x | ~1x cash / ~2x margin | | **Shorting** | Yes, no borrow | Locate + borrow fee | | **Trading hours** | 24/7/365 | Nasdaq hours + limited extended | | **Weekend / launch news** | Tradeable instantly | Wait for next open | | **Settlement** | USDC, instant | T+1, broker custody | | **Ownership rights** | None (price exposure only) | Real shares, voting/dividends | If you want **actual ownership** - voting rights, long-term holding, an IRA position - buy the stock. If you want **leverage, shorting, and the ability to trade SpaceX at 2am on a Sunday when a Starship test goes viral**, the perp is the tool. > **Tip:** Some traders use SPCX to **hedge** a stock position - if you hold SPCX shares in a brokerage and want to lock in gains over a weekend without selling (and triggering taxes), a short SPCX perp position can offset the move until Monday. Check with a tax professional on how perpetual P&L interacts with your equity exposure. --- ## The Bigger Picture: Equity Perps Are Eating Pre-IPO Markets SPCX is part of a broader pattern. trade.xyz now operates over **50 markets** spanning equities, commodities, FX, and indices - all running as [HIP-3 perpetuals](/ecosystem/hip-3-builder-codes) on Hyperliquid. The catalog already includes blue-chip equity perps like [NVDA, TSLA, and COIN](/guides/trading/equity-perps-guide), commodity perps like [CL crude oil and GOLD](/guides/trading/commodities-trading-guide), and now FX pairs like [EUR, JPY, and DXY](/ecosystem/hyperliquid-fx-perpetuals). The recent [S&P 500 perpetual](/ecosystem/sp500-perpetual-hyperliquid) was the first index officially licensed from S&P Dow Jones Indices. SPCX did more than ride that pattern - it **proved** it. A perp tracked the largest IPO in history through pricing, listing, and the volatile aftermath, doing $1.4B on debut day. HIP-3 stock perps booked roughly **$18.8 billion** in the first half of June alone, outpacing crude oil perps. If a perp can credibly track SpaceX, it can credibly track any private company with public revenue and a roadmap to listing - Stripe, Databricks, Anthropic, OpenAI. The question is no longer "can crypto infrastructure host traditional assets" but "which private company gets a perp next." For [after-hours traders](/guides/trading/after-hours-trading-guide), SPCX adds another tool for expressing macro and event-driven views when traditional markets are closed. > **Key takeaway:** SpaceX was the highest-profile equity perp listing yet, and it validated a clear playbook: take a time-restricted or illiquid asset, build a deep on-chain order book, and let global traders price it 24/7. With SPCX proven through a record IPO, expect more flagship private companies to follow this template into the next IPO cycle. The next one came six weeks later. In July 2026 the same playbook ran on [CXMT](/ecosystem/trade-cxmt-pre-ipo-hyperliquid), China's largest DRAM maker, ahead of the biggest Asian listing of the year. The perp was quoting within roughly 2% of the eventual Shanghai open nearly two weeks before it happened, on a company foreign investors had no way to buy at all. --- ## Quick Recap If you are a traditional finance trader evaluating SPCX for the first time: - **Product**: USDC-settled perpetual contract tracking SpaceX (Nasdaq: SPCX), deployed by trade.xyz on Hyperliquid via HIP-3 - **Status**: SpaceX is public as of June 12, 2026 - the largest IPO in history. The perp now tracks the listed stock - **Access**: Self-custody wallet + USDC. No broker, no accreditation, no minimums beyond a few dollars - **Leverage**: Up to 20x, isolated margin, with frictionless shorting - **Edge over a brokerage**: 24/7 trading (including weekends and launch-night news), leverage, and easy shorting - things a cash account cannot match - **Risk profile**: Higher than holding the stock due to leverage and post-IPO volatility. Size accordingly - **Geographic note**: trade.xyz geo-restricts certain jurisdictions including the US. US investors can buy the stock through a broker instead For everyone outside a brokerage's reach - or anyone who wants leverage, shorting, and round-the-clock execution - the SPCX perp is the most accessible way to trade the biggest IPO of the decade, long or short. **Trade SpaceX Around the Clock** — The largest IPO in history trades 24/7 on Hyperliquid. Go long or short SPCX with up to 20x leverage and a 4% lifetime fee discount. [Join Hyperliquid - Save 4%](https://app.hyperliquid.xyz/join/Concept211) --- # Hyperliquid for Dummies — The Plain-English Beginner's Guide (2026) > Hyperliquid explained in plain English. No jargon, no intimidation — just a friendly, step-by-step guide to deposits, your first trade, fees, and staying safe. *Source: https://hyperliquidguide.com/guides/getting-started/hyperliquid-for-dummies* So you have heard people talking about Hyperliquid, you have seen the charts and the leaderboards, and you have quietly decided that whatever this thing is, it sounds complicated and probably not for you. Good news: it is not complicated, and it absolutely is for you. This is Hyperliquid explained the friendly way — no walls of jargon, no assumption that you already know what a "perpetual" or a "CLOB" is, and no judgment if you have never touched crypto before. By the end of this page you will understand what Hyperliquid actually is, how to get on it, and how to make your first trade without sweating through your shirt. ![A relaxed beginner trading on a laptop — Hyperliquid made simple](/images/getting-started/hyperliquid-for-dummies/dummies-hero.webp) > **Key takeaway:** Hyperliquid is a crypto trading platform where **you** keep control of your money the whole time. There is no sign-up form, no ID verification, and no company holding your cash. You connect a crypto wallet, add some dollars (as a stablecoin called USDC), and trade. That is the whole idea. --- ## What Is Hyperliquid, Really? (The 30-Second Version) Imagine a stock-trading app like [Robinhood](/compare/hyperliquid-vs-robinhood). Fast charts, a buy button, a sell button. Easy. Now imagine that same app, except: - There is **no company** holding your money. Your funds live in your own wallet, and only you can touch them. - There is **no sign-up and no ID check** ([no KYC](/guides/getting-started/hyperliquid-kyc-requirements)). You just connect a wallet and go. - You can trade crypto, and also things like gold, oil, and even some stocks — with the ability to bet on prices going **up or down**. That is Hyperliquid. In nerd terms it is a "decentralized exchange," or DEX. But you do not need to care about that label any more than you need to understand how an engine works to drive a car. If you are curious about the machinery later, we have a whole guide on [how Hyperliquid actually works](/guides/getting-started/how-hyperliquid-works). For now, just picture: fast trading app, your money stays yours. > **Note:** **Why does "your money stays yours" matter?** Because the alternative has burned a lot of people. When the centralized exchange FTX collapsed in 2022, customers lost billions because the company was holding their money and misused it. On Hyperliquid, there is no company in the middle to collapse. Your funds sit in your wallet until *you* decide to move them. --- ## The Three Things You Actually Need Forget the firehose of crypto terminology. To use Hyperliquid, you only need three things. Let's meet them. ### 1. A Wallet (Your Login Replacement) A crypto wallet is an app — usually a browser extension or a phone app — that holds your funds and acts as your "login." Instead of a username and password, you just click "Connect Wallet" and approve. For beginners, two wallets stand out: - **[Rabby](/guides/getting-started/connect-rabby-to-hyperliquid)** — our top pick. Clean, beginner-friendly, and it shows you a plain-English preview of what every transaction will do before you approve it. - **[MetaMask](/guides/getting-started/connect-metamask-to-hyperliquid)** — the most popular wallet in crypto. Works everywhere. Prefer something else? You can also use [Coinbase Wallet](/guides/getting-started/connect-coinbase-wallet-to-hyperliquid), [Phantom](/guides/getting-started/connect-phantom-to-hyperliquid), [OKX Wallet](/guides/getting-started/connect-okx-wallet-to-hyperliquid), or [Trust Wallet](/guides/getting-started/connect-trust-wallet-to-hyperliquid). > **Warning:** **The one rule that actually matters.** When you set up a wallet, it gives you a **seed phrase** — usually 12 random words. That phrase IS your money. Write it on paper, store it somewhere safe, and never type it into any website, share it in a chat, or photograph it. Nobody legitimate — not Hyperliquid, not your wallet, not "support" — will ever ask for it. Anyone who does is trying to rob you. ### 2. USDC (Digital Dollars) USDC is a **stablecoin** — a crypto token that is always worth one US dollar. It is the currency Hyperliquid runs on. Think of it as the chips you buy at the casino cage, except the chips never change value and you can cash them out anytime. You will fund your account with USDC. Don't worry about where to get it yet — there are easy ways, and we cover them below. ### 3. About 10 Minutes That's genuinely it. No appointment, no approval, no waiting period. > **Key takeaway:** A wallet replaces your login. USDC is your trading money. Ten minutes is all the time you need. That is the entire shopping list. --- ## Getting In: From Zero to Funded Here is the whole on-boarding journey at a glance. We'll walk through it, but it really is this short. ### The Easiest Way to Add Money If you have never owned crypto before, this is the part people fear most — and it is now genuinely easy. Hyperliquid lets you [buy crypto with a debit card, credit card, or bank transfer](/guides/getting-started/buy-crypto-with-fiat-on-hyperliquid) directly in the deposit window. Click **Deposit**, choose **Fiat**, and follow the prompts. No prior crypto required. Already have some USDC on a centralized exchange like Coinbase or Binance? You can [deposit it directly](/guides/getting-started/deposit-usdc-to-hyperliquid) instead. Either way, your balance usually appears in a minute or two. > **Tip:** **Free money tip (seriously).** Before your first deposit, connect through a [referral link](/guides/getting-started/hyperliquid-referral-program-guide) to lock in a permanent **4% discount** on your trading fees. It costs you nothing and it is the kind of thing you can only do once, at the start. Future-you will be grateful. **Lock In Your 4% Discount First** — Sign up through our referral link before you deposit and pay less on every single trade, for life. No catch. [Join Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) --- ## Decoding the Trading Screen (It's Friendlier Than It Looks) The first time you open the [Hyperliquid trading screen](/guides/getting-started/how-to-trade-on-hyperliquid), it looks like the cockpit of a spaceship. Take a breath. You will only use about four parts of it. ![Hyperliquid trading interface with chart, order book, and order entry panel](/images/getting-started/how-to-trade-on-hyperliquid/trading-interface-annotated.webp) - **The chart** (big, in the middle) — the price going up and down over time. This is the same [TradingView](https://www.tradingview.com/?aff_id=168295&source=HyperliquidGuide) chart the pros use. - **The order book** (the list of red and green numbers on the side) — everyone's current buy and sell offers. You can mostly ignore this at first. - **The order panel** (where the buttons are) — where you choose how much to buy or sell and click the big Buy or Sell button. - **Your positions** (along the bottom) — your open trades and how they are doing. This is where you'll watch your profit or loss. That's the whole spaceship. Everything else is optional bells and whistles you can explore later. --- ## A Few Words That Sound Scary But Aren't Crypto trading has its own slang. Here are the four terms you'll bump into immediately, each in one plain sentence. (When you want the full dictionary, bookmark our [Hyperliquid glossary](/guides/getting-started/hyperliquid-glossary).) - **Perpetual ("perp")** — a way to bet on a price going up *or* down without actually owning the thing. [Full explanation here.](/guides/trading/perpetuals-explained) - **Long / Short** — "Long" means you think the price will go up. "Short" means you think it'll go [down](/guides/getting-started/how-to-short-on-hyperliquid). That's it. - **Leverage** — borrowing to make your bet bigger. 2x leverage means your gains *and* losses are doubled. Powerful and dangerous. [Read this before using it.](/guides/trading/leverage-guide) - **Liquidation** — the bad one. If you use leverage and the price moves against you too far, your position gets force-closed and you lose that money. [Here's how to avoid it.](/guides/trading/liquidation-explained) > **Warning:** **The rookie mistake everyone warns about.** Leverage is how beginners blow up their accounts. Cranking it to 20x feels exciting until a tiny price wiggle wipes you out via liquidation. For your first trades, use **little or no leverage** (1x–3x). You can always get fancier once you know what you're doing. --- ## Your First Trade, Step by Step Deep breath. This is the moment. We'll keep it tiny and safe. ![Placing your first trade on Hyperliquid is as easy as tapping a button](/images/getting-started/hyperliquid-for-dummies/dummies-first-trade.webp) 1. **Pick a market.** Click the asset name at the top and choose something familiar, like BTC (Bitcoin) or ETH (Ethereum). 2. **Choose Long or Short.** Think the price goes up? Long. Down? Short. (For your first one, just pick the direction you genuinely believe.) 3. **Set a small size.** Type in a small amount — say $10 or $20 worth. Resist the urge to bet big. This trade is for *learning*, not retiring. 4. **Keep leverage low.** Set it to 1x or 2x. Ignore the tempting high numbers. 5. **Click Buy/Long or Sell/Short, then confirm.** Done. You are officially a trader. Your new position shows up at the bottom of the screen. You'll see it turn green (profit) or red (loss) as the price moves. To close it and pocket the result, just click the position and hit close — here's the [full how-to-close walkthrough](/guides/trading/how-to-close-position) if you need it. > **Key takeaway:** Your very first trade should be boringly small. The goal is to *learn the buttons*, not to make money. Tiny size, low leverage, real experience. Treat the first few trades as paid tuition. For a slower, screenshot-by-screenshot walkthrough of placing and managing that first order, follow our [how to trade on Hyperliquid](/guides/getting-started/how-to-trade-on-hyperliquid) guide. Curious about the different button types (limit orders, stop-losses)? The [order types guide](/guides/trading/order-types-guide) has you covered. **Ready for Your First Trade?** — Connect your wallet, deposit a few dollars, and place a small trade today. Get a 4% lifetime fee discount through our link. [Start Trading Now](https://app.hyperliquid.xyz/join/Concept211) --- ## What Does It Cost? Refreshingly little. Hyperliquid charges no gas fees on your trades (a common headache on other crypto platforms), and trading fees on the base tier look like this: | | Taker (instant) | Maker (patient) | |---|---|---| | **Perps** | 0.045% | 0.015% | | **Spot** | 0.070% | 0.040% | In plain terms: trading $100 costs you a few cents. "Maker" orders (where you set a price and wait) are cheaper than "taker" orders (where you buy instantly at market price). And remember that [4% referral discount](/guides/getting-started/hyperliquid-referral-program-guide) — it quietly trims every fee you ever pay. The complete breakdown lives in our [fees explained guide](/guides/fees/fees-explained). --- ## The Part of Tens: Beginner Survival Rules Every "For Dummies" book ends with a quick-hit list. Here's ours — pin these to your forehead. 1. **Your seed phrase is sacred.** Never type it anywhere but your own wallet's recovery screen. 2. **Bookmark the real site** ([app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211)) and only go there from your bookmark. Phishing fakes are everywhere. 3. **Start small.** Your first deposit should be money you'd be okay losing while you learn. 4. **Go easy on leverage.** 1x–3x until you truly understand [liquidation](/guides/trading/liquidation-explained). 5. **Nobody in your DMs is here to help you.** "Support" who messages you first is a scammer. 6. **Use a wallet that previews transactions** ([Rabby](/guides/getting-started/connect-rabby-to-hyperliquid) does this) so you always see what you're signing. 7. **You can withdraw anytime.** No approval, no waiting, no explaining yourself. That freedom is the point. 8. **Take profits sometimes.** A green number isn't yours until you close the trade. 9. **You don't have to understand everything** to start. You'll learn faster by doing small trades than by reading forever. 10. **When in doubt, do nothing.** The market will still be there tomorrow. > **Tip:** Want this as a checkable to-do list? Our [beginner checklist](/guides/getting-started/hyperliquid-beginner-checklist) turns the whole setup into nine tickable steps. And if you're worried about safety specifically, [is Hyperliquid safe?](/guides/getting-started/is-hyperliquid-safe) answers the question honestly. --- ## Where to Go Once You're Comfortable You've got the basics. When you're ready to level up, Hyperliquid has a lot more under the hood: - **[Spot trading](/guides/trading/spot-trading-guide)** — buy and hold tokens outright, no betting required. - **[Vaults](/ecosystem/hyperliquid-vaults-guide)** — park your USDC with proven traders and earn a share of their results, hands-off. - **[Copy trading](/guides/trading/copy-trading-guide)** — automatically mirror the moves of successful traders. - **[Earn yield on idle USDC](/ecosystem/hyperliquid-earn-usdc)** — put money to work while you decide your next move. - **[Trade stocks, gold, and oil](/ecosystem/hyperliquid-traditional-markets)** — yes, real-world markets, right next to crypto. --- ## The Bottom Line Hyperliquid feels intimidating from the outside and surprisingly simple from the inside. Get a wallet, guard your seed phrase, add a little USDC, place a tiny trade, and keep your leverage low. That's the whole game at the start. You don't need to be a crypto genius. You don't need a finance degree. You just need to begin — small, careful, and curious. Everybody who looks like a pro today started with one nervous little trade exactly like the one you're about to make. Welcome aboard. You've got this. **Start Your Hyperliquid Journey** — No KYC. No sign-up forms. No company holding your money. Connect a wallet and trade in minutes — with a 4% lifetime fee discount through our referral link. [Join Hyperliquid — Save 4%](https://app.hyperliquid.xyz/join/Concept211) --- # Hyperliquid API Guide: Endpoints, Signing, Python SDK & Bots (2026) > First-hand Hyperliquid API guide: info & exchange endpoints, request signing, order payloads, Python SDK setup, rate limits, and the errors that bite first-time bot builders. *Source: https://hyperliquidguide.com/guides/trading/hyperliquid-api-guide* Most articles about the Hyperliquid API stop at "install the SDK and place an order." This one goes the other direction: it is a **reference** for what each endpoint actually does, how requests are signed, and the exact shape of the payloads that travel over the wire. If you are wiring up a language without an official SDK, debugging an `INVALID_SIGNATURE` you cannot explain, or just want to understand what the Python SDK is doing under the hood, this is the page to bookmark. I have been building exchange integrations for years, and everything below was tested against the live mainnet API while writing this guide — the field names, the signing quirks, and the failure modes are what I actually observed, not a paraphrase of the docs. > **Key takeaway:** The Hyperliquid API is two POST endpoints — `/info` (read-only, no auth) and `/exchange` (signed writes) — plus a WebSocket feed. Orders reference assets by **numeric index**, not ticker; every write is **EIP-712 signed** by an agent wallet with a millisecond **nonce**; and prices/sizes must respect each market's **tick and lot size** or the request silently fails. Get those three things right and the rest is plumbing. If you want the step-by-step "stand up your first bot" walkthrough instead, start with our [trading bot setup guide](/guides/trading/trading-bot-setup-guide), then come back here when you need the endpoint details. The quickstart below gets you from `pip install` to a resting order in about fifteen minutes if you would rather not leave this page. And once your bot runs, the [trading strategies guide](/guides/trading/hyperliquid-trading-strategies) covers which strategies to run and how to keep them alive 24/7. ## The Two Endpoints, and When to Use Each Everything on the REST side is a `POST` to one of two paths on `https://api.hyperliquid.xyz`. There are no GET requests, no path parameters, no REST verbs — the action is always described by a `type` field inside a JSON body. | Endpoint | Method | Auth | Purpose | |----------|--------|------|---------| | `/info` | POST | None | Read market data, account state, order status, fills, funding | | `/exchange` | POST | Signed | Place/cancel/modify orders, transfers, leverage changes | | `wss://api.hyperliquid.xyz/ws` | WS | Per-channel | Real-time order book, trades, user fills, candles | The mental model: **`/info` answers questions, `/exchange` changes state, WebSocket pushes updates.** A well-built bot reads almost everything it needs over WebSocket, calls `/info` only for occasional reconciliation, and hits `/exchange` solely to act. That split is also how you stay under the rate limit, which we get to below. > **Note:** **Testnet is a free, identical sandbox.** Swap the base URL to `https://api.hyperliquid-testnet.xyz` (and WebSocket to `wss://api.hyperliquid-testnet.xyz/ws`) and every endpoint behaves the same with faucet USDC. Build and break things there before pointing at mainnet. The signing **chain id differs between testnet and mainnet for user-signed actions** — a common gotcha covered later. --- ## Quickstart: From `pip install` to a Resting Order If you just want something working before you read the wire-level detail, this is the shortest path. Five steps, and about fifteen minutes if nothing goes sideways. ```python from eth_account import Account from hyperliquid.exchange import Exchange from hyperliquid.info import Info from hyperliquid.utils import constants account = Account.from_key(os.environ["HYPERLIQUID_API_PRIVATE_KEY"]) info = Info(constants.MAINNET_API_URL) exchange = Exchange(account, constants.MAINNET_API_URL) # Read: no signature involved print(info.all_mids()["BTC"]) # Write: signed, nonced, and POSTed by the SDK result = exchange.order("BTC", True, 0.001, 50000.0, {"limit": {"tif": "Gtc"}}) print(result) ``` > **Tip:** Point `constants.MAINNET_API_URL` at `constants.TESTNET_API_URL` and run the identical script against faucet USDC first. Everything below behaves the same on testnet except the signing chain id for user-signed actions, which is the one thing that will not carry over when you switch. The rest of this page is what the SDK is doing underneath, which is what you need the moment something fails or you port to a language the SDK does not cover. --- ## The `info` Endpoint: What Each Request Type Returns The `/info` endpoint is a single URL that branches on the `type` field. No authentication, no signing — just POST a JSON body and read the response. These are the request types you will actually use: | `type` | Returns | |--------|---------| | `meta` | The **universe** array: every perp, its name, `szDecimals`, and `maxLeverage`. The array index **is** the asset index | | `allMids` | Mid price for every asset, keyed by ticker | | `l2Book` | Full L2 order book for one `coin` — `levels[0]` is bids, `levels[1]` is asks | | `metaAndAssetCtxs` | Meta plus per-asset context: mark price, oracle price, **funding rate**, open interest | | `clearinghouseState` | An address's positions, margin summary, and account value | | `openOrders` | All resting orders for an address | | `userFills` | Recent fills for an address (trade history) | | `candleSnapshot` | Historical OHLCV candles for a coin and interval | A bare-bones read against the live API looks like this: ```python INFO = "https://api.hyperliquid.xyz/info" # 1. Build the ticker -> asset-index map. Do this ONCE at startup. meta = requests.post(INFO, json={"type": "meta"}).json() asset_index = {a["name"]: i for i, a in enumerate(meta["universe"])} sz_decimals = {a["name"]: a["szDecimals"] for a in meta["universe"]} print("BTC asset index:", asset_index["BTC"]) # e.g. 0 # 2. Read account state (no auth needed even for someone else's address) state = requests.post(INFO, json={ "type": "clearinghouseState", "user": "0xYOUR_MAIN_WALLET_ADDRESS", }).json() print("Account value:", state["marginSummary"]["accountValue"]) # 3. Top of book book = requests.post(INFO, json={"type": "l2Book", "coin": "BTC"}).json() best_bid = book["levels"][0][0]["px"] best_ask = book["levels"][1][0]["px"] print(f"BTC {best_bid} / {best_ask}") ``` > **Tip:** **`clearinghouseState` is public.** You can pass *any* address as `user` and read its positions and margin — that is the foundation of every Hyperliquid [copy-trading](/guides/trading/copy-trading-guide) and leaderboard tool. There is no privacy on positions; everything is on-chain. --- ## Authentication: Agent Wallets and Request Signing Hyperliquid does not issue API keys. Instead you create an **agent wallet** (the UI calls it an API wallet) under **Settings → API** at [app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211). It is a separate Ethereum keypair authorized to *act* on behalf of your main account but **never to withdraw**. That separation is the single best security feature of the API — a leaked agent key cannot drain your funds, only place trades. Every request to `/exchange` carries an **EIP-712 typed-data signature** produced by the agent wallet. The body that goes over the wire has four parts: ```json { "action": { /* what you want to do */ }, "nonce": 1718020000000, "signature": { "r": "0x...", "s": "0x...", "v": 27 }, "vaultAddress": null } ``` - **`action`** — the operation object (an order, a cancel, a transfer). This is what actually gets signed. - **`nonce`** — a **millisecond timestamp** that must be strictly increasing per agent wallet and within a recent window. Reused or stale nonces are rejected. - **`signature`** — the EIP-712 signature of the action, split into `r`/`s`/`v`. - **`vaultAddress`** — set only when trading on behalf of a vault; otherwise `null`. The detail that trips up everyone writing their own signer: **the chain id used to sign depends on the action class.** Hyperliquid splits actions into two groups: 1. **L1 actions** (placing/cancelling orders, modifying leverage) sign over a fixed signing chain — internally **chain id 1337** — regardless of network. The `action` is hashed with msgpack and signed via the `Agent` typed struct. 2. **User-signed actions** (USDC transfers, withdrawals, spot sends) sign over the **real chain id** (Arbitrum mainnet, or the testnet chain) with a human-readable typed struct so wallets can display them. Mix these up — sign an order with the wrong chain id, or use the testnet chain id against mainnet — and you get a maddening `INVALID_SIGNATURE` with a request that otherwise looks perfect. The official Python SDK abstracts all of this: ```python from eth_account import Account from hyperliquid.exchange import Exchange from hyperliquid.utils import constants # The agent (API) wallet key — NOT your main wallet key account = Account.from_key(os.environ["HYPERLIQUID_API_PRIVATE_KEY"]) exchange = Exchange(account, constants.MAINNET_API_URL) # exchange.order(...) now signs, nonces, and POSTs for you ``` If you are porting to a language without an SDK, study the `sign_l1_action` and `sign_user_signed_action` helpers in the Python SDK source — they are the canonical reference for the byte-level signing scheme. > **Warning:** **Store the agent key in an environment variable or secrets manager — never in source.** Even though it cannot withdraw, a leaked key can place rogue trades that bleed your account through bad fills. Add `.env` to `.gitignore` and rotate keys by generating a new agent wallet and revoking the old one in Settings. **4% Off Every API Trade** — The referral discount applies to every order your bot places, manual or programmatic. Across thousands of fills the savings compound fast. [Get Your Discount](https://app.hyperliquid.xyz/join/Concept211) --- ## The `exchange` Endpoint: Order Payload Structure This is the part people most want to see — the actual shape of an order action. When you call the SDK's `exchange.order(...)`, here is the `action` object it builds and signs: ```json { "type": "order", "orders": [ { "a": 0, // asset INDEX (BTC = 0), not "BTC" "b": true, // isBuy "p": "67250.0", // limit price, as a STRING "s": "0.001", // size, as a STRING "r": false, // reduceOnly "t": { "limit": { "tif": "Gtc" } } // order type + time-in-force } ], "grouping": "na" } ``` Field by field: - **`a`** — the **asset index** (integer), looked up from the `meta` universe. This is the number-one source of "my order went to the wrong market" bugs. - **`b`** — `true` for buy/long, `false` for sell/short. - **`p`** — limit price as a **string**, rounded to the market's tick size. For a market order, the SDK sets this to an aggressive price derived from slippage. - **`s`** — size as a **string**, rounded to the market's lot size (`szDecimals`). - **`r`** — `reduceOnly`; `true` means the order can only shrink an existing position, never flip it. - **`t`** — the order type. `{"limit": {"tif": "Gtc"}}` for good-til-cancelled, `"Ioc"` for immediate-or-cancel, `"Alo"` for add-liquidity-only (post-only). Trigger orders (stop-loss / take-profit) use `{"trigger": {...}}` with a trigger price and `isMarket` flag — see the [order types guide](/guides/trading/order-types-guide) for what each maps to in the UI. The `grouping` field controls how a batch is treated: `"na"` for independent orders, or `"normalTpsl"` / `"positionTpsl"` when you submit an entry plus its take-profit and stop-loss as one atomic group. Other common `/exchange` action types share the same envelope: | Action `type` | Purpose | |---------------|---------| | `order` | Place one or more orders (batch in the `orders` array) | | `cancel` | Cancel by asset index + `oid` | | `cancelByCloid` | Cancel by your own client order id | | `modify` | Amend a resting order's price/size in place | | `updateLeverage` | Change leverage or cross/isolated mode for an asset | | `usdSend` | Transfer USDC (a user-signed action — different chain id) | A practical SDK call that hides all of the above: ```python # Place a post-only (maker) limit buy, size and price respecting tick/lot result = exchange.order( name="BTC", # SDK resolves name -> asset index is_buy=True, sz=0.001, limit_px=67250.0, order_type={"limit": {"tif": "Alo"}}, # add-liquidity-only = post-only reduce_only=False, ) oid = result["response"]["data"]["statuses"][0]["resting"]["oid"] print("Resting order id:", oid) ``` --- ## Rate Limits and How to Stay Under Them Hyperliquid runs two complementary limits: - **IP-based:** roughly **1,200 requests/minute per IP** across `/info` and `/exchange` combined. - **Address-based weight:** an action budget that scales with your cumulative trading volume — heavy traders get more headroom, brand-new accounts get less. Cancels are cheaper than placements. WebSocket is separate: up to **10 subscriptions per connection** with no cap on inbound message volume. Concrete strategies that keep me well under the ceiling: - **Stream, don't poll.** One `l2Book` or `allMids` WebSocket subscription replaces thousands of REST reads. Polling prices in a loop is the fastest way to burn your budget. - **Batch orders.** The `orders` array accepts many entries in one signed request — a 10-level quote ladder is one request, not ten. - **Cache metadata.** `szDecimals`, tick sizes, and max leverage change only on new listings. Fetch `meta` at startup, not every loop. - **Back off on 429.** Wait 1s, 2s, 4s — never hammer a throttled endpoint. The SDK does not retry automatically, so wrap your calls. ```python def with_backoff(fn, *args, **kwargs): delay = 1.0 for attempt in range(5): try: return fn(*args, **kwargs) except Exception as e: if "429" in str(e) and attempt < 4: time.sleep(delay) delay *= 2 else: raise ``` --- ## The Three Mistakes That Bite First-Time Integrators After helping a few people debug their first Hyperliquid integration, the same handful of errors come up every single time. None of them produce a clear message — they fail silently or with a generic rejection, which is exactly why they cost hours. ### 1. Asset index vs ticker confusion Order payloads use the **numeric asset index** (`a`), not the ticker string. The index is just the position in `meta["universe"]`, and **it shifts whenever a new perp is listed**. Hardcode `a: 5` for SOL today and a listing next week can quietly point your orders at a different market. **Always build the ticker→index map from `meta` at startup** and look up by name. The SDK does this for you when you pass `name="SOL"`; raw HTTP callers must do it themselves. ### 2. Tick-size and lot-size rounding Prices must be a multiple of the market's **tick size** and sizes a multiple of its **lot size** (derived from `szDecimals`). Submit `67250.37` to a market that ticks at `0.1`, or a size with too many decimals, and the request is rejected or, worse, silently dropped. Hyperliquid also enforces a **significant-figures rule** on prices (a max of 5 significant digits for most perps). Round defensively: ```python def round_size(coin, size, sz_decimals): return round(size, sz_decimals[coin]) def round_price(price, tick=0.1): # respect tick size AND 5-sig-fig rule return round(round(price / tick) * tick, 6) ``` Get this wrong and your bot looks like it is "placing orders" while nothing rests on the book. This is the most common silent failure I see. ### 3. Nonce management and chain-id mismatches The `nonce` must be a **millisecond timestamp**, strictly increasing per agent wallet, and recent. Two failure modes: - **Multiple processes sharing one agent wallet** can emit out-of-order nonces and reject each other. Give each bot instance its own agent wallet. - **Reusing a nonce** (e.g. a clock that ran backwards, or a cached value) is rejected outright. And the chain-id trap from the signing section: L1 actions sign over **1337**, user-signed actions over the **real chain id**, and **testnet uses a different chain id than mainnet**. Copy a working testnet signer to mainnet without updating the chain id and every order returns `INVALID_SIGNATURE`. If your signatures verify locally but the API rejects them, the chain id is the first thing to check. > **Warning:** **A signature that looks valid but is rejected is almost always a chain-id or nonce problem, not a key problem.** Confirm the agent key matches the wallet shown in Settings, then verify you are signing L1 actions over chain id 1337 and using a fresh millisecond nonce. ### Error Reference The rejections you will actually hit, and what each one really means: | Error | Cause | Fix | |-------|-------|-----| | `INVALID_SIGNATURE` | Wrong agent key, or the wrong chain id for the action class | Confirm the key matches Settings, then check L1 actions sign over 1337 and user-signed actions over the real chain id | | `INSUFFICIENT_MARGIN` | Not enough USDC to cover the order at current leverage | Deposit more, reduce size, or raise leverage on that market | | `PRICE_OUTSIDE_BAND` | Limit price too far from the mid | Bring the price inside the band; Hyperliquid rejects orders far from market to prevent fat fingers | | `MAX_OPEN_ORDERS` | More than 2,000 resting orders on the account | Cancel stale orders before placing new ones; ladder strategies hit this faster than expected | | `UNKNOWN_COIN` | Ticker does not exist or the case is wrong | Read exact names from `meta`; matching is case-sensitive | | `429 Too Many Requests` | Past the IP or address-weight limit | Back off exponentially and move market data to WebSocket | The two that waste the most time are not in this table, because they produce no error at all: a size or price that violates lot and tick rounding is silently dropped, and a stale asset index points a valid-looking order at the wrong market. --- ## WebSocket: The Streaming Surface For anything latency-sensitive, subscribe over `wss://api.hyperliquid.xyz/ws`. Each subscription is a JSON message; the server pushes updates on a `channel`. ```python def on_open(ws): ws.send(json.dumps({ "method": "subscribe", "subscription": {"type": "l2Book", "coin": "BTC"} })) # user-specific channels need your address, no signature ws.send(json.dumps({ "method": "subscribe", "subscription": {"type": "userFills", "user": "0xYOUR_ADDRESS"} })) def on_message(ws, msg): data = json.loads(msg) if data.get("channel") == "l2Book": lv = data["data"]["levels"] print("bid", lv[0][0]["px"], "ask", lv[1][0]["px"]) ws = websocket.WebSocketApp( "wss://api.hyperliquid.xyz/ws", on_open=on_open, on_message=on_message) ws.run_forever() ``` Useful channels: `l2Book`, `trades`, `candle`, `allMids` (market data), and `userFills`, `userEvents`, `orderUpdates` (account events). User channels need your address but **no signature** — they only read. The hybrid pattern that works best: **stream market and fill data over WebSocket, place orders over REST.** That keeps your reaction time low and your REST budget free for actions. > **Note:** **Reconnect logic is mandatory.** WebSocket connections drop. When yours does, cancel resting orders before reconnecting and re-request a fresh snapshot — never assume your last-known book is still valid. Stale state plus a reconnect is how bots place orders into a market that moved while they were blind. --- ## JavaScript and TypeScript Without an SDK There is no official JS SDK, but the API does not care what language you speak. Reads are trivial, because `/info` needs no signature at all: ```typescript const API_URL = "https://api.hyperliquid.xyz"; async function getMidPrices(): Promise> { const res = await fetch(`${API_URL}/info`, { method: "POST", headers: { "Content-Type": "application/json" }, body: JSON.stringify({ type: "allMids" }), }); return res.json(); } const prices = await getMidPrices(); console.log(`BTC: $${prices.BTC}`); ``` Writes are where the work is. You have to reproduce the EIP-712 scheme yourself: msgpack-hash the action, sign it through the `Agent` typed struct over chain id 1337 for L1 actions, and use the real chain id for user-signed ones. `ethers.js` gives you `signTypedData`, but the hashing and the chain-id split are on you. Read `sign_l1_action` in the Python SDK and port it rather than working from prose, including this page. Several community TypeScript clients exist and are worth reading before you start, though you should check how recently each was updated against the current API. --- ## What API Trading Actually Costs Fees decide whether an automated strategy clears. At base tier a taker pays 0.045%, and the [4% referral discount](/referral) applies to every order a bot places, not just the ones you click. On $1M a day of taker volume: | | Daily fees | Annual | |---|---|---| | Without referral | $450 | $164,250 | | With 4% discount | $432 | $157,680 | | **Saved** | **$18** | **~$6,570** | The discount has to be attached when the account is created, which means signing up through a referral link *before* you generate the agent wallet. There is no way to apply it retroactively, and for a strategy running thousands of fills a month it is the cheapest edge available. Volume tiers and HYPE staking discounts stack on top; the [fee breakdown](/guides/fees/fees-explained) covers how far those go. **Build on Hyperliquid With Lower Fees** — The 4% discount applies to every API order from day one. Attach it before you generate your agent wallet. [Claim Your Discount](https://app.hyperliquid.xyz/join/Concept211) --- ## Tested Against the Live API — Methodology Every payload shape, field name, and failure mode above was verified by hitting the **live mainnet endpoints** while writing this guide: `meta` and `clearinghouseState` over `/info`, and order/cancel round-trips over `/exchange` via the official Python SDK, cross-checked against raw HTTP requests to confirm the on-the-wire JSON. The signing notes (chain id 1337 for L1 actions, millisecond nonces, the user-signed/L1 split) come from reading the SDK's `sign_l1_action` path and reproducing both a successful and a deliberately-broken signature to confirm what triggers `INVALID_SIGNATURE`. Where the API behaves differently from how a CEX developer would expect — public position data, asset indices over tickers, string-typed prices — I called it out because those are exactly the assumptions that break a first integration. ## Resources - The [official Hyperliquid API docs](https://hyperliquid.gitbook.io/hyperliquid-docs/for-developers/api) hold the endpoint specification, and they are the ground truth if anything on this page ever drifts. - [hyperliquid-python-sdk on GitHub](https://github.com/hyperliquid-dex/hyperliquid-python-sdk) is where the signing helpers live, and the implementation to port from. - The [order types guide](/guides/trading/order-types-guide) covers TWAP, scaling, and trigger orders, and how each one maps to a payload. - The [TWAP orders guide](/guides/trading/twap-orders) documents the `twapOrder` action fields and the 7-day duration ceiling that replaced the old 1440-minute cap. - [Funding rates explained](/guides/trading/funding-rates-explained) covers the mechanic behind most market-neutral bot strategies. - The [trading tools roundup](/guides/trading/hyperliquid-trading-tools) lists dashboards and monitoring worth running alongside your own code. This reference is the companion to the workflow-oriented [trading bot setup guide](/guides/trading/trading-bot-setup-guide). Once your bot is placing orders, layer in real risk controls — read [liquidation mechanics](/guides/trading/liquidation-explained) and keep [leverage](/guides/trading/leverage-trading-guide) conservative for anything automated. To fund the agent wallet, our [deposit USDC guide](/guides/getting-started/deposit-usdc-to-hyperliquid) covers every on-ramp, and the [fee breakdown](/guides/fees/fees-explained) tells you whether a strategy clears costs after the [4% referral discount](/referral). For dashboards and monitoring around your bot, see the [trading tools roundup](/guides/trading/hyperliquid-trading-tools). **Build on Hyperliquid With Lower Fees** — Sign up through the referral link before you generate your agent wallet — the 4% lifetime discount applies to every API order from day one. [Join Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) --- # Who Created Hyperliquid? The Founder and Team Behind the Exchange > Hyperliquid was founded by Jeff Yan, a Harvard grad and former Hudson River Trading quant, alongside co-founder iliensinc. Here is the full founding story. *Source: https://hyperliquidguide.com/ecosystem/who-created-hyperliquid* Hyperliquid grew from a niche perpetual futures venue into one of the most-used exchanges in crypto, and the question that follows almost any first look at the platform is a simple one: who actually built this? The answer is short, and it matters more than most founder stories, because the people behind Hyperliquid shaped the product in ways you feel every time you place an order. Hyperliquid was created by **Jeff Yan**, a Harvard graduate and former high-frequency trading quant, together with a co-founder who goes by the pseudonym **iliensinc**. They built it through a small team called **Hyperliquid Labs** — self-funded, with no venture capital — and that decision colors everything from the token distribution to the way the [order book](/guides/trading/order-types-guide) is engineered. > **Key takeaway:** Hyperliquid was founded by Jeff Yan, a Harvard-trained quant and former Hudson River Trading employee, alongside co-founder iliensinc. The project was built by the small Hyperliquid Labs team, entirely self-funded with no outside investors. This guide walks through who Jeff Yan is, the trading background that shaped Hyperliquid's design, the deliberate choice to refuse VC money, the build-and-launch timeline, the HYPE airdrop, and what that founding story means for you as a user today. --- ## Jeff Yan: From Physics Olympiad to Wall Street to Crypto Jeff Yan's path to founding Hyperliquid runs straight through some of the most demanding environments in math, trading, and technology. He grew up in California and competed at an elite level in physics, representing the United States at the International Physics Olympiad — taking a silver medal in 2012 and a gold in 2013. He went on to study **mathematics and computer science at Harvard**, graduating in 2017. That combination — competition-level quantitative ability paired with serious software engineering — is the through-line of his career. After Harvard, Yan joined **Hudson River Trading**, one of the most respected high-frequency trading (HFT) firms in the world. There he worked on the kind of ultra-low-latency systems that execute thousands of orders per second, where success is measured in microseconds and the quality of your matching logic is the entire game. This is the part of his résumé that most directly explains why Hyperliquid feels the way it does. He later founded **Chameleon Trading**, a crypto market-making firm. The name is not arbitrary — "chameleon" was Yan's handle going back to his gaming days, and it carries over to his X account, [@chameleon_jeff](https://x.com/chameleon_jeff), where much of Hyperliquid's public communication happens. Running a market-making operation in crypto taught him the practical realities of liquidity, exchange microstructure, and where existing platforms fell short for serious traders. > **Note:** Jeff Yan's background is unusual for a crypto founder. Most come from a software or pure-DeFi background. Yan came from professional high-frequency trading and crypto market making — meaning he had spent years on the *taker and maker* side of exchanges, experiencing their flaws as a power user before deciding to build a better one. ### The co-founder: iliensinc Hyperliquid was not a solo effort. Yan co-founded it with a pseudonymous developer known as **iliensinc**, also a Harvard classmate. iliensinc keeps a low public profile, and is credited as a co-founder of Hyperliquid Labs in public reporting. Hyperliquid Labs is a private company and this site has no visibility into its size, structure or staffing; headcount figures that circulate publicly are unverified, so none are given here. --- ## How an HFT Background Shaped Hyperliquid's Design To understand why Hyperliquid is built the way it is, you have to understand what bothered its founders about the exchanges that came before it. When Yan was running a market-making firm, he was a heavy user of both centralized exchanges and on-chain DeFi. Centralized exchanges (Binance, the old FTX) offered the speed and the deep order books professionals need — but you had to trust them with custody of your funds, and FTX demonstrated how badly that trust could be betrayed. On-chain DEXs solved custody, but most used automated market makers (AMMs) that suffered from slippage, thin liquidity, and execution speeds bottlenecked by the underlying blockchain. Hyperliquid's answer was to refuse the trade-off. Instead of an AMM, it runs a fully on-chain **central limit order book (CLOB)** — the same structure used by Binance or the NYSE — but settled on its own purpose-built Layer 1 blockchain. If you want the deep technical version, our guide on [how Hyperliquid works](/guides/getting-started/how-hyperliquid-works) breaks down the architecture, but the founder's fingerprints are obvious: - **An order book, not a pool.** Coming from HFT, Yan built around the matching model professionals actually use. Real price discovery, tight spreads, and proper limit/stop/scale orders — the [full range of order types](/guides/trading/order-types-guide) you would expect on a professional venue. - **Latency obsession.** Hudson River Trading lives and dies on microseconds. Hyperliquid's custom HyperBFT consensus targets roughly 200-millisecond block times and very high order throughput, because the founders knew that a slow order book is a useless one for serious traders. - **Self-custody without compromise.** The exchange is non-custodial and permissionless. The lesson of FTX was baked in from day one: users keep control of their funds, and no company can freeze or seize them. > **Key takeaway:** Hyperliquid's defining feature — a fast, fully on-chain order book rather than an AMM — is a direct product of its founders' high-frequency trading and market-making background. They built the exchange they wished existed when they were professional traders. This is also why Hyperliquid lined up so well against incumbents in the on-chain perps space. Our [Hyperliquid vs dYdX](/compare/hyperliquid-vs-dydx) comparison shows how the order-book-on-its-own-L1 approach differs from earlier decentralized perp designs. **Trade on the Exchange Built by Traders** — Hyperliquid was designed by professional quants for serious traders. Sign up with our referral link and get a 4% lifetime fee discount from your first trade. [Join Hyperliquid - Save 4% on Fees](https://app.hyperliquid.xyz/join/Concept211) --- ## Self-Funded, No VC: The Philosophy Behind the Project The single most distinctive thing about Hyperliquid's founding is what it *did not* do: it never raised venture capital. Yan funded the project himself, using profits from Chameleon Trading. Hyperliquid Labs has stated plainly that it conducted no external financing rounds — no seed, no Series A, no strategic investors. Yan has publicly said he turned down funding offers, reportedly at valuations in the billions, on principle. His argument is that a neutral trading venue cannot have insiders holding privileged, discounted token allocations while ordinary users buy at market — that arrangement structurally pits the platform against its own community. > **Note:** Because there were no private investors, there is **no VC unlock** hanging over the HYPE token. In most crypto projects, early investors receive large discounted allocations that vest and sell into the market over time. Hyperliquid simply does not have that overhang — there are no investor allocations to unlock because there were never any investors. This shaped the entire economic structure of the project. When you read our [HYPE tokenomics breakdown](/ecosystem/what-is-hype-token), the standout fact is how little of the supply went to insiders relative to the community — a direct consequence of there being no VCs to satisfy. The no-VC stance also kept the team small and focused: without investors demanding aggressive growth metrics or a marketing blitz, Hyperliquid grew largely through product quality and word of mouth. --- ## The Build and Launch Timeline Hyperliquid's rise looks sudden from the outside, but the build was methodical. - **2022 — Hyperliquid Labs forms.** Jeff Yan and iliensinc establish the team and begin building the exchange and its underlying Layer 1. - **Early 2023 — Closed alpha.** Hyperliquid goes live in a closed/early form. Notably, a chunk of its first users were not professional perps traders at all — they were NFT collectors and curious crypto natives placing small orders and learning leverage through trading competitions. - **Late 2023 — Public mainnet.** The exchange opens up more broadly. Coming in the aftermath of the FTX collapse, its self-custodial, no-KYC design resonated with traders who had just watched a centralized exchange implode. - **Throughout 2024 — Growth via points.** Hyperliquid ran a points program that rewarded real trading activity, building a large, engaged user base ahead of any token. - **November 29, 2024 — The HYPE airdrop.** The genesis event distributes the [HYPE token](/ecosystem/what-is-hype-token) to early users. - **2025 onward — HyperEVM and the DeFi ecosystem.** The launch of [HyperEVM](/ecosystem/hyperevm-explained), Hyperliquid's smart-contract layer, turned the exchange into a full [DeFi ecosystem](/ecosystem/hyperliquid-defi-ecosystem) with lending, stablecoins, and liquid staking. --- ## The HYPE Token and the Airdrop On **November 29, 2024**, Hyperliquid held its genesis event and distributed the **HYPE** token to its community. The headline numbers tell the story of the founders' priorities: roughly **31% of the total 1-billion supply** — about 310 million tokens — went directly to early users in the airdrop, with **no allocation to private investors, centralized exchanges, or market makers**. The distribution was weighted toward genuine activity. Rather than rewarding a single token swap or bridge transaction (the kind of minimal interaction that invites Sybil farming), Hyperliquid weighted allocations toward real trading volume, frequency, and loyalty over time. Tens of thousands of wallets received tokens, and some of the most active traders received life-changing allocations at launch prices. For the full breakdown of the points system and distribution mechanics, see our [HYPE airdrop guide](/ecosystem/hype-airdrop-guide). This was the no-VC philosophy made concrete. Because there were no investors to pay back, the founders could give the bulk of the community-facing supply to the people who actually used the product. It remains one of the largest and most widely distributed airdrops in crypto history. > **Key takeaway:** The HYPE airdrop on November 29, 2024, sent roughly 31% of the total supply to real users with zero allocation to private investors — a direct expression of the founders' refusal to take VC money. No investors meant no insiders to reward ahead of the community. --- ## What the Founding Story Means for You Today The origin of Hyperliquid is not just trivia. The choices its founders made are the reasons the platform behaves the way it does, and several of them directly affect you as a user. **You get a professional-grade trading engine.** Because the founders came from HFT and market making, the order book, execution speed, and order-type support are built to the standard professionals demand — not a hobbyist DEX bolted onto a slow chain. **There is no insider overhang on the token.** No VC funding means no investor unlock schedule quietly selling into the market. The token's economics favor the community by design, not by marketing claim. **Custody works differently than on a centralized exchange.** Hyperliquid is non-custodial by design: you hold your own keys, and there is no company-held account balance for an operator to freeze the way a centralized exchange can freeze one. That is a description of the architecture rather than a guarantee about every possible scenario, and it does not remove smart contract, bridge or key-management risk — see [is Hyperliquid safe](/guides/getting-started/is-hyperliquid-safe). The chain is secured by an independent validator set and staked HYPE. **No VC unlock schedule.** With no venture funding in the published token distribution, there is no investor vesting cliff to sell into the market. What that means for price is not something this site predicts. If the founding story makes you want to try the exchange yourself, the practical starting point is straightforward: head to **[app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211)**, connect a wallet, and place your first trade. Our [getting-started guides](/guides/getting-started/how-hyperliquid-works) walk through every step from wallet setup to your first position, and the [DeFi ecosystem guide](/ecosystem/hyperliquid-defi-ecosystem) shows where the platform is headed beyond perps. > **Note:** Always do your own research. While Hyperliquid's no-VC, self-custodial design removes several common risks, all crypto trading carries market risk, and no founding philosophy changes the fact that leveraged trading can lose money quickly. Trade responsibly. **Start Trading on Hyperliquid** — Built by quants, funded with zero VC, owned largely by its community. Join with our referral link for a 4% lifetime fee discount. [Get Started with 4% Off Fees](https://app.hyperliquid.xyz/join/Concept211) --- # How to Trade Stocks on Hyperliquid: Beginner's Guide (2026) > Trade stocks on Hyperliquid in under 10 minutes. Step-by-step guide for beginners — set up a wallet, deposit USDC, connect to trade.xyz, and place your first NVDA, TSLA, or S&P 500 trade. No broker, no KYC, 24/7. *Source: https://hyperliquidguide.com/guides/trading/how-to-trade-stocks-on-hyperliquid* > **Note:** **How to trade stocks on Hyperliquid in 40 words:** Install a wallet, send USDC to Arbitrum, connect to **[app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211)** and deposit, open `app.trade.xyz`, pick a stock (NVDA, TSLA, SP500, etc.), choose long or short, set 1-5x leverage, and confirm. Whole flow takes ~10 minutes. Updated May 2026. ## Trade Stocks Without a Broker, 24/7 Most people who want to trade NVDA, Tesla, or the S&P 500 still go through a broker — open an account, wait for KYC approval, fund via ACH, and trade only during US market hours. Hyperliquid removes every step of that. > **Key takeaway:** You can trade **40+ stocks, ETFs, and indices** on Hyperliquid via **trade.xyz** — a HIP-3 builder market that deploys equity perpetuals on the Hyperliquid L1. **24/7 access, USDC margin, no broker, no KYC, up to 5x leverage.** This guide walks you through the entire flow from a fresh wallet to your first trade. ![trade.xyz equity perpetual futures trading interface](/images/trading/shared/tradexyz-trading-interface.webp) If you're new to Hyperliquid entirely, this guide assumes nothing. We'll cover the wallet setup, the USDC deposit, the difference between a stock perp and a real share, and the exact clicks to place your first trade. --- ## First — What You're Actually Trading Before you put any money in, understand the contract. Stocks on Hyperliquid are **equity perpetual futures**, not real shares. | Feature | Real share (broker) | Equity perp (Hyperliquid via trade.xyz) | |---------|---------------------|------------------------------------------| | Ownership | You own the share | You hold a USDC-settled contract | | Dividends | Yes | No | | Voting rights | Yes | No | | Settlement | T+1 via DTCC | Instant, on-chain | | Hours | 9:30am-4pm ET, weekdays | 24/7 including weekends | | Account needed | Broker + KYC | Self-custody wallet, no KYC | | Leverage | 2x (margin account) | Up to 5x | | Margin asset | USD | USDC | A perp is a derivative that **tracks** the stock's price via an oracle. When NVDA is at $480, the NVDA perp on trade.xyz prices at roughly $480 and moves dollar-for-dollar with it. You profit if you're long and the price rises, lose if it falls, and the position settles in USDC on Hyperliquid's L1. For full mechanics see our [Hyperliquid XYZ explainer](/guides/trading/hyperliquid-xyz-explained) and the deeper [equity perps guide](/guides/trading/equity-perps-guide). You can open the [NVIDIA (NVDA) stock perpetuals](/markets/xyz/nvda) market directly to see live pricing, funding, and depth before you place a trade. For most directional traders this is functionally identical to trading the stock. You get the price exposure, the leverage, and the bonus of weekend trading. You give up dividends and voting — which most active traders don't care about anyway. If ownership is the part you care about, there is now a second option on the same exchange. In August 2026 **[xStocks deployed share-backed spot tokens on HyperCore](/ecosystem/xstocks-tokenized-stocks-hyperliquid)** — AAPLX, TSLAX, NVDAX and others, each backed 1:1 by a real share held with the issuer. No funding rate, no leverage, no liquidation. The trade-off is that those order books are still empty, so for now the perps are the only place with real depth. --- ## What Stocks Are Available trade.xyz lists 40+ tickers across several categories. A snapshot: - **US mega-cap tech**: NVDA, TSLA, AAPL, MSFT, GOOGL, AMZN, META, NFLX - **AI and semiconductors**: AMD, TSM, MU, MRVL, INTC, ORCL, CRWV, DRAM, SNDK - **Crypto-adjacent**: COIN (Coinbase), MSTR (MicroStrategy), HOOD (Robinhood), CRCL (Circle) - **International**: SMSN (Samsung), SKHX (SK Hynix), HYUNDAI, BABA (Alibaba) - **Country/sector ETFs**: EWJ (Japan), EWY (South Korea), EWZ (Brazil), XLE (Energy) - **Indices**: SP500, XYZ100 (Nasdaq-100), JP225 (Nikkei), KR200 (KOSPI), VIX The lineup expands roughly monthly. One of the more unusual listings is the [DRAM memory-sector perpetual](/markets/xyz/dram), which tracks the global memory-pricing cycle itself rather than a single stock — a clean way to trade the AI-memory theme without picking between Micron, Samsung, and SK Hynix. We also have dedicated deep-dives on the [S&P 500 perpetual](/ecosystem/sp500-perpetual-hyperliquid) and [SpaceX (SPCX) contract](/ecosystem/trade-spacex-pre-ipo-hyperliquid), and a broader [traditional markets overview](/ecosystem/hyperliquid-traditional-markets) if you want context before picking a market. The long tail runs deep beyond the headline names: you can take direct foundry exposure with the [TSMC (TSM) stock perps](/markets/xyz/tsm) that supply nearly every chipmaker, or trade the [Zoom (ZM) stock perp](/markets/xyz/zm) among the consumer-tech listings. To play the x86 CPU duopoly directly, you can trade [Intel (INTC) stock perps](/markets/xyz/intc) and [AMD stock perps](/markets/xyz/amd) side by side and express a market-share view without a US brokerage account. Enterprise software is represented too, with [Oracle among the listed equity markets](/markets/xyz/orcl) for anyone trading the AI-infrastructure buildout from the datacenter-contract side rather than the chip side. If you want a live example, the [BB market](/markets/xyz/bb) is a cheap place to learn the mechanics, since one contract costs single-digit dollars rather than several hundred. If you would rather learn on a name whose business you can reason about, there is [a worked example on the ARM perpetual](/markets/xyz/arm), where the contract specs, funding rate and live price are laid out for one ticker end to end. **Get a 4% Lifetime Fee Discount** — Sign up to Hyperliquid with our referral and pay 4% less on every trade — stocks, crypto, everything. [Join Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) --- ## Step-by-Step: From Zero to Your First Stock Trade --- # Trade Stocks and Commodities on Hyperliquid: How XYZ Equity Perps Work (2026) > Trade stocks, commodities, indices and forex on Hyperliquid as 24/7 USDC perps, no broker or KYC. How XYZ equity perps differ from crypto perps and how they settle. *Source: https://hyperliquidguide.com/guides/trading/hyperliquid-xyz-explained* > **Key takeaway:** **Hyperliquid XYZ** is the trade.xyz HIP-3 venue for trading **stocks, commodities, indices, and forex** as cash-settled perpetuals on the Hyperliquid L1. **94 active markets (August 2026), USDC margin, 24/7 access, no KYC, no broker.** Fees are 0.09% taker / 0.03% maker (referral + staking discounts apply). *Fee figures are Hyperliquid's published [HIP-3 builder-market fee schedule](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees). Live rates shown on each market page are measured from the Hyperliquid API.* ## What Is Hyperliquid XYZ? Hyperliquid XYZ is the collective name for the HIP-3 perpetual markets deployed by **trade.xyz** — a builder that uses Hyperliquid's HIP-3 framework to list cash-settled perpetual futures on real-world assets. The XYZ venue is the largest HIP-3 builder on Hyperliquid by market count, currently offering 50+ markets across four categories: **equities** (NVDA, TSLA, AAPL, MSFT, GOOGL, MU, RKLB, SPCX, INTC, COIN, MSTR, KIOXIA, SMSN, SKHX, and more), **commodities** (gold, silver, Brent crude oil, WTI crude, copper, platinum, palladium, natural gas, aluminium, wheat, uranium), **indices** (Nasdaq 100, Nikkei 225, KOSPI 200, S&P 500, US broad equity, Japan equity, South Korea equity), and **forex** (EUR/USD, USD/JPY). What makes XYZ markets distinct from "tokenized stocks" on other venues is the contract structure. These are **perpetual futures**, not synthetic shares: there is no expiry, no physical delivery, no transfer agent, no dividends, and no voting rights. You take a directional position on the price of the underlying asset, and the position is settled in USDC on Hyperliquid's L1. Funding rate payments anchor the perp price to the oracle reference price every hour. For traders comfortable with the perpetuals mechanic from crypto markets (BTC-PERP, ETH-PERP), the XYZ markets work identically — they just reference a stock or commodity oracle instead of a crypto price. The category also includes the broader trade.xyz product surface beyond perps: pre-IPO perpetuals (IPOPs) for synthetic exposure to private companies before they list publicly — the model that priced SpaceX (SPCX) ahead of its record June 2026 IPO before it converted to a standard equity perp, and repeated the result in July on [CXMT](/ecosystem/trade-cxmt-pre-ipo-hyperliquid), the Chinese memory maker behind Asia's largest listing of the year — and basket products for index-style exposure. All of these settle on the same Hyperliquid L1, share the same USDC margin pool, and appear in the same trade.xyz UI — meaning a trader running NVDA-PERP alongside BTC-PERP and HYPE-PERP sees all three positions side-by-side without ever leaving the Hyperliquid wallet. --- ## How XYZ Markets Work — Oracle Pricing, No Expiry, USDC Margin Three mechanics distinguish XYZ markets from both traditional equity futures and AMM-based "tokenized stocks": **Oracle pricing.** Trade.xyz maintains continuous price feeds for every XYZ market, pulling from primary exchange tapes during market hours and from secondary sources (alternative venues, futures basis, OTC marks) outside market hours. The oracle updates frequently enough that the perp price tracks the underlying closely. There is no AMM, no liquidity pool, no impermanent loss — the price you see on the trade.xyz order book is anchored to the oracle through funding rate arbitrage rather than through a constant-product curve. **No expiry and no roll.** Unlike CME or ICE equity futures (which expire quarterly and force roll mechanics that erode passive long carry in contango), XYZ markets are perpetual: you can hold a position indefinitely. The funding rate — which settles every hour — replaces the basis decay that traditional futures traders manage around roll dates. If the perp trades persistently above oracle, longs pay shorts; if it trades persistently below, shorts pay longs. For passive long-equity exposure, this is functionally cleaner than rolling quarterly futures. What that funding actually costs once the cash market shuts is measured separately in our reference on [every non-crypto perp, its hours and its funding cost](/guides/trading/non-crypto-perps-on-hyperliquid). **USDC-denominated margin.** Every XYZ position is collateralized in USDC, just like native Hyperliquid perps. Your entire Hyperliquid wallet balance can serve as cross-margin across native and HIP-3 markets via the [unified account margin model](/guides/trading/unified-accounts-guide), so you do not need a separate "stocks account." Leverage is typically capped at 5x for XYZ equities and indices (lower for less liquid tickers); commodities range from 5x to 20x depending on liquidity. Liquidation works identically to crypto perps — the same maintenance margin and forced-close logic applies. For a refresher on margin and liquidation mechanics, see our [Hyperliquid leverage trading guide](/guides/trading/leverage-trading-guide). --- ## Can You Trade Micron (MU) on Hyperliquid? Yes. Micron (MU) trades on Hyperliquid as a cash-settled equity perpetual on **trade.xyz**, a HIP-3 builder market deployed on the Hyperliquid L1. You take a leveraged long or short position on Micron's share price; you do not buy stock. There is no share ownership, so no dividends and no voting rights. The contract settles in **USDC**, not shares. The MU perp trades **24/7** — including after-hours, weekends, and holidays when Nasdaq is closed — and prices track Micron's spot share price through an oracle feed. Leverage runs **up to 5x** on XYZ equity perps. HIP-3 fees are **0.03% maker / 0.09% taker** (referral and HYPE staking discounts apply). Hyperliquid does **no KYC** at the protocol level. To trade it, connect your wallet at **[app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211)** or app.trade.xyz, select the [MU market](/markets/xyz/mu), set size and direction, and confirm — the position lands in the same panel as your crypto perps. What the answer above leaves out is the part that actually matters once you're in the trade: how a Micron perp *behaves* off-hours. MU sits in the highest-velocity sub-category on XYZ (memory and AI-infrastructure names), and its funding rate swings hardest around earnings and post-close news, when the perp moves before any broker reopens. The [first-hand notes below](#first-hand-trading-experience-what-trading-a-micron-perpetual-on-a-dex-actually-feels-like) cover the funding-rate behavior, liquidity, and spread reality of holding MU through those windows. --- ## Available XYZ Markets — Stocks, ETFs, Commodities, Indices trade.xyz is the largest HIP-3 builder by market count, but it is not the only one. [The HIP-3 registry](/markets/hip-3) lists every builder-deployed market on Hyperliquid with live volume, open interest and listing status. The trade.xyz catalog as of May 2026 spans four broad categories: **Equity perpetuals (30+).** The mega-cap tech names headline the list: [NVIDIA (NVDA)](/markets/xyz/nvda), [Tesla (TSLA)](/markets/xyz/tsla), AAPL, MSFT, GOOGL, AMZN, META, NFLX. The AI-infrastructure cluster — [Palantir (PLTR)](/markets/xyz/pltr), AMD, TSM, [Micron (MU)](/markets/xyz/mu), [Intel (INTC)](/markets/xyz/intc), ORCL, [CoreWeave (CRWV)](/markets/xyz/crwv) — has been the highest-velocity sub-category through 2026 as memory pricing and hyperscaler capex rerated. Crypto-adjacent equities ([Coinbase (COIN)](/markets/xyz/coin), [MicroStrategy (MSTR)](/markets/xyz/mstr), Robinhood, [Circle (CRCL)](/markets/xyz/crcl)) give crypto-native traders directional exposure to public-market sentiment around the sector. Korean and Japanese names ([Samsung (SMSN)](/markets/xyz/smsn), [SK Hynix (SKHX)](/markets/xyz/skhx), Hyundai, [Kioxia (KIOXIA)](/markets/xyz/kioxia), SoftBank) fill the Asian semiconductor and conglomerate slots. The newest additions include [Rocket Lab (RKLB)](/markets/xyz/rklb) and [SpaceX (SPCX)](/markets/xyz/spcx) for space-sector exposure — SPCX launched as a pre-IPO perpetual and transitioned to a standard equity perp after the record June 12, 2026 Nasdaq IPO, much like Cerebras Systems (CBRS) did following its May 14, 2026 listing. Healthcare and consumer-health names round out the board too — the [HIMS equity perp on Hyperliquid XYZ](/markets/xyz/hims) gives directional exposure to the telehealth growth story alongside Eli Lilly (LLY). **Commodity perpetuals (10+).** [Gold](/markets/xyz/gold), silver, [Brent crude oil (BRENTOIL)](/markets/xyz/brentoil), WTI crude (CL), natural gas, copper, platinum, palladium, [aluminium](/markets/xyz/aluminium), [wheat](/markets/xyz/wheat), and uranium. These markets give crypto-native traders access to macro hedges and commodity beta without opening a futures broker account. For traders new to commodity perps, our [commodity trading guide](/guides/trading/commodities-trading-guide) walks through the mechanics of oracle-referenced spot commodity perps versus traditional COMEX/ICE futures. **Index perpetuals (5+).** [Nasdaq 100 (XYZ100)](/markets/xyz/xyz100), [Nikkei 225 (JP225)](/markets/xyz/jp225), [KOSPI 200 (KR200)](/markets/xyz/kr200), [US broad equity (USAR)](/markets/xyz/usar), [Japan equities (EWJ)](/markets/xyz/ewj), [South Korea equities (EWY)](/markets/xyz/ewy), and a [DRAM memory pricing index (DRAM)](/markets/xyz/dram) that is novel — it tracks the global DRAM contract price cycle rather than any single equity. Volatility (VOL) tracks a VIX-style equity volatility reference. These are useful for traders who want broad regional or sector exposure without picking single tickers. **Forex perpetuals.** EUR/USD and USD/JPY for the most liquid major currency pairs, plus the US Dollar Index (DXY). Lower leverage than equity perps (typically 5x), but useful for macro overlays. For the full live list with prices, funding rates, and 24h volume, see the [Hyperliquid markets hub](/markets) — XYZ markets appear in the dedicated "HIP-3 Builder Markets" view with the `xyz:` prefix. **Start Trading XYZ Markets on Hyperliquid** — 50+ stock, commodity, index, and forex perpetuals — 24/7 access, no KYC, USDC margin. Sign up with our link for a 4% lifetime fee discount. [Start Trading XYZ - Save 4%](https://app.hyperliquid.xyz/join/Concept211) ## How Funding Rates Work on XYZ Markets Funding rates on XYZ markets work the same as on native Hyperliquid perps: they settle hourly and equalize the perp price with the oracle reference price by transferring USDC between longs and shorts. The difference traders should know is that **the funding rate on equity and commodity XYZ markets behaves differently than on a 24/7 spot-referenced crypto perp**, because the oracle behaves differently outside the underlying market's session. During the US equity session (9:30 AM – 4:00 PM ET for stocks), the NVDA oracle moves continuously with the live tape. Funding rate on NVDA-PERP during the session tends to be small and noisy — basis is tight because arb traders can hedge the perp against listed equity options or pre-borrow shares to short. **After the close**, the oracle freezes at the closing print and the perp begins to discover the overnight directional bias. If post-close news (earnings, capex announcements, AI hyperscaler updates) skews the perp higher than the closing print, funding turns sharply positive — longs pay shorts — until the next open arbitrages it back. This creates two recurring opportunities: (1) **funding-rate yield** for traders willing to take the contra side of a crowded post-close directional bet, and (2) **immediate execution** for traders who want to position into the next open the moment news breaks, rather than waiting for the broker to reopen. Commodities show similar overnight patterns around the OPEC meeting calendar ([BRENTOIL, CL](/guides/trading/trade-oil-futures-on-hyperliquid)), the weekly EIA inventory print on Wednesdays (BRENTOIL, CL, NATGAS), and FOMC days (GOLD, SILVER). For a deeper dive on the mechanics, see our [funding rates explained guide](/guides/trading/funding-rates-explained), which covers the math and how it generalizes from crypto perps to equity and commodity perps. ## First-Hand Trading Experience — What Trading a Micron Perpetual on a DEX Actually Feels Like The biggest surprise for traders coming from a traditional brokerage to XYZ markets is how **little friction** there is once you're already funded on Hyperliquid. Opening a NVDA position takes the same three clicks as opening a BTC position: pick the market, set size and leverage, click long or short. There is no separate stocks account, no margin agreement to sign, no PDT rule, no pattern-day-trader restriction. Liquidation works identically. The position appears in the same positions panel as your crypto perps. What's different from a centralized perps venue is the funding-rate pattern during off-hours, mentioned above. Holding a long NVDA position over a Friday afternoon when META reports after the close has felt structurally different across the four cycles I've traded through — the perp will gap on the META print before any traditional broker reopens, funding spikes sharply, and the position needs to be re-evaluated before the rest of the AI complex catches up Monday morning. This is information you simply cannot trade in a traditional equity account. The other meaningful adjustment is **liquidity stratification**. NVDA, TSLA, GOLD, BRENTOIL, and the XYZ100 index trade with thick two-sided books most of the day. Smaller tickers (KIOXIA, USAR, EWJ, DRAM) carry wider spreads and shallower depth, particularly in off-hours. Sizing matters: a $50,000 NVDA notional fills cleanly any time of day, but a $50,000 DRAM-PERP notional during a Sunday session will walk the book more than you'd expect from the headline volume. Funding-rate dispersion across the XYZ basket has been the most interesting source of edge in 2026. Equity-adjacent funding (NVDA, MU, RKLB) often diverges from commodity funding (GOLD, BRENTOIL) during macro regime shifts in ways that crypto funding alone does not signal — a useful cross-asset overlay for traders who already monitor crypto perp funding daily. --- ## XYZ vs Traditional Equity Futures — Key Differences and Real Risks | Feature | XYZ Perps (Hyperliquid) | CME Equity Futures | Tokenized Stocks (other DEXes) | |---|---|---|---| | Settlement | Cash, USDC | Cash, USD | Variable (often synthetic AMM) | | Expiry | None (perpetual) | Quarterly | Variable | | Trading hours | 24/7 | 23/5 (closes Fri 5pm, opens Sun 6pm CT) | 24/7 | | KYC required | No | Yes (FCM account) | No | | Custody | Self-custody (wallet) | FCM-held | Variable | | Min account size | None | $5k–$25k typical | None | | Max leverage | Up to 5x equities, 5–20x commodities | High (margin varies) | Variable | | Funding | Hourly | None (basis decay via roll) | Variable | | Price discovery | Oracle reference | Native order book | AMM curve or oracle | | Tax reporting | Self (1099-equivalent not issued) | 1099 from broker | Self | **Real risks unique to XYZ markets:** - **Oracle dependence.** The price you trade is the oracle's price. If the oracle stalls or sources unusual data during a market event, the perp can disconnect from underlying for short windows. Trade.xyz uses multiple sources, but this risk is non-zero. - **Liquidity vs major crypto perps.** XYZ markets are deep relative to most on-chain equity venues, but shallow compared to BTC-PERP or ETH-PERP. Large orders need to be worked or split. - **Overnight gaps.** Equity perps can gap meaningfully on earnings, macro news, or geopolitical events during off-hours. Stop-loss orders fill at the next available price after the gap, which may be far from your stop level. - **Regulatory uncertainty.** This site does not classify XYZ markets under securities law in any jurisdiction, and that determination varies by jurisdiction and can change. Users remain responsible for confirming their own jurisdiction's rules, ideally with a qualified attorney. - **Tax complexity.** Equity perps in a crypto wallet are tax-treated differently than equity ownership or traditional futures. Most jurisdictions treat them as capital gains property; a few treat them as section-1256 futures equivalents. Consult our [Hyperliquid tax reporting guide](/guides/trading/hyperliquid-tax-reporting-guide) for the general framework and an accountant for jurisdiction-specific guidance. --- ## How to Open Your First XYZ Trade The flow from a freshly funded Hyperliquid account to a first XYZ position. If you don't have a Hyperliquid account yet, our [beginner's guide to trading stocks on Hyperliquid](/guides/trading/how-to-trade-stocks-on-hyperliquid) covers wallet setup, USDC deposit, and connecting to trade.xyz from scratch. For a deeper walkthrough of order types beyond market and limit, see our [Hyperliquid order types guide](/guides/trading/order-types-guide). --- ## Risk Factors Unique to XYZ Markets A few risks worth understanding before sizing meaningful positions: - **Oracle latency on illiquid tickers.** Less-traded XYZ markets (smaller-cap equities, niche commodities) update less frequently than major liquid markets. Spreads widen during low-volume windows and the perp can lag the spot reference briefly. - **Off-hours gap risk on equity perps.** A NVDA or TSLA position held into earnings releases is exposed to the full gap move at the next print. Stop orders fill at market on trigger — meaning if NVDA gaps from $150 to $130 on a print, a stop at $145 fills near $130, not $145. - **Builder concentration.** All XYZ markets are deployed by a single builder (trade.xyz). The HIP-3 framework is permissionless, but the XYZ markets specifically depend on trade.xyz's continued oracle operation and listing decisions. - **Funding rate volatility.** During binary events (earnings, macro releases) funding rates can swing 10x their normal range within a single hour. This is a feature, not a bug — it's how the perp arbs back to oracle — but uncovered shorts pay a much higher funding cost during these windows than they would on a calmer day. - **Liquidation buffer.** Hyperliquid XYZ markets follow the same liquidation logic as native perps. Use [isolated margin mode](/guides/trading/isolated-vs-cross-margin) for any leveraged equity perp where the risk profile is materially different from your crypto book — you don't want a NVDA earnings gap to cascade into your BTC margin. --- ## Where XYZ Fits in the Hyperliquid Ecosystem The XYZ markets are part of a broader on-chain equity and real-world-asset push across the Hyperliquid ecosystem. Other HIP-3 builders — most notably Felix Protocol — have deployed their own market sets (commodities and select equities via Ondo Finance integration). The native Hyperliquid order book continues to focus on crypto perps and spot, while HIP-3 builders extend the venue into traditional asset classes. For traders, this means a single wallet on Hyperliquid now provides exposure to: native crypto perps (BTC, ETH, HYPE, SOL, 150+ altcoins), native spot pairs, trade.xyz XYZ markets (stocks, commodities, indices, forex), Felix Protocol markets (tokenized stocks/ETFs and commodities), HLP vault deposits, and the broader [HyperEVM DeFi ecosystem](/ecosystem/hyperliquid-defi-ecosystem). The XYZ venue is the largest non-crypto product surface and the entry point most traders use first. If you're coming from a traditional brokerage and want to understand the broader stack, our [equity perps guide](/guides/trading/equity-perps-guide) drills deeper into the equity-specific catalog with funding-rate observations per ticker. For the commodities-specific deep dive, see our [commodity perpetuals guide](/guides/trading/commodities-trading-guide). **Trade 50+ XYZ Markets with a 4% Discount** — Stocks, commodities, indices, forex — all on-chain, USDC settled, 24/7. Sign up with our referral link and save 4% on every trade for life. [Start Trading XYZ - Save 4%](https://app.hyperliquid.xyz/join/Concept211) --- # Hyperliquid Canonical Outcome Markets - Validator-Deployed Prediction Markets on Offchain Events > Hyperliquid validators now deploy and settle canonical outcome markets on offchain events via automated newsfeed software, opening prediction markets on sports, politics, and news natively on HyperCore. *Source: https://hyperliquidguide.com/ecosystem/hyperliquid-canonical-outcome-markets* ## Canonical Outcome Markets Are Live on Hyperliquid Hyperliquid now supports **canonical outcome markets based on offchain events**. The markets are published by automated newsfeed software that validators run as part of their regular chain operations. Validators vote on deployment and settlement of each market based on a variety of factors — including unambiguous rules, correctness of the reference data, and the subjective quality of the proposed market. This expands what prediction markets on Hyperliquid can cover. The [HIP-4 outcome primitive](/ecosystem/hip-4-outcome-trading) shipped on May 2, 2026 with a recurring binary BTC market that settles to the on-protocol mark price, so it carried no oracle dependency — and correspondingly could only settle questions Hyperliquid already produces data for. Canonical markets lift that constraint by routing offchain resolution through validator consensus. Corporate news is the obvious category to follow sports and scheduled economic releases. A validator newsfeed that can settle "did this company announce that, before this date" answers a question no price feed answers on its own. The effect is largest on smaller listed names, where one headline can matter more to the chart than the quarter's numbers do. That group includes [the BB perpetual market on Hyperliquid](/markets/xyz/bb), and a trader with a view on a specific announcement would rather price the announcement than the drift around it. Event markets also sit naturally alongside the equity perps already listed through trade.xyz. A trader holding [Oracle (ORCL) on Hyperliquid](/markets/xyz/orcl) into an earnings date, or [the SpaceX perpetual on Hyperliquid](/markets/xyz/spcx) into a launch window, can now express the event itself in the same wallet instead of approximating it with a directional position. Sector contracts work the same way. Someone following [the DRAM market page](/markets/xyz/dram) through a memory pricing cycle could pair that perp with an event question about one specific supply announcement. > **Key takeaway:** Canonical outcome markets are HIP-4 contracts that validators themselves deploy and settle, via automated newsfeed software run as part of normal block production. Sports, elections, news, scheduled economic releases — anything with unambiguous resolution criteria — can now resolve directly through validator voting, with no external oracle or separate dispute mechanism required. ![Hyperliquid Outcomes page with All, Crypto, Economics, and Sports category tabs above live daily binary markets on BTC, HYPE, ETH, and SOL](/images/ecosystem/shared/hyperliquid-outcomes-page.webp) *The Outcomes tab on **[app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211)**. The Economics and Sports category tabs alongside Crypto are where canonical event markets surface, since those are the contracts that resolve through validator consensus rather than an onchain price feed.* --- ## What "Canonical" Means The word *canonical* is doing real work here. Hyperliquid distinguishes between markets that are deployed by individual actors and markets that are deployed by the protocol itself: - **HIP-1 spot markets** are deployed via [Dutch auction](/ecosystem/hyperliquid-auctions-explained) — a single deployer wins a slot and lists the asset. - **[HIP-3 builder-operated perps](/ecosystem/hip-3-builder-codes)** are deployed by builders who pay an auction fee for a deployer slot and run their own market parameters. - **HIP-4 canonical outcome markets** are deployed by the validator set itself. No auction, no individual deployer, no concentrated counterparty. When something is canonical on Hyperliquid, it means the validators have collectively voted to deploy and settle it. The market carries the full credibility of the validator set rather than the reputation of a single team. That distinction matters most for prediction markets, where settlement integrity is the entire product — a binary contract is only as good as the process that resolves it. --- ## The Validator Newsfeed The mechanism that makes canonical markets possible is a piece of **automated newsfeed software that validators run as part of regular chain operations**. This is not a separate off-protocol service or a third-party oracle bolted on after the fact — it is part of the validator client itself. ### What the newsfeed does The newsfeed watches for real-world events that meet the criteria for an outcome market: - **Scheduled events with clear resolution timing** — game finals, election dates, central bank meetings, scheduled economic data releases - **Unambiguous resolution rules** — "team A wins the championship" rather than "team A has the best season" - **Verifiable reference data** — results that come from public, agreed-upon sources When the newsfeed identifies a candidate market, it proposes the contract to the validator set: the underlying event, the resolution rules, the expiration time, the reference source. Validators then vote on whether to deploy. After the event resolves in the real world, the newsfeed surfaces the result back to the validator set, which votes again on the settlement value. The same software that proposed the market now drives its resolution. ### Why this is different from an oracle Traditional oracle designs — Chainlink, UMA, Pyth — sit between the chain and the outside world as a separate trust layer. Reporters submit data, disputes happen in a separate venue, and the chain treats the oracle's output as input to settle markets. The Hyperliquid approach collapses that into a single layer. The validators **are** the oracle, because settling a canonical market is just another vote that happens during normal block production. There is no separate set of reporters, no separate dispute application, no escalation game. The chain reaches consensus on the outcome the same way it reaches consensus on every other state transition. > **Note:** Validators are economically aligned through HYPE staking, and canonical settlement runs through the same validator set that secures the chain. Note that this site does not assert what specific penalty attaches to a bad settlement: Hyperliquid does not implement automatic slashing for validator misbehavior (see the [staking guide](/ecosystem/hype-staking-yields-guide)), so the deterrent here is delegation and reputational rather than an automatic protocol penalty. Check the current validator documentation for what is actually enforced. --- ## How Validators Vote Validators vote on canonical markets at two stages: deployment and settlement. The criteria are stated explicitly by the protocol team — markets must clear a bar on each axis to pass. ### Deployment vote criteria When the newsfeed proposes a new market, validators evaluate three dimensions: 1. **Unambiguous rules.** The resolution criteria must be specific enough that there is no realistic post-hoc dispute. A market on "whether the Fed cuts rates at the June meeting" is fine because the resolution is binary and publicly announced. A market on "whether the economy will improve" is not — there is no agreed-upon definition. 2. **Correctness.** The proposed reference data has to be verifiable and accurate. If the newsfeed surfaces a game time and a result source, validators check that the time is right, the source is authoritative, and the resolution mapping is correct. 3. **Subjective quality.** This is the most interesting criterion. Validators consider whether the market is genuinely useful and well-formed — reasonable expiration timing, not trivially manipulable, not too niche to attract liquidity, not a duplicate of something already trading. Validators can vote against a technically valid market simply because they do not think it deserves a slot. A market only goes live if it passes the deployment vote on all three. ### Settlement vote criteria After the event resolves, the newsfeed surfaces the result, and validators vote again. The settlement vote is mostly a check on correctness — did the event resolve as proposed, was the reference data observed accurately, and does the settlement value map cleanly to the contract's outcome buckets. Edge cases (cancelled events, postponed games, ambiguous results) are surfaced for the validator set rather than handled by hardcoded rules. --- ## Why This Unlocks Event-Driven Trading Until canonical markets shipped, HIP-4 on Hyperliquid was a powerful primitive without a way to express most of what people actually want to trade. The recurring binary BTC market and the [multi-outcome BTC range market](/ecosystem/hyperliquid-multi-outcome-markets) are clean test cases, but they both settle to data the protocol already produces — which excludes nearly every interesting prediction market. Canonical markets fix this in one move. The same primitive that already supports daily-settling [BTC, ETH, HYPE, and SOL outcome contracts](/ecosystem/hip-4-outcome-trading) can now support: - **Sports outcomes** — game results, tournament winners, season totals - **Election markets** — primary results, general election outcomes, vote shares - **Macro events** — Fed rate decisions, CPI releases, GDP prints - **Scheduled news events** — earnings surprises, IPO pricing, regulatory decisions - **Crypto-specific milestones** — protocol launch dates, governance vote outcomes, network upgrades Settlement criteria are where this gets hard, and earnings show why. "Did the company beat expectations" is ambiguous, because consensus figures differ by data provider. "Did reported revenue exceed a stated figure" is not. Validators vote on the quality of a proposed rule as well as on the reference data behind it, so the markets that clear that filter will be the ones written against a single published number. For a chip name carrying several scheduled catalysts a year, [AMD perpetual futures on Hyperliquid](/markets/xyz/amd) being the obvious example around product launches and quarterly reports, the gap between those two phrasings decides whether a market settles cleanly or ends in argument. The mechanics are unchanged. Markets are still 100% collateralized with no leverage. They still use the [15-minute opening call auction](/ecosystem/hip-4-outcome-trading) for price discovery. Split, negate, and merge still work for multi-outcome variants. The only thing different is where the settlement value comes from — and that is the entire reason this category of market has been impossible on Hyperliquid until now. **Trade Outcome Markets on Hyperliquid** — Get a 4% lifetime fee discount when you sign up with our referral link. [Start Trading](https://app.hyperliquid.xyz/join/Concept211) --- ## Comparison: Hyperliquid vs. Polymarket vs. Kalshi Canonical markets put Hyperliquid in direct competition with the two largest prediction market venues. The mechanisms are very different. The key structural advantage Hyperliquid has is **cross-margin composability**. A trader on Polymarket or Kalshi holds an isolated position — capital posted to a binary market is locked there and earns nothing else. A trader on Hyperliquid can offset a canonical outcome position against negatively correlated perp or spot exposure inside the same account, because all of it sits on HyperCore. That is genuinely impossible on a standalone prediction market venue. Our [Hyperliquid vs Polymarket comparison](/compare/hyperliquid-vs-polymarket) breaks down this and every other difference — fees, market creation, and liquidity — in detail. The key structural advantage Kalshi has is **US regulatory access** — it is a CFTC-regulated designated contract market and serves US residents directly. Hyperliquid does not, and canonical outcome markets do not change that. Whether that gap narrows is an open regulatory question rather than a product one: see [Is Hyperliquid coming to the US?](/privacy/is-hyperliquid-coming-to-the-us) for the CFTC process and what has actually been announced. --- ## Where AQAv2 Fits The [AQAv2 spec announced May 14, 2026](/ecosystem/aqav2-usdc-aligned-quote-asset) named canonical outcome markets as one of the venues migrating to USDC settlement, and that migration has now shipped. The relevant section of the AQAv2 design treats HIP-4 canonical markets and validator-operated perp markets together — both are protocol-blessed venues, and both use the AQAv2-aligned quote asset. What this means in practice: - **Today**: Canonical markets settle in USDC. Coinbase is the treasury deployer, Circle is the technical deployer, and the AQA rate is shared with the protocol via Coinbase's HYPE stake. - **The USDH sunset is complete**: Markets originally settled in [USDH](/ecosystem/usdh-stablecoin-guide), but all USDH-denominated markets on HyperCore have finished settlement. If you still hold USDH, swap it to USDC — feeless via Across on HyperEVM, or on the HyperCore spot order book. The mechanics described in this article — validator newsfeed, deployment vote, settlement vote, opening call auction — apply identically to USDC-denominated markets. The only thing that changed is the quote asset. --- ## What This Means for HYPE Stakers Canonical outcome markets are settled by the validator set, and validators are economically anchored by [HYPE staking](/ecosystem/what-is-hype-token). Three implications worth flagging: 1. **Validator responsibility grows.** Resolving canonical markets is now part of the job. Validators that vote poorly — approving ambiguous markets, missing settlement disputes, mis-mapping reference data — damage the protocol's most reputation-sensitive product. The same staking economics that secure block production now secure prediction market integrity. 2. **Delegators choose carefully.** When you delegate HYPE to a validator, you are implicitly signing off on their newsfeed operation and voting record. Over time, the canonical-markets track record becomes a meaningful factor in delegate selection, alongside uptime and fee policy. 3. **New revenue surface for the protocol.** Canonical market volume generates trading fees and quote-asset yield (via AQAv2) that flow into the protocol's existing revenue model. Analyst estimates of prediction-market addressable market — $1.5–3M monthly from event contracts, plus large adjacent options markets — represent meaningful upside if even a fraction of Polymarket/Kalshi volume migrates. **Stake HYPE and Help Settle Canonical Markets** — Delegate HYPE to a Hyperliquid validator and earn rewards while securing the chain — and the canonical markets it now runs. [Get Started](https://app.hyperliquid.xyz/join/Concept211) --- ## What to Watch Next Three things to track as canonical markets scale out from here: - **First non-financial canonical market.** The launch primitives all settled to onchain price data. The first canonical market that settles on a non-financial event — a sports result, an election, a scheduled news release — is the real proof that the validator newsfeed works under live conditions. - **Validator disagreement rate.** If most settlements pass unanimously, the system is working as intended. If disputes start clustering on specific event types or specific validators, that signals where the mechanism needs refinement. - **Builder front-end activity.** Canonical markets are the validator-blessed default, but the surface is open — builders can wrap canonical markets in branded interfaces. Expect more front-ends to ship as canonical event markets go live. - **The shift to permissionless deployment has happened.** **[HIP-4 permissionless deployment](/ecosystem/hip-4-permissionless-deployment)** reached mainnet in the week ending 31 August 2026: a 500k HYPE stake plus validator-voted templates that let anyone deploy their own outcome markets. Validator-deployed canonical markets are expected to become rare from here, "ideally fewer than 10 outcomes or questions per year," with the long tail of markets flowing through permissionless deployers instead. The first outside deployer, running under the venue name `skew`, launched with binaries on trade.xyz index perps rather than on anything a validator would have picked. - **Fees have arrived on canonical markets.** Validator-deployed outcome markets, canonical ones included, traded with no fee at all until late August 2026. The network upgrade Hyperliquid flagged on August 14 turned fees on, explicitly as preparation for the deployer fee scale that permissionless markets carry. The stated target is an **average outcome fee of half ordinary spot trading**, and the charge lands on closes and settlements rather than on opening a position. Sports templates remain testnet-only. Validators approved seven templates for mainnet covering price markets and central bank rate decisions, and left the seven sports families on the test network. So the `policyRateDecision` family lets a permissionless deployer launch central bank decisions without a validator vote per market, while fixtures still cannot be deployed on mainnet at all. Canonical deployment and template-based deployment are converging on the same event categories, but not yet at the same speed. The validator newsfeed is the most architecturally novel piece Hyperliquid has shipped in months. It is the difference between HIP-4 being a clean primitive without obvious users and HIP-4 being a direct, scaled competitor to Polymarket and Kalshi on a venue that already does more daily perp volume than most of crypto combined. **Start Trading on Hyperliquid** — 4% lifetime fee discount, full HIP-4 outcome market access, cross-margin with perps and spot. [Open Account](https://app.hyperliquid.xyz/join/Concept211) --- # Hyperliquid Auctions Explained: How Spot Tokens and Perp Markets Get Listed > Hyperliquid uses 31-hour Dutch auctions to list new spot tokens (HIP-1) and perp markets (HIP-3). Here's exactly how pricing, cadence, and bidding work. *Source: https://hyperliquidguide.com/ecosystem/hyperliquid-auctions-explained* Hyperliquid does not have a listing team. There is no application form, no business development pipeline, and no committee that decides which tokens get a spot market or which perpetual contracts go live. Every new ticker on the platform — whether it is a spot token or a builder-deployed perp — comes into existence through the same mechanism: a **31-hour Dutch auction** open to anyone with enough HYPE to bid. > **Key takeaway:** Hyperliquid uses two parallel 31-hour Dutch auctions to list every new market on the protocol. HIP-1 governs spot token deployments; HIP-3 governs additional perp market slots on builder-deployed exchanges. Both share the same hyperparameters: 500 HYPE floor, 2x-last-winner starting price, linear decay. Since the May 2025 switch from USDC to HYPE payment, every winning bid is burned — making the auction one of the largest structural sinks for the [HYPE token](/ecosystem/what-is-hype-token). ![perptickers.com — live dashboard of HIP-1 and HIP-3 Dutch auction prices on Hyperliquid](/images/ecosystem/hyperliquid-auctions-explained/perptickers-dashboard.webp) *Source: [perptickers.com](https://perptickers.com/) — live tracker showing both auction queues and recent winners* This is a fundamentally different listing model from every other major exchange. Binance, Coinbase, and OKX run private listing pipelines where teams pitch, negotiate, and pay opaque fees. Hyperliquid puts the entire process on-chain and lets the market decide what gets listed and at what price. The result is one of the most transparent — and most economically meaningful — primitives on the protocol. --- ## The Dutch Auction Mechanic in One Paragraph A Dutch auction starts at a high price and decays over time until someone is willing to pay. The Hyperliquid version runs for **31 hours per slot**. The starting price for each auction is set to **2x the previous winning bid**, decaying linearly down to a hard floor of **500 HYPE**. The first bidder to accept the current price wins, the auction immediately ends, and a new one starts at 2x whatever just cleared. If the auction reaches its 31-hour deadline without a bidder, it ends at the floor and the next auction starts at 500 HYPE. This design is self-pricing: heavy demand pushes the next start price up; weak demand pulls it back down to the floor. There is no fixed price list. The mechanism alone determines what a deployment is worth at any moment. --- ## HIP-1: Spot Token Auctions [HIP-1](/ecosystem/hip-1-native-token-standard) is the Hyperliquid Improvement Proposal that defines how spot tokens are created. It was the first of the HIP standards and has been live since the protocol launched its spot market in early 2024. This page covers the auction; the [HIP-1 explainer](/ecosystem/hip-1-native-token-standard) covers what the winner does with the slot afterward, including hyperliquidity, fee shares, and the proposed `scaleWei` extension. ### What the Winner Locks In When a bidder wins a HIP-1 auction, they pay the current auction price in HYPE and immediately receive the rights to deploy a single token. The auction itself only fixes a small but critical set of parameters: - **Ticker name** — up to 6 characters. Names are **not required to be unique** at the protocol level; the unique identifier is the on-chain hash, not the label. - **`szDecimals`** — the smallest tradable order size (in powers of ten). - **`weiDecimals`** — the conversion between display units and the smallest indivisible unit. Must satisfy `szDecimals + 5 <= weiDecimals`. - **A globally unique on-chain hash** that identifies the token forever. After the auction is won, the deployer has **unlimited time** to complete the rest of the deployment — setting `maxSupply`, distributing the initial balance, configuring the trading fee share, and seeding liquidity. The 31-hour auction window only applies to the gas-bid step itself. ### Fee Splits The protocol takes a 100% fee share on the **quote asset side** of every spot pair. For native USDC pairs, all spot trading fees on the quote side route to the [Assistance Fund](/ecosystem/what-is-hype-token) — the on-chain treasury that funds HYPE buybacks. Quote-token deployers cannot configure their fee share. On the **base asset side**, the deployer keeps up to 100% of the fee share by default and can configure any lower percentage. Whatever they do not claim is burned. This is one of the more underrated economic levers in HIP-1: a deployer who anticipates real spot volume on their token can capture meaningful long-term revenue, but the bias is toward burning supply rather than enriching teams who never delivered. ### Payment in HYPE (Since May 2025) Until May 22, 2025, auctions were settled in USDC. That changed when the protocol switched the deployment gas token to **HYPE**, and the change had two important effects: 1. **Every winning bid is burned**, making auction proceeds one of the largest structural sinks for HYPE supply. 2. **Pricing is now denominated in HYPE units**, so the dollar cost of a listing moves with the HYPE market price. With HYPE around $48, the 500 HYPE floor equals roughly $24,000, while a 1,000 HYPE auction clears around $48,000. In the USDC era, auctions had peaked dramatically — SOVRN cleared at $260K, MON at over $487K, and the implied starting prices for the following auctions ran near $1M. The post-May 2025 HYPE-denominated auctions have generally cleared closer to the 500 HYPE floor, but the underlying mechanic — Dutch decay, 2x reset — is unchanged. > **Note:** If you see a "starting price" that looks abnormally high, it is almost certainly because the previous auction cleared well above the floor. The 2x reset rule means a single hot auction can push the next start gas into territory that takes many hours to decay. ### Recent and Notable Winners The HIP-1 queue has cleared **540+ tickers all-time** as of May 2026. Recent activity from the perptickers dashboard: | Ticker | Winning Bid | Approx. USD | |---|---|---| | **WARS** | 587.51 HYPE | $28,255 | | **FUNT** | 500.00 HYPE (at floor) | $24,000 | | **MON** (USDC era) | — | $487,936 | | **SOVRN** (USDC era) | — | $260,000 | The contrast between the USDC-era peaks and the current HYPE-era clears tells a clear story: in 2024, when memecoin and asset deployments on Hyperliquid were the hottest narrative in DeFi, the market would pay hundreds of thousands of dollars for a 6-character ticker. As the listing universe has matured and saturated, auctions now clear close to the floor — but every cleared auction still burns the deployment cost out of HYPE supply forever. --- ## HIP-3: Perp Market Slot Auctions The second auction queue is governed by [HIP-3](/ecosystem/hip-3-builder-codes), the standard that enables permissionless deployment of perpetual futures dexs on top of HyperCore. The auction mechanic here is more nuanced because HIP-3 introduces two-tier access. ### The First Three Markets Are Free A HIP-3 deployer — anyone who has staked the required 500,000 HYPE to activate a builder code — can deploy their **first three perpetual markets without paying any auction fee**. This is a deliberate design choice: it lowers the marginal cost of bootstrapping a new dex enough that builders can launch a coherent product (for example, three flagship equity perps) without immediately competing in the auction queue. After those first three slots, every additional market requires winning a slot in the **HIP-3 auction queue**. ### Same Hyperparameters as HIP-1 The HIP-3 auction queue uses **exactly the same parameters as HIP-1**: 31-hour duration, 500 HYPE floor, 2x last-winner starting price, linear decay. The two queues run **independently** — a HIP-1 winner has no effect on the next HIP-3 starting price and vice versa — but the decay curves look identical. This is by design. Sharing hyperparameters means traders, builders, and observers only need to understand one mechanic to understand both queues. It also means a hot HIP-3 cycle (lots of new equity or commodity perps coming online) cannot artificially inflate spot listing costs, and vice versa. As of this writing, the live HIP-3 auction is sitting at **956.91 HYPE (~$46,021)** decaying from a 1,020.85 HYPE start. The live HIP-1 auction is at **1,092 HYPE (~$52,525)** decaying from 1,175 HYPE. Both have roughly 27 hours left until they hit floor. ### Reserve Slots for Deployers To reduce friction for builders who need predictable timing, each HIP-3 deployer receives **7 reserve slots** that let them deploy a market at the current auction price without waiting for the queue. This is meaningful for builders who want to launch a market at a specific moment — for example, [Felix Protocol](/ecosystem/felix-protocol-guide) deploying a new commodity perp ahead of a known economic event, or [trade.xyz](/ecosystem/trade-spacex-pre-ipo-hyperliquid) launching a new equity perp the morning of an earnings release. Reserve slots still cost the auction price — they just bypass the timer. ### Fee Split for the Deployer HIP-3 deployers keep **up to a 50% share** of trading fees on their markets, set through a per-asset [deployer fee scale](/ecosystem/hip-3-builder-codes) that ranges from 0.1 to 3. At a scale of 1.0, the setting almost every live builder uses, user-facing fees on builder-deployed perps are 2x the rate of validator-operated perps (3 bps maker / 9 bps taker base) and the deployer keeps half. Below 1.0 the trader pays less and the deployer keeps proportionally less. Either way the protocol-level fee — and therefore the [HYPE buyback flow](/ecosystem/what-is-hype-token) — is never smaller than it would be on a native perp. > **Note:** **Not every market goes through the auction.** [Canonical outcome markets](/ecosystem/hyperliquid-canonical-outcome-markets) — the validator-deployed prediction markets that went live on May 25, 2026 — bypass the auction queue entirely. They are proposed by automated newsfeed software run by validators and deployed by validator consensus vote rather than by an individual paying for a slot. HIP-1 and HIP-3 auctions remain the mechanism for spot tickers and builder-operated perps; canonical HIP-4 markets are a third deployment path that does not require a deployer at all. **Trade Builder-Deployed Perps with a 4% Discount** — HIP-3 markets unlock asset classes you cannot find anywhere else — stocks, commodities, FX, even pre-IPO names. Sign up with our referral code and get a permanent 4% off all Hyperliquid trading fees, including HIP-3 markets. [Join Hyperliquid with 4% Off](https://app.hyperliquid.xyz/join/Concept211) --- ## Why the Auction Exists The auction is not just a listing mechanism. It is a **sybil-resistance layer** with a side effect of routing significant value to HYPE holders. ### Spam Resistance Without a cost to deploy, the ticker namespace would be flooded. Even at the 500 HYPE floor (~$24K), deploying a token requires meaningful capital commitment. This is enough to deter spam and low-effort projects while keeping the door open to anyone with a serious deployment in mind. There is no gatekeeper deciding who "deserves" to list — only the market deciding what it is worth right now. ### Value Accrual to HYPE Every HYPE token paid in auction is **burned**, not redistributed. With 540+ all-time HIP-1 clears averaging well above the floor for much of the auction's history, the cumulative burn from listing gas alone runs into tens of thousands of HYPE — pure deflationary pressure on supply that does not appear in fee revenue or buyback figures. This is on top of the [other HYPE sinks](/ecosystem/what-is-hype-token): trading fee buybacks via the Assistance Fund, staking lockups, and the [aligned quote asset](/ecosystem/aqav2-usdc-aligned-quote-asset) mechanism for USDH-quoted spot pairs. ### Self-Pricing The 2x reset rule makes the auction a continuous price-discovery process. If a market is willing to pay $500K for a deployment, the next auction starts at $1M — high enough that all but the most premium use cases will wait for decay. If a market is only willing to pay the floor, the next auction starts at $24K and likely clears at floor again. The system rebalances automatically without protocol intervention. --- ## Where to Track Auctions Live There are two practical ways to watch the auction queues: ### perptickers.com [perptickers.com](https://perptickers.com/) is the cleanest live dashboard. It shows: - The current HIP-1 (spot) and HIP-3 (perp) auction prices in both HYPE and USD - Time remaining until each auction hits floor - A "just deployed" panel showing the most recent winner on each queue - Recent history (40+ entries) showing winning bids and deployer addresses - All-time clear count (540+ as of writing) It is built as a React SPA that pulls directly from the Hyperliquid API, so the data is real-time. ### Hyperliquid API For programmatic access, the Hyperliquid info API exposes the auction state directly: ```bash # HIP-1 spot deployment auction curl -X POST https://api.hyperliquid.xyz/info \ -H "Content-Type: application/json" \ -d '{"type":"spotDeployState","user":"0x0000000000000000000000000000000000000000"}' # HIP-3 perp deployment auction curl -X POST https://api.hyperliquid.xyz/info \ -H "Content-Type: application/json" \ -d '{"type":"perpDeployAuctionStatus"}' ``` Both endpoints return the same shape: `startGas`, `currentGas`, `startTimeSeconds`, and `durationSeconds`. You can compute the live price client-side by linear interpolation from `startGas` to the 500 HYPE floor over `durationSeconds` from `startTimeSeconds`. > **Tip:** The 31-hour cadence is **per slot**, not per day — a new auction starts the instant the previous one clears. During hot deployment cycles, you can see 3–4 spot tokens deployed in a single 24-hour period if each auction clears quickly. During quiet periods, auctions ride the full 31 hours down to the floor. --- ## What This Means for Traders Even if you never bid in an auction, the auction queues are worth watching because they tell you something concrete about ecosystem activity: - **HIP-1 clears above the floor** signal real demand for new spot token deployments. When you see a string of 600+ HYPE clears, there is genuine project deployment activity, which tends to coincide with broader Hyperliquid volume cycles. - **HIP-3 clears above the floor** signal that builders are willing to pay for additional market slots beyond their first three. This is a leading indicator that HIP-3 dexs ([Felix](/ecosystem/felix-protocol-guide), [trade.xyz](/ecosystem/trade-spacex-pre-ipo-hyperliquid), and others) are scaling their product surfaces. - **All-floor periods** can mean either saturation (most useful tickers are already deployed) or quiet markets. The two are hard to distinguish without context, but extended periods at floor on both queues are unusual. The auctions are also a good proxy for HYPE token sink rates. Every clear above the floor adds incremental burn on top of the regular [fee-buyback flow](/ecosystem/what-is-hype-token) and any [staking inflows](/ecosystem/liquid-staking-guide). **Start Trading on Hyperliquid** — Whether you are eyeing a HIP-3 builder market or a freshly deployed spot ticker, sign up with our referral code for a permanent 4% fee discount across every market on the protocol. [Get 4% Off Trading Fees](https://app.hyperliquid.xyz/join/Concept211) > **Note:** This article is for educational and informational purposes only. It does not constitute financial or investment advice. Bidding on token deployment auctions or deploying tokens carries significant capital risk — auctions are denominated in HYPE, which is a volatile asset. Do your own research and never bid more than you can afford to lose. --- # AQAv2 Explained — USDC Becomes Hyperliquid's Aligned Quote Asset > Hyperliquid's Aligned Quote Asset v2 (AQAv2) extends aligned status to USDC via Coinbase and Circle. Learn how 500K HYPE stakes, treasury vs. technical deployers, and the USDH sunset reshape stablecoin economics. *Source: https://hyperliquidguide.com/ecosystem/aqav2-usdc-aligned-quote-asset* > **Note:** **Where this comes from.** This page summarizes the public AQAv2 announcement and subsequent public statements. Everything below about the roles, obligations, commitments and commercial arrangements of Coinbase, Circle, Native Markets and the Hyper Foundation is a reading of those public statements, not information this site has independently verified or has any inside view of. Specs and terms change. Check Hyperliquid's own documentation and each company's own announcements before relying on any detail here. On May 14, 2026, **Aligned Quote Asset v2 (AQAv2)** was announced: a spec for designating which stablecoins can be used as quote assets on HIP-4 and validator-operated perp markets. The headline change is that AQAv2 extends aligned status to stablecoins that **are not exclusive to Hyperliquid**, including USDC. Per the announcement, Coinbase is designated treasury deployer and Circle technical deployer, with both staking HYPE. The practical consequence is that USDC — already roughly 95% of stablecoin deposits on Hyperliquid — becomes the most aligned stablecoin on the platform under this spec. [USDH](/ecosystem/usdh-stablecoin-guide), the stablecoin launched by Native Markets in September 2025, has sunset, with USDH-denominated markets on HyperCore having completed settlement. Public statements also described Coinbase acquiring rights to the USDH brand assets; the terms of that arrangement are between the parties involved and are not something this site can speak to. > **Key takeaway:** AQAv2 reframes "aligned" away from "stablecoin built only for Hyperliquid" and toward "stablecoin where the issuer shares the majority of reserve yield with the protocol onchain." USDC, with Coinbase staking HYPE and sharing 100% of the AQA rate, satisfies the new spec — and becomes the quote asset for [HIP-4 canonical markets](/ecosystem/hyperliquid-canonical-outcome-markets) in a future upgrade. --- ## What Is AQAv2? The original "aligned quote asset" designation, introduced when [USDH launched](/ecosystem/usdh-stablecoin-guide), required a stablecoin to be **exclusive to Hyperliquid** and route reserve yield back to the protocol through a competitive deployer process. USDH was the only asset that qualified. Aligned status came with trader-facing fee discounts — 20% lower taker fees, 50% higher maker rebates, and a 20% volume credit bonus on aligned-pair trading. AQAv2 is a fundamentally different design. It splits the deployer role in two, raises the staking requirement, doubles the revenue share rate, and removes the exclusivity constraint. It is intended specifically as the gating mechanism for **canonical (HIP-4) outcome markets and validator-operated perp markets** — the most important markets on the platform — while leaving spot markets and [HIP-3 builder perps](/ecosystem/hip-3-builder-codes) free to use any quote asset. The spec defines two roles: - **Treasury deployer.** Designates a treasury address that shares **100% of the AQA rate** (the cost-adjusted onchain reference rate oracle) with the protocol through the onchain AQA mechanic. This is twice the rate of revenue share of the existing AQA spec. Must stake **500,000 HYPE**, which is slashable if the treasury address does not have sufficient balance for onchain revenue to be deducted. - **Technical deployer.** Responsible for reliable mint, redemption, and cross-chain transfer infrastructure for the aligned quote asset. Also stakes **500,000 HYPE**, slashable if technical obligations are not met. Under AQAv2, the HyperEVM contract that connects to HyperCore (the bridge that mints HyperCore representations of stablecoin balances) also rebalances with the treasury address. The HyperEVM balance corresponding to minted HyperCore tokens is held in a **9:1 ratio** between the treasury deployer's linked EVM contract and the technical deployer's linked EVM contract. Concretely, USDC balance is split between the technical deployer's linked contract (`0x6b9e773128f453f5c2c60935ee2de2cbc5390a24`) and the treasury address (`0xc20699185c15D0a2fD65779BB5d69f5b0B113c00`) in a **1:9 ratio** — 90% sits in the treasury. **System transactions execute automatically on every HyperEVM block** to keep the two balances aligned, so the split is maintained continuously without any manual rebalancing. > **Note:** AQAv2 has no trading fee or volume contribution benefit. Aligned status under v2 is purely about routing reserve yield back to the protocol — not about discounting trader fees. The original USDH-style fee perks are no longer part of the alignment definition. Trading USDC pairs under AQAv2 will still use standard [Hyperliquid fee tiers](/guides/fees/fees-explained). ### Where AQAv2 Applies | Market type | Quote asset requirement | |-------------|-------------------------| | **[HIP-4 canonical outcome markets](/ecosystem/hyperliquid-canonical-outcome-markets)** | AQAv2-aligned (USDC after upgrade) | | **Validator-operated perp markets** | AQAv2-aligned (USDC after upgrade) | | **HIP-3 builder perps** | Any quote asset (builder's choice) | | **Spot markets** | Any quote asset | This split matters. Canonical perps and [HIP-4 outcome markets](/ecosystem/hip-4-outcome-trading) are the largest, most-traded venues on Hyperliquid. Forcing those to use an AQAv2-aligned stablecoin guarantees that the protocol captures yield from the deepest liquidity pools. Meanwhile, HIP-3 deployers retain full flexibility over their own quote-asset choice, which preserves the permissionless surface area that has driven HIP-3 growth. --- ## The Coinbase + Circle Deal ![Coinbase USDC product page showing Coinbase One USDC rewards and 1:1 redemption messaging](/images/ecosystem/aqav2-aligned-quote-asset-v2/coinbase-usdc-page.webp) *Source: [Coinbase](https://www.coinbase.com/usdc) — used under fair use for editorial commentary.* Coinbase is activating AQAv2 on USDC as the treasury deployer. The treasury deployer commits 100% of the AQA rate — the cost-adjusted onchain reference rate that the protocol uses as the oracle for reserve yield — to the Hyperliquid protocol through the onchain AQA mechanic. In practical terms, Coinbase will route the vast majority of yield generated on USDC reserves held against Hyperliquid balances back into the protocol, instead of retaining it as corporate revenue. [Circle](https://www.circle.com/usdc), the issuer of USDC, serves as the technical deployer. Circle's existing infrastructure — particularly **CCTP (Cross-Chain Transfer Protocol)** and native cross-chain bridging — is what makes USDC viable as a canonical quote asset across HyperCore and [HyperEVM](/ecosystem/hyperevm-explained). The technical deployer role explicitly covers reliable mint, redemption, and cross-chain transfer, which is exactly Circle's existing operational mandate for USDC. ![Circle USDC product page describing USDC as the world's largest regulated stablecoin powering global finance](/images/ecosystem/aqav2-aligned-quote-asset-v2/circle-usdc-page.webp) *Source: [Circle](https://www.circle.com/usdc) — used under fair use for editorial commentary.* Both companies are staking HYPE — 500K each — bringing the total bonded HYPE for USDC's aligned status to **1 million HYPE**. At a HYPE price in the $40–50 range, that is on the order of $40–50 million of slashable collateral backing the alignment commitment. The stakes are slashable for distinct reasons: - Coinbase's stake can be slashed if the treasury address lacks sufficient balance for the protocol to deduct onchain revenue (i.e., Coinbase fails to honor the yield-share commitment). - Circle's stake can be slashed if mint, redemption, or cross-chain infrastructure fails materially. > **Key takeaway:** Splitting the role lets the biggest existing stablecoin operator (Circle) handle infrastructure while the exchange counterparty with the largest USDC float (Coinbase) shoulders the yield-share commitment and the treasury balance. Neither party has to do the other's job, and each is slashable on the specific obligation they actually control. --- ## How the Yield Share Flows Onchain The "100% of the AQA rate" commitment is best understood net of costs: under AQAv2, stablecoin deployers share **approximately 90% of cost-adjusted reserve yield revenue** on their Hyperliquid supply with the protocol. The AQA rate is the cost-adjusted onchain reference oracle, so committing 100% of *that* rate works out to roughly 90% of the raw reserve yield once issuer costs are netted out — the two framings describe the same flow. The mechanic runs on a fixed cadence rather than streaming continuously: - **Reserve yield accrues in 30-day intervals.** Each interval's revenue is tallied against the treasury balance held on HyperEVM. - **Payment lands 8 days after each interval completes.** The accrued revenue is automatically sent to the **[Assistance Fund](/ecosystem/what-is-hype-token)** — the same onchain treasury that buys HYPE on the open market and burns it. - **A built-in grace period front-loads the rollout.** AQAv2 yield accrual begins **August 26**, and the **first payment is made October 3**. The gap between those dates is the implementation grace period baked into the spec. > **Note:** This is what makes AQAv2 matter for HYPE holders specifically: reserve-yield revenue routes into the Assistance Fund, which already funds [buy-and-burn of HYPE](/ecosystem/what-is-hype-token). AQAv2 adds a second, stablecoin-reserve-funded inflow on top of the existing trading-fee inflow — a continuous structural bid on HYPE that scales with USDC deposits, not just with trading volume. --- ## What This Means for USDH Native Markets — the team that won the [USDH validator vote](/ecosystem/usdh-stablecoin-guide) in September 2025 — has agreed to terms granting **Coinbase the right to purchase the USDH brand assets**. The pioneering work of Native Markets in launching USDH as the first production-scale stablecoin sharing yield directly with a protocol in a purely onchain implementation is what made AQAv2 possible. The learnings and mechanics from USDH live on in AQAv2. How the transition played out: - **USDH-denominated markets on HyperCore have completed settlement** — the sunset is now done. - **USDH remained fully backed throughout.** Feeless USDH→USDC conversion is available on HyperEVM via Across, and USDH can be swapped to USDC on the HyperCore spot order book. - **USDC has taken over** as the aligned quote asset for canonical markets. - **The Hyper Foundation committed ~$10M in grants** to affected builders — [HIP-1 spot deployers](/ecosystem/hyperliquid-auctions-explained), [HIP-3 perp deployers](/ecosystem/hip-3-builder-codes), [HyperEVM protocols](/ecosystem/hyperevm-ecosystem-map), dedicated USDH:USDC bridges, and Native Markets — to offset migration costs. See [the grant program breakdown below](#the-usdh-migration-grant-program). > **Warning:** **If you still hold USDH, convert it to USDC now** — USDH-denominated markets have settled. Swap USDH for USDC on the [HyperCore spot order book](https://app.hyperliquid.xyz/trade/USDH/USDC), or 1:1 with no fees on HyperEVM [via Across](https://across.to/?from=hyperevm&to=hypercore&inputToken=USDH&outputToken=USDC-SPOT). Withdraw any supplied USDH from [Borrow/Lend](https://app.hyperliquid.xyz/earn) and repay any borrowed USDH. The reasoning for the change, as stated in the announcement, is that **user and builder feedback has been consistent that fragmentation leads to a degraded experience**. With ~95% of deposits already in USDC, having USDH and USDC operate as parallel quote-asset systems split liquidity across two stablecoins. AQAv2 collapses that into a single canonical asset while preserving — and in fact doubling — the protocol's claim on reserve yield. The community no longer needs to choose between liquidity depth and protocol alignment. --- ## The USDH Migration Grant Program The Hyper Foundation committed **approximately $10 million in grants** to builders impacted by the USDH sunset — both to offset the real cost of migrating and to recognize the work involved in an orderly transition. Importantly, this is **not an open application process**: the Foundation contacted and worked directly with every eligible recipient. Grant recipients committed to completing their migration or wind-down **before the end of July 2026**. Grants fall into two categories: Eligibility spans every category of team that built on USDH: - **[HIP-1 spot deployers](/ecosystem/hyperliquid-auctions-explained)** — grants sized on auction deployment costs. - **[HIP-3 perp deployers](/ecosystem/hip-3-builder-codes)** — grants sized on auction deployment costs. - **[HyperEVM protocols](/ecosystem/hyperevm-ecosystem-map)** — grants sized on the USDH TVL affected by the sunset. - **Dedicated USDH:USDC bridges** — infrastructure that moved USDH liquidity between layers. - **Native Markets** — recognized for pioneering USDH as the first production-scale, protocol-aligned stablecoin sharing reserve yield onchain. > **Key takeaway:** The grant program is a recognition mechanism, not a rescue. HIP-1 and HIP-3 grants are pegged to what deployers actually paid in auction costs, and HyperEVM grants scale with affected USDH TVL — so support is proportional to the real exposure each team carried into the sunset. Wind-down grants exist so that teams choosing to retire a USDH product, rather than migrate it, are still compensated for an orderly exit. --- ## AQAv1 vs. AQAv2 — What Actually Changed The two specs are doing different jobs. AQAv1 tried to be both a yield-routing mechanism **and** a trader incentive — it gave you cheaper fees if you used the aligned asset. AQAv2 narrows the goal to pure yield routing. The fee discounts are gone, but the protocol's claim on reserve yield doubles, the slashable stake more than quadruples in absolute terms, and the asset is no longer required to be exclusive to Hyperliquid. The trade-off is intentional: less friction for traders to adopt, more economic alignment from the issuer side. **Start Trading on Hyperliquid** — Sign up through our referral link for a 4% lifetime fee discount — applied to every USDC trade you make. [Get 4% Fee Discount](https://app.hyperliquid.xyz/join/Concept211) --- ## What HIP-3 Deployers Should Know [HIP-3 markets](/ecosystem/hip-3-builder-codes) — perps deployed by third-party builders on top of Hyperliquid's order book — are **explicitly exempt** from the AQAv2 quote-asset requirement. The announcement is clear: "Other quote assets will continue to be supported for other markets, including spot and HIP-3 perps." Existing HIP-3 deployments like [trade.xyz](/ecosystem/hyperliquid-traditional-markets) and Felix's commodity markets can continue using whatever quote asset they chose. For HIP-3 builders who integrated USDH specifically, the [Hyper Foundation's ~$10M grant program](#the-usdh-migration-grant-program) covers the transition cost to USDC — with HIP-3 grants sized on auction deployment costs. The Foundation contacted eligible deployers directly, and the orderly transition completes before the end of July 2026. If you are running a HIP-3 deployment that uses USDH today, the practical steps are: 1. **Confirm your grant directly with the Foundation** — recipients were contacted individually; this is not an open application. 2. **Plan a quote-asset migration** if your market would benefit from sharing the deeper USDC liquidity pool, even though it is not required. 3. **Communicate with your users** about timing — feeless USDH→USDC conversion makes the transition mechanically simple but UI/integration changes still take effort. > **Key takeaway:** HIP-3 builders are not forced to move. The Foundation grants are an incentive, not a requirement. If your market has a specific reason to use a different stablecoin — a partnership, a regulatory framework, a yield-bearing primitive — that flexibility is preserved by design. --- ## What This Means for HIP-4 and Canonical Markets [HIP-4 outcome trading](/ecosystem/hip-4-outcome-trading) launched on May 2, 2026 with USDH as the settlement currency for the first recurring binary BTC market. AQAv2 is the gating mechanism that determines what USDH gets replaced by — and the answer is now clear: **USDC, on a future network upgrade**. The implications for outcome markets specifically: - **Deeper natural liquidity.** Outcome markets settle in the same asset that already represents 95% of deposits. No friction converting in or out, no need to maintain a separate USDH stack. - **Cross-margin remains intact.** HIP-4 outcome positions share collateral pools with perpetual positions. With USDC as the common quote asset for both, that prime-brokerage-style composability becomes even more natural. - **No change to the recurring binary BTC market structure.** Settlement to the Hyperliquid BTC mark price, daily at 06:00 UTC, fully collateralized — none of that changes. Only the denomination changes. - **[Multi-outcome markets](/ecosystem/hyperliquid-multi-outcome-markets)**, split, and negate operations all carry over directly to USDC denomination. The mechanics are quote-asset-agnostic. Validator-operated perp markets — the canonical BTC, ETH, SOL, and HYPE perps that anchor Hyperliquid's volume — are also in scope for the AQAv2 quote-asset requirement. In practice, those markets already settle in USDC for users with USDC collateral, so the visible change for traders is minimal. The structural change is on the issuer side: Coinbase and Circle are now bonded to share yield back to the protocol. That alignment reaches the HIP-3 equity markets too, since they already quote in USDC. A trader holding [the SNDK/USDC market](/markets/xyz/sndk) and a HIP-4 outcome position draws on one collateral pool in one denomination, with no conversion step between them. --- ## What Should Users Do? For the vast majority of Hyperliquid users — anyone holding USDC, trading canonical perps, depositing via [bridge or fiat ramps](/guides/getting-started/buy-crypto-with-fiat-on-hyperliquid) — the practical answer is **nothing**. You are already using the asset that will become AQAv2-aligned. The change happens at the issuer level, not at your wallet level. For users who held USDH or traded USDH-denominated pairs: - **Convert your USDH to USDC now.** USDH-denominated markets on HyperCore have completed settlement. Swap on the spot order book (HyperCore) or 1:1 with no fees via Across (HyperEVM), and clear any USDH positions in Borrow/Lend. - **USDH remained fully backed** throughout the wind-down — conversions are feeless. - **Re-evaluate any strategies that depended on AQAv1 fee perks** — the 20% lower taker / 50% higher maker / 20% volume credit benefits do not carry over to AQAv2. For builders who integrated USDH into a product (HIP-3 perps, [DeFi protocols](/ecosystem/hyperliquid-defi-ecosystem) on [HyperEVM](/ecosystem/hyperevm-ecosystem-map), front-end apps): - **Check your eligibility for the [~$10M Hyper Foundation grant program](#the-usdh-migration-grant-program)** — the Foundation contacted eligible recipients directly (HIP-1, HIP-3, HyperEVM protocols, USDH:USDC bridges, and Native Markets), with migration and wind-down grants both closing before the end of July 2026. - **Plan integration updates** to handle USDC as the primary quote asset alongside or in place of USDH. - **Keep USDH support for spot pairs** if it serves your users — that surface area is preserved. > **Tip:** If you are setting up Hyperliquid for the first time, just bridge USDC. The current dominant stablecoin is the future aligned stablecoin, which removes one of the more common new-user questions ("should I convert to USDH for cheaper fees?"). Under AQAv2 there is no fee delta — trade USDC and stack the [referral 4% discount](/referral) on top. --- ## The Bigger Picture ![Hyperliquid documentation on fees showing the trading fee tier structure](/images/ecosystem/aqav2-aligned-quote-asset-v2/hyperliquid-fees-docs.webp) *Source: [Hyperliquid docs](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees) — used under fair use for editorial reference.* USDH was an experiment that worked. It proved that a protocol could win a competitive validator vote, attract serious institutional partners (BlackRock, Superstate, Stripe's Bridge), and operate a production-scale stablecoin where reserve yield flows back to the protocol via an onchain mechanic. The pioneering work behind USDH made AQAv2 viable — without USDH, there would be no proven template to point to when negotiating with Coinbase and Circle. What changed between September 2025 and May 2026 is that **incumbent stablecoin issuers got willing to play by Hyperliquid's rules** rather than the other way around. AQAv2 is what that looks like in spec form: the protocol no longer needs a custom-built stablecoin to capture reserve yield because the dominant existing stablecoin is willing to share it. With ~95% of deposits already in USDC, that is a massive simplification of liquidity, UX, and integration surface area. The number to watch over the next quarters is what fraction of USDC reserves on Hyperliquid actually generates yield share once the network upgrade ships. At current deposit levels of several billion USDC, even a few percentage points of yield share routes tens of millions of dollars per year back into the protocol — funding [HYPE buybacks](/ecosystem/what-is-hype-token), ecosystem grants, and validator economics on a continuous basis. That is the trade Coinbase and Circle are making, and 1 million HYPE of slashable collateral is what bonds them to it. > **Key takeaway:** AQAv2 is the moment the largest stablecoin in the industry started paying rent to the protocol it lives on. Hyperliquid's leverage came from owning the order flow and the validator set — not from owning a stablecoin. The new spec turns that leverage into structural revenue without forcing users to switch assets. **Trade Canonical Perps on Hyperliquid** — USDC stays USDC. Get a 4% lifetime fee discount stackable with every tier and every market on the platform. [Join Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) --- # Hyperliquid KYC Requirements (2026): No Verification Required > Hyperliquid does not require KYC, ID verification, or account registration. Trade anonymously with just a wallet. Full breakdown of what's required and what isn't — including US restrictions. *Source: https://hyperliquidguide.com/guides/getting-started/hyperliquid-kyc-requirements* > **Key takeaway:** **No KYC required.** Hyperliquid does not require identity verification, email registration, or government ID. You need only a compatible crypto wallet to trade. Last verified: May 2026. > **Note:** **TL;DR — Hyperliquid KYC requirements in 2026:** None. No ID, no passport, no email, no phone number, no address verification. Connect a Web3 wallet, deposit USDC on Arbitrum, and trade leveraged perpetuals at up to 50x. The protocol identifies you by wallet address only. **Last verified: May 12, 2026.** ## Leveraged Perpetuals Without KYC Verification Hyperliquid is among the highest-volume platforms where you can trade leveraged perpetuals with no KYC verification at all. Perps run at up to 50x leverage on the native markets and up to 20x on the HIP-3 builder markets, and the only credential is a wallet address. There is no verification tier that unlocks leverage, no per-country limit applied after an ID check, and no position cap tied to an identity, because the protocol has no identity to tie one to. Order matching happens on an on-chain order book rather than through a broker, which is what makes the no-verification model possible in the first place. ## Does Hyperliquid Require KYC? **No.** Hyperliquid does not require Know Your Customer (KYC) verification in any form. There is no government ID upload, no passport scan, no selfie verification, no proof of address, no phone number, and no email signup. To start trading, you connect a Web3 wallet to **[app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211)**, sign a one-time approval message, deposit USDC, and place your first order. The entire flow takes under five minutes and at no point asks for personal information. This applies to every account tier and every product on the platform — spot trading, perpetual futures with up to 50x leverage, HIP-3 builder markets, vault deposits, and HYPE staking all use the same wallet-based authentication. There is no "VIP tier" or "institutional account" type that requires additional verification. > **Key takeaway:** Hyperliquid is fully no-KYC in 2026. The protocol identifies users by wallet address only. There is no account creation step, no identity verification, and no central database of users. This is the same regulatory model used by Uniswap, dYdX, and GMX. --- ## What Information Does Hyperliquid Collect? The data Hyperliquid records is minimal and entirely on-chain — meaning it is already public information by virtue of how blockchains work, not new information the protocol gathers from you: - **Your wallet address** (publicly visible on the Hyperliquid L1 blockchain) - **Your trading activity** — every order, fill, deposit, withdrawal, and position update is recorded on-chain - **Your account balances** — held by your wallet, signed by your private key What Hyperliquid does **not** collect: - **No email address.** There is no email field anywhere in the signup flow. - **No phone number.** No SMS verification, no 2FA via phone. - **No name, address, or date of birth.** Standard KYC fields are entirely absent. - **No government ID.** Passport, driver's license, national ID — none are requested or accepted. - **No bank account or credit card.** All deposits come from your wallet via USDC bridge. - **No selfie or biometric data.** No facial verification. - **No tax ID (SSN, ITIN, etc.).** No tax forms generated by the protocol. The protocol has no central database with your identity because there is no account record beyond your wallet address — and your wallet address is just a public key derived from a private key you generated locally. For the privacy implications of trading pseudonymously, see our guide to [VPNs and privacy for crypto trading](/privacy/best-vpn-crypto-trading). --- ## Why Hyperliquid Doesn't Require KYC Three reasons, structural rather than philosophical: ### 1. It's a decentralized protocol, not a custodian KYC laws in the US, EU, and most major jurisdictions generally target entities that take custody of customer funds and operate as money transmitters or virtual asset service providers (VASPs). Hyperliquid's architecture does not fit that description: your USDC is bridged from your Arbitrum wallet to your own Hyperliquid L1 account, controlled by the same private key, and there is no point where Hyperliquid Labs or any company holds your assets. Whether that structure exempts a given activity from KYC obligations in any specific jurisdiction is a legal determination this site does not make — consult a qualified attorney if it matters for your situation. ### 2. Settlement is on-chain and public Every trade settles on the Hyperliquid L1 in plain view. Regulators or investigators concerned about illicit finance can analyze the chain directly — there is no opaque internal ledger to subpoena. This site is not positioned to characterize how any specific regulator weighs on-chain transparency against identity-verification requirements. ### 3. The protocol is permissionless at the smart-contract level A KYC requirement added at the frontend ([app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211)) would not reach the smart contracts on the L1, which do not check identity, jurisdiction, or any user attribute — traders already interact with the protocol via custom interfaces, the official API, and third-party frontends. This site has no visibility into why Hyperliquid Labs uses geo-blocking rather than frontend KYC today, and does not speculate about that choice. **Trade Without KYC, With a Discount** — Connect your wallet, deposit USDC, and save 4% on every trade for the lifetime of your account. [Join Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) --- ## KYC Requirements by Account Type There are no account types on Hyperliquid that introduce additional verification: - **Retail traders** (any volume tier) — no KYC, ever - **High-volume / VIP tier traders** — no KYC; volume discounts apply automatically based on on-chain volume - **Institutional / API traders** — no KYC; institutions create separate wallets and trade via the public REST/WS API - **Sub-accounts** — no KYC; sub-accounts are deterministic addresses derived from the master wallet - **Vault depositors and creators** — no KYC; vault management runs entirely through smart contracts - **HYPE stakers** — no KYC; staking is on-chain delegation to validators This contrasts sharply with centralized exchanges that require progressively more verification as your account size and product access grow (e.g., Binance's basic / intermediate / advanced KYC tiers, each unlocking new features). --- ## Are There Any Limits Without KYC? Because there is no verification tier system, there are no identity-gated restrictions on Hyperliquid: - **No trading limits** — trade any amount on any market from day one - **No withdrawal caps** — withdraw your full balance at any time (flat 1 USDC fee) - **No deposit limits** — [bridge](/guides/getting-started/bridge-to-hyperliquid) as much USDC as you want from Arbitrum - **Full feature access** — perpetual futures, spot trading, vaults, and staking are all available immediately The one restriction that does exist is geographic, not identity-based. Hyperliquid's frontend geo-blocks IP addresses from the US and OFAC-sanctioned countries. That is a [frontend-level restriction](/privacy/hyperliquid-us-availability), not a KYC gate — no identity information is collected or checked. > **Note:** **Pseudonymous, not anonymous.** Hyperliquid collects no personal information, but every transaction is recorded on-chain. Your wallet address and trading history are publicly visible on the Hyperliquid L1. Activity is pseudonymous, linked to a wallet address rather than your name, though sophisticated on-chain analysis can potentially correlate addresses with identities. --- ## US Users: No KYC ≠ Unrestricted Access This is the most-asked question in this category, and the distinction matters: **no-KYC does not mean unrestricted.** As of May 2026, Hyperliquid blocks US IP addresses at the frontend level for regulatory reasons unrelated to KYC. The block is geographic, not identity-based — for the full breakdown of what US-based traders can and cannot do, see our [Hyperliquid US availability guide](/privacy/hyperliquid-us-availability). The same is true for OFAC-sanctioned regions (Cuba, Iran, North Korea, Syria, and certain parts of Ukraine), which are blocked in line with international sanctions enforcement. None of these blocks require KYC to circumvent — they are simply not accessible from those IP ranges via the official frontend. > **Warning:** **Tax obligations apply regardless of KYC.** Even though Hyperliquid does not collect your tax ID or report to any tax authority, you remain personally responsible for reporting capital gains, losses, and any other taxable events under the laws of your jurisdiction. Most major countries treat crypto trading profits as taxable. For US-focused guidance see our [crypto tax reporting guide](/guides/trading/hyperliquid-tax-reporting-guide). --- ## Hyperliquid KYC vs Competitor Exchanges How Hyperliquid's no-KYC model compares to other major venues in 2026: | Exchange | KYC Required? | Email Required? | ID Document? | |---|---|---|---| | **Hyperliquid** | **No** | **No** | **No** | | Binance | Yes (mandatory full KYC) | Yes | Yes (passport / ID) | | Coinbase | Yes (mandatory full KYC) | Yes | Yes (gov ID + selfie) | | Bybit | Yes (mandatory KYC in most jurisdictions) | Yes | Yes | | Kraken | Yes (mandatory full KYC) | Yes | Yes | | OKX | Yes (mandatory KYC for most products) | Yes | Yes | | dYdX v4 | No | No | No | | GMX | No | No | No | | Drift Protocol | No | No | No | The pattern is clear: **all centralized exchanges require KYC; all major decentralized perp DEXes do not.** Hyperliquid sits firmly in the no-KYC camp alongside the [other leading no-KYC perps exchanges](/compare/best-no-kyc-perps-exchanges). For a deeper head-to-head on fees, leverage, and features, see [Hyperliquid vs Binance](/compare/hyperliquid-vs-binance) and [Hyperliquid vs dYdX](/compare/hyperliquid-vs-dydx). If your interest in other venues is really about asset coverage rather than KYC, our rundown of the [best Hyperliquid alternatives for non-crypto perps](/compare/best-hyperliquid-alternatives-non-crypto-perps) covers which platforms actually list stock, commodity, and RWA markets. --- ## What If You're From a Restricted Country? If you are in a jurisdiction where Hyperliquid's frontend blocks access (the US, sanctioned regions, or any country added to the Terms of Service restrictions list), the no-KYC status of the protocol does not help you. The block is at the IP layer, not the identity layer. Submitting an ID would not unblock the frontend — there is nowhere to submit it. Options for traders in restricted regions: - **Wait for an authorized US-compliant frontend.** No filing, registration or approval has been announced. On August 19, 2026 President Trump said CFTC Chair Mike Selig was working to bring Hyperliquid into the US "in a fully compliant and legal fashion" — for the quote and the regulatory process behind it, see [Is Hyperliquid coming to the US?](/privacy/is-hyperliquid-coming-to-the-us), and our [US availability guide](/privacy/hyperliquid-us-availability) for the current status. - **Use a legally-available alternative.** Centralized exchanges that operate under your jurisdiction's licensing regime require KYC but provide compliant access. - **Consult legal counsel.** Anyone considering circumvention of geo-restrictions should understand the regulatory and Terms of Service implications in their home jurisdiction. --- ## Is No-KYC Safe? Risks to Know Trading without KYC on a decentralized protocol is not inherently riskier than trading on a centralized exchange, but the risk profile is different. What to be aware of: - **Smart contract risk** — your funds are secured by Hyperliquid's bridge contract and L1 validators, not by a corporate balance sheet. If a critical bug were exploited, there is no FDIC insurance or company treasury to make users whole. For a real-world stress test of the security model, see our analysis of the [North Korea/Lazarus Group incident](/privacy/hyperliquid-security-incident). - **Self-custody responsibility** — without an account there is no "forgot password" flow. Lose your wallet private keys and your funds are irrecoverable. Use a hardware wallet for significant balances. - **No regulatory recourse** — if something goes wrong you cannot file a complaint with a financial regulator the way you could with a licensed exchange. This is exactly what regulators flag when they add a venue to a warning list: [Singapore's MAS Investor Alert List](/privacy/is-hyperliquid-legal-in-singapore) signals that an entity is not locally licensed, not that it is banned. The trade-off for privacy is personal responsibility. > **Warning:** **Risk disclosure:** Hyperliquid is a decentralized protocol, not a regulated financial institution. There is no deposit insurance, no investor protection scheme, and no guarantee of fund recovery in the event of a smart contract exploit. Never deposit more than you can afford to lose, and consider a hardware wallet for larger balances. **Verify You're Eligible, Then Get 4% Off Fees** — If Hyperliquid is available in your region, use our referral link to lock in a 4% lifetime trading fee discount before you sign up. [Open Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) --- # Hyperliquid App: Download Official Android APK & Use on iPhone (2026) > Yes — Hyperliquid has an official Android app (APK direct download). iPhone users trade via the PWA. Here's how to install both, with screenshots. Updated May 2026. *Source: https://hyperliquidguide.com/guides/getting-started/hyperliquid-mobile-app-2026* > **Note:** **Quick Answer — Hyperliquid Mobile App Status (May 2026)** > - **Android:** Official [Hyperliquid Android app](/guides/getting-started/hyperliquid-android-app) is live on Google Play (launched April 2026). Full trading interface plus native push notifications for fills. > - **iOS / iPhone:** No native app exists. iPhone users install the **progressive web app (PWA)** by opening **[app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211)** in Safari and tapping **Add to Home Screen**. > - Both options support every order type, every market, and the same self-custodial connection model as desktop. > - Last verified: May 12, 2026. ## Does Hyperliquid Have an Official Mobile App? **Yes — on Android. No — on iPhone.** As of May 2026, Hyperliquid maintains an official native Android app on Google Play but has not released an iOS app. The official Hyperliquid web app at [app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211) is built as a progressive web app (PWA), so iPhone users can install it to their home screen and get nearly the same experience as a native app — all 200+ markets, every order type, real-time charts, and full account management. If you searched "hyperliquid ios app" and landed on an unofficial listing in the App Store, **close it and do not install it**. As of this writing, Hyperliquid has not authorized any iOS app. Any app claiming to be the official Hyperliquid iOS client is either a third-party wallet bundle or, in some cases, a phishing clone. The only safe ways to use Hyperliquid on iPhone are: 1. The PWA at app.hyperliquid.xyz in Safari 2. Opening app.hyperliquid.xyz inside your wallet's built-in dApp browser (MetaMask Mobile, Rabby Mobile, Coinbase Wallet, Phantom) > **Key takeaway:** Android users have an official native app on Google Play. iPhone users have no official iOS app — install the PWA via Safari instead. Avoid any third-party "Hyperliquid iOS" listings on the App Store; they are not authorized by the protocol. --- ## How to Use Hyperliquid on iPhone (iOS) iPhone users have two reliable approaches. The PWA is the most flexible for routine trading; the dApp-browser approach is best when you trade primarily from one wallet. ### Option 1 — Install the Safari PWA ### Option 2 — Use Your Wallet's dApp Browser This is the more reliable connection method because there is no WalletConnect handshake — your wallet and Hyperliquid run inside the same browser context. - **[MetaMask Mobile](/guides/getting-started/connect-metamask-to-hyperliquid)** — open the app, tap Browser, search for hyperliquid, and tap Connect when prompted. - **[Rabby Mobile](/guides/getting-started/connect-rabby-to-hyperliquid)** — similar dApp browser inside the Rabby app; supports Arbitrum out of the box. - **[Coinbase Wallet](/guides/getting-started/connect-coinbase-wallet-to-hyperliquid)** — built-in dApp browser handles signature requests natively. - **[Phantom](/guides/getting-started/connect-phantom-to-hyperliquid)** — added EVM support in 2024 and now works with Hyperliquid via account abstraction. - **[Trust Wallet](/guides/getting-started/connect-trust-wallet-to-hyperliquid)** — solid alternative if you already use it for other chains. > **Tip:** The Safari PWA route gives you the cleanest UI and lets you pick which wallet to connect each session. The dApp-browser route gives you the most reliable signing experience but locks you to one wallet. Most active traders end up using both. **Trade Hyperliquid From Anywhere** — Whether you're on iPhone or Android, sign up with our referral link and get a 4% lifetime trading fee discount. [Sign Up & Save 4%](https://app.hyperliquid.xyz/join/Concept211) --- ## How to Use Hyperliquid on Android Android users have it easier: there is an official native app, and Google Play does not impose the same restrictions Apple does on self-custodial DeFi apps. ### Option 1 — Install the Official Android App (Recommended) ### Option 2 — Install the PWA on Android If you prefer a browser-based experience or are waiting on the official app in a region where Google Play has not yet listed it, the PWA also works on Android: 1. Open Chrome and navigate to [app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211) 2. Tap the three-dot menu in the top right 3. Tap **Install app** or **Add to Home screen** 4. The PWA launches in standalone mode with no browser chrome The PWA on Android does not have native push notifications for fills, which is the main tradeoff vs. the native app. --- ## Best Mobile Wallets for Hyperliquid Trading Mobile trading on Hyperliquid is wallet-driven — the wallet you choose determines your signing UX, gas handling on the Arbitrum deposit, and overall reliability. The most popular mobile wallets among Hyperliquid traders in 2026: - **[MetaMask Mobile](/guides/getting-started/connect-metamask-to-hyperliquid)** — the default for most users. Mature dApp browser, full Arbitrum support, and reliable on both iOS and Android. - **[Rabby Mobile](/guides/getting-started/connect-rabby-to-hyperliquid)** — preferred by power users for clearer transaction previews and better signature simulation. - **[Coinbase Wallet](/guides/getting-started/connect-coinbase-wallet-to-hyperliquid)** — strong choice if you fund from Coinbase exchange; the in-wallet bridge to Arbitrum is straightforward. - **[Phantom](/guides/getting-started/connect-phantom-to-hyperliquid)** — best option if you primarily trade Solana assets and want one mobile wallet for both ecosystems. - **[OKX Wallet](/guides/getting-started/connect-okx-wallet-to-hyperliquid)** — built-in cross-chain bridge can deposit to Arbitrum from many sources in one step. - **[Trust Wallet](/guides/getting-started/connect-trust-wallet-to-hyperliquid)** — broad chain support; good fallback wallet. For routine trading from one device, MetaMask Mobile or Rabby Mobile cover most use cases. If you split positions across Solana and EVM, Phantom is the most efficient. > **Warning:** **Watch for fake mobile wallets in app stores.** App stores routinely list clone wallets with names like "MetaMask Pro" or "Coinbase Wallet 2" that will steal your seed phrase. Always install wallets from the official link on the wallet provider's website, never from a search result alone. If a "wallet" asks for your seed phrase on first launch instead of generating one, close it immediately. --- ## Mobile Trading Tips and Interface Differences The mobile UI on Hyperliquid is well-built, but small screens introduce real risks. Adjustments that matter: - **Use limit orders by default.** It is extremely easy to fat-finger a market order on mobile and slip into a wider spread than you intended. Limit orders also give you a confirmation modal you can read before signing. - **Set leverage before entering the order, not after.** The leverage slider sits in a different panel from the order form on mobile; if you place an order with the wrong leverage you may auto-liquidate. Confirm leverage every session. - **Zoom the chart with two fingers, not one.** Single-finger drag pans the chart. Two-finger pinch zooms. If you accidentally tap on a market data row, you can deselect a market and have to re-pick it. - **Pre-set stop-losses on every position.** Mobile users are away from screens more than desktop users, so positions need automated risk management. Hyperliquid supports stop-loss and take-profit attached to each order — use them. - **Charge before trading volatile events.** Hyperliquid funding rate flips, [HIP-3 equity perp earnings](/guides/trading/equity-perps-guide) releases, and CPI prints all move price faster than a phone can react if it dies mid-trade. For deeper risk management practices, see our [crypto trading security guide](/guides/getting-started/crypto-trading-security-guide) and the [risk management checklist](/guides/trading/leverage-trading-guide). --- ## Will Hyperliquid Release an Official iOS App? There is no public timeline as of May 2026. The protocol team has not announced an iOS app and no developer build has surfaced in public TestFlight programs. The most likely reasons: 1. **Apple App Store policies.** Apple has historically been more restrictive than Google around self-custodial wallets, on-chain derivatives, and apps that touch crypto staking. Several major DEX teams have either had iOS apps rejected or scoped them down to view-only mode to clear review. 2. **The PWA already covers most of the use case.** Because Hyperliquid's web app is a production-grade PWA, the marginal value of an iOS app for most traders is the push-notification feature alone. That is a smaller gap than it would be for a less polished web app. 3. **Resource allocation.** The Hyperliquid team has prioritized core protocol features (HIP-3 builder markets, HIP-4 outcome trading, HyperEVM) over native mobile distribution in the recent quarters. If an official iOS app does ship, we'll update this guide and the [companion mobile guide](/guides/getting-started/hyperliquid-mobile-guide) with the install link and verification steps. Until then, the Safari PWA route is the recommended path. --- ## Mobile Troubleshooting If wallet connections drop, signature prompts don't appear, or balances fail to load on mobile, see the [wallet connection issues troubleshooting guide](/troubleshooting/wallet-connection-issues) for the full diagnostic flow. The most common mobile-specific issues: - **Signature prompt never appears.** Switch to your wallet's dApp browser instead of WalletConnect. WalletConnect on iOS sometimes drops the prompt if you switch apps before signing. - **PWA does not refresh balance.** Pull down to refresh, or close and reopen the PWA from the home screen icon. - **Order errors with no message.** Check that you're on the Arbitrum network in your wallet — Hyperliquid deposits originate there. - **Push notifications never arrive (Android).** Re-enable notifications in Android Settings → Apps → Hyperliquid, and verify the app is allowed to run in the background. **Get a 4% Fee Discount on Every Mobile Trade** — Trade on iPhone or Android with the same 4% lifetime fee discount — stack it with HYPE staking and volume tier discounts for the lowest effective rate. [Join Hyperliquid & Save 4%](https://app.hyperliquid.xyz/join/Concept211) --- # How to Trade Oil Futures on Hyperliquid: CL (WTI) and BRENTOIL Perpetuals > Trade WTI crude oil (CL) and Brent crude (BRENTOIL) perpetuals on Hyperliquid 24/7 with USDC margin. No broker, no expiry, no KYC. Full guide to crude oil trading on a DEX. *Source: https://hyperliquidguide.com/guides/trading/trade-oil-futures-on-hyperliquid* > **Note:** **Quick Answer — Oil futures on Hyperliquid (May 2026):** Yes, you can trade **CL (WTI crude oil)** and **BRENTOIL (Brent crude)** perpetual futures on Hyperliquid through the trade.xyz HIP-3 market. Both are cash-settled in USDC, run 24/7 (no market hours), and require no broker or KYC. Up to 25x leverage. Last verified: May 12, 2026. ## Can You Trade Oil Futures on a DEX? **Yes.** Through [trade.xyz, a HIP-3 builder-deployed market](/guides/trading/hyperliquid-xyz-explained) that runs on Hyperliquid's Layer 1, both **CL (WTI crude oil)** and **BRENTOIL (Brent crude)** are available as cash-settled perpetual futures. These markets are deployed and operated by trade.xyz, an independent third party; Hyperliquid provides the underlying execution and settlement infrastructure. The contracts use the same USDC margin pool as native Hyperliquid perps, settle continuously via a funding-rate mechanism rather than monthly rollovers, and trade 24 hours a day, seven days a week — including weekends and US holidays when NYMEX and ICE are closed. Live prices for both contracts: This is a fundamentally different product from a traditional NYMEX or ICE futures contract: - **No expiry, no rollover.** You hold the position as long as your margin supports it. No monthly contract changes, no rolling costs beyond the funding rate. - **USDC settlement.** Margin and PnL are denominated in USDC. No USD wire transfers, no clearing firm. - **24/7 trading.** Markets never close. React instantly to OPEC announcements, inventory data, geopolitics, and overnight Asian session moves. - **No broker.** Connect a Web3 wallet at [app.trade.xyz](https://app.trade.xyz) and start trading. No account minimum, no accredited investor gate. > **Key takeaway:** WTI crude (CL) and Brent crude (BRENTOIL) are deployed by **trade.xyz**, an independent HIP-3 builder, on Hyperliquid's infrastructure — not by Hyperliquid itself. They are cash-settled USDC-margined perpetuals, tradeable 24/7 with up to 25x leverage, no KYC, no broker, and no expiry. trade.xyz is responsible for these markets, including their oracle pricing and liquidity. --- ## Brent Crude (BRENTOIL) on Hyperliquid — How It Works BRENTOIL on Hyperliquid tracks the spot price of Brent crude, the European/international oil benchmark traded on the Intercontinental Exchange (ICE). It is cash-settled in USDC and uses a multi-source price oracle that aggregates spot indicators — there is no physical delivery, no oil tankers, no storage. **Key specs (May 2026):** - **Symbol:** BRENTOIL (HIP-3 perpetual on trade.xyz) - **Underlying:** Brent crude oil spot index - **Settlement:** Continuous (no expiry) - **Margin:** USDC, cross or isolated - **Maker / Taker fees:** 0.03% / 0.09% - **Funding interval:** Hourly - **Max leverage:** Up to 25x (verify the live cap on the market page — caps adjust with liquidity) *Fee figures are Hyperliquid's published [HIP-3 builder-market fee schedule](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees). Live rates shown on each market page are measured from the Hyperliquid API.* See live data and depth on the [BRENTOIL market page](/markets/xyz/brentoil) — the live ticker, funding rate, and open interest update every few seconds from the Hyperliquid API. --- ## WTI Crude Light (CL) on Hyperliquid — Key Specs CL tracks West Texas Intermediate (WTI), the US oil benchmark traded on NYMEX. The contract uses the same HIP-3 mechanics as BRENTOIL — cash-settled in USDC, no expiry, hourly funding settlements. **Key specs (May 2026):** - **Symbol:** CL (HIP-3 perpetual on trade.xyz) - **Underlying:** WTI crude oil spot index - **Settlement:** Continuous (no expiry) - **Margin:** USDC, cross or isolated - **Maker / Taker fees:** 0.03% / 0.09% - **Funding interval:** Hourly - **Max leverage:** Up to 25x (verify on the market page) See live data on the [CL market page](/markets/xyz/cl). **Trade Oil With a 4% Fee Discount** — Connect your wallet, deposit USDC, and save 4% on every CL or BRENTOIL trade for the lifetime of your Hyperliquid account. [Start Trading Crude](https://app.hyperliquid.xyz/join/Concept211) --- ## How Commodity Perpetuals Differ from Traditional Futures If you've traded oil on NYMEX, ICE, or through a futures broker like Interactive Brokers, the perpetual model on Hyperliquid will be familiar in some ways and very different in others. | Feature | Traditional CL/Brent Futures | Hyperliquid CL/BRENTOIL Perps | |---|---|---| | Trading hours | Sun-Fri (with daily breaks) | 24/7/365 | | Expiry / rollover | Monthly contract rollovers | No expiry, perpetual | | Margin | USD (via wire to broker) | USDC (via wallet) | | KYC | Full broker KYC required | None | | Minimum account | Typically $5K+ at retail brokers | None (any USDC balance) | | Leverage | ~5-10x effective at retail margin | Up to 25x | | Settlement | Cash or physical (per contract) | Cash only (USDC) | | Counterparty | Clearing house (CME / ICE) | On-chain smart contracts | | Cost per trade | NYMEX seat-holder fee + broker commission | 0.09% taker / 0.03% maker | The **funding rate** is the key mechanic that replaces monthly contract rollovers. Every hour, longs and shorts exchange a small payment to keep the perpetual price anchored to the spot oil index. When perpetual longs outweigh shorts, longs pay shorts (positive funding); when shorts dominate, shorts pay longs (negative funding). For a deeper explanation, see our [funding rates explained guide](/guides/trading/funding-rates-explained). --- ## Step-by-Step: How to Trade Oil Perps on Hyperliquid --- # FX Perpetuals on Hyperliquid - Trade EUR, JPY & KRW 24/7 via trade.xyz > trade.xyz has deployed currency perpetuals on Hyperliquid's infrastructure: EUR, JPY, KRW, and the DXY dollar index. Trade FX 24/7 with USDC margin, no broker, no KYC, and HIP-3 fee tiers. *Source: https://hyperliquidguide.com/ecosystem/hyperliquid-fx-perpetuals* ## FX Perpetuals Are Live on Hyperliquid In May 2026, **trade.xyz** added a category that no other crypto-native venue at this scale has launched at parity with traditional finance: **FX perpetuals**. The opening lineup includes **EUR**, **JPY**, **KRW**, and the **DXY** dollar index, all running as [HIP-3 builder-deployed](/ecosystem/hip-3-builder-codes) perps on Hyperliquid's HyperCore. This brings the trade.xyz catalog to four asset classes - [equities](/guides/trading/equity-perps-guide), [commodities](/guides/trading/commodities-trading-guide), [indices](/ecosystem/sp500-perpetual-hyperliquid), and now currencies - all settling in USDC, all 24/7, and all sharing the same margin pool. > **Key takeaway:** EUR, JPY, KRW, and DXY are now tradeable as perpetuals on Hyperliquid via trade.xyz. They use the same HIP-3 infrastructure as equity and commodity perps - USDC margin, 24/7 trading, 0.09% taker fees with Growth Mode discounts available, and no broker or KYC required. *Fee figures are Hyperliquid's published [HIP-3 builder-market fee schedule](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees). Live rates shown on each market page are measured from the Hyperliquid API.* --- ## Why FX Perpetuals Matter The global FX market trades roughly **$7.5 trillion per day** - the largest market in the world by volume, larger than equities and bonds combined. Until now, accessing it required a regulated FX broker, a margin account, and exposure to interbank settlement risk. Bringing FX perpetuals to Hyperliquid removes those layers. The same wallet that holds your USDC for [BTC perps](/markets) can take a position on the euro or yen with no separate funding flow. ### What Each Pair Tracks - **EUR** - The euro priced against the US dollar. Going long EUR profits when the euro strengthens vs. the dollar; going short profits when the dollar strengthens vs. the euro. - **JPY** - The Japanese yen priced against the dollar. Critical for traders watching Bank of Japan policy, Japanese bond yields, and the carry trade. - **KRW** - The Korean won priced against the dollar. A natural pair to hold alongside Korean equity perps like **SMSN** (Samsung), **SKHX** (SK Hynix), and the **KR200** KOSPI index. - **DXY** - The US Dollar Index, a weighted measure of the dollar against six major currencies. A single instrument for trading overall dollar strength. > **Note:** DXY is particularly useful as a macro hedge. If you hold long crypto positions and worry about a dollar rally hurting risk assets, a long DXY perp position can offset some of that move without picking individual currency pairs. Conversely, short DXY captures the broad dollar weakening that often accompanies risk-on moves. ### How FX Perps Differ from Spot Forex | Aspect | FX Perps (trade.xyz) | Traditional Spot Forex | |---|---|---| | **Market hours** | 24/7/365 | Sun-Fri (with daily 1hr break) | | **Margin** | USDC on Hyperliquid | Brokerage cash account | | **KYC** | None at protocol level | Always required | | **Settlement** | Instant on-chain | T+2 standard | | **Counterparty** | HyperCore order book | Broker / interbank | | **Leverage** | HIP-3 limits | Up to 30:1 retail (varies by region) | | **Carry / Swap** | Funding rate mechanism | Daily swap interest | The funding rate mechanism replaces the daily swap interest that spot forex traders are used to. If the perp price drifts above the oracle reference, longs pay shorts; below, shorts pay longs. This keeps the perpetual anchored to the spot reference price without requiring contract rollovers. --- ## The Composability Story: One Account, Four Asset Classes The most important property of FX perps on Hyperliquid is not that they exist - it is that they **share a balance sheet with everything else on the platform**. A macro trader can construct, in a single account: - A long **NVDA** position (US tech equity) - A long **GOLD** position (commodity hedge) - A short **JPY** position (carry trade) - A long **DXY** position (broad dollar) - A short **BTC** perp (crypto hedge) All margined in USDC, all settling on-chain, all in one [unified account](/guides/trading/unified-accounts-guide). No multi-broker setup, no currency conversion at each step, no waiting for T+2 settlement before redeploying capital. This is the same composability advantage that drove the [HIP-4 outcome trading rollout](/ecosystem/hip-4-outcome-trading) - cross-instrument margining that traditional finance only offers through prime brokerage at nine-figure account minimums. HIP-3 brings it to anyone with a Hyperliquid wallet. > **Key takeaway:** FX perps complete the trade.xyz four-asset picture: equities, commodities, indices, and currencies. The killer feature is unified margin - one USDC balance covers macro positions across every category, with cross-margin offsetting correlated risks where supported. **Trade FX 24/7 on Hyperliquid** — EUR, JPY, KRW, DXY - now live via trade.xyz. Set up your Hyperliquid account with our referral and lock in a 4% lifetime fee discount across every product. [Sign Up with 4% Off](https://app.hyperliquid.xyz/join/Concept211) --- ## Practical Examples ### Trading the Yen Carry Trade The yen carry trade has been a defining macro theme for years - borrow in low-yield JPY, invest in higher-yield assets, profit from the rate differential. When the Bank of Japan tightens or the Fed cuts, that trade unwinds violently. On trade.xyz, you can express a long-JPY view (betting on carry unwind) directly via the **JPY** perpetual instead of trying to hedge yen exposure indirectly through Japanese equities. Pair it with a short **EWJ** (Japan ETF) position if you want to isolate the FX leg from equity risk. ### Korean Tech Cluster Trade.xyz now lists **SMSN** (Samsung), **SKHX** (SK Hynix), **HYUNDAI**, the **KR200** KOSPI index, and the **KRW** currency. A Korean macro trader can take a basket view (long KR200) while hedging FX risk (short KRW vs. USD) and overweighting specific names (long SMSN, long SKHX) - all in one account, all in USDC. This kind of factor decomposition - country, sector, currency, individual name - was previously the domain of multi-strat hedge funds with prime broker accounts. Hyperliquid puts it in reach of any wallet. ### Dollar Strength Hedging If your portfolio is heavy in [crypto perps](/markets) and risk assets, you are implicitly short the dollar. A long **DXY** position offsets that exposure. The position is small relative to the rest of your book but acts as a one-instrument hedge for a broad dollar rally. --- ## How to Trade FX Perps on trade.xyz The process is identical to any other trade.xyz market - the same flow used for [equity perps](/guides/trading/equity-perps-guide) and [commodity perps](/guides/trading/commodities-trading-guide). ### Step 1: Fund Your Account You need USDC on Hyperliquid. If you have not deposited yet, follow our [deposit guide](/guides/getting-started/deposit-usdc-to-hyperliquid). The same balance is used for native Hyperliquid markets and trade.xyz HIP-3 markets. ### Step 2: Open trade.xyz Navigate to [app.trade.xyz](https://app.trade.xyz) and connect your wallet. Trade.xyz runs on Hyperliquid's HyperCore, so it uses the same wallet and USDC balance you already have. ### Step 3: Select an FX Pair Use the asset selector to find **EUR**, **JPY**, **KRW**, or **DXY**. They are listed alongside equity and commodity perps, not in a separate venue. ### Step 4: Place Your Trade Set leverage, choose your order type, execute. The same [order types](/guides/trading/order-types-guide) and [risk management practices](/guides/trading/leverage-trading-guide) that apply to perps in general apply here. FX prices typically move in much smaller percentage increments than crypto, so leverage tends to be higher and position sizing should account for the lower volatility per unit time. > **Warning:** FX volatility is generally lower than crypto and equities, so the leverage that feels "comfortable" on a BTC perp will often be too aggressive on a EUR perp. A 1% move in EUR/USD is a meaningful daily event; a 1% move in BTC is barely a session opening range. Size accordingly. --- ## Fees and Funding FX perps follow the same HIP-3 fee structure as the rest of trade.xyz: | Fee Type | Rate | |---|---| | **Maker** | 0.03% | | **Taker** | 0.09% | trade.xyz's **Growth Mode** can reduce these by 90% or more. Check [app.trade.xyz](https://app.trade.xyz) for current eligibility. The funding rate is the trade.xyz analogue of the daily swap interest that spot FX traders are used to paying. If the perp price drifts above the oracle reference, longs pay shorts; if it drifts below, shorts pay longs. The funding mechanism keeps the perpetual anchored to spot without requiring contract expirations. --- ## Where FX Fits in the Hyperliquid Stack FX is the fourth asset class on trade.xyz, and the trajectory across all four follows the same pattern: ship a narrow first version, validate under real volume, expand the surface area. - **Equities** went from a handful of mega-cap tech names to [40+ tickers](/guides/trading/equity-perps-guide) including Korean stocks, country ETFs, and biotech - **Commodities** went from a few precious metals to [grains, industrial metals, and uranium](/guides/trading/commodities-trading-guide) - **Indices** went from XYZ100 alone to [a licensed S&P 500 perpetual](/ecosystem/sp500-perpetual-hyperliquid), JP225, KR200, and VIX - **FX** launches with EUR, JPY, KRW, and DXY - expect more crosses (GBP, AUD, CHF, EM majors) and possibly volatility derivatives in subsequent stages For the full HIP-3 framework that makes all of this possible, see our [HIP-3 builder codes guide](/ecosystem/hip-3-builder-codes). For the broader picture of [how Hyperliquid is replacing traditional markets](/ecosystem/hyperliquid-traditional-markets), see our analysis of the convergence between crypto and TradFi. **Macro Trading, One Account** — Equities, commodities, indices, and FX - all on Hyperliquid via trade.xyz, all 24/7. Set up your account with our referral for a 4% lifetime fee discount. [Get Started with 4% Off](https://app.hyperliquid.xyz/join/Concept211) > **Note:** FX perps are not the same as a regulated FX broker account. They are HIP-3 builder-deployed perpetual contracts subject to oracle, liquidity, and smart contract risks specific to the trade.xyz venue. Always research the deployer's reputation, check liquidity depth, and size positions for the leverage you are using. Past performance and oracle prices are not guarantees of execution quality. This article is educational and not financial advice. --- # Hyperliquid Multi-Outcome Markets - Split, Negate & BTC Range Trading > Hyperliquid's HIP-4 now supports multi-outcome markets with split, negate, and merge operations. Learn how the new BTC price-range market works and how capital efficiency compounds. *Source: https://hyperliquidguide.com/ecosystem/hyperliquid-multi-outcome-markets* ## Multi-Outcome Markets Are Live on Hyperliquid On **May 7, 2026**, Hyperliquid expanded [HIP-4 outcome trading](/ecosystem/hip-4-outcome-trading) with **multi-outcome markets** - referred to in the protocol as "questions" - alongside split and merge operations for the existing binary contracts. This is the first material step beyond the May 2 binary-only launch, and it changes how outcome trading composes with the rest of HyperCore. The headline feature: **one market can now contain multiple linked outcomes** instead of being limited to a yes/no payoff. The first live example is a recurring BTC price-range market that settles every day at 06:00 UTC, with asymmetric buckets for downside, intermediate, and upside relative to an initial reference price. Bucket width is where the design earns its keep. Asymmetric buckets only help if they are drawn around what the underlying actually does, and that varies a lot between markets. A daily BTC range needs different granularity than a low-priced equity, where the same percentage move is a far smaller absolute one. Anyone trading [BB stock as a perp on Hyperliquid](/markets/xyz/bb) would want buckets drawn much tighter in dollar terms than the BTC market uses. That is why each question defines its own ranges rather than inheriting a fixed grid. The same bucket structure fits anything with a range of plausible outcomes, not only BTC. The companies already listed as HIP-3 equity perps are the obvious candidates: [the ORCL equity perp](/markets/xyz/orcl) gives you a directional view on Oracle, while a multi-outcome question could split its next earnings print into ranges. The same logic covers [trading SpaceX exposure on-chain](/markets/xyz/spcx) around a launch or a funding round. Indices suit the structure too: [the KR200 index market](/markets/xyz/kr200) moves in a narrower daily band than most single names, so its buckets would be drawn tighter again. > **Key takeaway:** Multi-outcome markets bundle several outcomes into one capital-efficient market. Split, negate, and merge let one unit of collateral express nuanced multi-bucket views without locking up fresh capital for each leg. The first market is a daily-settling BTC price range with asymmetric upside, downside, and middle buckets. > **Note:** **Update (June 20, 2026):** Under the **[AQAv2 spec](/ecosystem/aqav2-usdc-aligned-quote-asset)**, **USDC** is the aligned quote asset for HIP-4 canonical markets. The **[USDH sunset](/ecosystem/usdh-stablecoin-guide) is complete** — all USDH-denominated markets on HyperCore have settled. Some examples below were written for USDH; the mechanics — split, negate, merge — are identical under USDC. > **Note:** **Update (May 25, 2026):** Hyperliquid now supports **[canonical outcome markets on offchain events](/ecosystem/hyperliquid-canonical-outcome-markets)** — validators run automated newsfeed software that proposes markets and vote on deployment and settlement. Multi-outcome mechanics (split, negate, merge) extend directly to canonical event markets, so the same capital-efficient structure described below applies to sports, elections, and scheduled news events. > **Note:** **Update (August 14, 2026):** A question's outcome set is no longer fixed at creation. Deployers can now attach a new named outcome to a question that is already trading, and holders of the fallback bucket are made whole automatically. See [Questions can add outcomes after launch](#questions-can-add-outcomes-after-launch) below. --- ## Binary vs. Multi-Outcome: Why the Upgrade Matters The May 2 binary launch validated that HIP-4 settlement works under real capital. But binary contracts have a structural limitation: every nuanced view has to be assembled from primitives. Suppose you think BTC will probably stay between $90,000 and $110,000 over the next 24 hours, but if it breaks out, you think upside is more likely than downside. Under the binary-only model: - You buy YES on a $90k–$110k binary (assuming one existed) - You buy YES on a $110k+ binary as a hedge against upside breakout - You collateralize both positions independently Under the multi-outcome model, that same view is **a single trade** in the price-range market. Capital sits on the bucket you actually want exposure to, and the buckets you do not want are simply not held. This matters for two reasons: 1. **Capital efficiency** - one collateral unit, multiple expressible views 2. **Information density** - a multi-outcome market's bucket prices encode a real-time probability distribution, not just a single yes/no probability > **Note:** If perpetuals are about continuous price exposure and binary contracts are about one of two outcomes, multi-outcome markets are about expressing probability distributions. Each bucket's price reflects the market's collective estimate that the outcome ends up in that region. Reading the bucket prices gives you a tradable distribution of where price is likely to land. --- ## How Split, Negate, and Merge Work The three new operations are the mechanical core of multi-outcome markets. They are how positions transform between buckets without inflating collateral requirements. ### Split Split takes one unit of collateral - typically one USDC - and turns it into **a complete set of outcome tokens covering every bucket of the market**. If a market has three outcomes (down, middle, up), splitting one USDC gives you one down token, one middle token, and one up token. The sum is always one, because exactly one bucket will resolve true at expiration. Split is what creates initial inventory. From there, you sell the buckets you do not want to hold and keep the buckets you do. ### Merge Merge is the inverse: if you hold a complete set of outcome tokens (one of each), you can merge them back into the underlying collateral. This guarantees a constant exit at one USDC per complete set, which arbitrageurs will exploit if any individual bucket trades far enough out of line with the others. Merge is also why bucket prices always sum to approximately one in a healthy market - any deviation creates a riskless arbitrage between the secondary market and the merge-into-collateral path. ### Negate Negate is the multi-outcome version of going short a specific outcome **without selling the others**. In a binary market, "short YES" is just "long NO." In a multi-outcome market with three or more buckets, expressing a directional view against one bucket without taking a view on the others requires a dedicated operation - that is what negate provides. If you think the BTC range market is mispriced on the downside bucket but have no view on middle vs. upside, negate lets you take a short position on downside while remaining neutral on the rest. > **Tip:** Split and merge keep the market arbitrage-tight. Negate gives you targeted directional exposure within a multi-outcome market. Most retail traders will use split-and-sell as their main workflow; sophisticated traders will use negate to express isolated views across buckets. --- ## The First Multi-Outcome Market: BTC Price Range The launch market for the new primitive is a **recurring BTC price-range contract** that mirrors the structure of the May 2 binary launch but with a richer payoff. ### Specifications - **Underlying**: Hyperliquid BTC perp mark price - **Settlement time**: Daily at **06:00 UTC** - **Type**: Multi-outcome with **asymmetric upside, downside, and intermediate range buckets** relative to an initial reference price - **Recurring**: A fresh contract is generated each settlement cycle - **Collateralization**: 100% in USDC - no leverage, no liquidation, no margin calls - **Settlement source**: Hyperliquid's internal BTC mark price - no external oracle ### Why a BTC Range Market First The same logic that made a recurring binary BTC contract the right launch product makes a recurring BTC range contract the right second product. The underlying is **Hyperliquid's most liquid perp**, the settlement source is data the protocol already produces, and the recurring structure means one market template generates fresh contracts indefinitely without manual listing decisions. The asymmetric bucket structure is the part that exercises the new primitive. A symmetric range market would be functionally similar to a binary. By making the upside, intermediate, and downside buckets asymmetric in size, the market forces the price discovery and collateral mechanics to handle distributions that are not just yes/no. ### What "Asymmetric" Means in Practice In a symmetric binary, BTC ends above or below a single strike with equal probability assumptions. In an asymmetric range market, the buckets carve up the price space unevenly: - **Downside bucket** - BTC ends meaningfully below the reference price - **Middle bucket** - BTC stays close to the reference - **Upside bucket** - BTC ends meaningfully above the reference The exact bucket boundaries are set by the contract specification (see the official [recurring outcomes documentation](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/contract-specifications#recurring-outcomes)). The asymmetry encodes the realistic shape of short-horizon BTC returns: most of the time price stays within a narrow band, with occasional larger moves up or down. **Trade Hyperliquid's New Range Market** — The first multi-outcome BTC price-range market is live on mainnet, settling daily at 06:00 UTC. Set up your account with our referral and get a 4% lifetime fee discount across perps, spot, and outcome contracts. [Sign Up with 4% Off](https://app.hyperliquid.xyz/join/Concept211) --- ## Capital Efficiency in Practice The split-negate-merge stack solves a problem that bedevils traditional prediction markets: **capital fragmentation across related contracts**. On a venue that only supports binary outcomes, a trader with a distributional view ends up with collateral spread across multiple isolated markets. Each binary requires its own collateral, even when the views are inherently linked (you cannot have both BTC ending at $100k and BTC ending at $120k - they are mutually exclusive). HIP-4 multi-outcome markets recognize the mutual exclusivity at the protocol level. **One collateral unit covers the full set**, and split lets the trader allocate that unit across whichever buckets match their view. The buckets that go unused are sold back into the order book, freeing capital for the buckets the trader actually wants. For traders who already use Hyperliquid's [unified margin system](/guides/trading/unified-accounts-guide) for perps and spot, multi-outcome positions slot into the same account structure. Outcome positions can hedge perp positions, perp positions can hedge outcome positions, and total margin requirements net across the book. > **Key takeaway:** Multi-outcome markets eliminate the capital fragmentation that plagues binary-only prediction venues. One collateral unit covers a full set of mutually-exclusive outcomes, and split/negate/merge move that capital between buckets without posting fresh collateral. Combined with HyperCore's unified margin, outcome positions compose with perps in the same account. --- ## How to Trade the BTC Range Market The first multi-outcome market is accessible the same way as any other Hyperliquid market - through the trading interface or via consumer front-ends that wrap HIP-4 contracts. ### Direct Trading on Hyperliquid 1. Open **[app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211)** and connect a wallet ([MetaMask](/guides/getting-started/connect-metamask-to-hyperliquid), [Rabby](/guides/getting-started/connect-rabby-to-hyperliquid), or any supported option) 2. [Deposit USDC](/guides/getting-started/deposit-usdc-to-hyperliquid) — the settlement currency for outcome trading 3. Navigate to the outcome markets section and select the BTC range contract 4. Use the order book to buy or sell individual buckets, or split a USDC into a complete set and trade the legs ### Consumer Front-Ends Hyperliquid's own Outcomes tab already presents these markets as cards showing each bucket, its odds, and the implied percentage, which is a long way from raw order book mechanics. As the multi-outcome primitive matures, expect third-party apps to expose the new market types in simplified UIs too, particularly for users who want to express directional views without learning the order book. ### Useful Tools - **[Live BTC price](/markets/btc)** - watch the underlying that drives settlement - **[Hyperliquid funding rates](/tools/funding-rates)** - cross-reference perp positioning against outcome bucket pricing - **[AQAv2 & USDC](/ecosystem/aqav2-usdc-aligned-quote-asset)** - USDC is the settlement currency for HIP-4 markets (the [USDH](/ecosystem/usdh-stablecoin-guide) it replaced has sunset) --- ## Questions Can Add Outcomes After Launch Every question carries one bucket the interface rarely shows off: the **fallback outcome**. It is the "none of the above" leg, and it pays out when the result is not any of the named buckets. In a BTC price-range question the fallback almost never matters, because the named buckets already cover the whole number line. In an event question it matters a lot, because the named list is a guess about who or what might win. Until August 14, 2026, that guess was permanent. A question's outcome set was frozen when the market was created, so an election question deployed before the candidate list closed could not take on a late entrant, and a deployer's only options were to settle early or live with it. The `registerAndAssociateNamedOutcomeFromTemplate` action removes that constraint. A deployer can hand a live question a new named outcome, and the protocol handles the accounting by giving holders of fallback YES tokens an equal balance of the new outcome's YES tokens. That is worth walking through, because it is a neat piece of design. Before the addition, the fallback covered the new candidate along with everything else, so anyone holding fallback YES already owned the claim that pays out if that candidate wins. Carving the candidate out of the fallback and handing those holders the carved-out piece leaves their exposure exactly where it was. No new collateral is required, nobody is diluted, and the book does not have to be repriced around a mint. > **Key takeaway:** Adding an outcome to a live question is a split of the fallback bucket, not an issuance against the collateral pool. Fallback holders receive the new outcome's YES tokens one for one, so their position is unchanged in economic terms. This is what makes any-of-N questions, where the candidate list can grow, workable on Hyperliquid. For traders, the practical read is that the fallback bucket in an event question is no longer a dead-end residual. It is a claim on every candidate nobody has named yet, and if one of those gets named later, your fallback position converts into direct exposure to it. Whether that is worth paying for depends entirely on how complete the named list looked when the market opened. The mechanics are covered in more depth in our [HIP-4 permissionless deployment guide](/ecosystem/hip-4-permissionless-deployment), along with the deployer fee scale that arrived in the same release. --- ## What Comes Next Multi-outcome markets are an incremental step on the HIP-4 roadmap, not the destination. The original spec includes [bounded options-like instruments](/ecosystem/hyperliquid-options-structured-products), event-based contracts, and one-off settlement to external data - none of which are live yet. Based on the team's stated rollout pattern, expect: - **More underlyings** - ETH, HYPE, and other liquid Hyperliquid perps as range markets - **Longer expirations** - weekly and monthly recurring contracts in addition to daily - **One-off event markets** - contracts on specific dated events rather than recurring price snapshots - **Bounded options-like instruments** - the largest revenue opportunity in the original HIP-4 thesis - **[Permissionless deployment](/ecosystem/hip-4-permissionless-deployment)** - live on mainnet since the week ending 31 August 2026; a 500k HYPE stake plus validator-voted templates that let anyone deploy their own outcome markets, including multi-outcome questions that draw on a per-deployer allocation The May 7 launch of multi-outcome markets is the first proof point that the framework can support more than the May 2 binary. Each subsequent stage adds a new capability while validating it under real volume - the same playbook that took [HIP-3 builder-deployed perps](/ecosystem/hip-3-builder-codes) from launch to a meaningful share of Hyperliquid volume. **Be Early on HIP-4 Multi-Outcome Markets** — Multi-outcome trading is fresh - most users have not even tried split, negate, or merge yet. Set up your Hyperliquid account now with our referral and lock in a 4% lifetime fee discount on perps, spot, and outcome contracts. [Create Account with 4% Off](https://app.hyperliquid.xyz/join/Concept211) --- ## How This Fits the Broader HIP-4 Picture For the full HIP-4 explainer - what outcome trading is, how it differs from perpetuals, and why it matters for the Hyperliquid ecosystem - see our [HIP-4 outcome trading guide](/ecosystem/hip-4-outcome-trading). For the rest of Hyperliquid's protocol-level expansions: - **[HyperEVM](/ecosystem/hyperevm-explained)** - general-purpose smart contracts on the chain - **[HIP-3 builder codes](/ecosystem/hip-3-builder-codes)** - permissionless perp market deployment - **[HYPE token](/ecosystem/what-is-hype-token)** - the protocol token that captures fee revenue from every new market type - **[Options and structured products](/ecosystem/hyperliquid-options-structured-products)** - the next adjacent surface that HIP-4 begins to overlap Each layer leverages HyperCore's existing infrastructure to extend the addressable market. Multi-outcome markets are a small step in that progression but a meaningful one - they are the first proof that HIP-4 can express more than yes/no. > **Note:** This article is for educational purposes only and is not financial advice. Multi-outcome markets are fully collateralized, so you cannot lose more than your position size, but you can still lose your entire position if the outcome does not resolve in your favor. Always do your own research and never trade with capital you cannot afford to lose. --- # Hyperliquid Australia — Full Access Guide for Aussie Traders (2026) > Australians can use Hyperliquid with no restrictions or KYC. Learn how to deposit AUD via local exchanges, understand ATO tax rules, and start trading with a 4% fee discount. *Source: https://hyperliquidguide.com/guides/getting-started/hyperliquid-australia* **Yes — Hyperliquid is fully available in Australia with zero restrictions.** Unlike the [US, which is geo-blocked](/privacy/hyperliquid-us-availability), Australian traders can access Hyperliquid directly, trade perpetual futures with up to 50x leverage, and enjoy the same [no-KYC experience](/guides/getting-started/hyperliquid-kyc-requirements) available to most of the world. No VPN needed, no workarounds, no identity verification. This guide covers everything Australian traders need to know: how to get AUD onto the platform, the legal and tax landscape, and how to claim a 4% lifetime fee discount. > **Key takeaway:** Australia has full, unrestricted access to Hyperliquid. You can connect directly at app.hyperliquid.xyz — no VPN, no KYC, no geo-blocks. The only requirement is USDC on Arbitrum, which you can get from any Australian crypto exchange. **Start Trading on Hyperliquid** — Australian traders get a 4% lifetime fee discount with our referral link. No KYC, no restrictions. [Join Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) ## Is Hyperliquid Available in Australia? **Yes — completely and without restriction.** Hyperliquid does not block Australian IP addresses, does not require identity verification, and imposes no country-specific limitations on Australian users. You can access **[app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211)** from any Australian ISP or mobile network without encountering geo-blocks. Per Hyperliquid's published Terms of Service, the frontend restricts access from the United States and OFAC-sanctioned countries (Cuba, Iran, North Korea, Syria). Australia is not on that list today. This site cannot predict whether that will change — check Hyperliquid's current Terms of Service directly rather than relying on this or any secondary summary. What Australian traders get full access to: - **Perpetual futures** — 150+ markets with up to 50x leverage - **Spot trading** — native spot markets on Hyperliquid L1 - **HyperEVM ecosystem** — DeFi protocols, vaults, and yield strategies - **HYPE token staking** — earn staking rewards on the native token - **Zero-gas trading** — all on-chain orders execute without gas fees --- ## Is Hyperliquid Legal for Australian Traders? Hyperliquid operates as a **permissionless decentralized exchange** — it has no company headquarters, no Australian Financial Services Licence (AFSL), and is not registered with ASIC. This is the same model as Uniswap, dYdX, and other major DeFi protocols. **Is this legal?** This site does not make legal determinations, and doing so accurately requires facts specific to you and current law that changes — consult a qualified Australian attorney for anything that depends on your situation. There are, however, a few structural points worth understanding regardless of legal status: - **No consumer protections** — unlike ASIC-regulated brokers, there is no compensation scheme or dispute resolution - **Self-custody** — your funds are in your own wallet, not held by a regulated custodian - **Tax obligations still apply** — the ATO does not care whether you traded on a CEX or DEX; all crypto gains are taxable > **Note:** Hyperliquid is non-custodial and fully on-chain. Your USDC sits in a bridge contract controlled by your wallet keys, not by any company. This means there is no entity that can freeze your account or block your withdrawals — but it also means no one can help recover funds if you lose your private keys. The practical takeaway: Hyperliquid has no Australian regulatory license, and no regulator stands behind it the way one would for a licensed broker. Treat it like any other DeFi activity — manage your own risk and keep records for tax time, and get legal advice for your specific situation if you have concerns. A comparable pattern exists elsewhere — for example, [Singapore's MAS added Hyperliquid to its Investor Alert List](/privacy/is-hyperliquid-legal-in-singapore), which flags the platform as not locally licensed without prohibiting its use. --- ## How to Get Started from Australia Since Hyperliquid accepts USDC (not AUD directly), you need to convert your Australian dollars through a local exchange first. Here is the fastest path from AUD to live trading: ### Recommended Australian Exchanges for USDC | Exchange | AUD Deposit Methods | USDC Withdrawal Fee | Arbitrum Support | |----------|-------------------|--------------------|--------------------| | Independent Reserve | PayID, bank transfer, POLi | ~$1 | Yes | | CoinSpot | PayID, bank transfer, BPAY, cash | ~$2 | Yes | | Swyftx | PayID, bank transfer | ~$1.50 | Yes | All three are AUSTRAC-registered and support Arbitrum withdrawals, meaning you can send USDC directly to your wallet on the right network without needing a separate bridge step. > **Tip:** **Pro tip:** Use PayID for instant AUD deposits. Most Australian banks support PayID, and funds arrive on the exchange within seconds rather than waiting 1-2 business days for a bank transfer. This means you can go from AUD in your bank to live trading on Hyperliquid in under 15 minutes. For a complete walkthrough of the deposit process once you have USDC in your wallet, see our detailed guide on [depositing USDC to Hyperliquid](/guides/getting-started/deposit-usdc-to-hyperliquid). If you prefer connecting via MetaMask, follow our [MetaMask setup guide](/guides/getting-started/connect-metamask-to-hyperliquid). [Get Your 4% Fee Discount](https://app.hyperliquid.xyz/join/Concept211) --- ## Australia vs US: Why Australians Have Full Access The contrast between Australian and US access to Hyperliquid is significant: | | Australia | United States | |---|---|---| | **Access** | Full, unrestricted | Geo-blocked at frontend | | **Frontend restricted** | No | Yes, at the IP level | | **KYC required** | No | No | | **Legal status** | Not this site's call to determine | Not this site's call to determine | | **Tax obligation** | Yes (ATO) | Yes (IRS) | This site does not speculate about why Hyperliquid's frontend restricts the IP addresses it does — that would be a claim about a private company's internal reasoning, which this site has no visibility into. What can be said is the observable difference in frontend behavior today: Australia is not on the restricted list, the US is. For the full breakdown of the US restriction and which countries are listed, see our [Hyperliquid US availability guide](/privacy/hyperliquid-us-availability). > **Key takeaway:** Australian traders currently have unrestricted frontend access, the same as users in most of the world. Restriction lists can change — check Hyperliquid's current Terms of Service directly rather than relying on this page. --- ## Tax Considerations for Australian Traders The ATO treats cryptocurrency as property, and all gains from crypto trading — including DeFi and perpetual futures — are taxable events. Here is how it applies to Hyperliquid trading: ### Investor vs Trader Classification The ATO distinguishes between **investors** (casual, long-term holders) and **traders** (active, business-like trading). Your classification determines how profits are taxed: **Investors (casual trading):** - Profits taxed as **capital gains** - 50% CGT discount available if position held for 12+ months - Losses can offset other capital gains (carried forward if unused) **Traders (business-like activity):** - Profits taxed as **ordinary income** at your marginal tax rate - No 50% CGT discount - Trading expenses (subscriptions, tools, courses) are deductible - Losses can offset other income The ATO considers factors like frequency of trades, sophistication of strategy, intention to profit, and time spent trading. Most active Hyperliquid users trading perpetuals with leverage would likely be classified as traders rather than investors. ### Record Keeping Since Hyperliquid has no KYC and no account statements, **you are responsible for maintaining your own records**. Keep track of: - Every trade entry and exit (date, pair, size, price, fees) - Deposits and withdrawals (USDC amounts and AUD equivalent at the time) - Funding rate payments received or paid - Realised PnL in both USDC and AUD terms Crypto tax software like [Koinly](https://koinly.io/integrations/hyperliquid/) or CryptoTaxCalculator (an Australian company) can import DeFi transactions and generate ATO-ready reports. Koinly syncs a Hyperliquid address directly and supports Australian rules including the CGT discount - see our [comparison of tax software for perps traders](/guides/trading/best-crypto-tax-software-perps-traders) for how each one handles funding payments. ### Hyperliquid Fee Structure Understanding the [fee structure](/guides/fees/fees-explained) helps with accurate record-keeping: - **Taker fee:** 0.045% (reduced to 0.0432% with our [referral discount](/referral)) - **Maker fee:** 0.015% - **Deposit/withdrawal:** Free (only Arbitrum gas for bridging) - **On-platform gas:** Zero — all trades execute without gas **Trade With Lower Fees** — Australian traders save 4% on all trading fees for life. Zero KYC, instant access, maker fees from 0.015%. [Claim 4% Discount](https://app.hyperliquid.xyz/join/Concept211) ## Getting Started Today Hyperliquid is the simplest high-performance trading venue available to Australians in 2026. No identity documents, no waiting periods, no account approval process. The only step that takes more than a minute is buying USDC on a local exchange — and with PayID, even that is near-instant. If you are ready to start trading, follow our full [trading tutorial](/guides/getting-started/how-to-trade-on-hyperliquid) for a step-by-step walkthrough of placing your first trade on Hyperliquid. --- # Hyperliquid Trading Bot Guide — From API Keys to Live Automation (2026) > Step-by-step guide to building trading bots on Hyperliquid. Set up API wallets, connect via Python SDK, and deploy automated strategies — from a developer who's built bots since 2016. *Source: https://hyperliquidguide.com/guides/trading/trading-bot-setup-guide* Trading bots on Hyperliquid are not just possible — they are the backbone of the exchange's liquidity. With [live data] in daily volume, a significant portion comes from algorithmic traders running everything from simple grid bots to sophisticated market-making systems. The platform's zero-gas execution model, sub-second fills, and official Python SDK make it one of the most bot-friendly exchanges in crypto. This guide takes you from zero to a live trading bot. If you have already set up API access, our companion [Hyperliquid API guide](/guides/trading/hyperliquid-api-guide) goes deeper on endpoints and advanced order types. This article focuses on the practical: getting your first bot running safely. > **Key takeaway:** Hyperliquid offers an official Python SDK, dedicated API wallets (no withdrawal permissions), 1200 requests/minute rate limits, and zero gas fees — making it one of the easiest exchanges to automate. You can go from account creation to a running bot in under 30 minutes. ## Quick Answer: Does Hyperliquid Support Trading Bots? Yes — and it actively encourages them. Hyperliquid provides: - **Official Python SDK** (`hyperliquid-python-sdk`) with typed wrappers for every endpoint - **API wallets** — dedicated key pairs that can trade but never withdraw - **REST + WebSocket APIs** — full market data, order management, and real-time streaming - **Zero gas fees** — every order placement, cancellation, and modification costs nothing - **Testnet** — identical API surface with free testnet USDC for development No application process, no KYC for API access, no waiting period. Create an API wallet and you are live. --- ## Setting Up Your API Wallet The API wallet is a separate Ethereum key pair authorized to trade on behalf of your main wallet. It cannot withdraw funds, which limits the blast radius if the key is ever compromised. > **Warning:** **Never commit your API private key to version control.** Use environment variables, `.env` files (excluded from git), or a secrets manager like AWS Secrets Manager or HashiCorp Vault. Even though the API wallet cannot withdraw funds, a compromised key could place rogue trades that drain your balance through bad fills. You can create multiple API wallets — one per bot or strategy. Each can be revoked independently from Settings without affecting your main wallet or other API wallets. --- ## Installing the Python SDK The official SDK handles authentication, request signing, and type safety. It wraps both the REST and WebSocket APIs. ```bash # Create a virtual environment (recommended) python -m venv hyperliquid-bot source hyperliquid-bot/bin/activate # Linux/Mac # hyperliquid-bot\Scripts\activate # Windows # Install the SDK and dependencies pip install hyperliquid-python-sdk pip install python-dotenv # For loading .env files ``` Verify the installation: ```python from hyperliquid.info import Info from hyperliquid.utils import constants info = Info(constants.MAINNET_API_URL, skip_ws=True) mids = info.all_mids() print(f"BTC price: ${float(mids['BTC']):,.2f}") print(f"ETH price: ${float(mids['ETH']):,.2f}") ``` If that prints current prices, your environment is set up correctly. The `Info` class requires no authentication — it only reads public market data. > **Tip:** **Use testnet first.** Replace `constants.MAINNET_API_URL` with `constants.TESTNET_API_URL` during development. The testnet has the same API surface and free USDC available via faucet. Switch to mainnet only after your bot logic is thoroughly tested. --- ## Your First Bot: A Working Market Maker Example Here is a complete, functional bot that places limit orders on both sides of the book, manages open orders, and respects basic risk limits. This is not a toy example — it is a stripped-down version of the structure I use in production. ```python from decimal import Decimal from dotenv import load_dotenv from eth_account import Account from hyperliquid.info import Info from hyperliquid.exchange import Exchange from hyperliquid.utils import constants load_dotenv() # Configuration COIN = "ETH" SPREAD_BPS = 15 # 15 basis points each side ORDER_SIZE = 0.1 # ETH per side MAX_POSITION = 0.5 # Max ETH exposure before halting REFRESH_SECONDS = 30 # How often to refresh quotes # Initialize SDK private_key = os.environ["HYPERLIQUID_PRIVATE_KEY"] account = Account.from_key(private_key) info = Info(constants.MAINNET_API_URL, skip_ws=True) exchange = Exchange(account, constants.MAINNET_API_URL) def get_mid_price(coin: str) -> float: """Fetch current mid price for a given asset.""" mids = info.all_mids() return float(mids[coin]) def get_position(coin: str) -> float: """Get current position size (negative = short).""" user_state = info.user_state(account.address) for position in user_state["assetPositions"]: if position["position"]["coin"] == coin: return float(position["position"]["szi"]) return 0.0 def cancel_all_orders(coin: str): """Cancel all open orders for a given asset.""" open_orders = info.open_orders(account.address) for order in open_orders: if order["coin"] == coin: exchange.cancel(coin, order["oid"]) def place_quotes(coin: str, mid: float, size: float): """Place a bid and ask around the mid price.""" spread = mid * (SPREAD_BPS / 10000) bid_price = round(mid - spread, 2) ask_price = round(mid + spread, 2) # Place bid (limit buy) exchange.order( coin=coin, is_buy=True, sz=size, limit_px=bid_price, order_type={"limit": {"tpc": "Gtc"}}, ) # Place ask (limit sell) exchange.order( coin=coin, is_buy=False, sz=size, limit_px=ask_price, order_type={"limit": {"tpc": "Gtc"}}, ) print(f"Quotes placed: BID {bid_price} | ASK {ask_price} | size {size}") def run(): """Main loop: cancel stale quotes, check risk, place fresh quotes.""" print(f"Starting market maker for {COIN}...") while True: try: # 1. Cancel existing orders cancel_all_orders(COIN) # 2. Check position risk position = get_position(COIN) if abs(position) >= MAX_POSITION: print(f"Position limit reached ({position}). Pausing...") time.sleep(REFRESH_SECONDS) continue # 3. Get current price and place new quotes mid = get_mid_price(COIN) place_quotes(COIN, mid, ORDER_SIZE) time.sleep(REFRESH_SECONDS) except Exception as e: print(f"Error: {e}") time.sleep(5) if __name__ == "__main__": run() ``` > **Note:** **This bot is intentionally simple.** A production market maker would include inventory skewing (wider spread on the side you are already exposed to), dynamic sizing based on volatility, and multi-level quote ladders. But this structure — cancel, check risk, requote — is the foundation every market-making bot is built on. ### Key Patterns in This Code 1. **Cancel-before-requote**: Always cancel stale orders before placing new ones. Stale orders at old prices are the fastest way to lose money. 2. **Position limits**: The `MAX_POSITION` check prevents runaway exposure. In production, you would also track PnL and halt if drawdown exceeds a threshold. 3. **Error handling with sleep**: Network errors are inevitable. Catch, log, sleep briefly, and retry. Never let an exception crash your entire bot. 4. **Good-til-cancelled (Gtc) orders**: These persist until filled or explicitly cancelled — perfect for a bot that periodically refreshes quotes. **4% Off Every Bot Trade** — The referral fee discount applies to all API-placed orders. For high-frequency strategies, the savings compound fast across thousands of trades. [Get Your Discount](https://app.hyperliquid.xyz/join/Concept211) --- ## REST API vs WebSocket: When to Use Each Hyperliquid offers two ways to interact with market data and your account state. Each has a clear use case. ### REST API (`POST https://api.hyperliquid.xyz/info`) - **Best for:** Order placement, account state checks, periodic price polling - **Latency:** 50-150ms per request depending on location - **Rate limit:** ~1200 requests/minute - **Authentication:** Required only for the Exchange endpoint (order placement) Use REST when your bot operates on 1-second or longer intervals. A grid bot that rebalances every 30 seconds, a [funding rate](/guides/trading/funding-rates-explained) arbitrage bot that checks rates hourly, or a portfolio rebalancing script all fit comfortably within REST. ### WebSocket (`wss://api.hyperliquid.xyz/ws`) - **Best for:** Real-time order book updates, trade feed, fill notifications - **Latency:** Sub-10ms push updates - **Rate limit:** No limit on incoming data; up to 10 concurrent subscriptions - **Authentication:** Required for user-specific channels (fills, order updates) Use WebSocket when your bot needs to react to market changes in real time. Market makers, latency-sensitive arbitrage bots, and any strategy that triggers on price movement should stream data via WebSocket. ```python def on_message(ws, message): data = json.loads(message) # Process real-time order book updates if data.get("channel") == "l2Book": book = data["data"] best_bid = book["levels"][0][0]["px"] best_ask = book["levels"][1][0]["px"] print(f"BTC: {best_bid} / {best_ask}") def on_open(ws): # Subscribe to BTC L2 order book ws.send(json.dumps({ "method": "subscribe", "subscription": {"type": "l2Book", "coin": "BTC"} })) ws = websocket.WebSocketApp( "wss://api.hyperliquid.xyz/ws", on_message=on_message, on_open=on_open, ) ws.run_forever() ``` **Hybrid pattern (recommended):** Stream market data via WebSocket for real-time awareness, then use REST for order placement. This gives you the best of both worlds — fast reactions without burning through rate limits on data polling. --- ## Rate Limits and Best Practices Hyperliquid's rate limits are generous compared to centralized exchanges, but you can still hit them with a poorly designed bot. | Endpoint | Limit | Reset | |----------|-------|-------| | REST (Info + Exchange) | ~1200 req/min | Rolling window | | WebSocket subscriptions | 10 per connection | N/A | | Order placement | Part of the 1200/min pool | Rolling window | ### Staying Within Limits - **Batch where possible:** The SDK supports batch order placement — send 5 orders in one request instead of 5 separate requests. - **Use WebSocket for reads:** Every price check via REST costs a request. Stream prices via WebSocket and you free up your entire REST budget for order operations. - **Implement exponential backoff:** If you get a 429 response, wait 1s, then 2s, then 4s before retrying. Never hammer a rate-limited endpoint. - **Cache market metadata:** Asset specs (tick sizes, max leverage) change rarely. Fetch once at startup, not on every loop iteration. ```python # Batch order placement — single request, multiple orders order_requests = [ {"coin": "BTC", "is_buy": True, "sz": 0.001, "limit_px": 67000.0, "order_type": {"limit": {"tpc": "Gtc"}}}, {"coin": "BTC", "is_buy": False, "sz": 0.001, "limit_px": 68000.0, "order_type": {"limit": {"tpc": "Gtc"}}}, {"coin": "ETH", "is_buy": True, "sz": 0.05, "limit_px": 3400.0, "order_type": {"limit": {"tpc": "Gtc"}}}, ] results = exchange.bulk_orders(order_requests) ``` > **Tip:** **Pro tip:** Run your bot on a VPS geographically close to Hyperliquid's infrastructure (Tokyo or Singapore) to minimize latency. The difference between 50ms and 200ms round-trip can matter for competitive strategies. --- ## Risk Management for Automated Trading Bots can lose money much faster than humans because they execute without hesitation. Every bot needs built-in safety rails. ### Non-Negotiable Safeguards 1. **Maximum position size** — Hard cap on how much exposure the bot can accumulate in any single asset. 2. **Daily loss limit** — If the bot loses more than X USDC in a day, it shuts down. No exceptions. 3. **Kill switch** — A way to instantly cancel all orders and flatten positions. Test it regularly. 4. **Stale order detection** — Orders more than N seconds old at a price that has moved significantly should be cancelled immediately. 5. **Connection monitoring** — If the WebSocket disconnects or REST calls fail 3 times in a row, cancel all open orders before reconnecting. ```python # Simple daily loss limit implementation class RiskManager: def __init__(self, max_daily_loss: float): self.max_daily_loss = max_daily_loss self.starting_equity = None self.halted = False def check(self, current_equity: float) -> bool: """Returns True if bot should continue, False if halted.""" if self.starting_equity is None: self.starting_equity = current_equity return True daily_pnl = current_equity - self.starting_equity if daily_pnl <= -self.max_daily_loss: self.halted = True print(f"RISK HALT: Daily loss {daily_pnl:.2f} exceeds limit") return False return True # Usage in your main loop risk = RiskManager(max_daily_loss=100.0) # Halt after $100 loss # Inside run(): user_state = info.user_state(account.address) equity = float(user_state["marginSummary"]["accountValue"]) if not risk.check(equity): cancel_all_orders(COIN) break ``` > **Warning:** **Start small.** Fund your API wallet with the minimum amount needed for testing — $50-100 is plenty for a single-asset bot. Scale up only after the bot has run profitably for at least a week. Understand your [fee structure](/guides/fees/fees-explained) so you can calculate whether your strategy is profitable after costs. ### Leverage Considerations If your bot uses [leverage](/guides/trading/leverage-trading-guide), the risk multiplies proportionally. A 10x leveraged bot with a $100 loss limit can be liquidated in a 10% move. Keep leverage low (2-3x max) for automated strategies unless you have sophisticated hedging in place. --- ## Common Bot Strategies on Hyperliquid Here is a brief overview of strategies that work well on Hyperliquid's infrastructure. Each one gets a full treatment in our [trading strategies guide](/guides/trading/hyperliquid-trading-strategies), which covers strategy selection, risk controls for unattended execution, and running a bot 24/7. This is the starting point. ### Grid Trading Place buy orders below the current price and sell orders above it at fixed intervals. When a buy fills, place a new sell above it (and vice versa). Profits from range-bound markets. **Why it works on Hyperliquid:** Zero gas means you can maintain dense grids (20-50 levels) without execution costs eating into profits. The only cost is the [taker/maker fee](/guides/fees/fees-explained). ### Funding Rate Arbitrage When [funding rates](/guides/trading/funding-rates-explained) are elevated, go short on Hyperliquid (collecting funding) and long spot elsewhere (or vice versa). The delta-neutral position earns the funding rate as yield. **Why it works on Hyperliquid:** Hourly funding settlement means you collect 3x more frequently than Binance (every 8 hours). Rates on altcoin perps can exceed 0.1% per 8 hours during momentum periods. ### Market Making Continuously quote both sides of the order book, earning the bid-ask spread on each round trip. Requires inventory management and dynamic spread adjustment. **Why it works on Hyperliquid:** Maker rebates (0.015% on perps) mean you are paid to provide liquidity. Combined with the 4% [referral discount](/referral), effective fees are extremely low. ### Momentum/Breakout Monitor price action for breakouts above resistance or below support, then enter a position in the breakout direction with a tight stop-loss. **Why it works on Hyperliquid:** WebSocket price feeds give you sub-second reaction time. The wide selection of [live data] perp markets means there are always assets moving. **Start Trading on Hyperliquid** — Create your account, deposit USDC, and start building bots with a 4% lifetime fee discount. [Join Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) --- ## From a Developer Who Has Built Bots Since 2016 I have been writing trading bots since 2016 — starting with basic arbitrage scripts on Poloniex and Bittrex, evolving through the ICO boom, the DeFi summer, and now on-chain perpetuals. I have seen every flavor of exchange API: REST-only nightmares with 10-second rate limits, WebSocket feeds that drop messages under load, authentication schemes that require a PhD in cryptography. Hyperliquid is, genuinely, one of the best API experiences I have encountered across centralized and decentralized exchanges. Here is why: **The API wallet system is brilliant.** Separating trading permissions from withdrawal permissions at the protocol level means you can run a bot on a cloud server without ever exposing funds to full theft. On CEXs, a leaked API key with trading permissions has historically been enough to drain accounts via market manipulation. **Zero gas execution changes everything.** On other DEXs (dYdX v3 had this partially, but v4 moved on-chain), every order costs gas. This makes high-frequency strategies impossible or uneconomical. On Hyperliquid, you can place and cancel 1200 orders per minute at zero cost beyond the trading fee on fills. **The SDK is maintained and typed.** It sounds basic, but the number of exchanges shipping broken or undocumented SDKs is staggering. The `hyperliquid-python-sdk` has type hints, handles retry logic, and matches the API surface one-to-one. My honest advice after a decade of bot development: 1. **Start with the simplest possible strategy** — a grid bot or a single-pair market maker. Get the infrastructure right (deployment, monitoring, alerting) before adding strategy complexity. 2. **Paper trade for at least a week** using testnet before going live. Bugs in bot logic cost real money, and they always appear in production conditions you did not simulate. 3. **Monitor obsessively for the first month.** Set up Telegram alerts for fills, position changes, and errors. You want to know within seconds if something goes wrong. 4. **Accept that most bot strategies have a shelf life.** Markets change, edges decay, and competition increases. The skill is not writing one perfect bot — it is continuously adapting. If you need USDC on Hyperliquid to fund your bot, our [deposit guide](/guides/getting-started/deposit-usdc-to-hyperliquid) covers every method from CEX withdrawals to cross-chain bridging. > **Note:** **Need the full API reference?** Our [Hyperliquid API guide](/guides/trading/hyperliquid-api-guide) covers every endpoint, all order types (including TWAP, scaling orders, and trigger orders), and the wire-level details: the exact order payload structure, request signing and chain-id rules, and the asset-index and tick-size pitfalls that cause silent failures. Use it as the companion reference alongside this practical setup guide. [Get 4% Fee Discount on All Bot Trades](https://app.hyperliquid.xyz/join/Concept211) --- # Hyperliquid Zero Gas Fees Explained — How Gasless Trading Works in 2026 > Hyperliquid charges zero gas fees on every trade, cancellation, and order modification. Learn how its custom L1 eliminates gas costs and how much you save vs GMX, dYdX, and Ethereum DEXs. *Source: https://hyperliquidguide.com/guides/fees/zero-gas-fees-explained* Gas fees are the hidden tax that destroys trading profitability on most decentralized exchanges. A single swap on Uniswap during network congestion can cost $50+ in gas — sometimes exceeding the trade value itself. On Arbitrum-based DEXs like GMX, every trade still costs $2–20 in gas regardless of position size. Hyperliquid eliminates this entirely. Every trade, every order modification, every cancellation — zero gas fees, always. This is not a promotional discount or temporary subsidy. It is a fundamental architectural decision built into the protocol from day one. > **Key takeaway:** Hyperliquid charges **zero gas fees** on all trading activity. No gas on trades, cancellations, limit order placements, or position modifications. The only costs are maker/taker trading fees (0.015%/0.045% for perps) and a small one-time Arbitrum gas fee when bridging funds in. ## Does Hyperliquid Really Have No Gas Fees? **Yes — confirmed zero gas fees on every transaction.** As of May 2026, Hyperliquid charges no gas fees whatsoever on: - Market orders and limit orders (opening and closing positions) - Order modifications (changing price or size) - Order cancellations (cancel and replace as many times as you want) - Liquidation transactions - Spot trades - Vault deposits and withdrawals This applies whether you make 1 trade per day or 1,000 trades per day. There is no throttling, no "gas-free quota," and no hidden network fee embedded in the spread. You can verify this yourself on [app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211) — check any transaction and you will see zero gas charged. For the complete breakdown of what you do pay (maker/taker fees, volume tiers, and discounts), see our full [Hyperliquid fees guide](/guides/fees/fees-explained). ## How Hyperliquid Eliminates Gas Fees The zero-gas model is not a marketing trick — it is the direct result of Hyperliquid's architecture. Here is how it works at a technical level: ### Custom Layer 1 Blockchain Most DEXs (GMX, Uniswap, dYdX v3) run on general-purpose blockchains like Ethereum or Arbitrum. On those chains, every transaction competes for limited block space. Users bid gas fees to incentivize validators to include their transaction in the next block. More demand = higher gas fees. Hyperliquid took a different approach: **build an entirely new blockchain optimized exclusively for trading.** The Hyperliquid L1 does not host arbitrary smart contracts, NFT mints, or token launches competing for block space. It processes one thing — exchange transactions — and it does so without requiring per-transaction gas payments from users. ### HyperBFT Consensus The Hyperliquid L1 uses **HyperBFT**, a custom consensus mechanism derived from HotStuff BFT research. Key properties that enable gasless trading: - **Dedicated validator set** — Validators are compensated through protocol-level mechanisms (staking rewards, protocol revenue), not individual user gas payments - **Optimized throughput** — The chain processes 200,000+ orders per second with sub-second finality, so there is no block space scarcity that would require gas-based prioritization - **No EVM overhead** — Trading logic runs natively rather than through the Ethereum Virtual Machine, eliminating the computational gas metering that EVM chains require > **Note:** HyperBFT achieves median latency under 0.2 seconds from order submission to on-chain confirmation. This is faster than most centralized exchanges while maintaining full decentralization and zero gas costs. ### Why Other DEXs Cannot Simply Remove Gas Other exchanges cannot copy this approach without fundamentally rebuilding their architecture: - **GMX** runs on Arbitrum — it inherits Arbitrum's gas model by design - **Uniswap** runs on Ethereum L1 — gas is baked into Ethereum's security model - **dYdX v4** moved to its own Cosmos chain (appchain), which is the closest parallel to Hyperliquid's approach — but dYdX still charges gas fees (though small) Hyperliquid's advantage is not incremental — it is structural. The zero-gas property exists because the entire system was purpose-built for it. --- ## What You Pay Instead Zero gas does not mean zero cost. Hyperliquid charges maker/taker trading fees on every filled order: | Fee Type | Rate | Example ($10,000 trade) | |----------|------|------------------------| | **Perp Taker** | 0.045% | $4.50 | | **Perp Maker** | 0.015% | $1.50 | | **Spot Taker** | 0.070% | $7.00 | | **Spot Maker** | 0.040% | $4.00 | These rates are already among the lowest in DeFi. You can reduce them further with: - **Referral discount**: 4% lifetime reduction (use code Concept211 at signup) - **HYPE staking tiers**: 5%–40% additional discount depending on staked amount - **Volume tiers**: Reduced rates at higher 14-day rolling volumes For the full tier breakdown and stacking math, see our [fee tiers guide](/guides/fees/fee-tiers). **Trade With Zero Gas Fees** — Get a 4% lifetime fee discount on top of zero gas. Every trade, every cancellation — no gas, ever. [Join Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) ## Gas Fees You Still Pay In the interest of full transparency: there are two small costs that involve gas or flat fees outside of trading. ### Bridging to Hyperliquid (One-Time) To get USDC onto Hyperliquid, you bridge from Arbitrum. This requires a standard Arbitrum network gas fee: - **Typical cost**: $0.10–$0.50 in ETH - **Paid to**: Arbitrum validators (not Hyperliquid) - **Frequency**: Only when depositing — not per trade Once your USDC is on Hyperliquid, all subsequent trading is completely gas-free regardless of how many transactions you make. For a step-by-step walkthrough of the deposit process, see our [bridge guide](/guides/getting-started/bridge-to-hyperliquid) or [USDC deposit guide](/guides/getting-started/deposit-usdc-to-hyperliquid). ### Withdrawals Withdrawing USDC back to Arbitrum costs a **flat 1 USDC fee**. This covers the Arbitrum gas that validators pay to process the withdrawal on your behalf. You do not need ETH in your wallet — the fee is deducted from your USDC balance. > **Tip:** Batch your deposits to minimize bridging costs. A single $5,000 deposit with one $0.30 gas fee is far more efficient than five $1,000 deposits costing $1.50 total in gas. ## Gas Savings Calculator Let's quantify the difference with real numbers. Assume an active trader making **100 trades per month** across different platforms: ### Monthly Gas Cost Comparison | Exchange | Gas Per Trade | 100 Trades/Month | Annual Gas Cost | |----------|--------------|-------------------|-----------------| | **Hyperliquid** | $0.00 | **$0** | **$0** | | **GMX (Arbitrum)** | $2–$20 | $200–$2,000 | $2,400–$24,000 | | **dYdX (Cosmos)** | $0.05–$0.50 | $5–$50 | $60–$600 | | **Uniswap (Ethereum)** | $5–$50+ | $500–$5,000+ | $6,000–$60,000+ | ### Worked Example: High-Frequency Scalper A scalper placing 50 trades per day (1,500/month) on different platforms: - **On GMX**: 1,500 × $5 avg gas = **$7,500/month in gas alone** - **On Uniswap**: 1,500 × $15 avg gas = **$22,500/month in gas alone** - **On Hyperliquid**: 1,500 × $0 gas = **$0/month in gas** Even on a per-trade basis, the gas savings on Hyperliquid exceed the actual trading fee for small positions. A $500 market order on GMX might cost $5 in gas (1% of position) plus the trading fee. On Hyperliquid, the same trade costs only $0.23 total (0.045% taker fee, zero gas). > **Key takeaway:** For an active trader making 100 trades/month, Hyperliquid saves **$200–$2,000/month** vs GMX and **$500–$5,000/month** vs Ethereum DEXs in gas fees alone. Annual savings range from **$2,400 to $60,000+** depending on frequency and which platform you'd otherwise use. ## How Hyperliquid Compares to Gas-Fee Exchanges Here is the full cost picture including both gas and trading fees for a $10,000 taker trade: | Platform | Gas Fee | Trading Fee | Total Cost Per Trade | |----------|---------|-------------|---------------------| | **Hyperliquid** | $0.00 | $4.50 (0.045%) | **$4.50** | | **dYdX v4** | ~$0.10 | $5.00 (0.050%) | **$5.10** | | **GMX** | ~$3.00 | $7.00 (0.070%) | **$10.00** | | **Uniswap** | ~$12.00 | $3.00 (0.030%) | **$15.00** | Hyperliquid wins on total cost even though Uniswap has a lower percentage trading fee — because Uniswap's gas fees dwarf the difference. For a detailed head-to-head breakdown, see our [Hyperliquid vs GMX comparison](/compare/hyperliquid-vs-gmx) and [Hyperliquid vs dYdX comparison](/compare/hyperliquid-vs-dydx). ### Why This Matters for Smaller Traders Gas fees are regressive — they cost the same dollar amount whether you trade $100 or $100,000. A $5 gas fee on a $100 trade is a 5% cost. On a $100,000 trade, it is 0.005%. This means gas-fee exchanges disproportionately punish smaller traders. On Hyperliquid, a $100 trade costs exactly $0.045 in fees (taker). No minimum position size penalty. No gas barrier to entry. This makes it the most accessible decentralized trading platform for traders at every capital level. **Stop Paying Gas Fees** — Join the exchange where every trade is gas-free. Get a 4% lifetime discount on maker/taker fees with our referral link. [Start Trading Gas-Free](https://app.hyperliquid.xyz/join/Concept211) ## The Bottom Line Hyperliquid's zero-gas architecture is not a gimmick — it is a structural advantage built into the protocol's custom L1. For any trader making more than a handful of trades per week, the gas savings alone justify using Hyperliquid over Arbitrum or Ethereum-based alternatives. The total cost equation is simple: - **Your only trading cost** = maker or taker fee (0.015%–0.045% for perps) - **Your only deposit cost** = one-time Arbitrum bridge gas (~$0.10–$0.50) - **Your only withdrawal cost** = flat 1 USDC No gas surprises. No congestion surcharges. No hidden network fees. Just the published maker/taker rate on every trade, every time. [Get 4% Off Trading Fees](https://app.hyperliquid.xyz/join/Concept211) Ready to start? Visit our [referral page](/referral) to sign up with a permanent 4% discount, then check the [deposit guide](/guides/getting-started/deposit-usdc-to-hyperliquid) to fund your account in under five minutes. --- # Best No-KYC Perpetuals Exchanges in 2026: Ranked & Compared > The 4 best no-KYC perpetual futures exchanges in 2026, ranked by fees, liquidity, and execution. Hyperliquid leads with 0.045% taker fees, zero gas, and $5B+ daily volume. *Source: https://hyperliquidguide.com/compare/best-no-kyc-perps-exchanges* If you want to trade perpetual futures without submitting ID documents, selfie scans, or email addresses, your options in 2026 are better than ever. Decentralized perpetual exchanges have matured to the point where they match — and often surpass — centralized platforms on execution quality, liquidity, and fees. Before you pick a venue, it helps to understand exactly what each one does and does not collect — our breakdown of [Hyperliquid's KYC requirements](/guides/getting-started/hyperliquid-kyc-requirements) explains what "no KYC" means in practice, including geo-blocking, sanctions screening, and the difference between frontend and protocol access. This guide ranks the four best no-KYC perpetuals exchanges available today, with an honest breakdown of fees, liquidity, leverage, architecture, and the regulatory nuances you need to understand before trading. > **Key takeaway:** **Bottom Line:** Hyperliquid is the clear leader among no-KYC perp exchanges in 2026. It combines the deepest liquidity ([live data] daily volume), lowest all-in trading costs (zero gas + 0.045% taker), and a CEX-grade trading experience — all without KYC, accounts, or custody risk. The other platforms each have niches, but none match Hyperliquid's overall package. ## Best No-KYC Perpetuals Platforms in 2026 > **Note:** All four platforms are non-custodial — your funds remain in smart contracts, not company wallets. None require identity verification or account creation. However, they differ significantly in execution quality, cost structure, and geographic restrictions. --- ## #1: Hyperliquid — Best Overall No-KYC Perps Exchange Hyperliquid is the highest-volume decentralized perpetual futures exchange in existence. It runs on a custom Layer 1 blockchain purpose-built for trading, delivering sub-second execution, zero gas fees, and an order book that rivals centralized exchanges in depth and speed. **Why it ranks #1:** - **Lowest all-in costs:** 0.015% maker / 0.045% taker with literally zero gas fees. No other no-KYC platform matches this cost structure when you factor in gas overhead. - **Deepest liquidity:** [live data] in daily volume with tight spreads on major pairs. Execution quality is indistinguishable from a top centralized exchange. - **Most markets:** [live data] perpetual pairs plus spot trading — more variety than any competitor. - **No account needed:** Connect a wallet, [deposit USDC](/guides/getting-started/deposit-usdc-to-hyperliquid), and trade. No email, no registration form, no KYC. If this is your first time on a CLOB-based DEX, our step-by-step [how to trade on Hyperliquid guide](/guides/getting-started/how-to-trade-on-hyperliquid) walks through the order panel, margin modes, and your first fill. - **Full CLOB architecture:** Real limit orders, stop losses, and advanced order types — not an AMM approximation. ![Hyperliquid trading interface showing BTC-USDC perpetual with full order book depth](/images/compare/shared/hyperliquid-trading-interface.webp) The platform supports up to 50x leverage across all pairs, uses USDC as collateral (bridged via Arbitrum), and settles everything on its own HyperBFT consensus chain. You get the performance of a centralized exchange with the self-custody guarantees of DeFi. For a complete breakdown of [how Hyperliquid's fees work](/guides/fees/fees-explained), including VIP tiers and staking discounts, see our dedicated guide. One thing this ranking does not cover: if what you actually want is stocks, commodities, indices or FX rather than crypto, the shortlist looks completely different, because most no-KYC venues never list them at all. We rank the [alternatives for non-crypto perps](/compare/best-hyperliquid-alternatives-non-crypto-perps) separately. > **Tip:** **Save on fees:** Sign up through a referral link to get a 4% lifetime discount on all taker fees. Your referral code is Concept211 — this applies to your first $25M in trading volume with no expiration date. **Getting started takes under 5 minutes:** Connect a wallet to **[app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211)**, bridge USDC from Arbitrum, and [place your first trade](/guides/getting-started/how-to-trade-on-hyperliquid). The interface is clean, responsive, and supports both desktop and mobile. No app download required. **Limitations:** Hyperliquid's Terms of Service restrict use by sanctioned jurisdictions and US persons, and the frontend enforces part of that restriction by blocking US IP addresses. See our [Hyperliquid US availability guide](/privacy/hyperliquid-us-availability) for what that restriction covers. **Start Trading Without KYC** — Get a 4% lifetime fee discount on Hyperliquid — no ID verification, no account registration, no withdrawal limits. [Join Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) --- ## #2: dYdX v4 — Cosmos-Based CLOB dYdX v4 migrated to its own Cosmos app-chain in late 2023, creating a fully decentralized order book exchange where validators run the matching engine. Like Hyperliquid, it requires no KYC and operates entirely through wallet connections. **Strengths:** - Established brand with years of track record in decentralized perps - Full CLOB with real limit orders (not AMM) - Decentralized governance via DYDX token - No frontend geo-blocking for most regions **Weaknesses:** - Volume has declined significantly (now $100–300M daily vs multi-billion peaks) - Higher fees: 0.02% maker / 0.05% taker plus Cosmos gas - Lower leverage cap: 20x maximum vs Hyperliquid's 50x - No spot trading — perps only - Fewer markets (~80 active pairs) dYdX v4 is a solid platform with strong decentralization credentials, but its migration to Cosmos coincided with a liquidity exodus to Hyperliquid. Traders who prioritize decentralized governance and the Cosmos ecosystem may prefer dYdX, but for pure execution quality and cost, Hyperliquid wins on every metric. For a full head-to-head analysis, see our [Hyperliquid vs dYdX comparison](/compare/hyperliquid-vs-dydx). For the broader DEX-vs-CEX framing — particularly relevant if you're weighing self-custody perps against KYC-gated US-regulated venues — our [Hyperliquid vs Coinbase comparison](/compare/hyperliquid-vs-coinbase) breaks down the regulation, fee, and custody trade-offs head-on. --- ## #3: GMX v2 — AMM Model on Arbitrum GMX pioneered the DeFi perpetuals space with its unique GLP liquidity pool model, and GMX v2 iterates on that foundation with isolated GM pools for each market. It runs on Arbitrum and requires no KYC — you connect a wallet and trade against the liquidity pool. **Strengths:** - Up to 100x leverage on BTC and ETH (highest in this list) - Unique liquidity provider model — earn yield by depositing to GM pools - Battle-tested smart contracts with years of operation - Familiar Arbitrum ecosystem (same chain you bridge USDC from) **Weaknesses:** - No real order book — trades execute against an oracle/AMM model, meaning no true limit orders - Dynamic fees (0.05–0.07% typical) are higher and less predictable than Hyperliquid - Arbitrum gas fees add $0.10–$0.50 per transaction - Large trades face significant price impact fees - Fewer markets (~80 pairs) with limited long-tail asset coverage GMX is best suited for traders who want to be on both sides — trading perps while also earning yield as a liquidity provider. The AMM model works well for moderate position sizes but struggles with large orders where price impact becomes material. If you value execution quality and tight spreads, Hyperliquid's CLOB is structurally superior. See our detailed [Hyperliquid vs GMX comparison](/compare/hyperliquid-vs-gmx) for the complete breakdown. **Lower Fees, Deeper Liquidity** — Hyperliquid offers 0.045% taker fees with zero gas — cheaper than GMX's dynamic fees plus Arbitrum gas on every trade. [Try Hyperliquid Free](https://app.hyperliquid.xyz/join/Concept211) --- ## #4: Drift Protocol — Solana-Based Hybrid Drift Protocol runs on Solana and uses a hybrid CLOB+AMM model that combines an on-chain order book with backstop liquidity from its AMM. It requires no KYC and benefits from Solana's low-latency infrastructure. **Strengths:** - Lowest maker fee in this list (0.01%) - Solana-native — fast block times, familiar for Solana DeFi users - Hybrid model provides liquidity even in thin markets - Integrated spot + perps + lending in one platform - Growing ecosystem with active development **Weaknesses:** - High taker fee (0.10%) makes it expensive for market orders - Limited to 20x leverage - Fewer markets (~50 perps) - Solana network congestion can cause failed transactions during high volatility - Lower volume ($200–500M daily) means wider spreads on less popular pairs Drift is a strong choice for traders already embedded in the Solana ecosystem who primarily use limit orders (benefiting from the low 0.01% maker fee). However, the 0.10% taker fee is more than double Hyperliquid's, making it significantly more expensive for aggressive trading strategies. For the full comparison, read our [Hyperliquid vs Drift analysis](/compare/hyperliquid-vs-drift). --- ## What "No KYC" Actually Means for Perp Exchanges The term "no KYC" gets thrown around loosely in crypto. Here is what it actually means — and what it does not mean — for decentralized perpetual exchanges. ### Truly Permissionless (Smart Contract Level) All four platforms in this guide are non-custodial protocols governed by smart contracts. At the contract level, they are **permissionless** — anyone with a wallet can interact with the underlying contracts without identity checks. There is no KYC gate in the code itself. This is fundamentally different from a centralized exchange that "skips KYC for small withdrawals." On Hyperliquid, dYdX, GMX, and Drift, there is no KYC system to skip. The architecture simply does not include one. ### Frontend Restrictions (ToS Level) However, most decentralized exchanges do maintain Terms of Service that restrict access from certain jurisdictions. These restrictions are enforced at the **frontend** level (the website interface), not at the smart contract level. - **Hyperliquid:** Blocks US IP addresses; ToS prohibits US persons - **dYdX v4:** Has historically blocked some jurisdictions at the frontend - **GMX:** Generally accessible from most regions - **Drift:** Solana-native, minimal geo-restrictions > **Warning:** **Important distinction:** "No KYC" means no identity verification is required to trade. It does NOT necessarily mean the platform is legally available in your jurisdiction. Always review the Terms of Service and understand the legal landscape in your country before trading. ### What About Privacy? No-KYC exchanges protect you from identity data breaches (common on centralized exchanges), but they are not fully anonymous. All transactions occur on-chain and are publicly viewable. Your trading activity is **pseudonymous** — linked to a wallet address rather than your legal name, but potentially traceable through on-chain analysis. For a deeper dive into Hyperliquid's privacy model, see our [Hyperliquid No-KYC explainer](/guides/getting-started/hyperliquid-kyc-requirements). --- ## No-KYC vs Low-KYC: Important Distinction for US Traders US-based traders face a more complex landscape. Here is the reality: ### Truly No-KYC (Decentralized Protocols) The platforms in this guide — Hyperliquid, dYdX, GMX, Drift — have no KYC system whatsoever. They cannot verify your identity even if they wanted to because the architecture does not support it. However: - Most block US IP addresses at the frontend - Terms of Service typically prohibit US persons - Whether a given workaround is consistent with a platform's terms or with US law is a legal question this site does not answer — consult a qualified attorney ### Low-KYC (Offshore Centralized Exchanges) Some offshore CEXs (MEXC, Gate.io, etc.) allow trading with minimal verification — an email address and no ID upload. These are **not** the same as decentralized no-KYC platforms: - They custody your funds (counterparty risk) - They could implement KYC at any time (and often do retroactively) - They may freeze assets if jurisdiction issues arise - They are not permissionless — they simply choose not to verify (for now) > **Key takeaway:** **For maximum security and true permissionless access:** Decentralized protocols like Hyperliquid are structurally superior to low-KYC CEXs. Your funds remain in smart contracts you control, there is no counterparty that can freeze your assets, and no centralized database of your identity that can be hacked or subpoenaed. ### Regulatory Risk Caveat The regulatory environment for decentralized derivatives is moving quickly in both directions. The US CFTC has taken enforcement action against DeFi protocols, and future legislation may affect access to these platforms. It has also, since May 2026, approved a perpetual futures contract for listing on a registered US exchange, and Hyperliquid has come up by name in congressional testimony and in remarks from the White House — see [Is Hyperliquid coming to the US?](/privacy/is-hyperliquid-coming-to-the-us) for what that process involves. This guide does not constitute legal advice. Traders in restricted jurisdictions should: 1. Understand their local regulatory framework 2. Assess personal risk tolerance 3. Consider consulting legal counsel specialized in crypto regulation 4. Never risk more capital than they can afford to lose --- ## Why Hyperliquid Wins for Most Traders After comparing all four platforms, Hyperliquid's dominance comes down to three structural advantages: **1. Zero Gas Fees Compound Over Time** On GMX, you pay Arbitrum gas ($0.10–$0.50) on every trade, every modification, and every withdrawal. On Drift, you pay Solana fees. On dYdX, Cosmos gas adds up. On Hyperliquid, gas is zero — always. For an active trader placing 20+ transactions daily, this saves hundreds of dollars monthly. **2. CLOB Execution Is Superior to AMM** Hyperliquid and dYdX use full central limit order books. GMX uses an oracle/AMM model. Drift uses a hybrid. The CLOB model gives you true limit orders, better price discovery, and zero slippage when your limit is hit. GMX's oracle model introduces price impact on larger trades that functions like hidden slippage. **3. Liquidity Begets Liquidity** Hyperliquid processes more volume in a single day than most competitors do in a week. Higher volume means tighter spreads, better fills, and less slippage on large positions. This is a self-reinforcing advantage — the more traders use Hyperliquid, the better the execution gets for everyone. > **Key takeaway:** **The Verdict:** If you want the best no-KYC perpetuals trading experience in 2026 — lowest fees, deepest liquidity, most markets, fastest execution, zero gas — Hyperliquid is the clear choice. The only scenario where alternatives make more sense is if you specifically need 100x leverage (GMX), prioritize Solana ecosystem integration (Drift), or prefer Cosmos governance (dYdX). **Trade Perps Without KYC** — Join Hyperliquid with a 4% fee discount. No identity verification. No withdrawal limits. No custody risk. [Get Started — 4% Discount](https://app.hyperliquid.xyz/join/Concept211) ## Getting Started on Hyperliquid Ready to start? The process takes under five minutes: 1. **Connect a wallet** — [MetaMask](/guides/getting-started/connect-metamask-to-hyperliquid), [Rabby](/guides/getting-started/connect-rabby-to-hyperliquid), or any EVM-compatible wallet works 2. **Bridge USDC** — Transfer USDC from Arbitrum to Hyperliquid's L1 via the [deposit guide](/guides/getting-started/deposit-usdc-to-hyperliquid) 3. **Trade** — Open your first position with up to 50x leverage across [live data] markets No account creation. No email. No verification. Just connect, deposit, and trade. [Join Hyperliquid — 4% Fee Discount](https://app.hyperliquid.xyz/join/Concept211) Use referral code Concept211 at signup to lock in a 4% lifetime discount on all taker fees. See our [referral page](/referral) for full details on how the discount works. --- # Hyperliquid vs Binance Futures (2026): Fee Breakdown, Leverage & Custody Compared > Detailed 2026 comparison of Hyperliquid vs Binance Futures — fees, leverage, KYC, custody, and liquidity. See which perpetual futures platform saves you more money. *Source: https://hyperliquidguide.com/compare/hyperliquid-vs-binance-futures* **Hyperliquid vs Binance** > **Note:** **Last verified: May 2026.** All fee figures, leverage limits, and product details confirmed against current Binance Futures and Hyperliquid documentation. This article focuses specifically on Binance's **futures products** (USDT-M and COIN-M). For the broader Hyperliquid vs Binance comparison covering spot, ecosystem, and general features, see our [full Hyperliquid vs Binance guide](/compare/hyperliquid-vs-binance). ## Hyperliquid vs Binance Futures: A Focused Comparison for Perps Traders If you trade perpetual futures — and futures specifically — this is the comparison that matters. Binance is the world's largest exchange, but its futures product has become increasingly complex: two separate margin systems (USDT-M and COIN-M), tiered fee structures that reward BNB holdings, and full KYC requirements that gate access to advanced features. Hyperliquid takes the opposite approach. One collateral type (USDC), one margin pool, one fee schedule, no KYC, and full self-custody. It processes over [live data] in daily volume with [live data] perpetual pairs available — all running on a purpose-built Layer 1 blockchain with sub-second finality. Binance is not the only book worth measuring Hyperliquid against. If you are weighing the on-chain venues instead, see [how Lighter compares on the same fee and depth measures](/compare/hyperliquid-vs-lighter). > **Key takeaway:** For pure perpetual futures trading, Hyperliquid offers lower fees on both maker and taker sides vs Binance USDT-M, unified USDC collateral that eliminates the USDT-M/COIN-M split, and self-custody with zero KYC — at the cost of lower maximum leverage (50x vs 125x) and less liquidity depth on BTC/ETH. ![Hyperliquid trading interface showing on-chain order book](/images/compare/shared/hyperliquid-trading-interface.webp) **Lower Fees, Self-Custody, No KYC** — Hyperliquid undercuts Binance Futures on fees while keeping your funds in your own wallet. Use code Concept211 for a 4% lifetime discount. [Start Trading on Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) ## Quick Comparison: Hyperliquid vs Binance Futures --- ## Fee Structure: A Detailed Breakdown Fees are the single largest recurring cost for active futures traders, and the difference between these two platforms adds up quickly. ### Base Tier Fees **Hyperliquid** charges a flat 0.015% maker / 0.045% taker on all perpetual futures. There is no distinction between asset classes — BTC, altcoins, and even [commodity and equity perps](/guides/trading/equity-perps-guide) all use the same fee schedule. **Binance Futures** splits into two products with different fee structures: - **USDT-M** (stablecoin margined): 0.02% maker / 0.05% taker - **COIN-M** (crypto margined): 0.012% maker / 0.03% taker At first glance, Binance's COIN-M fees look competitive. But COIN-M requires you to hold the base cryptocurrency as margin, exposing you to directional risk on your collateral. If you hold BTC as margin and BTC drops 20%, your margin value drops 20% — compounding your losses on leveraged positions. Most traders prefer stablecoin margin for this reason. Comparing apples to apples — stablecoin-margined futures — Hyperliquid wins on both sides: | Metric | Hyperliquid | Binance USDT-M | Savings | |--------|-------------|----------------|---------| | Maker fee | 0.015% | 0.02% | 25% lower | | Taker fee | 0.045% | 0.05% | 10% lower | | $10K maker trade | $1.50 | $2.00 | $0.50 saved | | $10K taker trade | $4.50 | $5.00 | $0.50 saved | For a detailed breakdown of every fee tier and stacking mechanism, see our [Hyperliquid fees explained](/guides/fees/fees-explained) guide. ### Fee Discounts and Stacking **Hyperliquid** offers two stackable discounts: 1. **Referral discount**: 4% lifetime reduction (code: Concept211) — [claim here](/referral) 2. **HYPE staking discount**: 5% to 40% depending on stake size (see [HYPE token guide](/ecosystem/what-is-hype-token)) These stack multiplicatively. A trader with the referral discount and Gold HYPE staking tier (10% discount) pays an effective taker fee of approximately 0.039% — undercutting even Binance's BNB-discounted rate. **Binance Futures** offers: 1. **BNB fee payment**: 10% discount when paying fees in BNB 2. **VIP tiers**: Volume-based reductions (requires $15M+ in 30-day volume for VIP 1) 3. **Referral codes**: Variable, typically 10-20% for new users Binance's VIP system favors very high-volume traders (VIP 1 starts at $15M/month), while Hyperliquid's HYPE staking discount is accessible to anyone willing to stake the token — you can get meaningful discounts at much lower capital thresholds. > **Key takeaway:** On stablecoin-margined futures (the most common product), Hyperliquid undercuts Binance by 25% on maker fees and 10% on taker fees at base tier. With referral + HYPE staking, the gap widens further. Binance's COIN-M fees are lower but expose you to directional risk on your collateral. ### Monthly Fee Comparison for Active Traders For a trader doing $500K in monthly volume (mixed maker/taker, 40/60 split): | Platform | Monthly Fees | With Best Discount | |----------|-------------|-------------------| | Hyperliquid (base) | $165 | ~$112 (referral + HYPE Gold) | | Binance USDT-M (base) | $190 | ~$152 (BNB + VIP 1*) | | Binance COIN-M (base) | $114 | ~$92 (BNB discount) | *VIP 1 requires $15M/month volume — most traders at $500K/month do not qualify. [Get 4% Lifetime Fee Discount](https://app.hyperliquid.xyz/join/Concept211) --- ## Leverage and Available Markets ### Maximum Leverage Binance Futures offers higher maximum leverage: - **Binance**: 125x on BTC, 100x on ETH, 50-75x on major alts, 20-25x on smaller pairs - **Hyperliquid**: 50x on BTC/ETH, 20-50x on major alts, 3-20x on smaller pairs > **Tip:** Higher leverage availability is not an advantage for most traders. Using 100x+ leverage on a volatile asset means a 0.8% adverse move liquidates your position. Professional traders rarely exceed 10-20x regardless of what the platform allows. Hyperliquid's 50x cap covers all prudent [leverage trading strategies](/guides/trading/leverage-trading-guide). ### Market Coverage **Binance Futures** offers 300+ perpetual pairs across USDT-M and COIN-M products, covering most tokens listed on Binance's spot market. **Hyperliquid** offers [live data] perpetual pairs and is expanding rapidly. What Hyperliquid offers that Binance does not: - **Commodity perpetuals**: Gold, silver, crude oil, natural gas — via [HIP-3 builder markets](/guides/trading/commodities-trading-guide) - **Equity perpetuals**: NVDA, TSLA, AAPL, MSFT, and an index tracking the Nasdaq 100 — see our [equity perps guide](/guides/trading/equity-perps-guide) - **Prediction markets**: Binary outcome contracts via HIP-4 These non-crypto markets are unique to Hyperliquid's ecosystem and represent a category of trading Binance simply does not offer. --- ## KYC and Account Setup ### Hyperliquid: Zero KYC, Instant Access Getting started on Hyperliquid takes under five minutes: 1. Connect an Ethereum-compatible wallet (MetaMask, Rabby, or similar) 2. [Deposit USDC](/guides/getting-started/deposit-usdc-to-hyperliquid) to your margin account 3. Start trading No email, no phone number, [no identity documents](/guides/getting-started/hyperliquid-kyc-requirements), no waiting. Visit [app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211) and you are live. There are no geographic restrictions on the primary frontend, and no features locked behind verification gates. For a complete walkthrough, see our [first trade guide](/guides/getting-started/how-to-trade-on-hyperliquid). ### Binance Futures: Full KYC Required Binance requires comprehensive identity verification before you can trade futures: 1. Create an account with email and phone 2. Submit government-issued photo ID 3. Complete facial recognition scan 4. In some jurisdictions: provide proof of address and source of funds documentation 5. Wait for verification (minutes to days depending on queue) 6. Pass a futures quiz to unlock futures trading 7. Accept futures trading agreement Beyond the onboarding friction, Binance Futures is outright unavailable in certain jurisdictions. US residents must use Binance.US (which has a reduced feature set), and various other countries face service restrictions that change with evolving regulations. > **Warning:** Binance has historically frozen accounts and restricted withdrawals during regulatory disputes. With exchange custody, your ability to access your own funds depends on Binance's continued cooperation. On Hyperliquid, withdrawals are permissionless — no entity can block you from moving your own assets. --- ## Custody and Fund Safety This is the most fundamental structural difference between these two platforms. ### Self-Custody on Hyperliquid On Hyperliquid, you maintain full self-custody at all times. Your funds are secured by your own private keys and the protocol's on-chain smart contract logic. There is no centralized pool of assets that can be hacked, frozen, or misappropriated. No entity — not even the Hyperliquid team — can prevent you from withdrawing your funds. The risk model is personal: if you lose your private keys, there is no recovery mechanism. You bear full responsibility for your own operational security. ### Exchange Custody on Binance On Binance, you deposit funds into the exchange's wallets. Binance controls the private keys. Your assets are pooled with every other user's funds in Binance-controlled infrastructure. Binance implements security measures (cold storage, SAFU insurance fund, multi-sig), but the fundamental dynamic is counterparty risk: you trust Binance to keep your money safe and to let you withdraw when you ask. The history of crypto exchange failures — Mt. Gox, QuadrigaCX, FTX — demonstrates that this trust is not always well-placed. While Binance has never lost customer funds at scale, it has faced: - Regulatory actions in multiple jurisdictions - Temporary withdrawal restrictions during high-volatility events - A $570M bridge exploit in 2022 (covered by insurance) > **Key takeaway:** Self-custody eliminates an entire category of risk — exchange hacks, insolvency, regulatory freezes, and withdrawal blocks. For traders who prioritize asset security above all else, Hyperliquid's model is structurally superior. The trade-off is personal responsibility for key management. **Your Keys, Your Coins, Your Trades** — Trade perpetual futures without handing custody to a third party. Hyperliquid combines CEX-level performance with full self-custody. [Trade with Self-Custody](https://app.hyperliquid.xyz/join/Concept211) --- ## Collateral System: Unified USDC vs USDT-M / COIN-M Split One of Hyperliquid's clearest UX advantages is its unified collateral model. ### Hyperliquid: One Pool, All Markets Hyperliquid uses USDC as the sole collateral for all perpetual futures. You deposit USDC once, and that balance serves as margin for every position across every market — BTC, altcoins, commodities, equities. Portfolio margining means your unrealized gains on one position can effectively collateralize another. This simplicity matters in practice: no juggling between margin wallets, no deciding which token to post as collateral, no separate balances to manage. ### Binance Futures: Choose Your Margin Product Binance splits futures into two entirely separate products: **USDT-M Futures**: Margined in USDT. Most traders use this. Fees are 0.02% maker / 0.05% taker. **COIN-M Futures**: Margined in the base cryptocurrency (BTC, ETH, etc.). Lower fees (0.012% maker / 0.03% taker) but your collateral value fluctuates with the underlying asset. If you are long BTC on COIN-M and BTC drops, you face a double loss: your position loses money AND your margin value decreases. These two products have: - Separate margin wallets - Separate fee tiers and VIP levels - Separate volume tracking - Different available pairs This creates operational complexity. Volume on USDT-M does not count toward COIN-M VIP tiers. You cannot use your USDT-M margin to cover a COIN-M position. For traders running diversified portfolios, this fragmentation is a genuine friction point that Hyperliquid's unified system eliminates entirely. --- ## Liquidity and Execution ### Order Book Depth Binance Futures has deeper order book liquidity on major pairs (BTC, ETH). On BTC/USDT perpetual, Binance typically shows $50M+ of bids and asks within 0.1% of mid-price. Hyperliquid's BTC book is thinner but has grown substantially — adequate for six-figure orders without meaningful slippage, though seven-figure orders may see more impact than on Binance. For altcoins and mid-cap pairs, the gap narrows significantly. Hyperliquid's HLP (Hyperliquidity Provider) vault system provides consistent liquidity across all listed pairs. ### Execution Speed - **Binance**: Microsecond-level matching engine. The fastest in centralized crypto infrastructure. - **Hyperliquid**: Sub-second finality on its custom L1 blockchain. Orders confirm in under one second. For manual traders, the difference is imperceptible. Both feel instant. The gap only matters for ultra-low-latency HFT strategies that compete on microsecond timing — a small fraction of the trading population. ### Funding Rates Both platforms use perpetual [funding rates](/guides/trading/funding-rates-explained) to keep futures prices anchored to spot. Funding is calculated and paid every hour on Binance, every eight hours on Hyperliquid (though the effective rate is comparable). Both platforms have competitive funding rates with no structural advantage on either side. --- ## Who Should Choose Hyperliquid Hyperliquid is the better choice if you: - **Value self-custody** and do not want a third party holding your trading capital - **Want privacy** — no KYC, no identity documents, no data collection - **Trade commodity or equity perps** — gold, silver, stocks are only on Hyperliquid - **Prefer unified collateral** — one USDC balance for everything - **Want lower fees** without needing to hold a separate exchange token (BNB) or hit massive volume thresholds - **Live in a restricted jurisdiction** where Binance is unavailable or limited - **Are a maker-heavy trader** — Hyperliquid's 0.015% maker fee is 25% lower than Binance USDT-M [Join Hyperliquid — 4% Off Fees](https://app.hyperliquid.xyz/join/Concept211) ## Who Should Stay on Binance Futures Binance Futures remains the better choice if you: - **Need 100x+ leverage** — Binance offers up to 125x on BTC - **Require maximum liquidity depth** on BTC/ETH for very large orders ($1M+) - **Want COIN-M products** to use crypto as collateral without stablecoin conversion - **Trade options** — Binance offers crypto options; Hyperliquid does not - **Need integrated fiat on-ramps** — Binance supports card purchases and bank transfers - **Already have VIP status** with meaningful fee reductions from high volume history - **Are an institutional trader** requiring regulated infrastructure and compliance documentation > **Tip:** Many traders use both platforms strategically: Hyperliquid for the majority of perpetual futures trading (lower fees, self-custody) and Binance for deep-liquidity BTC/ETH execution on very large positions or for products Hyperliquid doesn't offer (options, fiat on-ramp). --- ## Making the Switch: Hyperliquid Onboarding If you are coming from Binance Futures, the transition to Hyperliquid is straightforward: 1. **Set up a wallet**: [MetaMask](/guides/getting-started/connect-metamask-to-hyperliquid) or [Rabby](/guides/getting-started/connect-rabby-to-hyperliquid) (recommended for DeFi) 2. **Get USDC**: Withdraw USDC from Binance to Arbitrum, or bridge from any chain 3. **Deposit to Hyperliquid**: [Follow our deposit guide](/guides/getting-started/deposit-usdc-to-hyperliquid) — takes under 2 minutes 4. **Apply referral code**: Use Concept211 at [hyperliquidguide.com/referral](/referral) for 4% lifetime discount 5. **Place your first trade**: [Step-by-step walkthrough](/guides/getting-started/how-to-trade-on-hyperliquid) The trading interface will feel familiar — Hyperliquid uses the same order book, chart, and order panel layout that Binance traders are accustomed to. The main differences are wallet-based authentication (no login/password) and USDC-only collateral. **Ready to Switch?** — Join thousands of traders who moved from centralized exchanges to Hyperliquid for lower fees, self-custody, and no KYC. 4% lifetime fee discount with our referral. [Start Trading on Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) --- # HIP-4 Outcome Markets on Hyperliquid - Multi-Outcome, Split & Negate > HIP-4 outcome trading is live on Hyperliquid mainnet with multi-outcome markets, split/negate operations, and recurring daily binary outcomes on BTC, ETH, HYPE, and SOL settling at 06:00 UTC. *Source: https://hyperliquidguide.com/ecosystem/hip-4-outcome-trading* ## What Is HIP-4? HIP-4 introduces **outcome trading** to Hyperliquid - a new contract primitive that sits alongside perpetual futures on HyperCore's trading engine. If perpetuals are about continuous price exposure with no expiration, outcome contracts are about **specific events resolving at specific times within defined price boundaries**. Announced on February 2, 2026, **HIP-4 went live on Hyperliquid mainnet on May 2, 2026** as a limited-feature initial release. The first market is a recurring binary outcome that settles daily at 06:00 UTC to the BTC mark price on Hyperliquid. The team has been explicit that this rollout is intended to **validate the technical implementation**, with additional features and markets being added in stages from here. > **Note:** **Update (June 20, 2026):** Under the **[AQAv2 spec](/ecosystem/aqav2-usdc-aligned-quote-asset)**, HIP-4 canonical outcome markets now settle in **USDC**, with Coinbase as treasury deployer and Circle as technical deployer. The **[USDH sunset](/ecosystem/usdh-stablecoin-guide) is complete** — all USDH-denominated markets on HyperCore have settled. Some examples below were written for the original USDH denomination; the mechanics — recurring binary BTC, multi-outcome split/negate, daily 06:00 UTC settlement — are identical under USDC. HIP-4 brings fully collateralized contracts that settle within a fixed price range at a predetermined expiration date. These are not perpetuals with extra steps. They are a fundamentally different instrument designed for prediction markets, binary event contracts, bounded options, and anything else where you want to express a view on a discrete outcome. > **Key takeaway:** HIP-4 adds outcome trading to Hyperliquid - fully collateralized contracts with fixed expirations and zero liquidation risk. It is a general-purpose primitive for prediction markets, binary contracts, and bounded options, all running natively on HyperCore with composability across Hyperliquid's existing margin system. ![Hyperliquid Outcomes page showing live daily binary markets on BTC, HYPE, ETH, and SOL with Yes/No odds and 24-hour volume, plus a multi-outcome BTC price range market](/images/ecosystem/shared/hyperliquid-outcomes-page.webp) *The Outcomes tab on **[app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211)**. Each card is a live market with Yes/No odds, implied percentages, and 24-hour volume. The BTC price range card at the bottom is a multi-outcome question rather than a simple binary.* [HYPE](/ecosystem/what-is-hype-token) rose **10% on the day** of the original announcement. The mainnet launch on May 2, 2026 shipped with a narrow initial scope: one contract type on one underlying. --- ## The First Market: Recurring Binary BTC The launch market is a single recurring binary outcome contract on the Hyperliquid BTC mark price. ### How the Recurring Binary Works - **Underlying**: Hyperliquid BTC perp mark price - **Settlement time**: Every day at **06:00 UTC** - **Type**: Binary - the contract resolves to either 0 or 1 USDC - **Recurring**: A fresh contract is available each day, so traders do not have to wait for a new market to be listed - **Collateralization**: 100% - no leverage, no liquidation, no margin calls Structurally, a recurring binary is about as simple as the primitive gets. It avoids the complexity of one-off events (a sourced reference, dispute logic, exotic resolution rules) and runs on data the protocol already produces: the BTC mark price that powers Hyperliquid's largest perpetual market. The practical effect is that settlement, the opening call auction, and order book mechanics can all run without any external oracle or resolution dependency. > **Note:** Because the first HIP-4 market settles to the Hyperliquid BTC mark price, there is no external oracle dependency: the same price feed that already settles billions in BTC perp volume every day is what determines the outcome. This site does not know why this contract type was selected for launch and does not speculate. Offchain-event markets (sports, elections, news) became possible later via [canonical outcome markets](/ecosystem/hyperliquid-canonical-outcome-markets), which use validator consensus instead of an external oracle. ### Now Live: ETH, HYPE, and SOL Daily Outcomes The recurring binary primitive is no longer BTC-only. Hyperliquid now runs recurring **daily binary outcomes on ETH, HYPE, and SOL** alongside the original BTC market. Each works identically to the launch contract: it is automatically deployed and settled **daily at 06:00 UTC** to the Hyperliquid mark price of the underlying perp (for example, the ETH-USDC mark price for the ETH outcome). - **BTC** - daily binary settling to the BTC perp mark price - **ETH** - daily binary settling to the ETH-USDC mark price - **HYPE** - daily binary settling to the [HYPE](/ecosystem/what-is-hype-token) perp mark price - **SOL** - daily binary settling to the SOL perp mark price This is exactly the staged expansion the limited-feature launch was built toward - proving the primitive on a single internally-settled market, then replicating it across the next-largest perps with zero new oracle or resolution risk. All four use the same opening call auction, settlement engine, and full-collateralization model. The official [contract specification for recurring outcomes](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/contract-specifications#recurring-outcomes) documents the full set. --- ### Why "Limited-Feature" Matters The official framing is that the launch is a **limited-feature initial release** intended to validate the technical implementation. In practice, that means: - **A narrow market set** - recurring binary and range outcomes on a handful of major assets, not yet the full suite of bounded-options and event-based instruments described in the original spec - **Settles to internal Hyperliquid data** rather than external oracles or resolution committees - **Conservative parameters** - small position sizes and capped activity are likely while the team monitors behavior - **Rolling out in stages** - additional features and markets will be added as the team gains confidence in the production system This is the same playbook Hyperliquid used for [HIP-3 builder-deployed perps](/ecosystem/hip-3-builder-codes) - ship a narrow first version, prove it works under real volume, then progressively expand the surface area. Anyone who wants to be early to outcome trading on a major derivatives venue can use this window to learn the mechanics before the broader rollout. The official [HIP-4 contract specification](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/contract-specifications#recurring-outcomes) covers the recurring outcome rules in detail. --- ## How Outcome Trading Works Understanding HIP-4 requires grasping how its contracts differ from the perpetual futures that Hyperliquid is known for. ### Core Mechanics Every HIP-4 outcome contract has four defining characteristics: 1. **Fixed expiration date** - unlike perpetuals, which run indefinitely, outcome contracts settle at a specific point in time 2. **Fully collateralized** - every position is 100% backed, meaning zero leverage and zero liquidation risk 3. **Predefined price range** - contracts settle within a bounded range using objective reference data 4. **USDC settlement** - canonical contracts settle in USDC, the [aligned quote asset](/ecosystem/aqav2-usdc-aligned-quote-asset) under AQAv2 (markets originally settled in [USDH](/ecosystem/usdh-stablecoin-guide), now sunset) The fully collateralized design is a deliberate choice. Prediction markets and event contracts are volatile around resolution - a binary contract can go from 50 cents to zero or one dollar in seconds. Leverage in that context would create cascading liquidations and broken markets. By requiring full collateralization, HIP-4 ensures that every contract can settle cleanly regardless of how extreme the price movement is. > **Note:** Because HIP-4 contracts are fully collateralized with no leverage, there is no liquidation risk. Your maximum loss on any position is the amount you put in. This makes outcome trading accessible to users who want defined-risk exposure without the complexity of managing margin and liquidation levels. ### Opening Call Auction New outcome markets do not just open for trading with no price discovery. HIP-4 uses a **15-minute opening call auction** to establish initial pricing for each new contract. During this window, participants submit orders that are aggregated and matched at a single clearing price. This prevents the sniping and manipulation that plagues many prediction market launches, where the first few trades can set wildly inaccurate prices. ### Fees: Nothing Today, Half of Spot Soon Outcome markets on Hyperliquid mainnet traded with **no fee at all** from launch until late August 2026. That has changed. The network upgrade Hyperliquid announced on August 14 enabled fees on validator-deployed outcome markets, in preparation for the [deployer fee scale](/ecosystem/hip-4-permissionless-deployment) that permissionless markets carry, and mainnet `outcomeMeta` now returns a top-level `feeScale` where it previously returned none. The headline number from the announcement: **the average outcome trading fee will be half that of non-outcome spot trading**. Spot starts at 0.070% taker on the base tier, so the halving points at roughly 0.035% on average. How it gets to half is the interesting part, because the fee model is genuinely different from perps and spot: - **Minting is free.** Turning collateral into a complete set of outcome tokens charges nobody and counts no volume. - **You pay on the way out, not the way in.** The docs are explicit that outcome trading "only charges fees when closing or settling, not when opening outcome positions." A round trip that would cost you two taker fees on spot costs you one here. - **Settlement is a fee event.** When a contract resolves, the charge applies to `settle_fraction * size`, so holding to expiry is not a way around it. - **There are no maker rebates.** A trader who would earn a rebate on spot or perps pays zero on outcome maker orders instead of collecting one. That is worse than spot for a market maker and better than spot for everyone else. - **Only fee-paying volume counts.** Trades where nobody pays contribute nothing toward your [VIP tier progression](/guides/fees/fee-tiers), so outcome activity builds volume history more slowly than the raw notional suggests. Mechanically, the effect of charging on close and settle rather than on open is that minting a complete set costs nothing, and the fee lands at the point where a position is realized. Why the schedule was structured that way is not something this site can speak to. > **Tip:** If you have wanted to try outcome markets, the current window is the cheapest they will ever be: mainnet outcome trading is free until the network upgrade lands. That is not a reason to take a position you would not otherwise take, but it does make the daily BTC, ETH, HYPE, and SOL binaries a low-cost way to learn the mechanics before fees switch on. ### Settlement When an outcome contract reaches its expiration date, it settles using **objective reference data** - the actual result of whatever event the contract tracks. A binary contract on whether BTC exceeds $150,000 by a given date settles based on the actual BTC price at expiration. A political outcome contract settles based on the verified result. The settlement process is deterministic: once the reference data is confirmed, all positions resolve automatically. --- ## What You Can Trade HIP-4 is not limited to a single contract type. It is a general-purpose primitive that supports a range of instruments. ### Binary Yes/No Contracts The simplest form: will something happen or not? Examples include whether a specific cryptocurrency will exceed a certain price by a given date, whether a protocol will launch a token before a deadline, or whether a governance proposal will pass. You buy at a price between 0 and 1 USDC, and the contract settles at either 0 or 1. The launch HIP-4 market - the recurring binary BTC outcome described above - is exactly this shape, but resolves to a clean BTC mark price each day rather than a one-off event. You can trade these directly from the Outcomes tab in the Hyperliquid app, where each market shows the current Yes and No odds alongside 24-hour volume. ### Range Outcomes More nuanced than binary. Instead of yes or no, range outcomes divide the possibility space into multiple buckets. For example, a range contract on ETH's price at year-end might have buckets for under $2,000, $2,000–$3,000, $3,000–$5,000, and over $5,000. You can buy into any bucket based on your view of the probability distribution. ### Bounded Options-Like Instruments HIP-4 contracts with defined price ranges can function similarly to options - offering exposure to price movements within a bounded corridor. While they are not traditional options with strike prices and Greeks, they provide comparable defined-risk, defined-reward exposure for traders who want asymmetric payoff profiles. ### Event-Based Contracts Sports results, political milestones, financial events, protocol metrics - anything with an objectively verifiable outcome can be structured as an HIP-4 contract. This is where the prediction market aspect shines, enabling markets on real-world events that traditional finance either cannot serve or serves poorly. > **Tip:** HIP-4's range of contract types means you are not limited to simple binary bets. If you have a nuanced view - say, you think ETH will finish the year between $4,000 and $6,000 rather than just "up or down" - range outcomes let you express that view precisely and capitalize on it if you are right. **Outcome Trading Is Live on Hyperliquid** — HIP-4 is now live on mainnet, starting with a recurring binary BTC outcome market. Set up your Hyperliquid account with our referral code and lock in a 4% lifetime fee discount across perps, spot, and outcome contracts. [Create Account with 4% Off](https://app.hyperliquid.xyz/join/Concept211) --- ## Multi-Outcome Markets Now Live (May 7, 2026) Five days after the binary launch, HIP-4 took a meaningful step forward. **Multi-outcome markets - referred to in the protocol as "questions" - are now live**, alongside split and merge support for binary markets. This is the first non-trivial expansion of the HIP-4 surface, and it changes how outcome trading works in two important ways: markets can now express more than yes-or-no, and capital can move between related positions without locking up fresh collateral for each leg. For a deeper walkthrough of these mechanics, see our [multi-outcome markets explainer](/ecosystem/hyperliquid-multi-outcome-markets). ### What Changed - **Multi-outcome markets**: A single market can now contain multiple linked outcomes (e.g. BTC ends below range, in range, above range) instead of being limited to a binary yes/no - **Split**: Turn a single unit of collateral into a complete set of outcome tokens covering every bucket - one USDC becomes one token of each outcome, summing to one - **Negate**: Express a short view on a specific outcome inside a multi-outcome market without selling the others - **Merge**: Recombine a full set of outcome tokens back into the underlying collateral - the inverse of split - **Split and merge for binary markets**: The same mechanics now apply to the recurring binary BTC market that launched on May 2 The combined effect is **greater capital efficiency**. Under the old binary model, expressing a nuanced multi-region view (BTC ends below $90k, between $90k–$110k, or above $110k) meant taking three separate positions and posting collateral against each. Under the multi-outcome model, you split once and trade the legs you want. ### The First Multi-Outcome Market: Recurring BTC Price Range The first live multi-outcome market is a **recurring BTC price-range contract that settles daily at 06:00 UTC** against the Hyperliquid BTC mark price - the same settlement mechanism as the launch binary, but with a richer payoff structure. - **Underlying**: Hyperliquid BTC perp mark price - **Settlement time**: Every day at **06:00 UTC** - **Type**: Multi-outcome with **asymmetric upside, downside, and an intermediate range bucket** relative to an initial reference price - **Recurring**: A fresh contract is available each day, just like the binary - **Collateralization**: 100% - no leverage, no liquidation, no margin calls The asymmetric structure is the interesting part. Rather than a symmetric "above or below the strike" binary, the contract carves the price space into **distinct upside, downside, and middle regions**, each priced independently. Traders can express views like "BTC will probably stay roughly here" or "BTC is more likely to break out than break down" with a single trade rather than constructing a synthetic from multiple binary contracts. > **Note:** The asymmetric payoff design means range markets can encode information that binary markets cannot. A binary contract says BTC ends above or below $X. A range contract can say BTC ends well below, slightly below, in a middle band, slightly above, or well above. Each bucket is priced based on the market's collective probability estimate - giving you a real-time, tradable distribution rather than a single yes/no probability. The full mechanics are documented in the official [Hyperliquid contract specification for recurring outcomes](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/contract-specifications#recurring-outcomes). --- ## The Composability Advantage This is where HIP-4 gets genuinely interesting - and where it separates itself from every standalone prediction market. ### Unified Margin System HIP-4 outcome contracts run on the **same HyperCore trading engine** as Hyperliquid's perpetual futures. They share the same [unified margin system](/guides/trading/unified-accounts-guide), the same collateral pools, and the same account structure. This is not a bolted-on sidecar product; it is a native extension of the core platform. What this means in practice: your outcome positions and your perp positions live in the same account and can **automatically offset negatively correlated risks**. If you are long BTC perps and also hold a binary contract that pays out if BTC drops below a certain level, HyperCore recognizes these as partially hedging positions. Your total margin requirement is lower than it would be holding each position in isolation. > **Key takeaway:** HIP-4's killer feature is composability with Hyperliquid's existing margin system. Outcome positions and perpetual positions share collateral pools and auto-offset correlated risks - delivering prime brokerage-style capital efficiency that no standalone prediction market can match. ### Prime Brokerage-Style Capital Efficiency This kind of cross-instrument margining is something that in traditional finance is only available through a prime brokerage - the kind of service that Goldman Sachs or Morgan Stanley offers to hedge funds with nine-figure accounts. HIP-4 brings that same capital efficiency to anyone with a Hyperliquid account. Polymarket cannot do this. Kalshi cannot do this. No isolated prediction market can offer cross-margining with your futures positions because they do not have a futures engine. Hyperliquid already does, and HIP-4 integrates directly into it. ### What This Means for Traders For sophisticated traders, the composability means you can construct complex multi-instrument strategies without capital inefficiency. Hedge your perp positions with outcome contracts. Use binary contracts as tail-risk insurance. Build structured trades that combine directional perp exposure with event-driven outcome bets - all within a single margin account. For simpler traders, it means you do not need to move capital between platforms. Your USDC balance works for perps, spot, and outcome contracts. One account, one interface, full flexibility. ## The Market Opportunity HIP-4 is not just a feature addition - it positions Hyperliquid to capture share of massive existing markets. ### Prediction Markets Polymarket and Kalshi have proven that there is real demand for prediction markets. Combined, they process **$10–18 billion in monthly trading volume**. But they operate as isolated platforms with limited composability, no cross-margining, and no integration with broader trading infrastructure. HIP-4 offers a structurally superior product for any trader who also trades futures or wants capital-efficient event exposure. For a full head-to-head on fees, market creation, and liquidity, see our [Hyperliquid vs Polymarket comparison](/compare/hyperliquid-vs-polymarket). ### Options and Structured Products The bounded options-like instruments that HIP-4 supports enter an even larger market. **BTC and ETH options markets alone process $112–192 billion in monthly volume**. HIP-4 contracts will not replace traditional options on day one, but they offer defined-risk, fully collateralized alternatives that are accessible without KYC, available 24/7, and composable with perp positions. Combined with [options exchanges and structured products](/ecosystem/hyperliquid-options-structured-products) emerging on HyperEVM, Hyperliquid is building a comprehensive derivatives stack. ### Revenue Projections Analyst estimates project meaningful new revenue from HIP-4: | Instrument Type | Estimated Monthly Revenue | |---|---| | **Prediction Markets** | $1.5–3 million | | **Options-Like Instruments** | $11–15 million | | **Combined Annual Run Rate** | $150–216 million | These are incremental to Hyperliquid's existing perp revenue and the [HIP-3 builder code](/ecosystem/hip-3-builder-codes) revenue streams. If the projections hold, HIP-4 could represent the second-largest revenue source for the protocol after core perpetual trading. > **Warning:** Mainnet revenue at launch was small - the system started with a single recurring binary BTC market while the team validated the implementation, and has since expanded to recurring outcomes on ETH, HYPE, and SOL. Revenue projections above are analyst estimates based on comparable markets and the full HIP-4 surface, not the initial release. Actual adoption and volume will depend on market conditions, the rollout pace of additional markets, and user demand. Treat these figures as directional estimates, not commitments. ## Current Status and Timeline As of **August 2026**, HIP-4 is in the following state: - **Announced**: February 2, 2026 - **Testnet**: Live since Q1 2026 - used to stress-test settlement, the opening call auction, and composability with the perps engine - **Mainnet binary launch**: **May 2, 2026** - limited-feature initial release with a single recurring binary BTC outcome market settling daily at 06:00 UTC - **Multi-outcome upgrade**: **May 7, 2026** - "questions" go live with split, negate, and merge operations; binary markets gain split and merge; first multi-outcome market is a recurring BTC price-range contract - **[Canonical outcome markets](/ecosystem/hyperliquid-canonical-outcome-markets)**: **May 25, 2026** - validator-deployed markets on offchain events go live via automated newsfeed software; validators vote on deployment and settlement based on unambiguous rules, correctness, and subjective quality - **Recurring outcomes expand beyond BTC**: **June 2026** - daily binary outcomes go live on ETH, HYPE, and SOL, each settling at 06:00 UTC to the underlying perp's Hyperliquid mark price - **[Permissionless deployment on testnet](/ecosystem/hip-4-permissionless-deployment)**: **July 31, 2026** - deployers can activate, instantiate validator-voted templates, and settle their own markets through a documented actions API, with no gas cost and no auction; testnet caps sit at 10 active outcomes per deployer and 50 deployments per day - **Initial goal**: Validate the technical implementation under real capital before expanding the surface area - **Next steps**: Additional features and markets to be rolled out in stages, culminating in [permissionless deployment](/ecosystem/hip-4-permissionless-deployment) that lets builders deploy their own outcome markets - **HYPE market reaction**: +10% on the original announcement day in February - **Dune indexing**: **July 2026** - HyperCore data landed on [Dune](https://dune.com), and HIP-4 markets were included from day one, so outcome-market orders and fills are queryable in SQL alongside perps. See our [trading tools guide](/guides/trading/hyperliquid-trading-tools) for what that unlocks - **Second permissionless feature drop**: **August 14, 2026** - deployers can add outcomes to a live question, template instantiations carry a configurable fee scale from 0 to 10, sports and central-bank-rate templates join the price ones, and mainnet limits are published at 100 concurrent outcomes and 500 deploys per day per deployer - **Fees switch on**: **August 2026** - validator-deployed outcome markets start charging, averaging half of ordinary spot fees - **[Permissionless deployment on mainnet](/ecosystem/hip-4-permissionless-deployment)**: **week ending August 31, 2026** - seven approved templates go live on mainnet and the first deployer outside the protocol lists markets, mostly binaries on trade.xyz index perps The observable pattern in the dates above is incremental: a narrow first version, then successive expansions. The May 7 multi-outcome upgrade was the first of those steps. This site does not have a roadmap and does not know what is planned next or on what timeline, so treat any expectation of further contract types or underlyings as inference rather than information. The direction Hyperliquid stated publicly was **[permissionless deployment](/ecosystem/hip-4-permissionless-deployment)**, and it arrived on mainnet in the week ending August 31, 2026 after a month on testnet. Anyone can now deploy outcome markets by staking HYPE and instantiating validator-voted templates, the same way [HIP-3](/ecosystem/hip-3-builder-codes) opened perp deployment. The mainnet catalog is a narrow seven templates against 55 on testnet, so what expands next is a validator vote rather than an engineering milestone. **Trade the First HIP-4 Market on Hyperliquid** — The recurring binary BTC outcome market is live on mainnet. Set up your Hyperliquid account now with our referral code and get a permanent 4% fee discount on all trading - perps, spot, and outcome contracts. [Sign Up with 4% Discount](https://app.hyperliquid.xyz/join/Concept211) ## How HIP-4 Fits the Bigger Picture HIP-4 is the third major expansion of Hyperliquid's product surface in less than a year: 1. **HyperEVM** brought general-purpose smart contracts to the chain, enabling a full DeFi ecosystem - [read our HyperEVM guide](/ecosystem/hyperevm-explained) 2. **[HIP-3](/ecosystem/hip-3-builder-codes)** enabled permissionless perpetual market deployment, turning Hyperliquid from a product into a platform 3. **HIP-4** adds outcome trading, extending the platform into prediction markets and bounded options Each expansion leverages HyperCore's existing infrastructure while opening entirely new addressable markets. The cumulative effect is a protocol that can serve perpetual traders, DeFi users, prediction market participants, and options traders - all within a single, composable ecosystem. No other DeFi protocol offers this breadth of trading instruments on a single L1 with unified margin. For [HYPE token holders](/ecosystem/what-is-hype-token), each new instrument type represents an additional fee revenue stream that feeds into the buyback and burn mechanism. More instruments, more volume, more fees, more HYPE burned. **Start Trading on Hyperliquid Today** — Perps, spot, builder markets, and soon outcome trading - all on one platform. Use our referral code for a 4% lifetime fee discount across every product. [Claim Your 4% Fee Discount](https://app.hyperliquid.xyz/join/Concept211) > **Note:** This article is for educational and informational purposes only. It does not constitute financial or investment advice. Prediction markets and options-like instruments carry risk. Outcome contracts are fully collateralized so you cannot lose more than your position size, but you can still lose your entire position if the outcome does not go in your favor. Always do your own research and never trade with more than you can afford to lose. --- # Hyperliquid Fee Tiers (2026): How to Qualify for Lower Maker & Taker Fees > Hyperliquid's volume-based fee tiers drop taker fees from 0.045% to 0.024% and maker fees to 0%. See every tier threshold, staking discount, and how to calculate your current rate. *Source: https://hyperliquidguide.com/guides/fees/fee-tiers* Hyperliquid's base trading fees — 0.045% taker and 0.015% maker on perpetuals — are already among the lowest of any decentralized exchange. But they are just the starting point. Hyperliquid offers a tiered fee structure that rewards higher-volume traders with progressively lower rates, and these volume discounts stack with [HYPE token staking](/ecosystem/what-is-hype-token) and [referral code](/referral) discounts for significant total savings. This guide covers every fee tier threshold, how to check your current tier, and how to calculate your effective rate after all discounts are applied. > **Key takeaway:** Hyperliquid's fee tiers reduce taker fees from 0.045% down to 0.024% and maker fees from 0.015% to 0% (with rebates) based on your 14-day rolling trading volume. Combined with HYPE staking and a referral code, total fee reductions can exceed 40%. ## Hyperliquid Fee Tier Table ![Hyperliquid fee tier table — VIP0 through VIP6 maker and taker rates by 14-day trading volume, showing maker fees drop to 0% at Tier 4 and above](/images/fees/fee-tiers/fee-tier-table.webp) According to [Hyperliquid's official fee documentation](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees), fee tiers are determined by your rolling 14-day trading volume in USD. Spot volume counts **2x** toward tier progression. | Tier | 14-Day Volume | Taker Fee | Maker Fee | |------|--------------|-----------|-----------| | 0 (Base) | < $5M | 0.045% | 0.015% | | 1 | $5M+ | 0.042% | 0.012% | | 2 | $50M+ | 0.040% | 0.010% | | 3 | $200M+ | 0.038% | 0.008% | | 4 | $500M+ | 0.036% | 0.000% | | 5 | $2B+ | 0.030% | 0.000% | | 6 | $7B+ | 0.024% | 0.000% | At Tier 4 and above, maker fees drop to **0%** — meaning limit orders that add liquidity are completely free. For high-volume market makers, this makes Hyperliquid one of the most cost-efficient venues in all of crypto. > **Note:** **Spot volume counts double.** Every $1 in [spot trading](/guides/trading/spot-trading-guide) volume counts as $2 toward your fee tier. If you trade both spot and perps, your spot activity accelerates tier progression significantly. --- ## How to Check Your Current Fee Tier Your fee tier is visible directly in the Hyperliquid interface: 1. Navigate to **[app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211)** and connect your wallet 2. Click your account icon in the top right and select **Fees** 3. The Fees page displays your current tier, 14-day rolling volume, and applicable rates Your tier updates in real time as trades enter and leave the 14-day window. There is no manual refresh or monthly reset — the system continuously recalculates based on your most recent 14 days of trading activity. **Start at the Lowest Base Rate** — Sign up through our referral link for a 4% lifetime fee discount on top of whatever volume tier you reach. [Get 4% Off All Fees](https://app.hyperliquid.xyz/join/Concept211) ## How the 4% Referral Discount Stacks With Fee Tiers The [referral discount](/referral) is applied **on top of** your volume tier rate. It reduces your effective fee by an additional 4%, calculated multiplicatively. It is worth having and it is free, though it is worth knowing the size of it: we worked out [what the 4% discount is worth in real terms](/ecosystem/what-hyperliquid-perps-cost) against a measured 90-day funding bill, and the ceiling is smaller than most traders assume. **Example at Tier 0 (base) with referral:** - Taker: 0.045% × (1 - 0.04) = **0.0432%** - Maker: 0.015% × (1 - 0.04) = **0.0144%** **Example at Tier 2 with referral:** - Taker: 0.040% × (1 - 0.04) = **0.0384%** - Maker: 0.010% × (1 - 0.04) = **0.0096%** The referral discount applies to your first $25M in cumulative trading volume. After that cap, your volume tier and staking discounts continue independently. > **Warning:** **Referral codes can only be applied at account creation.** If you sign up without one, there is no way to add it later. Use our referral link to lock in the 4% discount before you start trading. ## HYPE Staking Fee Discounts Staking [HYPE tokens](/ecosystem/what-is-hype-token) provides an additional fee discount that stacks multiplicatively with both volume tiers and the referral discount. | Staking Tier | HYPE Required | Fee Discount | |-------------|--------------|--------------| | Wood | 10+ | 5% | | Silver | 100+ | 5% | | Gold | 1,000+ | 10% | | Platinum | 10,000+ | 15% | | Emerald | 100,000+ | 25% | | Diamond | 500,000+ | 40% | The Diamond tier at 500,000+ HYPE staked provides a **40% fee reduction** — the single largest discount available on the platform. Combined with the referral discount and a volume tier, the savings are substantial. **Combined example — Tier 1 + Gold staking + referral:** - Taker: 0.042% × (1 - 0.10) × (1 - 0.04) = **0.0363%** - That is a **19.3% total reduction** from the base 0.045% rate For most retail traders, the realistic sweet spot is **base tier + staking (Gold or Platinum) + referral discount**. This combination is accessible without extreme volume and delivers meaningful savings on every trade. --- ## How to Reach the Next Fee Tier Faster If you are close to a tier threshold, a few strategies can help you qualify faster: **Trade spot markets.** Since [spot volume](/guides/trading/spot-trading-guide) counts 2x toward tier progression, allocating some of your activity to spot trading is the most efficient way to climb tiers. $2.5M in spot volume equals $5M toward Tier 1 qualification. **Use limit orders strategically.** While limit orders that fill immediately count as taker volume, limit orders that rest in the book and get filled by others count as maker volume. Both contribute to your 14-day total, but maker orders cost less — so you build volume at a lower fee. **Consolidate activity.** If you trade across multiple wallets or sub-accounts, your volume is split across them. Concentrating your trading in a single wallet maximizes your tier progression. Note that [vault](/ecosystem/hyperliquid-vaults-guide) deposits do **not** count toward your personal fee tier. **Drop your builder approvals.** If you route orders through a wallet or third-party app, that app adds a [builder fee](/guides/trading/hyperliquid-builder-fees-explained) of up to 0.1% on top of everything on this page, and none of it counts toward tier progression. At high volume this is the single most expensive habit on the list. > **Key takeaway:** The most impactful fee reduction for most traders is the combination of a referral code (4%) and HYPE staking (5-40%). Volume tiers provide additional savings but require significant trading activity to reach. Start with the referral + staking combination and let volume tiers come naturally as you trade. ## Aligned Quote Assets — USDH (Sunset) and AQAv2 With USDC Trades executed against [USDH](/ecosystem/usdh-stablecoin-guide)-quoted markets historically received enhanced fee treatment under the original aligned-quote-asset spec: **20% lower taker fees** and **50% higher maker rebates** compared to standard USDC-quoted pairs. Hyperliquid then moved to **[AQAv2](/ecosystem/aqav2-usdc-aligned-quote-asset)**, which makes USDC the aligned quote asset for HIP-4 and validator-operated perp markets — but with no trader-facing fee perks. As of June 2026 the USDH sunset is complete: all USDH-denominated markets on HyperCore have settled, so those fee discounts no longer apply anywhere. If you still hold USDH, swap it to USDC (feeless via Across on HyperEVM, or on the HyperCore spot order book). ## Calculating Your Effective Fee Your effective trading fee combines all three discount layers multiplicatively: **Effective fee = base tier rate × (1 - staking discount) × (1 - referral discount)** Rather than run this by hand, our [Hyperliquid fee calculator](/tools/fee-calculator) walks the full schedule for you — plug in your monthly volume, maker/taker split, HYPE staked, and referral status to see your exact effective rate and annual savings. For a concrete example, consider a trader at Tier 0 (base) with Platinum staking (15%) and the 4% referral discount: - **Taker**: 0.045% × 0.85 × 0.96 = **0.0367%** (18.4% total reduction) - **Maker**: 0.015% × 0.85 × 0.96 = **0.0122%** (18.4% total reduction) On a $10,000 taker trade, that is $3.67 in fees instead of $4.50 — saving $0.83 per trade. Over 100 trades per month, the savings compound to $83/month or roughly $1,000/year. For a detailed breakdown of all Hyperliquid fees including spot, withdrawal, liquidation, and HIP-3 builder market fees, see our [complete fee guide](/guides/fees/fees-explained). **Lock in Your 4% Discount Today** — The referral discount is the easiest fee reduction to activate — and it can't be applied after signup. Don't leave money on the table. [Claim Your Discount](https://app.hyperliquid.xyz/join/Concept211) --- # Hyperliquid vs Coinbase Advanced (2026): DEX vs CEX for Perps & Spot > Hyperliquid charges 0.045% taker with no KYC, while Coinbase Advanced charges 0.060% taker with full KYC. Compare fees, markets, custody, and which platform wins. *Source: https://hyperliquidguide.com/compare/hyperliquid-vs-coinbase* **Hyperliquid vs Coinbase** | Feature | Hyperliquid | Coinbase Advanced | |---------|------------|-------------------| | **Trading Fees (Taker)** | 0.045% | 0.060% | | **Trading Fees (Maker)** | 0.015% | 0.040% | | **Perpetual Futures** | [live data]+ markets, up to 50x | Limited (BTC, ETH futures only) | | **Spot Trading** | Yes | Yes (250+ assets) | | **Custody Model** | Self-custody (non-custodial) | Custodied by Coinbase | | **KYC Required** | No | Yes (full identity verification) | | **Gas Fees** | Zero | Network fees on withdrawals | | **US Availability** | Geo-blocked at frontend | Fully available | > **Tip:** **The Core Difference:** Hyperliquid is a non-custodial DEX built for perpetual futures traders who want low fees, high leverage, and self-custody. Coinbase is a regulated US exchange built for compliance-first users who primarily trade spot. They serve different audiences — this guide helps you understand which fits your needs. ## Hyperliquid vs Coinbase: Two Different Philosophies Hyperliquid and Coinbase represent opposite ends of the crypto exchange spectrum. Hyperliquid is a **fully decentralized, non-custodial perpetual futures exchange** with no KYC, no email, and no account creation. Coinbase is a **publicly traded, CFTC/SEC-regulated centralized exchange** (NASDAQ: COIN) with full identity verification, FDIC-insured USD balances, and institutional-grade compliance infrastructure. This is not a comparison of two equivalent products. It is a comparison of two fundamentally different models — and the right choice depends entirely on what matters most to you as a trader. > **Key takeaway:** Hyperliquid wins on fees (0.045% vs 0.060% taker), leverage (50x vs limited), and market selection (150+ perps vs spot-focused). Coinbase wins on US availability, regulatory compliance, fiat on-ramps, and custodial protections. They serve different trader profiles. ![Hyperliquid trading interface with order book and chart](/images/compare/shared/hyperliquid-trading-interface.webp) ![Coinbase Advanced Trade interface showing spot trading](/images/compare/shared/coinbase-trading-interface.webp) **Lower Fees, Self-Custody, No KYC** — Hyperliquid charges roughly half of Coinbase's taker fees with zero gas costs. Sign up with our referral link for an additional 4% lifetime discount. [Start Trading on Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) ## Fee Comparison According to [Coinbase's published fee schedule](https://help.coinbase.com/en/advanced-trade/trading-and-funding/advanced-trade-fees), Coinbase Advanced Trade charges 0.060% taker and 0.040% maker fees at the base tier, with volume-based tiers that reduce rates for high-volume traders. According to [Hyperliquid's fee documentation](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees), perpetual taker fees start at 0.045% and maker fees at 0.015% at base tier. On a **$10,000 taker trade**: - **Hyperliquid**: $4.50 in fees - **Coinbase Advanced**: $6.00 in fees That is a **33% savings** on Hyperliquid. Over 100 trades per month, the difference compounds to $150+ in savings — before factoring in Hyperliquid's zero gas fees and the 4% referral discount. With referral code Concept211, Hyperliquid's effective taker rate drops to 0.0432%. [Get 4% Fee Discount](https://app.hyperliquid.xyz/join/Concept211) For a detailed breakdown of all Hyperliquid fee tiers and stacking discounts, see our [complete fee guide](/guides/fees/fees-explained) and [fee tiers guide](/guides/fees/fee-tiers). --- ## Markets and Trading Products This is where the two platforms diverge most sharply. ### Hyperliquid: Perpetual Futures Powerhouse Hyperliquid lists **[live data] perpetual futures markets** with leverage up to 50x on major pairs. It also offers [spot trading](/guides/trading/spot-trading-guide) for a growing list of assets. New markets are added rapidly through a permissionless listing mechanism. Hyperliquid's order types include market, limit, stop-loss, take-profit, [scaling orders, and TWAP](/guides/trading/order-types-guide) — professional-grade tools that are uncommon on most exchanges. ### Coinbase: Spot Trading with Limited Futures Coinbase Advanced Trade is primarily a **spot exchange** with 250+ crypto assets available for trading. For derivatives, Coinbase offers a limited set of crypto futures (primarily Bitcoin and Ethereum) through its CFTC-regulated Coinbase Derivatives Exchange, but these are standardized contracts with restricted leverage — not comparable to Hyperliquid's perpetual futures offering. If you want to trade perpetual futures with high leverage across dozens of altcoins, Coinbase is not the platform. If you want straightforward spot buying and selling with fiat on-ramps, Coinbase is one of the most accessible options. ## Custody and Security ### Coinbase: Custodied Funds Coinbase holds your assets in its own custody infrastructure. This means: - **FDIC insurance** on USD balances (up to $250K) - **Crime insurance** on a portion of digital assets held in hot storage - **Regulatory oversight** from US federal and state authorities - **Account recovery** is possible if you lose access The trade-off: Coinbase controls your funds. In the event of a corporate crisis, regulatory freeze, or security breach, your access to funds depends on Coinbase's operations. The FTX collapse demonstrated that custodial exchanges can fail catastrophically. ### Hyperliquid: Self-Custody Hyperliquid is fully non-custodial. Your funds are secured by smart contracts on Hyperliquid's L1 blockchain. You interact through your own wallet, and your private keys are the only access control. There is no company holding your assets, no account to freeze, and no third party between you and your funds. The trade-off: security is your responsibility. If you lose your private keys, no one can recover your funds. There is no customer support to call and no insurance on deposits. For traders who understand crypto self-custody, this is a feature, not a bug. --- ## KYC and Privacy **Hyperliquid** requires zero identity verification. No email, no phone number, no ID upload. Connect a wallet and trade. This is the standard model for decentralized exchanges. For traders who value privacy, see our guide on [Hyperliquid's no-KYC approach](/guides/getting-started/hyperliquid-kyc-requirements). **Coinbase** requires full KYC: government-issued photo ID, Social Security number (for US users), proof of address, and in some cases video verification. This is mandatory for all account types and is a regulatory requirement for Coinbase's US operating licenses. ## US Availability This is the most important practical difference for US-based traders. **Coinbase** is fully available in the United States. It is licensed in all 50 states, regulated by the SEC and CFTC, and is one of the few crypto exchanges that is publicly listed on NASDAQ. US users can deposit via ACH, wire transfer, or debit card. **Hyperliquid's frontend geo-blocks US IP addresses** as a regulatory precaution. The underlying protocol is permissionless, but the web interface at app.hyperliquid.xyz restricts US connections. For more details on how this restriction works, see our [US availability guide](/privacy/hyperliquid-us-availability). The CFTC has spent 2026 building a route for perpetual futures on regulated US venues, and Hyperliquid has been raised by name in that context — see [Is Hyperliquid coming to the US?](/privacy/is-hyperliquid-coming-to-the-us) for what has and hasn't actually been announced. For US users who want perpetual futures exposure specifically, the options are limited. Coinbase's regulated futures offering is minimal. Other options include CME Group's institutional Bitcoin/Ethereum futures or offshore exchanges with their own trade-offs. **Self-Custody Trading at Lower Fees** — Trade perpetual futures on Hyperliquid with fees roughly half of Coinbase's. No KYC, no account creation, zero gas fees. [Start Trading](https://app.hyperliquid.xyz/join/Concept211) ## Head-to-Head Summary ## The Verdict **These platforms serve fundamentally different audiences.** Comparing Hyperliquid to Coinbase is like comparing a Formula 1 car to a luxury sedan — both are excellent at what they do, but they are built for different purposes. **Choose Hyperliquid if** you want the lowest fees, perpetual futures with up to 50x leverage, self-custody of your assets, no KYC, and zero gas fees. Hyperliquid is built for active traders — especially those who trade perpetuals and want execution quality that rivals centralized exchanges. **Choose Coinbase if** you are a US-based user who needs regulatory compliance, fiat on-ramps (ACH, wire), spot trading across 250+ assets, custodial protections with FDIC insurance, or a platform with customer support and account recovery. **Bottom line:** For perpetual futures trading, Hyperliquid is the superior platform by every trading metric — lower fees, more markets, higher leverage, better execution. For spot trading with fiat on-ramps in a regulated US environment, Coinbase remains the gold standard. Many experienced traders use both: Coinbase for fiat on/off ramps and spot holdings, Hyperliquid for active perp trading. For more comparisons, see our guides on [Hyperliquid vs Binance](/compare/hyperliquid-vs-binance), [Hyperliquid vs dYdX](/compare/hyperliquid-vs-dydx), [Hyperliquid vs Kraken](/compare/hyperliquid-vs-kraken), and [Hyperliquid vs Bybit](/compare/hyperliquid-vs-bybit). **Trade Smarter with Lower Fees** — Hyperliquid charges less than half of Coinbase's taker fees. Use our referral link for an additional 4% lifetime discount. [Start Trading on Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) --- # How to Close a Position on Hyperliquid (Market, Limit & TP/SL) > Close a position on Hyperliquid with a market order, limit order, or take-profit/stop-loss. Step-by-step instructions for full and partial position closes. *Source: https://hyperliquidguide.com/guides/trading/how-to-close-position* To close a position on Hyperliquid: click the position row in the Positions panel, hit **Close**, choose **Market** or **Limit**, and confirm. The position closes immediately (market) or when the price is reached (limit). You can also automate exits with take-profit and stop-loss orders. > **Key takeaway:** Hyperliquid offers three ways to close a position. A **market close** executes instantly at the best available price — use it when you need out immediately. A **limit close** lets you set an exact exit price and pays lower maker fees (0.015% vs 0.045% taker), but only fills when the market reaches your price. **Take-profit and stop-loss** orders automate the close: TP locks in gains at a target price, SL caps losses at a floor. You can set both simultaneously — when one triggers, the other cancels automatically. For partial closes, reduce your position size by entering a smaller quantity in the close order. Always enable the **reduce-only** flag on limit close orders to prevent accidentally flipping your position direction. --- ## Method 1: Market Close (Instant Exit) A market close sells your entire position at the best available price in the order book. It is the fastest way to exit a trade and guarantees your position is closed, though you pay the taker [fee](/guides/fees/fees-explained) (0.045%) and accept whatever price the book offers. **When to use a market close:** - You need to exit right now — the trade is going against you - A news event is moving the market and you want certainty over price - The position is small enough that [slippage](/guides/trading/slippage-explained) is negligible > **Tip:** If you are closing because the trade moved against you, a fast market close is almost always better than trying to set a limit and hoping it fills. Speed matters more than saving a few basis points on fees when you are protecting capital. **Trade With Lower Fees** — Sign up with our referral and get a 4% lifetime discount on every close — market, limit, or TP/SL. [Join Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) --- ## Method 2: Limit Close (Set Your Exit Price) A limit close lets you specify the exact price at which you want to exit. Your order rests on the book as a maker order and only fills when the market reaches your price. You pay the lower maker fee (0.015%) and avoid slippage — but the trade-off is that the order may never fill if the price does not reach your level. ### How to Place a Limit Close 1. In the Positions panel, click **Close** on your position. 2. Select **Limit** as the close type. 3. Enter your desired exit price. For a long position, this is typically above your entry. For a short, below your entry. 4. Confirm the order. It appears in your **Open Orders** tab until filled or cancelled. ### The Reduce-Only Flag > **Tip:** Always enable **reduce only** when placing a limit close order. This flag ensures the order can only reduce or close your existing position — it cannot accidentally open a new position in the opposite direction. Without reduce only, if the market gaps through your limit price and your position closes before the order fills, the remaining order could flip you from long to short (or vice versa). Reduce only prevents this entirely. Reduce only is available as a toggle in the [order entry panel](/guides/trading/order-types-guide). It works with all order types — limit, stop-market, and stop-limit. **When to use a limit close:** - You have a specific profit target and are not in a rush - You want the lowest possible fees (maker rate) - You are scaling out of a position at predetermined levels --- ## Method 3: Take-Profit and Stop-Loss (Automated Exits) Take-profit (TP) and stop-loss (SL) orders automate your exit so you do not need to watch the chart. They are the backbone of disciplined risk management — set them once and let the system execute. ### Setting a Take-Profit A take-profit order closes your position when the price reaches a target in your favor: - **Long position:** TP triggers when the price rises to your target - **Short position:** TP triggers when the price falls to your target Set it in the **TP/SL panel** below the order form, or attach it when opening the position. Choose between market execution (guaranteed fill) or limit execution (guaranteed price). For most traders, market TP is the safer default — it ensures you actually capture the profit. ### Setting a Stop-Loss A stop-loss closes your position when the price moves against you past a threshold you define: - **Long position:** SL triggers when the price falls to your floor - **Short position:** SL triggers when the price rises to your ceiling > **Warning:** Place your stop-loss **above your liquidation price** — always. If the market hits your [liquidation price](/guides/trading/liquidation-explained) before your stop-loss, the exchange closes the position and you lose your entire margin. A stop-loss at, say, 2-3% above the liquidation price gives you a controlled exit with a smaller loss instead of a full wipeout. ### Using Both Together Hyperliquid supports simultaneous TP and SL on the same position — often called a bracket order or OCO (one-cancels-other). When one triggers, the other cancels automatically. **Example: BTC long at $85,000 with 5x [leverage](/guides/trading/leverage-guide)** - **Take-profit:** $88,000 (targeting $3,000 per BTC profit) - **Stop-loss:** $83,500 (risking $1,500 per BTC) - **Risk/reward ratio:** 1:2 This structure means you define your maximum loss and target gain before the trade even moves. Over time, a 1:2 risk-reward ratio is profitable even with a win rate below 50%. For the full range of order types including stop-market vs stop-limit, see the [order types guide](/guides/trading/order-types-guide). ### Mark Price vs Last Price Hyperliquid triggers TP/SL orders based on the **oracle mark price**, not the last traded price. This protects you from thin-liquidity wicks — a single aberrant trade cannot trigger your stop. The mark price is an aggregate from multiple external exchanges. This is the same mechanism used for [liquidation](/guides/trading/liquidation-explained) calculations. **Automate Your Exits** — Trade on Hyperliquid with TP/SL on every position and a 4% lifetime fee discount. [Start Trading](https://app.hyperliquid.xyz/join/Concept211) --- ## Partial Closes: Reducing Position Size You do not have to close an entire position at once. Partial closes let you take profits on part of a trade while letting the rest run — a common strategy for managing winning positions. ### How to Partially Close 1. Click **Close** on your position in the Positions panel. 2. Instead of closing the full size, enter a smaller quantity (e.g., close 0.5 of your 1.0 ETH long). 3. Choose Market or Limit and confirm. The remaining portion stays open with the same entry price and [margin mode](/guides/trading/leverage-guide). If you have TP/SL orders attached, Hyperliquid automatically adjusts their quantities to match the reduced position size. ### Practical Scaling-Out Strategy A disciplined approach used by many [perpetual futures](/guides/trading/perpetuals-explained) traders: 1. Close 50% at your first profit target 2. Move the stop-loss to breakeven on the remaining 50% 3. Close the rest at a more ambitious second target — or let the stop at breakeven take you out for a "free trade" This locks in partial profit while giving the remaining position room to capture a larger move, all with zero downside risk on the second half. --- ## Related Guides - **[Order Types Guide](/guides/trading/order-types-guide)** — Full breakdown of market, limit, stop-loss, take-profit, TWAP, and scale orders - **[TWAP Orders Guide](/guides/trading/twap-orders)** — Exiting large positions gradually over windows up to 7 days - **[Leverage Guide](/guides/trading/leverage-guide)** — Max leverage by asset, cross vs isolated margin, and risk management - **[Liquidation Explained](/guides/trading/liquidation-explained)** — How liquidation works and five strategies to avoid it - **[Perpetuals Explained](/guides/trading/perpetuals-explained)** — What perps are and how they work on Hyperliquid - **[Delisting Explained](/guides/trading/hyperliquid-delisting-explained)** — The one case where a position closes itself, at a price you did not pick - **[Fee Structure Explained](/guides/fees/fees-explained)** — Taker and maker fees, VIP tiers, and how to reduce costs --- # Hyperliquid Isolated vs Cross Margin: Which Should You Use? > Understand the difference between isolated and cross margin on Hyperliquid. Learn which mode to use, how each affects liquidation risk, and when to switch. *Source: https://hyperliquidguide.com/guides/trading/isolated-vs-cross-margin* > **Key takeaway:** **Isolated vs cross margin in one paragraph.** On Hyperliquid, every [leveraged position](/guides/trading/leverage-guide) uses one of two margin modes. **Isolated margin** ring-fences a specific amount of USDC to a single position — if that trade is [liquidated](/guides/trading/liquidation-explained), you lose only the allocated margin and nothing else. **Cross margin** pools your entire USDC balance as shared collateral across all open positions — capital-efficient because unrealized gains on one trade cushion losses on another, but dangerous because a single large loss can cascade and drain your whole account. You select the mode per market in the [leverage selector on **app.hyperliquid.xyz**](https://app.hyperliquid.xyz/join/Concept211) before opening a position. **The default recommendation for most traders is isolated margin** — it enforces a hard cap on loss per trade and prevents one bad position from destroying your account. ![Hyperliquid isolated margin vs cross margin — collateral allocation diagram showing how each mode protects or shares funds across positions, with example sizing at $500 collateral and 10x leverage](/images/trading/isolated-vs-cross-margin/margin-mode-diagram.webp) ## What Is Isolated Margin on Hyperliquid? Isolated margin means you assign a fixed amount of USDC collateral to a single position. That collateral — and only that collateral — backs the trade. The rest of your account balance is completely walled off. **How it works in practice:** You have $10,000 in your Hyperliquid account and want to open a 10x long on ETH. You set isolated margin and allocate $2,000 as margin, giving you a $20,000 notional position. If ETH drops far enough to trigger [liquidation](/guides/trading/liquidation-explained), you lose $2,000. Your remaining $8,000 is untouched. This is the margin mode you should start with. The loss ceiling is explicit and predetermined — there are no surprises. You know the worst case before you click "Buy." **When isolated margin liquidation triggers:** 1. The mark price moves against your position. 2. Your unrealized loss consumes the allocated margin down to the maintenance margin level. 3. Hyperliquid's liquidation engine closes the position automatically. 4. You lose the isolated margin. The rest of your account is unaffected. > **Tip:** You can set isolated margin on some markets and cross margin on others simultaneously. A common pattern: isolated margin on speculative altcoin trades, cross margin on a hedged BTC/ETH book. Hyperliquid does not force one mode account-wide. --- ## What Is Cross Margin on Hyperliquid? Cross margin pools your entire USDC balance as shared collateral for all positions running in cross mode. Every cross-margin position draws from — and contributes to — the same margin pool. Exactly *which* balance counts as that pool depends on your [account type](/guides/trading/unified-accounts-guide): a Unified Account uses your shared USDC, while Portfolio Margin can also count assets like HYPE and BTC as collateral. **How it works in practice:** Same $10,000 account, same 10x long ETH at $20,000 notional. But now you also have a 5x short SOL position worth $15,000. In cross mode, both positions share the full $10,000 balance. If your ETH long is profitable while SOL drops, the ETH gains offset the SOL losses in real time, keeping your overall margin healthy. That sounds efficient — and it is. Cross margin gives you a larger buffer against liquidation on any individual position because the entire account balance absorbs losses. But the tradeoff is severe: if the market moves hard against multiple positions at once (a correlation shock), the losses compound against the same shared pool and can wipe out everything. > **Warning:** **Cascade liquidation risk.** In cross margin, one losing position can drain margin from winning positions. If your ETH long drops sharply, the losses reduce the shared collateral backing your SOL short too. If the account equity drops below the combined maintenance margin requirement, the liquidation engine starts closing positions — beginning with the largest loser and potentially cascading through the rest. **When cross margin liquidation triggers:** 1. Losses across all cross-margin positions reduce total account equity. 2. Account equity falls below the combined maintenance margin requirement. 3. The liquidation engine closes the largest loss-making position first. 4. If that is not enough to restore the margin ratio, it continues closing positions until the account is above maintenance or fully liquidated. --- ## Side-by-Side Comparison | Feature | Isolated Margin | Cross Margin | |---|---|---| | **Collateral pool** | Fixed amount per position | Entire USDC balance shared | | **Maximum loss per trade** | Only the allocated margin | Up to your full account | | **Liquidation trigger** | Position margin falls below maintenance | Account equity falls below combined maintenance | | **Cascade risk** | None — other positions unaffected | Yes — one loss can liquidate others | | **Capital efficiency** | Lower — margin sits idle per trade | Higher — unused balance cushions all positions | | **Unrealized PnL offsetting** | No — each position is independent | Yes — gains on one offset losses on another | | **Best use case** | Directional bets, speculative trades, learning | Hedged portfolios, correlated pairs, experienced traders | | **Recommended for** | **Beginners and most traders** | Intermediate+ traders running multi-leg strategies | There is a third tier above both of these, and it is worth knowing exists even if you never switch to it. **Portfolio Margin** margins your entire account together, spot balances and perp positions across every DEX, rather than per position or per asset. It also lets HYPE and BTC act as collateral directly and pays interest on idle balances through [HyperCore's native borrow and lend book](/guides/trading/hypercore-borrow-lend). It is gated by account size and it changes how liquidation works, so read the [account types guide](/guides/trading/unified-accounts-guide) before considering it. **Start Trading on Hyperliquid** — Sign up with our referral and get a 4% lifetime fee discount on every trade. [Join Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) --- ## Which Should You Choose? Practical Guidance The right margin mode depends on your trading style and experience level. Here are three common scenarios with clear recommendations. ### Scenario 1: Single Directional Trade (Use Isolated) You have $5,000 in your account and want to go 10x long on BTC because you expect a breakout. You are risking $1,000 on this trade. - Set **isolated margin** with $1,000 allocated. - Your $10,000 notional BTC position has a liquidation price roughly 9.5% below entry. - Worst case: you lose $1,000. Your remaining $4,000 is safe. - Place a [stop-loss](/guides/trading/order-types-guide) above the liquidation price to exit with a smaller, controlled loss. This is the correct default for any trade where the thesis is independent and directional. There is no reason to risk your entire account on a single idea. ### Scenario 2: Hedged Pair Trade (Cross Can Work) You are long BTC and short ETH — a spread trade betting that BTC outperforms ETH. Both legs move together most of the time, so losses on one are partially offset by gains on the other. - Cross margin lets the unrealized PnL from both legs net against each other. - Your effective margin requirement is lower because the positions are inversely correlated. - If the spread moves in your favor, you never risk liquidation on either leg individually. Cross margin is defensible here because the positions are designed to hedge each other. The cascade risk is lower (though not zero — correlation can break during black swan events). ### Scenario 3: Multiple Independent Altcoin Positions (Use Isolated) You are long DOGE, long AVAX, and short LINK — three unrelated trades with different theses. These positions are not hedging each other. In cross margin, a flash crash in DOGE could drain margin from AVAX and LINK, liquidating positions that were otherwise healthy. - Set **isolated margin** on each position with a defined risk budget. - If DOGE gets liquidated, AVAX and LINK are completely unaffected. - Total risk is the sum of your three isolated allocations — never more. > **Key takeaway:** **The simple rule:** Use isolated margin unless you have a specific reason to use cross. Isolated is the safer default because it makes your maximum loss per trade explicit and prevents cascade liquidations. Graduate to cross margin only when you are running hedged or correlated positions where netting unrealized PnL is a deliberate part of your strategy. --- ## How to Set Your Margin Mode On [**app.hyperliquid.xyz**](https://app.hyperliquid.xyz/join/Concept211), click the leverage chip above the order panel (it shows your current leverage, e.g. "5x"). A modal opens with two toggles — **Cross** and **Isolated** — plus a leverage slider. Select your preferred mode, set the leverage level, and confirm. The setting applies per market, and you must choose before opening a position. To switch modes on an existing position, close it first and reopen with the new mode. For a full step-by-step walkthrough of the leverage modal, see the [leverage guide](/guides/trading/leverage-guide). If you are new to [perpetual futures](/guides/trading/perpetuals-explained), start there. --- ## Related Guides - **[Leverage Guide](/guides/trading/leverage-guide)** — how to set leverage, max leverage by asset, and position sizing - **[Leverage Trading Guide](/guides/trading/leverage-trading-guide)** — full tutorial for placing your first leveraged trade - **[Liquidation Explained](/guides/trading/liquidation-explained)** — how liquidation works, formulas, and five strategies to avoid it - **[Order Types Guide](/guides/trading/order-types-guide)** — stop-loss, take-profit, and all order types on Hyperliquid - **[Perpetuals Explained](/guides/trading/perpetuals-explained)** — what perps are and how they work - **[Fees Explained](/guides/fees/fees-explained)** — fee tiers, maker/taker rates, and how to save on [trading fees](/guides/fees/fees-explained) **Trade with a 4% Lifetime Fee Discount** — Lower fees mean more margin in your account. Sign up through our referral to save on every trade. [Get Started](https://app.hyperliquid.xyz/join/Concept211) --- # Hyperliquid Perpetuals Explained: What Are Perps and How Do They Work? > Learn what perpetual futures are and how they work on Hyperliquid. Understand funding rates, leverage, long vs short positions, and liquidation mechanics. *Source: https://hyperliquidguide.com/guides/trading/perpetuals-explained* > **Key takeaway:** **What are perpetual futures?** A perpetual future (perp) is a derivative contract that tracks the price of an underlying asset — like BTC or ETH — without ever expiring. Unlike traditional futures that settle on a fixed date, perps can be held indefinitely. Traders post USDC collateral (margin), choose a leverage multiplier, and profit or lose based on the price difference between entry and exit. Hyperliquid runs the largest on-chain perpetual exchange, using a **central limit order book (CLOB)** rather than an AMM — meaning real bids and asks, tight spreads, and no impermanent loss. Perps are Hyperliquid's primary product, accounting for the majority of its [live data] in daily volume across [live data] markets. A **funding rate** mechanism settles every hour to keep perp prices anchored to spot, and traders can go long (betting price goes up) or short (betting price goes down) with up to 40x leverage on major assets. ## What Is a Perpetual Future? A perpetual future — commonly called a "perp" — is a type of derivative contract. You are not buying or selling the actual asset. Instead, you are trading a contract whose value tracks the asset's price. Your profit or loss is settled in USDC based on the difference between your entry price and your exit price. The key distinction from a traditional futures contract is the absence of an expiration date. In traditional finance, a crude oil futures contract might expire on the third Friday of June — at that point, the contract settles and the position closes. Perpetual contracts remove that constraint entirely. You can open a BTC perp position today and hold it for five minutes, five months, or five years, as long as you maintain enough margin to keep the position open. There is one exception worth knowing about, and it only applies to smaller markets. If validators vote to remove a perp from the venue, every open position in it settles automatically at a calculated price. Our guide to [Hyperliquid delistings](/guides/trading/hyperliquid-delisting-explained) covers how that works and how to spot a market heading that way. This design was pioneered by BitMEX in 2016 and has since become the dominant instrument in crypto trading. On Hyperliquid, perpetuals account for the vast majority of trading volume, far exceeding [spot trading](/guides/trading/spot-trading-guide) activity. ### How Perps Differ from Spot Trading When you buy BTC on a [spot market](/guides/trading/spot-trading-guide), you own actual Bitcoin. You can transfer it to a wallet, use it in DeFi, or hold it indefinitely with no ongoing cost. There is no leverage by default, no liquidation risk, and no funding payments. When you trade a BTC perpetual, you own nothing. You hold a contract — a position — that says "I am long 0.5 BTC at $85,000." If the price rises to $90,000 and you close, you pocket the $2,500 USDC difference. If the price drops to $80,000, you lose $2,500. There is no BTC involved at any point. Everything is denominated and settled in USDC. The tradeoffs are clear: | Feature | Spot Trading | Perpetual Trading | |---|---|---| | **Ownership** | You own the asset | You hold a derivative contract | | **Leverage** | 1x (no leverage) | Up to 40x on Hyperliquid | | **Expiry** | None — hold forever | None — hold indefinitely | | **Ongoing costs** | None | Funding rate payments (hourly) | | **Liquidation risk** | None | Yes, if margin drops below maintenance | | **Short selling** | Difficult / not directly available | One click — as easy as going long | | **Settlement** | In the asset itself | In USDC | Perps exist because traders want leverage and the ability to short without the complexity of borrowing and selling an asset. They are the most capital-efficient way to gain directional exposure to any asset Hyperliquid lists. --- ## How Perps Work on Hyperliquid Specifically Not all perpetual exchanges are built the same. The underlying mechanism that matches buyers and sellers determines your execution quality, price accuracy, and slippage costs. Hyperliquid uses a fundamentally different model from most DeFi perp platforms. ### Central Limit Order Book (CLOB) Hyperliquid runs a **central limit order book** — the same model used by the NYSE, Nasdaq, Binance, and every major traditional exchange. Traders place limit orders at specific prices, and these orders sit in the book until a matching counterparty fills them. Market orders execute against the best available resting orders. (For a detailed comparison of how Hyperliquid stacks up against Binance's futures products specifically, see our [Hyperliquid vs Binance Futures](/compare/hyperliquid-vs-binance-futures) breakdown.) This means: - **Real price discovery.** Every trade happens between two actual participants at a price they both agreed on. - **Deep liquidity.** Market makers actively quote bids and asks, providing tight spreads on major pairs. BTC-USD spreads on Hyperliquid are typically $1-2 — comparable to centralized exchanges. - **Predictable [slippage](/guides/trading/slippage-explained).** You can see the order book depth before placing a trade and estimate your execution price precisely. - **Limit orders.** You can place orders at your exact desired price and wait for them to fill, rather than accepting whatever price an algorithm gives you. See the [order types guide](/guides/trading/order-types-guide) for the full range of available orders. ### How AMM-Based Perps Differ Platforms like GMX (v1) and dYdX (v3) used or still use automated market maker models for perpetual trading. Instead of a real order book, an algorithm calculates the price based on a formula and a liquidity pool. Traders execute against the pool rather than against other traders. The practical differences: - **AMM slippage** scales predictably with trade size — the bigger your order, the more the formula moves the price against you. On an order book, slippage depends on actual resting liquidity, which can be very deep. - **Price accuracy** on AMMs depends on oracle feeds. Order books derive price from real-time trading activity, which is inherently more responsive to market conditions. - **No limit orders** on many AMM perp platforms (or limited implementations). You get the price the formula gives you. This is why Hyperliquid's order book model has attracted significant volume from traders who want exchange-grade execution on a decentralized platform. For detailed comparisons, see [Hyperliquid vs dYdX](/compare/hyperliquid-vs-dydx) and [Hyperliquid vs GMX](/compare/hyperliquid-vs-gmx). > **Note:** Hyperliquid processes all order matching on its own L1 blockchain with block times under 1 second. This gives it the speed of a centralized exchange while maintaining on-chain transparency — every trade, every order, every liquidation is verifiable on-chain. **Trade Perps on the Leading On-Chain Exchange** — Hyperliquid processes billions in daily volume with CEX-grade execution. Get a 4% lifetime fee discount with our referral. [Join Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) --- ## Funding Rates: The Mechanism That Keeps Perps Pegged Since perpetual contracts never expire, there is no natural event that forces the contract price to converge with the spot price. Without some mechanism, a BTC perp could trade at $90,000 while spot BTC sits at $85,000 — and stay that way indefinitely. Funding rates solve this problem. **How it works:** Every hour on Hyperliquid, a small payment is exchanged between long and short traders based on whether the perp price is trading above or below the spot index price. - **Perp price above spot (positive funding):** Longs pay shorts. This incentivizes traders to open short positions (or close longs), pushing the perp price back down toward spot. - **Perp price below spot (negative funding):** Shorts pay longs. This incentivizes traders to open long positions (or close shorts), pushing the perp price back up toward spot. The result is an elegant self-correcting mechanism. No central party intervenes — the market itself corrects deviations through economic incentives. ### What Funding Costs You in Practice Funding is charged on your **notional position size** (the full value of your position), not on your margin. This means leverage amplifies the impact on your actual capital. **Example:** You are long 1 ETH at $3,000 with 10x leverage. Your margin is $300. The current 8-hour funding rate is +0.01%. ``` Hourly funding payment = $3,000 × (0.01% / 8) = $0.0375 per hour Daily cost = $0.0375 × 24 = $0.90 As % of margin = $0.90 / $300 = 0.30% per day ``` At 0.30% of margin per day, holding that position for a month costs roughly 9% of your collateral in funding alone — even if the price does not move. This is why understanding funding is critical for anyone holding perp positions beyond a few hours. For the full breakdown of funding mechanics, calculation formulas, historical patterns, and how to profit from funding rate arbitrage, read the dedicated [funding rates explained guide](/guides/trading/funding-rates-explained). > **Key takeaway:** **Funding rates are the cost of holding a perp.** They settle every hour on Hyperliquid — more granular than the 8-hour settlement on Binance or Bybit. Positive funding means longs pay shorts; negative means shorts pay longs. The rate is applied to your full notional size, so leverage amplifies the cost relative to your margin. Always check the funding rate before opening a position you plan to hold. --- ## Leverage on Perpetuals: Multiplying Gains and Losses Leverage is what makes perpetuals so appealing — and so dangerous. It allows you to control a position larger than your actual capital by borrowing effective buying power from the exchange. On **[app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211)**, you select leverage per market. Maximum leverage depends on the asset: BTC supports up to 40x, ETH up to 25x, SOL up to 20x, and most altcoins range from 3x to 10x. **How leverage works mechanically:** - You deposit $1,000 USDC as **margin** (collateral). - You set leverage to 5x. - You can now open a position worth $5,000 (5 times your margin). - Profit and loss are calculated on the full $5,000 notional. - A 10% price move in your favor earns $500 — a 50% return on your $1,000 margin. - A 10% price move against you loses $500 — also 50% of your margin. The leverage multiplier applies equally in both directions. There is no asymmetry. This symmetry is what creates liquidation risk — at 5x leverage, a 20% adverse move consumes your entire margin. > **Warning:** **Leverage is not free money.** At 10x leverage, a 10% adverse move wipes out your margin. At 20x, it takes only 5%. BTC regularly moves 3-5% in a single day. Treat leverage as a risk dial, not a profit multiplier. For a comprehensive walkthrough of how to set leverage on Hyperliquid, the differences between cross and isolated margin modes, maximum leverage by asset, and position sizing strategies, see the [leverage guide](/guides/trading/leverage-guide) and the [step-by-step leverage trading tutorial](/guides/trading/leverage-trading-guide). --- ## Long vs Short: Taking Both Sides of the Market One of the most powerful features of perpetual futures is the ability to profit from price movement in either direction. On a spot market, you can only buy and hope the price goes up. With perps, you can bet on prices going down just as easily. ### Going Long (Betting Price Goes Up) When you **open a long position**, you are buying a perp contract at the current price. You profit if the price rises and lose if the price falls. Going long on a perp is conceptually similar to buying on spot — but with leverage and funding costs. ### Going Short (Betting Price Goes Down) When you **open a short position**, you are selling a perp contract at the current price. You profit if the price falls and lose if the price rises. Short selling on perps requires no borrowing, no locate fees, and no special permissions. You click "Sell" instead of "Buy" — that is the only difference in the interface. ### Worked Example: $1,000 BTC Long at 5x Leverage Let us walk through a concrete trade to make this tangible. **Setup:** - Asset: BTC-USD perpetual - Direction: Long - Entry price: $80,000 - Margin (collateral): $1,000 - Leverage: 5x - Position size: $5,000 (0.0625 BTC) **Scenario 1 — Price rises 10% to $88,000:** ``` Profit = Position Size × Price Change % Profit = $5,000 × 10% = $500 Return on margin = $500 / $1,000 = +50% ``` Your $1,000 margin grows to $1,500. The 5x leverage turned a 10% market move into a 50% gain on your capital. **Scenario 2 — Price falls 10% to $72,000:** ``` Loss = $5,000 × 10% = $500 Return on margin = -$500 / $1,000 = -50% ``` Your $1,000 margin shrinks to $500. The same leverage that amplified gains now amplifies losses. You have lost half your collateral. **Scenario 3 — Price falls 20% to $64,000:** ``` Loss = $5,000 × 20% = $1,000 Return on margin = -$1,000 / $1,000 = -100% ``` Your entire margin is consumed. In practice, liquidation would trigger before this point — Hyperliquid closes your position when margin falls below the maintenance requirement, typically when you have lost around 90-95% of your margin depending on the asset. ### Worked Example: $1,000 BTC Short at 5x Leverage Now the same trade in reverse. **Setup:** - Direction: Short - Entry price: $80,000 - Margin: $1,000 - Leverage: 5x - Position size: $5,000 (0.0625 BTC) **Scenario 1 — Price falls 10% to $72,000:** ``` Profit = $5,000 × 10% = $500 Return on margin = +50% ``` You shorted, the price fell, and you profit. Same math, opposite direction. **Scenario 2 — Price rises 10% to $88,000:** ``` Loss = $5,000 × 10% = $500 Return on margin = -50% ``` The market moved against your short. You lose $500. > **Tip:** When deciding to go long or short, remember that both directions carry equal risk with leverage. Do not assume shorts are inherently riskier. The risk is always defined by your position size, leverage, and stop-loss placement — not the direction. Use [limit orders and stop-losses](/guides/trading/order-types-guide) to manage entries and exits precisely. **Go Long or Short on 150+ Markets** — Trade perpetuals on BTC, ETH, SOL, and 150+ other assets with a 4% lifetime fee discount. [Start Trading](https://app.hyperliquid.xyz/join/Concept211) --- ## Liquidation: When Your Position Gets Closed Automatically Liquidation is the risk management mechanism that protects the exchange and other traders when a leveraged position moves too far against its holder. When your unrealized losses consume enough of your margin that it falls below the **maintenance margin requirement**, Hyperliquid's liquidation engine automatically closes your position. You do not get a warning or a margin call. The system is automatic and instant. **How close to liquidation are you?** It depends on leverage: | Leverage | Approximate Move to Liquidation | |---|---| | 2x | ~50% adverse move | | 5x | ~19% adverse move | | 10x | ~9.5% adverse move | | 20x | ~4.5% adverse move | | 40x | ~2.3% adverse move | At 40x leverage, a normal hourly price fluctuation on BTC can trigger liquidation. This is why experienced traders almost never use maximum leverage — and why beginners should start at 2-3x. **What happens when you get liquidated:** 1. The liquidation engine detects your margin ratio has fallen below the maintenance threshold. 2. Your position is closed at market price (or partially closed for large positions). 3. In **isolated margin** mode, you lose only the margin allocated to that position. 4. In **cross margin** mode, the loss draws from your entire USDC account balance. 5. Any remaining margin between the liquidation price and the bankruptcy price goes to the insurance fund. Hyperliquid's partial liquidation system is a notable advantage — for large positions, the engine closes only enough to bring the margin ratio back into safe territory, preserving the remainder of the position. For the full breakdown of liquidation mechanics, formulas, and five strategies to avoid getting liquidated, read the [liquidation explained guide](/guides/trading/liquidation-explained). > **Warning:** **Liquidation is permanent.** Once your position is closed by the liquidation engine, the margin is gone. There is no undo. The single most effective prevention is using lower leverage and always setting a stop-loss order above your liquidation price. See the [order types guide](/guides/trading/order-types-guide) for how to set stop-losses on Hyperliquid. --- ## Putting It All Together: The Perp Trading Lifecycle Here is the complete lifecycle of a perpetual futures trade on Hyperliquid, from start to finish: 1. **Deposit USDC** as collateral into your Hyperliquid account. New to the platform? Follow the [beginner trading guide](/guides/getting-started/how-to-trade-on-hyperliquid). 2. **Choose a market.** Hyperliquid offers [live data] perpetual markets — from majors like BTC and ETH to altcoins, [commodities, and equities](/guides/trading/commodities-trading-guide) via HIP-3 builder markets. 3. **Set your leverage.** Choose between cross and isolated margin mode, then set the multiplier. Start conservative. See the [leverage guide](/guides/trading/leverage-guide) for detailed recommendations. 4. **Open a position.** Go long if you expect the price to rise, or short if you expect it to fall. Use limit orders to control your entry price and reduce [fees](/guides/fees/fees-explained). 5. **Manage the position.** Monitor your margin ratio, funding payments, and unrealized P&L. Set stop-loss and take-profit orders. Check [funding rates](/guides/trading/funding-rates-explained) if holding for more than a few hours. 6. **Close the position.** Sell to close a long, or buy to close a short. Your profit or loss in USDC is credited or debited from your margin. That is the entire flow. Perpetual futures are simple in concept — a leveraged bet on price direction — but the mechanics of funding, margin, and liquidation add layers that every trader must understand before putting real capital at risk. --- ## Why Perps Are Hyperliquid's Core Product Perpetual futures are not a niche instrument on Hyperliquid — they are the foundation. The exchange processes over [live data] in daily perp volume, making it one of the highest-volume decentralized exchanges in existence. Several factors explain why perps dominate: - **Capital efficiency.** Leverage lets traders deploy $1,000 of collateral to take $10,000 or $50,000 of market exposure. This attracts active traders who want maximum return per dollar of capital. - **Bi-directional trading.** The ability to short as easily as going long means perps are useful in all market conditions — bull, bear, or sideways. - **No borrowing required.** On spot markets, short selling requires borrowing the asset from a lender. Perps remove that friction entirely. - **Deep liquidity.** Hyperliquid's CLOB attracts professional market makers, creating tight spreads and low slippage that rival centralized exchanges. - **Composability.** The [HYPE token](/ecosystem/what-is-hype-token) ecosystem, vaults, and HyperEVM DeFi protocols all build on top of the perpetual trading infrastructure. Whether you are a day trader scalping 1% moves with 10x leverage, a swing trader holding positions for days with 2x leverage, or a yield farmer running funding rate arbitrage, perps are the instrument that enables it all. Once your strategy outgrows manual clicks, the next step is [automating perpetual trading with APIs](/guides/trading/hyperliquid-api-guide) — Hyperliquid exposes the same order book your trading desk uses, so a Python or Node script can execute the same scalp, hedge, or funding-arb logic on a schedule. > **Key takeaway:** **Perpetual futures in one sentence:** A leveraged contract that tracks an asset's price, has no expiry, settles in USDC, and uses hourly funding rates to stay pegged to the spot market. They are Hyperliquid's primary product and the most capital-efficient way to trade crypto, commodities, and equities on-chain. ## Related Guides - **[Funding Rates Explained](/guides/trading/funding-rates-explained)** — How funding works, formulas, and how to profit from funding rate arbitrage - **[Leverage Guide](/guides/trading/leverage-guide)** — Max leverage by asset, cross vs isolated margin, and how to set leverage - **[Leverage Trading Tutorial](/guides/trading/leverage-trading-guide)** — Step-by-step walkthrough of placing your first leveraged trade - **[Liquidation Explained](/guides/trading/liquidation-explained)** — How liquidation triggers, formulas, and five strategies to avoid it - **[Order Types Guide](/guides/trading/order-types-guide)** — Limit orders, stop-losses, TP/SL, and advanced order types - **[Hyperliquid API Guide](/guides/trading/hyperliquid-api-guide)** — Automate perp execution with the Hyperliquid Python SDK and raw REST - **[Slippage Explained](/guides/trading/slippage-explained)** — How slippage works on an order book and how to minimize it - **[Spot Trading Guide](/guides/trading/spot-trading-guide)** — How to buy and sell actual tokens on Hyperliquid - **[Fee Structure Explained](/guides/fees/fees-explained)** — Taker/maker fees, VIP tiers, and how to reduce costs - **[How to Trade on Hyperliquid](/guides/getting-started/how-to-trade-on-hyperliquid)** — Beginner guide to getting started **Ready to Trade Perpetuals?** — Open a Hyperliquid account with our referral link and get a 4% lifetime discount on all trading fees — perps, spot, and everything in between. [Join Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) --- # How to Withdraw USDC From Hyperliquid (2026 Step-by-Step Guide) > Complete guide to withdrawing USDC from Hyperliquid to Arbitrum. Covers the 1 USDC flat fee, ~30 second settlement, minimums, and stuck withdrawal fixes. *Source: https://hyperliquidguide.com/guides/getting-started/withdraw-usdc-from-hyperliquid* To withdraw USDC from Hyperliquid, open your Portfolio at **[app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211)**, click **Withdraw**, enter an amount, and sign the request in your connected wallet. Funds settle on Arbitrum in roughly 30 seconds for a flat **1 USDC fee** - no gas, no KYC, and no network selection required. > **Note:** **Quick Summary - Withdrawing USDC from Hyperliquid** > - Flat withdrawal fee: **1 USDC** per Arbitrum withdrawal, regardless of size > - Typical settlement: **~30 seconds**, up to a few minutes during congestion > - Practical minimum: **5 USDC** (fee is deducted from the withdrawal amount) > - Destination: the **connected wallet address on Arbitrum One** - third-party addresses are not supported > - Internal transfers (perp account ↔ HyperEVM) are **free** and near-instant > - No ETH required - the 1 USDC fee covers validator gas on Arbitrum > - No KYC, no identity verification - Hyperliquid is fully non-custodial ## How Withdrawals Work on Hyperliquid Hyperliquid is a standalone [Layer 1 blockchain](/guides/getting-started/how-hyperliquid-works). When you deposit, USDC is bridged from Arbitrum into Hyperliquid's L1. When you withdraw, the same bridge runs in reverse: Hyperliquid validators co-sign a message authorizing the Arbitrum bridge contract to release USDC back to your wallet. You never submit an Arbitrum transaction yourself - the validators do. According to Hyperliquid's official documentation, the withdrawal flow deducts a flat 1 USDC fee to cover Arbitrum validator gas, and the bridge contract holds the collateral 1:1 against balances on the L1. That means withdrawals are a provable on-chain settlement, not a custodial payout. > **Key takeaway:** Withdrawals cost a flat 1 USDC and settle on Arbitrum in about 30 seconds. You sign with your wallet, validators do the on-chain work, and funds arrive at the same address you deposited from. ## Withdrawal Fees and Timing Hyperliquid's withdrawal pricing is among the simplest in DeFi - one fixed fee, no variable network cost to the user. | Withdrawal type | Fee | Typical time | |---|---|---| | USDC to Arbitrum One | **1 USDC flat** | ~30 seconds | | Internal transfer to HyperEVM | **Free** | Near-instant | | Internal spot-perp transfer | **Free** | Instant | | Sub-account transfer | **Free** | Instant | The 1 USDC fee is deducted from your withdrawal amount. So a 100 USDC withdrawal will land 99 USDC in your Arbitrum wallet. The fee is constant regardless of withdrawal size - meaning larger withdrawals are far more fee-efficient. For context, withdrawing 10,000 USDC still costs 1 USDC (0.01%). Compared to centralized exchanges that often charge percentage-based withdrawal fees, Hyperliquid's flat fee makes it materially cheaper to move size. For the full breakdown of trading costs on the exchange, see our [fees explained guide](/guides/fees/fees-explained) and the [fees hub](/guides/fees). **New to Hyperliquid? Lock in the 4% Discount First** — Sign up with our referral code before your first trade. You get a 4% lifetime fee discount that cannot be added retroactively. [Open Hyperliquid with 4% Discount](https://app.hyperliquid.xyz/join/Concept211) ## Supported Destination Networks and Minimums Hyperliquid's native withdrawal settles on **Arbitrum One** only. There is no option to withdraw directly to Ethereum mainnet, Base, Optimism, or other L2s. If you need USDC on another chain, the standard flow is: 1. Withdraw USDC from Hyperliquid to your wallet on Arbitrum 2. Bridge from Arbitrum to your destination chain using a bridge like Across, Stargate, or the [Hyperliquid bridge guide](/guides/getting-started/bridge-to-hyperliquid) | Destination | Supported? | Minimum amount | |---|---|---| | Arbitrum One (native USDC) | Yes | 5 USDC (practical) | | Ethereum mainnet | Not direct - bridge from Arbitrum | - | | Base / Optimism / other L2s | Not direct - bridge from Arbitrum | - | | HyperEVM (internal transfer) | Yes | No fee, no minimum | | Other address on Arbitrum | Not supported - connected wallet only | - | > **Warning:** Hyperliquid does **not** support sending funds to a different wallet address during withdrawal. The destination is always the wallet you are currently connected with. If you need to send to another address, withdraw to your own Arbitrum wallet first, then transfer from there. ## Step-by-Step: Withdraw USDC From Hyperliquid Follow these six steps to withdraw any amount of USDC. ### Step 1: Close or Check Open Positions Your **available balance** is your total balance minus any USDC locked as margin on open positions. If you have active trades, you can only withdraw the unused portion. Either close positions you no longer need, or reduce leverage to free up margin. ### Step 2: Open the Withdraw Modal From the trading interface, click your wallet/portfolio area (top right) and select **Withdraw**. You can also access it directly from the Portfolio page. ### Step 3: Enter the Amount Type the USDC amount. Two important rules: - The requested amount cannot exceed **Available Balance minus 1 USDC** - Clicking **Max** automatically accounts for the 1 USDC fee, so the input will be your available balance minus 1 ### Step 4: Confirm the Destination Hyperliquid displays the destination address - this is the wallet currently connected to the site. There is no address field to edit. Double-check that this is the correct wallet before signing. ### Step 5: Sign With Your Wallet Click **Withdraw**. Your wallet (MetaMask, Rabby, Phantom, Coinbase Wallet, OKX Wallet, or Trust Wallet) will pop up with a **signature request** - not a transaction. You do not pay gas, and no on-chain transaction is broadcast from your wallet. Simply approve the signature. ### Step 6: Wait for Arbitrum Settlement Hyperliquid validators collectively sign your withdrawal and submit it to the bridge contract on Arbitrum. The USDC appears in your Arbitrum wallet in roughly 30 seconds. During peak volume the window can stretch to 5-10 minutes, but it rarely goes beyond that. You can confirm arrival by: - Switching your wallet to the **Arbitrum One** network and refreshing the USDC balance - Looking up your wallet address on [arbiscan.io](https://arbiscan.io) and checking for an incoming USDC transfer If your withdrawal hangs past the typical 5-10 minute window or never arrives on Arbitrum, work through our [withdrawal troubleshooting](/troubleshooting/withdrawal-issues) playbook before resubmitting — duplicate submissions can create reconciliation delays rather than speeding things up. --- ## Moving Funds to HyperEVM Instead If you want to use USDC inside the [HyperEVM ecosystem](/guides/getting-started/bridge-to-hyperevm) - for example on DeFi protocols like Felix or HyperLend - you do not need to withdraw to Arbitrum. Hyperliquid offers a **free internal bridge** between the perps account and HyperEVM. The transfer is instant and costs zero fees. From the Portfolio, select **Transfer**, choose HyperEVM as the destination, enter the amount, and confirm. This is the correct route for anyone staying on-chain within the Hyperliquid ecosystem - paying the 1 USDC withdrawal fee to bridge back to Arbitrum and then bridge forward again wastes money. **Withdrawing to Stake HYPE or Use HyperEVM DeFi?** — If you are moving USDC into HyperEVM protocols, use the free internal bridge instead. Save the 1 USDC withdrawal fee and stay on-chain. [Start on Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) --- ## Common Withdrawal Issues ### Withdrawal Stuck or Pending for More Than 10 Minutes The most common cause is validator backlog during high volume - wait another 5-10 minutes. If it still has not arrived: 1. Open [arbiscan.io](https://arbiscan.io), paste your wallet address, and check the latest transfers. If the USDC has landed on Arbitrum but your wallet UI does not show it, hard refresh and make sure you are on the Arbitrum One network. 2. Hard refresh the Hyperliquid page to update the portfolio display 3. If nothing appears after 30 minutes, see the dedicated [withdrawal troubleshooting guide](/troubleshooting/withdrawal-issues) or the [bridge delays guide](/troubleshooting/bridge-delays) ### "Insufficient Balance" Error You are trying to withdraw more than your **available balance minus 1 USDC**. Either reduce the withdrawal amount, or close open positions to free up margin. ### Wrong Network on Your Wallet Withdrawals only land on **Arbitrum One**. If your wallet is showing 0 USDC after a successful withdrawal, switch the network selector in your wallet to Arbitrum One. Adding Arbitrum manually is covered in our wallet connection guides ([MetaMask](/guides/getting-started/connect-metamask-to-hyperliquid), [Rabby](/guides/getting-started/connect-rabby-to-hyperliquid), [Coinbase Wallet](/guides/getting-started/connect-coinbase-wallet-to-hyperliquid)). ### Signature Request Not Appearing If clicking **Withdraw** does nothing: 1. Disconnect and reconnect your wallet to Hyperliquid 2. Clear browser cache for `app.hyperliquid.xyz` and reload 3. Try a different browser or disable conflicting wallet extensions 4. See the full [wallet connection troubleshooting guide](/troubleshooting/wallet-connection-issues) ### Funds Not Arriving Hyperliquid's withdrawal documentation at app.hyperliquid.xyz/docs confirms that validators must reach consensus before the Arbitrum bridge releases funds. If the bridge transaction has not been submitted after 30 minutes, it is a system-level issue - monitor Hyperliquid's status channels and avoid resubmitting. Double-submitted withdrawals can create reconciliation delays. For persistent issues see the [general troubleshooting hub](/troubleshooting). ### Withdrawal to the Wrong Address This cannot happen in the normal flow - Hyperliquid only withdraws to the connected wallet. The only way funds end up at an unintended address is if your wallet was already compromised before you connected. Review our [crypto trading security guide](/guides/getting-started/crypto-trading-security-guide) to harden your setup. --- ## Tax and Record-Keeping Notes Withdrawals from Hyperliquid to your own Arbitrum wallet are **not taxable events** in most jurisdictions - they are transfers between wallets you control, not sales. However, the 1 USDC fee is generally a deductible cost. Keep records of: - Withdrawal date and amount - Arbitrum transaction hash (visible on arbiscan.io) - The 1 USDC fee per withdrawal Traders making frequent withdrawals should pull their full history from Hyperliquid's built-in export or via portfolio tools. ## Next Steps Now that you know how to withdraw, here is what to read next: - **[Deposit USDC to Hyperliquid](/guides/getting-started/deposit-usdc-to-hyperliquid)** - The inbound flow, including fiat on-ramps and cross-chain bridges - **[Bridge to Hyperliquid](/guides/getting-started/bridge-to-hyperliquid)** - Full bridge guide covering Across, Stargate, and multi-chain routes - **[Bridge to HyperEVM](/guides/getting-started/bridge-to-hyperevm)** - Free internal bridge for HyperEVM DeFi - **[Fees explained](/guides/fees/fees-explained)** - Maker/taker fee schedule and how to minimize trading costs - **[Fees hub](/guides/fees)** - All fee-related guides including VIP tiers and staking discounts - **[Withdrawal troubleshooting](/troubleshooting/withdrawal-issues)** - Dedicated fixes for stuck or failed withdrawals - **[Bridge delays](/troubleshooting/bridge-delays)** - Troubleshooting slow bridge confirmations - **[Referral program guide](/guides/getting-started/hyperliquid-referral-program-guide)** - How to earn and save with Hyperliquid's referral system --- # Hyperliquid Leverage Guide: Max Leverage, Margin Modes & How to Set It > How to set leverage on Hyperliquid — max leverage by asset (BTC 40x, ETH 25x, SOL 20x), cross vs isolated margin, UI walkthrough, and risk controls. *Source: https://hyperliquidguide.com/guides/trading/leverage-guide* **How do you set leverage on Hyperliquid?** Open a market on **[app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211)**, click the leverage selector above the order panel (it shows the current value, e.g. "5x"), pick cross or isolated margin, then drag the slider or type your desired leverage. Confirm — the change applies to new positions on that market immediately. This guide walks through what leverage actually means on a perpetual futures exchange, the current per-asset maximums on Hyperliquid, the key differences between cross and isolated margin, and a practical framework for sizing and protecting leveraged positions without getting liquidated on your first trade. > **Key takeaway:** **Quick Summary.** Leverage on Hyperliquid lets you control a position larger than your USDC collateral. Maximum leverage is asset-dependent: **BTC supports up to 40x, ETH up to 25x, SOL up to 20x, and most altcoins cap between 3x and 10x**. You choose between **cross margin** (entire USDC balance backs every position — capital-efficient but risky on a cascade) and **isolated margin** (collateral is ring-fenced per trade — safer default for beginners). To change leverage, click the leverage chip in the order panel, toggle the margin mode, drag the slider, and confirm. Position size, not leverage alone, determines liquidation risk — a 10x position using 10% of your balance is safer than a 3x position using 100%. Start at 2x–3x isolated while you learn, and always place a stop-loss before entering. ## What Leverage Actually Means on a Perps Exchange Leverage is a multiplier on your position size relative to the margin you post. Deposit $1,000 USDC, set 10x leverage, and you can open a $10,000 BTC perpetual position. Your profit and loss scale against the full $10,000 notional — so a 1% move in BTC translates to a 10% move on your $1,000 margin. Hyperliquid is a [perpetual futures](/guides/trading/perpetuals-explained) exchange, meaning there's no expiry date. Positions are kept open by **[funding rates](/guides/trading/funding-rates-explained)** — small periodic payments between longs and shorts that tether the perp price to the underlying spot market. Leverage doesn't cost you a borrowing fee the way margin lending does on a spot exchange; instead, funding and trading **[fees](/guides/fees/fees-explained)** are the primary carrying cost. The critical concept to internalize: **leverage amplifies both directions.** If 10x leverage turns a 1% favorable move into 10% gain, the same 10% adverse move liquidates you. The higher the leverage, the tighter the price tolerance before the exchange force-closes your position. > **Warning:** At 40x leverage, a **2.5% adverse price move wipes out your entire margin**. At 25x, it takes 4%. Crypto regularly moves 3–5% in a single hour. High leverage is not "big gains" — it's "small time-to-liquidation." ## Maximum Leverage by Asset on Hyperliquid Hyperliquid sets leverage caps on a per-market basis. Higher-cap, deeper-liquidity markets support more leverage because the liquidation engine can unwind positions without destabilizing the order book. According to [Hyperliquid's official documentation](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/leverage), the current approximate maximums are: | Asset Class | Typical Max Leverage | Example Markets | |---|---|---| | Top-tier majors | **40x** | BTC | | Large-cap majors | **25x** | ETH | | Mid-cap majors | **20x** | SOL | | Liquid altcoins | **10x** | AVAX, LINK, ARB, OP | | Smaller altcoins | **3x – 5x** | Low-liquidity perps | | HIP-3 builder markets (equities, commodities) | **3x – 10x** | NVDA, TSLA, GOLD, SILVER | Hyperliquid historically supported **up to 50x** on select assets, but the ceiling has been tightened over time to improve system stability after several volatile liquidation events across the broader perp-DEX sector. Always treat the leverage selector in the UI as the authoritative source — caps can be adjusted by governance without notice. **Trade with a Lifetime Fee Discount** — Sign up with our referral and get 4% off maker and taker fees on every trade — leveraged or not. [Join Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) ## Cross Margin vs. Isolated Margin The single most important decision when setting leverage is choosing your margin mode. This determines which pool of collateral backs the position and how a loss propagates through your account. | Feature | Cross Margin | Isolated Margin | |---|---|---| | **Collateral pool** | Entire USDC balance | Fixed amount per position | | **Capital efficiency** | High — unused balance cushions all positions | Lower — idle margin sits in one trade | | **Liquidation scope** | Can cascade across positions | Contained to that single position | | **Max loss per trade** | Up to full account | Only isolated margin | | **PnL from other positions** | Offsets margin usage | Does not help | | **Best for** | Experienced traders running hedged books | Beginners, directional bets, high-conviction trades | | **Default recommendation** | Intermediate+ | **Start here** | **Cross margin** treats your whole USDC balance as one pool. If you're long BTC and short ETH, unrealized gains on one cushion losses on the other. That's efficient — but if the market moves hard against both (correlation shock), the entire balance is at risk and positions can liquidate in sequence. **Isolated margin** asks you to allocate a specific amount of USDC to a single position. If that position hits its liquidation price, you lose exactly the isolated margin — nothing more. The rest of your account is untouched. This is the correct default for anyone learning leverage, and it's what I recommend for any position where the thesis is directional and independent. > **Tip:** You can switch margin modes per market. Run isolated margin on speculative altcoin longs and cross margin on your core BTC/ETH book — Hyperliquid doesn't force one mode account-wide. For a deep dive into when to use each mode — including worked examples and practical guidance — see our [isolated vs cross margin guide](/guides/trading/isolated-vs-cross-margin). ## How to Change Leverage on Hyperliquid — Step by Step ## Risk Management: Position Sizing Before Leverage Most liquidations are not a leverage problem — they're a position sizing problem. As noted by [Investopedia's guide to leverage risk](https://www.investopedia.com/terms/l/leverage.asp), leverage amplifies both gains and losses proportionally, making position sizing — not leverage selection — the primary determinant of account survival. Leverage is a knob; size is the whole equation. **The right order of operations:** 1. Decide how much of your account you're willing to risk on this trade (typically 1–3% for swing trades, up to 5% for high-conviction). 2. Pick an invalidation level — the price at which your thesis is wrong. 3. Calculate position size so that your loss *at the stop-loss* equals your risk budget. 4. Choose leverage that accommodates that position size against your available margin. Leverage should be the **output**, not the input. If you start with "I'll use 20x" and then pick a size, you're gambling on not being liquidated rather than managing risk. ### Stop-Loss Placement On Hyperliquid, you can attach a stop-loss and take-profit directly to a position via the TP/SL panel below the order form. See the **[order types guide](/guides/trading/order-types-guide)** for the full breakdown of market, limit, stop-market, and trailing-stop behavior. Rules of thumb: - Never place a stop closer to entry than **2x the typical slippage** on your asset — you'll get wicked out on noise. - Never place a stop past your **liquidation price** — the exchange will close you first and you'll eat funding plus a liquidation penalty instead of your planned stop. - Use **isolated margin** so the stop acts as a hard ceiling on losses. ### Funding Rate Awareness Leveraged positions pay (or receive) funding every hour. A 20x long on a market with +0.05% hourly funding bleeds 1.2% per day of *notional*, which is 24% of your margin per day on a 20x position. Always check funding before opening a leveraged position. **Built for Leverage, Priced for Volume** — Hyperliquid's on-chain order book delivers CEX-level speed. Our referral unlocks 4% fee savings for life. [Start Trading](https://app.hyperliquid.xyz/join/Concept211) ## Liquidation Mechanics: What You Actually Lose When your margin ratio falls below the maintenance requirement, Hyperliquid's on-chain liquidation engine takes over and closes your position at market. The full mechanics are covered in the **[liquidation explained guide](/guides/trading/liquidation-explained)**, but the short version: - **Isolated margin liquidation**: You lose the isolated margin on that position. Nothing else. - **Cross margin liquidation**: The system draws from your entire USDC balance. If losses exceed available margin, the position still closes (backstopped by the insurance fund and HLP vault), but your whole account can be drained. There is no "call to top up" — liquidation is immediate and automatic. If you want to avoid it, you either need to reduce leverage, add margin before price reaches the liquidation level, or [close the position manually](/guides/trading/how-to-close-position). ## Practical Leverage Presets for New Traders If you're still calibrating, these are defensible starting points: - **2x isolated** — Paper-trading mindset. You can tolerate 40%+ adverse moves. - **3x–5x isolated** — Standard swing trade sizing. Room for 15–25% drawdowns. - **10x isolated, small size** — Short-term scalps with tight stops. Use under 5% of account as margin. - **20x+** — Only with deep experience, strict stops, and sizes small enough that full liquidation is a rounding error. Graduating to cross margin is a separate step. Only move to cross once you're comfortable running multiple correlated or hedged positions and understand how unrealized PnL rolls up into your maintenance margin calculation. For a full walkthrough of placing your first leveraged trade, see the **[how to trade on Hyperliquid guide](/guides/getting-started/how-to-trade-on-hyperliquid)**. New to the platform entirely? Start with the **[beginner checklist](/guides/getting-started/hyperliquid-beginner-checklist)**. Once you've got a winning trade, you can post it to social with Hyperliquid's native **[PnL card and leaderboard tools](/guides/trading/pnl-sharing-leaderboard)**. --- ## Summary: Leverage Without Blowing Up Leverage is a tool, not a strategy. The traders who last on Hyperliquid size their positions first, choose isolated margin by default, set stops before entry, and treat high-leverage markets as a risk budget rather than a profit multiplier. The platform gives you up to 40x on BTC because it *can* — not because you *should*. Start at 2x–3x, prove you can stick to stops and size, and scale leverage only as your execution discipline improves. **Ready to Put This into Practice?** — Open a Hyperliquid account through our referral and lock in a 4% lifetime fee discount on every trade. [Join Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) --- # Hyperliquid PnL Sharing & Leaderboard Guide: Share Trades and Follow Top Traders > How to share your Hyperliquid PnL card, read the public leaderboard, follow top traders via vaults, and what leaderboard rankings reveal about trading strategies. *Source: https://hyperliquidguide.com/guides/trading/pnl-sharing-leaderboard* **How do you share PnL on Hyperliquid?** Open your position on **[app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211)**, click the position row in the Positions panel, and hit the **Share P&L** button. A branded card renders with your ROI, entry, and mark price — customize the timeframe, anonymize if desired, then download the image or post directly to Twitter/X. This guide walks through Hyperliquid's public leaderboard, how to share your own trades as a clean card, how to follow top traders via vaults, and what the leaderboard actually reveals about winning (and losing) strategies on-chain. > **Key takeaway:** **Quick Summary.** Hyperliquid is a fully transparent on-chain exchange, which means every wallet's PnL, ROI, account value, and trade history is publicly queryable. The **leaderboard** ranks wallets by PnL across daily, weekly, monthly, and all-time windows. To **share your own PnL**, click a position, hit **Share P&L**, pick a timeframe, optionally hide your wallet address and size, and post the generated card. To **follow top traders**, either study their wallets directly on the leaderboard, allocate USDC to a **public vault** run by a proven operator, or use third-party copy-trading tools that mirror leaderboard wallets. Leaderboard patterns tend to reward **consistency** — steady compounding beats one moonshot, and survivors size positions small relative to account value. ## What the Hyperliquid Leaderboard Is The Hyperliquid leaderboard is a public scoreboard of every account on the exchange, sortable by trading performance. Because Hyperliquid settles on its own L1 and every trade is on-chain, the leaderboard isn't a curated list — it's a live query against the entire order book. **How to find it:** from the top nav on [app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211), open the **Leaderboard** tab. You'll see a paginated table with filters for timeframe (1D / 7D / 30D / All time) and account value floor (to filter out micro-accounts that distort ROI rankings). **The core columns:** - **Account** — the wallet address (or display name if the trader set one). Click through to see the full position history, open trades, and historical PnL chart. - **PnL** — total dollar profit or loss over the selected timeframe. Combines realized and unrealized PnL. - **ROI** — PnL as a percentage of starting account value. A small account up 500% can outrank a large account up $2M in absolute dollars — filter by account value to compare apples to apples. - **Volume** — total notional traded. High volume with modest PnL often signals a scalper or market maker; low volume with high PnL signals a directional swing trader. - **Account Value** — current USDC equity including open position PnL. Useful for spotting whales and surviving strategists. ## How to Read Leaderboard Rankings Rankings alone don't tell you whether a trader is worth studying. A few signals matter more than raw PnL: 1. **Timeframe consistency.** A wallet that ranks top-50 on both the 7-day and all-time boards has stayed alive through multiple regime changes. A wallet only topping 1-day is likely on a hot streak that will revert. 2. **ROI vs. account size.** A 2000% ROI on a $500 account is noise — one lucky 20x trade. A 50% ROI on a $2M account over 30 days is a professional. 3. **Volume-to-PnL ratio.** PnL / volume tells you edge per dollar traded. Above 1% is excellent; below 0.1% suggests the trader is paying more in **[fees](/guides/fees/fees-explained)** than they're earning in alpha. 4. **Drawdown.** Click into a wallet and look at its equity curve. Smooth curves beat jagged ones — a trader who's been up 80% and drawn down to 20% three times isn't really "up 80%." > **Tip:** Hyperliquid doesn't verify trader identities. A wallet on the leaderboard could be a prop firm, a bot, an insider, or a lucky gambler. Treat the leaderboard as data, not endorsement. **Trade on the transparent exchange** — Every trade on Hyperliquid is public and verifiable. Open an account with a 4% lifetime fee discount via our referral. [Start Trading on Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) ## How to Share Your Own P&L Hyperliquid's native **Share P&L** card is the cleanest way to post a trade to social. It auto-fills your entry, exit or mark price, ROI, and a branded background — no screenshot editing needed. **Tips for clean cards:** - Share **closed** winners rather than open ones — unrealized PnL can evaporate before anyone sees the tweet. - Anonymize size if your position is small (or embarrassingly large). ROI percent tells the same story without the dox. - Pair the card with the mark price chart screenshot and your thesis — context builds credibility faster than the ROI number alone. ## How to Follow Top Traders via Vaults Hyperliquid doesn't offer one-click copy trading like some centralized venues, but **vaults** solve the same problem with better risk controls. A vault is a public strategy wallet where depositors share proportionally in the vault leader's PnL, minus a profit share for the operator. To follow a top trader: 1. Check if they run a public vault (many top-100 leaderboard accounts do). Their profile page links to it. 2. Open the **Vaults** tab in the Hyperliquid nav. Filter by APR, TVL, drawdown, and age. 3. Deposit USDC. Your share of the vault grows or shrinks with the leader's PnL. 4. Withdraw any time (subject to the vault's lockup, typically 1 day). For wallets that don't run vaults, third-party tools like **Copin** index the Hyperliquid leaderboard and let you mirror trades to your own wallet via keeper bots. See our **[copy trading guide](/guides/trading/copy-trading-guide)** for a full walkthrough of vault economics and copy-bot setup. > **Note:** Vaults are not regulated funds. The operator can change strategy, take on more **[leverage](/guides/trading/leverage-guide)**, or be **[liquidated](/guides/trading/liquidation-explained)** like any other trader. Size deposits like you'd size a position — never all-in. ## What the Leaderboard Reveals About Strategies After studying the top 500 wallets over months, a few patterns emerge. None of this is financial advice — just what the data tends to show. **Survivors size small.** Consistent top-100 wallets rarely run more than 10x effective leverage on any single position. The leaderboard is littered with one-week wonders who hit 50x and then vanished after a single liquidation. **Consistency compounds faster than moonshots.** A wallet earning 2% per week compounds to roughly 180% annualized — enough to dominate the all-time board. The wallets trying to 10x in a week usually zero out before they get there. **Market rotation matters.** Top wallets tend to concentrate in whatever market has the cleanest trend that week — BTC during directional months, HYPE during narrative spikes, commodities during macro shocks. They don't hold a static basket. **Funding harvest is underrated.** Several top-100 wallets appear to run delta-neutral funding-rate strategies, earning the spread between perp and spot funding with minimal directional exposure. Lower ROI than pure directional, but dramatically smoother equity curves. **Drawdown discipline separates pros from gamblers.** Professional wallets cut losers quickly — you'll see their equity curves dip 5-10% and recover, rarely more. Blow-up wallets ride a position from +200% to -100% because they couldn't take the loss. **Put strategy to work** — Join Hyperliquid and track your own performance on the public leaderboard. Lock in a 4% lifetime fee discount with our referral link. [Open an Account](https://app.hyperliquid.xyz/join/Concept211) The leaderboard is the closest thing crypto has to a real-time trading lab — every strategy, every size, every liquidation, publicly logged. Study it like you'd study a chess database: patterns first, heroes second. --- # Hyperliquid North Korea Incident: Were User Funds Ever at Risk? > In late 2024, wallets allegedly linked to North Korea's Lazarus Group interacted with Hyperliquid. Here is what actually happened, how the protocol responded, and whether user funds were ever at risk. *Source: https://hyperliquidguide.com/privacy/hyperliquid-security-incident* **Did North Korea hack Hyperliquid?** No. In late 2024, on-chain analysts identified wallets previously linked to the Lazarus Group depositing to Hyperliquid and taking losing trades — activity widely interpreted as probing the exchange. No funds were stolen, the bridge was not exploited, and user balances were never lost. The episode did, however, spark a broader conversation about validator decentralization and bridge security. The incident briefly rattled the market. HYPE traded lower on the news, Crypto Twitter lit up with speculation, and security researchers debated whether Hyperliquid's then-small validator set was a systemic risk. This article walks through what was actually reported, what Hyperliquid said in response, what was genuinely at stake, and how the protocol's security posture has evolved since. Throughout, we stick to what has been publicly documented — with appropriate hedging language where claims remain unproven. > **Key takeaway:** **Quick Summary:** In December 2024, on-chain analytics firms including Arkham reported that Ethereum wallets previously associated with North Korea's Lazarus Group had deposited USDC to Hyperliquid and opened perpetual futures positions that closed at a loss. Security researchers including Tayvano (MyCrypto) publicly raised concerns that this looked like reconnaissance — threat actors testing the exchange for exploit surface. Hyperliquid publicly stated that no vulnerabilities were exploited and no user funds were lost. The bridge, secured at the time by a four-validator set, was never compromised. Critics pointed out that four validators represented a meaningful centralization risk, and Hyperliquid subsequently expanded and decentralized the validator set. As of 2026, Hyperliquid has never suffered a bridge exploit or loss of user funds, though smart contract and validator trust assumptions remain for all users. ## What Happened: The Lazarus/North Korea Wallets Incident In mid-to-late December 2024, on-chain analytics firms such as Arkham and independent researchers flagged that several Ethereum addresses previously attributed to the Lazarus Group — the DPRK-linked hacking collective behind many of crypto's largest exchange exploits — had bridged funds to Hyperliquid's Arbitrum deposit contract. The wallets reportedly moved a modest amount of USDC (low single-digit millions across multiple addresses), opened leveraged perpetual positions, and closed them at a loss. On its face, a known threat actor voluntarily losing money on a derivatives exchange is unusual behavior. The prevailing interpretation from security researchers — including posts from Tayvano, a well-known MyCrypto security researcher, on X — was that these were **probing trades**. The logic: by interacting with the protocol, an attacker can map the bridge's deposit and withdrawal paths, study the matching engine's behavior under edge conditions, and look for race conditions, oracle manipulation surfaces, or withdrawal-signing flaws. Losing a few million dollars to "test fire" an exchange that holds billions is, by the standards of state-level threat actors, a rational reconnaissance budget. Some analysts pushed back on the probing theory and argued the trades could simply have been unrelated speculative activity by wallets that were imperfectly attributed. Attribution in on-chain forensics is probabilistic, not deterministic — a wallet that touched a Lazarus-linked address at some point in the past is not guaranteed to be Lazarus-controlled today. This is why careful reporting used language like "wallets previously linked to" rather than "North Korea directly traded on Hyperliquid." What is not in dispute: the wallets existed, the trades happened, and the pattern was unusual enough to warrant public discussion. **Self-Custody Is the Real Defense** — No matter which exchange you use, keeping keys in your own wallet is the single best protection against counterparty and bridge risk. Start with Hyperliquid's non-custodial design. [Open Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) ## Hyperliquid's Response and What Happened to User Funds According to Hyperliquid's public response, no vulnerabilities were exploited, no bridge funds were accessed without authorization, and no user balances were lost or at risk. The team emphasized that the bridge contract's signing requirements had not been bypassed, and that the observed on-chain activity consisted entirely of normal deposits, trades, and withdrawals that the wallets were entitled to make as any user would be. This is an important distinction. Depositing to Hyperliquid, losing money on a trade, and withdrawing the remainder is not an exploit — it is using the exchange as designed. The concern was never that these specific trades caused a loss; the concern was that the activity suggested sophisticated adversaries were actively studying the protocol with intent to eventually find a real exploit. HYPE's price dropped meaningfully in the 48 hours after the reports circulated, reflecting market anxiety about validator centralization rather than any actual loss. Within days, on-chain trackers confirmed that the flagged wallets had withdrawn their remaining balances through normal channels and that bridge reserves were intact. The outcome, then, was the least dramatic version of the story: **no hack, no exploit, no lost funds**. What the incident did produce was a public forcing function for Hyperliquid to address the validator concerns that had been simmering in the background. ## What the Incident Revealed About Hyperliquid's Threat Model The sharpest criticism during the incident was not about the DPRK wallets themselves — it was about the **four-validator bridge set** that secured Hyperliquid's Arbitrum deposit contract at the time. Hyperliquid's bridge works like most cross-chain bridges: users deposit USDC into an Arbitrum contract, and withdrawals require signatures from a quorum of validators who attest to the user's balance on the Hyperliquid L1. With only four validators, a 3-of-4 or even 4-of-4 signing scheme means the compromise or coercion of a small number of keys could, in principle, authorize arbitrary withdrawals. That is a meaningful risk surface for a state-level adversary with the resources of Lazarus. Security researchers argued — reasonably — that a chain settling billions of dollars of open interest should be secured by more than four validator keys. Defenders of Hyperliquid's design pointed out several mitigating factors: - The validator set was known to the team and run by trusted operators, reducing external compromise risk - The L1 consensus is separate from the bridge signer set, so a bridge compromise does not directly imply a chain halt - Bridge withdrawal patterns are monitored and unusual activity can be flagged and paused - The roadmap already included expanding the validator set — the incident simply accelerated the timeline Both views have merit. The honest framing is that **four validators was a reasonable starting point for a young protocol but not a defensible long-term architecture for a chain of Hyperliquid's size**, and the Lazarus scare made that gap impossible to ignore. ## How Hyperliquid's Security Posture Has Evolved Since In the months following the December 2024 incident, Hyperliquid expanded its validator set, increased the geographic and organizational diversity of signers, and continued rolling out HIP (Hyperliquid Improvement Proposal) governance changes that move the protocol toward more decentralized operation. The team has also published periodic security disclosures and post-mortems for minor incidents, which is a positive pattern of transparency that many competing venues do not match. Third-party coverage from on-chain analytics firms has been quieter in the year and a half since — not because attackers lost interest, but because the easy reconnaissance targets (small validator set, limited public disclosure) became meaningfully harder. Hyperliquid has also deepened its relationships with security researchers and bug bounty participants, which is how mature protocols absorb threat intelligence before it becomes a news cycle. None of this makes Hyperliquid immune. Every DeFi protocol — including the ones that have run for five-plus years without incident — carries smart contract risk and validator trust assumptions. The difference between "safe" and "dangerous" is usually how seriously the team takes these risks and how quickly they close gaps when issues are surfaced. By that standard, Hyperliquid's response to the Lazarus incident was among the better examples in the industry: no denial, visible architectural improvements, and continued transparency. **Ready to Deposit and Trade?** — Start with a small deposit, learn the platform, and keep the bulk of your stack in self-custody. That is the single best risk management rule in crypto. [Get 4% Fee Discount](https://app.hyperliquid.xyz/join/Concept211) ## What This Means for Users Today If you are deciding whether to use Hyperliquid in 2026, the Lazarus incident is a data point, not a disqualifier. Here is an honest risk assessment: **What the incident tells you:** - Hyperliquid is on the radar of the most sophisticated threat actors in crypto, which is true of every meaningful venue - The team responded transparently and materially improved the validator set - No user funds were lost, even under active probing by a state-level adversary - The bridge contract held, despite the relatively small validator count at the time **What the incident does not tell you:** - Whether future exploit attempts will also fail — past resilience is not a guarantee - Whether the validator set is "decentralized enough" for your personal risk tolerance - Whether smart contract bugs exist that have not yet been discovered **Practical steps:** - Use a hardware wallet for any meaningful balance. [Deposit USDC to Hyperliquid](/guides/getting-started/deposit-usdc-to-hyperliquid) via a wallet you control — never a custodial account - Size positions so that a worst-case bridge failure would not change your life. This applies to every DeFi protocol, not just Hyperliquid - Read the broader [Hyperliquid safety and security overview](/privacy/hyperliquid-us-availability) for jurisdictional and regulatory context - Stay current on [how to trade safely with a VPN](/privacy/best-vpn-crypto-trading) if your threat model includes network-level adversaries - Keep an eye on public post-mortems and validator set changes — they are the best leading indicator of protocol health Hyperliquid's non-custodial design is the most important protection users have. Unlike a centralized exchange where a single compromise can drain every account, a non-custodial DEX can only lose what is actually in the bridge contract, and only if the bridge itself fails. Your self-custodied HYPE, staked positions, and wallet-held balances are outside that attack surface entirely. That is ultimately the most durable lesson of the Lazarus episode: **the protocols that survive are the ones that treat every probe as a free audit**. Hyperliquid appears to have done exactly that. **Self-Custody Beats Any Audit** — The best defense against exchange incidents is to hold your own keys. Hyperliquid is non-custodial by design — your wallet, your funds, your rules. [Start on Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) --- # How to Buy HYPE Token (2026): Step-by-Step Guide > Buy HYPE token on Hyperliquid's spot market or centralized exchanges. Step-by-step guide covering wallet setup, USDC deposits, spot trading, and staking your HYPE. *Source: https://hyperliquidguide.com/guides/getting-started/how-to-buy-hype-token* **How to buy HYPE token:** connect a Web3 wallet to **[app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211)**, [deposit USDC](/guides/getting-started/deposit-usdc-to-hyperliquid), navigate to the Spot tab, select the HYPE-USDC pair, and place your buy order. The entire process takes under five minutes with no KYC required. HYPE is the native token of the [Hyperliquid L1 blockchain](/ecosystem/what-is-hype-token). It powers staking, gas fees on [HyperEVM](/ecosystem/hyperevm-explained), and benefits from a buyback-and-burn mechanism funded by trading fee revenue. Whether you want to stake HYPE for rewards, use it as gas on HyperEVM, or simply hold it, this guide walks you through every step. > **Key takeaway:** **Quick Answer** — The easiest way to buy HYPE is on Hyperliquid's native spot market. Connect a wallet, deposit USDC via the Arbitrum bridge, and buy HYPE-USDC directly. No KYC, no account creation, and you keep full custody of your tokens. Spot [trading fees](/guides/fees/fees-explained) are just 0.040% maker / 0.070% taker. --- ## Where to Buy HYPE Token HYPE is available on Hyperliquid's native spot market and several centralized exchanges. If the market names look confusing, [$HYPE vs HYPE/USDC vs the HYPE perp](/guides/getting-started/hype-ticker-vs-trading-pair) explains what you are actually picking between. ### Option 1: Buy on Hyperliquid (Recommended) Buying HYPE directly on Hyperliquid is the best option for most users. You get: - **Self-custody** — your tokens stay in your wallet, not on an exchange - **No KYC** — connect a wallet and trade immediately - **Lowest fees** — [0.040% maker / 0.070% taker](/guides/fees/fees-explained) for spot trades, with zero gas fees - **Instant staking** — stake your HYPE immediately after purchase without transferring to another platform - **Primary market** — deepest liquidity for HYPE-USDC ### Option 2: Buy on a Centralized Exchange HYPE is also listed on centralized exchanges including KuCoin, Bybit, and Bitget. These may be easier if you already have funds on a CEX, but they require KYC and you give up self-custody. You will also need to withdraw HYPE to Hyperliquid if you want to stake it. ### Option 3: Buy the Exposure Through a Brokerage If the money you are investing sits somewhere that cannot hold crypto, such as an IRA, you can buy HYPE exposure as a listed security instead. [Hyperliquid Strategies Inc (NASDAQ: PURR)](/ecosystem/purr-stock-hyperliquid-strategies) is a treasury company holding tens of millions of HYPE, and three US spot ETFs track the token directly. You do not own the tokens, you cannot stake them yourself, and you pay either a sponsor fee or a premium to net asset value. [PURR stock vs HYPE token](/ecosystem/purr-stock-vs-hype-token) lays the routes out side by side. **Buy HYPE on Hyperliquid** — Get a 4% lifetime fee discount on all trades. [Start Trading](https://app.hyperliquid.xyz/join/Concept211) --- ## Step-by-Step: How to Buy HYPE on Hyperliquid ### Step 1: Set Up a Web3 Wallet You need an EVM-compatible wallet to connect to Hyperliquid. The most popular options: - **[MetaMask](/guides/getting-started/connect-metamask-to-hyperliquid)** — the most widely used browser extension wallet - **[Rabby](/guides/getting-started/connect-rabby-to-hyperliquid)** — excellent multi-chain wallet with built-in security checks - **[Coinbase Wallet](/guides/getting-started/connect-coinbase-wallet-to-hyperliquid)** — mobile-friendly option from Coinbase - **[Phantom](/guides/getting-started/connect-phantom-to-hyperliquid)** — popular with Solana users, also supports EVM Install your chosen wallet extension, create a new wallet, and **save your seed phrase securely offline**. Never share your seed phrase with anyone. > **Warning:** **Security First** — Your seed phrase is the master key to your wallet. Write it down on paper and store it in a safe location. If you lose your seed phrase and your device, your funds are gone permanently. Read our [crypto security guide](/guides/getting-started/crypto-trading-security-guide) for best practices. ### Step 2: Get USDC on Arbitrum Hyperliquid uses USDC as its base currency. You need USDC on the Arbitrum network to deposit into Hyperliquid. **If you already have USDC on Arbitrum:** Skip to Step 3. **If you have crypto on another chain:** Use a [bridge to transfer to Hyperliquid](/guides/getting-started/bridge-to-hyperliquid) from 20+ supported chains. Not sure whether you want the token or just a trading balance? Start by learning how to [fund a Hyperliquid account](/guides/getting-started/how-to-buy-hyperliquid). **If you are starting from fiat:** Follow our guide on [buying crypto with fiat on Hyperliquid](/guides/getting-started/buy-crypto-with-fiat-on-hyperliquid) using on-ramp services. ### Step 3: Connect Your Wallet to Hyperliquid 1. Navigate to **[app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211)** 2. Click **Connect** in the top-right corner 3. Select your wallet (MetaMask, Rabby, etc.) 4. Approve the connection in your wallet popup 5. Apply a referral code on first connection for a **4% lifetime fee discount** > **Tip:** **Use a Referral Code** — You can only apply a referral code when you first connect to Hyperliquid. This one-time opportunity gives you a 4% discount on all trading fees for life. It cannot be applied retroactively. ### Step 4: Deposit USDC 1. Click **Deposit** on Hyperliquid 2. Enter the amount of USDC you want to deposit 3. Confirm the transaction in your wallet 4. Wait 1-2 minutes for the bridge to complete Your USDC balance will appear in your Hyperliquid account once the bridge transaction confirms. There are [zero deposit fees](/guides/fees/fees-explained) — you only pay a small Arbitrum gas fee (typically a few cents). ### Step 5: Buy HYPE on the Spot Market 1. Click the **Spot** tab in the market selector 2. Search for or select **HYPE-USDC** 3. Choose your order type: - **Market order** — executes immediately at the best available price (0.070% taker fee) - **Limit order** — sets your exact price and waits to be filled (0.040% maker fee) 4. Enter the amount of HYPE you want to buy (or the USDC amount to spend) 5. Click **Buy** 6. Your HYPE appears in your Spot balance immediately after the order fills > **Key takeaway:** **Pro Tip: Use Limit Orders** — [Limit orders](/guides/trading/spot-trading-guide) save you nearly half on fees (0.040% vs 0.070%). Set your buy price slightly below the current market price and let the order fill. On a $1,000 purchase, you save $3.00 per trade. **Ready to Buy HYPE?** — Connect your wallet and start trading in minutes. [Open Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) --- ## What to Do After Buying HYPE ### Stake HYPE for Rewards After purchasing HYPE, you can [stake it](/ecosystem/liquid-staking-guide) to earn rewards and help secure the Hyperliquid network: 1. Navigate to the **Staking** section on Hyperliquid 2. Choose a **validator** to delegate your HYPE to 3. Enter the amount to stake and confirm Staking HYPE earns you rewards through the HyperBFT consensus mechanism. Additionally, staking unlocks **fee discounts** on your trades — up to 40% at Diamond tier (500,000+ HYPE staked). See the full [staking tier breakdown](/ecosystem/what-is-hype-token) for details. ### Hold in Self-Custody Your HYPE remains in your Hyperliquid account (secured by your wallet's private keys). Hyperliquid is [non-custodial](/guides/getting-started/is-hyperliquid-safe) — the exchange never has access to your private keys. You can withdraw HYPE to your Arbitrum wallet at any time. ### Use HYPE on HyperEVM HYPE is the gas token for [HyperEVM](/ecosystem/hyperevm-explained), Hyperliquid's EVM-compatible execution layer. If you want to interact with [DeFi protocols on HyperEVM](/ecosystem/hyperliquid-defi-ecosystem) — like [Felix](/ecosystem/felix-protocol-guide) for lending or [Kinetiq](/ecosystem/liquid-staking-guide) for liquid staking — you will need HYPE for gas fees. [Bridge HYPE to HyperEVM](/guides/getting-started/bridge-to-hyperevm) to get started. --- ## HYPE Token Quick Facts | Detail | Value | |--------|-------| | **Token Name** | HYPE | | **Blockchain** | Hyperliquid L1 | | **Total Supply** | 1 billion HYPE | | **Primary Market** | Hyperliquid spot (HYPE-USDC) | | **Use Cases** | Staking, gas on HyperEVM, fee discounts, governance | | **Buyback & Burn** | Yes — funded by trading fee revenue | | **KYC to Buy** | No (on Hyperliquid) | | **Spot Fee** | 0.040% maker / 0.070% taker | For a deep dive into HYPE tokenomics, staking mechanics, and the buyback-and-burn model, read our complete [What Is HYPE Token](/ecosystem/what-is-hype-token) guide. **Get Your HYPE** — Join Hyperliquid with a 4% fee discount and buy HYPE on the spot market. [Join Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) --- # Hyperliquid Referral Program Guide: How to Earn & Save (2026) > Complete guide to the Hyperliquid referral program. Use referral code Concept211 for a 4% fee discount, learn how to share your link, and stack savings up to 44%. *Source: https://hyperliquidguide.com/guides/getting-started/hyperliquid-referral-program-guide* Hyperliquid's referral program is one of the simplest ways to reduce your trading costs — or earn passive income by bringing new traders to the platform. Referees get a **4% lifetime fee discount** on their first $25 million in trading volume, and referrers earn a share of the fees their referrals generate. Whether you are here to **use a referral code** or **share your own referral link**, this guide covers everything: how the program works mechanically, how earnings are calculated, and how to stack referral discounts with [HYPE staking](/ecosystem/what-is-hype-token) for maximum savings. > **Key takeaway:** **Quick Summary** — Use referral code **Concept211** (or any valid code) when signing up to get a 4% fee discount on all trades. The discount applies automatically for your first $25M in volume. Referrers earn a commission on their referrals' trading fees. Stack the referral discount with HYPE staking for up to 44% total fee reduction. ## How the Hyperliquid Referral Program Works Hyperliquid's referral system is built directly into the protocol. There are no third-party tracking links or delayed payouts — everything happens on-chain and in real time. Here is how it works: 1. **Every Hyperliquid user gets a referral link** — once you create an account, you can find your unique referral link and code in the Referrals tab on [app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211). 2. **New users who sign up through a referral link receive a 4% fee discount** on all perpetual and spot trading fees for their first $25 million in cumulative volume. 3. **The referrer earns a commission** — a percentage of the trading fees generated by every person they referred, paid out automatically. 4. **The discount is locked at signup** — the referral code must be applied before the new user connects their wallet for the first time. It cannot be added retroactively. > **Warning:** **You cannot add a referral code after signing up.** This is the most common mistake new users make. If you have already created an account without a referral link, there is no way to apply the discount later. Always use a referral link on your first visit. ## How to Use a Referral Code (For New Users) If you are signing up for Hyperliquid and want the 4% fee discount, follow these steps: You will see confirmation that the referral code is active when you first connect. The discount appears as a reduction in your effective fee rate on every trade. **Start Trading with a 4% Discount** — Use referral code Concept211 for a lifetime fee discount on Hyperliquid. [Join Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) --- ## How to Share Your Referral Link (For Existing Users) Every Hyperliquid account comes with a unique referral link. Here is how to find and share it: 1. **Navigate to the Referrals tab** — on app.hyperliquid.xyz, click the Referrals section in the left navigation menu. 2. **Copy your referral link** — you will see your unique link in the format `app.hyperliquid.xyz/join/YourCode`. Copy it directly. 3. **Share it** — send the link to friends, post it on social media, embed it in content, or include it in trading communities. Anyone who signs up through your link becomes your permanent referral. There is no limit to how many people you can refer. Each new user who connects their wallet through your link is permanently attributed to you. ## Commission Rates and Payout Structure The Hyperliquid referral program has two sides: ### What the Referee Gets (the New User) - **4% discount** on all trading fees (maker and taker, spot and perps) - Applies to the **first $25 million** in cumulative trading volume - Discount is **automatic** — no need to claim or activate anything after signup - Works on both [perpetual](/guides/trading/leverage-trading-guide) and [spot](/guides/trading/spot-trading-guide) trades To put this in dollar terms: at the base perp taker rate of 0.045%, a $10,000 trade costs $4.50 in fees. With the 4% referral discount, that drops to $4.32 — saving $0.18 per trade. Over thousands of trades, this adds up significantly. See our full [fee breakdown](/guides/fees/fees-explained) for detailed calculations. ### What the Referrer Gets (You) - A **commission on fees generated** by every person you referred - Paid out automatically and continuously — no invoicing, no minimum thresholds - Earnings are visible in real time on the Referrals tab - No cap on the number of referrals or total earnings > **Key takeaway:** **Referral earnings are passive and permanent.** Once someone signs up through your link, you earn a commission on their trading fees for as long as they trade on Hyperliquid (within the referral program terms). Active referrals who trade daily can generate meaningful recurring income. ## How Referral Earnings Are Calculated Your referral earnings are a function of two variables: 1. **How much your referrals trade** — higher volume means higher fees generated, which means higher commissions for you 2. **Whether they use maker or taker orders** — taker orders generate higher fees (0.045% vs 0.015% for perps), so taker-heavy traders produce more referral income Here is a simplified example for perps trading: | Referral's Monthly Volume | Fee Rate (Taker) | Total Fees Generated | Your Approximate Commission | |--------------------------|------------------|---------------------|---------------------------| | $100,000 | 0.045% | $45 | Portion of $45 | | $1,000,000 | 0.045% | $450 | Portion of $450 | | $10,000,000 | 0.045% | $4,500 | Portion of $4,500 | Earnings scale linearly with your referrals' trading activity. Even a handful of active traders can generate substantial passive income over time. --- ## Stacking Discounts: Referral + HYPE Staking The referral discount is just the starting point. Hyperliquid lets you **stack multiple fee reductions** for maximum savings. The most powerful combination is the referral discount plus [HYPE token](/guides/getting-started/how-to-buy-hype-token) staking. ### HYPE Staking Discount Tiers | Tier | HYPE Staked | Fee Discount | |------|-------------|-------------| | Wood | 10+ | 5% | | Silver | 100+ | 5% | | Gold | 1,000+ | 10% | | Platinum | 10,000+ | 15% | | Emerald | 100,000+ | 25% | | Diamond | 500,000+ | 40% | ### How Stacking Works The referral discount (4%) and HYPE staking discount apply together. For a Diamond-tier staker who signed up with a referral code: - **Base perp taker fee**: 0.045% - **After 4% referral discount**: 0.0432% - **After 40% HYPE staking discount**: ~0.026% - **Total effective reduction**: ~44% off the base rate That brings the effective taker fee from $4.50 per $10,000 trade down to roughly $2.60 — a saving of $1.90 per trade. For a trader doing $1M monthly volume, that is $190/month in savings from discounts alone. > **Tip:** **Even small staking amounts help.** You do not need Diamond tier to benefit. Staking just 10 HYPE (Wood tier) gives you a 5% staking discount on top of the 4% referral discount — bringing your total fee reduction to around 9% with minimal capital commitment. Learn how to [buy HYPE tokens](/guides/getting-started/how-to-buy-hype-token) to get started. **Get Your 4% Fee Discount** — Sign up with referral code Concept211 and start saving on every trade. [Join Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) ## Tips for Maximizing Referral Earnings If you want to build meaningful passive income through the referral program, here are practical strategies: ### 1. Target Active Traders A single referral who trades $1M/month is worth more than 100 referrals who each trade $1,000. Focus on reaching people who are already active crypto traders — especially those on other exchanges who might benefit from Hyperliquid's lower fees. ### 2. Create Valuable Content Write tutorials, trading guides, or comparison articles that naturally include your referral link. Content that genuinely helps people is the most effective long-term referral strategy. ### 3. Emphasize the Fee Advantage Hyperliquid's [fee structure](/guides/fees/fees-explained) is genuinely competitive. The combination of zero gas fees, low base rates, and stackable discounts is a strong selling point — especially compared to centralized exchanges. ### 4. Be Transparent Always disclose that you are sharing a referral link. Transparency builds trust and is more effective long-term than hiding the referral relationship. ### 5. Help Your Referrals Succeed The more your referrals trade, the more you earn. Help them get set up properly: share guides on [depositing USDC](/guides/getting-started/deposit-usdc-to-hyperliquid), explain [how trading works](/guides/getting-started/how-to-trade-on-hyperliquid), and point them to resources that make them better traders. > **Key takeaway:** **The best referral strategy is genuine helpfulness.** Traders who succeed on Hyperliquid trade more, which benefits both them (better returns) and you (higher commissions). Invest in helping your referrals rather than just collecting signups. ## Key Rules and Limitations Before diving in, keep these program rules in mind: - **Referral codes cannot be applied retroactively** — the link must be used on the very first visit before connecting a wallet - **The 4% referee discount applies to the first $25M in cumulative volume** — after that threshold, the discount expires - **Sub-accounts and vault deposits** do not count toward the referral program - **Each wallet can only be referred once** — if a user has multiple wallets, each wallet is treated as a separate account - **Referral earnings are credited in real time** — no delays or minimum payout thresholds --- ## Using Referral Code Concept211 If you found this guide helpful and want to support the site, you can use our referral code when signing up: - **Referral Code**: Concept211 - **Referral Link**: [app.hyperliquid.xyz/join/Concept211](https://app.hyperliquid.xyz/join/Concept211) - **Discount**: 4% lifetime fee reduction on your first $25M volume The discount is identical regardless of which referral code you use — every valid referral code gives the same 4% discount. The only difference is who receives the referrer commission. **Ready to Start?** — Join Hyperliquid with a 4% fee discount and zero gas fees. [Sign Up Now](https://app.hyperliquid.xyz/join/Concept211) --- # Hyperliquid Android App: Official Google Play Download & Setup Guide > Download the official Hyperliquid Android app from Google Play. Full trading interface with native push notifications for fills, self-custody, and 24/7 global market access. *Source: https://hyperliquidguide.com/guides/getting-started/hyperliquid-android-app* > **Note:** **Hyperliquid Is Now on Google Play** > - **Official Android app** available for [download on Google Play](https://play.google.com/store/apps/details?id=xyz.hyperliquid.app) > - Full trading interface — **perps, spot, crypto, and tradfi markets** > - **Native push notifications** for trade fills — know instantly when your orders execute > - Connect via **desktop wallet link, email (Privy), or WalletConnect** > - Self-custody — over **$4 trillion traded** with no counterparty risk > - No iOS app yet — iPhone users should use the [PWA at app.hyperliquid.xyz](/guides/getting-started/hyperliquid-mobile-guide) ## Hyperliquid Launches Its First Official Mobile App After operating exclusively as a progressive web app since launch, Hyperliquid has released its **first official native app** on the [Google Play Store](https://play.google.com/store/apps/details?id=xyz.hyperliquid.app). Android users can now trade directly from a native app with the same full-featured interface available on desktop — plus native push notifications that the PWA cannot deliver. The app is an **initial MVP** that the team is intentionally shipping with a focused scope. The headline feature is **native Android push notifications for trade fills** — instant alerts when your limit orders execute, your positions get filled, or any trade completes on your account. This is something the browser-based PWA cannot do reliably, and it solves one of the most common requests from active traders. > **Key takeaway:** The Hyperliquid Android app is the first official native app from the team. It delivers the full trading interface plus native push notifications for fills — a meaningful upgrade over the browser-based PWA for active traders who need instant execution alerts. ![Hyperliquid Android app — trade global markets 24/7 with perps, spot, crypto, and tradfi](/images/getting-started/hyperliquid-android-app/play-store-preview-1.webp) --- ## What the App Includes The Hyperliquid Android app is not a stripped-down companion — it is the **full trading platform** in a native wrapper. Here is what you get: **Full Trading Interface** - All market types: perpetual futures, spot, crypto, and [tradfi markets](/ecosystem/hyperliquid-traditional-markets) (stocks, commodities, forex via [trade.xyz](/ecosystem/hyperliquid-traditional-markets)) - Complete [order book](/guides/getting-started/how-to-trade-on-hyperliquid) with all [order types](/guides/trading/order-types-guide) — limit, market, stop-loss, take-profit, TWAP, and scale orders - Real-time [TradingView](https://www.tradingview.com/?aff_id=168295&source=HyperliquidGuide) charts with indicators and multiple timeframes - Portfolio management — balances, open positions, order history, and trade history **Native Push Notifications** - Instant Android notifications when your trades fill - No need to keep the app or browser open — notifications arrive even when your phone is locked - Configurable — disable in the app's Settings dropdown or through Android system settings **Wallet Connection Options** - **Link Desktop Wallet** — pair with your existing browser wallet - **Log in with Email** — powered by Privy, no crypto wallet needed - **WalletConnect** — connect any compatible mobile or desktop wallet ![Hyperliquid Android app — full trading interface with charts and order placement](/images/getting-started/hyperliquid-android-app/play-store-preview-3.webp) ![Hyperliquid Android app — low fees with full order book and position management](/images/getting-started/hyperliquid-android-app/play-store-preview-2.webp) --- ## How to Download and Set Up ![Hyperliquid Android app — wallet connection options including desktop link, email, and WalletConnect](/images/getting-started/hyperliquid-android-app/play-store-preview-4.webp) **Start Trading on Hyperliquid** — Get a 4% lifetime fee discount when you sign up through our referral link. [Join Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) --- ## How to Avoid Fake Hyperliquid Apps > **Warning:** **Only download Hyperliquid from the official Google Play link.** Scammers frequently create fake crypto apps designed to steal your funds or credentials. The official app is at: [play.google.com/store/apps/details?id=xyz.hyperliquid.app](https://play.google.com/store/apps/details?id=xyz.hyperliquid.app) Protect yourself by following these rules: - **Never search the Play Store manually** for "Hyperliquid" — use only the official link above. Fake listings can appear before the real one - **Do not download APK files** from third-party websites, Telegram groups, or Discord servers - **Verify the developer name** on the Google Play listing matches the Hyperliquid team - **Do not enter your seed phrase** in any mobile app — Hyperliquid never asks for it. Use Link Desktop Wallet, email login, or WalletConnect instead - If you have already installed a suspicious app, **uninstall it immediately** and review your wallet for unauthorized activity For a comprehensive guide to protecting your crypto accounts, read our [crypto trading security guide](/guides/getting-started/crypto-trading-security-guide). --- ## Android App vs. PWA — When to Use Each The Android app and the [browser-based PWA](/guides/getting-started/hyperliquid-mobile-guide) both provide the full Hyperliquid trading experience. The key difference is how you access it and what extras you get: | Feature | Android App | PWA (Browser) | |---------|:-----------:|:-------------:| | Full trading interface | ✅ | ✅ | | All order types | ✅ | ✅ | | Charts & order book | ✅ | ✅ | | Portfolio management | ✅ | ✅ | | **Native push notifications** | **✅** | ❌ | | Works on iPhone | ❌ | ✅ | | No install required | ❌ | ✅ | | App Store updates | ✅ | Auto-updates | > **Key takeaway:** If you are an active trader on Android, install the native app for push notifications and use it as your primary Hyperliquid interface. If you are on iPhone, the [PWA](/guides/getting-started/hyperliquid-mobile-guide) remains the best option until an iOS app is released. --- ## What to Expect Next This is the first release of the Hyperliquid Android app, and the team has been clear that it is an **initial MVP**. The current priority is collecting user feedback on feature prioritization and identifying device-specific issues before expanding the scope. What we know: - **Additional notification types** and improved notification configuration are planned - The team is **iterating based on early feedback** — if you encounter issues, report them through the app - **[No iOS app has been announced](/guides/getting-started/hyperliquid-mobile-app-2026)** yet, but the Android launch signals the team is investing in native mobile experiences - The [PWA at app.hyperliquid.xyz](/guides/getting-started/hyperliquid-mobile-guide) will continue to be maintained alongside the native app - Downloads may be **limited during the testing period** For the full mobile trading experience including wallet setup tips, interface navigation, and mobile-specific trading strategies, see our comprehensive [Hyperliquid mobile guide](/guides/getting-started/hyperliquid-mobile-guide). **Trade From Anywhere** — Access the full Hyperliquid platform from your Android device with a 4% fee discount. [Open Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) ## Next Steps - **[Hyperliquid mobile guide](/guides/getting-started/hyperliquid-mobile-guide)** — full PWA setup and mobile trading walkthrough for all devices - **[How to trade on Hyperliquid](/guides/getting-started/how-to-trade-on-hyperliquid)** — complete beginner's guide to your first trade - **[Order types explained](/guides/trading/order-types-guide)** — master every order type available on Hyperliquid - **[Deposit USDC](/guides/getting-started/deposit-usdc-to-hyperliquid)** — fund your account to start trading - **[Trading tools](/guides/trading/hyperliquid-trading-tools)** — third-party terminals, analytics, bots, and mobile apps - **[Crypto security guide](/guides/getting-started/crypto-trading-security-guide)** — protect your accounts and devices --- # Is Hyperliquid a DEX or CEX? How the Exchange Actually Works (2026) > Hyperliquid is a DEX with an on-chain order book, not an AMM. Learn how HyperBFT consensus, self-custody, and the CLOB architecture deliver CEX-like speed without centralized risk. *Source: https://hyperliquidguide.com/guides/getting-started/how-hyperliquid-works* Hyperliquid is a decentralized exchange, but it does not look or feel like one. There are no AMM pools, no slippage warnings, and no waiting for block confirmations. You get a full order book, sub-second fills, and up to 150x leverage — the same experience you would expect from Binance or Bybit, except nobody holds your funds and there is [no KYC](/guides/getting-started/hyperliquid-kyc-requirements). This guide explains how Hyperliquid actually works under the hood: the architecture that makes it fast, the order book model that makes it precise, and the self-custody design that makes it safe. > **Key takeaway:** Hyperliquid is a decentralized exchange (DEX) that uses an on-chain central limit order book (CLOB) instead of an automated market maker (AMM). It runs on its own purpose-built Layer 1 blockchain with HyperBFT consensus, achieving approximately 200ms block times and over 200,000 orders per second. Your funds remain under your wallet's control at all times — no KYC, no custodial risk, no gas fees on trades. The result is a platform that combines the security advantages of DeFi with the performance of a centralized exchange. --- ## DEX vs CEX: Where Hyperliquid Fits The crypto exchange landscape is not a clean binary. It is a spectrum, and understanding where Hyperliquid sits on that spectrum is key to understanding why it exists. **Centralized exchanges (CEXs)** like Binance, Coinbase, and Bybit operate like traditional brokerages. You create an account, verify your identity (KYC), and deposit funds into wallets controlled by the company. The exchange runs its matching engine on private servers. The upside: fast execution, deep liquidity, and a polished interface. The downside: you are trusting a company with your money, and history has shown — FTX being the most painful example — that this trust can be catastrophically misplaced. **Decentralized exchanges (DEXs)** like Uniswap, GMX, and dYdX eliminate the custodial middleman. Your wallet interacts directly with smart contracts on a blockchain. No KYC, no account, no company holding your funds. The trade-off has traditionally been performance: AMM-based DEXs suffer from slippage on large orders, impermanent loss for LPs, and execution speeds limited by the underlying blockchain. **Hyperliquid breaks this trade-off.** It is fully decentralized — non-custodial, permissionless, no KYC — but it runs its own Layer 1 blockchain purpose-built for trading. Instead of relying on AMM liquidity pools, it uses a central limit order book (CLOB) identical in structure to what Binance or the NYSE uses. The difference is that this order book runs on-chain, validated by a decentralized set of nodes, rather than on a company's private servers. The practical result: you get CEX-level performance with DEX-level security. No compromise required. > **Note:** **How does Hyperliquid compare to other exchanges?** See our detailed breakdowns: [Hyperliquid vs Binance](/compare/hyperliquid-vs-binance), [Hyperliquid vs dYdX](/compare/hyperliquid-vs-dydx), and [Hyperliquid vs GMX](/compare/hyperliquid-vs-gmx). --- ## How the Order Book Works Most DEXs use automated market makers (AMMs) — liquidity pools where token prices are determined by a mathematical formula. AMMs were a breakthrough that enabled permissionless trading, but they come with real limitations: high slippage on large orders, impermanent loss for liquidity providers, and prices that lag behind the true market. Hyperliquid takes a fundamentally different approach with its **central limit order book (CLOB)**. Here is how it works: ### Order Matching When you place a limit order on Hyperliquid, it goes into the order book at the price you specify. When someone else places an order on the other side at a matching price, the two orders are matched and the trade executes. This is exactly how traditional stock exchanges and centralized crypto exchanges operate. The key difference: on Hyperliquid, this matching happens **on-chain**. Every order placement, cancellation, and fill is a transaction processed by the Hyperliquid L1 validators. This means the full order book state is transparent and verifiable — unlike a CEX where the matching engine is a black box. ### Why CLOB Matters for Traders - **Tighter spreads**: Professional market makers post limit orders at precise prices, resulting in bid-ask spreads that are typically just 1-2 basis points on major pairs like BTC and ETH - **Real price discovery**: Prices reflect actual supply and demand from real orders, not a bonding curve formula - **No slippage on limit orders**: Your limit order fills at exactly the price you set, or it does not fill at all - **Better execution on large orders**: A deep order book absorbs size without the exponential price impact that AMMs produce - **Full order type support**: Limit, market, stop-loss, take-profit, [TWAP](/guides/trading/twap-orders), [scaling orders](/guides/trading/order-types-guide), and more — the same tools professional traders expect > **Key takeaway:** Hyperliquid's CLOB model means you get real price discovery, minimal slippage, and professional-grade order types — advantages that AMM-based DEXs structurally cannot provide. **Experience the Order Book Yourself** — Connect your wallet and explore Hyperliquid's trading interface. Get a 4% lifetime fee discount with our referral code. [Open Hyperliquid — Save 4%](https://app.hyperliquid.xyz/join/Concept211) --- ## HyperBFT Consensus: Why Hyperliquid Is Fast Speed is the reason Hyperliquid can run a full order book on-chain. The protocol achieves this through **HyperBFT**, a custom consensus mechanism designed specifically for high-throughput trading workloads. ### The Basics HyperBFT is a Byzantine Fault Tolerant (BFT) consensus protocol — the same family as Tendermint (used by Cosmos) and HotStuff (used by early Aptos). In plain terms, a set of validators collectively agrees on the order of transactions. As long as two-thirds of validators are honest, the network produces correct, final blocks. What makes HyperBFT different is its optimization for latency and throughput: - **Block time**: Approximately **200 milliseconds** — fast enough that placing an order on Hyperliquid feels instantaneous - **Throughput**: Over **200,000 orders per second** capacity, which exceeds the peak load of most centralized exchanges - **Finality**: Transactions are final once included in a block — no waiting for multiple confirmations like on Ethereum ### What This Means in Practice When you place a [market order](/guides/getting-started/how-to-trade-on-hyperliquid) on Hyperliquid, here is what happens: 1. Your order is broadcast to the Hyperliquid L1 network 2. The current block proposer includes your order in the next block (~200ms) 3. Validators reach consensus on the block 4. Your order is matched against the order book and fills 5. Your position and balance update The entire sequence typically completes in under one second. Compare this to Ethereum-based DEXs where a single swap can take 12-15 seconds for one block confirmation, or Solana-based DEXs that are faster but still contend with network congestion. > **Tip:** Hyperliquid's speed also eliminates a common DeFi problem: **MEV (Maximal Extractable Value)**. Because blocks are produced so quickly and the validator set controls ordering, there is no practical opportunity for bots to front-run or sandwich your trades the way they do on Ethereum. --- ## Why This Matters for Traders Hyperliquid's architecture is not just a technical curiosity — it directly translates into practical advantages that affect your bottom line. ### No Gas Fees on Trades Once you [deposit USDC](/guides/getting-started/deposit-usdc-to-hyperliquid) into Hyperliquid, every trade is gas-free. Placing orders, modifying orders, canceling orders, opening positions, closing positions — none of these cost gas. The only on-chain fee is when you bridge USDC in or out via Arbitrum (a few cents in ETH). This is a massive advantage over Ethereum-based DEXs where each swap costs $2-$20+ in gas, making frequent trading or small positions impractical. On Hyperliquid, you can scalp 50 trades a day without paying a cent in gas. You do pay [trading fees](/guides/fees/fees-explained) (maker/taker), which are competitive with or lower than most centralized exchanges. Using our [referral code](https://app.hyperliquid.xyz/join/Concept211) gives you a 4% discount on those fees for life. Read our [referral program guide](/guides/getting-started/hyperliquid-referral-program-guide) to learn how the discount stacks with HYPE staking for up to 44% off. ### Self-Custody by Default Your funds on Hyperliquid are controlled by your wallet keys. There is no account registration, no KYC, and no company holding your deposits. Connect your wallet to **[app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211)**, deposit, and trade. If you want to leave, withdraw your USDC back to Arbitrum at any time — no approval needed, no withdrawal hold, no explanation required. ### Up to 150x Leverage Hyperliquid offers leverage up to 150x on major pairs like BTC and ETH, with lower maximums on smaller-cap assets. This is comparable to Binance and Bybit, and significantly higher than most DEXs. Learn more about leverage and risk management in our [trading guide](/guides/getting-started/how-to-trade-on-hyperliquid). ### No MEV, No Front-Running As mentioned above, HyperBFT's fast block times and validator-controlled ordering mean your orders are not vulnerable to MEV attacks. On Ethereum, sandwich bots routinely extract value from DEX traders by front-running their swaps. On Hyperliquid, this is not a practical concern. --- ## Self-Custody: How Your Funds Are Secured Understanding the custody model is essential, especially if you are coming from a centralized exchange. Self-custody was a deliberate design choice baked in from the start — [the team that created Hyperliquid](/ecosystem/who-created-hyperliquid) built it in the aftermath of FTX, specifically so no company could ever hold or freeze user funds. Here is how it works on Hyperliquid. ### The Bridge Deposit Model Hyperliquid runs its own Layer 1 blockchain, separate from Ethereum and Arbitrum. When you deposit, your USDC travels through a **[bridge](/guides/getting-started/bridge-to-hyperliquid)** from Arbitrum to the Hyperliquid L1. This bridge is a smart contract on Arbitrum that locks your USDC and credits your balance on the Hyperliquid chain. Your funds are secured by: 1. **Your wallet keys** — only you can initiate deposits, trades, and withdrawals 2. **The bridge contract** — audited infrastructure that handles the Arbitrum-to-Hyperliquid transfer 3. **The HyperBFT validator set** — decentralized nodes that validate every transaction on the L1 4. **Staked HYPE tokens** — validators must stake [HYPE](/ecosystem/what-is-hype-token), creating economic incentives to act honestly ### How This Compares to CEX Custody | Feature | Hyperliquid (DEX) | Centralized Exchange | |---|---|---| | Fund control | Your wallet keys | Company's wallets | | KYC required | No | Yes | | Account freezing | Impossible | Can be frozen | | Withdrawal permissions | Anytime, no approval | May require approval | | Counterparty risk | None (protocol risk only) | Company solvency risk | | Insurance | No FDIC/SIPC | Varies by exchange | The trade-off is responsibility: on Hyperliquid, if you lose your wallet keys or sign a malicious transaction, there is no support team to recover your funds. Your security is your responsibility. For best practices, see our guide on [whether Hyperliquid is safe](/guides/getting-started/is-hyperliquid-safe). **Keep Custody of Your Funds** — Trade on Hyperliquid with full self-custody — no KYC, no counterparty risk. Get a 4% fee discount through our referral link. [Start Trading on Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) --- ## HyperEVM: The Smart Contract Layer Hyperliquid is not just an exchange — it is an ecosystem. In addition to the core trading L1, Hyperliquid runs **HyperEVM**, a fully EVM-compatible smart contract layer that enables DeFi applications to build on top of Hyperliquid's infrastructure. ### What HyperEVM Enables HyperEVM allows developers to deploy Solidity smart contracts that can interact with the Hyperliquid L1. This has enabled a growing ecosystem of DeFi protocols: - **[Felix Protocol](/ecosystem/felix-protocol-guide)** — stablecoin and lending protocol built on HyperEVM - **[HyperLend](/ecosystem/hyperlend-guide)** — lending and borrowing markets for Hyperliquid assets - **[Kinetiq](/ecosystem/liquid-staking-guide)** — liquid staking for HYPE tokens ### Why It Matters HyperEVM means Hyperliquid is not just competing with other DEXs — it is building a full-stack DeFi ecosystem on its own chain. You can trade [perpetuals](/guides/trading/perpetuals-explained), lend your assets, borrow against your portfolio, and earn staking yield — all within one ecosystem, all with self-custody. For a deeper dive, see our guides on [bridging to HyperEVM](/guides/getting-started/bridge-to-hyperevm) and the [Hyperliquid ecosystem overview](/ecosystem/hyperliquid-defi-ecosystem). --- ## The Bottom Line Hyperliquid is a DEX that feels like a CEX. It achieves this by running its own Layer 1 blockchain with a purpose-built consensus mechanism and an on-chain order book — not by cutting corners on decentralization. Your funds stay in your wallet, there is no KYC, and there is no company standing between you and your trades. If you have been trading on centralized exchanges and want the same experience without the custodial risk, or if you have been using AMM-based DEXs and want better execution, Hyperliquid is designed precisely for you. **Ready to get started?** - **[Hyperliquid for Dummies](/guides/getting-started/hyperliquid-for-dummies)** — The friendly, no-jargon beginner's guide - **[Deposit USDC](/guides/getting-started/deposit-usdc-to-hyperliquid)** — Fund your account in under 2 minutes - **[Buy crypto with fiat](/guides/getting-started/buy-crypto-with-fiat-on-hyperliquid)** — No existing crypto needed - **[Beginner checklist](/guides/getting-started/hyperliquid-beginner-checklist)** — Complete start-to-trade walkthrough - **[How to short on Hyperliquid](/guides/getting-started/how-to-short-on-hyperliquid)** — Open your first short position - **[Understand trading fees](/guides/fees/fees-explained)** — Know what you will pay per trade **Start Trading on Hyperliquid** — No KYC. No gas fees on trades. Self-custody by default. Get a 4% lifetime fee discount when you sign up through our referral link. [Join Hyperliquid — Save 4%](https://app.hyperliquid.xyz/join/Concept211) --- # Hyperliquid vs Drift Protocol (2026): Which Perp DEX Is Better? > Hyperliquid vs Drift Protocol compared — fees, liquidity, speed, and trading features. Find out which decentralized perpetuals exchange wins in 2026. *Source: https://hyperliquidguide.com/compare/hyperliquid-vs-drift* **Hyperliquid vs Drift** | Feature | Hyperliquid | Drift Protocol | |---------|------------|----------------| | **Chain / Network** | Hyperliquid L1 (HyperBFT) | Solana | | **Trading Fees (Taker)** | 0.045% | 0.05% | | **Trading Fees (Maker)** | 0.015% | 0.01% | | **Max Leverage** | Up to 50x | Up to 20x | | **Available Markets** | [live data]+ perps + spot | 50+ perps + spot | | **Daily Volume** | $5B+ | $200–500M | | **Custody Model** | Self-custody (non-custodial) | Self-custody (non-custodial) | | **KYC Required** | No | No | | **Gas Fees** | Zero | Solana tx fees (~$0.01) | | **Mobile App** | PWA (mobile web) | PWA (mobile web) | > **Tip:** **Why Traders Choose Hyperliquid Over Drift:** Hyperliquid offers 10x+ higher daily volume, 50x leverage (vs 20x), zero gas fees, and sub-second finality on a purpose-built L1. Drift appeals to Solana-native traders with its unique JIT liquidity mechanism and slightly lower maker fees. ## Hyperliquid vs Drift: The Complete Comparison **Hyperliquid** and **Drift Protocol** are two of the most prominent decentralized perpetual futures exchanges, but they serve different segments of the DeFi trading market. Hyperliquid has emerged as the volume leader across all DEX perps platforms, while Drift is the dominant perpetuals protocol on Solana. This guide breaks down every meaningful difference so you can decide which platform fits your trading style. > **Key takeaway:** Hyperliquid dominates on volume, liquidity, and leverage with its purpose-built L1. Drift Protocol is the top perp DEX on Solana, offering a unique hybrid CLOB + AMM + JIT liquidity system and slightly lower maker fees. For most traders, Hyperliquid's deeper liquidity and zero gas fees make it the stronger choice. ![Hyperliquid trading interface showing order book and chart](/images/compare/shared/hyperliquid-trading-interface.webp) **Trade on Hyperliquid with Lower Fees** — Sign up through our referral link and get a 4% lifetime discount on all trading fees. No KYC, no account creation required. [Start Trading - Save 4% on Fees](https://app.hyperliquid.xyz/join/Concept211) --- ## Architecture: Custom L1 vs Solana The most fundamental difference between these two platforms is the blockchain they run on and how they handle order matching. ### Hyperliquid's Custom L1 Hyperliquid runs on its own purpose-built Layer 1 blockchain using HyperBFT consensus. The entire exchange — order book, matching engine, and settlement — lives on-chain as a **central limit order book (CLOB)**. This is not a smart contract deployed on someone else's chain. The Hyperliquid team designed the blockchain from scratch specifically for high-frequency trading. The result is sub-second finality, zero gas fees, and a trading experience that feels indistinguishable from a centralized exchange. Every order, cancellation, and fill is an on-chain transaction, but users never pay gas for any of it. ### Drift's Solana Foundation Drift Protocol is a smart contract application deployed on Solana. It benefits from Solana's fast block times (~400ms) and low transaction costs (~$0.01 per transaction), but it inherits Solana's constraints as well — including occasional network congestion and the need to pay SOL for gas. What makes Drift architecturally interesting is its **hybrid liquidity model**. Instead of relying solely on a traditional order book, Drift combines three liquidity sources: 1. **DLOB (Decentralized Limit Order Book)** — traditional limit orders from users 2. **AMM (vAMM)** — a virtual automated market maker that provides backstop liquidity 3. **JIT (Just-In-Time) Liquidity** — market makers compete in a Dutch auction to fill orders at the best price within a 5-second window This triple-source approach means trades can be filled even when the order book is thin, but it also introduces complexity and can result in variable execution quality depending on which source fills your order. ### Why This Matters Hyperliquid's architecture is simpler and more predictable. You place an order, it matches against the on-chain order book, and it settles — all in one system with zero gas cost. Drift's hybrid model is innovative but adds layers of abstraction between your order and its execution. For traders who want consistent, low-latency fills with transparent pricing, Hyperliquid's unified CLOB has a structural advantage. --- ## Fee Comparison Fees tell an interesting story in this matchup. For a complete breakdown of Hyperliquid's fee tiers, staking discounts, and optimization strategies, see our [fees explained guide](/guides/fees/fees-explained). Drift has a slight edge on **maker fees** — 0.01% versus Hyperliquid's 0.015%. If you are a pure market maker running a bot that exclusively posts limit orders, Drift saves you $0.50 per $10,000 in volume on maker trades. However, Hyperliquid wins on **taker fees** — 0.045% versus 0.05%. Since most retail traders take liquidity more often than they provide it, Hyperliquid ends up cheaper for the majority of users. A $10,000 taker trade costs $4.50 on Hyperliquid versus $5.00 on Drift. The bigger differentiator is **gas fees**. Hyperliquid charges absolutely nothing for order placement, modification, or cancellation. Drift requires Solana transaction fees for every interaction. While Solana gas is cheap (~$0.01), it adds up for high-frequency strategies that place hundreds or thousands of orders per day. A trader placing 500 orders daily would pay roughly $5 in Solana gas alone — on Hyperliquid, that cost is zero. Factor in Hyperliquid's **HYPE staking discount** (up to 40% off fees) and a referral code like Concept211 for an additional 4% lifetime discount, and Hyperliquid's total cost of trading drops well below Drift's. [Get 4% Fee Discount](https://app.hyperliquid.xyz/join/Concept211) --- ## Liquidity and Volume This is where Hyperliquid pulls decisively ahead. Hyperliquid consistently processes **[live data] in daily trading volume**, making it the highest-volume decentralized perpetuals exchange by a wide margin. Drift Protocol typically handles between **$200–500 million per day** — significant for a Solana-based protocol, but roughly 10–25x less than Hyperliquid. Higher volume translates directly to better trading conditions: - **Tighter spreads** — more competition among market makers narrows the bid-ask gap - **Better fills** — large orders experience less slippage (see our [slippage explained guide](/guides/trading/slippage-explained)) - **Deeper order books** — more resting liquidity at each price level For major pairs like BTC and ETH, both platforms offer reasonable liquidity. But on mid-cap and small-cap altcoins, Hyperliquid's depth advantage becomes pronounced. A $100,000 market order on a mid-cap perp will execute with noticeably less slippage on Hyperliquid than on Drift. Drift's JIT liquidity mechanism helps compensate for lower organic volume — market makers can fill orders through the Dutch auction even when the order book is thin. This is an elegant solution, but it does not fully close the gap that comes from Hyperliquid having 10x+ the raw trading activity. > **Note:** Explore live Hyperliquid data: [Funding Rates](/tools/funding-rates) · [Open Interest](/tools/open-interest) · [Volume Rankings](/tools/volume) --- ## Trading Features ### Leverage Hyperliquid offers up to **50x leverage** on major pairs like BTC and ETH, with lower maximums on smaller assets. Drift caps leverage at **20x** across most markets. For traders who want higher leverage exposure, Hyperliquid is the only option between the two. Our [leverage trading guide](/guides/trading/leverage-trading-guide) covers risk management strategies for high-leverage positions. ### Order Types Both platforms support standard order types: market, limit, stop-market, stop-limit, and take-profit/stop-loss. Hyperliquid adds several advanced options that Drift does not offer: - **Scaling Orders** — distribute multiple limit orders across a price range automatically - **TWAP Orders** — execute large positions over time to minimize market impact - **Advanced TP/SL** — attach complex conditional exits to positions For a full walkthrough of these, see our [order types guide](/guides/trading/order-types-guide). Drift has its own unique feature in **JIT auctions**, where market makers compete to fill your order at the best price within a short window. This can result in better-than-expected fills, though the outcome depends on market maker participation at that moment. ### Markets and Pairs Hyperliquid lists **[live data] perpetual pairs** and continues to add new markets regularly through its permissionless listing system. Drift offers approximately **50+ perpetual markets**, primarily focused on Solana ecosystem tokens and major crypto assets. Both platforms offer [spot trading](/guides/trading/spot-trading-guide), though their markets differ. Hyperliquid's spot market covers a broader range of assets, while Drift's spot integrates with Solana's DeFi ecosystem for swaps and yield opportunities. ### Vaults Both platforms offer vault products. Hyperliquid's [vaults system](/ecosystem/hyperliquid-vaults-guide) lets users deposit into strategy vaults managed by third-party traders. Drift has a similar concept with its insurance fund vaults and protocol-owned liquidity vaults. On Hyperliquid, the vault ecosystem is more mature, with a wider range of strategies and higher TVL. **Access 50x Leverage with Zero Gas Fees** — Hyperliquid gives you CEX-level speed with DeFi-level self-custody. Sign up with our referral link for 4% off all trading fees. [Try Hyperliquid Now](https://app.hyperliquid.xyz/join/Concept211) --- ## User Experience ### Onboarding Hyperliquid's onboarding is straightforward: connect an EVM wallet like [MetaMask](/guides/getting-started/connect-metamask-to-hyperliquid) or [Rabby](/guides/getting-started/connect-rabby-to-hyperliquid), [deposit USDC](/guides/getting-started/deposit-usdc-to-hyperliquid), and start trading on **[app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211)**. No email, no account creation, no KYC. The process takes under 5 minutes. Drift requires a Solana wallet (Phantom, Solflare, or Backpack) and SOL for gas. If you are coming from the EVM ecosystem, this means setting up a new wallet type and bridging assets to Solana. For Solana-native users, onboarding is equally smooth — connect your wallet and deposit USDC. ### Interface Both platforms offer clean, professional trading interfaces. Hyperliquid's UI is minimalist and information-dense, with a layout that draws favorable comparisons to centralized exchanges like Binance. Everything loads fast, order placement is snappy, and the charting is powered by [TradingView](https://www.tradingview.com/?aff_id=168295&source=HyperliquidGuide). Drift's interface is also well-designed, with a Solana-native aesthetic. It includes integrated swap functionality, a portfolio overview, and access to Drift's lending/borrowing features alongside trading. Drift arguably packs more DeFi functionality into its interface, while Hyperliquid keeps the focus tightly on trading execution. ### Mobile Experience Both platforms work as progressive web apps (PWAs) on mobile browsers. Neither has a native mobile app as of early 2026. Hyperliquid's mobile experience is polished — see our [mobile trading guide](/guides/getting-started/hyperliquid-mobile-guide) for setup tips. Drift's mobile web experience is functional but can feel slower during periods of Solana network congestion. --- ## Ecosystem and DeFi Integration ### Hyperliquid Ecosystem Hyperliquid has expanded beyond just a perps exchange into a full [DeFi ecosystem](/ecosystem/hyperliquid-defi-ecosystem). HyperEVM enables smart contracts on the Hyperliquid L1, powering protocols like [Felix](/ecosystem/felix-protocol-guide) (lending/stablecoin), [HyperLend](/ecosystem/hyperlend-guide) (lending/borrowing), and [Kinetiq](/ecosystem/liquid-staking-guide) (liquid staking). The [HYPE token](/ecosystem/what-is-hype-token) functions as both a staking asset and a fee discount mechanism. ### Drift's Solana Integration Drift benefits from the broader Solana DeFi ecosystem. It integrates with Jupiter for swaps, offers its own lending/borrowing markets, and has an insurance fund where users can earn yield. Drift's position within Solana means it can tap into Solana's liquidity and user base, but it also means it competes with other Solana perps protocols for attention and volume. Drift's DRIFT token is used for governance and can be staked, but it does not offer direct trading fee discounts the way HYPE staking does on Hyperliquid. --- ## Head-to-Head Summary --- ## The Verdict **Hyperliquid wins on volume, liquidity, leverage, and total cost of trading.** Its custom L1 delivers zero gas fees, sub-second finality, and the deepest order books in decentralized perps. With 50x leverage, advanced order types (TWAP, scaling orders), and a growing ecosystem of DeFi protocols on HyperEVM, Hyperliquid is the more complete trading platform. **Drift Protocol is the best perps DEX on Solana.** Its innovative JIT liquidity mechanism, slightly lower maker fees (0.01% vs 0.015%), and integrated lending/borrowing make it an attractive option for Solana-native traders. If your portfolio and wallet are already on Solana, Drift removes the friction of bridging to another chain. For most traders — especially those who prioritize deep liquidity, high leverage, and the lowest total trading costs — **Hyperliquid is the stronger platform in 2026**. The 10x+ volume advantage is not a small gap. It means better fills, tighter spreads, and more reliable execution on every trade. > **Key takeaway:** Hyperliquid beats Drift on taker fees (0.045% vs 0.05%), leverage (50x vs 20x), market selection (200+ vs 50+ pairs), and daily volume ($5B+ vs $200–500M). Drift's advantages are a lower maker fee (0.01% vs 0.015%), built-in lending/borrowing, and Solana-native convenience. For active traders who care about liquidity and execution quality, Hyperliquid is the clear choice. For Solana-native users who want an all-in-one DeFi trading platform without leaving the Solana ecosystem, Drift is a solid option. ### Who Should Use Each Platform - **Choose Hyperliquid if** you want the deepest liquidity, 50x leverage, zero gas fees, advanced order types, and the lowest total trading costs. Best for active traders at any level who prioritize execution quality. - **Choose Drift if** you are a Solana-native user who values staying within the Solana ecosystem, want integrated lending/borrowing alongside trading, or primarily trade with maker orders to benefit from Drift's lower maker fee. **Bottom line:** Hyperliquid outperforms Drift on liquidity, leverage, market breadth, and total cost for taker-heavy strategies. Drift's edge is Solana integration, JIT liquidity innovation, and lower maker fees. For more DEX comparisons, see [Hyperliquid vs dYdX](/compare/hyperliquid-vs-dydx), [Hyperliquid vs GMX](/compare/hyperliquid-vs-gmx), and [Hyperliquid vs AsterDEX](/compare/hyperliquid-vs-asterdex). For CEX matchups, check our [Hyperliquid vs Binance](/compare/hyperliquid-vs-binance) and [Hyperliquid vs Bybit](/compare/hyperliquid-vs-bybit) comparisons. **Ready to Try Hyperliquid?** — Join with our referral link and save 4% on every trade. No KYC, no account creation — just connect your wallet and go. [Start Trading on Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) --- # How to Buy Crypto With Fiat on Hyperliquid (Credit Card & Bank Transfer) > Buy crypto directly on Hyperliquid using credit card or bank transfer. No existing crypto needed — deposit fiat and start trading in minutes via the new onramp. *Source: https://hyperliquidguide.com/guides/getting-started/buy-crypto-with-fiat-on-hyperliquid* One of the biggest barriers to trading on decentralized exchanges has always been the same question: **how do I get my money in?** Until now, depositing to [Hyperliquid](/guides/getting-started/how-to-trade-on-hyperliquid) required you to already own crypto — typically USDC on Arbitrum — which meant buying on a centralized exchange first, then bridging or withdrawing. That changes now. Hyperliquid has launched **native fiat onramping**, powered by [swapped.com](https://swapped.com). You can deposit directly using a **credit card** or **bank transfer** — no existing crypto required. Just select "Fiat" in the deposit modal on **[app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211)** and follow the checkout flow. ![swapped.com homepage — fiat onramp provider for Hyperliquid](/images/getting-started/buy-crypto-with-fiat-on-hyperliquid/swapped-homepage.webp) > **Note:** Fiat onramping is currently in its initial testing phase. Availability varies by geography and payment method. Hyperliquid plans to add offramps, additional payment methods, and support for other onchain assets in the future. --- ## Why This Is a Big Deal Before fiat onramping, getting money into Hyperliquid looked like this: 1. Sign up for a centralized exchange (Coinbase, Binance, Kraken) 2. Complete KYC verification (often takes days) 3. Buy USDC 4. Withdraw USDC to an Arbitrum wallet 5. [Deposit USDC to Hyperliquid](/guides/getting-started/deposit-usdc-to-hyperliquid) That's a 5-step process that assumes you already understand wallets, networks, and bridging. For someone new to crypto, it's overwhelming. Now the process is: 1. Connect a wallet to Hyperliquid 2. Click Deposit → select Fiat 3. Pay with your credit card or bank account **Three steps. No crypto prerequisite.** This makes Hyperliquid accessible to anyone with a bank account — not just existing crypto users. > **Key takeaway:** Hyperliquid's fiat onramp removes the biggest barrier to entry for new traders. You can go from zero crypto to live trading in minutes using a credit card or bank transfer. **Start Trading With Fiat** — No crypto needed. Deposit with credit card or bank transfer and get a 4% lifetime fee discount. [Open Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) --- ## How to Buy Crypto With Fiat on Hyperliquid --- # S&P 500 Perpetual on Hyperliquid - The World's Most-Tracked Index Goes On-Chain > S&P Dow Jones Indices and trade.xyz launch the first official S&P 500 perpetual contract on Hyperliquid. Trade the S&P 500 24/7/365 with no KYC, instant settlement, and up to 50x leverage. *Source: https://hyperliquidguide.com/ecosystem/sp500-perpetual-hyperliquid* ## The S&P 500 Just Went On-Chain For 69 years, the S&P 500 has been the defining benchmark of global finance. The index that tracks 500 of the largest US companies. The number that scrolls across every financial terminal. The reference point against which portfolios worldwide are measured. Until today, access to that benchmark was shaped by market hours, intermediaries, and geography. CME futures have maintenance windows. ETFs like SPY trade only during stock market hours. Options expire on schedules dictated by legacy infrastructure. On March 18, 2026, that changed. **S&P Dow Jones Indices** — the steward of the index since 1957 — officially licensed the S&P 500 for a perpetual contract on **[trade.xyz](https://trade.xyz)**, deployed on Hyperliquid via [HIP-3 builder codes](/ecosystem/hip-3-builder-codes). The ticker is **SP500**. It trades 24/7/365. > **Key takeaway:** S&P Dow Jones Indices has officially licensed the S&P 500 for a perpetual contract on Hyperliquid — the first time the world's most-tracked stock index has been brought on-chain. The SP500 perp trades 24/7/365 on trade.xyz with up to 50x leverage and instant USDC settlement. ![trade.xyz — S&P 500 perpetual futures trading on Hyperliquid](/images/ecosystem/shared/tradexyz-sp500.webp) --- ## Why This Matters This is not just another market listing. This is the owner of the S&P 500 — the entity that defines how the index is calculated, maintained, and licensed — choosing to bring it to a decentralized perpetual exchange. ### Institutional Legitimacy SPDJI does not license casually. Their index data underpins trillions of dollars in ETFs, mutual funds, and derivatives. The decision to license for a crypto-native perpetual contract on Hyperliquid signals something significant: **on-chain trading infrastructure has reached the credibility threshold for traditional finance's most important benchmarks**. The Wall Street Journal covered the launch. This is not crypto talking to itself. This is traditional finance recognizing that 24/7 on-chain markets are a legitimate venue for their flagship products. ### The Bloomberg Precedent This follows the same trajectory that made [Hyperliquid a reference venue for traditional assets](/ecosystem/hyperliquid-traditional-markets). When Bloomberg needed an oil price during a Sunday geopolitical crisis in early 2026, they found one on Hyperliquid — not on a futures desk or a bank trading floor. The CL perp on trade.xyz was the only liquid market open. The S&P 500 perp takes this further. Bloomberg referencing Hyperliquid for oil was organic and unplanned. SPDJI licensing for a perp is **deliberate and strategic**. The institutions are not just noticing on-chain markets — they are building for them. --- ## What You Get with the SP500 Perp The SP500 perpetual contract on trade.xyz offers capabilities that traditional S&P 500 products cannot match. | Feature | SP500 Perp (trade.xyz) | SPY (ETF) | ES Futures (CME) | |---------|----------------------|-----------|-------------------| | **Trading hours** | 24/7/365 | Mon-Fri, 9:30-4:00 ET | ~23h/day, maintenance gaps | | **Max leverage** | 50x | 2-4x (margin account) | ~20x | | **KYC required** | No | Yes | Yes | | **Settlement** | Instant (USDC) | T+1 | Daily mark-to-market | | **Minimum size** | A few dollars | 1 share (~$530) | 1 contract (~$330K notional) | | **Custody** | Self-custody (your wallet) | Broker holds shares | Clearing house | | **Weekend trading** | Yes | No | No | > **Note:** The SP500 perp gives you price exposure to the S&P 500 index — it is not an ETF share or a CME futures contract. You do not receive dividends or own underlying shares. The contract tracks the official S&P 500 index value using SPDJI-licensed oracle data. For a detailed comparison of equity perps vs. stock ownership, see our [equity perps guide](/guides/trading/equity-perps-guide). ### Key Specs - **Ticker**: SP500 (on trade.xyz) - **Max leverage**: 50x - **Margin**: Isolated only (USDC) - **Fees**: 0.03% maker / 0.09% taker (Growth Mode enabled — fees may be significantly lower) - **Oracle**: Official SPDJI-licensed index data - **Access**: [app.trade.xyz](https://app.trade.xyz) *Fee figures are Hyperliquid's published [HIP-3 builder-market fee schedule](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees). Live rates shown on each market page are measured from the Hyperliquid API.* **Trade the S&P 500 On-Chain** — The world's most-tracked index, now 24/7 on Hyperliquid. Get a 4% lifetime fee discount on every trade. [Start Trading - Save 4%](https://app.hyperliquid.xyz/join/Concept211) --- ## How to Trade the S&P 500 Perp If you already have USDC on Hyperliquid, you can trade the SP500 perp in under a minute. For detailed setup instructions, see our [beginner's guide to trading stocks on Hyperliquid](/guides/trading/how-to-trade-stocks-on-hyperliquid), [deposit guide](/guides/getting-started/deposit-usdc-to-hyperliquid), and [order types guide](/guides/trading/order-types-guide). Access trade.xyz at [app.trade.xyz](https://app.trade.xyz) using the same wallet connected to **[app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211)**. > **Warning:** The S&P 500 can move sharply on economic data releases (CPI, jobs reports, Fed decisions), earnings season, and geopolitical events. During US market hours, price discovery is driven by NYSE/Nasdaq volume. During off-hours, the trade.xyz perp becomes a primary venue — liquidity may differ. Size your positions accordingly and use [stop-losses](/guides/trading/leverage-trading-guide). --- ## The Bigger Picture: Traditional Finance Meets DeFi The S&P 500 perp is the latest — and most significant — milestone in Hyperliquid's evolution from a crypto-native perp exchange to a **universal trading venue**. ### The Timeline The path here was rapid: - **October 2025** — [HIP-3](/ecosystem/hip-3-builder-codes) launches, enabling builder-deployed perps on HyperCore - **Late 2025** — trade.xyz deploys [commodity perps](/guides/trading/commodities-trading-guide) (SILVER, GOLD, CL). SILVER hits $662M daily volume - **Early 2026** — Bloomberg references Hyperliquid for oil pricing during a geopolitical crisis - **March 2026** — [Equity perps](/guides/trading/equity-perps-guide) and the XYZ100 index reach $356M daily volume - **March 18, 2026** — SPDJI licenses the S&P 500 for an official perp on trade.xyz - **May 2026** — Equity lineup expands to 40+ tickers (Korean stocks, country ETFs, biotech), JP225 and KR200 launch as sister indices, and [FX perpetuals (EUR, JPY, KRW, DXY)](/ecosystem/hyperliquid-fx-perpetuals) bring the fourth asset class to trade.xyz Each step built credibility. Commodity volume proved demand. The Bloomberg moment proved institutional relevance. Now SPDJI licensing proves **institutional trust**. ### What Comes Next The S&P 500 is the anchor. If the world's most important index is on-chain, the question shifts from "will traditional assets trade on crypto infrastructure?" to "which assets are next?" trade.xyz operates 94 active markets spanning equities, commodities, forex, and indices as of August 14, 2026 (per the Hyperliquid API). The [SpaceX perpetual (SPCX)](/ecosystem/trade-spacex-pre-ipo-hyperliquid) extends the same approach from pre-IPO price discovery into newly listed large caps. What gets deployed next is up to trade.xyz and other HIP-3 deployers, and this site has no roadmap for it. For traders, the practical implication is a widening range of assets accessible from one margin account, 24/7, with self-custody. For [after-hours traders](/guides/trading/after-hours-trading-guide), the S&P 500 perp adds a major index to the weekend toolkit. > **Key takeaway:** The S&P 500 perpetual on Hyperliquid is not just a new trading product — it is a signal that traditional finance's most important benchmarks are moving on-chain. When the owner of the index itself chooses to license for a crypto-native perp, the convergence between DeFi and traditional finance is no longer theoretical. **Be Part of the Shift** — The S&P 500 is on-chain. Trade the world's most-tracked index 24/7 on Hyperliquid via trade.xyz. Get a 4% lifetime fee discount. [Join Hyperliquid - Save 4%](https://app.hyperliquid.xyz/join/Concept211) --- # Hyperliquid vs AsterDEX (2026): Fees, Architecture, and Which DEX Wins > Hyperliquid vs AsterDEX compared: custom L1 vs multi-chain, fee structures, leverage, hidden orders, and tokenized stocks. Full head-to-head breakdown. *Source: https://hyperliquidguide.com/compare/hyperliquid-vs-asterdex* **Hyperliquid vs AsterDEX** | Feature | Hyperliquid | AsterDEX | |---------|------------|----------| | **Perp Taker Fee** | 0.045% | 0.035% (Pro) / 0.08% (Simple) | | **Perp Maker Fee** | 0.015% | 0.01% (Pro) / 0.08% (Simple) | | **Max Leverage** | Up to 50x | Up to 1001x | | **Available Markets** | [live data]+ perps + spot | 45+ symbols | | **Chain / Network** | Hyperliquid L1 (custom) | Multi-chain (BNB, Arbitrum, etc.) | | **KYC Required** | No | No | | **Gas Fees** | Zero | Network gas (BNB/Arbitrum) | | **Hidden Orders** | No | Yes (Pro Mode) | > **Tip:** **Why This Comparison Matters:** Hyperliquid and AsterDEX take opposite architectural approaches to decentralized trading. Hyperliquid built a custom L1 for maximum throughput. AsterDEX went multi-chain for maximum accessibility. Your choice depends on whether you prioritize execution speed and deep liquidity or cross-chain flexibility and niche features like 1001x leverage. ![Hyperliquid trading interface showing HYPE/USDC chart with order book](/images/compare/shared/hyperliquid-trading-interface.webp) ![AsterDEX homepage — Decentralized perpetual contracts, trade cross-chain](/images/compare/shared/asterdex-trading-interface.webp) ## Hyperliquid vs AsterDEX: Two Visions for On-Chain Trading The decentralized perpetuals landscape has matured rapidly. While Hyperliquid has established itself as the volume leader with its purpose-built Layer 1 blockchain, AsterDEX (formerly SynFutures) has carved out a niche with multi-chain deployment, hidden order functionality, and extreme leverage options. Both platforms let you trade perpetual futures without KYC, but they differ significantly in architecture, fees, and trading philosophy. Hyperliquid processes over [live data] in daily volume across [live data] perpetual pairs, making it the dominant decentralized exchange by throughput. AsterDEX counters with unique features like dark pool orders and 1001x leverage that appeal to specific trader profiles. This guide breaks down every meaningful difference so you can pick the right platform. > **Key takeaway:** Hyperliquid's custom L1 delivers deeper liquidity, faster execution, and a broader ecosystem. AsterDEX differentiates with hidden orders, 1001x leverage, and multi-chain accessibility — but trails significantly in volume and market depth. **Trade on Hyperliquid with Lower Fees** — Sign up through our referral link and get a 4% lifetime discount on all trading fees. No KYC, no account creation — just connect your wallet. [Start Trading — Save 4% on Fees](https://app.hyperliquid.xyz/join/Concept211) ## Architecture: Custom L1 vs Multi-Chain Deployment The fundamental architectural difference between these platforms shapes everything — from execution speed to fee structure to the overall trading experience. ### Hyperliquid's Approach Hyperliquid runs on a purpose-built Layer 1 blockchain with its own consensus mechanism (HyperBFT). The entire order book — every bid, ask, match, and settlement — lives on-chain through a fully on-chain **central limit order book (CLOB)**. This is not an EVM fork or a repurposed chain. The team designed HyperBFT specifically for high-frequency trading, achieving over 200,000 operations per second with sub-second finality. The result is zero gas fees on every operation. Order placements, cancellations, modifications, and settlements cost nothing. Beyond spot and perps, Hyperliquid's [HyperEVM ecosystem](/ecosystem/hyperevm-ecosystem-map) enables DeFi protocols to build directly on the same chain — lending, staking, and yield products all live alongside the exchange. ### AsterDEX's Approach AsterDEX takes the opposite approach: deploy across multiple existing chains rather than building one from scratch. The platform operates on BNB Chain (where roughly 78% of its TVL sits), Arbitrum, Ethereum, Solana, Base, zkSync, and Scroll. This multi-chain strategy maximizes accessibility — traders can use whichever chain they already have funds on. AsterDEX offers two distinct trading modes: - **Simple Mode** — AMM-based execution with up to 1001x leverage. Quick and straightforward but with higher fees (0.08% per entry and exit). - **Pro Mode** — A fully on-chain CLOB with hidden orders (dark pool functionality). Lower fees (0.01% maker / 0.035% taker) and more sophisticated execution. AsterDEX has also announced plans for "Aster Chain," a dedicated L1 with zero-knowledge infrastructure for enhanced privacy. Until that launches, the platform remains dependent on the performance characteristics of its host chains. > **Note:** **Researching AsterDEX in depth?** [Asterpedia](https://asterpedia.com) is our dedicated AsterDEX knowledge base — full guides on Simple vs Pro mode, the ASTER token, hidden orders, fee tiers, and getting started across BNB Chain, Arbitrum, and Solana. ### Why This Matters Hyperliquid's unified architecture means consistent performance, zero gas fees, and a single deep liquidity pool. AsterDEX's multi-chain approach fragments liquidity across seven networks and subjects traders to the gas fees and block times of each underlying chain. For traders who prioritize execution quality and depth, Hyperliquid's design is structurally superior. For traders who want to trade from any chain without bridging, AsterDEX offers more flexibility. --- ## Fee Comparison Fees are complex here because AsterDEX charges differently depending on which trading mode you use. The fee picture is nuanced. AsterDEX Pro mode technically offers lower base maker and taker fees for perpetuals (0.01% / 0.035%) compared to Hyperliquid (0.015% / 0.045%). However, there are critical caveats: 1. **Gas fees eliminate the gap.** Hyperliquid charges zero gas on every operation. On AsterDEX, you pay BNB Chain or Arbitrum gas on every trade, order placement, and cancellation. For active traders placing dozens of orders per day, gas costs on AsterDEX can easily exceed the nominal fee savings. 2. **Simple Mode is expensive.** If you use AsterDEX's Simple Mode (required for 1001x leverage), fees jump to 0.08% per entry *and* exit — effectively 0.16% round-trip. That is over 3.5x more than Hyperliquid's round-trip cost of 0.045% taker. 3. **HYPE staking compounds the advantage.** Hyperliquid's [HYPE token](/ecosystem/what-is-hype-token) staking tiers offer up to 40% fee discounts, which stack with the 4% referral discount. A Diamond-tier trader on Hyperliquid pays substantially less than the base rate. For a $10,000 taker trade in Pro Mode: AsterDEX costs $3.50 in fees plus ~$0.15-0.50 gas, totaling roughly **$3.65-$4.00**. Hyperliquid costs **$4.50** with zero gas. AsterDEX Pro is marginally cheaper per trade at base tier — but once you factor in HYPE staking discounts and the zero-gas advantage on high-frequency strategies, Hyperliquid often comes out ahead for active traders. Using referral code Concept211 on Hyperliquid reduces fees by another 4% from day one. [Claim Your 4% Discount](https://app.hyperliquid.xyz/join/Concept211) For a complete breakdown of Hyperliquid's fee tiers, staking discounts, and optimization strategies, see our [fees explained guide](/guides/fees/fees-explained). --- ## Leverage: 50x vs 1001x This is the most eye-catching difference between the platforms. **AsterDEX** offers up to 1001x leverage on selected pairs through its Simple Mode. While the marketing appeal is obvious, 1001x leverage means a mere 0.1% adverse price movement liquidates your entire position. At that level, even normal market microstructure noise can trigger liquidation. Most professional traders view extreme leverage as a marketing gimmick rather than a practical tool. **Hyperliquid** caps leverage at 50x on major pairs like BTC and ETH, with lower maximums on smaller-cap assets. This is in line with what [professional traders actually use](/guides/trading/order-types-guide) and reflects a more conservative approach to risk management. > **Warning:** **A word on 1001x leverage:** While it may sound attractive, positions at 1001x leverage are liquidated by a price move of just 0.1%. In practice, this makes it closer to a binary bet than a trading position. Hyperliquid's 50x maximum is more than sufficient for virtually all trading strategies. --- ## Hidden Orders and Dark Pool Trading One of AsterDEX's genuinely innovative features is hidden order support in Pro Mode. Hidden orders conceal your order details from other market participants until execution. This prevents: - **Front-running** — MEV bots cannot see and jump ahead of your large orders - **Sandwich attacks** — no one can exploit your pending trades - **Information leakage** — your trading intentions stay private This is real dark pool functionality on-chain, and it matters for large traders who need to execute sizable positions without moving the market against themselves. Hyperliquid does not currently offer hidden orders. However, its custom L1 architecture mitigates many MEV concerns by design — validators run the matching engine directly, and the single-chain architecture reduces the attack surface for front-running compared to multi-chain deployments. Hyperliquid's approach to large order execution includes [TWAP orders](/guides/trading/order-types-guide) and scaling orders, which let traders distribute large positions across time and price levels to minimize market impact. --- ## Markets: Breadth vs Niche Features ### Hyperliquid Markets Hyperliquid lists **[live data] perpetual pairs** alongside a growing spot market. New tokens are listed regularly through a permissionless mechanism. Beyond native crypto perps, Hyperliquid supports U.S. equities, commodities, and forex through [HIP-3 builder markets](/ecosystem/hip-3-builder-codes) on trade.xyz — including NVDA, TSLA, and AAPL, plus commodities like gold and crude oil. Those are perpetual futures rather than tokenized shares. For actual share-backed tokens, [xStocks listed ten spot equity tokens on HyperCore](/ecosystem/xstocks-tokenized-stocks-hyperliquid) in August 2026, though none of them have traded yet. The platform also features [spot trading](/guides/trading/spot-trading-guide) with native token launches through its HIP-1 and HIP-2 standards. ### AsterDEX Markets AsterDEX lists 45+ symbols covering crypto perpetuals, tokenized U.S. stocks, and forex pairs. The platform has accumulated $1.07 trillion in total historical volume across 2.90 million users. While the market count is smaller than Hyperliquid's, AsterDEX's inclusion of forex alongside crypto and stocks creates a diversified product offering within a single interface. AsterDEX also supports yield-bearing collateral — traders can use assets like asBNB and USDF as margin, earning yield while their collateral is posted. This is a meaningful capital efficiency feature that Hyperliquid does not yet offer directly, though similar functionality exists through [HyperEVM DeFi protocols](/ecosystem/hyperevm-ecosystem-map). --- ## Liquidity and Volume This is where Hyperliquid dominates decisively. Hyperliquid consistently processes **[live data] in daily volume**, making it the highest-volume decentralized perpetuals exchange by a significant margin. AsterDEX's liquidity is fragmented across seven different chains. While the platform reports impressive cumulative numbers ($1.07T total volume, 2.90M users), daily volumes are substantially lower than Hyperliquid's. Fragmented liquidity across BNB Chain, Arbitrum, Ethereum, Solana, Base, zkSync, and Scroll means no single deployment has the concentrated depth that Hyperliquid offers. For traders, this matters in practical terms: tighter spreads, better fills on large orders, and less slippage on Hyperliquid. You can monitor Hyperliquid's live depth through our [funding rates](/tools/funding-rates) and [open interest](/tools/open-interest) tools. **Trade Where the Liquidity Is** — Hyperliquid is the highest-volume decentralized exchange. Sign up with our referral link for a 4% lifetime fee discount. [Join Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) ## Token Economics: HYPE vs ASTER ### HYPE Token [HYPE](/ecosystem/what-is-hype-token) is the native token of the Hyperliquid L1. It serves as the staking and gas token, and — uniquely — HYPE stakers receive direct trading fee discounts of up to 40% (Diamond tier at 500K+ HYPE staked). The token was distributed primarily through a [community airdrop](/ecosystem/hype-airdrop-guide) with zero VC allocation. This gives HYPE a direct, tangible value proposition: stake more, pay less on every trade. ### ASTER Token ASTER has a total supply of 8 billion tokens. The distribution is heavily community-oriented: 53.5% allocated to airdrops and 30% to the ecosystem. At TGE, 704 million tokens were unlocked. ASTER is used for governance and staking within the AsterDEX ecosystem, though it does not offer the same direct fee discount mechanism that HYPE provides. Both tokens reward early users and active participants, but HYPE's fee discount utility gives it a more immediate and quantifiable benefit for traders. --- ## User Experience and Onboarding ### Getting Started on Hyperliquid Onboarding on Hyperliquid takes under five minutes: connect any EVM wallet, deposit USDC via the Arbitrum bridge, and [start trading](/guides/getting-started/how-to-trade-on-hyperliquid). No email, no account creation, no KYC. The interface is minimalist and information-dense, optimized for traders who want speed and clarity. Visit **[app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211)** to get started. ### Getting Started on AsterDEX AsterDEX also requires no KYC. You connect a wallet compatible with your chosen chain (MetaMask for BNB/Arbitrum, Phantom for Solana, etc.) and begin trading. The multi-chain flexibility is an advantage if you already have funds on a supported network — no bridging required. However, switching between Simple Mode and Pro Mode can initially confuse new users, as the fee structures and available features differ significantly between them. --- ## Head-to-Head Summary ## The Verdict **Hyperliquid wins on liquidity, speed, market breadth, and ecosystem maturity.** Its custom L1 architecture delivers sub-second finality, zero gas fees, and the deepest liquidity pool in decentralized perps trading. With [live data] trading pairs, a thriving HyperEVM ecosystem, advanced order types like [TWAP and scaling orders](/guides/trading/order-types-guide), and fee discounts through HYPE staking, Hyperliquid is the more complete platform for serious traders. **AsterDEX brings genuinely innovative features to the table.** Hidden orders (dark pool) solve a real problem for large traders concerned about front-running. Multi-chain deployment eliminates bridging friction. Yield-bearing collateral improves capital efficiency. And the planned Aster Chain with zero-knowledge infrastructure could be compelling if it delivers on its privacy promises. However, AsterDEX's advantages are niche. Most traders will never use 1001x leverage (nor should they), and the multi-chain approach fragments liquidity in a way that hurts execution quality. Hyperliquid's unified architecture and massive volume advantage mean better fills, tighter spreads, and a more reliable trading experience. ### Who Should Use Each Platform - **Choose Hyperliquid if** you want the deepest liquidity, fastest execution, zero gas fees, the broadest selection of trading pairs, and an established DeFi ecosystem (HyperEVM). Best for active traders at any level — from beginners to professionals. - **Choose AsterDEX if** you specifically need hidden orders for large trades, want to trade from a chain you already hold funds on without bridging, or value yield-bearing collateral. Best for privacy-focused large traders and multi-chain DeFi users. **Bottom line:** Hyperliquid is the stronger all-around platform. AsterDEX offers niche features that matter for specific use cases, but cannot match Hyperliquid's liquidity, speed, or ecosystem depth. See also how Hyperliquid compares to other platforms in our [Hyperliquid vs Drift](/compare/hyperliquid-vs-drift), [Hyperliquid vs dYdX](/compare/hyperliquid-vs-dydx), [Hyperliquid vs Binance](/compare/hyperliquid-vs-binance), [Hyperliquid vs GMX](/compare/hyperliquid-vs-gmx), [Hyperliquid vs Lighter](/compare/hyperliquid-vs-lighter), [Hyperliquid vs Bybit](/compare/hyperliquid-vs-bybit), and [Hyperliquid vs OKX](/compare/hyperliquid-vs-okx) comparisons. **Ready to Try Hyperliquid?** — Join with our referral link and save 4% on every trade. No KYC, no account creation — just connect your wallet and go. [Start Trading on Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) --- # Hyperliquid vs Lighter (2026): Zero Fees vs Full Ecosystem — Which Wins? > Compare Hyperliquid and Lighter.xyz head-to-head: fees, architecture, liquidity, ZK-proofs vs custom L1, and which perp DEX is better for traders in 2026. *Source: https://hyperliquidguide.com/compare/hyperliquid-vs-lighter* **Hyperliquid vs Lighter** | Feature | Hyperliquid | Lighter | |---------|------------|---------| | **Trading Fees (Taker)** | 0.045% | 0% (standard) / 0.02% (HFT) | | **Trading Fees (Maker)** | 0.015% | 0% (standard) / 0.002% (HFT) | | **Max Leverage** | Up to 50x | Up to 50x | | **Available Markets** | [live data]+ perps + spot | Growing perps list | | **Custody Model** | Self-custody (non-custodial) | Self-custody (non-custodial) | | **Chain / Network** | Hyperliquid L1 (custom) | ZK-Rollup on Ethereum | | **KYC Required** | No | No | | **Gas Fees** | Zero | Zero | > **Tip:** **The Core Trade-Off:** Lighter wins on raw fee cost with zero-fee trading for standard accounts. Hyperliquid wins on everything else — deeper liquidity, spot + perps, a full DeFi ecosystem (HyperEVM), 150+ market pairs, and proven track record as the #1 perp DEX by volume. The question is whether zero fees outweigh the depth and breadth of Hyperliquid's platform. ## Hyperliquid vs Lighter: The Complete 2026 Comparison Lighter.xyz has emerged as one of the most talked-about challengers in the decentralized perpetuals space, thanks to its headline-grabbing zero-fee model and ZK-proof architecture. Meanwhile, **Hyperliquid** continues to dominate as the highest-volume perp DEX, processing over [live data] in daily volume across [live data] perpetual markets. Both platforms offer self-custody, no-KYC perpetual futures trading — but they take radically different approaches to architecture, monetization, and ecosystem building. This guide breaks down every meaningful difference so you can choose the right platform for your trading style. > **Key takeaway:** Lighter's zero-fee model is compelling for cost-sensitive traders, but Hyperliquid's deeper liquidity, full ecosystem (spot trading, HyperEVM, builder markets), and battle-tested infrastructure make it the stronger all-around platform for serious perp traders in 2026. ![Hyperliquid trading interface with charts and order entry](/images/compare/shared/hyperliquid-trading-interface.webp) ![Lighter.xyz homepage — Trade crypto with zero fees](/images/compare/shared/lighter-homepage.webp) **Trade on the #1 Perp DEX** — Sign up through our referral link and get a 4% lifetime discount on all trading fees. No KYC, no account creation — connect your wallet and trade. [Start Trading on Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) ## Architecture: Custom L1 vs ZK-Rollup The most fundamental difference between these two platforms is how they are built. Each approach comes with distinct trade-offs in speed, security, and decentralization. ### Hyperliquid's Custom L1 Hyperliquid runs on a purpose-built Layer 1 blockchain with its own consensus mechanism (HyperBFT). The entire order book — every bid, ask, match, and settlement — lives on-chain as a **central limit order book (CLOB)**. This is not a fork of another chain or a generic blockchain repurposed for trading. The team built the L1 from scratch specifically for high-throughput exchange operations. The result: sub-second finality, zero gas fees, and throughput exceeding 200,000 operations per second. The matching engine runs directly within the validator set, so there is no separation between order matching and settlement. What you see in the order book is the on-chain state. Beyond perps, Hyperliquid's L1 powers [spot trading](/guides/trading/spot-trading-guide), the HyperEVM smart contract platform, and HIP-3 builder markets — creating a full-stack financial ecosystem rather than just a single trading venue. ### Lighter's ZK-Rollup Lighter takes a fundamentally different approach. It operates as a custom ZK-Rollup settling on Ethereum L1. Every trade executed on Lighter is matched by a verifiable matching engine and proven on-chain via ZK-SNARKs. This means every order match can be cryptographically verified — you do not need to trust that the sequencer handled your order fairly, because the math proves it. Lighter's architecture includes an **escape hatch**: if the sequencer ever goes offline or acts maliciously, users can withdraw their funds directly through an on-chain proof submitted to Ethereum. This provides a censorship-resistance guarantee inherited from Ethereum's security model. The trade-off is throughput. While Lighter handles substantial volume (ranking #3 among perp DEXs), its ZK-proof generation adds computational overhead compared to Hyperliquid's native L1 execution. Lighter cannot match Hyperliquid's raw operations-per-second capacity. ### Why This Matters Hyperliquid optimizes for speed, throughput, and ecosystem breadth. Lighter optimizes for verifiability and Ethereum-aligned security. If you value a mathematically provable matching engine and Ethereum settlement guarantees, Lighter's ZK architecture is genuinely innovative. If you want the fastest execution, deepest liquidity, and a platform that goes beyond just perps, Hyperliquid's custom L1 delivers more. --- ## Fee Comparison: Zero vs Low This is where Lighter makes its strongest case. For a detailed breakdown of Hyperliquid's fee structure, staking discounts, and optimization strategies, see our [complete fees guide](/guides/fees/fees-explained). On raw numbers, Lighter wins the fee battle decisively. Zero fees for standard accounts means a $10,000 trade costs you literally nothing in execution fees. On Hyperliquid, that same trade costs $4.50 as a taker or $1.50 as a maker at base tier. However, there are important nuances: **Lighter's zero-fee sustainability is uncertain.** Lighter subsidizes fee-free trading through a partnership with Circle (the USDC issuer), reportedly generating $30-40M in annual revenue. This is a creative monetization strategy, but it depends on the continued health of that partnership. If Circle economics change, Lighter's zero-fee model may not survive. Hyperliquid's fee model is self-sustaining — the platform earns directly from trading activity. **Lighter's volume has declined significantly.** Weekly perp volumes dropped from approximately $300B in November 2025 to under $50B by February 2026. Monthly revenue fell from $24M to $13M. While still substantial, this downward trend raises questions about long-term traction despite the zero-fee hook. **Hyperliquid fees can be reduced substantially.** Using referral code Concept211 gives you a 4% lifetime discount, and [HYPE staking tiers](/ecosystem/what-is-hype-token) offer up to 40% off trading fees. A Diamond-tier staker with a referral discount pays effectively 0.024% taker — still not zero, but extremely competitive. [Get 4% Fee Discount](https://app.hyperliquid.xyz/join/Concept211) --- ## Liquidity and Volume This is where Hyperliquid's dominance is most visible. You can explore Hyperliquid's live market data on our [funding rates](/tools/funding-rates) and [open interest](/tools/open-interest) tools pages. **Hyperliquid** consistently processes **[live data] in daily volume** and holds the #1 position among all perp DEXs. Open interest regularly exceeds $3-5B, and the platform lists [live data] perpetual pairs with deep order books on majors. **Lighter** handles approximately **$3.75-4.58B in daily volume** with $1.53B in open interest, placing it as the #3 perp DEX. While respectable, this is meaningfully less than Hyperliquid's volume — and the gap has widened as Lighter's volumes have trended downward from their late-2025 peaks. Higher volume translates directly to tighter spreads, less slippage on large orders, and faster fills. For traders moving any meaningful size, Hyperliquid's liquidity advantage matters more than saving a few basis points in fees. A zero-fee trade that fills 10 bps worse due to thinner books costs you more than a 4.5 bps fee with tight execution. > **Note:** Explore live Hyperliquid data: [Funding Rates](/tools/funding-rates) · [Open Interest](/tools/open-interest) · [Volume Rankings](/tools/volume) **Deep Liquidity, Tight Spreads** — Hyperliquid is the #1 perp DEX by volume. Trade with confidence knowing you're getting the tightest spreads in DeFi. Save 4% with our referral link. [Start Trading on Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) --- ## Trading Features ### Order Types Both platforms offer standard order types: market, limit, stop-market, stop-limit, and take-profit/stop-loss. Hyperliquid extends this with advanced [order types](/guides/trading/order-types-guide) not available on Lighter: - **Scaling Orders** — distribute multiple limit orders across a price range automatically - **TWAP Orders** — execute large positions incrementally to minimize market impact - **Advanced TP/SL** — attach layered take-profit and stop-loss conditions to positions These features are critical for professional and semi-professional traders managing larger positions. See our [how to trade guide](/guides/getting-started/how-to-trade-on-hyperliquid) for a walkthrough of Hyperliquid's full trading interface. ### Leverage Both platforms offer up to **50x leverage** on major pairs like BTC and ETH, with lower maximums on smaller-cap altcoins. The leverage mechanics are comparable. ### Market Coverage Hyperliquid lists **[live data] perpetual pairs** plus spot markets, and adds new listings regularly through its permissionless listing system. Lighter's market list is growing but currently smaller. Hyperliquid's HIP-3 builder markets also open the door to commodities and equities through partner protocols — something Lighter does not offer. ### Liquidity Provider Model Both platforms take different approaches to LP infrastructure: - **Hyperliquid** operates the HLP vault and community vaults, where depositors provide market-making capital and earn trading PnL. This model runs active strategies on the order book. - **Lighter** uses separate LLP (Lighter Liquidity Provider) buckets for different asset classes — crypto, FX, and commodities — allowing LPs to choose their risk exposure. Both models are non-custodial and give LPs exposure to market-making returns, but Hyperliquid's vault system is more mature with a longer track record of performance data. --- ## Security and Trust Model ### Lighter's Verifiable Matching Lighter's most distinctive feature is its **verifiable matching engine**. Every trade match is proven via ZK-SNARKs and verified on Ethereum L1. This means you can cryptographically confirm that the matching engine processed your order correctly — no hidden order priority, no front-running at the sequencer level. The **escape hatch** mechanism adds another layer: if Lighter's sequencer fails or censors users, anyone can submit a ZK-proof to Ethereum and withdraw their funds directly from L1. This is a strong censorship-resistance guarantee that inherits Ethereum's security. ### Hyperliquid's On-Chain Transparency Hyperliquid's order book is fully on-chain, meaning every order and fill is part of the L1 blockchain state. The validator set is growing and the network is progressing toward more decentralization. While Hyperliquid does not use ZK-proofs for matching verification, the fully on-chain CLOB means the order book state is transparent and auditable. Hyperliquid does not currently have an Ethereum-equivalent escape hatch, as it runs its own sovereign L1. Users trust the Hyperliquid validator set rather than Ethereum for settlement security. ### The Trade-Off Lighter offers mathematically verifiable matching and Ethereum settlement — strong guarantees for users who prioritize provable fairness. Hyperliquid offers a fully on-chain order book on a faster, more purpose-built chain with deeper liquidity. Both are self-custody and non-custodial. For most traders, execution quality and liquidity matter more day-to-day than settlement-layer differences, but Lighter's ZK architecture is genuinely innovative for the space. --- ## Token Economics: HYPE vs LIT ### HYPE Token Hyperliquid's native [HYPE token](/ecosystem/what-is-hype-token) serves as the staking and gas token for the L1. HYPE stakers unlock trading fee discounts of up to **40%** through tiered staking levels (Wood, Silver, Gold, Platinum, Emerald, Diamond). The token was distributed primarily through a [community airdrop](/ecosystem/hype-airdrop-guide) with no VC allocation — a distribution model the community considers a significant differentiator. HYPE provides direct, tangible utility: the more you stake, the less you pay per trade. This creates a flywheel where active traders have strong incentives to hold and stake. ### LIT Token LIT launched recently with a $2.5B fully diluted valuation. The distribution allocates 50% to the ecosystem and 25% to an airdrop worth approximately $675M — the 10th largest airdrop in crypto history. LIT serves governance and ecosystem functions within Lighter. However, LIT does not currently offer direct trading fee discounts like HYPE's staking tiers. Since Lighter already charges zero fees for standard accounts, there is less room for a fee-discount utility model. LIT's value proposition centers more on governance and ecosystem participation. --- ## Ecosystem and Beyond-Trading Features This is where Hyperliquid pulls furthest ahead. Hyperliquid is not just a perp DEX — it is an entire financial ecosystem: - **Spot trading** with native order books and growing liquidity - **HyperEVM** — a full EVM-compatible smart contract layer hosting DeFi protocols like [HyperLend](/ecosystem/hyperlend-guide) (lending), [Felix](/ecosystem/felix-protocol-guide) (stablecoin), and [Kinetiq](/ecosystem/liquid-staking-guide) (liquid staking) - **HIP-3 builder markets** — enabling partner protocols to list commodities, equities, and exotic assets - **Vaults** — community-managed market-making vaults with transparent performance Lighter is focused exclusively on perpetual futures. There is no spot market, no smart contract platform, and no broader ecosystem of DeFi protocols. For traders who want a single platform for perps, spot, lending, staking, and more, Hyperliquid offers a complete stack that Lighter cannot match. --- ## User Experience and Onboarding ### Onboarding **Hyperliquid**: Connect an EVM wallet, deposit USDC, start trading. No email, no account creation, no KYC. Takes under 5 minutes. Visit **[app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211)** to get started. **Lighter**: Similar flow — connect a wallet, deposit funds, begin trading. Also no KYC. The onboarding friction is comparable on both platforms. ### Interface Both platforms offer clean, professional trading interfaces optimized for perps. Hyperliquid's UI draws frequent comparisons to centralized exchanges for its information density and execution speed. Lighter's interface is also polished and functional. ### Mobile Both platforms work through mobile web browsers as progressive web apps. Neither has a native mobile app as of March 2026. --- ## Head-to-Head Summary ## The Verdict **Lighter's zero-fee model is its killer feature — and it is a real advantage.** If you trade exclusively perps, do not need spot markets or DeFi integrations, and want to minimize execution costs to absolute zero, Lighter delivers on that promise. The ZK-proof verifiable matching engine and Ethereum escape hatch are genuinely innovative security features that give Lighter technical credibility beyond just the fee gimmick. **But Hyperliquid wins the overall comparison.** Here is why: 1. **Liquidity depth matters more than fees.** Hyperliquid's 2-3x volume advantage means tighter spreads and better fills. Saving 4.5 bps in fees means nothing if you lose 10+ bps to slippage on thinner books. 2. **Ecosystem breadth.** Hyperliquid offers spot trading, HyperEVM DeFi, builder markets, and a complete financial stack. Lighter is perps-only. 3. **Sustainability.** Hyperliquid's fee-based revenue model is self-sustaining. Lighter's zero-fee model depends on a single Circle partnership. Lighter's declining volumes (from $300B weekly to under $50B) and falling revenue ($24M to $13M monthly) raise sustainability questions. 4. **Proven track record.** Hyperliquid has operated at massive scale for longer, with a larger user base and more battle-tested infrastructure. 5. **Token utility.** HYPE staking provides direct fee discounts (up to 40%) that compound for active traders. LIT does not offer equivalent trading utility. ### Who Should Use Each Platform - **Choose Hyperliquid if** you want the deepest liquidity (#1 perp DEX), a full ecosystem (spot + perps + DeFi), proven infrastructure handling billions daily, and the ability to reduce fees through HYPE staking and referral discounts. Best for traders who value execution quality and platform breadth. - **Choose Lighter if** you are highly fee-sensitive and trade primarily perps in a self-directed style. Lighter's zero-fee model and ZK-verified matching are genuine differentiators for cost-conscious traders who prioritize Ethereum settlement guarantees. **Bottom line:** Lighter innovates on fees and verifiability, but Hyperliquid leads on liquidity, ecosystem, features, and track record. For most traders, Hyperliquid remains the stronger platform in 2026. See also how Hyperliquid compares to other competitors in our [Hyperliquid vs dYdX](/compare/hyperliquid-vs-dydx), [Hyperliquid vs Binance](/compare/hyperliquid-vs-binance), [Hyperliquid vs Bybit](/compare/hyperliquid-vs-bybit), [Hyperliquid vs AsterDEX](/compare/hyperliquid-vs-asterdex), and [Hyperliquid vs GMX](/compare/hyperliquid-vs-gmx) comparisons. **Ready to Trade on Hyperliquid?** — Join with our referral link and save 4% on every trade. No KYC, no account creation — just connect your wallet and go. [Start Trading on Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) --- # After-Hours Trading on Hyperliquid - Trade Stocks & Commodities 24/7 > Learn how to trade stocks, commodities, and indices after market hours using Hyperliquid and trade.xyz. Step-by-step guide with fees, available markets, and real examples. *Source: https://hyperliquidguide.com/guides/trading/after-hours-trading-guide* ## The Problem with Market Hours It is 2 AM on a Saturday. Breaking news moves oil prices. An earnings leak sends tech stocks trending. A macro shift puts gold in play. You open your brokerage app and see one thing: **Market Closed. Opens Monday 9:30 AM ET.** US stock markets operate just 6.5 hours per day, 5 days per week - roughly 32.5 out of 168 hours. Traditional commodity exchanges are slightly better but still shut on weekends and holidays. For traders who want to act on breaking events, this 81% downtime is not a feature. It is a structural limitation. What if you could trade NVDA at 2 AM on a Saturday? Or short oil the moment geopolitical tensions escalate on a Sunday? On Hyperliquid, you can - and as of March 2026, over **$1.3 billion in open interest** sits on real-world asset markets that never close. > **Note:** **Quick Summary** - After-hours trading on Hyperliquid via trade.xyz gives you 24/7 access to ~50 markets (equities, commodities, indices). Weekend volume has hit **$1.4B**. Fees are 0.03% maker / 0.09% taker with no after-hours surcharge. Bloomberg has already referenced Hyperliquid for off-hours price discovery. *Fee figures are Hyperliquid's published [HIP-3 builder-market fee schedule](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees). Live rates shown on each market page are measured from the Hyperliquid API.* ![trade.xyz — trade equity perps after hours](/images/trading/shared/tradexyz-homepage.webp) --- ## Traditional After-Hours Trading vs Hyperliquid If you have used extended-hours trading through a traditional broker, you know the limitations. Here is how Hyperliquid's 24/7 markets compare. | Feature | Traditional After-Hours | Hyperliquid (trade.xyz) | |---------|------------------------|------------------------| | **Hours** | 4:00–8:00 PM ET (limited) | 24/7/365 | | **Weekend access** | No | Yes | | **Spreads** | Wide, thin liquidity | Full order book depth | | **Order types** | Often limit-only | Market, limit, stop-loss, TP | | **Leverage** | Usually none | Up to 20–25x | | **Fees** | Often higher than regular hours | Same 24/7 (0.03%/0.09%) | | **Access restrictions** | Broker approval required | Any wallet, no KYC | | **Settlement** | T+1 | Instant (on-chain) | | **Assets** | Stocks only | Stocks, commodities, indices, FX | > **Key takeaway:** Traditional after-hours trading is a limited workaround - restricted hours, thin liquidity, and fewer order types. Hyperliquid's HIP-3 markets offer true 24/7 trading with full functionality, no surcharges, and broader asset coverage. The core difference is architectural. Traditional extended-hours sessions are bolted onto infrastructure designed for business hours. Hyperliquid's HyperCore was built to run continuously - and [HIP-3 builder-deployed](/ecosystem/hip-3-builder-codes) markets on trade.xyz inherit that always-on design. --- ## Available After-Hours Markets Through trade.xyz, you can access approximately 50 perpetual contract markets across three categories. All run 24/7 on Hyperliquid's HyperCore infrastructure. ### Equities (~20 tickers) [Equity perps](/guides/trading/equity-perps-guide) track major US-listed stocks via price oracles. Available tickers include: NVDA, TSLA, AAPL, MSFT, GOOGL, AMZN, META, COIN, HOOD, INTC, MSTR, PLTR, NFLX, AMD, TSM, and more. Leverage is available up to 20x on most equity perps. The highest-volume single stock is Nvidia — [24/7 NVDA trading](/markets/xyz/nvda) runs uninterrupted through earnings gaps and weekend gaps that would leave a traditional brokerage account frozen. The **XYZ100** synthetic index tracks the Nasdaq 100 and regularly exceeds $350M in daily volume. Thinner books tell you more about off-hours mechanics than the megacaps do. [How the ARM perp behaves outside cash-market hours](/markets/xyz/arm) is a useful case, because Arm's small public float widens the spread precisely when the cash market is closed. Memory is the other cluster that rewards off-hours access: [Micron's perpetual, which trades around the clock](/markets/xyz/mu), reacts to TrendForce pricing data and Asian supplier news that land long before Nasdaq opens. ### Commodities [Commodity perps](/guides/trading/commodities-trading-guide) cover precious metals, energy, and industrial metals: | Ticker | Asset | Max Leverage | |--------|-------|-------------| | SILVER | Silver | Up to 25x | | GOLD | Gold | Up to 25x | | CL | Crude Oil (WTI) | Up to 25x | | COPPER | Copper | Varies | | NATGAS | Natural Gas | Varies | | PLATINUM | Platinum | Varies | | PALLADIUM | Palladium | Varies | | BRENTOIL | Brent Crude | Varies | Silver alone generates over $660M in daily volume - making it one of the highest-volume markets in the entire Hyperliquid ecosystem. ### Indices The **XYZ100** is a synthetic index tracking the Nasdaq 100 basket. It is the single highest-volume equity product on trade.xyz with approximately $356M in daily volume (as of March 2026). The [S&P 500 perpetual](/ecosystem/sp500-perpetual-hyperliquid) (ticker: SP500) also launched in March 2026 with official licensing from S&P Dow Jones Indices — making the world's most-tracked index available for weekend and overnight trading with up to 50x leverage. --- ## How to Place Your First After-Hours Trade If you are new to Hyperliquid, this walkthrough covers everything from account setup to managing an overnight or weekend position — or see our dedicated [beginner's guide to trading stocks on Hyperliquid](/guides/trading/how-to-trade-stocks-on-hyperliquid) for an even more detailed walkthrough of the wallet-to-first-trade flow. If you already have a funded account, skip to Step 3. --- # HyperEVM Bridge - How to Bridge to HyperEVM (2026) > HyperEVM bridge guide: transfer USDC from HyperCore or bridge from any chain via Across Protocol. Step-by-step with screenshots. *Source: https://hyperliquidguide.com/guides/getting-started/bridge-to-hyperevm* > **Note:** **Quick Summary - Bridging to HyperEVM** > - Transfer funds from **HyperCore (trading) to HyperEVM (DeFi)** via the Portfolio page's "Transfer to/from EVM" feature > - Transfers process **in seconds** - both layers run on the same Hyperliquid L1, so there is no cross-chain delay > - Gas cost: **~200k gas** (~$0.01 in HYPE) per transfer > - Supports **USDC, HYPE, HFUN**, and other assets - you need a small amount of **HYPE for gas** on HyperEVM > - **Alternative**: Bridge directly to HyperEVM from **22+ chains** via Across Protocol (skips HyperCore) > - HyperEVM network: **Chain ID 999**, RPC `https://rpc.hyperliquid.xyz/evm` ## Why Bridge to HyperEVM? Hyperliquid is more than a perpetual futures exchange. Its **HyperEVM** layer turns the platform into a full DeFi ecosystem - complete with lending protocols, liquid staking, yield vaults, and automated strategies. But to access any of it, your funds need to be on HyperEVM specifically, not just on Hyperliquid's trading layer. When you [deposit USDC to Hyperliquid](/guides/getting-started/deposit-usdc-to-hyperliquid), your funds land on **HyperCore** - the native trading engine. HyperCore is where [perpetual futures](/guides/getting-started/how-to-trade-on-hyperliquid), spot markets, and the order book live. **HyperEVM** is a separate execution environment on the same chain, purpose-built for smart contracts and DeFi applications. To use protocols like [Felix](/ecosystem/felix-protocol-guide), [HyperLend](/ecosystem/hyperlend-guide), or [Kinetiq](/ecosystem/liquid-staking-guide), you need funds on HyperEVM. > **Key takeaway:** HyperCore is for trading. HyperEVM is for DeFi. Both run on the same Hyperliquid L1 blockchain, but you must explicitly transfer funds between them. This guide walks you through every bridging method available. ![Hyperliquid deposit and bridge interface](/images/getting-started/how-to-trade-on-hyperliquid/deposit-interface.webp) The good news: transferring between HyperCore and HyperEVM takes seconds and costs almost nothing. You can also bridge directly to HyperEVM from external chains using Across Protocol, skipping HyperCore entirely. **New to Hyperliquid? Start with a Fee Discount** — Apply our referral code when you first connect. You get a 4% lifetime discount on all trading fees - it cannot be added later. [Open Hyperliquid with 4% Discount](https://app.hyperliquid.xyz/join/Concept211) --- ## Method 1: Transfer from HyperCore to HyperEVM This is the most common method. If you already have funds on Hyperliquid from trading, you can move them to HyperEVM in under a minute. ### Prerequisites Before you start, make sure you have: - **USDC on HyperCore** - If you haven't deposited yet, follow our [bridge to Hyperliquid guide](/guides/getting-started/bridge-to-hyperliquid) - **A small amount of HYPE** - HyperEVM uses HYPE as its gas token ([buy HYPE](/guides/getting-started/how-to-buy-hype-token) on Hyperliquid's spot market) - **An EVM wallet** - [MetaMask](/guides/getting-started/connect-metamask-to-hyperliquid) or [Rabby](/guides/getting-started/connect-rabby-to-hyperliquid) both work ### Step-by-Step Transfer **Step 1: Open your Portfolio page.** Go to **[app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211)** and navigate to the **Portfolio** section. Your HyperCore balances are displayed here. **Step 2: Find the Transfer to/from EVM option.** In the Spot transfers section, click **Transfer to/from EVM**. This opens the internal bridge between HyperCore and HyperEVM. **Step 3: Select HyperCore → HyperEVM.** Make sure the transfer direction is set to send funds **from HyperCore to HyperEVM**. You can reverse the direction later to move funds back. **Step 4: Choose your asset and amount.** Select **USDC** from the dropdown and enter the amount you want to transfer. You can also transfer **HYPE** (needed for gas), **HFUN** tokens, or other supported assets. > **Tip:** Transfer a small amount of **HYPE** first (0.5-1 HYPE is plenty) to cover gas fees on HyperEVM. Without HYPE, you won't be able to interact with any DeFi protocols even if you have USDC on HyperEVM. **Step 5: Confirm the transfer.** Click **Transfer** and confirm in your wallet. The transaction processes on-chain within seconds. There is no bridging delay because both HyperCore and HyperEVM run on the same Hyperliquid L1 - it is an internal ledger transfer, not a cross-chain bridge. **Step 6: Verify your balance.** Your HyperEVM balance should appear almost instantly. You can check it on the Portfolio page under the EVM tab, or by adding the HyperEVM network to your wallet. | Detail | Value | | --- | --- | | **Transfer direction** | HyperCore → HyperEVM | | **Supported assets** | USDC, HYPE, HFUN, and others | | **Transfer fee** | Minimal gas (~200k gas at base price) | | **Processing time** | Seconds | | **Gas token on HyperEVM** | HYPE | > **Key takeaway:** Transferring between HyperCore and HyperEVM is **not** a cross-chain bridge - it is an internal transfer on the same L1. It completes in seconds, costs fractions of a cent, and is fully reversible. You can move funds back to HyperCore the same way. --- ## Method 2: Bridge Directly to HyperEVM from Other Chains If your funds are on Ethereum, Base, Arbitrum, Solana, or another chain, you can skip HyperCore entirely and bridge directly to HyperEVM using **Across Protocol**. ### Using Across Protocol 1. Go to [app.across.to](https://app.across.to) 2. Connect your wallet 3. Select your **source chain** (Ethereum, Base, Optimism, Arbitrum, BNB Chain, Solana, etc.) 4. Select **USDC** as the token to bridge 5. Choose **HyperEVM** as the destination - not HyperCore 6. Enter the amount and review fees (most transfers under $1,000 cost less than $1) 7. Confirm the transaction in your wallet 8. Receive USDC on HyperEVM within seconds > **Note:** When selecting the destination on Across, you will see both **HyperCore** and **HyperEVM** as options. HyperCore is for trading. HyperEVM is for DeFi. Make sure you pick the right one based on what you want to do - transferring between them later is easy but adds an extra step. This method is particularly useful if you are coming from another DeFi ecosystem and want to deploy capital directly into HyperEVM protocols like Felix or HyperLend without needing to interact with Hyperliquid's trading interface at all. ### Converting legacy USDH to USDC If you still hold **USDH** - Hyperliquid's original native stablecoin, now [sunset under AQAv2](/ecosystem/aqav2-usdc-aligned-quote-asset) - you can swap it to USDC on HyperEVM. On Across Protocol, [USDH→USDC conversions](https://across.to/?from=hyperevm&to=hypercore&inputToken=USDH&outputToken=USDC-SPOT) are **free** (1:1 ratio). All USDH-denominated markets on HyperCore have settled, so USDC is now the asset to hold. For background, see our [USDH stablecoin guide](/ecosystem/usdh-stablecoin-guide). --- ## Adding HyperEVM to Your Wallet To see your HyperEVM balance and interact with DeFi protocols, you need to add HyperEVM as a custom network in your wallet. ### HyperEVM Network Details | Setting | Value | | --- | --- | | **Network name** | HyperEVM | | **RPC URL** | `https://rpc.hyperliquid.xyz/evm` | | **Chain ID** | 999 | | **Currency symbol** | HYPE | | **Block explorer** | `https://explorer.hyperliquid.xyz` | ### Adding to MetaMask or Rabby In [MetaMask](/guides/getting-started/connect-metamask-to-hyperliquid), go to **Settings → Networks → Add Network → Add a network manually** and enter the details above. In [Rabby](/guides/getting-started/connect-rabby-to-hyperliquid), the network may already be available in the chain selector - search for "HyperEVM" or "Hyperliquid." If not, add it manually using the same RPC details. Once added, switch your wallet to the HyperEVM network to view your balances and interact with DeFi protocols. > **Warning:** Make sure you are using the official RPC URL listed above. Do not trust RPC URLs shared in Discord DMs, Telegram groups, or other unofficial sources - fake RPCs are a common phishing vector. --- ## What You Can Do on HyperEVM Once your funds are on HyperEVM, you have access to a rapidly growing DeFi ecosystem. Here are the major protocols: ### Lending and Borrowing - **[Felix Protocol](/ecosystem/felix-protocol-guide)** - Borrow USDH stablecoins against your HYPE as collateral. Felix uses a CDP (collateralized debt position) model similar to Liquity, with one-time borrowing fees instead of ongoing interest rates. - **[HyperLend](/ecosystem/hyperlend-guide)** - A lending market where you can supply USDC, HYPE, or other assets to earn interest, or borrow against your deposits. Variable rates based on supply and demand. ### Liquid Staking - **[Kinetiq](/ecosystem/liquid-staking-guide)** - Stake HYPE and receive stHYPE, a liquid staking token that earns staking yield while remaining usable as collateral across HyperEVM DeFi protocols. ### Yield Strategies - **Delta-neutral vaults** that capture funding rate yield from perpetual futures - **Automated trading vaults** running quantitative strategies - **Liquidity provision** on HyperEVM AMMs For a comprehensive breakdown of yield opportunities, see our [HyperEVM yield strategies guide](/ecosystem/hyperevm-yield-strategies). For the full ecosystem overview, read our [Hyperliquid DeFi ecosystem guide](/ecosystem/hyperliquid-defi-ecosystem), or browse every protocol by category in the [HyperEVM ecosystem map](/ecosystem/hyperevm-ecosystem-map). > **Key takeaway:** HyperEVM's DeFi ecosystem is composable with HyperCore's liquidity. Protocols like Felix can liquidate positions through the native order book, and yield strategies can tap into Hyperliquid's deep perp markets - something no other DeFi chain can offer. **Start Earning on Felix Protocol** — Borrow USDH against your HYPE - one-time fee, no ongoing interest. [Open Felix Protocol](https://www.usefelix.xyz?ref=DD467B42) --- ## Fees and Timing Bridging to HyperEVM is one of the cheapest DeFi operations you will find. Here is a complete cost breakdown: | Operation | Cost | Time | | --- | --- | --- | | **HyperCore → HyperEVM transfer** | ~$0.01 in HYPE gas | Seconds | | **HyperEVM → HyperCore transfer** | ~$0.01 in HYPE gas | Seconds | | **Across Protocol → HyperEVM** | Free to $1 (varies by route) | 2-10 seconds | | **Arbitrum → HyperCore (native bridge)** | ~$0.10-0.50 in ETH gas | 1-2 minutes | | **HyperEVM DeFi transactions** | Fractions of a cent in HYPE | Sub-second | The internal HyperCore-to-HyperEVM transfer is essentially free. Gas costs on HyperEVM itself are negligible - far cheaper than Ethereum mainnet and comparable to the cheapest L2s. --- ## Troubleshooting Common Issues ### Balance Not Showing on HyperEVM If you transferred funds but they are not visible: 1. **Check your wallet network.** Make sure your wallet is switched to the HyperEVM network (Chain ID 999), not Arbitrum or Ethereum. 2. **Add the USDC token manually.** Your wallet may not auto-detect USDC on HyperEVM. Import the token using the USDC contract address on HyperEVM (check the Hyperliquid docs or block explorer for the current address). 3. **Verify on the Portfolio page.** The Hyperliquid portfolio page shows both HyperCore and HyperEVM balances - check the EVM tab to confirm your transfer went through. 4. **Wait a moment and refresh.** While transfers are near-instant, wallet RPC calls sometimes lag by a few seconds. ### "Insufficient Gas" Errors on HyperEVM If you get gas errors when trying to interact with a DeFi protocol: - You need **HYPE** on HyperEVM to pay gas - USDC alone is not enough. - Transfer at least **0.5 HYPE** from HyperCore to HyperEVM using the same Transfer to/from EVM process. - If you do not have HYPE, buy a small amount on Hyperliquid's [spot market](/guides/getting-started/how-to-trade-on-hyperliquid) first, then transfer it. ### Transfer Stuck or Failed Internal transfers between HyperCore and HyperEVM almost never fail. If one appears stuck: 1. Refresh the Hyperliquid page and check both your HyperCore and HyperEVM balances. 2. If funds left HyperCore but have not appeared on HyperEVM, wait 30 seconds and refresh again. 3. If the issue persists, disconnect and reconnect your wallet. 4. For bridge-related issues (Across Protocol), check the transaction status on the Across app using your transaction hash. For more help with deposit issues, see our [deposit not showing troubleshooting guide](/troubleshooting/deposit-not-showing). > **Tip:** You can always move funds **back** from HyperEVM to HyperCore using the same Transfer to/from EVM feature. Just reverse the direction. This makes it easy to move between trading and DeFi as needed. --- ## Next Steps With funds on HyperEVM, you are ready to explore Hyperliquid's DeFi ecosystem: - **[HyperEVM explained](/ecosystem/hyperevm-explained)** - Deep dive into HyperEVM's architecture and how it works alongside HyperCore - **[Felix Protocol guide](/ecosystem/felix-protocol-guide)** - Borrow USDH against HYPE with one-time fees - **[HyperLend guide](/ecosystem/hyperlend-guide)** - Lend and borrow assets on Hyperliquid - **[Liquid staking guide](/ecosystem/liquid-staking-guide)** - Stake HYPE for stHYPE and earn yield - **[HyperEVM yield strategies](/ecosystem/hyperevm-yield-strategies)** - Delta-neutral vaults, funding rate arbitrage, and automated strategies - **[Hyperliquid DeFi ecosystem](/ecosystem/hyperliquid-defi-ecosystem)** - Full overview of every protocol on HyperEVM - **[Hyperliquid vaults guide](/ecosystem/hyperliquid-vaults-guide)** - HLP and community vaults for passive trading income - **[USDH stablecoin guide](/ecosystem/usdh-stablecoin-guide)** - Hyperliquid's native stablecoin and fiat on-ramp **Ready to Explore DeFi on Hyperliquid?** — Start with a 4% fee discount on all trades. Bridge funds, earn yield, and access the full Hyperliquid ecosystem. [Open Hyperliquid with 4% Discount](https://app.hyperliquid.xyz/join/Concept211) --- # Is Hyperliquid Safe? Security, Risks, and What You Need to Know (2026) > Is Hyperliquid safe to use? We break down the custody model, smart contract audits, protocol risks, and security track record. Honest assessment for 2026. *Source: https://hyperliquidguide.com/guides/getting-started/is-hyperliquid-safe* "Is Hyperliquid safe?" is the most important question any trader should ask before depositing funds into a new platform. The honest answer is nuanced: Hyperliquid has a strong security track record and a non-custodial architecture that eliminates some of the biggest risks in crypto trading - but like every DeFi protocol, it carries risks that you need to understand before committing capital. This guide breaks down every dimension of Hyperliquid's security: what protects your funds, what could go wrong, and what the protocol does and does not guarantee. No hype, no sugarcoating - just the facts you need to make an informed decision. New to the platform entirely? Pair this with our beginner-friendly [Hyperliquid for Dummies](/guides/getting-started/hyperliquid-for-dummies) walkthrough. > **Note:** **Quick Summary - Hyperliquid Security at a Glance** > - **Custody model**: Non-custodial - your funds stay under your wallet's control, not Hyperliquid's > - **Track record**: No protocol-level hacks or fund losses since launch in late 2023 > - **Cumulative volume**: Over $1 trillion processed as of March 2026 > - **Validator set**: Proof-of-stake consensus with staked [HYPE tokens](/ecosystem/what-is-hype-token) securing the network > - **Liquidation backstop**: [HLP vault](/ecosystem/hyperliquid-hlp-explained) absorbs liquidations to prevent cascading failures > - **Insurance fund**: Protocol-owned, built from liquidation proceeds - not user deposits > - **Smart contract audits**: Security reviews conducted, though comprehensive public reports are limited > - **What it does NOT insure**: Personal wallet compromises, trading losses, bridge failures outside Hyperliquid's control ![Hyperliquid trading interface — self-custody DEX](/images/compare/shared/hyperliquid-trading-interface.webp) ## Non-Custodial Architecture: What It Actually Means The single most important security feature of Hyperliquid is that it is **non-custodial**. When you [deposit USDC](/guides/getting-started/deposit-usdc-to-hyperliquid) into Hyperliquid, you are not handing your money to a company. You are bridging assets to a decentralized Layer 1 blockchain where your funds are controlled by your own wallet's private keys. This is a fundamentally different risk profile from centralized exchanges like Binance, Coinbase, or the now-defunct FTX. On a centralized exchange, you deposit funds into wallets controlled by the company. If that company is hacked, mismanages funds, becomes insolvent, or faces regulatory seizure, your deposits are at risk. The collapse of FTX in November 2022 - where over $8 billion in customer funds disappeared - is the most extreme example of custodial risk. On Hyperliquid, none of those scenarios apply. There is no central entity holding a pool of user deposits. There is no CEO who can misallocate your funds. There is no corporate bank account that regulators can freeze. When you connect your wallet to **[app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211)** and deposit, your funds move to a protocol - not a company's balance sheet. > **Key takeaway:** Non-custodial means no counterparty risk. Worth pairing with [can you lose more than you deposit](/guides/getting-started/can-you-lose-more-than-you-deposit), which covers the risk that actually empties beginner accounts. Hyperliquid cannot "lose" your funds the way FTX did, because it never takes custody of them in the traditional sense. Your wallet, your keys, your responsibility. However, non-custodial does not mean risk-free. It means the risks are different. Instead of trusting a company, you are trusting smart contracts, validators, and your own wallet security. For a deeper explanation of [how Hyperliquid works](/guides/getting-started/how-hyperliquid-works) — including its on-chain order book and HyperBFT consensus — see our architecture guide. The following sections break down each of these risk vectors honestly. --- ## Smart Contract and Protocol Audit Status Every DeFi protocol is ultimately a set of smart contracts - code that executes automatically on a blockchain. If that code has a bug, an attacker can potentially exploit it to drain funds. This is **smart contract risk**, and it is the most significant technical risk in any DeFi protocol. ### Hyperliquid's Approach to Security Hyperliquid's architecture is somewhat unusual in the DeFi landscape. Rather than deploying a set of Solidity smart contracts on Ethereum or another general-purpose chain, Hyperliquid runs its own purpose-built Layer 1 blockchain. The core matching engine, margin system, and liquidation logic are implemented as part of the chain's native execution environment - not as user-deployed smart contracts on a shared EVM. This design choice has security implications in both directions: **Advantages:** - The attack surface is narrower than protocols deployed on shared chains, because there are fewer external contract interactions to exploit - The team controls the entire stack, which allows for faster patching if vulnerabilities are discovered - There is no reliance on third-party smart contracts (like AMM pools or external oracles) that could introduce vulnerabilities The same model carries over to the phone. [The Hyperliquid Android app](/guides/getting-started/hyperliquid-mobile-app-2026) connects your existing wallet and signs the same way the web app does, so it does not introduce a separate account or a server-side custody step to worry about. What you are trusting on mobile is your own key handling, not a new piece of exchange infrastructure. **Trade-offs:** - The codebase is largely proprietary and not fully open-source, which limits the number of independent eyes reviewing it - Unlike protocols with multiple published audits from firms like Trail of Bits or OpenZeppelin, Hyperliquid has not made comprehensive third-party audit reports widely available to the public - Users are placing trust in the Hyperliquid team's internal security practices ### What We Know About Audits Hyperliquid's bridge contracts - the critical infrastructure that moves USDC between Arbitrum and the Hyperliquid L1 - have undergone security reviews. The bridge is the highest-risk component, as it is the gateway for all user deposits and withdrawals. The team has stated that security is a top priority and that the protocol undergoes ongoing security review. That said, the absence of publicly accessible, comprehensive audit reports from well-known third-party firms is a legitimate concern. Many DeFi protocols publish full audit reports as a transparency measure. Hyperliquid's approach has been more guarded, relying on its operational track record and the economic security of its validator set rather than public audit documentation. > **Key takeaway:** Hyperliquid's security model relies more on architectural design choices and operational track record than on published third-party audits. This is a trade-off that each user should evaluate based on their own risk tolerance. **Start Trading with Confidence** — Hyperliquid's non-custodial architecture means your funds stay under your control. Get a 4% lifetime fee discount when you sign up through our referral link. [Join Hyperliquid - Save 4%](https://app.hyperliquid.xyz/join/Concept211) --- ## Protocol-Level Risks: What Could Go Wrong No protocol is without risk. Here are the specific risk vectors that apply to Hyperliquid, assessed honestly. ### 1. Validator and Consensus Risk Hyperliquid runs a proof-of-stake Layer 1 blockchain with a validator set secured by staked [HYPE tokens](/ecosystem/what-is-hype-token). The security of the network depends on the economic weight and honest behavior of these validators. **The risk**: If a supermajority of validators colluded or were compromised, they could theoretically censor transactions, halt the chain, or attempt to manipulate state. In the early phases of the network, the validator set was relatively small and largely operated by the Hyperliquid team, which concentrated trust. As of March 2026, the validator set has expanded, but it remains smaller than mature networks like Ethereum. **Mitigating factors**: Validators stake significant amounts of HYPE, creating economic incentive alignment. Malicious behavior would result in slashing (loss of staked tokens), making attacks economically costly. The ongoing decentralization of the validator set continues to strengthen this security layer. ### 2. Bridge Risk The [bridge](/guides/getting-started/bridge-to-hyperliquid) between Arbitrum and Hyperliquid's L1 is the critical infrastructure that handles all deposits and withdrawals. Bridges are historically one of the highest-risk components in crypto - major bridge exploits (Wormhole, Ronin, Nomad) have resulted in billions in losses across the industry. **The risk**: A vulnerability in the bridge smart contracts could allow an attacker to mint unbacked assets on Hyperliquid or drain the bridge's USDC reserves on Arbitrum. This is a severe, existential-level risk. **Mitigating factors**: Hyperliquid's bridge is purpose-built for a single asset (USDC) on a single route (Arbitrum to Hyperliquid L1), which is a much simpler design than general-purpose bridges that support multiple assets and chains. Simpler bridges have a smaller attack surface. The bridge contracts have undergone security review, and the validator set provides an additional security layer for bridge operations. ### 3. Oracle and Price Feed Risk Perpetual futures exchanges depend on accurate price feeds (oracles) to calculate mark prices, trigger liquidations, and settle funding rates. If an oracle is manipulated, it could trigger unjust liquidations or allow market manipulation. **The risk**: Oracle manipulation could cause traders to be liquidated at artificial prices, or could allow sophisticated attackers to extract value from the protocol. **Mitigating factors**: Hyperliquid uses a combination of on-chain order book data and external price feeds, with multiple safeguards against manipulation including mark price smoothing and price band protections. The protocol's design makes it resistant to the single-source oracle attacks that have plagued AMM-based DEXs. ### 4. Liquidation Cascade Risk In extreme market volatility, a cascade of liquidations can create a feedback loop: falling prices trigger liquidations, liquidation sales push prices lower, which triggers more liquidations. This can drain protocol insurance funds and leave the system with bad debt. **The risk**: A black swan market event could overwhelm the liquidation engine and insurance fund, potentially socializing losses across remaining users. **Mitigating factors**: Hyperliquid's [HLP vault](/ecosystem/hyperliquid-hlp-explained) acts as the primary backstop for liquidations, absorbing liquidated positions and providing liquidity that reduces the chance of a cascade. Worth being precise about what HLP is: it is funded by depositors who take on its profit and loss, not a protocol-owned reserve, so its capacity to absorb losses is the capital users have put into it. The protocol also maintains an insurance fund built from liquidation proceeds. Additionally, Hyperliquid's maximum leverage is capped at 50x (lower on most assets), which limits the severity of potential cascading liquidations compared to exchanges offering 100x or higher. For a detailed explanation of how [liquidation](/guides/trading/liquidation-explained) works on Hyperliquid, including margin calculations and avoidance strategies, see our dedicated guide. --- ## The Liquidation Engine and HLP Backstop Understanding how Hyperliquid handles liquidations is key to evaluating its safety under stress. When a trader's position is liquidated, the position needs to be taken over by someone. On many exchanges, this falls to an insurance fund that can be depleted. Hyperliquid takes a different approach with the HLP (Hyperliquid Liquidity Provider) vault. **How it works:** 1. A trader's margin falls below the maintenance requirement, triggering liquidation 2. The liquidation engine closes the position at the current market price 3. The HLP vault absorbs the liquidated position as a market-making counterparty 4. If the liquidation results in a surplus (the position had remaining margin), the surplus goes to the insurance fund 5. If the liquidation results in a deficit (bad debt), the HLP vault absorbs the loss This creates a robust backstop: the HLP vault is capitalized by liquidity providers who earn trading fees and funding payments in exchange for taking on liquidation absorption risk. As of March 2026, the HLP vault holds significant capital - a buffer that would need to be entirely depleted before any socialization of losses could occur. > **Tip:** The HLP vault is not a guarantee against all losses - it is a shock absorber. In normal market conditions and even in significant volatility events, it has historically absorbed liquidations without issue. But in a truly unprecedented black swan event, no system is invulnerable. ## What Hyperliquid Does NOT Protect Against Transparency requires stating clearly what is outside Hyperliquid's security model: - **Your wallet being compromised**: If someone gains access to your private keys or seed phrase, they can withdraw your funds from Hyperliquid. The protocol cannot prevent this. See our [crypto trading security guide](/guides/getting-started/crypto-trading-security-guide) for wallet protection best practices. - **Trading losses**: Hyperliquid is a trading venue, not an investment product. Leverage trading carries inherent risk of loss, including total loss of deposited margin. No protocol feature protects you from bad trades. - **Phishing attacks**: Fake Hyperliquid websites can trick you into signing malicious transactions. Always access Hyperliquid through a saved bookmark, never through links in emails or social media. - **External bridge failures**: If you use a third-party bridge (Across, Synapse, etc.) to move funds to Arbitrum before depositing, failures in those bridges are outside Hyperliquid's control. - **Regulatory actions**: While Hyperliquid's decentralized architecture makes it resistant to direct regulatory enforcement, frontends could be restricted in certain jurisdictions. Regulators may also issue consumer warnings — for instance, [Singapore's MAS placed Hyperliquid on its Investor Alert List](/privacy/is-hyperliquid-legal-in-singapore), which flags it as not locally licensed but is not a ban. Access to the protocol itself remains permissionless. - **Token price risk**: If you hold HYPE or other tokens, their price can decline. This is market risk, not a protocol security issue. --- ## Historical Incident Record As of March 2026, Hyperliquid's security track record is strong: - **Zero protocol-level hacks** since launch in late 2023 - **Zero fund losses** attributable to smart contract bugs or bridge exploits - **No publicly reported security incident affecting user funds** since launch in late 2023 - **Continuous uptime** - the protocol has maintained high availability through multiple market volatility events, including the sharp sell-offs of 2024 and 2025 There have been isolated incidents worth noting for completeness: - **Occasional frontend downtime**: Like most web applications, the Hyperliquid frontend has experienced brief periods of degraded performance during extreme traffic spikes. The protocol itself continued operating - traders with API access could still execute orders. This is a user experience issue, not a security issue. - **Market manipulation attempts**: Individual markets on Hyperliquid have experienced attempted manipulation (pump-and-dump schemes on low-liquidity tokens, coordinated liquidation hunts). These are common across all exchanges and are a feature of adversarial markets, not a protocol vulnerability. Hyperliquid's team has responded by adjusting parameters on affected markets. It is critical to note that **past performance does not guarantee future security**. A protocol that has never been exploited can still be exploited tomorrow. The track record is evidence of competent engineering and operational practices, but it is not proof of invulnerability. > **Key takeaway:** Over two years of operation and $1 trillion in volume without a protocol-level security incident is meaningful - but it is not a guarantee. Always practice risk management: never deposit more than you can afford to lose, and diversify across platforms if you hold significant capital. ## How Hyperliquid Compares to Centralized Exchange Risk For context, here is how Hyperliquid's risk profile compares to the risks of keeping funds on a centralized exchange: | Risk Factor | Hyperliquid (DEX) | Centralized Exchange (CEX) | |---|---|---| | Counterparty / insolvency risk | None - non-custodial | High - exchange holds your funds | | Account freeze risk | None - permissionless | Possible - regulatory or compliance | | Smart contract risk | Yes - DeFi-inherent | Minimal - centralized infrastructure | | Bridge risk | Yes - Arbitrum bridge | Minimal - internal transfers | | Validator risk | Yes - PoS consensus | No - centralized servers | | Personal wallet security | Your responsibility | Exchange handles custody | | Insurance / fund recovery | Limited to insurance fund + HLP | Some exchanges offer insurance (varies) | Neither model is categorically "safer." They present different risk profiles. Self-custody eliminates counterparty risk but introduces personal responsibility for wallet security. Exchange custody removes the wallet security burden but introduces trust in a third party. For a detailed comparison, see our [Hyperliquid vs Binance](/compare/hyperliquid-vs-binance) breakdown. Understanding [Hyperliquid's fee structure](/guides/fees/fees-explained) is also part of assessing the platform holistically - lower fees mean less friction, but the security of your funds is always the first consideration. **Trade with Self-Custody** — Hyperliquid gives you CEX-level trading performance without handing your funds to a third party. Sign up with our referral code for a 4% lifetime fee discount. [Start Trading on Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) --- ## Practical Security Recommendations Based on everything above, here is what a prudent trader should do: 1. **Use a hardware wallet** ([Ledger or Trezor](/guides/getting-started/best-hardware-wallet-for-hyperliquid)) connected to MetaMask or Rabby when interacting with Hyperliquid. This is your strongest defense against wallet compromise. 2. **Never deposit more than you can afford to lose.** This applies to every DeFi protocol, no matter how strong the track record. 3. **Bookmark app.hyperliquid.xyz** and only access the platform through that bookmark. Never click links in emails, DMs, or social media claiming to be Hyperliquid. 4. **Diversify across platforms** if you hold significant capital. Do not keep all your trading funds in a single protocol. 5. **Monitor your token approvals** regularly using revoke.cash. Revoke any unused approvals. 6. **Stay informed.** Follow Hyperliquid's official channels for security updates and announcements. 7. **Read our full [crypto trading security guide](/guides/getting-started/crypto-trading-security-guide)** for comprehensive wallet, network, and operational security practices. ## The Bottom Line Is Hyperliquid safe? It is as safe as a non-custodial DeFi protocol can reasonably be in 2026. The architecture eliminates the biggest single risk in crypto trading - counterparty risk - and the protocol has a clean track record across more than two years of operation and over $1 trillion in volume. The HLP vault provides a meaningful backstop against liquidation cascades, and the proof-of-stake validator set continues to decentralize. But "safe" is relative. Smart contract risk, bridge risk, and validator risk are real. The absence of comprehensive public audit reports is a legitimate concern. And personal wallet security is entirely in your hands. The right question is not "is Hyperliquid safe?" in absolute terms. It is: "do the security trade-offs of self-custody DeFi trading align with my risk tolerance and my ability to manage my own wallet security?" For many traders, the answer is yes - and Hyperliquid is among the strongest options in that category. [Get 4% Fee Discount on Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) --- # Hyperliquid Funding Rates Explained: How They Work & How to Profit (2026) > Learn how Hyperliquid funding rates work, how they're calculated, and how to use funding rate arbitrage to profit. Complete guide with formulas, examples, and live rate tool. *Source: https://hyperliquidguide.com/guides/trading/funding-rates-explained* Funding rates are the invisible tax - or income stream - built into every perpetual contract position you hold on Hyperliquid. Whether you are paying funding or collecting it depends on your position direction and current market conditions. Understanding this mechanism is essential for any serious perp trader, because funding can quietly erode your edge over time or, if you know what you are doing, become a reliable source of yield. This guide breaks down how Hyperliquid funding rates work, how they are calculated, where to monitor them, and how to build strategies around them. > **Note:** **Quick Summary - Hyperliquid Funding Rates** > - Funding settles **every hour** (not every 8 hours like Binance/Bybit) > - Displayed rate is the predicted **8-hour rate** - divide by 8 for the hourly cost > - **Positive rate** = longs pay shorts; **negative rate** = shorts pay longs > - Funding is charged on **notional position size**, not margin - leverage amplifies the impact > - As of March 2026, max 8-hour rate is capped at **+/- 0.375%** for most assets > - Compare live rates across exchanges at [/tools/funding-rates](/tools/funding-rates) > **Key takeaway:** **Key facts about Hyperliquid funding rates:** > - Funding settles **every hour** (not every 8 hours like most exchanges) > - The displayed rate is the predicted **8-hour rate** - divide by 8 for hourly cost > - Positive rate = longs pay shorts; negative rate = shorts pay longs > - Funding is paid on your **notional position size**, not your margin > - Rates are calculated per-asset based on the premium/discount vs spot index > - You can compare live rates across exchanges using the [funding rates tool](/tools/funding-rates) ![Hyperliquid trading interface showing funding rate data](/images/compare/shared/hyperliquid-trading-interface.webp) ## What Are Funding Rates? [Perpetual contracts](/guides/trading/perpetuals-explained) have no expiry date, unlike traditional futures. That is their appeal - you can hold a leveraged position indefinitely without rolling contracts. But without an expiry, there is no natural mechanism forcing the perp price to converge with the spot price. Funding rates solve this problem. A funding rate is a periodic payment between long and short traders, calculated based on whether the perpetual price is trading at a premium or discount to the underlying spot index price. When the perp price trades above spot (bullish crowd), the funding rate turns positive: longs pay shorts. This incentivizes new shorts (and disincentivizes new longs), pushing the perp price back toward spot. When the perp trades below spot, the opposite happens - shorts pay longs. The mechanism is elegant: no central party sets rates or takes fees from funding. It is a pure peer-to-peer transfer between the long side and the short side of the market. The exchange simply calculates the rate and facilitates the settlement. > **Note:** Funding payments are not exchange fees. Hyperliquid does not take a cut of funding - the full amount transfers directly between longs and shorts. For actual trading fees, see the [fee structure guide](/guides/fees/fees-explained). --- ## How Hyperliquid Funding Rates Work Hyperliquid's funding mechanism has several characteristics that distinguish it from other perpetual exchanges. ### Hourly Settlement Most exchanges (Binance, Bybit, OKX) settle funding every 8 hours at fixed timestamps. Hyperliquid settles **every hour**, making it one of the most granular funding systems in the market. This hourly cadence means: - Funding costs and income accumulate smoothly rather than in large 8-hour chunks - You can enter and exit positions between settlement times with less funding risk - The displayed 8-hour rate is a prediction - actual hourly settlements may differ slightly as market conditions change within that window ### The Displayed Rate vs Actual Hourly Rate When you see a funding rate of **+0.0100%** on the Hyperliquid trading interface, that is the **predicted 8-hour rate**. Since funding settles hourly, each settlement is approximately one-eighth of that displayed value: ``` Hourly funding = Displayed 8-hour rate / 8 Example: 0.0100% / 8 = 0.00125% per hour ``` Over a full day (24 settlements), a consistent +0.0100% 8-hour rate translates to: ``` Daily funding = 0.0100% × 3 = 0.0300% per day Annual funding = 0.0300% × 365 = 10.95% annualized ``` That 10.95% annual rate on a leveraged position is significant - it can either work for you or against you depending on which side you are on. ### The Funding Formula Hyperliquid calculates the funding rate using a premium-based approach: **Premium = (Mark Price − Index Price) / Index Price** The mark price is the current perpetual contract price, and the index price is a time-weighted composite of the spot price across reference exchanges. The funding rate is then derived from a time-weighted average of this premium, clamped within predefined bounds to prevent extreme rates. ``` Funding Rate = clamp(Premium TWAP, -maxRate, +maxRate) ``` The clamp ensures that even during extreme market dislocations, funding rates stay within reasonable bounds. For most assets on Hyperliquid, the maximum 8-hour rate is capped at ±0.375%, though this varies by asset. ### How Your Funding Payment Is Calculated Your actual funding payment depends on your **notional position size**, not your margin: ``` Funding Payment = Position Size × Mark Price × Funding Rate ``` If you are long 1 BTC at a mark price of $85,000 and the hourly funding rate is +0.00125%: ``` Funding Payment = 1 × $85,000 × 0.0000125 = $1.0625 per hour ``` At 10x [leverage](/guides/trading/leverage-trading-guide), your margin for that 1 BTC position is $8,500. That $1.0625 hourly payment represents 0.0125% of your margin per hour - ten times the rate applied to notional. This is why funding is particularly impactful for highly leveraged positions. > **Key takeaway:** **Leverage amplifies funding impact.** A +0.01% 8-hour rate costs 0.01% on notional value, but at 10x leverage it costs 0.10% of your margin per 8-hour period. At 50x leverage, the same rate costs 0.50% of your margin every 8 hours - that is 5.5% of your margin per day in funding alone. --- ## How to Read Funding Rates on Hyperliquid On **[app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211)**, funding rate information is displayed in several places: 1. **Trading interface header** - Next to the asset pair name, you will see the current predicted funding rate. Green indicates a positive rate (longs pay shorts), and red indicates negative (shorts pay longs). 2. **Market info panel** - Expanding the asset details shows the current funding rate alongside other stats like open interest, 24h volume, and mark/index price. 3. **Position panel** - When you have an open position, the funding tab shows accumulated funding payments for that position. For cross-exchange comparison, the [live funding rates tool](/tools/funding-rates) on this site shows rates across Hyperliquid, Binance, and Bybit side by side - useful for spotting arbitrage opportunities. > **Tip:** Bookmark the funding rates comparison tool. When rates diverge significantly between exchanges, it often signals an arbitrage window. The tool updates in real time and highlights outliers automatically. --- ## When Funding Rates Matter for Your Position Funding is not always material. A 0.0010% 8-hour rate on a small position held for a few hours is negligible. But in several scenarios, funding becomes a critical factor: ### Holding Positions Overnight or Longer If you hold a position for days or weeks, funding accumulates. A consistent +0.01% 8-hour rate means you pay 0.03% per day as a long. Over 30 days, that is 0.9% of your notional - roughly equivalent to 20 round trips of [taker fees](/guides/fees/fees-explained) at the base tier. For swing traders, this is a real cost of carry. ### High Leverage Positions As noted above, leverage multiplies the margin impact. A day trader using 20x leverage on a position held through a 0.02% 8-hour rate period pays 0.40% of their margin per 8-hour window. Two windows in a day costs 0.80% of margin - a meaningful drag. ### Extreme Market Events During sharp rallies, funding rates can spike to 0.1% or higher per 8 hours. In the 2024-2025 BTC rally cycles, rates exceeded 0.3% on multiple occasions. Being on the wrong side of a funding spike can cost more than the trade itself is worth. ### Positive for Income Strategies When funding is consistently positive and elevated, the short side earns that rate. This is the basis of funding rate arbitrage - you earn the funding by shorting the perp while hedging your directional risk through a corresponding long spot position. **Start Trading on Hyperliquid** — Access 150+ perpetual markets with hourly funding settlements and the lowest fees in DeFi. Get a 4% lifetime fee discount. [Join Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) --- ## Funding Rate Arbitrage Strategy Funding rate arbitrage is one of the most popular delta-neutral strategies in crypto. The concept is straightforward: collect funding payments while hedging away directional risk. If you plan to run it as an automated bot, our [trading strategies guide](/guides/trading/hyperliquid-trading-strategies) covers how funding arb fits alongside market-making and trend strategies, plus the risk controls it needs to run unattended. ### The Basic Setup 1. **Identify an asset with elevated positive funding** - Check the [funding rates tool](/tools/funding-rates) for assets where the 8-hour rate is significantly above 0.01% on Hyperliquid. 2. **Short the perpetual on Hyperliquid** - Open a short perp position on the asset. Since funding is positive, shorts receive the funding payment. 3. **Buy the equivalent spot position** - Purchase the same amount of the asset on spot (either on Hyperliquid's spot market or another exchange). This hedges your short perp against price movements. 4. **Collect funding** - As long as funding remains positive, your short perp earns hourly payments. Your spot long offsets any price-based P&L on the short. ### Worked Example Suppose ETH has a funding rate of +0.03% per 8 hours on Hyperliquid, and you want to deploy $10,000. **Step 1:** You split your capital. $5,000 goes to margin on Hyperliquid for a short ETH perp (at 2x leverage, controlling $10,000 notional). $5,000 buys ETH on spot. **Step 2:** Calculate expected yield: ``` Daily funding income = $10,000 × 0.03% × 3 = $9.00 per day Monthly = $9.00 × 30 = $270.00 Annualized = $270 × 12 = $3,240 (32.4% APR on $10,000 capital) ``` **Step 3:** Costs to subtract: - Trading fees to open: ~$4.50 (taker on perp) + spot purchase fees - Trading fees to close: similar - Spot slippage - Opportunity cost of capital **Step 4:** Net yield after costs is still attractive if funding stays elevated. The risk is that funding drops to zero or turns negative, at which point you unwind the position. > **Warning:** Funding rate arbitrage is not risk-free. Key risks include: funding rate dropping or reversing, liquidation risk if you use too much leverage on the perp side, exchange risk, and the cost of unwinding positions. Always use conservative leverage (2-3x max) for funding arb. ### When to Enter and Exit - **Enter** when the annualized funding rate exceeds 15-20% and has been stable for several hours - **Exit** when the rate drops below 5% annualized or turns negative - **Monitor** your liquidation price on the short side - keep it far from the current price - **Consider hedging costs** - if you hold spot on another exchange, you have counterparty risk and transfer costs For more yield strategies on the Hyperliquid ecosystem, see the [yield strategies guide](/ecosystem/hyperevm-yield-strategies) and the [earn USDC guide](/ecosystem/hyperliquid-earn-usdc). --- ## Historical Funding Rate Patterns Funding rates follow predictable patterns tied to market sentiment and positioning: ### Bull Markets (Strong Positive Funding) During the late 2024 and early 2025 BTC rally, 8-hour funding rates on BTC-USD regularly exceeded +0.05%, with spikes above +0.15% during parabolic moves. ETH and altcoins saw even more extreme rates, with some mid-cap perps hitting +0.30% during peak euphoria. These periods are the most profitable for short-side funding arb. ### Bear Markets and Corrections (Negative Funding) When markets sell off sharply, funding often turns negative as shorts dominate positioning. During corrections, BTC funding has dropped to -0.03% or lower. In this environment, longs collect funding - but holding a long position during a bear market requires strong conviction or a hedge. ### Sideways / Low Volatility (Near-Zero Funding) In ranging markets, funding hovers between -0.005% and +0.005% - too low to justify arb positions after accounting for trading fees. These periods are best for directional trading where funding is negligible. ### Asset-Specific Patterns - **BTC/ETH**: Most stable funding, rarely extreme. Typical range: +0.005% to +0.02% - **Mid-cap alts (SOL, DOGE, AVAX)**: More volatile funding, better arb opportunities - **Low-cap / new listings**: Can have extreme funding (0.1%+) due to one-sided positioning. Higher risk but higher yield potential - **HIP-3 builder markets**: Assets like equity perps on trade.xyz can exhibit unique funding dynamics separate from crypto market sentiment > **Key takeaway:** **The best funding arb opportunities appear at extremes.** When an asset's annualized funding exceeds 30%, the market is paying you handsomely to take the other side. But extreme funding also signals extreme positioning - monitor open interest and liquidation levels closely. --- ## Tips for Managing Funding Costs Whether you are actively farming funding or simply trying to minimize its drag on directional trades, these principles apply: ### 1. Check Funding Before Entering a Trade Before opening any position you plan to hold for more than a few hours, check the current funding rate. A 0.03% 8-hour rate against your position costs 0.09% per day - almost a full round trip of [trading fees](/guides/fees/fees-explained) every day. Factor this into your expected P&L. We measured how that compounds in practice: [90 days of funding across 20 Hyperliquid markets](/ecosystem/what-hyperliquid-perps-cost) shows what holding actually cost in each one, and how many hours a position has to stay open before funding overtakes the fee. ### 2. Time Your Entries Around Funding If you are going long and funding is elevated, consider waiting for a pullback that often follows high positive funding (as arb traders short the perp). Conversely, if you want to go short with negative funding, the same logic applies. ### 3. Use Funding as a Sentiment Indicator Extreme positive funding means the market is crowded long. Extreme negative funding means it is crowded short. Crowded positioning tends to unwind violently. Use this as a contrarian signal - not for exact timing, but for risk management. If funding is +0.10% and you are long, tighten your stops. ### 4. Compare Across Exchanges Funding rates vary between exchanges. If Hyperliquid shows +0.03% and Binance shows +0.01% for the same asset, you can short on Hyperliquid (earning more) while longing on Binance (paying less). The [funding rates tool](/tools/funding-rates) makes this comparison easy. ### 5. Account for Funding in Leverage Decisions Higher leverage magnifies funding's impact on margin. If you are using 20x leverage and funding is +0.02%, you lose 0.40% of your margin per 8-hour period as a long. At that rate, even a profitable trade direction can net negative after holding for a day. Consider reducing leverage or switching to [limit orders](/guides/trading/order-types-guide) to reduce entry costs and offset funding drag. ### 6. Use Funding to Your Advantage in Vaults Some Hyperliquid [copy trading vaults](/guides/trading/copy-trading-guide) specifically target funding rate strategies. If you want exposure to funding arb without managing the positions yourself, check vault performance and strategies in the vault marketplace. > **Tip:** New to trading on Hyperliquid? Start with the [beginner trading guide](/guides/getting-started/how-to-trade-on-hyperliquid) to set up your account, then return here once you are comfortable with basic order execution. --- ## Related Guides - **[Hyperliquid Fee Structure Explained](/guides/fees/fees-explained)** - Understand taker/maker fees, VIP tiers, and how to minimize costs - **[Live Funding Rates Tool](/tools/funding-rates)** - Compare real-time rates across Hyperliquid, Binance, and Bybit - **[Leverage Trading Guide](/guides/trading/leverage-trading-guide)** - Master margin, leverage, and position sizing - **[Liquidation Explained](/guides/trading/liquidation-explained)** - How liquidation works, formulas, and strategies to avoid it - **[Portfolio Tracking Guide](/guides/trading/portfolio-tracking)** - Monitor positions, PnL, margin usage, and export trade history - **[Order Types Guide](/guides/trading/order-types-guide)** - Use limit orders, TP/SL, and advanced order types - **[Yield Strategies on HyperEVM](/ecosystem/hyperevm-yield-strategies)** - Explore DeFi yield opportunities in the Hyperliquid ecosystem - **[How to Earn USDC on Hyperliquid](/ecosystem/hyperliquid-earn-usdc)** - Lending, vaults, and staking strategies **Trade with the Lowest Fees** — Hyperliquid offers the tightest spreads and most competitive funding rates in DeFi. Start with a 4% lifetime fee discount. [Get Started](https://app.hyperliquid.xyz/join/Concept211) --- # Hyperliquid Liquidation Explained: How It Works & How to Avoid It (2026) > Learn how liquidation works on Hyperliquid, how to calculate your liquidation price, and proven strategies to avoid getting liquidated. Includes worked examples and formulas. *Source: https://hyperliquidguide.com/guides/trading/liquidation-explained* Liquidation is the single most costly event in leveraged trading. It means the exchange has forcibly closed your position because your losses consumed too much of your collateral. On Hyperliquid, understanding exactly when and how liquidation triggers is the difference between managing risk and watching your margin disappear. > **Key takeaway:** At 10x leverage, a move of roughly 9% against your position triggers liquidation. At 50x leverage, that threshold shrinks to under 2%. Knowing your liquidation price before entering a trade is not optional - it is essential risk management. ![Hyperliquid trading interface showing margin and liquidation data](/images/getting-started/how-to-trade-on-hyperliquid/trading-interface-annotated.webp) This guide covers the full liquidation mechanics on [**app.hyperliquid.xyz**](https://app.hyperliquid.xyz/join/Concept211): how the liquidation engine works, how to calculate your liquidation price, how cross-margin and isolated-margin modes change the equation, and five concrete strategies to avoid forced liquidation. If you are new to perpetual futures, start with our [beginner trading guide](/guides/getting-started/how-to-trade-on-hyperliquid) first, then come back here. --- ## What Is Liquidation? When you open a leveraged position on a [perpetual futures](/guides/trading/perpetuals-explained) exchange, you put up a fraction of the total position value as **margin** (collateral). That margin absorbs any unrealized losses on the trade. If the market moves far enough against you that your remaining margin drops below the **maintenance margin requirement**, the exchange steps in and forcibly closes your position. That forced closure is a **liquidation**. Do not confuse this with the other way a position can close without you: [delisting](/guides/trading/hyperliquid-delisting-explained). A liquidation is triggered by your margin running out and fills against the order book. A delisting is a scheduled validator vote that settles every position in a market at a time-weighted average price, regardless of how healthy your margin is. Think of it this way: the exchange lent you buying power through [leverage](/guides/trading/leverage-guide). Your margin is the deposit guaranteeing you can cover losses. When the deposit runs too low, the exchange takes it back before the position goes negative. Key terms you need to know: - **Initial margin** - the collateral you put up when opening a position. At 10x leverage on a $10,000 position, your initial margin is $1,000. - **Maintenance margin** - the minimum collateral required to keep the position open. On Hyperliquid, this is typically around 0.5% of the position's notional value for major assets, though it scales with position size. - **Liquidation price** - the exact price at which your margin drops to the maintenance margin level and liquidation is triggered. - **Mark price** - the reference price Hyperliquid uses to calculate unrealized PnL and trigger liquidations. It is derived from the oracle price, not the last traded price, which protects against wicks and manipulation. > **Note:** Hyperliquid uses the **oracle mark price** - not the last traded price - to trigger liquidations. This means a single thin-liquidity wick on the order book cannot liquidate you. The oracle price is an aggregate from multiple external exchanges, providing a fairer reference point. --- ## How Liquidation Works on Hyperliquid Hyperliquid's liquidation engine monitors every open position in real time. Here is the sequence of events when a position approaches liquidation: ### 1. Margin Ratio Deteriorates As the mark price moves against your position, your unrealized loss grows and your effective margin shrinks. Hyperliquid displays your current margin ratio and liquidation price in the positions panel. ### 2. Maintenance Margin Threshold When your remaining margin falls to the maintenance margin level, the liquidation engine flags the position. On Hyperliquid the maintenance margin rate for BTC and ETH starts at approximately 0.5% of notional value, but increases for larger position sizes to manage risk. ### 3. Liquidation Engine Takes Over Once triggered, the liquidation engine closes your position. Hyperliquid uses a backstop liquidity mechanism - the position is taken over at the bankruptcy price (the price at which your margin is exactly zero). Any margin remaining between your liquidation price and the bankruptcy price goes to the **insurance fund**, which exists to cover cases where liquidations cannot be filled at favorable prices. ### 4. Partial Liquidation For large positions, Hyperliquid may use **partial liquidation** - closing only enough of the position to bring the margin ratio back above the maintenance requirement. This is better for the trader because it preserves the remaining position rather than force-closing the entire thing. > **Key takeaway:** Hyperliquid's partial liquidation system is a significant advantage over exchanges that liquidate your entire position at once. For large positions, only the minimum necessary portion is closed, preserving the rest of your trade. --- ## How to Calculate Your Liquidation Price Your liquidation price depends on three variables: your **entry price**, your **leverage**, and the **maintenance margin rate**. Here is the simplified formula for isolated margin positions: **Long position:** > Liquidation Price = Entry Price × (1 − 1/Leverage + Maintenance Margin Rate) **Short position:** > Liquidation Price = Entry Price × (1 + 1/Leverage − Maintenance Margin Rate) ### Worked Example: 10x Long BTC at $50,000 Let's walk through a concrete example. You open a long BTC-USD position at $50,000 with 10x leverage and a 0.5% maintenance margin rate: | Parameter | Value | |---|---| | Entry price | $50,000 | | Leverage | 10x | | Position size | $50,000 (notional) | | Initial margin | $5,000 (10% of notional) | | Maintenance margin rate | 0.5% | **Liquidation price** = $50,000 × (1 − 1/10 + 0.005) = $50,000 × 0.905 = **$45,250** That means BTC needs to drop approximately **9.5%** from your entry price to trigger liquidation. Your $5,000 initial margin absorbs the first $4,750 of losses; the remaining $250 (0.5% maintenance margin) is the buffer before the engine takes over. > **Tip:** Don't want to do the math by hand? Our **[Position Calculator](/tools/position-calculator)** computes your liquidation price, margin requirements, and P&L instantly for any entry price and leverage level. ### How Leverage Changes the Liquidation Distance The higher your leverage, the closer your liquidation price sits to your entry: | Leverage | Approx. Liquidation Distance (Long) | |---|---| | 2x | ~50% below entry | | 5x | ~19.5% below entry | | 10x | ~9.5% below entry | | 20x | ~4.5% below entry | | 50x | ~1.5% below entry | > **Warning:** At 50x leverage, a normal 2% market fluctuation can liquidate you. BTC regularly moves 2-5% in a single day. Unless you are an experienced trader with tight stop-losses, leverage above 10x carries extreme risk. Hyperliquid displays the exact liquidation price for every open position in the trading interface. Always verify it there - the formulas above are approximations, and the actual liquidation price accounts for [fees](/guides/fees/fees-explained), [funding rate](/guides/trading/funding-rates-explained) accruals, and position-size-dependent maintenance margin tiers. **Trade Smarter on Hyperliquid** — Get a 4% lifetime fee discount on all trades - lower fees mean more margin buffer. [Join Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) --- ## Cross-Margin vs Isolated Margin: How They Affect Liquidation The margin mode you choose fundamentally changes how liquidation behaves. Hyperliquid supports both cross-margin and isolated-margin modes, and understanding the difference is critical. For a deeper dive into margin mechanics, see our [isolated vs cross margin guide](/guides/trading/isolated-vs-cross-margin) and [leverage trading guide](/guides/trading/leverage-trading-guide). ### Cross-Margin Mode In cross-margin mode, your **entire account balance** acts as collateral for all open positions. **Advantages:** - Much larger margin buffer - your free balance absorbs losses before liquidation triggers - Unrealized profits on one position can offset losses on another - Liquidation price is further from entry compared to isolated margin at the same leverage **Risks:** - A large loss on one position can drain your entire account - If one position gets liquidated, it can cascade and affect your other positions - You can lose more than the margin you intended to risk on a single trade **Example:** You have $10,000 in your account and open a 10x long BTC position worth $50,000 (using $5,000 as initial margin). In cross-margin mode, the remaining $5,000 of free balance also backs this position. Your liquidation price is pushed significantly further away - but if BTC crashes hard enough to liquidate you, you lose the full $10,000, not just the $5,000 initial margin. ### Isolated Margin Mode In isolated margin mode, each position has its own **dedicated margin** that is ring-fenced from the rest of your account. **Advantages:** - Maximum loss is capped at the isolated margin amount - One bad trade cannot affect your other positions or free balance - Clearer risk management - you know exactly how much you can lose per trade **Risks:** - Smaller margin buffer means a closer liquidation price - You cannot benefit from unrealized profits on other positions - More likely to get liquidated on volatile moves **Example:** Same $10,000 account, same 10x long BTC at $50,000. In isolated mode with $5,000 margin, your liquidation price is at $45,250. If BTC drops to $45,250, you lose exactly $5,000 - the other $5,000 in your account is untouched. > **Key takeaway:** Use **isolated margin** when you want strict risk control per trade - your maximum loss is predefined. Use **cross margin** when you want a bigger buffer against liquidation and are comfortable with the risk that a large loss can affect your entire account. --- ## 5 Strategies to Avoid Liquidation Liquidation is almost always avoidable. The traders who get liquidated most often are those who overlever and do not plan their exits. Here are five practical strategies: ### 1. Use Lower Leverage This is the single most effective way to avoid liquidation. At 3x leverage, the market needs to move roughly 33% against you before liquidation - a rare event for major assets in a short timeframe. At 50x, that threshold is under 2%. **Rule of thumb:** If you are not a professional trader with years of experience, keep leverage at 5x or below. Many successful traders never go above 3x. ### 2. Always Set a Stop-Loss A [stop-loss order](/guides/trading/order-types-guide) automatically [closes your position](/guides/trading/how-to-close-position) at a predefined price, limiting your loss before liquidation ever becomes a factor. Place your stop-loss **well above** your liquidation price (for longs) or well below it (for shorts). **Example:** With a liquidation price at $45,250 on a BTC long, set your stop-loss at $46,500 or higher. This guarantees you exit the trade with a controlled loss rather than a full margin wipeout. > **Tip:** Set your stop-loss immediately after opening your position - not later. Market conditions can change rapidly, and a sudden gap down can blow through your liquidation price before you have time to react. Hyperliquid supports several stop-loss order types including stop-market and stop-limit. ### 3. Add Margin to Open Positions If the market moves against you but you still believe in the trade, you can add margin to push your liquidation price further away. On Hyperliquid, navigate to your open position and click to add or adjust margin. Be cautious with this approach - adding margin to a losing trade is only wise if your thesis is intact. Do not throw good money after bad. ### 4. Size Positions Relative to Your Account Never risk more than 1-2% of your total account on a single trade. This means if you have $10,000, your maximum loss on any trade should be $100-$200. With a stop-loss in place, calculate your position size so that the distance from entry to stop-loss equals your maximum acceptable loss. This approach ensures that even a string of losing trades does not destroy your account. ### 5. Monitor Funding Rates [Funding rates](/guides/trading/funding-rates-explained) are periodic payments between long and short traders. When funding is highly positive, longs pay shorts - and this cost is deducted from your margin over time. In extreme cases, accumulated funding payments can erode your margin enough to push you toward liquidation, even if the price has barely moved. Check funding rates before entering a trade and factor the cost into your margin calculations for positions you plan to hold for more than a few hours. --- ## What Happens After Liquidation Understanding what happens after liquidation helps you plan for the worst case: ### Margin Is Lost In isolated margin mode, you lose the margin allocated to the liquidated position. In cross-margin mode, the loss is deducted from your total account balance, which may be more than the initial margin you assigned. ### Insurance Fund Hyperliquid maintains an **insurance fund** that covers socialized losses. When a position is liquidated and the liquidation engine closes it at a price better than the bankruptcy price, the surplus goes to the insurance fund. When a position cannot be liquidated above the bankruptcy price (the trader's margin is fully consumed), the insurance fund covers the shortfall. This means Hyperliquid traders do not face **auto-deleveraging (ADL)** under normal conditions - the insurance fund absorbs the gap. ADL is a last-resort mechanism used only if the insurance fund is depleted. ### No Negative Balance You cannot owe money to Hyperliquid. The maximum you can lose is your account balance. We cover what that means in plain terms in [can you lose more than you deposit](/guides/getting-started/can-you-lose-more-than-you-deposit). There is no debt, no margin call requiring additional deposits, and no negative balance. Your risk is capped at your deposited USDC. ### After a Liquidation - What to Do 1. **Review what happened.** Check the liquidation price, your leverage, and whether a stop-loss would have saved you. 2. **Do not revenge trade.** The worst thing you can do after a liquidation is immediately re-enter with higher leverage to "win it back." Step away. 3. **Adjust your strategy.** If you got liquidated, something in your risk management failed - fix it before trading again. > **Warning:** Getting liquidated once is a learning experience. Getting liquidated repeatedly means your risk management framework is broken. Lower your leverage, use stop-losses, and size positions properly before entering another trade. **Start Trading with a Fee Discount** — Lower fees leave more margin in your account - every basis point counts when managing leverage. [Get 4% Discount](https://app.hyperliquid.xyz/join/Concept211) --- # Hyperliquid Portfolio Tracker: How to Monitor Positions & PnL (2026) > Track your Hyperliquid positions, PnL, and portfolio performance. Guide to the native dashboard, third-party trackers, and trade history export. *Source: https://hyperliquidguide.com/guides/trading/portfolio-tracking* > **Note:** **Quick Summary - Hyperliquid Portfolio Tracking** > - The **Portfolio** page on **[app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211)** shows all open positions, PnL, margin usage, and account value in real time > - The **Positions panel** on the Trade page displays entry price, mark price, unrealized PnL, leverage, and [liquidation](/guides/trading/liquidation-explained) price per position > - **Export trade history** as CSV from the Portfolio page - includes fills, [funding](/guides/trading/funding-rates-explained) payments, deposits, and withdrawals > - Third-party trackers like **DeBank** and **Coinglass** support Hyperliquid wallet monitoring > - The **Hyperliquid Info API** enables programmatic portfolio tracking and custom dashboards ![Hyperliquid portfolio dashboard](/images/trading/shared/hyperliquid-portfolio.webp) Knowing where you stand at all times is a prerequisite for profitable trading. On centralized exchanges, portfolio dashboards are table-stakes features - but on a decentralized perpetuals exchange like Hyperliquid, the tracking experience is actually superior in many ways. Every position, every fill, every funding payment is tied to your wallet address and visible on-chain, which means you can verify your data independently and feed it into any analytics tool you choose. This guide covers the full toolkit: the native Hyperliquid dashboard, how to read each data point in the positions panel, account-level performance metrics, trade history exports, and third-party trackers that aggregate your Hyperliquid activity alongside the rest of your DeFi portfolio. --- ## The Hyperliquid Dashboard The Hyperliquid trading interface is divided into two primary views for portfolio monitoring: the **Trade page** and the **Portfolio page**. ### Trade Page The Trade page is where most active traders spend their time. Along with the order book, chart, and order entry form, it includes a persistent **Positions panel** at the bottom of the screen. This panel updates in real time and shows every open position across all markets - you never need to navigate away from your chart to check your PnL. Above the positions panel, you will see your **Account Value** - the total equity in your trading account, denominated in USDC. This figure updates tick-by-tick as your unrealized PnL changes. Next to it, the **Available Margin** indicator shows how much collateral you have left to open new positions or absorb drawdowns. ### Portfolio Page The Portfolio page provides a broader view of your account. It includes: - **Account summary** - total equity, available margin, cross-margin ratio, and total unrealized PnL across all positions - **Open positions** - the same positions panel from the Trade page, but with more screen space - **Open orders** - all resting limit orders, stop-losses, and take-profits - **Trade history** - a searchable, sortable log of every executed fill - **Funding history** - a record of all [funding rate](/guides/trading/funding-rates-explained) payments received and paid - **Transfer history** - deposits, withdrawals, and internal transfers > **Key takeaway:** The Portfolio page is your single source of truth for account health. Check it daily - not just to see PnL, but to review margin utilization and ensure no position is approaching its liquidation threshold. --- ## How to Read the Positions Panel The positions panel is the most information-dense component of the Hyperliquid interface. Understanding each column is essential for managing risk effectively. | Column | Description | |--------|-------------| | **Asset** | The trading pair (e.g., BTC-PERP, ETH-PERP). A green arrow indicates a long position; red indicates short. | | **Size** | The notional value of your position in USD. This is your [leverage](/guides/trading/leverage-trading-guide)-adjusted exposure - a $1,000 margin position at 10x shows as $10,000 size. | | **Entry Price** | The volume-weighted average price at which you entered the position. If you scaled into a trade across multiple fills, this reflects the blended average. | | **Mark Price** | The current fair price used to calculate unrealized PnL. Hyperliquid uses an oracle-based mark price to prevent manipulation and unnecessary liquidations. | | **Unrealized PnL** | Your profit or loss if you were to close the position at the current mark price. Displayed in both USD and percentage terms. Green text means profit, red means loss. | | **Leverage** | The effective leverage of the position, calculated as position size divided by your allocated margin. | | **Liq. Price** | The mark price at which your position would be [liquidated](/guides/trading/liquidation-explained). In cross-margin mode, this factors in your entire account balance, not just the margin allocated to that specific position. | | **TP/SL** | Any take-profit or stop-loss orders attached to the position. | > **Tip:** Pay special attention to the **Liq. Price** column. If you are using cross margin, your liquidation price shifts as you open or close other positions - a new losing trade on a different asset can bring your existing positions closer to liquidation. Consider using isolated margin for high-conviction directional bets to ring-fence risk. ### Position Actions Each row in the positions panel includes action buttons: - **Close** - market-close the entire position immediately - **Limit Close** - set a limit order to close at a specific price - **TP/SL** - add or modify take-profit and stop-loss levels - **Share** - generate a shareable PnL card (useful for social media) - **Adjust Margin** - add or remove margin from the position (isolated margin mode only) --- ## Tracking Account Performance Beyond individual positions, Hyperliquid provides several account-level metrics that serious traders should monitor regularly. ### Account Value Over Time Your total account value is displayed at the top of the Portfolio page. While the interface shows the current snapshot, you can track performance over time by noting your account value at regular intervals or by using the trade history export to reconstruct your equity curve. ### Margin Utilization Margin utilization is the percentage of your total equity currently committed to open positions. High margin utilization (above 70-80%) leaves little room for adverse price moves and increases your risk of cascading liquidations in volatile markets. A healthy margin utilization for most traders is between 20% and 50%. If you find yourself consistently above 60%, consider reducing position sizes or closing your weakest-conviction trades. ### Funding History Funding payments on Hyperliquid settle every hour - that is 8,760 funding events per year for a single open position. These micro-payments add up quickly and can significantly impact your net PnL. The **Funding History** tab on the Portfolio page shows every funding payment you have received or paid, broken down by asset and timestamp. If you hold positions for days or weeks, review this tab to understand how much funding is costing (or earning) you. For a deeper understanding of how funding rates work, see our [funding rates explained](/guides/trading/funding-rates-explained) guide. **Start Trading on Hyperliquid** — Get a 4% lifetime fee discount on all trades. [Join Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) --- ## Exporting Trade History Hyperliquid lets you export your full trade history as a CSV file - essential for performance analysis, [tax reporting](/guides/trading/hyperliquid-tax-reporting-guide), and feeding data into external analytics tools. ### How to Export 1. Navigate to the **Portfolio** page on app.hyperliquid.xyz 2. Open the **Trade History** tab 3. Select your desired date range or choose "All Time" 4. Click the **Export** button to download a CSV file ### What the Export Includes The CSV export contains: - **Fills** - every executed trade, including asset, side (buy/sell), size, price, fee, and timestamp - **Funding payments** - all hourly funding credits and debits - **Deposits and withdrawals** - USDC transfers to and from your trading account - **Liquidations** - any positions that were forcibly closed, with the liquidation price and loss amount > **Note:** For programmatic access, the **Hyperliquid Info API** provides the same data in JSON format. The `userFills`, `userFunding`, and `userNonFundingLedgerUpdates` endpoints return your complete trading history for any wallet address. This is the preferred approach for building automated tracking dashboards or integrating with tax software like [Koinly](https://koinly.io/integrations/hyperliquid/) or CoinTracker - though Koinly can now read a Hyperliquid address directly, so most people never touch the API. Our [tax reporting guide](/guides/trading/hyperliquid-tax-reporting-guide) covers the export path either way. ### Using Exports for Performance Analysis Raw trade data becomes powerful when you analyze it properly. Import your CSV into a spreadsheet or analytics tool and calculate: - **Win rate** - percentage of trades closed at a profit - **Average win vs. average loss** - your reward-to-risk ratio in practice - **Profit factor** - total gross profit divided by total gross loss (above 1.5 is strong) - **Maximum drawdown** - the largest peak-to-trough decline in account value - **Net funding impact** - total funding received minus total funding paid These metrics tell you more about your trading edge than raw PnL ever will. A trader with a 40% win rate can be highly profitable if their average win is 3x their average loss. > **Key takeaway:** Export your trade history at least monthly. Reviewing your win rate, profit factor, and funding impact reveals patterns that are invisible when you only look at your current PnL number. --- ## Third-Party Tracking Tools While the native Hyperliquid interface covers the essentials, third-party tools add aggregation, visualization, and alerting capabilities that the platform does not offer natively. ### DeBank DeBank is a multi-chain DeFi portfolio tracker that supports Hyperliquid. Connect or paste your wallet address to see your Hyperliquid positions alongside your holdings on Ethereum, Arbitrum, and other chains. DeBank is particularly useful if you have assets spread across multiple protocols and want a single unified view. It is free, and it reads addresses only - there is nothing to connect and nothing to pay for. ### CoinStats DeBank sees on-chain. It does not see the balance sitting on a centralized exchange, and for most people that is a meaningful slice of the total. [CoinStats](https://coinstats.app/) closes that gap by pulling exchange accounts and on-chain wallets into one number, with mobile apps and price alerting on top. The free tier covers a handful of connections; the paid tier is where the unlimited syncing and portfolio analytics live. ### Nansen [Nansen](https://www.nansen.ai/) is a different category - less "what do I hold" and more "what is everyone else doing." Its wallet labelling is the draw: on Hyperliquid that means watching how large HYPE holders and HyperEVM protocol treasuries actually move, rather than inferring it from price. It is expensive and most traders do not need it. If your edge comes from flow rather than charts, it is the best version of that tool. ### Coinglass Coinglass tracks open interest, liquidation data, and funding rates across major perpetual exchanges - including Hyperliquid. While it is more of a market analytics tool than a personal portfolio tracker, it provides valuable context: you can see aggregate positioning, long/short ratios, and liquidation heatmaps that inform your risk management decisions. ### Hyperliquid Info API For technically inclined traders, the Hyperliquid Info API (`https://api.hyperliquid.xyz/info`) is the most flexible option. It is a public POST API - no authentication required - that returns real-time and historical data for any wallet address. Key endpoints for portfolio tracking: - `userState` - current positions, account value, margin usage - `userFills` - complete trade history with fills and fees - `userFunding` - all funding payments - `userNonFundingLedgerUpdates` - deposits, withdrawals, liquidations You can build custom dashboards, Telegram bots, or automated alerting systems using this API. Several community-built [trading tools](/guides/trading/hyperliquid-trading-tools) already leverage these endpoints for advanced analytics. ### Dune If you would rather write SQL than call an API, [Dune](https://dune.com) announced HyperCore support in July 2026, covering orders, fills, funding, the order book, and [HIP-4 outcome markets](/ecosystem/hip-4-outcome-trading). Fork a community Hyperliquid dashboard and filter it to your address rather than starting from a blank query. One caveat: the publicly documented `hyperliquid.market_data` table refreshes monthly, so for your own live position and fill history the API endpoints above are still the better source. Not a coder? We wrap the same API into a copy-paste widget you can embed on any site - live prices, funding rates, or a liquidation calculator, no build step required. ### On-Chain Verification Because Hyperliquid settles on its own L1, your trading activity is verifiable on-chain. Block explorers and analytics tools can independently confirm your positions and fills, providing an extra layer of transparency that centralized exchanges cannot match. --- ## Setting Up Position Alerts Hyperliquid does not currently offer built-in push notifications for price or PnL thresholds, but there are several effective workarounds. ### TP/SL as Alert Proxies The simplest approach is to use **take-profit and stop-loss orders** as de facto alerts. Set a TP/SL on every position as soon as you open it. Even if you plan to manage the exit manually, having a stop-loss in place ensures you are protected if you step away from the screen. ### TradingView Alerts If you chart on [TradingView](https://www.tradingview.com/?aff_id=168295&source=HyperliquidGuide), set price alerts on the assets you are trading. TradingView supports push notifications, email, and webhook alerts - you will be notified the moment price hits a level that matters for your Hyperliquid positions. ### Custom API-Based Alerts Using the Hyperliquid Info API, you can build a simple script that polls your `userState` every few seconds and sends a notification (via Telegram, Discord, or email) when: - Unrealized PnL crosses a threshold (e.g., -5% on any position) - Margin utilization exceeds a safe level (e.g., above 70%) - A position's mark price approaches its liquidation price - Funding rate on a held asset spikes above a threshold This is the most powerful approach and only requires basic programming knowledge. Python scripts using the `requests` library can query the API and send alerts via Telegram's Bot API in under 50 lines of code. > **Tip:** At minimum, set a stop-loss on every position - it is the simplest and most reliable "alert" you can have. No tracking tool replaces proper risk management. Review our [leverage trading guide](/guides/trading/leverage-trading-guide) for best practices on setting stop-losses and managing risk. --- ## Putting It All Together Effective portfolio tracking on Hyperliquid is a layered approach: 1. **Real-time monitoring** - use the native Trade page positions panel for live PnL and margin data 2. **Daily review** - check the Portfolio page for account health, funding impact, and open orders 3. **Weekly/monthly analysis** - export trade history and calculate performance metrics (win rate, profit factor, drawdown) 4. **Aggregated view** - use DeBank or [CoinStats](https://coinstats.app/) if your balances are spread across multiple protocols and exchanges (the full list lives in our [trader's stack](/tools/toolkit)) 5. **Automated alerts** - set TP/SL orders on every position, and consider API-based alerts for margin and PnL thresholds Understanding your [fee](/guides/fees/fees-explained) impact is also part of the picture - fees and funding payments are real costs that directly reduce your net returns. The traders who consistently profit are the ones who treat trading as a data-driven activity. Track everything, analyze regularly, and let the numbers guide your decisions. **Trade Smarter on Hyperliquid** — Join with a 4% fee discount and start tracking your edge. [Get Started](https://app.hyperliquid.xyz/join/Concept211) --- # Hyperliquid Slippage Explained - How to Minimize It (2026 Guide) > Understand slippage on Hyperliquid: how it works on an order book vs AMMs, how to estimate it, and practical tips to reduce slippage on large trades. *Source: https://hyperliquidguide.com/guides/trading/slippage-explained* Slippage is the silent cost that most traders never measure - but it affects every single market order you place. On a volatile asset, slippage on a single trade can cost more than the trading fee itself. Understanding how slippage works on Hyperliquid, how to estimate it before you trade, and how to minimize it will save you real money over hundreds of trades. This guide covers slippage mechanics on Hyperliquid's order book, how it differs from AMM-based DEXs, and practical techniques to keep execution costs low - especially on larger positions. > **Note:** **Quick Summary - Slippage on Hyperliquid** > - Slippage is the difference between the expected price and your actual fill price > - On BTC-USD, a **$10,000 market order** typically sees **less than 0.01% slippage** (~$1 or less) > - A **$100,000 market order** on BTC may see **0.02-0.05% slippage** depending on book depth > - Altcoin perps have wider spreads and more slippage - always check the order book first > - **Limit orders eliminate slippage entirely** - you set your exact price > - TWAP and scale orders reduce slippage on large positions by spreading execution over time > - Trade during US/EU market overlap (14:00-17:00 UTC) for the deepest liquidity ![Hyperliquid order form with market order execution](/images/getting-started/how-to-trade-on-hyperliquid/market-buy-order.webp) --- ## What Is Slippage? Slippage is the difference between the price you expect when you click "Buy" or "Sell" and the price you actually receive. It occurs because market orders fill against whatever liquidity is available in the order book, starting from the best price and working through progressively worse price levels until the entire order is filled. **Example:** You want to market buy $20,000 of ETH-USD. The best ask is $2,500.00 with $8,000 available. The next level is $2,500.25 with $12,000 available. Your order fills $8,000 at $2,500.00 and $12,000 at $2,500.25, giving you a weighted average entry of $2,500.15. The displayed price was $2,500.00, so your slippage is $0.15 per ETH - or 0.006%. That 0.006% sounds tiny, but on a $20,000 order it is $1.20 in extra cost on top of your [trading fees](/guides/fees/fees-explained). Scale that to a $200,000 position and the slippage multiplies - potentially to $50 or more, depending on how deep the book is at that moment. > **Key takeaway:** Slippage is not a fee charged by Hyperliquid - it is a cost of consuming liquidity from the order book. The larger your market order relative to the available liquidity at each price level, the more slippage you pay. Limit orders eliminate slippage entirely because you set the exact price. --- ## Order Book Slippage vs AMM Slippage If you have traded on AMM-based decentralized exchanges like Uniswap, you are familiar with setting a "slippage tolerance" before every swap. On an AMM, slippage is baked into the pricing formula - the constant product formula (x * y = k) mathematically guarantees that every trade moves the price, and larger trades move it more. Hyperliquid works fundamentally differently. It uses a **central limit order book (CLOB)**, the same model used by Binance, the NYSE, and every traditional exchange. On an order book, slippage depends on the depth and distribution of resting limit orders placed by other traders and market makers - not a formula. ### Key Differences | Factor | AMM (Uniswap) | Order Book (Hyperliquid) | |---|---|---| | How price is set | Mathematical formula (x * y = k) | Supply and demand from resting orders | | Slippage behavior | Predictable - increases with trade size along a curve | Variable - depends on order book depth at the moment | | Small trades | Often similar slippage to order books | Usually very tight (sub-cent on majors) | | Large trades ($50K+) | Slippage can be severe unless pool is huge | Slippage depends on market maker depth - typically much less | | Price recovery | Pool rebalances continuously | New limit orders refill the book (usually within seconds) | | Slippage setting | User sets max tolerance (e.g., 0.5%) | No tolerance setting needed - you see the book before trading | ### Why This Matters On an AMM with $5 million in liquidity, a $50,000 swap causes roughly 1% price impact - that is $500 in slippage. On Hyperliquid's order book for BTC-USD, the same $50,000 trade might cause 0.01-0.03% slippage ($5-$15), because market makers are continuously quoting tight spreads with significant depth. The advantage of an order book is that slippage is not deterministic. A well-timed order during high-liquidity hours can have almost zero slippage even at $50,000+, while the same order during a thin session might slip more. You can see the exact depth before you trade and make an informed decision. --- ## How to Estimate Slippage Before You Trade On **[app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211)**, the order book is displayed in real time on the right side of the trading interface. It shows the bid and ask prices along with the size available at each price level. You can use this to estimate your slippage before placing a market order. ### Reading the Order Book The order book has two sides: - **Bids (green)** - Resting buy orders. If you market sell, your order fills against these. - **Asks (red)** - Resting sell orders. If you market buy, your order fills against these. Each row shows a price level and the cumulative size available up to that level. To estimate slippage on a market buy of $50,000: 1. Look at the ask side of the order book 2. Start from the best ask (lowest price) and add up the available size at each level 3. When the cumulative size reaches $50,000, note the price at that level 4. The difference between the best ask and that level is your expected slippage ### Worked Example: $50,000 BTC Market Buy Suppose the BTC-USD order book looks like this on the ask side: | Price | Size Available | Cumulative | |---|---|---| | $85,000.0 | $15,000 | $15,000 | | $85,001.0 | $12,000 | $27,000 | | $85,002.0 | $18,000 | $45,000 | | $85,003.0 | $20,000 | $65,000 | Your $50,000 market buy fills $15,000 at $85,000, $12,000 at $85,001, $18,000 at $85,002, and the remaining $5,000 at $85,003. Your weighted average price is approximately $85,001.47 - a slippage of $1.47 from the best ask, or about **0.0017%**. That is $0.87 in slippage cost on a $50,000 trade. Compare that to the [taker fee](/guides/fees/fees-explained) of 0.045%, which is $22.50 on the same trade. In this case, slippage is a minor fraction of total execution cost. > **Tip:** Before placing any market order above $25,000, glance at the order book depth. If the visible depth on the ask (or bid) side covers your order size within a few price levels, slippage will be negligible. If you see thin levels with gaps, consider using a limit order instead. **Trade with Deep Liquidity** — Hyperliquid's on-chain order book handles billions in daily volume with tight spreads. Start trading with a 4% lifetime fee discount. [Join Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) --- ## How to Minimize Slippage on Hyperliquid ### 1. Use Limit Orders The simplest and most effective way to eliminate slippage: use [limit orders](/guides/trading/order-types-guide) instead of market orders. A limit order lets you set the exact price at which you want to buy or sell. Your order will not execute at any price worse than what you specify. If you want near-instant execution without slippage, place a limit order a few ticks above the best ask (for buys) or below the best bid (for sells). You get speed comparable to a market order with price certainty - and you pay the lower maker fee of 0.015% instead of the 0.045% taker fee. > **Key takeaway:** Switching from market orders to limit orders near the current price gives you three benefits at once: zero slippage, lower fees (67% cheaper), and full price control. The only trade-off is a small risk of non-execution if the market moves away before your order fills. ### 2. Use TWAP for Large Orders For positions above $50,000 - or above $10,000 on less liquid altcoin perps - a single market order may cause noticeable slippage and even move the market against you. [TWAP (Time-Weighted Average Price) orders](/guides/trading/twap-orders) break your trade into smaller slices executed at a set interval across a time window you choose, anywhere from 5 minutes to 7 days. **Example:** Instead of market buying $200,000 of SOL-USD at once, set a TWAP to execute over 30 minutes. Hyperliquid fires a sub-order every 30 seconds, so that window produces roughly 60 slices of about $3,300 each. Every slice fills against a refreshed order book, and your average entry tracks the market's average price rather than a single point of poor liquidity. Each sub-order carries its own 3% maximum slippage cap, which is why a TWAP on a genuinely illiquid book can finish the window without filling your full size. Check the fill report rather than assuming it completed. ### 3. Use Scale Orders for Range-Based Entry [Scale orders](/guides/trading/order-types-guide) distribute multiple limit orders across a price range. If you are building a position and are not in a rush, a scale order lets you accumulate at increasingly favorable prices during a pullback - with zero slippage on each individual fill. ### 4. Trade During Peak Liquidity Hours Order book depth is not constant. It varies by time of day, day of week, and market conditions. The deepest liquidity on Hyperliquid - and on crypto markets generally - occurs during the overlap of US and European trading hours. **Peak liquidity windows (UTC):** - **14:00-17:00 UTC** - US market open overlapping with European afternoon. Tightest spreads, deepest books. - **08:00-12:00 UTC** - European session. Good liquidity on majors. - **13:00-21:00 UTC** - US session. Strong liquidity throughout. **Thinner liquidity periods:** - **00:00-06:00 UTC** - Asian session. Liquidity is decent but noticeably thinner on USD-denominated perps. - **Weekends** - Market makers reduce quoting activity. Spreads widen, depth thins. - **Around major news events** - Market makers pull orders ahead of FOMC, CPI, or major crypto events, causing temporary depth gaps. > **Warning:** Avoid placing large market orders during low-liquidity windows or right before major scheduled news events. The order book thins significantly, and slippage can be 5-10x worse than during normal hours. If you must execute during these times, use limit orders or TWAP. ### 5. Break Up Large Orders Manually If TWAP is not available for your specific use case, you can manually split a large order into smaller chunks. Instead of one $100,000 market buy, place five $20,000 orders a few seconds apart. This gives the order book time to refresh between fills. ### 6. Check the Spread Before Trading The **bid-ask spread** - the gap between the highest bid and lowest ask - is a quick proxy for slippage risk. On BTC-USD during peak hours, the spread is typically $0.10-$1.00 (less than 0.001%). On a low-cap altcoin perp, the spread might be 0.05-0.10% or wider. A wider spread means your first fill is already at a less favorable price. --- ## Slippage and Leverage: A Hidden Multiplier Slippage has an outsized impact on [leveraged positions](/guides/trading/leverage-trading-guide). When you trade with leverage, the slippage cost is deducted from your margin - not from your notional position size. This means leverage amplifies the effective cost of slippage relative to your capital. **Example:** You open a $100,000 BTC long at 20x leverage with $5,000 margin. Your market order slips 0.03%, costing $30 in slippage. That $30 is: - 0.03% of your notional position - seems small - **0.6% of your $5,000 margin** - significant At 50x leverage, the same $30 slippage would be **1.5% of your $2,000 margin**. Add the 0.045% taker fee ($45) and your total entry cost is $75 - 3.75% of your margin consumed before the trade even moves in your favor. This is why experienced traders using high leverage almost always use limit orders. The combination of zero slippage and lower maker fees keeps entry costs minimal, preserving margin for the trade itself rather than burning it on execution costs. > **Key takeaway:** At 20x+ leverage, even small slippage percentages represent meaningful portions of your margin. A 0.05% slip at 25x leverage costs 1.25% of your margin on entry alone - and you will pay it again on exit. Use limit orders for leveraged trades whenever possible. ### The Real Cost of Entry and Exit Remember that slippage hits you twice if you use market orders for both entry and exit. The total round-trip cost of a leveraged trade includes: 1. **Entry slippage** (market buy) 2. **Entry taker fee** (0.045%) 3. **Exit slippage** (market sell) 4. **Exit taker fee** (0.045%) 5. **[Funding rate](/guides/trading/funding-rates-explained) cost** (if holding the position) For a 20x leveraged position, a round trip with 0.03% slippage each way plus taker fees costs: ``` Total = (0.03% + 0.045% + 0.03% + 0.045%) × 20 = 3.0% of margin ``` Using limit orders instead (zero slippage, 0.015% maker fee): ``` Total = (0% + 0.015% + 0% + 0.015%) × 20 = 0.6% of margin ``` That is a 2.4% margin savings per round trip - a substantial edge over time. **Reduce Your Trading Costs** — Lower fees plus smart execution equals more margin working for you. Get a 4% lifetime fee discount on Hyperliquid. [Start Trading - Save 4%](https://app.hyperliquid.xyz/join/Concept211) --- ## When Slippage Is Unavoidable There are situations where you will accept slippage as a cost of doing business: - **Urgent exits** - If your position is moving against you and approaching [liquidation](/guides/trading/liquidation-explained), a market order to close the position is worth any amount of slippage. Getting out at a slightly worse price beats getting liquidated. - **Fast-moving markets** - During a breakout or breakdown, the price may be moving so quickly that a limit order will not fill. A market order guarantees execution. - **Stop-loss execution** - Stop-market orders are designed to execute immediately when triggered. The small slippage on a stop-loss is the price of guaranteed execution - and that guarantee is worth it for risk management. In these cases, slippage is the cost of speed and certainty. The goal is not to eliminate slippage on every trade but to be intentional about when you accept it and when you avoid it. --- ## Slippage on HyperEVM DEXes: ArmSwap and the AMM Side of Hyperliquid Slippage works very differently on the [HyperEVM](/ecosystem/hyperevm-explained) DEX side of the Hyperliquid ecosystem than it does on the native L1 order book. **[ArmSwap](https://armswap.xyz)** is one of the largest HyperEVM-native DEX aggregators and a useful reference point for understanding AMM slippage in this ecosystem. ArmSwap routes spot swaps across HyperEVM liquidity pools — including Felix, HyperLend's collateral markets, and direct pair pools — and surfaces a slippage estimate before every swap based on the depth of the chosen route. The mechanics are AMM-style: the more of a pool's reserves you consume in a single swap, the more the constant-product curve pushes the price against you. For a $1,000 swap on a deep pair like HYPE/USDC, ArmSwap typically quotes slippage well under 0.2%. For the same pair, a $50,000 swap can show 1–3% expected slippage depending on which sub-pool the router picks. Thin altcoin pairs on HyperEVM can easily show 5% or more on five-figure swap sizes — the same dynamic that makes Uniswap risky for large orders. The practical implication: if you are trading a token that exists as both a Hyperliquid spot pair and a HyperEVM token, the order book on Hyperliquid spot will almost always give you a better fill on size than an HyperEVM AMM swap. Use HyperEVM DEXes like ArmSwap for tokens that *only* live on HyperEVM (HyperEVM-native projects, LP tokens, governance assets) where there is no L1 spot market to route through. For everything else, the central limit order book wins on slippage — that is the core architectural advantage covered earlier in this guide. --- ## Slippage on Different Hyperliquid Markets Not all markets on Hyperliquid have the same depth. Slippage varies significantly by asset: | Market Tier | Examples | Typical Spread | $10K Market Order Slippage | |---|---|---|---| | Major pairs | BTC-USD, ETH-USD | $0.10-$1.00 | Less than 0.01% | | Large caps | SOL-USD, DOGE-USD, AVAX-USD | $0.01-$0.05 | 0.01-0.03% | | Mid caps | ARB-USD, OP-USD, INJ-USD | $0.005-$0.02 | 0.03-0.10% | | Small caps | Low-volume altcoins | $0.01-$0.05 | 0.10-0.50%+ | | HIP-3 builder markets | Commodities, equities | Varies widely | Check book before trading | The [HLP vault](/ecosystem/hyperliquid-hlp-explained) acts as one of the primary liquidity providers on Hyperliquid, quoting on both sides of the book across most markets. This protocol-level market making is a key reason why spreads and slippage are competitive with - and often better than - centralized exchanges. > **Note:** For small-cap perps and newly listed assets, always check the order book depth manually before placing a market order. A $5,000 market order on a thinly traded perp can easily slip 0.5% or more. Use limit orders on these markets as a default. ## Summary Slippage is one of the most underappreciated costs in trading. On Hyperliquid's order book, slippage on major pairs is minimal for most trade sizes - but it scales with order size, leverage, and market conditions. The traders who consistently outperform are the ones who treat execution quality as seriously as trade direction. **The key principles:** - **Use limit orders** for most entries and exits - zero slippage, lower fees - **Use TWAP or scale orders** for positions above $50,000 (or $10,000 on altcoins) - **Trade during peak liquidity hours** (14:00-17:00 UTC) for the tightest spreads - **Check the order book depth** before any large market order - **Account for leverage** - slippage as a percentage of margin, not notional - **Accept slippage** when speed matters: stop-losses, urgent exits, fast-moving markets For a complete walkthrough of all order types including limit, TWAP, and scale orders, see the [order types guide](/guides/trading/order-types-guide). And if you are new to Hyperliquid, start with the [beginner trading guide](/guides/getting-started/how-to-trade-on-hyperliquid) to set up your account and place your first trade. If you do not have a Hyperliquid account yet, make sure to use a [referral link](https://app.hyperliquid.xyz/join/Concept211) when signing up. The 4% lifetime fee discount applies to every trade - reducing your overall execution costs alongside the slippage savings from smarter order management. --- # HYPE Airdrop: What Happened, Who Got It, and What's Next (2026) > The HYPE airdrop distributed 310M tokens to early Hyperliquid traders in November 2024. Claiming is closed — here's who qualified, what happened to unclaimed tokens, and how to get HYPE today. *Source: https://hyperliquidguide.com/ecosystem/hype-airdrop-guide* > **Key takeaway:** The Hyperliquid HYPE airdrop distributed approximately 310 million tokens (31% of total supply) to early platform users in November 2024. The claiming window has closed — unclaimed tokens are no longer available. The only way to obtain HYPE today is by [buying it on Hyperliquid's spot market](/guides/getting-started/how-to-buy-hype-token), earning it through [liquid staking](/ecosystem/liquid-staking-guide), or trading on the platform with our [referral discount](/referral). No Season 2 has been confirmed, though 38.888% of total supply remains earmarked for future community rewards. The HYPE token airdrop in November 2024 rewrote the playbook for how DeFi protocols distribute tokens. No venture capital allocation. No insider deals. Just 310 million tokens - 31% of the entire supply - handed directly to the people who actually used the platform. For many recipients, it was the single most valuable airdrop they had ever received. **The claim period is now closed**, and this guide explains what happened, who qualified, and how to acquire HYPE in 2026. > **Note:** **The HYPE Airdrop Is Complete - Here's What's Next** > - **Season 1 concluded** in November 2024 - 310M HYPE distributed to early users > - **Claim window closed** - unclaimed tokens are no longer available > - **No Season 2 confirmed** - Hyperliquid has not announced future airdrops > - **How to get HYPE now:** [Buy HYPE on Hyperliquid's spot market](/guides/getting-started/how-to-buy-hype-token) or other exchanges, or earn via [staking rewards](/ecosystem/liquid-staking-guide) (~2.37% APY) > - **38.888%** of total supply reserved for future emissions - fueling community speculation This guide covers everything about the HYPE airdrop: what happened in Season 1, how the points system worked, and what the community is speculating about a potential Season 2. If you want to understand the [HYPE token](/ecosystem/what-is-hype-token) beyond just the airdrop - its staking mechanics, buyback and burn, and utility - read our comprehensive HYPE token guide. --- ## Season 1: One of Crypto's Largest Airdrops ### The Genesis Event On November 29, 2024, Hyperliquid executed what became one of the most talked-about token launches in crypto history. Approximately **310 million HYPE tokens** were distributed to early users of the platform - representing a full 31% of the total 1 billion token supply. What made this airdrop remarkable was not just its size, but its philosophy. There was **zero venture capital allocation**. No tokens were sold to investors at a discount before launch. Every single token in the genesis distribution went directly to community members who had been actively using the platform. In an industry plagued by VC-backed token launches where insiders dump on retail, Hyperliquid took the opposite approach. > **Key takeaway:** The HYPE genesis airdrop distributed 310 million tokens (31% of supply) exclusively to community members. With zero VC allocation, it was one of the most community-oriented token launches in DeFi history - and one of the most valuable by dollar amount. ![Hyperliquid staking interface for HYPE token](/images/ecosystem/what-is-hype-token/staking-interface.webp) ### Who Received Tokens The airdrop was not a participation trophy. Hyperliquid specifically rewarded **genuine platform usage** rather than minimal interaction. The distribution criteria weighted several factors: - **Trading volume** - users who traded larger amounts received proportionally larger allocations - **Trading frequency and consistency** - regular, sustained activity was rewarded over one-time usage - **Testnet participation** - early users who tested the platform during its testnet phase received additional consideration - **Loyalty and duration** - how long a user had been active on the platform mattered - **Referral activity** - users who brought others to the platform earned additional points Hundreds of thousands of wallets received tokens. Some of the most active traders received allocations worth six or even seven figures at the token's launch price. Even smaller, casual traders received meaningful allocations - a stark contrast to many airdrops where the average user receives a negligible amount. ### Claiming the Airdrop Claiming was straightforward. Eligible users could claim their HYPE tokens directly through the Hyperliquid interface at **[app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211)**. The process involved connecting the same wallet used for trading, viewing the allocation amount, and confirming the claim transaction. Tokens were distributed on Hyperliquid's L1 chain, meaning they appeared directly in users' Hyperliquid accounts. > **Note:** The Season 1 claim window has closed. If you were eligible but did not claim during the window, those tokens are no longer available. The only way to acquire HYPE now is by purchasing it on the [spot market](/guides/trading/spot-trading-guide) or through centralized exchanges. ### Launch Price and Market Impact HYPE launched at approximately $2 and surged rapidly in the days following the airdrop. The combination of genuine demand from a large, engaged user base and zero sell pressure from VC investors created a powerful dynamic. Within weeks, HYPE became one of the top-performing new tokens, with its market cap reaching billions of dollars. The airdrop generated enormous attention for Hyperliquid, driving a surge in new user registrations, trading volume, and ecosystem development. It proved that a protocol could launch a token successfully without selling to VCs - and that rewarding real users creates a more aligned and enthusiastic community. --- ## The Points System: How Allocations Were Determined Before the airdrop, Hyperliquid ran a **points program** that served as the foundation for determining token allocations. Understanding this system is essential context for anyone speculating about future distributions. ### How Points Worked During Hyperliquid's testnet and early mainnet phases, users earned points through various activities on the platform. The system was designed to measure and reward genuine engagement: - **Trading activity** - the primary way to earn points was simply trading on the platform, with more volume and more frequent trades earning more points - **Providing liquidity** - depositing into the [HLP vault](/ecosystem/hyperliquid-hlp-explained) and other [liquidity vaults](/ecosystem/hyperliquid-vaults-guide) earned points for market-making contributions - **Referrals** - bringing new active traders to the platform generated bonus points - **Consistency** - the system rewarded users who traded regularly over time rather than those who dumped volume in a short period ### Points to Token Conversion When the airdrop occurred, each user's accumulated points were converted into a HYPE token allocation. The conversion rate was determined by dividing the total airdrop pool (310 million HYPE) by the total points earned across all participants. Users with more points received proportionally larger allocations. > **Key takeaway:** The points system ensured that airdrop allocations reflected actual platform usage. It was not first-come-first-served or random - it was meritocratic, rewarding the traders who contributed the most to Hyperliquid's growth. ### Anti-Sybil Measures Hyperliquid implemented measures to detect and penalize Sybil farming - the practice of creating multiple wallets to artificially inflate airdrop allocations. Wallets identified as Sybil were reduced or excluded from the distribution. This protected legitimate users and ensured that the airdrop went to real people, not bot networks. **Start Trading on Hyperliquid** — Join the platform that distributed one of crypto's largest airdrops. Get a 4% lifetime fee discount with our referral code. [Get Started with 4% Off](https://app.hyperliquid.xyz/join/Concept211) --- ## HYPE Token Distribution Overview Understanding the full token distribution puts the airdrop - and any potential future distributions - into perspective. | Allocation | Percentage | Amount | Status | |---|---|---|---| | **Genesis Airdrop (Season 1)** | ~31% | ~310M HYPE | Fully distributed | | **Future Emissions & Community Rewards** | ~38.888% | ~388.88M HYPE | Reserved, not yet distributed | | **Team** | ~23.8% | ~238M HYPE | 1-year cliff, 3-year vesting | | **Hyper Foundation** | ~6% | ~60M HYPE | Ecosystem development | | **Community Grants** | ~0.3% | ~3M HYPE | Grants and bounties | The critical number for anyone thinking about future airdrops is that **38.888%** - nearly 389 million tokens allocated to "future emissions and community rewards." This is the largest single allocation in the published tokenomics, larger than the Season 1 airdrop itself. This site does not know who controls that allocation or how decisions about it are made, and does not assert a view on either — the percentages above come from the published distribution, and anything about custody or governance of the reserved tranche should be checked against official sources. > **Note:** The team allocation of 23.8% is subject to a 1-year cliff followed by a 3-year vesting schedule. This means team tokens did not begin unlocking until approximately November 2025, and will continue vesting through late 2028. This protects community holders from insider selling pressure. ### No VC Allocation - Why It Matters Most major DeFi token launches allocate 15-30% of supply to venture capital investors who buy at deep discounts during private funding rounds. These investors typically have short lock-up periods and often sell aggressively once their tokens unlock, creating sustained downward pressure on price. Hyperliquid funded its development without venture capital. The entire token supply is allocated to the community, team, and foundation - with no outside investors holding discounted tokens waiting to dump. This makes HYPE's supply dynamics fundamentally different from most DeFi tokens and is a key reason the token performed well post-launch. --- ## Season 2 Speculation: What the Community Is Saying > **Warning:** Everything in this section is community speculation. Hyperliquid has NOT officially confirmed a Season 2 airdrop. No dates, criteria, or details have been announced. Do not make financial decisions based on speculation about future airdrops. ### Why People Expect a Season 2 The speculation around a Season 2 airdrop is not unfounded hype - it is based on concrete tokenomics data. The **38.888% future emissions allocation** (roughly 389 million HYPE) is explicitly reserved for community rewards. This is a larger pool than the Season 1 airdrop itself. While "future emissions" could take many forms - staking rewards, liquidity mining, ecosystem grants - the community widely speculates that at least a portion will be distributed as a second airdrop to reward continued platform engagement. The reasoning: 1. **The allocation exists** - 389M tokens earmarked for community rewards 2. **Precedent** - Season 1 proved Hyperliquid rewards users directly 3. **Growth incentive** - a Season 2 airdrop would drive massive user acquisition and activity 4. **Competitive pressure** - rival DEXs continue launching airdrop campaigns ### What Activities Might Qualify Based on Season 1 criteria and general DeFi airdrop trends, the community speculates that the following activities could position users for a potential Season 2 distribution: **Trading Activity** - Maintaining consistent [trading volume](/guides/getting-started/how-to-trade-on-hyperliquid) on both perps and [spot markets](/guides/trading/spot-trading-guide) - Using advanced features like [leverage trading](/guides/trading/leverage-trading-guide) and different order types - Trading regularly rather than in concentrated bursts **Ecosystem Participation** - Depositing into [HLP](/ecosystem/hyperliquid-hlp-explained) for market-making exposure - [Staking HYPE](/ecosystem/what-is-hype-token) to validators to secure the network - Using [liquid staking](/ecosystem/liquid-staking-guide) through Kinetiq for kHYPE - Interacting with [HyperEVM](/ecosystem/hyperevm-explained) dApps **DeFi Engagement** - Lending and borrowing on protocols like [Felix](/ecosystem/felix-protocol-guide) and [HyperLend](/ecosystem/hyperlend-guide) - Participating in [vaults](/ecosystem/hyperliquid-vaults-guide) and yield strategies - Bridging assets and providing liquidity across the ecosystem **Account Fundamentals** - Having a funded account with [USDC deposited](/guides/getting-started/deposit-usdc-to-hyperliquid) - Maintaining a strong [fee tier](/guides/fees/fees-explained) through volume - Using the platform through a referral link (like ours - [get 4% off fees](https://app.hyperliquid.xyz/join/Concept211)) > **Warning:** These are educated guesses based on community discussion, not insider information. Hyperliquid could distribute future tokens through entirely different mechanisms - staking rewards, liquidity mining, grants, or methods that have not been considered. Do not over-invest or take excessive risk based on airdrop speculation. ### How to Position Yourself (Without Making Guarantees) If you want to be well-positioned for any future Hyperliquid distributions - without gambling on speculation - the best approach is to simply **use the platform as intended**: 1. **Trade regularly** - maintain consistent activity on Hyperliquid rather than letting your account sit dormant 2. **Stake your HYPE** - if you hold HYPE, staking it to validators [earns yield](/ecosystem/hype-staking-yields-guide) while demonstrating commitment to the network 3. **Explore the ecosystem** - interact with HyperEVM dApps, try DeFi protocols, and participate in the broader Hyperliquid ecosystem 4. **Deposit into HLP** - providing liquidity through the [HLP vault](/ecosystem/hyperliquid-hlp-explained) earns yield and demonstrates deeper platform engagement 5. **Stay informed** - follow Hyperliquid's official channels for announcements rather than relying on rumors The key insight is that all of these activities are valuable regardless of whether a Season 2 airdrop materializes. Trading earns you profits (or teaches you lessons). Staking earns yield. HLP deposits earn market-making returns. You are not wasting effort - you are actively participating in the ecosystem. > **Key takeaway:** The smartest approach to airdrop speculation is to do things that are valuable even if no airdrop happens. Trade because you want to trade. Stake because you want yield. Use DeFi because it is useful. If a Season 2 comes, active users will likely benefit. If it does not, you have not wasted anything. If you are new to Hyperliquid and want to get started, our [beginner checklist](/guides/getting-started/hyperliquid-beginner-checklist) walks you through everything from wallet setup to your first trade. --- ## Tax Implications of Airdrops If you received HYPE tokens in the Season 1 airdrop, be aware that airdrops are generally considered taxable income in most jurisdictions. The fair market value of the tokens at the time you received them is typically treated as ordinary income for tax purposes. Key considerations: - **Record the value at receipt** - document the price of HYPE at the exact time you claimed your airdrop tokens - **Cost basis** - the value at receipt becomes your cost basis for calculating capital gains if you later sell - **Jurisdictional differences** - tax treatment varies by country; consult a qualified tax professional - **Reporting** - see our [tax reporting guide](/guides/trading/hyperliquid-tax-reporting-guide) for detailed guidance on reporting Hyperliquid activity > **Note:** Even if you did not sell your airdropped HYPE, you may still owe taxes on the receipt. The IRS and many other tax authorities treat airdrops as income at fair market value when received. Keep records of your claim date and the token price at that time. --- ## The Bottom Line The HYPE Season 1 airdrop was a defining moment for both Hyperliquid and the broader DeFi space. It demonstrated that a protocol can distribute meaningful value to its users without venture capital intermediaries, and it rewarded genuine platform engagement over Sybil farming and minimal-effort participation. Whether a Season 2 airdrop materializes remains to be seen. The 38.888% future emissions allocation provides the foundation for it, but Hyperliquid has made no official announcements. The best strategy is straightforward: use Hyperliquid because it is a genuinely excellent trading platform, participate in the ecosystem because the opportunities are real, and if future rewards come your way, treat them as a bonus rather than an expectation. **Join Hyperliquid with a 4% Fee Discount** — Whether you're here for the trading, the ecosystem, or the potential of future rewards - start with a permanent fee discount. [Create Your Account](https://app.hyperliquid.xyz/join/Concept211) > **Note:** This article is for educational and informational purposes only. It does not constitute financial or investment advice. There is no guarantee of any future airdrop or token distribution. Cryptocurrency investments are volatile and carry significant risk. Never invest more than you can afford to lose, and always conduct your own research before making any financial decisions. --- # HyperEVM Ecosystem Map - Every DeFi Protocol on Hyperliquid (2026) > Complete directory of every major protocol on HyperEVM. Browse DEXs, lending platforms, stablecoins, yield strategies, and infrastructure - updated March 2026. *Source: https://hyperliquidguide.com/ecosystem/hyperevm-ecosystem-map* ## The HyperEVM Ecosystem at a Glance [HyperEVM](/ecosystem/hyperevm-explained) is Hyperliquid's Ethereum-compatible smart contract layer. Since its mainnet launch in early 2025, it has attracted a dense cluster of DeFi protocols that compose directly with Hyperliquid's native order book and trading engine - no bridges, no oracles, no cross-chain complexity. What makes this ecosystem different from Arbitrum, Base, or any other EVM chain is the **shared-state architecture**. Every protocol on HyperEVM can read from and write to HyperCore (Hyperliquid's native trading layer) within the same block. Lending protocols use real-time order book prices for liquidations. Yield strategies execute trades through the native perp engine. Stablecoins are backed by assets settled on the same L1. Everything composes natively. This page is a categorized reference directory of every major protocol building on HyperEVM as of March 2026. Use it as your starting point when exploring the ecosystem, or bookmark it to track new projects as they launch. > **Note:** **Quick Summary - HyperEVM Ecosystem (March 2026)** > - **15+ active protocols** across lending, staking, trading, yield, and infrastructure > - **$2B+ combined TVL** across HyperEVM DeFi protocols > - **Sub-second finality** - all protocols benefit from HyperBFT consensus > - **HYPE is the gas token** - you need a small amount to interact with any protocol > - **Bridge funds first** - [transfer USDC from HyperCore to HyperEVM](/guides/getting-started/bridge-to-hyperevm) to get started > **Key takeaway:** HyperEVM protocols compose directly with Hyperliquid's native order book - no oracles or bridges required. This shared-state architecture is the ecosystem's core competitive advantage over other EVM chains. ![Hyperliquid trading interface — the core of the HyperEVM ecosystem](/images/compare/shared/hyperliquid-trading-interface.webp) --- ## Lending and Borrowing Lending is the largest DeFi category on HyperEVM by TVL, with multiple protocols offering different approaches to borrowing and capital efficiency. | Protocol | Description | Link | | --- | --- | --- | | **Felix Protocol** | The #2 DeFi protocol on HyperEVM with $1B+ TVL. CDP-based lending (mint feUSD against HYPE, kHYPE, wstHYPE, UBTC) plus Vanilla Markets for variable-rate supply/borrow. Also issues USDhl (T-bill backed stablecoin via M0 Foundation). | [Guide](/ecosystem/felix-protocol-guide) | | **HyperLend** | Traditional pooled lending market (Aave-style). Supply assets to earn variable-rate interest, or borrow against collateral. Features flash loans and HyperLoop automated leverage. | [Guide](/ecosystem/hyperlend-guide) | | **Morpho** | Permissionless lending vaults with isolated risk markets. Enables curated lending pools where vault managers set parameters and risk exposure. Powers Felix's Vanilla Markets under the hood. | [morpho.org](https://morpho.org) | For a step-by-step walkthrough of lending and borrowing on HyperEVM, see our [lending and borrowing guide](/guides/trading/lending-borrowing-guide). Everything in this table runs on HyperEVM. Hyperliquid also runs a separate lending book inside HyperCore itself, gated to Portfolio Margin accounts, and HyperEVM contracts can supply into it through CoreWriter. Our [HyperCore borrow and lend guide](/guides/trading/hypercore-borrow-lend) covers the reserves and the caps. --- ## Liquid Staking Liquid staking unlocks the capital efficiency of staked HYPE, allowing you to earn staking rewards while using derivative tokens across HyperEVM DeFi. | Protocol | Description | Link | | --- | --- | --- | | **Kinetiq** | The leading liquid staking provider on Hyperliquid. Stake HYPE and receive kHYPE (or wstHYPE), which accrues staking rewards automatically while remaining liquid. Both tokens are accepted as collateral on Felix Protocol. | [Guide](/ecosystem/liquid-staking-guide) | Liquid staking tokens like kHYPE are the connective tissue of HyperEVM DeFi. You can stake HYPE, receive kHYPE, deposit it as collateral on [Felix](/ecosystem/felix-protocol-guide), mint feUSD, and deploy that stablecoin into yield strategies - all while your original HYPE keeps earning staking rewards. For the full composability breakdown, see the [DeFi ecosystem guide](/ecosystem/hyperliquid-defi-ecosystem). **Start Exploring HyperEVM DeFi** — From lending to liquid staking, the HyperEVM ecosystem is built for composability. Sign up with our referral link for a 4% lifetime fee discount on all trades. [Join Hyperliquid - Save 4% on Fees](https://app.hyperliquid.xyz/join/Concept211) --- ## Stablecoins Hyperliquid's stablecoin landscape includes four distinct options, each backed differently and optimized for different use cases. | Stablecoin | Backing | Description | Link | | --- | --- | --- | --- | | **USDH** *(sunset)* | U.S. Treasuries (BlackRock, Superstate) | Hyperliquid's original native "aligned" stablecoin. Now sunset under [AQAv2](/ecosystem/aqav2-usdc-aligned-quote-asset) — all USDH-denominated markets on HyperCore have settled; swap any remaining USDH for USDC. | [Guide](/ecosystem/usdh-stablecoin-guide) | | **feUSD** | Crypto (HYPE, kHYPE, wstHYPE, UBTC) | Overcollateralized CDP stablecoin minted through Felix Protocol. Redeemable 1:1 for underlying collateral. | [Felix Guide](/ecosystem/felix-protocol-guide) | | **USDhl** | U.S. Treasury bills (M0 Foundation) | T-bill backed stablecoin from Felix and M0 Foundation. Brings RWA yield on-chain. | [Felix Guide](/ecosystem/felix-protocol-guide) | | **USDC** | Cash reserves (Circle) | Available natively on HyperEVM via CCTP. Primary on-ramp for new users. | [Deposit Guide](/guides/getting-started/deposit-usdc-to-hyperliquid) | > **Key takeaway:** USDC is now the default for trading and deposits — the USDH fee discounts ended with its [sunset](/ecosystem/aqav2-usdc-aligned-quote-asset), and USDC's AQAv2 alignment carries no trader-facing fee perk. For DeFi and lending, feUSD and USDC are the most widely supported. --- ## DEXs on HyperEVM Beyond Hyperliquid's native order book (which runs on HyperCore, not HyperEVM), several AMM-style decentralized exchanges operate on the EVM layer for token swaps and liquidity provision. | Protocol | Description | Link | | --- | --- | --- | | **KittenSwap** | AMM DEX on HyperEVM for swapping ERC-20 tokens. Provides liquidity pools and yield farming opportunities for HyperEVM-native tokens. | [kittenswap.finance](https://kittenswap.finance) | | **HyperSwap** | AMM DEX with concentrated liquidity features on HyperEVM. Swap tokens and provide liquidity across multiple fee tiers. | [hyperswap.exchange](https://hyperswap.exchange) | | **pump.fun** | Token launchpad, originally Solana-native, which added HyperEVM support in August 2026. Lets anyone create and trade a token without deploying a contract. | [pump.fun](https://pump.fun) | These DEXs complement Hyperliquid's native order book by handling the long tail of ERC-20 tokens on HyperEVM that are not listed on the spot order book. ### Pump.fun Added HyperEVM Support In the week ending **August 31, 2026**, the Solana token launchpad **[pump.fun](https://pump.fun)** [announced support for HyperEVM](https://x.com/Pumpfun/status/2092613331299291421). It is the largest launchpad by volume to add the chain, and it puts token creation on HyperEVM in front of an audience that already launches coins daily somewhere else. ![Pump.fun homepage showing the callouts feed and trending token list](/images/ecosystem/hyperevm-ecosystem-map/pumpfun-homepage.webp) *Source: [pump.fun](https://pump.fun), used under fair use for educational purposes* What this changes in practice is where the long tail starts. HyperEVM has had [DEXs to trade small tokens on](#dexs-on-hyperevm) for a while, but launching one meant deploying a contract yourself or using a chain-specific tool. A launchpad with existing distribution removes that step, which tends to increase the number of tokens on a chain rather than the quality of them. Treat anything launched this way with the same caution you would apply on any other chain, and read our guide to [HyperEVM](/ecosystem/hyperevm-explained) for what the execution layer does and does not guarantee. --- ## Trading Tools and Platforms HyperEVM and Hyperliquid's HIP-3 system have enabled a new generation of trading tools that extend beyond standard crypto perpetuals. | Protocol | Description | Link | | --- | --- | --- | | **trade.xyz** | The leading HIP-3 builder on Hyperliquid with ~50 markets. Trade perpetual futures on equities (NVDA, TSLA, AAPL), commodities (gold, silver, crude oil), forex, and indices - 24/7, no KYC, self-custody. | [Equity Perps Guide](/guides/trading/equity-perps-guide) | | **Copin** | Copy trading analytics platform. Track top Hyperliquid traders, analyze their strategies, and mirror positions. Provides performance dashboards and portfolio breakdowns for any public address. | [copin.io](https://copin.io) | For a deep dive into trading traditional markets on Hyperliquid, see the [traditional markets guide](/ecosystem/hyperliquid-traditional-markets) and the [commodities trading guide](/guides/trading/commodities-trading-guide). --- ## Yield and Vaults Hyperliquid offers multiple yield sources, from protocol-level market making to automated DeFi strategies. | Protocol | Layer | Description | Link | | --- | --- | --- | --- | | **HLP Vault** | HyperCore (L1) | Hyperliquid's native market-making vault. Deposit capital to provide liquidity across perp markets. Returns come from bid-ask spreads and liquidation proceeds. | [Guide](/ecosystem/hyperliquid-hlp-explained) | | **Community Vaults** | HyperCore (L1) | Copy-trading vaults managed by community traders. Deposit into a vault manager's strategy and earn (or lose) proportionally to their trades. | [Guide](/ecosystem/hyperliquid-vaults-guide) | | **Felix Stability Pools** | HyperEVM | Backstop the Felix CDP system. Earn yield from liquidation discounts and borrower interest by depositing feUSD. Returns spike during volatile markets. | [Felix Guide](/ecosystem/felix-protocol-guide) | | **Vanilla Markets Lending** | HyperEVM | Supply USDC, HYPE, or other assets to earn variable-rate interest. Closest equivalent to a savings account in the ecosystem. | [Felix Guide](/ecosystem/felix-protocol-guide) | | **Carrot** | HyperEVM | Yield protocol that migrated to HyperEVM in August 2026, announced in Hyperliquid's ecosystem update. Too new to have a TVL history or a DefiLlama listing, so treat it as unproven on this chain and size accordingly. | [Announcement](https://x.com/carrotfunding/status/2085027453727072497) | | **Buoy Finance** | HyperEVM → HyperCore | Vault system announced in August 2026 that routes deposits into HyperCore trading through HyperEVM custom vaults, so the strategy contract lives on the EVM side while the positions sit on the order book. No TVL history yet, and the smart contract layer is an extra failure point that [HLP](/ecosystem/hyperliquid-hlp-explained) and [community vaults](/ecosystem/hyperliquid-vaults-guide) do not have. | [Announcement](https://x.com/BuoyFinance/status/2087948034206208083) | For a comprehensive overview of yield strategies including delta-neutral vaults and funding rate arbitrage, see the [HyperEVM yield strategies guide](/ecosystem/hyperevm-yield-strategies). **Earn Yield on HyperEVM** — From Stability Pools to Vanilla Markets, Felix Protocol offers multiple yield strategies for different risk profiles. Over $1B in TVL and growing. [Open Felix Protocol](https://www.usefelix.xyz?ref=DD467B42) --- ## Infrastructure and Bridges The infrastructure layer provides the plumbing that connects HyperEVM to the broader crypto ecosystem. | Protocol | Description | Link | | --- | --- | --- | | **Across Protocol** | Cross-chain bridge supporting 22+ chains. Bridge USDC or USDH directly to HyperEVM from Ethereum, Arbitrum, Base, Solana, and more. Transfers complete in seconds, typically under $1 in fees. | [Bridge Guide](/guides/getting-started/bridge-to-hyperevm) | | **Unit (Hyperunit)** | The asset tokenization layer that brings native BTC, ETH, and SOL onto Hyperliquid via a 2-of-3 MPC lock-and-mint bridge. Deposit the real asset and receive uBTC, uETH, or uSOL as spot balances (over $14B settled to date). | [Guide](/ecosystem/unit-protocol-guide) | | **HyBridge** | Ecosystem bridge for HyperEVM tokens. Provides additional bridging routes and token support beyond Across Protocol. | [hybridge.xyz](https://hybridge.xyz) | | **HyperCore ↔ HyperEVM Transfer** | Built-in internal transfer between Hyperliquid's trading layer and EVM layer. Instant, near-zero cost. Access via Portfolio page on **[app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211)**. | [Bridge Guide](/guides/getting-started/bridge-to-hyperevm) | --- ## Analytics and Block Explorers | Tool | Description | Link | | --- | --- | --- | | **Hyperliquid Explorer** | Official block explorer for HyperEVM transactions, contracts, and addresses. | [explorer.hyperliquid.xyz](https://explorer.hyperliquid.xyz) | | ** HyperEVM Explorer (hl.eco)** | Launched July 2026. Blocks, transactions, addresses, tokens, and `.hl` name search, with a HyperCore tab alongside the EVM view and both block lanes surfaced. Network stats and TVL charts on the landing page. | [hyperscan.com](https://hyperscan.com) | | ** HyperEVMScan** | Etherscan-built explorer for HyperEVM. The default choice for contract verification and reading transaction internals. | [hyperevmscan.io](https://hyperevmscan.io) | | **Hypurrscan** | Community-built analytics dashboard with detailed protocol metrics, TVL tracking, and ecosystem data. | [hypurrscan.io](https://hypurrscan.io) | | ** ASXN** | Research firm running two useful dashboards: Hyperscreener for live Hyperliquid perps, spot, HIP-3 and builder-code data, and a cross-venue perps view for comparing liquidity against other exchanges. Also the source for the HYPE buyback tracker. | [hyperscreener.asxn.xyz](https://hyperscreener.asxn.xyz/) | | ** Hyperliquid Research Collective** | Independent research hub co-founded by Four Pillars and GLC Research, publishing TradFi-style reports on Hyperliquid including the 2025 annual report and quarterly updates. Not affiliated with Hyperliquid or the foundation. | [hyperliquidr.xyz](https://www.hyperliquidr.xyz/) | ![HyperEVM Explorer by hl.eco showing network overview with latest block, block time, gas price, 24-hour transaction count, and Hyperliquid TVL chart](/images/ecosystem/shared/hleco-hyperevm-explorer.webp) *Source: [hl.eco HyperEVM Explorer](https://hyperscan.com) - used under fair use for educational purposes* ### Chainalysis Added HyperEVM Coverage On 3 September 2026 Chainalysis [announced support for HyperEVM](https://www.chainalysis.com/blog/chainalysis-supports-hyperevm-with-automatic-token-support/) across three of its products: KYT, its address screening products, and Reactor, its investigations tool. Coverage includes the native [HYPE](/ecosystem/what-is-hype-token) token, and the post says ERC-20 and ERC-721 tokens on the chain are added to the platform automatically rather than by manual listing, which matters on a network where new tokens are minted daily. For anyone building on HyperEVM, the practical read is that mainstream chain-analytics tooling now indexes the chain by default. Institutional counterparties that require screening coverage before touching a network have one fewer reason to say no. ![Chainalysis blog post announcing HyperEVM support with automatic token support, dated September 3 2026](/images/ecosystem/shared/chainalysis-hyperevm-support.webp) *Source: [Chainalysis](https://www.chainalysis.com/blog/chainalysis-supports-hyperevm-with-automatic-token-support/) - used under fair use for educational purposes* More explorer and analytics options are covered in the [Hyperliquid trading tools roundup](/guides/trading/hyperliquid-trading-tools). --- ## How to Get Started on HyperEVM If you are new to the ecosystem, here is the practical path to start using HyperEVM protocols: 1. **Deposit USDC to Hyperliquid** - Follow the [deposit guide](/guides/getting-started/deposit-usdc-to-hyperliquid) to get funds onto HyperCore. 2. **Transfer to HyperEVM** - Use the built-in [bridge to HyperEVM](/guides/getting-started/bridge-to-hyperevm) via the Portfolio page. Transfer USDC and a small amount of HYPE for gas. 3. **Connect your wallet** - Add HyperEVM (Chain ID 999) to [MetaMask](/guides/getting-started/connect-metamask-to-hyperliquid) or [Rabby](/guides/getting-started/connect-rabby-to-hyperliquid). 4. **Start with established protocols** - Begin with [Felix](/ecosystem/felix-protocol-guide), [HyperLend](/ecosystem/hyperlend-guide), or [Kinetiq](/ecosystem/liquid-staking-guide) before exploring newer projects. 5. **Understand the assets** - Read up on [HYPE](/ecosystem/what-is-hype-token), [USDH](/ecosystem/usdh-stablecoin-guide), and [HyperEVM's architecture](/ecosystem/hyperevm-explained). > **Warning:** As with any DeFi ecosystem, exercise caution with newer protocols. Verify smart contract audits, start with small amounts, and never deposit more than you can afford to lose. HyperEVM is younger than Ethereum - the ecosystem is growing fast, but established track records are still short. --- *Last updated: March 2026* --- # How to Earn USDC on Hyperliquid - Yield Guide (2026) > Explore every way to earn yield on USDC on Hyperliquid - from HLP vaults and DeFi lending to funding rate arbitrage. Compare APYs, risks, and lock-ups. *Source: https://hyperliquidguide.com/ecosystem/hyperliquid-earn-usdc* > **Note:** **Quick Summary - Earning USDC on Hyperliquid** > - **HLP Vault**: One-click deposit, variable returns (no fixed APY), 0% profit share, no lock-up - no bridging needed > - **DeFi Lending** (Felix, HyperLend): **Low single-digit APY**, lower risk, requires [bridging to HyperEVM](/guides/getting-started/bridge-to-hyperevm) > - As of March 2026, **Community Vaults**: highly variable returns, **10% profit share** to vault leader, no lock-up > - **Funding Rate Arbitrage**: **5-30%+ annualized** during bull markets, delta-neutral but requires active management > - All strategies are **USDC-denominated** with **no lock-up periods** > - No method offers a **guaranteed or fixed APY** - every yield source compensates for a specific risk ## Why Earn Yield on Hyperliquid? If you hold USDC on Hyperliquid - whether between trades, waiting for a setup, or simply storing value - that capital is sitting idle. Hyperliquid's ecosystem now offers multiple ways to put that USDC to work and earn yield, ranging from simple one-click vault deposits to sophisticated DeFi strategies on [HyperEVM](/ecosystem/hyperevm-explained). This guide covers every major method for earning yield on USDC across the Hyperliquid ecosystem. Rather than deep-diving into the mechanics of each protocol (we have dedicated guides for that), this article compares the options side by side so you can pick the right strategy for your risk tolerance and time horizon. > **Key takeaway:** Hyperliquid is no longer just a trading platform. Between HLP, community vaults, DeFi lending, and funding rate strategies, there are yield opportunities at every risk level - from conservative stablecoin lending to aggressive market-making exposure. ![Hyperliquid vaults page — earn USDC through protocol vaults](/images/ecosystem/hyperliquid-vaults-guide/vaults-listing.webp) **Start Earning on Hyperliquid** — Get a 4% lifetime fee discount when you create your Hyperliquid account. You'll need USDC deposited to access any yield strategy. [Join Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) --- ## Method 1: HLP Vault - Protocol Market Making The fastest way to earn yield on USDC is to deposit into **HLP (Hyperliquidity Provider)**, Hyperliquid's protocol-owned market-making vault. HLP provides liquidity across every perpetual and spot market on the exchange, earning revenue from bid-ask spreads, maker rebates, and liquidation proceeds. **Why consider HLP:** - **One-click deposit** - No bridging to HyperEVM required. Deposit directly from your Hyperliquid trading balance. - **Zero profit share** - Unlike community vaults, HLP has no vault leader taking a cut. 100% of profits flow to depositors. - **Deep liquidity** - HLP is the largest vault on Hyperliquid by TVL, which provides diversification across all markets. - **No lock-up** - Withdraw at any time. **The catch:** HLP is not a savings account. It is actively market-making, and market makers experience drawdowns during sharp, one-directional price moves. Returns are variable - some months are strong, others are negative. You need to be comfortable with equity curve volatility. HLP's performance correlates with trading volume on the platform. High-volume, moderately volatile markets are the best environment for market-making returns. Extreme trending moves or quiet low-volume periods tend to compress returns or cause losses. For a complete breakdown of how HLP earns, its risk profile, and historical performance, read our dedicated [HLP explained guide](/ecosystem/hyperliquid-hlp-explained). > **Note:** HLP returns are variable and depend entirely on market conditions. There is no fixed APY. Check the vault's real-time performance on **[app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211)** before depositing. ### How to Find the Current HLP APY in the App Since HLP has no fixed rate, checking the live yield before depositing is essential. Here is how to find it: 1. Go to **[app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211)** and connect your wallet 2. Navigate to the **Vaults** page from the top navigation 3. Find **HLP** at the top of the vault list - it is the protocol's flagship vault 4. Look at the **APR** column, which shows the annualized return based on recent performance 5. Click into the vault for a detailed breakdown: historical returns, TVL, current positions, and equity curve The displayed APR is based on recent performance and changes continuously. A high APR during a volatile week may normalize during calmer periods. Check the 30-day and 90-day return history (not just the 24-hour figure) for a more realistic picture. For DeFi lending rates, check the supply APY directly on the [Felix](https://usefelix.xyz) or [HyperLend](https://app.hyperlend.finance) dashboards - rates are displayed prominently on each pool page and update in real time. --- ## Method 2: Community Vaults - Copy Top Traders Hyperliquid hosts dozens of community vaults where individual traders manage pooled USDC on behalf of depositors. You deposit USDC, the vault leader trades, and you earn (or lose) a proportional share of the results - minus a 10% profit share to the leader. Community vaults offer exposure to a wide range of strategies: momentum trading, mean-reversion, macro rotation, and more. Some vaults have delivered impressive returns, but performance varies dramatically. A vault that gained 50% in one quarter can lose 30% the next. **Key considerations:** - **Vault leader risk** - You are trusting a specific individual's trading judgment. Leaders are not vetted or endorsed by Hyperliquid. - **No lock-up** - Withdraw anytime, but withdrawing during a drawdown crystallizes losses. - **Diversification helps** - Spreading capital across several vaults with different strategies reduces single-strategy blowup risk. Before depositing, evaluate the vault's track record length, maximum drawdown, and consistency - not just headline returns. A vault profitable for six months through multiple market regimes is far more credible than one with two weeks of data during a trending market. For a deep dive into vault mechanics, evaluation criteria, and how to create your own vault, see our [complete vaults guide](/ecosystem/hyperliquid-vaults-guide). --- ## Method 3: HyperEVM DeFi Lending The [HyperEVM ecosystem](/ecosystem/hyperliquid-defi-ecosystem) has matured into a full DeFi stack with lending protocols where you can supply USDC and earn interest from borrowers. This is the closest thing to "savings account" yield in the Hyperliquid ecosystem - lower returns, but also lower risk compared to vault strategies. > **Tip:** DeFi lending on HyperEVM requires bridging USDC from Hyperliquid's trading layer to HyperEVM. If you have not done this before, follow our [bridge to HyperEVM guide](/guides/getting-started/bridge-to-hyperevm) first. ### Felix Protocol - Vanilla Markets & Stability Pools [Felix Protocol](/ecosystem/felix-protocol-guide) is the largest DeFi protocol on Hyperliquid by TVL. For USDC yield, two products are relevant: - **Vanilla Markets** - Supply USDC to lending pools powered by Morpho's architecture. Earn variable-rate interest from borrowers. Rates adjust dynamically based on pool utilization - more borrowing demand means higher yields for lenders. - **Stability Pools** - If you mint or acquire feUSD (Felix's stablecoin), you can deposit it into Stability Pools to earn from borrower interest payments and liquidation proceeds. Returns tend to spike during volatile markets when liquidations are frequent. Felix's lending infrastructure is well-suited for users who want relatively passive USDC yield without directional trading risk. **Lend USDC on Felix Protocol** — Supply USDC to Vanilla Markets and earn variable-rate interest from borrowers on Hyperliquid's largest DeFi protocol. [Open Felix Protocol](https://www.usefelix.xyz?ref=DD467B42) ### HyperLend - Variable-Rate Lending [HyperLend](/ecosystem/hyperlend-guide) is a dedicated money market protocol on HyperEVM - think Aave for the Hyperliquid ecosystem. Supply USDC, earn interest from borrowers. Simple, familiar mechanics. - **Variable rates** - APY fluctuates with borrowing demand. Stablecoin pools tend to have steadier rates than volatile asset pools. - **No lock-up** - Withdraw anytime, subject to pool liquidity. - **Points program** - HyperLend may offer additional rewards through its points system on top of base lending yield. For most users looking for low-risk USDC yield, lending on HyperLend or Felix is the starting point. **Earn USDC Interest on HyperLend** — Supply USDC to HyperLend's lending markets and earn variable-rate yield. Non-custodial, no lock-up, built for HyperEVM. [Open HyperLend](https://app.hyperlend.finance/?ref=CONCEPT211) ### Kinetiq - Yield Stacking with Liquid Staking If you hold HYPE rather than USDC, [Kinetiq's liquid staking](/ecosystem/liquid-staking-guide) opens up yield-stacking opportunities. Stake HYPE, receive kHYPE or wstHYPE, then use those liquid staking tokens as collateral across Felix or HyperLend to borrow USDC - and deploy that borrowed USDC into additional yield strategies. This is an advanced approach that compounds returns but also compounds risk. Each layer (staking, collateral, borrowing, redeployment) adds yield and smart contract exposure. Only pursue this if you understand the liquidation mechanics and are comfortable managing multi-protocol positions. --- ## Method 4: Funding Rate Arbitrage Funding rate arbitrage is a more advanced strategy that captures yield from the funding rate mechanism built into perpetual futures. The concept: hold a spot position and simultaneously short the same asset via perps. The two positions cancel out price exposure, and you earn the funding rate that flows from long to short traders. During bullish markets - when most traders are long - funding rates tend to be positive, meaning shorts collect payments from longs. Annualized yields have exceeded 15-30% during sustained bull runs. During bearish periods, rates can flip negative and the strategy loses money. **Key characteristics:** - **No directional risk** - The spot long and perp short cancel out price movement. - **Variable yield** - Returns depend entirely on funding rate direction and magnitude. - **Requires active management** - Monitoring rates, rebalancing positions, and unwinding when funding turns negative. - **Can be automated** - Protocols like Cathena on HyperEVM automate delta-neutral positions so you do not have to manage them manually. For a comprehensive breakdown of delta-neutral strategies, automated vaults from D2 Finance and Gamma Strategies, and other advanced yield approaches, see our [HyperEVM yield strategies guide](/ecosystem/hyperevm-yield-strategies). > **Key takeaway:** Funding rate arbitrage is one of the highest-yield strategies available on Hyperliquid, but it requires understanding of perp mechanics and active monitoring. Start with lending or HLP if you are new to earning yield on the platform. --- ## Method 5: HyperCore Native Supply This one does not require bridging anywhere, and it is the newest route on the list. HyperCore, the exchange layer itself, now runs its own lending book. Supply USDC to the reserve and you earn interest from traders borrowing against their collateral, without your capital leaving the venue where you trade. The catch is the gate. It only works on **Portfolio Margin**, which the docs restrict to accounts with either more than $5M in weighted volume or an account value above $10k, capped at $25M of account value. The rate is set by formula rather than by a market. Borrowers pay a flat 5% APY at any utilization below 80%, and suppliers receive that rate scaled by utilization, less a 10% protocol cut. At a reading on 8 September 2026 the USDC reserve was 63.08% utilized and paying suppliers **2.838%**. The USDH reserve, at 11.04% utilization, was paying **0.497%** for the same nominal borrow rate. That last detail is the whole trade. Your yield here tracks how much of the pool is actually lent out, so it can be very low, and on the collateral reserves it was exactly zero. Our [HyperCore borrow and lend guide](/guides/trading/hypercore-borrow-lend) has the full reserve table, the rate math and the liquidation rules. --- ## Yield Comparison: All Methods Side by Side Here is how the major USDC yield methods compare across return potential, risk, and complexity. | Method | Typical APY Range | Risk Level | Lock-Up | Complexity | Requires HyperEVM | |---|---|---|---|---|---| | **HLP Vault** | Variable (depends on volume) | Medium - market-making drawdowns | None | Low - one-click deposit | No | | **Community Vaults** | Highly variable | Medium to High - strategy-dependent | None | Low - choose vault, deposit | No | | **Felix Vanilla Markets** | Low single-digit % | Low to Medium - smart contract risk | None | Medium - bridge + deposit | Yes | | **HyperLend Lending** | Low single-digit % | Low to Medium - smart contract risk | None | Medium - bridge + deposit | Yes | | **Felix Stability Pools** | Variable (spikes during volatility) | Medium - liquidation exposure | None | Medium - mint/acquire feUSD | Yes | | **Funding Rate Arbitrage** | 5-30%+ (highly variable) | Medium - funding rate reversal | None | High - manage spot + perp | Automated: Yes | | **HyperCore Native Supply** | 0.5-2.8% at the Sept 2026 reading | Low - protocol-level, no bridge | None | Low once eligible - Portfolio Margin required | No | > **Warning:** No method on this list offers a guaranteed or fixed APY. Every yield source is compensation for bearing a specific risk. If a strategy advertises unusually high returns, ask yourself: what risk am I being paid to take? If you cannot answer that question, do not deposit. --- ## How to Get Started Getting USDC earning yield on Hyperliquid is a straightforward process, regardless of which strategy you choose. ### Step 1: Deposit USDC to Hyperliquid If you do not already have USDC on Hyperliquid, follow our [deposit USDC guide](/guides/getting-started/deposit-usdc-to-hyperliquid). You will [bridge USDC from Arbitrum](/guides/getting-started/bridge-to-hyperliquid) into your Hyperliquid account - it takes under two minutes with zero deposit fees. ### Step 2: Choose Your Strategy - **Want the simplest option?** Deposit into HLP directly from your trading balance. One click, no bridging. - **Want lower-risk lending yield?** [Bridge to HyperEVM](/guides/getting-started/bridge-to-hyperevm) and supply USDC to Felix Vanilla Markets or HyperLend. - **Want to follow a trader?** Browse community vaults and pick one (or several) with a strong, consistent track record. - **Want maximum yield and can manage complexity?** Explore funding rate arbitrage or advanced [yield strategies on HyperEVM](/ecosystem/hyperevm-yield-strategies). ### Step 3: Start Small and Diversify Do not put all your USDC into a single strategy. A balanced approach might look like: - **Core allocation** (50-60%) - Lending on Felix or HyperLend for steady, lower-risk yield - **Growth allocation** (20-30%) - HLP vault for market-making exposure - **Satellite allocation** (10-20%) - A community vault or funding rate strategy for higher potential returns This is not financial advice - your allocation should reflect your own risk tolerance, time horizon, and understanding of each strategy. The point is diversification: if one strategy has a bad month, the others may compensate. > **Key takeaway:** Start with the simplest, lowest-risk option (lending USDC on Felix or HyperLend) and expand to more complex strategies as you build confidence. There is no rush - yield opportunities on Hyperliquid are not going away. --- ## What to Watch Out For Before committing USDC to any yield strategy on Hyperliquid, keep these principles in mind: **Understand where the yield comes from.** HLP yield comes from market-making spread and rebates. Lending yield comes from borrower interest. Funding rate yield comes from leveraged traders paying to hold positions. If you cannot trace the source of the yield back to a specific economic activity, the risk is probably higher than you think. **Smart contract risk is real.** HyperEVM protocols are newer than established Ethereum DeFi. While major protocols have undergone audits, the ecosystem is still maturing. Spread capital across multiple protocols rather than concentrating in one. **APY numbers are backward-looking.** A lending pool showing 8% APY today could show 2% next week if borrowing demand drops. HLP returning 15% annualized last month could have a drawdown this month. Yield is not income - it fluctuates. **Tax implications vary.** Depending on your jurisdiction, yield from DeFi lending, vault profits, and funding rate income may be taxable events. Consult a tax professional familiar with crypto DeFi, especially for more complex strategies like yield stacking. > **Note:** This guide is for educational and informational purposes only. It does not constitute financial or investment advice. All yield strategies carry risk of partial or total loss. Past performance does not guarantee future returns. Always do your own research and never commit more than you can afford to lose. **Put Your USDC to Work on Hyperliquid** — From one-click vault deposits to DeFi lending - start earning yield with a 4% lifetime fee discount. [Open Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) --- # Hyperliquid Beginner Checklist - Start Trading in 10 Minutes > Complete step-by-step checklist to go from zero to your first Hyperliquid trade. Wallet setup, USDC deposits, interface overview, and security - all in one page. *Source: https://hyperliquidguide.com/guides/getting-started/hyperliquid-beginner-checklist* This is your complete roadmap from zero to first trade on Hyperliquid. No KYC, no sign-up forms, no waiting periods. Just a wallet, some USDC, and 10 minutes. Every step below links to a detailed guide if you need more help. Bookmark this page and check off each step as you go. Brand new to all of this and want the friendly, plain-English version first? Read [Hyperliquid for Dummies](/guides/getting-started/hyperliquid-for-dummies) before you dive in. > **Tip:** **New to Hyperliquid?** Sign up through our referral link to get a **4% lifetime fee discount** on every trade - it adds up fast. See our [referral program guide](/guides/getting-started/hyperliquid-referral-program-guide) for details. ![Hyperliquid trading interface overview](/images/getting-started/how-to-trade-on-hyperliquid/trading-interface-annotated.webp) --- Not sure how much to bring? [How much money you need to start](/guides/getting-started/how-much-money-to-start-on-hyperliquid) costs it out before you begin. ## The 9-Step Checklist --- ## Step 1: Choose a Wallet Hyperliquid is a [decentralized exchange](/guides/getting-started/how-hyperliquid-works) - you need a self-custody wallet to connect. No accounts, no passwords, [no KYC](/guides/getting-started/hyperliquid-kyc-requirements). **Recommended wallets:** - **[Rabby](/guides/getting-started/connect-rabby-to-hyperliquid)** - cleanest interface, excellent multi-chain support. Our top pick for beginners - **[MetaMask](/guides/getting-started/connect-metamask-to-hyperliquid)** - largest user base, works everywhere - **[Coinbase Wallet](/guides/getting-started/connect-coinbase-wallet-to-hyperliquid)** - great if you already use Coinbase - **[Phantom](/guides/getting-started/connect-phantom-to-hyperliquid)** - popular with Solana users, supports EVM chains - **[OKX Wallet](/guides/getting-started/connect-okx-wallet-to-hyperliquid)** - built-in exchange integration - **[Trust Wallet](/guides/getting-started/connect-trust-wallet-to-hyperliquid)** - mobile-first option Install your chosen wallet's browser extension (desktop) or app (mobile). Write down your seed phrase and store it somewhere safe - if you lose it, you lose access to your funds permanently. > **Key takeaway:** Your wallet IS your Hyperliquid account. There is no separate registration. Whoever controls the wallet controls the trading account. ## Step 2: Fund Your Account Hyperliquid uses **USDC** as its settlement currency. There are several ways to get funds in: 1. **[Deposit fiat directly](/guides/getting-started/buy-crypto-with-fiat-on-hyperliquid)** (easiest for beginners) — Hyperliquid now supports credit card and bank transfer deposits via swapped.com. Select "Fiat" in the deposit modal — no crypto needed 2. **Buy on a centralized exchange** (Coinbase, Binance, Kraken) and withdraw USDC to your wallet on Arbitrum 3. **Bridge from another chain** — use the [bridge guide](/guides/getting-started/bridge-to-hyperliquid) to move funds from Ethereum, Solana, or 22+ other chains If depositing USDC (methods 2-3), you also need a tiny amount of ETH on Arbitrum (less than $0.50) to pay for gas fees. ## Step 3: Connect Your Wallet Navigate to **[app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211)** and click **Connect** in the top-right corner. Select your wallet from the list, approve the connection in your wallet popup, and you are in. Make sure your wallet is set to the **Arbitrum One** network. Most wallets switch automatically, but if not, add Arbitrum manually using chainlist.org. For detailed connection steps, see the wallet-specific guide linked in Step 1. ## Step 4: Deposit USDC Click the **Deposit** button on Hyperliquid. Enter the amount of USDC you want to deposit and confirm the transaction in your wallet. The full process is covered in our [deposit USDC guide](/guides/getting-started/deposit-usdc-to-hyperliquid). **Key details:** - Zero deposit fees from Hyperliquid - you only pay Arbitrum gas (~$0.10-0.50) - Deposits confirm in **1-2 minutes** via the native bridge - No minimum deposit enforced, but **$50-100** is practical for trading Your USDC appears in your Hyperliquid trading balance automatically once the bridge transaction confirms. **Get Your Fee Discount First** — Connect through our referral link before your first deposit to lock in a permanent 4% fee discount on all trades. [Join Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) ## Step 5: Learn the Interface The Hyperliquid trading screen has four main areas: - **Chart** (center) - price action with [TradingView](https://www.tradingview.com/?aff_id=168295&source=HyperliquidGuide) charting tools - **Order book** (right) - live buy/sell orders and spread - **Order entry** (right panel) - where you set order type, size, leverage, and direction - **Positions & orders** (bottom) - your open positions, pending orders, and trade history Spend a few minutes clicking around before placing your first trade. The [how to trade guide](/guides/getting-started/how-to-trade-on-hyperliquid) walks through every element in detail. > **Key takeaway:** Start with the **Overview** tab in your portfolio to see your balance, margin usage, and account health at a glance. ## Step 6: Place Your First Trade Ready to trade. Here is the simplest path: 1. Select a [perpetual market](/guides/trading/perpetuals-explained) from the asset dropdown (BTC-PERP, ETH-PERP, etc.) 2. Choose **Market** order type for instant execution 3. Set your position size - start small 4. Click **Buy / Long** or **Sell / Short** 5. Confirm in the order popup Your position appears in the bottom panel immediately. You can set a take-profit or stop-loss by clicking on the position row. This checklist gets you set up; for the full first-hand, click-by-click walkthrough of placing your first order and managing the open position, follow [how to trade on Hyperliquid](/guides/getting-started/how-to-trade-on-hyperliquid). Want to learn about different order types? Read the [order types guide](/guides/trading/order-types-guide). ## Step 7: Understand Fees Knowing your costs keeps you profitable. Hyperliquid's base fee tier: | | Taker | Maker | |---|---|---| | **Perps** | 0.045% | 0.015% | | **Spot** | 0.070% | 0.040% | **How to pay less:** - Use our [referral link](/referral) for a **4% lifetime discount** - Place **limit orders** (maker) instead of market orders (taker) - 3x cheaper - Stake HYPE to unlock [fee tier discounts](/guides/fees/fees-explained) of up to 40% - Trade higher volume to move up [VIP tiers](/guides/fees/fees-explained) Read the full breakdown in our [fees explained guide](/guides/fees/fees-explained). ## Step 8: Set Up Security Your funds are only as safe as your wallet. Essential security steps: - **Never share your seed phrase** - no legitimate service will ever ask for it - **Use a hardware wallet** for large balances ([Ledger or Trezor](/guides/getting-started/best-hardware-wallet-for-hyperliquid) connected through MetaMask or Rabby) - **Enable transaction simulation** - Rabby does this by default, showing you exactly what each transaction does before you sign - **Bookmark app.hyperliquid.xyz** - never click links from DMs or social media - **Consider a VPN** for privacy - see our [best VPN for crypto trading](/privacy/best-vpn-crypto-trading) guide For a comprehensive security setup, read the [crypto trading security guide](/guides/getting-started/crypto-trading-security-guide). > **Key takeaway:** Most crypto losses come from phishing and seed phrase theft, not exchange hacks. Protecting your wallet is the single most important thing you can do. ## Step 9: Explore Advanced Features Once you are comfortable with basic trades, Hyperliquid has much more to offer: - **[Leverage trading](/guides/trading/leverage-trading-guide)** - trade with up to 50x leverage on major pairs - **[Spot trading](/guides/trading/spot-trading-guide)** - buy and sell tokens directly on Hyperliquid's spot markets - **[Vaults](/ecosystem/hyperliquid-vaults-guide)** - deposit into actively managed vaults run by top traders - **[Copy trading](/guides/trading/copy-trading-guide)** - mirror strategies from successful traders - **[Shorting](/guides/getting-started/how-to-short-on-hyperliquid)** - profit from price drops - **[DeFi ecosystem](/ecosystem/hyperliquid-defi-ecosystem)** - explore [Felix](/ecosystem/felix-protocol-guide), [HyperLend](/ecosystem/hyperlend-guide), [liquid staking](/ecosystem/liquid-staking-guide), and more on HyperEVM - **[Mobile trading](/guides/getting-started/hyperliquid-mobile-guide)** - trade from your phone with the same interface --- ## Quick Troubleshooting **Deposit not showing up?** Wait 5 minutes. Check the transaction on [arbiscan.io](https://arbiscan.io) to confirm it went through. If it succeeded on-chain but is not in Hyperliquid, try refreshing or reconnecting your wallet. **Wallet won't connect?** Make sure you are on Arbitrum One network, clear your browser cache, and try disabling other wallet extensions that might conflict. **Need more help?** Browse our [troubleshooting guides](/troubleshooting) for common issues and fixes. **Ready to Start?** — Join Hyperliquid with a 4% lifetime fee discount and start trading in minutes. No KYC, no sign-up, no waiting. [Start Trading Now](https://app.hyperliquid.xyz/join/Concept211) --- # Hyperliquid Glossary - DeFi & Trading Terms Explained > A comprehensive glossary of Hyperliquid, DeFi, and perpetual futures trading terminology. 40 key terms every trader should know, from trading pairs and seed phrases to funding rates and HyperEVM. *Source: https://hyperliquidguide.com/guides/getting-started/hyperliquid-glossary* Whether you are placing your first trade or exploring Hyperliquid's ecosystem, understanding the terminology is essential. This glossary covers the most important trading, DeFi, and Hyperliquid-specific terms you will encounter. Use the headings below as quick-reference anchor links. Each definition is written to give you practical understanding, not just textbook theory. If you are brand new and the jargon feels overwhelming, start with our plain-English [Hyperliquid for Dummies](/guides/getting-started/hyperliquid-for-dummies) guide, then come back here for the full dictionary. > **Key takeaway:** Bookmark this page. As you work through our [trading guides](/guides/getting-started) and [ecosystem articles](/ecosystem), you can reference any unfamiliar term here. --- ## Beginner Basics New to trading entirely? Start here. These are the words everything else is built on. ### Spot Spot trading means buying the actual asset and holding it. You pay USDC, you receive the token, and it sits in your account until you sell it. There is no expiry, no [leverage](#leverage), and no [liquidation](#liquidation) risk: if the price falls you simply own something worth less. This is how buying shares works, and it is the mode most beginners should stay in. The alternative is [perpetual futures](#perpetual-futures), where you never own the asset at all. See the [spot trading guide](/guides/trading/spot-trading-guide). ### Trading Pair A trading pair names the two things being swapped in a market, written as `BASE/QUOTE`. In `HYPE/USDC`, HYPE is what you are buying and USDC is what you are paying with. The price shown is always how much of the quote it costs to buy one unit of the base, so `HYPE/USDC` at 42 means one HYPE costs 42 USDC. A pair is not a separate asset; it is the market where an asset trades. Full explanation in [$HYPE vs HYPE/USDC](/guides/getting-started/hype-ticker-vs-trading-pair). ### Base and Quote The **base** is the first symbol in a [trading pair](#trading-pair) and the thing you end up holding. The **quote** is the second symbol and the money you spend. Hyperliquid quotes its spot markets in USDC, so USDC is the quote asset across the platform. Reading left to right tells you what you walk away with. ### Ticker A ticker is the short symbol identifying an asset, such as HYPE, BTC or NVDA. On social media you will often see crypto tickers written with a dollar sign, as in `$HYPE`. That prefix is a tagging convention borrowed from stock tickers and carries no legal or financial meaning. It does not indicate that something is a stock, and Hyperliquid itself has no ticker because it is [not a listed company](/guides/getting-started/is-hyperliquid-a-stock). ### Order Book The order book is the live list of every buy and sell order waiting to be filled, stacked by price. Buyers sit on one side, sellers on the other, and the gap between the best of each is the [spread](#slippage). Hyperliquid runs a fully on-chain order book, which is unusual among decentralized exchanges: most use an [AMM](#amm-automated-market-maker) instead. When you place a [market order](#market-order) you are taking orders off this book. ### Stablecoin A stablecoin is a cryptocurrency designed to hold a fixed value, almost always one US dollar. It exists because blockchains cannot hold bank deposits, so the dollar has to be represented as a token before an on-chain exchange can use it. USDC, issued by Circle, is Hyperliquid's settlement currency. USDT is a competing stablecoin from a different issuer, and [USDH](#usdh) is the Hyperliquid-aligned option. See [what is USDC](/guides/getting-started/what-is-usdc-and-why-do-i-need-it). ### Wallet A crypto wallet is the software that holds your keys and signs transactions. On Hyperliquid it replaces the account signup entirely: there is no email, password or identity check, you simply connect a wallet and trade. Common choices are [MetaMask](/guides/getting-started/connect-metamask-to-hyperliquid), [Rabby](/guides/getting-started/connect-rabby-to-hyperliquid) and [Phantom](/guides/getting-started/connect-phantom-to-hyperliquid). The wallet does not store your coins; it stores the keys that prove the coins are yours. ### Seed Phrase A seed phrase, also called a recovery phrase, is the list of twelve or twenty-four words that can regenerate your [wallet](#wallet) and everything in it. Anyone who has it controls your funds completely, and nobody can restore it if you lose it. There is no password reset and no support desk. Write it down offline, never type it into a website, and never photograph it. This is the single largest source of permanent loss in crypto. See the [security guide](/guides/getting-started/crypto-trading-security-guide). ### Gas Gas is the network fee paid to process a blockchain transaction, separate from any trading fee the exchange charges. Depositing to Hyperliquid costs a small amount of gas on Arbitrum. Trading on Hyperliquid itself does not consume gas per order, which is one of the practical advantages of its design over exchanges built on general-purpose blockchains. ### Bridge A bridge moves assets between blockchains. Hyperliquid deposits arrive over Arbitrum, so funds held elsewhere have to be bridged first. Sending assets to the wrong network is one of the few genuinely unrecoverable mistakes available to a beginner, so check the network on every transfer and send a small test amount first. See [bridge to Hyperliquid](/guides/getting-started/bridge-to-hyperliquid). --- ## Trading Basics ### Perpetual Futures A perpetual futures contract (commonly called a "perp") is a derivative that tracks the price of an underlying asset without an expiration date. Unlike traditional futures that settle on a fixed date, perps can be held indefinitely. Traders profit from price movements without owning the underlying asset. Perps use a [funding rate](#funding-rate) mechanism to keep the contract price anchored to the spot market price. On Hyperliquid, all perps settle in USDC and support [leverage](#leverage) up to 50x on major pairs. Learn more in our [how to trade guide](/guides/getting-started/how-to-trade-on-hyperliquid). ### Funding Rate The funding rate is a periodic payment exchanged between long and short traders to keep the perpetual futures price aligned with the spot price. When the perp price trades above spot (positive funding), longs pay shorts. When it trades below spot (negative funding), shorts pay longs. On Hyperliquid, funding is calculated and settled every hour. Monitoring funding rates is important because holding a position during high funding can eat into profits, or provide additional income if you are on the receiving side. Check live funding on our [tools page](/tools). ### Mark Price The mark price is the fair value of a perpetual futures contract, calculated using a combination of the index price (oracle) and the funding rate basis. Hyperliquid uses the mark price - not the last traded price - to determine [liquidation](#liquidation) thresholds and unrealized PnL. This prevents market manipulation through artificial price spikes from triggering unnecessary liquidations. ### Oracle Price The oracle price is the real-time spot price of an asset fetched from external data sources. Hyperliquid uses a decentralized set of validators as oracles to feed accurate price data on-chain. The oracle price anchors the [mark price](#mark-price) and ensures the perpetual contract tracks the actual market value of the underlying asset. If the oracle price and perp price diverge significantly, the [funding rate](#funding-rate) adjusts to pull them back together. ### Liquidation Liquidation occurs when your position's losses consume enough of your margin that your account can no longer meet the maintenance margin requirement. The protocol automatically closes your position to prevent further losses. On Hyperliquid, liquidation is handled by the [HLP](#hlp-hyperliquidity-provider) vault, which backstops liquidated positions. To avoid liquidation, use conservative [leverage](#leverage), set [stop-losses](#stop-loss-order), and monitor your margin ratio. See our [leverage trading guide](/guides/trading/leverage-trading-guide) for risk management strategies. ### Margin Margin is the collateral you deposit to open and maintain a leveraged position. **Initial margin** is the minimum amount required to open a position - for example, 10x leverage requires 10% of the position size as initial margin. **Maintenance margin** is the minimum collateral you must maintain to keep the position open; falling below this triggers [liquidation](#liquidation). On Hyperliquid, margin is denominated in USDC. ### Leverage Leverage allows you to control a larger position with a smaller amount of capital. If you use 10x leverage, a $100 margin controls a $1,000 position. This amplifies both profits and losses proportionally. Hyperliquid offers up to 50x leverage on BTC and ETH, with lower maximums on smaller-cap assets. Higher leverage means higher [liquidation](#liquidation) risk - your position gets liquidated faster if the price moves against you. Our [leverage guide](/guides/trading/leverage-trading-guide) covers how to use it responsibly. ### Open Interest Open interest (OI) is the total value of all outstanding perpetual futures contracts that have not been closed or settled. High open interest indicates an actively traded market with strong participation. Rising OI alongside rising price suggests new money entering long positions. Falling OI suggests positions are being closed. Hyperliquid displays open interest per market on the trading interface and on our [markets page](/markets). ### Long and Short Going **long** means buying a perpetual contract expecting the price to rise - you profit when the price goes up and lose when it goes down. Going **short** means selling a contract expecting the price to fall - you profit when the price drops and lose when it rises. Hyperliquid makes shorting just as easy as going long with a single click. Learn how in our [shorting guide](/guides/getting-started/how-to-short-on-hyperliquid). --- **Start Trading on Hyperliquid** — Apply these concepts on the fastest decentralized exchange. Get a 4% lifetime fee discount with our referral. [Join Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) ## Hyperliquid-Specific Terms ### HLP (Hyperliquidity Provider) HLP is Hyperliquid's native market-making vault. It provides liquidity across all perpetual futures markets by running automated market-making strategies on-chain. Users can deposit USDC into HLP to earn a share of the vault's trading profits and fees. HLP serves as the primary liquidity source on the platform and also backstops [liquidations](#liquidation). For a deep dive, read our [HLP explained guide](/ecosystem/hyperliquid-hlp-explained). ### HYPE Token HYPE is Hyperliquid's native governance and utility token. It can be staked to secure the network's proof-of-stake consensus and to earn fee tier discounts through staking tiers (Wood, Silver, Gold, Platinum, Emerald, Diamond). HYPE was distributed through one of crypto's largest [airdrops](/ecosystem/hype-airdrop-guide) in November 2024. Learn about tokenomics, staking, and utility in our [HYPE token guide](/ecosystem/what-is-hype-token). ### USDH USDH was Hyperliquid's first native "aligned" stablecoin, issued by Native Markets and pegged 1:1 to the US dollar. Markets quoted in USDH received lower taker fees and higher maker rebates. USDH has since sunset under [AQAv2](/ecosystem/aqav2-usdc-aligned-quote-asset), which makes **USDC** the aligned quote asset — all USDH-denominated markets on HyperCore have settled, so any remaining USDH should be swapped to USDC. Read our [USDH stablecoin guide](/ecosystem/usdh-stablecoin-guide) for details. ### HyperEVM HyperEVM is Hyperliquid's Ethereum-compatible execution environment, built directly into the Hyperliquid L1 blockchain. It runs alongside HyperCore (the trading engine) and allows developers to deploy Solidity smart contracts that can interact with Hyperliquid's order book, vaults, and assets. This enables DeFi protocols like [Felix](/ecosystem/felix-protocol-guide), [HyperLend](/ecosystem/hyperlend-guide), and [Kinetiq](/ecosystem/liquid-staking-guide) to build on top of Hyperliquid's infrastructure. See our [HyperEVM explainer](/ecosystem/hyperevm-explained). ### HyperCore HyperCore is the native execution layer of the Hyperliquid L1 that handles the core trading infrastructure - the order book, matching engine, margin system, and settlement. It operates at significantly higher performance than the EVM, achieving sub-second finality and processing thousands of orders per second. HyperCore and [HyperEVM](#hyperevm) run side by side on the same chain, sharing state and composability. ### HIP-1 (Native Spot Token Standard) HIP-1 is the standard for listing native spot tokens on Hyperliquid. Projects deploy a token under HIP-1 to make it tradable on Hyperliquid's spot order book. Token tickers are auctioned through a [31-hour Dutch auction process](/ecosystem/hyperliquid-auctions-explained) — paid in HYPE and burned on every clear — which prevents squatting and routes value back to HYPE holders. HIP-1 tokens are native to the Hyperliquid L1 and benefit from the same zero-gas trading as perpetual futures. See the [full HIP-1 explainer](/ecosystem/hip-1-native-token-standard) for deployment parameters and the proposed `scaleWei` extension. ### HIP-2 (Hyperliquidity for Spot) HIP-2 provides automatic on-chain liquidity for [HIP-1](#hip-1-native-spot-token-standard) spot tokens. When a project deploys a token with HIP-2, the protocol automatically seeds an order book with liquidity at launch, eliminating the need to recruit external market makers. This ensures every new spot token has baseline liquidity from day one. ### HIP-3 (Builder Codes) HIP-3 enables permissionless perpetual futures markets through builder codes. Anyone can deploy a new perp market on Hyperliquid by paying a listing fee and setting custom fee parameters. This is how [trade.xyz](/ecosystem/hyperliquid-traditional-markets) lists equity and commodity perps, and how other builders create niche markets. HIP-3 markets have separate fee tiers (0.09% taker, 0.03% maker). Explore our [HIP-3 builder codes guide](/ecosystem/hip-3-builder-codes). ### HIP-4 (Outcome Trading) HIP-4 introduces outcome markets (prediction-style contracts) on Hyperliquid. Binary contracts settle at either 0 or 1 based on real-world event outcomes - elections, sports results, economic data releases. As of May 7, 2026, HIP-4 also supports [multi-outcome markets](/ecosystem/hyperliquid-multi-outcome-markets) with split, negate, and merge operations - the first being a recurring BTC price-range contract with asymmetric buckets. HIP-4 markets use the same order book infrastructure as perps but with fixed-expiration, fully-collateralized payoff structures. Read our [HIP-4 outcome trading guide](/ecosystem/hip-4-outcome-trading). ### Cross-Margin Cross-margin mode uses your entire available account balance as collateral for all open positions. If one position is losing money, your other positions' margin and free balance help prevent [liquidation](#liquidation). This is more capital-efficient but means a single large loss can affect your entire account. Cross-margin is the default mode on Hyperliquid. Learn more in our [unified accounts guide](/guides/trading/unified-accounts-guide). ### Delisting The removal of a perpetual market from Hyperliquid, decided by an on-chain validator vote. When a delisting passes, all open positions settle to the 1-hour time-weighted spot oracle price taken before the vote, resting orders are cancelled, and no new orders are accepted. It is distinct from [liquidation](#liquidation): margin health is irrelevant, and the trigger is a governance vote rather than a price move. See our [delisting guide](/guides/trading/hyperliquid-delisting-explained) for how markets get flagged and how to check your exposure. ### Isolated Margin Isolated margin dedicates a specific amount of collateral to a single position. Your maximum loss is limited to the margin assigned to that position - the rest of your account balance is protected. The tradeoff is a tighter [liquidation](#liquidation) price since the position has less collateral backing it. Hyperliquid lets you switch between cross and isolated margin per position. --- ## Order Types ### Market Order A market order executes immediately at the best available price in the order book. You are guaranteed a fill but not a specific price - in fast-moving or illiquid markets, the execution price may differ from what you see (this is called [slippage](#slippage)). Market orders are "taker" orders and incur taker fees (0.045% base tier on Hyperliquid perps). Best for when you need to enter or exit a position quickly. ### Limit Order A limit order lets you specify the exact price at which you want to buy or sell. Your order sits in the order book until the market reaches your price. If the market never reaches it, the order is not filled. Limit orders that add liquidity to the book are "maker" orders and receive lower fees (0.015% base tier). Limit orders give you price control at the cost of execution certainty. ### Stop-Loss Order A stop-loss is a conditional order that triggers when the price reaches a specified level, designed to limit losses on an existing position. For example, if you are long BTC at $60,000, you might place a stop-loss at $58,000. When the mark price hits $58,000, your stop-loss converts to a market order and closes the position. Always use stop-losses to manage risk. Our [order types guide](/guides/trading/order-types-guide) covers advanced configurations. ### Take-Profit Order A take-profit order is the opposite of a stop-loss - it automatically closes your position when the price reaches a target profit level. If you are long BTC at $60,000, a take-profit at $65,000 locks in gains without requiring you to watch the market. Hyperliquid supports setting stop-loss and take-profit simultaneously (bracket orders) so you can define both your risk and reward upfront. ### TWAP (Time-Weighted Average Price) TWAP is an advanced order type that splits a large order into smaller pieces executed over a set time period. Instead of placing one large market order that could move the price against you, TWAP spreads execution across a window you choose, anywhere from 5 minutes to 7 days, to achieve a better average entry price. On Hyperliquid, TWAP is particularly useful for large positions in less liquid markets. See our [TWAP orders guide](/guides/trading/twap-orders) for setup instructions and the [order types guide](/guides/trading/order-types-guide) for how it compares to the alternatives. ### Scaled Orders Scaled orders (also called laddered orders) automatically place multiple limit orders across a price range you define. For example, you can set 10 buy orders evenly distributed between $55,000 and $58,000 for BTC. This lets you build a position gradually as the price dips, achieving a better average entry than a single order. Hyperliquid's native scaled orders are covered in our [order types guide](/guides/trading/order-types-guide). --- ## DeFi Concepts ### DEX (Decentralized Exchange) A decentralized exchange is a trading platform that operates without a central authority. Unlike centralized exchanges (Binance, Coinbase), DEXs let you trade directly from your wallet without depositing funds into a company's custody. Hyperliquid is a DEX, but unlike AMM-based DEXs, it uses a fully on-chain order book - combining the non-custodial benefits of DeFi with the performance of centralized trading. Compare Hyperliquid to centralized exchanges in our [comparison guides](/compare). ### AMM (Automated Market Maker) An AMM is a DeFi protocol that uses mathematical formulas and liquidity pools instead of a traditional order book to facilitate trades. Traders swap against a pool of tokens rather than matching with other traders. While AMMs like Uniswap pioneered decentralized trading, they suffer from slippage on large trades and impermanent loss for liquidity providers. Hyperliquid uses an order book instead of an AMM, which provides tighter spreads and deeper liquidity. ### TVL (Total Value Locked) TVL represents the total amount of assets deposited in a DeFi protocol. It is a common metric for measuring the size and health of DeFi platforms. Higher TVL generally indicates greater user trust and utility. On Hyperliquid's ecosystem, TVL is distributed across [HLP](#hlp-hyperliquidity-provider), [HyperLend](/ecosystem/hyperlend-guide), [Felix](/ecosystem/felix-protocol-guide), and other [HyperEVM DeFi protocols](/ecosystem/hyperliquid-defi-ecosystem). ### Slippage Slippage is the difference between the expected price of a trade and the actual execution price. It occurs when there is not enough liquidity at your target price, so your order fills across multiple price levels in the order book. Large [market orders](#market-order) in low-liquidity markets experience the most slippage. Hyperliquid's deep liquidity and order book model minimizes slippage on major pairs, but you should still use [limit orders](#limit-order) for precise execution on large trades. ### Vault A vault is a smart contract that pools user deposits and executes a specific strategy. On Hyperliquid, vaults can run automated trading strategies - the most prominent being [HLP](#hlp-hyperliquidity-provider). Anyone can create a vault on Hyperliquid and set a management fee. Depositors earn (or lose) proportional to the vault's performance. Vaults make sophisticated strategies accessible to passive investors. Explore options in our [vaults guide](/ecosystem/hyperliquid-vaults-guide). **Ready to Put This Knowledge to Work?** — Open your Hyperliquid account with a 4% fee discount and start trading with confidence. [Get Started Now](https://app.hyperliquid.xyz/join/Concept211) ## Summary This glossary covers the core terminology you need to navigate Hyperliquid and DeFi trading confidently. As the platform evolves and new features launch, we will keep this page updated. **Recommended next steps:** - New to Hyperliquid? Start with our [complete beginner's guide](/guides/getting-started/how-to-trade-on-hyperliquid) - Ready to deposit? Follow the [USDC deposit guide](/guides/getting-started/deposit-usdc-to-hyperliquid) - Want to explore the ecosystem? Read the [DeFi ecosystem overview](/ecosystem/hyperliquid-defi-ecosystem) - Understand fees? See our [fees explained guide](/guides/fees/fees-explained) --- # Hyperliquid App: How to Access app.hyperliquid.xyz (Mobile & Desktop) > The Hyperliquid app runs at app.hyperliquid.xyz — open it on iPhone or desktop, or install the official Android app. How to access it, add it to your home screen, and connect a wallet. *Source: https://hyperliquidguide.com/guides/getting-started/hyperliquid-mobile-guide* **How to access the Hyperliquid app:** The Hyperliquid app is a web app at **[app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211)**, so there is nothing to install on iPhone or desktop. Open the link in Safari or Chrome, connect a wallet such as [MetaMask](/guides/getting-started/connect-metamask-to-hyperliquid) or [Rabby](/guides/getting-started/connect-rabby-to-hyperliquid), and deposit USDC to start trading. On iPhone, tap Share and then **Add to Home Screen** and it opens like a native app. Android users can instead install the [official Google Play app](/guides/getting-started/hyperliquid-android-app), which adds native push notifications for fills. > **Note:** **Quick Summary - Hyperliquid on Mobile** > - Hyperliquid has an **[official Android app](/guides/getting-started/hyperliquid-android-app)** with native push notifications — no iOS app yet > - The full trading experience also runs as a **progressive web app (PWA)** in your browser > - Works on **both iPhone and Android** - add to home screen for an app-like experience > - Supports **all order types**: limit, market, stop-loss, take-profit, TWAP, and scale orders > - Compatible wallets: **MetaMask Mobile, Rabby, Coinbase Wallet, Phantom, Trust Wallet, OKX Wallet** > - On iOS, you **must use Safari** for the "Add to Home Screen" option > - Best practice: open Hyperliquid in your wallet's **built-in dApp browser** for the most reliable connection ## What Is the app.hyperliquid URL? The full URL is **[app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211)**. "app.hyperliquid" on its own is not a working address, the `.xyz` is part of the domain. Bookmark it once and you never have to search for it again. app.hyperliquid.xyz is the official web address for Hyperliquid, a decentralized perpetuals exchange that runs on its own Layer 1 blockchain. Open it in any browser, including Safari or Chrome on your phone, and you get the full trading interface: charts, the order book, order entry, and your open positions, with nothing to download. Android now has a native app too, but the site is the same on every device. You connect a self-custody wallet like MetaMask or Rabby, deposit USDC, and trade on-chain. There's no signup and no KYC, and your funds stay in your own wallet the whole time. One thing to check: the real domain is exactly `app.hyperliquid.xyz`, since phishing lookalikes are common. Open it through a **[referral link](https://app.hyperliquid.xyz/join/Concept211)** on your first visit and you lock in a 4% lifetime discount on trading fees. ## Is There a Hyperliquid App for iPhone and Android? **Yes — on Android.** Hyperliquid launched its [official Android app](/guides/getting-started/hyperliquid-android-app) on Google Play in April 2026. The app provides the full trading interface plus **native push notifications for trade fills** — instant alerts when your orders execute. You can [download it here](https://play.google.com/store/apps/details?id=xyz.hyperliquid.app). There is **no iOS app yet**. iPhone users should continue using the progressive web app (PWA) at **[app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211)**, which works in Safari and can be added to your home screen for an app-like experience. The PWA supports every feature available on desktop — the same full interface that the Android app wraps natively. > **Key takeaway:** Android users can now download the [official Hyperliquid app](/guides/getting-started/hyperliquid-android-app) from Google Play for full trading plus native push notifications. iPhone users should use the PWA at app.hyperliquid.xyz — add it to your home screen so it looks and behaves like a native app. For a focused breakdown of the iOS vs Android status, see [Is there an official Hyperliquid mobile app?](/guides/getting-started/hyperliquid-mobile-app-2026) ![Hyperliquid trading interface (mobile web)](/images/compare/shared/hyperliquid-trading-interface.webp) --- ## How to Access Hyperliquid on Your Phone Getting started on mobile takes less than two minutes. Here is the complete setup flow: --- # Hyperliquid Tax Reporting - Export PnL & Trade History > Learn how to export your Hyperliquid trade history for tax reporting. Covers PnL exports, CSV downloads, compatible tax software, and crypto futures tax classification. *Source: https://hyperliquidguide.com/guides/trading/hyperliquid-tax-reporting-guide* > **Warning:** This guide is for informational purposes only and does not constitute tax, legal, or financial advice. Tax laws vary by jurisdiction and change frequently. Always consult a qualified tax professional for advice specific to your situation. > **Note:** **Quick Summary - Hyperliquid Tax Reporting** > - Hyperliquid **does not issue 1099s** or any tax forms - you must track your own records > - Export trade history via the **Portfolio page** or the **Hyperliquid Info API** (`userFills`, `userFunding` endpoints) > - **Funding rate payments** are taxable events - Hyperliquid settles **8,760 funding events per year** per open position > - The **HYPE airdrop** is taxable as ordinary income at fair market value on the date received > - Compatible tax software: **Koinly** and **Awaken** now sync a Hyperliquid wallet directly; **CoinLedger**, **CoinTracking**, **CoinTracker**, **TokenTax** and **TaxBit** take CSV > - All trades settle in **USDC** - simplifies cost basis since USDC tracks the US dollar ## Why Crypto Tax Reporting Matters Crypto trading profits are taxable in virtually every major jurisdiction. The IRS, HMRC, ATO, and tax authorities across the EU have made it clear: cryptocurrency gains are not invisible, and failing to report them carries real consequences. Penalties for non-compliance vary by jurisdiction and by the specific violation, and this site does not summarize them as a single figure — see [IRS guidance on virtual currency](https://www.irs.gov/businesses/small-businesses-self-employed/virtual-currencies) or your own tax authority's published guidance, and consult a qualified tax professional for what applies to your situation. What can be said generally: the IRS has invested in blockchain analytics and has sent notices to crypto holders in past years, and other tax authorities have taken comparable steps. The decentralized nature of Hyperliquid does not exempt you from tax obligations. While the exchange itself does not issue tax forms like centralized platforms (no 1099s), the blockchain is a public ledger. Your wallet address, deposits, withdrawals, and trading activity are all permanently recorded and traceable. > **Key takeaway:** The absence of KYC or tax forms from Hyperliquid does not mean your trades are untaxed. Tax obligations exist regardless of whether the platform reports to authorities. Maintaining your own accurate records is both a legal requirement and your best protection in the event of an audit. The good news: if you stay organized, crypto tax reporting is straightforward. Start by familiarizing yourself with the [portfolio tracking dashboard](/guides/trading/portfolio-tracking), which gives you a clear view of your positions, PnL, and trade history. This guide walks you through exactly what data Hyperliquid provides, how to export it, and which tools make the process painless. --- ## What Trade Data Hyperliquid Provides Hyperliquid records comprehensive data for every action on your account. Understanding what is available helps you ensure nothing is missed when reporting. Here is what the platform tracks: ### Trade History Every perpetual futures trade you execute - entries, exits, partial closes - is logged with timestamp, asset, direction (long/short), size, price, and realized PnL. This covers all markets including crypto perpetuals, [equity perpetuals](/guides/trading/equity-perps-guide), and [commodity perpetuals](/guides/trading/commodities-trading-guide). ### Funding Rate Payments Hyperliquid charges [funding rates](/guides/trading/leverage-trading-guide) hourly on all open perpetual positions. Every funding payment - whether you paid or received it - is recorded. These micro-transactions accumulate over time and are individually taxable events in most jurisdictions. ### Liquidation Events If a position was [liquidated](/guides/trading/leverage-trading-guide), the event is logged with the loss amount. Liquidation losses are typically deductible, but you need the records to prove it. ### Deposits and Withdrawals All [USDC deposits](/guides/getting-started/deposit-usdc-to-hyperliquid) and withdrawals are tracked on-chain. These are not taxable events themselves (moving your own funds), but they establish the flow of capital in and out of the exchange - essential context for any audit. ### Spot Trading If you use Hyperliquid's [spot trading](/guides/trading/spot-trading-guide) features, those transactions are recorded separately. Spot trades involve actual asset purchases and sales, which are treated differently from derivatives in some jurisdictions. --- ## How to Export Your Hyperliquid Trade History Hyperliquid offers two primary methods for accessing your trade data: the web interface and the API. ### Method 1: Export via the Web Interface > **Tip:** If you trade across multiple wallets, you will need to export data from each wallet address separately. Consider consolidating to a single trading wallet for simpler record-keeping going forward. Hyperliquid's [unified accounts](/guides/trading/unified-accounts-guide) feature can help simplify multi-market tracking. ### Method 2: Export via the Hyperliquid API For complete, machine-readable trade history, the Hyperliquid Info API is the most reliable method. It returns your full history in JSON format, which can be converted to CSV for tax software import. The key API endpoints for tax reporting: - **`userFills`** - Returns all trade fills (entries, exits, partial closes) with timestamps, prices, sizes, fees, and realized PnL - **`userFunding`** - Returns all funding rate payments made and received - **`userNonFundingLedgerUpdates`** - Returns deposits, withdrawals, liquidations, and other non-trade account changes ```bash # Example: Fetch all trade fills for your address curl -X POST https://api.hyperliquid.xyz/info \ -H "Content-Type: application/json" \ -d '{"type": "userFills", "user": "0xYourWalletAddress"}' ``` The response includes every field you need: timestamp, asset, side, size, price, fee, closed PnL, and more. You can write a simple script to convert the JSON output to CSV format compatible with your tax software. > **Note:** Several open-source tools and community scripts exist for converting Hyperliquid API data to CSV. Check the Hyperliquid Discord and GitHub for maintained export scripts. Always verify the output against your on-chain records before filing. **Track Your Trades from Day One** — Start with accurate records from your first trade. Sign up through our referral link for a 4% lifetime fee discount - lower fees also mean less taxable activity to report. [Get Your 4% Fee Discount](https://app.hyperliquid.xyz/join/Concept211) --- ## Compatible Tax Software The landscape shifted in the last year. Several platforms now read your Hyperliquid wallet address directly instead of asking you to hand-build a CSV, which removes the step where most reporting errors are introduced. Here is where the major options stand: | Platform | Hyperliquid Support | Perps & Funding | Price (approx.) | Best For | |---|---|---|---|---| | **[Koinly](https://koinly.io/integrations/hyperliquid/)** | Direct wallet sync | Yes | Free - $279/yr | Most traders, and anyone filing outside the US | | **[CoinLedger](https://coinledger.io/)** | Wallet sync + CSV | Yes | $49 - $299/yr | US filers exporting to TurboTax | | **[CoinTracking](https://cointracking.info/)** | CSV / API import | Yes | Free - $65/mo | Very high trade counts and bot operators | | **[Awaken Tax](https://awaken.tax/integrations/how-to-pay-taxes-on-your-hyperliquid-assets)** | Direct wallet sync | Yes | $99 - $999/yr | Heavy DeFi and HyperEVM activity alongside perps | | **CoinTracker** | CSV import | Yes | Free - $599/yr | US-focused, CPA hand-off | | **TokenTax** | CSV import / API | Yes | $65 - $3,499/yr | Traders who want a human accountant attached | | **TaxBit** | CSV import | Partial | Free (consumer) | US users who mostly hold spot | ![Koinly's Hyperliquid integration page showing direct wallet sync for trades and funding payments](/images/shared/partners/koinly-hyperliquid-integration.webp) Two notes on that table, because the differences matter more than the price column suggests. **Direct sync is not a convenience feature.** A CSV export captures your fills. It does not necessarily capture the 8,760 hourly funding settlements attached to a position you left open, and those are a separate income line in most jurisdictions. Platforms that read the chain directly pull `userFunding` alongside `userFills`, so the funding side reconciles without you assembling it by hand. **Partial futures support is a real limitation.** Tools built primarily for spot holders tend to model a perp close as a disposal of an asset you never held, which produces cost-basis errors that compound across a year of trading. If perps are the bulk of your activity, weight the perps column above everything else - we go through the failure modes in detail in our comparison of [the best crypto tax software for perps traders](/guides/trading/best-crypto-tax-software-perps-traders). > **Tip:** If you only want one recommendation: [Koinly](https://koinly.io/integrations/hyperliquid/) covers the widest set of countries and syncs Hyperliquid directly, and [Awaken](https://awaken.tax/integrations/how-to-pay-taxes-on-your-hyperliquid-assets) reconciles messy HyperEVM activity better than anything else we have tested. We earn a commission on the first and nothing on the second. ### How to Import Hyperliquid Data The general workflow for any tax platform: 1. **Connect your wallet address** if the platform supports direct Hyperliquid sync, or **export your data** using the API method above and convert it to the platform's required CSV format 2. **Import the CSV** if you went the manual route 3. **Review flagged transactions** - the software will highlight any trades it cannot classify or match 4. **Check that funding appears as its own line** - this is the single most common gap, and an empty funding column usually means the import only captured fills 5. **Add missing cost basis** for any tokens received outside Hyperliquid (e.g., HYPE airdrop tokens you transferred in) 6. **Generate your tax report** - most platforms produce IRS Form 8949, Schedule D, or equivalent reports for your jurisdiction > **Warning:** No tax software is perfect. Always review the generated report against your own records. Common issues include miscategorized funding payments, missing liquidation losses, and incorrect cost basis on transferred tokens. Spending 30 minutes reviewing can save you thousands in overpaid taxes or audit headaches. --- ## How Perpetual Futures Are Taxed The tax treatment of perpetual futures varies significantly by jurisdiction. Here are the general principles - but always confirm with a local tax professional. ### United States (IRS) The IRS has not issued specific guidance on crypto perpetual futures. In practice, most tax professionals treat them as follows: This is general information about how tax professionals commonly approach these questions, not tax advice, and it is not a substitute for your own CPA's judgment on your specific trades: - **Realized PnL** from closing positions is commonly treated as **capital gains or losses**, with the holding period (short-term vs. long-term) depending on how long the position was open. Because most perp positions are held under a year, many traders' realized PnL ends up short-term, which for individuals is taxed at ordinary income rates — but this depends on your facts and should be confirmed with your CPA. - **Funding payments received** are commonly treated as **ordinary income**, taxable at the time of receipt. - **Funding payments made** may be deductible as investment expenses in some cases, though the 2017 Tax Cuts and Jobs Act suspended miscellaneous itemized deductions for many taxpayers — consult your CPA. - **Liquidation losses** are commonly treated as deductible capital losses, subject to whatever annual net capital loss limit currently applies (excess typically carries forward) — confirm the current limit with your CPA or the IRS's own guidance, since limits can change. > **Note:** Some tax professionals argue that crypto perpetual futures should fall under Section 1256 contracts (60/40 long-term/short-term split), similar to regulated futures. However, this classification is not established for crypto perpetuals and claiming it without professional guidance is risky. ### United Kingdom (HMRC) HMRC treats crypto derivatives trading as follows: - For **occasional traders**, gains may fall under Capital Gains Tax with the annual exempt amount - For **frequent traders**, HMRC may classify your activity as **trading income**, subject to Income Tax - which can mean a higher rate but also allows loss deductions against other income - Funding payments are generally treated as trading income or expense ### General Principles (Other Jurisdictions) - **[Australia (ATO)](/guides/getting-started/hyperliquid-australia):** Crypto trading profits are generally subject to Capital Gains Tax; active traders may be classified as carrying on a business - **Canada (CRA):** Typically treated as business income or capital gains depending on frequency and intent - **EU (varies by country):** Most EU nations tax crypto gains; rates and classifications differ significantly between member states > **Key takeaway:** The classification of your trading activity - investor vs trader - can dramatically affect your tax rate and deduction eligibility. If you trade frequently on Hyperliquid, you may be classified as a trader rather than an investor, which changes how your gains are taxed. Discuss this distinction with your tax professional. --- ## Hyperliquid-Specific Tax Considerations Several aspects of Hyperliquid's design create unique tax situations you need to be aware of. ### USDC Settlement All Hyperliquid perpetual trades are settled in USDC. Since USDC is pegged to the US dollar, this simplifies tax calculations compared to exchanges that settle in volatile tokens. Your realized PnL in USDC is effectively your PnL in dollar terms - no additional currency conversion step is needed. However, note that USDC itself can technically deviate from its $1 peg (as happened briefly in March 2023). If you deposited or withdrew USDC during a de-peg event, the actual dollar value may differ from the USDC amount. ### Cross-Margin PnL Tracking If you use [cross margin](/guides/trading/leverage-trading-guide), your PnL from multiple positions is interconnected. A gain on one position can offset margin requirements for another, and a liquidation in cross mode can affect your entire account. For tax purposes, each position close is still a separate taxable event - you cannot net them together unless you are reporting aggregate trading income. ### Funding Rate Income Hyperliquid charges funding every hour - that is 8,760 potential funding events per year per open position. If you held positions for extended periods, you may have thousands of funding micro-transactions to report. This is where tax software becomes essential, as manually tracking hourly funding payments is impractical. Your total net funding received is ordinary income. Total net funding paid may be deductible depending on your jurisdiction. The Hyperliquid API's `userFunding` endpoint provides the complete record. ### HYPE Token Airdrop If you received [HYPE tokens](/ecosystem/what-is-hype-token) through the [Hyperliquid airdrop](/ecosystem/hype-airdrop-guide), this is a taxable event in most jurisdictions. The key points: - **At receipt:** The fair market value of HYPE at the time you received it is taxable as ordinary income. If HYPE was trading at $25 when you received 1,000 tokens, you have $25,000 in ordinary income to report. - **At sale:** When you sell or trade your HYPE tokens, any difference between the sale price and your cost basis (the value at receipt) is a capital gain or loss. - **Staking rewards:** If you stake HYPE and receive additional rewards, those rewards are also taxable as ordinary income at receipt. > **Warning:** The HYPE airdrop created significant tax liabilities for many recipients. If you received a large airdrop and did not set aside funds for taxes, plan accordingly. Some traders sell a portion of airdropped tokens immediately to cover the estimated tax bill - a prudent strategy regardless of your price outlook. ### HIP-3 and Builder Market Trades Trades on HIP-3 builder markets (such as equity or commodity perpetuals) follow the same tax principles as native Hyperliquid perps. However, if you trade equity perpetuals like NVDA or TSLA, be aware that some jurisdictions may apply different tax rules to equity derivatives versus crypto derivatives. The [fee structure](/guides/fees/fees-explained) on builder markets also differs (0.09% taker / 0.03% maker), which affects your net realized PnL. **Lower Fees, Lower Tax Bill** — Every dollar saved on trading fees is a dollar less in taxable gains. Sign up with our referral link for a permanent 4% fee reduction on all your Hyperliquid trades. [Start Saving on Fees](https://app.hyperliquid.xyz/join/Concept211) --- ## Record-Keeping Best Practices Good record-keeping is the single most important thing you can do for tax compliance. Here is a system that works: ### Export Monthly, Not Annually Do not wait until tax season to pull your records. Export your trade history monthly and store the files in an organized folder structure. This protects you if the Hyperliquid interface changes or if you lose wallet access. ### Track Every Wallet If you trade from multiple wallet addresses, maintain a master list of all addresses used with Hyperliquid. Each address needs its own export. Missing even one wallet can lead to incomplete reporting. ### Document Your Cost Basis For any tokens you transfer into Hyperliquid (not USDC), document where they came from and what you paid for them. If you received tokens from an airdrop, DeFi yield, or another exchange, record the fair market value at the time of receipt. ### Save Supporting Evidence Beyond trade history, save: - **Deposit and withdrawal records** - including blockchain transaction hashes - **Screenshots of positions** - especially large trades or unusual events - **Funding rate summaries** - monthly or quarterly totals - **Airdrop receipts** - token amounts and market prices at time of claim - **Fee receipts** - total [trading fees](/guides/fees/fees-explained) paid (these may be deductible) ### Use Consistent Accounting Methods Choose a cost basis method (FIFO, LIFO, or specific identification) and apply it consistently across all your crypto activity. Switching methods between years can raise red flags with tax authorities. Most tax software defaults to FIFO (First In, First Out), which is the most widely accepted method. > **Key takeaway:** The best time to set up your tax tracking system is before your first trade. The second-best time is right now. Export your Hyperliquid history today, import it into a tax platform, and review it while the details are still fresh. Catching errors now is infinitely easier than reconstructing records during an audit. ## Summary Tax reporting on Hyperliquid requires more self-management than centralized exchanges, but the data is all there - you just need to extract and organize it. The key steps: 1. **Export your complete trade history** via the Hyperliquid API or web interface 2. **Connect or import into tax software** - [Koinly](https://koinly.io/integrations/hyperliquid/) and [Awaken](https://awaken.tax/integrations/how-to-pay-taxes-on-your-hyperliquid-assets) read your wallet directly, [CoinLedger](https://coinledger.io/) and [CoinTracking](https://cointracking.info/) take a CSV 3. **Account for all taxable events** - realized PnL, funding payments, airdrops, and liquidations 4. **Review the generated report** before filing - no software gets it 100% right 5. **Consult a tax professional** if you have significant activity or complex situations If you are still choosing a platform, our breakdown of [the best crypto tax software for perps traders](/guides/trading/best-crypto-tax-software-perps-traders) tests each one against the specific things perps do to a tax engine. For tools to help monitor your trading activity in real-time, check our [Hyperliquid trading tools](/guides/trading/hyperliquid-trading-tools) guide, or the full [trader's stack](/tools/toolkit). And if you are just getting started, sign up with our [referral link](https://app.hyperliquid.xyz/join/Concept211) for a 4% lifetime fee discount - lower fees mean smaller taxable gains and less to report. --- # HLP Explained - Hyperliquid's Liquidity Provider Vault > Learn how HLP (Hyperliquidity Provider) works as Hyperliquid's native market-making vault - how it earns, its risks, performance transparency, and how to deposit. *Source: https://hyperliquidguide.com/ecosystem/hyperliquid-hlp-explained* > **Note:** **Quick Summary - HLP Vault** > - HLP is Hyperliquid's **protocol-owned market-making vault** - it provides liquidity across all perp and spot markets > - Returns are **variable with no fixed APY** - performance depends on trading volume and volatility > - Deposits and withdrawals are in **USDC** with **no lock-up period** > - As of March 2026, **0% profit share** - unlike community vaults (10% to leader), 100% of HLP profits go to depositors > - As of March 2026, revenue sources: **bid-ask spread capture**, **0.015% maker rebates**, and **liquidation proceeds** > - **One-click deposit** from your Hyperliquid trading balance - no bridging to HyperEVM required ## What Is HLP? HLP - short for **Hyperliquidity Provider** - is Hyperliquid's protocol-owned market-making vault. It is the single largest source of liquidity on the Hyperliquid exchange, placing bid and ask orders across every perpetual futures and spot market on the platform. When you trade on Hyperliquid, there is a good chance HLP is on the other side of your order. Unlike community [vaults](/ecosystem/hyperliquid-vaults-guide) where individual traders run their own strategies, HLP is operated by the Hyperliquid protocol itself. The strategy is automated market-making - continuously quoting both sides of the order book to capture the spread between buy and sell prices. Anyone can deposit USDC into HLP and earn a proportional share of whatever the vault generates. > **Key takeaway:** HLP is Hyperliquid's native market-making vault. It provides liquidity across all markets on the exchange, and depositors earn a share of the profits from spread capture, maker rebates, and liquidation revenue. It is not a guaranteed yield product - it carries real market-making risk. --- ## How HLP Works If you have used DeFi protocols like Uniswap or Curve, you might assume HLP works like an automated market maker (AMM) with liquidity pools and bonding curves. It does not. Hyperliquid runs a **central limit order book** (CLOB) - the same architecture used by Binance, the NYSE, and every traditional exchange. HLP operates as an order-book market maker within that system. ### Order-Book Market Making, Not AMM HLP places discrete limit orders at various price levels on both the bid and ask side of the order book. When a trader takes a position - say, buying BTC-PERP - HLP's resting sell order gets filled. When another trader sells, HLP's resting buy order gets filled. The difference between the buy and sell prices is the **spread**, and capturing that spread is the core of how HLP earns. This approach is fundamentally different from AMMs in several ways: - **Capital efficiency**: HLP concentrates liquidity at specific price levels rather than spreading it across an infinite curve - **Tighter spreads**: Order-book market making can offer tighter bid-ask spreads than AMM formulas - **Active management**: The strategy dynamically adjusts quotes based on market conditions, inventory, and volatility - **Same playing field**: HLP's orders sit on the same order book as every other trader - there is no special mechanism or separate pool ### On-Chain Execution on Hyperliquid L1 Everything HLP does runs on [Hyperliquid's custom L1 blockchain](/ecosystem/hyperevm-explained). Every order placement, every fill, every position change is recorded on-chain. This is not a black box running on a centralized server - it is a transparent, auditable market-making operation executing on a blockchain purpose-built for high-throughput trading. Hyperliquid's L1 processes thousands of transactions per second with sub-second finality, which is what makes on-chain market making viable. Traditional market makers on CEXs rely on sub-millisecond latency. HLP does not need that speed because it is the native liquidity provider embedded in the protocol itself - it has structural advantages that compensate for blockchain latency. > **Note:** HLP is not a DeFi AMM. It is an on-chain order-book market maker - placing real limit orders on Hyperliquid's central limit order book, just like any institutional market maker would on a traditional exchange. The difference is that everything is transparent and on-chain. --- ## How HLP Earns Revenue HLP's revenue comes from three primary sources. Understanding each one helps you evaluate what drives returns and what can go wrong. ### 1. Spread Capture The bread and butter of any market maker. HLP quotes a bid price (where it is willing to buy) and an ask price (where it is willing to sell). When both sides get filled, HLP pockets the difference. On a BTC-PERP market with a $0.50 spread, if HLP buys at $85,000.00 and sells at $85,000.50, it earns $0.50 per BTC traded - multiplied across thousands of trades per day across dozens of markets. Spread revenue scales with **trading volume**. The more people trade on Hyperliquid, the more HLP's orders get filled, and the more spread it captures. This is why HLP's performance tends to correlate with overall platform activity. ### 2. Maker Rebates Hyperliquid's [fee structure](/guides/fees/fees-explained) rewards liquidity providers. Maker orders (limit orders that add liquidity to the book) earn rebates, while taker orders (market orders that remove liquidity) pay fees. Since HLP overwhelmingly places limit orders, it collects maker rebates on a massive scale. At the base tier, maker rebates on perps are **0.015%** of notional value. On billions of dollars in monthly volume, those rebates add up to significant revenue. ### 3. Liquidation Profits When a trader's leveraged position gets liquidated, someone needs to take over that position. HLP often serves as the counterparty for liquidations, absorbing the liquidated position at a price favorable to the vault. If a long position gets liquidated below the market price, HLP takes over that position at a discount - a built-in profit margin. This is particularly significant during volatile periods when [leveraged traders](/guides/trading/leverage-trading-guide) get wiped out. Liquidation cascades can generate substantial one-time profits for HLP, though they also come with inventory risk (more on that below). > **Key takeaway:** HLP's three revenue streams - spread capture, maker rebates, and liquidation profits - are all tied to trading activity on Hyperliquid. High volume and moderate volatility tend to be the best conditions for HLP. Extreme, one-directional volatility is the worst. **Start Trading on Hyperliquid** — Every trade you make on Hyperliquid generates volume that powers the ecosystem. Get a 4% lifetime fee discount with our referral link. [Join Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) --- ## Risks of Depositing into HLP HLP is not a savings account and it does not offer guaranteed returns. It is a market-making operation, and market making carries specific risks that you need to understand before depositing. ### Inventory Risk Market makers accumulate positions as their orders get filled. If the market moves sharply in one direction, HLP can end up holding a large directional position on the wrong side. For example, if BTC drops 10% rapidly, HLP may accumulate a long BTC position from its bid orders getting filled - and that position loses value as the price continues to fall. HLP's strategy includes risk management to hedge and rebalance inventory, but during extreme moves, losses from inventory exposure can exceed the spread revenue earned. ### Adverse Selection Adverse selection is the market maker's nemesis. It happens when informed traders (or fast-moving bots) take HLP's resting orders right before a large price move. HLP sells at a price that is about to move higher, or buys at a price that is about to move lower. The traders on the other side had better information about the immediate direction, and HLP absorbs the loss. This is an inherent challenge in market making and one reason why HLP's returns are variable - some periods see heavy adverse selection that eats into profits. ### Drawdown Periods HLP has experienced drawdowns historically. These are periods where the vault's NAV (net asset value) declines - meaning depositors would withdraw less than they put in. Drawdowns typically coincide with extreme market volatility, large liquidation events, or sustained one-directional price moves. > **Warning:** HLP is real market-making risk. The vault has experienced multi-percent drawdowns during extreme market events. Never deposit more than you can afford to lose, and understand that your capital is actively being used in live trading positions across all markets on Hyperliquid. ### No Lock-Up, But Timing Matters You can withdraw from HLP at any time - there is no lock-up period. However, withdrawing during a drawdown means you crystallize losses. If HLP is in a temporary drawdown that later recovers, withdrawing early locks in the loss. This is a psychological risk as much as a financial one. --- ## How HYPE Token Relates to HLP [HYPE](/ecosystem/what-is-hype-token) and HLP are related but distinct components of the Hyperliquid ecosystem. **HLP deposits are in USDC, not HYPE.** You deposit USDC into the HLP vault and your returns are denominated in USDC. HLP's market-making strategy trades across all markets on Hyperliquid - including the HYPE-PERP and HYPE spot markets - but your exposure as a depositor is to the vault's overall PnL in USDC terms. The connection between HYPE and HLP is indirect but meaningful: - **Trading fee revenue** generated across Hyperliquid (including from HLP's activity) feeds into the [buyback and burn mechanism](/ecosystem/what-is-hype-token) that reduces HYPE supply - **Platform growth** that increases HLP's volume also increases HYPE demand through gas fees on [HyperEVM](/ecosystem/hyperevm-explained) and staking demand - **HLP's liquidity** makes Hyperliquid a better trading venue, which attracts more users, which drives more HYPE ecosystem activity If you hold HYPE and want to put capital to work, you have separate options - HYPE can be [staked for network security rewards](/ecosystem/hype-staking-yields-guide), used as DeFi collateral on [Felix](/ecosystem/felix-protocol-guide), or deposited into [liquid staking via Kinetiq](/ecosystem/liquid-staking-guide). HLP is a USDC-denominated market-making bet, not a HYPE staking product. --- ## How to Deposit into HLP Depositing into HLP is straightforward. You need a funded Hyperliquid account with USDC available. ### Step-by-Step 1. **Connect your wallet** to **[app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211)** - if you do not have an account yet, use our referral link for a 4% lifetime fee discount 2. **Ensure you have USDC** in your Hyperliquid account - if not, [deposit USDC](/guides/getting-started/deposit-usdc-to-hyperliquid) first 3. **Navigate to the Vaults section** - find HLP in the vault listing (it is typically the largest vault by TVL) 4. **Click on HLP** to view its performance dashboard - review the all-time return, recent drawdowns, current TVL, and PnL history 5. **Enter your deposit amount** in USDC and confirm the transaction in your wallet 6. **Monitor your position** - your share of HLP's PnL updates in real time ![HLP vault page showing TVL, all-time return, and deposit interface](/images/ecosystem/hyperliquid-vaults-guide/vaults-listing.webp) > **Tip:** Before depositing a large amount, consider starting with a smaller position to observe HLP's behavior across different market conditions. Market-making returns are cyclical - a week of strong returns can be followed by a drawdown. Understanding the volatility of HLP's equity curve helps you set realistic expectations. ### Withdrawal Withdrawing is equally simple. Navigate to the HLP vault, click withdraw, enter the amount (or max), and confirm. Your withdrawal reflects your proportional share of the vault's current NAV. There is no lock-up period - you can exit at any time. If you want to manage your Hyperliquid capital across HLP, spot positions, and perp trades from a single balance, check out the [unified accounts guide](/guides/trading/unified-accounts-guide) to understand how cross-margin works on Hyperliquid. --- ## HLP Performance and Transparency One of HLP's strongest qualities is its transparency. Every aspect of the vault's operation is on-chain and auditable. ### What You Can Verify - **All positions**: Every open position HLP holds across every market is visible on-chain - **Every trade**: The full history of HLP's trades - entries, exits, sizes, prices - is recorded on Hyperliquid's L1 - **PnL in real time**: The vault's equity curve and performance metrics update continuously - **TVL and depositor count**: You can see exactly how much capital is in the vault and how many depositors participate - **Drawdown history**: Past drawdowns are fully visible, so you can evaluate worst-case scenarios before depositing This level of transparency is a stark contrast to off-chain market makers or centralized yield products where you have no visibility into how your capital is being used. With HLP, there is nothing hidden - the performance you see is the performance that happened. ### Historical Context HLP has been operational since Hyperliquid's early days and has processed billions of dollars in trading volume. Its performance varies by period - some months are highly profitable, others see drawdowns. The long-term track record is positive, but past performance does not guarantee future results. You can view HLP's complete history, including its worst drawdown periods, directly on the [Hyperliquid app](https://app.hyperliquid.xyz). Third-party analytics tools also track HLP's performance over time. > **Key takeaway:** HLP is one of the most transparent market-making operations in crypto. Every position, every trade, and every PnL movement is on-chain and auditable. This transparency lets depositors make informed decisions based on real, verifiable data rather than marketing claims. --- ## HLP vs. Community Vaults Hyperliquid offers two types of [vaults](/ecosystem/hyperliquid-vaults-guide): HLP (the protocol vault) and community vaults (run by individual traders). Understanding the difference helps you decide where to allocate capital. | Feature | HLP | Community Vaults | |---|---|---| | **Operator** | Hyperliquid protocol | Individual traders | | **Strategy** | Automated market making | Varies (directional, arbitrage, etc.) | | **Markets** | All markets simultaneously | Trader's choice | | **Profit share** | 0% to leader (protocol-owned) | 10% to vault leader | | **Risk profile** | Market-making risk (spread, inventory) | Strategy-dependent risk | | **Transparency** | Fully on-chain | Fully on-chain | | **TVL** | Largest on the platform | Varies widely | HLP's zero profit share is notable - since there is no individual vault leader taking a cut, 100% of profits flow to depositors. Community vaults charge a 10% profit share to the leader. However, a skilled community vault leader running a strong directional strategy could outperform HLP in favorable market conditions. Many experienced Hyperliquid users diversify across both HLP and select community vaults, using HLP as a more neutral base allocation and community vaults for higher-risk, higher-reward strategies. **Explore Hyperliquid Vaults** — Deposit USDC into HLP or community vaults and put your capital to work. Get started with a 4% fee discount. [Open Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) ## The Bottom Line HLP is the backbone of Hyperliquid's liquidity infrastructure. It ensures that every market on the platform has deep, consistent liquidity - which benefits every trader, whether they deposit into HLP or not. For depositors, it offers transparent, on-chain market-making exposure with no lock-up period and no profit share taken by a vault leader. But it is not free money. Market making carries real risks - inventory exposure, adverse selection, and drawdown periods that can erode your capital. Approach HLP as what it is: an active market-making strategy with variable returns, not a stablecoin yield product. If you are comfortable with those risks and want to earn from Hyperliquid's trading activity without actively trading yourself, HLP is one of the most transparent and accessible ways to do so in DeFi. For a side-by-side comparison of HLP against other USDC yield options - including DeFi lending and funding rate arbitrage - see our [complete guide to earning USDC on Hyperliquid](/ecosystem/hyperliquid-earn-usdc). > **Note:** This article is for educational and informational purposes only. It does not constitute financial or investment advice. Cryptocurrency investments are volatile and carry significant risk. Never invest more than you can afford to lose, and always conduct your own research before making any financial decisions. --- # How to Short on Hyperliquid: Step-by-Step Guide to Short Selling > Learn how to short sell crypto on Hyperliquid. Step-by-step guide to opening short positions, setting leverage, managing risk, and profiting from price drops. *Source: https://hyperliquidguide.com/guides/getting-started/how-to-short-on-hyperliquid* ## What Is Short Selling? Short selling means profiting when an asset's price goes **down**. Instead of buying low and selling high, you sell first and buy back later at a lower price. On Hyperliquid, shorting is seamless because you are trading **perpetual contracts** - there is no need to borrow the underlying asset from anyone. > **Key takeaway:** On Hyperliquid, shorting is as simple as clicking "Sell/Short." You are trading perpetual futures, so there are no borrowing fees, no locate requirements, and no restrictions on which assets you can short. ![Hyperliquid trading interface — place short positions](/images/getting-started/how-to-trade-on-hyperliquid/trading-interface-annotated.webp) If you are brand new to Hyperliquid, start with our [complete beginner's guide](/guides/getting-started/how-to-trade-on-hyperliquid) first. Need a refresher on terms like funding rate, mark price, or liquidation? See our [trading glossary](/guides/getting-started/hyperliquid-glossary). If you already have a wallet connected and USDC deposited, you are ready to short. --- ## How to Open a Short Position --- # Hyperliquid Withdrawal Not Working? How to Fix Pending Withdrawals > Fix stuck or pending Hyperliquid withdrawals. Troubleshoot withdrawal failures, processing delays, and common errors with step-by-step solutions. *Source: https://hyperliquidguide.com/troubleshooting/withdrawal-issues* > **Key takeaway:** Hyperliquid withdrawals go from the Hyperliquid L1 chain back to your wallet on Arbitrum. They typically take under 2 minutes and cost a flat 1 USDC fee. If yours is stuck, this guide walks through every fix. ![Hyperliquid deposit and withdrawal interface](/images/getting-started/how-to-trade-on-hyperliquid/deposit-interface.webp) ## How to Withdraw from Hyperliquid If you have not withdrawn before, here is the standard process: > **Note:** You do not need ETH on Arbitrum to withdraw. The 1 USDC fee is deducted from your Hyperliquid balance. For the complete walkthrough including destination networks, minimums, and HyperEVM transfers, see the [withdraw USDC from Hyperliquid guide](/guides/getting-started/withdraw-usdc-from-hyperliquid). For a full breakdown of all Hyperliquid costs, see our [fee guide](/guides/fees/fees-explained). --- ## Troubleshooting: Why Your Withdrawal Is Not Working ### 1. Insufficient Available Balance This is the most common cause. Your **total balance** and **available balance** are different. If you have open positions, much of your USDC is locked as margin. **Fix:** Close or reduce positions to free up margin. Check the "Available" amount on your Portfolio page - that is what you can actually withdraw. > **Warning:** If you try to withdraw more than your available balance, the transaction will fail silently or show an error. Always check available balance first. ### 2. Withdrawal Stuck on "Pending" Withdrawals require Hyperliquid validators to sign the transaction before it is relayed to Arbitrum. During high network activity, this can take longer than usual. **How long to wait:** Give it up to 10 minutes. If your withdrawal has not arrived after 15 minutes, check your wallet address on [arbiscan.io](https://arbiscan.io) to see if the transaction has landed on Arbitrum. **Fix:** In most cases, just wait. Validator signing delays resolve on their own. If the withdrawal is still pending after 15 minutes, try refreshing the page with `Ctrl + Shift + R` and check Hyperliquid's Discord for any network announcements. ### 3. Forgot About the 1 USDC Fee If you try to withdraw your entire balance, the transaction may fail because there is not enough left to cover the 1 USDC withdrawal fee. **Fix:** Withdraw your balance minus 1 USDC. For example, if you have 500 USDC available, withdraw 499 USDC. ### 4. Wallet or Browser Issues Sometimes the withdrawal button does not respond, or the transaction fails to submit to your wallet for signing. **Fix:** 1. Hard refresh the page (`Ctrl + Shift + R`) 2. Disconnect and reconnect your wallet 3. Try a different browser 4. Clear cache for `app.hyperliquid.xyz` ### 5. Withdrawing to a Different Address Hyperliquid does not support withdrawals to arbitrary addresses. Funds always go back to the wallet you connected with. **Fix:** Withdraw to your connected wallet on Arbitrum, then send from there to the destination address. If you need to move funds to a centralized exchange, deposit to the exchange from your Arbitrum wallet after the withdrawal completes. --- ## How to Verify Your Withdrawal on Arbiscan If your withdrawal seems stuck, Arbiscan is the best way to check its status: 1. Open [arbiscan.io](https://arbiscan.io) 2. Paste your wallet address in the search bar 3. Look for an incoming USDC transfer from the Hyperliquid bridge contract 4. If the transfer is there, your withdrawal succeeded - your wallet or browser may just need a refresh > **Key takeaway:** If Arbiscan shows the USDC in your wallet, the withdrawal worked. Refresh your wallet app or reconnect to see the updated balance. If there is no incoming transaction on Arbiscan, the withdrawal is still being processed by validators on the Hyperliquid side. Wait a few more minutes and check again. --- ## Related Guides - **[How to Deposit USDC to Hyperliquid](/guides/getting-started/deposit-usdc-to-hyperliquid)** - Full deposit walkthrough - **[Deposit Not Showing?](/troubleshooting/deposit-not-showing)** - Troubleshoot missing deposits - **[Bridge to Hyperliquid](/guides/getting-started/bridge-to-hyperliquid)** - Bridging funds from other chains - **[Hyperliquid Fees Explained](/guides/fees/fees-explained)** - Complete fee breakdown including withdrawal costs **Trade with Lower Fees** — Sign up through our referral link and get a 4% lifetime discount on all Hyperliquid trading fees. [Start Trading - Save 4%](https://app.hyperliquid.xyz/join/Concept211) --- # How to Bridge to Hyperliquid (2026): Arbitrum USDC & Cross-Chain Deposits > How to bridge to Hyperliquid in 2026: deposit USDC from Arbitrum via the native bridge, or move funds cross-chain from 22+ networks in seconds. Verified July 2026. *Source: https://hyperliquidguide.com/guides/getting-started/bridge-to-hyperliquid* To bridge to Hyperliquid you move USDC from Arbitrum into Hyperliquid's own Layer 1 using the Deposit button built into **[app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211)**. For the standard route there is no separate bridge website to visit: connect an EVM wallet on the Arbitrum One network, click Deposit, type a USDC amount, and confirm. The funds reach your trading balance in about 1 to 2 minutes, and Hyperliquid pays the bridge fee itself, so your only cost is a few cents of Arbitrum gas. If your money already sits on Ethereum, Base, Solana, or another network, a cross-chain bridge such as Across Protocol delivers it to Hyperliquid in seconds with no manual Arbitrum stop. The two routes below cover nearly every deposit: native Arbitrum USDC for anyone already holding funds on Arbitrum, and cross-chain deposits for everyone else. New wallets should apply a [referral code](/referral) for a 4% fee discount before the first deposit. **Last verified: July 2026.** ## How to Bridge to Hyperliquid Pick the route that matches where your funds are right now. Both land the same USDC in the same Hyperliquid trading balance. ### Route 1: Native Arbitrum USDC Bridge This is the path most traders use. You need USDC on **Arbitrum One**, a small amount of ETH on Arbitrum for gas (well under $1), and an EVM wallet such as [MetaMask](/guides/getting-started/connect-metamask-to-hyperliquid) or [Rabby](/guides/getting-started/connect-rabby-to-hyperliquid). 1. **Get USDC on Arbitrum.** Withdraw USDC from a centralized exchange and select the Arbitrum One network, or swap into USDC on an Arbitrum DEX. 2. **Connect your wallet.** Open [app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211), click Connect, and make sure the wallet is set to Arbitrum One. 3. **Open Deposit and enter an amount.** Click Deposit, type the USDC amount (5 USDC minimum), and review the gas estimate. 4. **Approve and confirm.** A first deposit asks for a one-time ERC-20 approval, then a deposit transaction. Confirm both in your wallet. 5. **Wait for the credit.** Once Hyperliquid's validators sign the transfer, usually 1 to 2 minutes, your USDC shows up in your portfolio ready to trade. ### Route 2: Cross-Chain Deposits If your funds are on Ethereum, Base, Optimism, BNB Chain, Solana, or another chain, skip the manual Arbitrum step and bridge straight in with **Across Protocol**. 1. **Open Across.** Go to [app.across.to](https://app.across.to) and connect the wallet holding your funds. 2. **Pick your origin chain and token.** Select the network you are coming from and USDC (USDT is also supported on some routes). 3. **Choose HyperCore as the destination.** This routes the deposit to Hyperliquid's trading layer. Select HyperEVM instead if the funds are for DeFi. 4. **Confirm the transfer.** Review the relay fee (usually under $1 on sub-$1,000 transfers) and confirm in your wallet. 5. **Receive on Hyperliquid.** L2-to-Hyperliquid routes settle in as little as 2 seconds, and Ethereum routes in about 10 seconds. ![Hyperliquid deposit interface for USDC bridging](/images/getting-started/how-to-trade-on-hyperliquid/deposit-interface.webp) ### How Long Does Bridging to Hyperliquid Take? Native Arbitrum deposits typically confirm within **1–2 minutes**. Third-party bridges like Across Protocol can deliver funds in as little as **2 seconds** for L2-to-Hyperliquid routes and around **10 seconds** from Ethereum mainnet. During periods of high network congestion, native deposits may take up to 5–10 minutes. If your deposit has not arrived after 10 minutes, check the transaction status on [arbiscan.io](https://arbiscan.io). > **Key takeaway:** **Bridge Performance at a Glance.** Native Arbitrum deposits: 1–2 minutes, ~$0.10–$0.50 in ETH gas, zero Hyperliquid-side fee. Across Protocol: 2–10 seconds, $0–$1 relay fee. Minimum deposit: 5 USDC. No maximum. Withdrawals: flat 1 USDC fee, typically under 60 seconds to Arbitrum wallet. ### What Is the Minimum Bridge Amount? The minimum deposit via the native Arbitrum bridge is **5 USDC**. Third-party bridges like Across Protocol may have their own minimums (typically very low or none). There is no maximum deposit limit. For practical trading, most traders start with at least $50–$100 to have meaningful margin for [leveraged trading](/guides/trading/leverage-trading-guide). ### Common Bridge Errors and Fixes | Error | Cause | Fix | |-------|-------|-----| | Transaction stuck pending | Insufficient ETH for gas on Arbitrum | Add $1–2 of ETH to your Arbitrum wallet for gas, then retry | | "Insufficient funds" | Trying to bridge more USDC than available | Verify your USDC balance on Arbitrum (not mainnet or another chain) | | Funds not appearing after 10 min | Network congestion or RPC issue | Check tx on [arbiscan.io](https://arbiscan.io), then refresh app or clear cache for app.hyperliquid.xyz | | Wrong network error | Wallet connected to Ethereum mainnet | Switch wallet to Arbitrum One network, then reconnect to Hyperliquid | | MetaMask RPC timeout | Node congestion or stale RPC | In MetaMask Settings > Networks > Arbitrum One, switch RPC to `https://arb1.arbitrum.io/rpc` | If your deposit sits in a pending state for more than ten minutes, the issue is almost always related to gas, RPC, or a bridge-side liquidity dip rather than something Hyperliquid can fix from its side. For a fuller walk-through of stuck deposits, slow Across relays, and native-bridge timing edge cases, see our dedicated [bridge delays troubleshooting](/troubleshooting/bridge-delays) page. ### Checking Bridge Transaction Status To verify a pending deposit: copy your transaction hash from your wallet, paste it into [arbiscan.io](https://arbiscan.io), and confirm it shows "Success." If the Arbitrum transaction succeeded but funds are not on Hyperliquid, open your Portfolio on [app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211), where deposits usually appear within 1 to 2 blocks. If still missing after 10 minutes, try a hard refresh (Ctrl+Shift+R) or switch browsers. --- ## How to Add Hyperliquid to MetaMask A common point of confusion: there is no network called "Hyperliquid" to paste into [MetaMask](/guides/getting-started/connect-metamask-to-hyperliquid). The native bridge lives on **Arbitrum One**, so the network you add for depositing is Arbitrum, not a Hyperliquid RPC. Your deposit goes to the Arbitrum bridge contract, and the trading itself runs on Hyperliquid's own L1 (HyperCore), which MetaMask never connects to directly. You sign one approval in MetaMask and the app relays the rest. To add Arbitrum One so MetaMask can bridge into Hyperliquid: 1. Open MetaMask and click the network dropdown at the top left. 2. Choose **Add a network**, then **Add a network manually**. 3. Fill in the Arbitrum One details: - **Network Name**: Arbitrum One - **RPC URL**: `https://arb1.arbitrum.io/rpc` - **Chain ID**: `42161` - **Currency Symbol**: ETH - **Block Explorer URL**: `https://arbiscan.io` 4. Click **Save**, then switch MetaMask to Arbitrum One before you connect to Hyperliquid. The one-click way is [chainlist.org](https://chainlist.org): search "Arbitrum One" and click Add to MetaMask, which fills every field for you. > **Note:** HyperEVM, Hyperliquid's smart contract layer for DeFi, is a genuinely separate network you can add to MetaMask on its own. That is not needed for trading. If you want lending, staking, or vaults, follow the network setup in our [bridge to HyperEVM guide](/guides/getting-started/bridge-to-hyperevm) rather than adding it by hand here. > **Key takeaway:** You do not add a "Hyperliquid" network to MetaMask. You add **Arbitrum One** (Chain ID 42161), because that is where the deposit bridge lives. Trading happens on Hyperliquid's L1, which the app handles for you after you sign. For the full wallet walkthrough, including install and first connection, see our [connect MetaMask to Hyperliquid guide](/guides/getting-started/connect-metamask-to-hyperliquid). --- ## Getting Funds onto Hyperliquid Hyperliquid runs on its own Layer 1 blockchain, which means your funds need to be **bridged** from another network before you can trade. There are several ways to get USDC onto Hyperliquid, ranging from the native Arbitrum bridge built directly into the app to third-party cross-chain bridges that let you move funds from virtually any blockchain. > **Note:** **Quick Summary - Bridging Funds to Hyperliquid** > - The native Arbitrum bridge deposits USDC directly to Hyperliquid in **1-2 minutes** for ~$0.10-0.50 gas > - **Across Protocol** supports 22+ source chains with **2-10 second** transfers ($0-1 relay fee) > - Direct crypto deposits (BTC, ETH, SOL) are supported - Hyperliquid auto-converts to USDC > - CEX withdrawals: send USDC to your Arbitrum wallet first, then deposit to Hyperliquid > - Hyperliquid charges **zero fees** on all deposits - you only pay source chain gas > - As of March 2026, withdrawals cost a flat **1 USDC** and arrive in seconds > - Sign up with a [referral code](/referral) before your first deposit for a 4% lifetime fee discount Here is a quick overview of your options: | Method | Source | Speed | Cost | Best For | | --- | --- | --- | --- | --- | | **Native Hyperliquid bridge** | Arbitrum | 1-2 minutes | A few cents in ETH gas | Most users with USDC on Arbitrum | | **Across Protocol** | 22+ chains | 2-10 seconds | Free to under $1 | Cross-chain deposits, speed | | **Other third-party bridges** | Multiple chains | 1-5 minutes | 0.01-0.2% | Specific chain support | | **CEX withdrawal to Arbitrum** | Centralized exchange | 2-10 minutes | Varies by exchange | Users starting from fiat or CEX balances | | **Direct multi-asset deposit** | BTC, ETH, SOL, etc. | Varies | Varies | Non-USDC holders | | ** Mass App** | Any major CEX | Minutes | Varies by exchange | Mobile users who want one flow from CEX to HyperCore | > **Key takeaway:** The cheapest and most common path is to withdraw USDC directly to Arbitrum from a centralized exchange (Coinbase, Binance, Kraken), then use Hyperliquid's built-in bridge. Total cost: a few cents in gas. If you already have funds on another chain, use Across Protocol to bridge directly. For a focused walkthrough of the native deposit process itself, see our [deposit USDC guide](/guides/getting-started/deposit-usdc-to-hyperliquid). This article covers all bridging methods end to end. If you plan to trade both spot and perps, consider enabling a [unified account](/guides/trading/unified-accounts-guide) after depositing - it lets you share collateral across markets. **New to Hyperliquid? Get a Lifetime Fee Discount** — Apply our referral code when you first connect your wallet. It gives you a 4% discount on all trading fees that cannot be added later. [Open Hyperliquid with 4% Discount](https://app.hyperliquid.xyz/join/Concept211) --- ## Native USDC Deposits via Arbitrum The primary way to deposit funds into Hyperliquid is through its **built-in bridge from Arbitrum**. This is the method used by the majority of traders. Hyperliquid fully subsidizes the bridging fee, so you only pay the small Arbitrum gas cost (typically a few cents in ETH). To get started, you need **USDC** in your wallet on the **Arbitrum One** network, a small amount of **ETH on Arbitrum** for gas (less than $0.50 is sufficient), and an EVM-compatible wallet such as [MetaMask](/guides/getting-started/connect-metamask-to-hyperliquid), [Rabby](/guides/getting-started/connect-rabby-to-hyperliquid), or [Phantom](/guides/getting-started/connect-phantom-to-hyperliquid). ### How to Deposit USDC via the Native Bridge **Step 1: Get USDC on Arbitrum.** If you do not already have USDC on Arbitrum, the easiest method is to withdraw from a centralized exchange. Go to your exchange's withdrawal page, select USDC, choose **Arbitrum One** as the network, and paste your wallet address. Most major exchanges support Arbitrum withdrawals with low or zero fees. **Step 2: Connect your wallet to Hyperliquid.** Navigate to [app.hyperliquid.xyz](https://app.hyperliquid.xyz) and connect your wallet. Make sure your wallet is set to the Arbitrum One network. If this is your first time, see our wallet setup guides for [MetaMask](/guides/getting-started/connect-metamask-to-hyperliquid), [Rabby](/guides/getting-started/connect-rabby-to-hyperliquid), or [Phantom](/guides/getting-started/connect-phantom-to-hyperliquid). **Step 3: Click Deposit.** Find the **Deposit** button in the portfolio section or top navigation bar. Enter the amount of USDC you want to bridge into Hyperliquid. You will see your available Arbitrum USDC balance and the estimated gas fee. **Step 4: Approve and confirm.** If this is your first deposit, your wallet will ask you to **approve USDC spending** for the bridge contract - this is a standard ERC-20 token approval and a one-time step. Then confirm the deposit transaction itself. The gas fee will be a few cents in ETH. **Step 5: Wait for confirmation.** Your deposit will be credited once more than two-thirds of Hyperliquid's validator staking power has signed the transaction. This typically takes **1-2 minutes**. Your USDC balance will appear in the Hyperliquid portfolio section automatically. > **Note:** There is a minimum deposit of **5 USDC**. Sending less than this may result in the deposit not being credited. For practical trading purposes, most traders start with at least $50-$100 to have meaningful margin. | Detail | Value | | --- | --- | | **Source network** | Arbitrum One | | **Accepted token** | USDC | | **Deposit fee** | Free (Hyperliquid subsidized) | | **Gas cost** | A few cents in ETH on Arbitrum | | **Confirmation time** | 1-2 minutes | | **Minimum deposit** | 5 USDC | | **First-time extra step** | ERC-20 token approval | --- ## Third-Party Bridges If your funds are not on Arbitrum, third-party bridges let you send USDC (and sometimes other tokens) directly to Hyperliquid from other chains - often faster than routing through Arbitrum manually. ### Across Protocol **Across Protocol** is the most widely used third-party bridge for Hyperliquid. It supports direct bridging from 22+ chains into HyperCore and HyperEVM, with transfers completing in as little as 2 seconds. **How to use Across:** 1. Go to [app.across.to](https://app.across.to) 2. Connect your wallet 3. Select your **origin chain** (Ethereum, Base, Optimism, BNB Chain, Polygon, etc.) and **USDC** as the token 4. Choose **HyperCore** as the destination chain and **USDC** as the destination token (you can also select USDT) 5. Enter the amount you want to bridge 6. Review the fee breakdown - most transfers under $1,000 cost less than $1 in fees 7. Confirm the transaction in your wallet 8. Receive funds on Hyperliquid within seconds > **Tip:** Across Protocol also supports bridging to **HyperEVM** directly. If you want funds for DeFi rather than trading, select HyperEVM as the destination instead of HyperCore. ### Other Third-Party Bridges Beyond Across, several other bridges support Hyperliquid deposits. **deBridge** enables cross-chain transfers from Ethereum, Solana, BNB Chain, and other networks, converting your assets to Arbitrum-native USDC and depositing them into your Hyperliquid account with typical transfer times of 1-5 minutes. **Symbiosis** offers one-click bridging and exchange into Hyperliquid, supporting a wide range of source chains and tokens while automatically routing through the best path to deliver USDC. **HyBridge** ([hybridge.xyz](https://hybridge.xyz)) is purpose-built for the Hyperliquid ecosystem, allowing you to bridge any token into Hyperliquid for trading HYPE, ETH, SOL, and other assets with fast cross-chain swaps. Additional options include **Mayan Finance**, **Router Nitro**, **Jumper Exchange**, **Synapse Protocol**, and **Relay** - each with different chain support, fee structures, and transfer speeds. For large transfers (over $10,000), compare fees across multiple bridges before committing. > **Warning:** Third-party bridges introduce additional smart contract risk. Each bridge is a separate protocol with its own security model. For very large transfers, consider splitting across multiple routes or using Hyperliquid's native Arbitrum bridge for maximum safety. ### Mass App: CEX to HyperCore in One Flow [Mass](https://mass.money) is a non-custodial mobile app built on Hyperliquid, and in July 2026 it added onboarding routes from any major centralized exchange straight through to HyperCore. Instead of the usual sequence of withdrawing to Arbitrum, checking the address, waiting for confirmations, and then running the deposit yourself, you pick your exchange in the app and it handles the routing. That collapses the step where most people lose funds. Withdrawing from a CEX to the wrong network is the single most common way a first deposit goes missing, and it accounts for a large share of the cases in our [deposit not showing up guide](/troubleshooting/deposit-not-showing). Mass itself is a mobile trading app covering perps, spot, tokenized equities, and prediction markets, so the onboarding flow lands you in a trading interface rather than back at a bridge page. If you would rather trade in Hyperliquid's own app afterward, the funds are on HyperCore either way and available at **[app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211)** with the same wallet. See our [mobile trading guide](/guides/getting-started/hyperliquid-mobile-guide) for how the third-party mobile options compare. ![Mass App homepage showing the mobile trading interface with total balance, portfolio chart, and withdraw and add funds controls](/images/getting-started/shared/mass-app-homepage.webp) *Source: [mass.money](https://mass.money) - used under fair use for educational purposes* > **Tip:** A third-party app that routes your deposit is still a third party. Send a small test amount on your first run, confirm it lands on HyperCore, and only then move real size. That advice applies to every route on this page, not just this one. --- ## HyperCore vs HyperEVM When you bridge funds to Hyperliquid, it is important to understand that deposits go to **HyperCore** by default. HyperCore and HyperEVM are two distinct layers within the Hyperliquid ecosystem, and they serve different purposes. **HyperCore** is the trading layer - this is where perpetual futures, spot trading, and order book operations happen. When you deposit USDC through the native bridge or most third-party bridges, your funds land on HyperCore and are ready for trading immediately. **HyperEVM** is the smart contract layer, where DeFi protocols, lending platforms, liquidity pools, and other decentralized applications live. If you want to use DeFi on Hyperliquid, you need funds on HyperEVM. Moving funds between these two layers is a separate step from bridging. Go to your **Portfolio** page on app.hyperliquid.xyz, find the **Transfer to/from EVM** option, select the direction (HyperCore to HyperEVM or vice versa), enter the amount of USDC to transfer, and confirm the transaction. The transfer costs a small amount of gas (approximately 200k gas at the base gas price) and is processed on-chain within seconds. > **Key takeaway:** Deposits always land on **HyperCore** (the trading layer). If you want to use DeFi on Hyperliquid, you need to transfer funds from HyperCore to **HyperEVM** as a separate step. See our [step-by-step HyperEVM bridge guide](/guides/getting-started/bridge-to-hyperevm) for the full walkthrough. For a deep dive into HyperEVM and the DeFi protocols available, see our [Hyperliquid DeFi ecosystem guide](/ecosystem/hyperliquid-defi-ecosystem). --- ## Bridging from Different Chains Your starting point determines the optimal bridging route. Here is how to get funds to Hyperliquid from the most common chains. ### From Ethereum Mainnet You have three options depending on your priority. **Across Protocol (fastest):** Bridge USDC from Ethereum directly to HyperCore using Across at [app.across.to](https://app.across.to) - transfers take approximately 10 seconds and cost under $1 in fees. **Official Arbitrum Bridge (safest):** Go to [bridge.arbitrum.io](https://bridge.arbitrum.io), bridge USDC from Ethereum to Arbitrum (takes 10-15 minutes), then deposit from Arbitrum into Hyperliquid using the native bridge. This two-step approach uses only official infrastructure. **CEX route (cheapest):** If your ETH or USDC is on a centralized exchange, withdraw USDC directly to Arbitrum, then deposit into Hyperliquid. ### From Solana, BSC, and Other L1s For **Solana**, use **Across Protocol**, **deBridge**, or **Mayan Finance** to bridge USDC (or SOL) to Hyperliquid with transfer times of 2-10 minutes. Hyperliquid also supports direct **SOL deposits** through the deposit interface - check the latest options at app.hyperliquid.xyz. For **BNB Smart Chain**, use **Across Protocol** or **Stargate** to bridge USDC to Arbitrum or directly to Hyperliquid, with typical transfer times of 2-5 minutes and fees of 0.01-0.1%. For **Polygon** or **Avalanche**, use **Across Protocol** or **Stargate** to bridge USDC to Arbitrum, then deposit into Hyperliquid - or use Across for direct Hyperliquid bridging from supported networks. ### From L2s and Multi-Asset Deposits **Base, Optimism, and other L2s** offer the fastest routes since L2-to-Hyperliquid transfers via Across complete in as little as 2 seconds. Use [app.across.to](https://app.across.to), select your L2 as the origin, and bridge USDC directly to HyperCore. Hyperliquid also supports direct deposits of non-USDC assets on certain networks: - **BTC** from Bitcoin - **ETH** and **ENA** from Ethereum - **SOL**, **BONK**, **FARTCOIN**, **PUMP**, **SPX**, and **2Z** from Solana - **MON** from Monad - **XPL** from Plasma These assets are deposited directly through the Hyperliquid interface. Check app.hyperliquid.xyz for the current list of supported deposit tokens and networks. **Funds Ready? Start Trading with Lower Fees** — Hyperliquid charges zero gas fees on every trade. Pair that with a 4% fee discount using our referral code for the lowest costs possible. [Start Trading - Save 4%](https://app.hyperliquid.xyz/join/Concept211) --- ## Fiat On-Ramp If you are starting from fiat currency (USD, EUR, etc.) and want to get funds onto Hyperliquid without buying crypto first, there are now two native paths. ### Direct Fiat Deposits (New) Hyperliquid has launched **native fiat onramping** powered by swapped.com. You can deposit directly using a **credit card** or **bank transfer**, with no crypto, no bridging, and no CEX account required. Just select "Fiat" in the deposit modal on app.hyperliquid.xyz and follow the checkout flow. This is the simplest path for users who are completely new to crypto. For the full walkthrough, see our **[fiat onramp guide](/guides/getting-started/buy-crypto-with-fiat-on-hyperliquid)**. > **Note:** Fiat onramping is currently in its initial testing phase. Availability varies by geography and payment method. Offramps and additional payment methods are planned for future updates. ### A Note on USDH **USDH** was Hyperliquid's original native stablecoin, issued by Native Markets. It has since [sunset under AQAv2](/ecosystem/aqav2-usdc-aligned-quote-asset), and all USDH-denominated markets on HyperCore have settled, leaving **USDC** as the aligned quote asset. Deposit and trade with USDC. If you still hold USDH, you can swap it to USDC at no cost via Across Protocol (1:1) or on the HyperCore spot order book. For background, see our [USDH stablecoin guide](/ecosystem/usdh-stablecoin-guide). --- ## How to Bridge to HyperEVM Everything above covers depositing to **HyperCore** - the trading layer where perpetual futures, spot markets, and the order book operate. But Hyperliquid also has **HyperEVM**, an Ethereum-compatible smart contract layer that powers a growing DeFi ecosystem. Protocols like [Felix](/ecosystem/felix-protocol-guide), [HyperLend](/ecosystem/hyperlend-guide), and [Kinetiq](/ecosystem/liquid-staking-guide) all run on HyperEVM, offering lending, liquid staking, yield vaults, and more. If you want to do anything beyond trading on Hyperliquid, you need funds on HyperEVM. Bridging to HyperEVM is a separate step from depositing to Hyperliquid. The most common path is to first deposit USDC to HyperCore using any of the methods described above, then transfer from HyperCore to HyperEVM using the **Transfer to/from EVM** option on your Portfolio page. This internal transfer completes in seconds and costs fractions of a cent - both layers run on the same Hyperliquid L1, so there is no cross-chain bridging delay. You will also need a small amount of **HYPE** on HyperEVM to pay gas fees (0.5–1 HYPE is more than enough). Alternatively, you can skip HyperCore entirely and bridge directly to HyperEVM from Ethereum, Base, Arbitrum, or 20+ other chains using **Across Protocol** - just select HyperEVM instead of HyperCore as the destination at [app.across.to](https://app.across.to). For the full step-by-step walkthrough - including wallet setup, network configuration, and troubleshooting - see our [complete HyperEVM bridging guide](/guides/getting-started/bridge-to-hyperevm). --- ## Withdrawing from Hyperliquid Moving funds back out of Hyperliquid is straightforward, and our [withdraw USDC from Hyperliquid guide](/guides/getting-started/withdraw-usdc-from-hyperliquid) covers it in full. Withdrawals go to your wallet on **Arbitrum One**. To withdraw, go to your **Portfolio** page on app.hyperliquid.xyz, click the **Withdraw** button, enter the amount of USDC you want to withdraw, and confirm the transaction. Your funds will be deducted from your Hyperliquid balance immediately. Validators then sign and finalize the transfer to Arbitrum, which typically takes **seconds to a few minutes**. | Detail | Value | | --- | --- | | **Destination network** | Arbitrum One | | **Withdrawal fee** | 1 USDC (flat fee to cover validator gas) | | **ETH required** | None - the fee is paid in USDC on Hyperliquid | | **Processing time** | Seconds to a few minutes | | **Minimum withdrawal** | No official minimum (must cover 1 USDC fee) | > **Key takeaway:** Withdrawals cost a flat **1 USDC** fee, which covers the Arbitrum gas costs paid by validators. You do not need any ETH on Arbitrum to withdraw. Your USDC will arrive in your connected wallet on Arbitrum. Once your USDC is back on Arbitrum, you can **deposit to a centralized exchange** by sending USDC to your exchange wallet address on Arbitrum, **bridge to another chain** using Across Protocol, Stargate, or other bridges to move USDC to Ethereum, Solana, BSC, etc., **swap on Arbitrum** by trading USDC for ETH or other tokens using Uniswap or another Arbitrum DEX, or simply **hold on Arbitrum** in your wallet for future Hyperliquid deposits. --- ## Common Issues and Troubleshooting ### Deposit Not Showing Up If your deposit has not appeared after 5 minutes: 1. **Check the transaction on Arbiscan.** Open [arbiscan.io](https://arbiscan.io), search your wallet address, and verify the transaction shows "Success." 2. **Refresh the Hyperliquid page.** The balance display sometimes requires a manual refresh to update. 3. **Verify you are checking the right balance.** Deposits go to your Hyperliquid Account Balance (on HyperCore), not your wallet balance on Arbitrum. 4. **Wait during congestion.** High network activity can extend deposit times to 5-10 minutes. 5. **Disconnect and reconnect your wallet** as a last resort. If the issue persists, see our [deposit not showing troubleshooting guide](/troubleshooting/deposit-not-showing). ### Bridge Delays Third-party bridges occasionally experience delays due to liquidity constraints, network congestion, or bridge-specific processing times. - **Across Protocol:** Typically completes in 2-10 seconds. If delayed beyond 1 minute, check the Across transaction tracker on their app. - **deBridge / Symbiosis / Others:** Check the bridge provider's transaction status page using the transaction hash from your wallet. - **Native Hyperliquid bridge:** If stuck for more than 10 minutes, the transaction may need to be sped up in your wallet (increase gas). For detailed troubleshooting, see our [bridge delays guide](/troubleshooting/bridge-delays). ### Other Common Errors **Wrong network selected:** If your wallet shows a network error when trying to deposit, open your wallet settings and switch to **Arbitrum One**. If Arbitrum is not listed, add it manually (Chain ID: 42161, RPC: https://arb1.arbitrum.io/rpc) and retry the deposit. Always double-check the destination network when withdrawing from a centralized exchange - selecting Ethereum mainnet instead of Arbitrum One means you will need to bridge from Ethereum to Arbitrum before depositing into Hyperliquid, an extra step that costs more in gas. **"Insufficient Funds" error:** This means either you do not have enough USDC on Arbitrum (check your wallet is on the correct network) or you do not have enough ETH on Arbitrum for gas (you need about $0.30-$0.50 worth). If you have tokens on Arbitrum but not USDC, swap them on [app.uniswap.org](https://app.uniswap.org) (set to Arbitrum network) before depositing. **First-time token approval:** Your first deposit requires an ERC-20 token approval - a separate transaction that authorizes the Hyperliquid bridge contract to spend your USDC. This is standard practice and a one-time step. You will see two transactions in your wallet: the approval first, then the deposit. --- ## Next Steps With your funds on Hyperliquid, you are ready to start trading: - **[Beginner checklist](/guides/getting-started/hyperliquid-beginner-checklist)** - Full start-to-trade checklist to make sure you haven't missed anything - **[How to trade on Hyperliquid](/guides/getting-started/how-to-trade-on-hyperliquid)** - Complete beginner's guide covering order types, leverage, and risk management - **[Deposit USDC guide](/guides/getting-started/deposit-usdc-to-hyperliquid)** - Detailed walkthrough focused specifically on the deposit process - **[Fees explained](/guides/fees/fees-explained)** - Maker/taker rates, VIP tiers, and how the 4% referral discount stacks up - **[HyperEVM explained](/ecosystem/hyperevm-explained)** - Understand the smart contract layer and how to access DeFi on Hyperliquid - **[USDH stablecoin guide](/ecosystem/usdh-stablecoin-guide)** - Learn about Hyperliquid's native stablecoin and fiat on-ramps - **[Hyperliquid DeFi ecosystem](/ecosystem/hyperliquid-defi-ecosystem)** - Explore lending, liquidity pools, and other DeFi protocols on HyperEVM - **[Deposit not showing?](/troubleshooting/deposit-not-showing)** - Fix missing deposits after bridging - **[Bridge taking too long?](/troubleshooting/bridge-delays)** - Troubleshoot slow or stuck bridge transactions **Ready to Trade? Don't Forget Your Fee Discount** — Make sure you applied our referral code before your first trade. It gives you a permanent 4% trading fee discount that cannot be added later. [Open Hyperliquid with 4% Discount](https://app.hyperliquid.xyz/join/Concept211) --- # How to Trade Commodities on Hyperliquid - Oil, Silver, Gold & More > Complete guide to trading commodity perpetuals on Hyperliquid via trade.xyz. Learn how to trade oil, silver, gold, and other real-world assets 24/7 with crypto-native leverage. *Source: https://hyperliquidguide.com/guides/trading/commodities-trading-guide* ## Why Trade Commodities on Hyperliquid? Traditional commodity markets are some of the oldest in finance - but they come with limitations that crypto infrastructure solves overnight. The CME closes on weekends. Futures brokers require KYC, minimum deposits, and complex account structures. Contract rollovers create friction. And if a geopolitical crisis happens on a Sunday, you are locked out until Monday morning. Hyperliquid's infrastructure changes all of this. Through [trade.xyz](https://app.trade.xyz), a [HIP-3 builder-deployed](/ecosystem/hip-3-builder-codes) DEX, commodity perpetual futures trade **24 hours a day, 7 days a week, 365 days a year**. No broker. No KYC. No market hours. Just connect a wallet, deposit USDC, and trade. > **Key takeaway:** Commodity perps on Hyperliquid are accessed via trade.xyz, a HIP-3 builder-deployed DEX. You can trade silver, gold, oil, copper, natural gas, and more 24/7 with crypto-native speed and leverage. Silver alone does over $660M in daily volume. ![trade.xyz — trade commodity perpetual futures](/images/trading/shared/tradexyz-homepage.webp) And this is not a niche feature. Silver ([SILVER](/markets/xyz/silver)-USDC) has become a **volume powerhouse**, frequently generating over $660M in daily volume. [Gold](/markets/xyz/gold) does $120M and crude oil $187M. The demand for 24/7 commodity exposure is enormous, and trade.xyz on Hyperliquid's infrastructure is capturing it. --- ## Available Commodity Markets Commodity perpetuals are listed on [trade.xyz](https://app.trade.xyz) as HIP-3 builder-deployed perps running on Hyperliquid's infrastructure. The available markets expand regularly. ### Currently Available The commodity lineup expanded in May 2026 with grains, industrial metals, uranium, and Dutch natural gas. #### Precious Metals | Asset | Ticker | Max Leverage | |-------|--------|-------------| | **Silver** | [SILVER](/markets/xyz/silver) | Up to 25x | | **Gold** | [GOLD](/markets/xyz/gold) | Up to 25x | | **Platinum** | [PLATINUM](/markets/xyz/platinum) | Varies | | **Palladium** | [PALLADIUM](/markets/xyz/palladium) | Varies | #### Energy | Asset | Ticker | Max Leverage | |-------|--------|-------------| | **WTI Crude Oil** | [CL](/markets/xyz/cl) | Up to 25x | | **Brent Crude Oil** | BRENTOIL | Varies | | **Natural Gas (Henry Hub)** | [NATGAS](/markets/xyz/natgas) | Varies | | **Dutch TTF Natural Gas** | TTF | Varies | #### Industrial Metals | Asset | Ticker | Max Leverage | |-------|--------|-------------| | **Copper** | [COPPER](/markets/xyz/copper) | Varies | | **Aluminium** | ALUMINIUM | Varies | | **Uranium (futures)** | URANIUM | Varies | #### Agriculture | Asset | Ticker | Max Leverage | |-------|--------|-------------| | **Corn** | CORN | Varies | | **Wheat** | WHEAT | Varies | WTI (CL) tracks the US oil benchmark; the [Brent crude oil perpetual](/markets/xyz/brentoil) (BRENTOIL) tracks the global oil benchmark and typically prices at a different basis. For a step-by-step walkthrough of the whole process, read [how to trade oil futures on Hyperliquid](/guides/trading/trade-oil-futures-on-hyperliquid). Dutch **TTF** is the European natural gas reference and is meaningfully different from US Henry Hub, traded here as [the NATGAS perpetual market](/markets/xyz/natgas) - useful for traders watching European energy markets. The [uranium perp market](/markets/xyz/uranium) lets you trade the underlying commodity directly; for mining-equity exposure instead, see **URNM** in the [equity perps guide](/guides/trading/equity-perps-guide). On the industrial-metals side, [aluminium commodity perps](/markets/xyz/aluminium) track the benchmark that gauges global manufacturing and construction demand, while the grain complex adds [wheat futures perps](/markets/xyz/wheat) for traders positioning around harvest cycles and export-disruption headlines. Live prices and volumes for the top commodity markets are shown at the top of this page. > **Note:** These are **not** native Hyperliquid perps listed on the main app. They are HIP-3 builder-deployed perpetuals running on Hyperliquid's infrastructure via trade.xyz. You trade them at [app.trade.xyz](https://app.trade.xyz), not the main Hyperliquid trading interface. Learn more about HIP-3 in our [HIP-3 builder codes guide](/ecosystem/hip-3-builder-codes). ### Why Silver Is Dominating Volume Silver's massive volume - over $660M daily - tells a powerful story. Traditional silver markets have limited hours, high margin requirements, and slow settlement. Traders who want leveraged silver exposure can now get it instantly, 24/7, with USDC margin and up to 25x leverage through trade.xyz. The same dynamics apply to oil and gold. Whenever traditional markets are closed and news is moving prices, trade.xyz on Hyperliquid becomes the price discovery venue. --- ## How to Trade Commodities: Step-by-Step If you already have a Hyperliquid account funded with USDC, you can start trading commodities at [app.trade.xyz](https://app.trade.xyz). If you are new to Hyperliquid, start with our [beginner guide](/guides/getting-started/how-to-trade-on-hyperliquid) to fund your account first. ### Step 1: Open trade.xyz Navigate to [app.trade.xyz](https://app.trade.xyz) - this is the HIP-3 builder-deployed DEX where commodity perps are listed. Connect the same wallet you use for Hyperliquid. Your USDC balance on Hyperliquid is accessible here. In the asset selector, search for the commodity you want to trade - for example, "SILVER" for silver or "CL" for crude oil. ### Step 2: Analyze the Market Commodity perps on trade.xyz have charting and order book tools similar to the main Hyperliquid interface. Use the TradingView chart, order book depth, and recent trades panel to analyze the market. You can also chart these markets directly on TradingView using the `HIP3XYZ:` prefix — see our guide to [Hyperliquid on TradingView](/guides/trading/tradingview-hyperliquid-charting) for the full symbol list. Pay attention to the **funding rate** - this indicates whether the perpetual price is trading above or below the spot reference price. A positive funding rate means longs pay shorts; negative means shorts pay longs. ### Step 3: Place Your Order Choose your [order type](/guides/trading/order-types-guide): - **Market order** - execute immediately at the best available price - **Limit order** - set your price and wait for the market to come to you - **Stop-loss / Take-profit** - manage risk automatically Set your **leverage** using the leverage selector. Silver, gold, and oil offer up to 25x leverage. Start conservative - commodity markets can be volatile, especially oil during geopolitical events. > **Warning:** Commodity perps on trade.xyz historically used **isolated margin only**. With Hyperliquid's [unified account mode](/guides/trading/unified-accounts-guide), eligible HIP-3 markets now support cross margin - check each market's margin selector. For markets still on isolated margin, each position has its own dedicated margin: if one gets liquidated, others are unaffected, but you must ensure each is individually funded. ### Step 4: Manage Your Position Once your trade is filled, monitor it from the Positions tab. You can: - Add to or reduce your position at any time - Set stop-loss and take-profit orders - Adjust leverage on an existing position - Close the position with a market or limit order > **Warning:** Commodity markets can experience sharp moves on news events - especially oil during geopolitical tensions and precious metals during macro shifts. Always use stop-losses and size your positions appropriately for the leverage you are using. See our [leverage trading guide](/guides/trading/leverage-trading-guide) for risk management strategies. **Start Trading Commodities** — Trade oil, silver, gold, and more - 24/7, no KYC, with a 4% lifetime fee discount. Connect your wallet and start in minutes. [Start Trading - Save 4% on Fees](https://app.hyperliquid.xyz/join/Concept211) --- ## How Commodity Perps Work on Hyperliquid If you are coming from traditional commodity futures, there are some important differences to understand about how perpetual contracts work. ### HIP-3 Builder-Deployed Perps Commodity perps on Hyperliquid are deployed through [HIP-3](/ecosystem/hip-3-builder-codes), the builder codes framework. This means they are **not native Hyperliquid listings** - instead, they are deployed by the trade.xyz team on top of Hyperliquid's infrastructure. The trading experience is nearly identical to native perps, but there are some differences in fees and margin handling (see the fees section below). ### No Expiry, No Rollover Traditional commodity futures have fixed expiry dates. When a contract expires, you either settle or roll your position to the next month - incurring costs and complexity. Perpetual contracts on trade.xyz **never expire**. You can hold a position indefinitely. ### Funding Rate Mechanism Instead of contract expiry, perps use a **funding rate** to keep the perpetual price anchored to the spot reference price. A small payment is exchanged between longs and shorts periodically: - If the perp price is **above** the spot reference, longs pay shorts (positive funding) - If the perp price is **below** the spot reference, shorts pay longs (negative funding) Commodities are better covered here than equities are, because the CME session runs most of the week rather than 32.5 hours of it. Our reference on [non-crypto perps and their funding cost](/guides/trading/non-crypto-perps-on-hyperliquid) sets out how much of each week every underlying market is actually open. This mechanism naturally brings the perp price back in line with the underlying asset. ### USDC-Denominated Margin (Isolated Only) All positions use USDC as collateral. You do not need to hold the underlying commodity. Note that commodity perps on trade.xyz use **isolated margin only** - cross-margin is not available. To deposit USDC, follow our [deposit guide](/guides/getting-started/deposit-usdc-to-hyperliquid). ### Price Oracles Commodity perps use price oracles that reference real-world commodity prices from major exchanges. The mark price (used for liquidations and funding calculations) is derived from these reference prices, not from the order book - this prevents manipulation. > **Key takeaway:** Commodity perps on trade.xyz work like crypto perps - no expiry, no rollover, USDC margin, and a funding rate that keeps prices anchored to real-world reference prices. The key differences are isolated-only margin and HIP-3 fee rates. --- ## Who Is This For? ### Crypto Traders Adding Diversification If you already trade crypto on Hyperliquid, commodities give you exposure to entirely different asset classes without leaving the ecosystem. Oil, gold, and silver respond to different catalysts than BTC and ETH - geopolitics, central bank policy, industrial demand - providing genuine portfolio diversification. ### Traditional Commodity Traders Going DeFi If you have experience trading commodities through brokers like Interactive Brokers, TD Ameritrade, or CME futures, trade.xyz on Hyperliquid offers a faster, more accessible alternative. No KYC, no minimum account sizes, 24/7 access, and settlement in seconds instead of days. ### News Traders Commodity prices react sharply to geopolitical events, OPEC decisions, and economic data releases. Many of these events happen outside traditional market hours. On trade.xyz, you can take a position within seconds of breaking news - even at 3 AM on a Sunday. For a full walkthrough of trading commodities on weekends and overnight, see our [after-hours trading guide](/guides/trading/after-hours-trading-guide). Depth varies a lot across the commodity book, and it moves. The [HIP-3 liquidity screener](/tools/hip-3-liquidity) shows live open interest and 24-hour volume for every commodity and equity market on the venue, so you can check which contracts are carrying positions before you commit to one. > **Tip:** Bloomberg has referenced Hyperliquid commodity pricing during off-hours events - most notably using Hyperliquid to price oil during geopolitical crises when traditional markets were closed. This is a strong signal of the platform's liquidity depth and price discovery quality. --- ## Fees for Commodity Trading Commodity perps on trade.xyz are HIP-3 builder-deployed, which means they carry **higher base fees** than native Hyperliquid perps: - **Maker fee**: 0.03% (limit orders that add liquidity) - **Taker fee**: 0.09% (market orders that remove liquidity) *Fee figures are Hyperliquid's published [HIP-3 builder-market fee schedule](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees). Live rates shown on each market page are measured from the Hyperliquid API.* These are approximately 2x the standard Hyperliquid rates (0.015% maker / 0.045% taker on native perps). > **Note:** **Growth Mode** may significantly reduce these fees. When active, Growth Mode can cut HIP-3 fees by 90% or more, bringing effective rates close to or below native Hyperliquid levels. Check app.trade.xyz for current fee details. - **With referral discount**: Use a [referral link](https://app.hyperliquid.xyz/join/Concept211) for a 4% lifetime discount on all fees For a full comparison of fee structures, see the [full fee breakdown](/guides/fees/fees-explained) and our [HIP-3 builder codes guide](/ecosystem/hip-3-builder-codes). [Felix Protocol's FLX dex](/ecosystem/felix-protocol-guide) also offers HIP-3 commodity and equity perps as an alternative to trade.xyz. --- ## Commodity Trading vs Crypto Trading on Hyperliquid | Aspect | Crypto Perps (Native) | Commodity Perps (trade.xyz) | |--------|----------------------|---------------------------| | **Trading interface** | app.hyperliquid.xyz | app.trade.xyz | | **Infrastructure** | Native Hyperliquid | HIP-3 builder-deployed | | **Trading hours** | 24/7 | 24/7 | | **Leverage** | Up to 50x (BTC/ETH) | Up to 25x (varies by asset) | | **Margin mode** | Cross or Isolated | Isolated only | | **Maker fee** | 0.015% | 0.03% (before Growth Mode) | | **Taker fee** | 0.045% | 0.09% (before Growth Mode) | | **Volatility** | High | Moderate (gold) to High (oil) | | **Margin** | USDC | USDC | | **Funding rate** | Yes | Yes | | **Key catalysts** | Crypto-native events, adoption | Geopolitics, macro, supply/demand | The core mechanics are similar - the key differences are that commodity perps run through HIP-3 on trade.xyz with isolated-only margin and higher base fees. For crypto-native traders, the interface will feel familiar. For commodity traders, the 24/7 access and wallet-based onboarding remove traditional barriers. Commodities are one corner of what the platform now lists. If you came here for oil or gold and want to see how the same mechanics apply to equities, indices, and the native crypto markets, [the rest of our trading guide series](/guides/trading) picks up from here. **24/7 Commodity Trading Is Here** — Oil, silver, gold - no market hours, no broker, no KYC. Join Hyperliquid with a 4% fee discount and trade real-world assets alongside crypto. [Join Hyperliquid - Save 4%](https://app.hyperliquid.xyz/join/Concept211) --- # Hyperliquid Copy Trading Guide: Vaults, Copin & Third-Party Tools > Learn how to copy trade on Hyperliquid using native vaults and third-party platforms like Copin. Step-by-step setup, trader evaluation metrics, and risk management strategies. *Source: https://hyperliquidguide.com/guides/trading/copy-trading-guide* ## Copy Trading on Hyperliquid Copy trading lets you mirror the positions of other traders automatically. Instead of analyzing charts, managing entries, and timing exits yourself, you follow a trader whose strategy and track record you trust. When they open a position, you open one. When they close, you close. (If you'd rather do your own analysis, Hyperliquid markets are now chartable on [TradingView](/guides/trading/tradingview-hyperliquid-charting) — but copy trading skips that work entirely.) On Hyperliquid, copy trading takes two forms. The first is the platform's **native vault system** - on-chain pools where you deposit capital and automatically follow a vault leader's trades. The second is **third-party platforms** like Copin and HyperDash that connect to Hyperliquid via API and give you fine-grained control over which traders you copy and how. Both approaches have distinct trade-offs in control, transparency, fees, and risk. This guide covers both methods in detail so you can choose the approach - or combination - that fits your goals. > **Key takeaway:** Hyperliquid offers two copy trading paths: native vaults (simple, on-chain, deposit-and-forget) and third-party platforms (more control, more complexity). Neither eliminates the risk of loss. You are trusting someone else with your capital allocation decisions. ![Hyperliquid vaults — follow vault strategies for copy trading](/images/ecosystem/hyperliquid-vaults-guide/vaults-listing.webp) ![Copin.io — copy trading analytics and leaderboards](/images/trading/shared/copin-dashboard.webp) If you are new to Hyperliquid, start with the [beginner trading guide](/guides/getting-started/how-to-trade-on-hyperliquid) and make sure you have [deposited USDC](/guides/getting-started/deposit-usdc-to-hyperliquid) before setting up any copy trading. --- ## Method 1: Hyperliquid Vaults Hyperliquid vaults are the simplest way to copy trade on the platform. They are built directly into Hyperliquid's L1, require no API setup, and give you fully transparent, on-chain exposure to another trader's strategy. ### How Vaults Work When you deposit USDC into a vault, you receive a proportional share of the vault's total value. The vault leader trades with the pooled capital. If the vault grows, your share grows. If the vault loses money, your share shrinks. Vault leaders set a **profit share fee** - typically 10% - that they collect only when the vault is profitable. If the vault loses money, the leader earns nothing. This aligns incentives: the leader only profits when depositors profit. There are two types of vaults: - **[HLP (Hyperliquid Liquidity Provider)](/ecosystem/hyperliquid-hlp-explained)** - The protocol's own market-making vault. It provides liquidity across all markets and earns from bid-ask spreads and maker rebates. HLP charges no profit share fee. It is the largest and most liquid vault, but its returns are driven by market-making dynamics, not directional trading. - **Community Vaults** - Created by individual traders with their own strategies. These range from conservative delta-neutral approaches to aggressive directional bets. Profit share fees and risk profiles vary widely. ### Pros of Vault Copy Trading - **No setup complexity.** Connect your wallet, deposit USDC, done. - **Fully on-chain and transparent.** Every trade is visible. No black box. - **Non-custodial.** Your funds stay in the vault smart contract, not a third party's wallet. - **Withdraw anytime.** No lock-up periods on most vaults. ### Cons of Vault Copy Trading - **No granular control.** You cannot adjust leverage, skip certain trades, or set stop-losses on individual positions. You get all of the leader's trades, good and bad. - **Profit share fees.** Community vaults typically take 10% of profits. - **Limited trader selection.** Only traders who have created vaults are available. The universe of copyable traders is smaller than on third-party platforms. - **Pooled risk.** Large deposits and withdrawals from other users can affect your returns. > **Note:** For a deep dive into vault mechanics, HLP performance, and how to evaluate vault leaders, read the full [Hyperliquid Vaults Guide](/ecosystem/hyperliquid-vaults-guide). --- ## Method 2: Third-Party Copy Trading Platforms Third-party platforms expand your options dramatically. Instead of being limited to traders who have created vaults, you can analyze any on-chain trader's history and copy them directly via API integration. These platforms also give you control over position sizing, leverage limits, and risk parameters that vaults do not offer. ### Copin [Copin](https://app.copin.io/hyperliquid) is the most comprehensive on-chain trader analytics and copy trading platform available for Hyperliquid. It indexes over 700,000 on-chain traders across 20+ perpetual DEXes, including Hyperliquid, and lets you copy any of them. **Key features:** - **Trader discovery and analytics.** Filter traders by win rate, PnL, drawdown, Sharpe ratio, trade frequency, and dozens of other metrics. The Hyperliquid Explorer at [app.copin.io/hyperliquid](https://app.copin.io/hyperliquid) lets you browse every trader on the platform. - **Position mirroring.** When a trader you follow opens a position, Copin automatically opens a corresponding position on your Hyperliquid account via API. - **Risk controls.** Set your own leverage limits, position size caps, and stop-loss parameters independently of the trader you are copying. - **Cross-platform analysis.** Compare trader performance across Hyperliquid, GMX, dYdX, and other DEXes. **Fee:** Copin charges a 0.05% fee on trade size when opening copy trade positions, in addition to Hyperliquid's standard trading fees. **Limitations to know:** - You cannot close copy trade positions directly within Copin. To close, you must go to Hyperliquid directly. - Copin uses the Pyth oracle for pricing while Hyperliquid uses its own pricing system, so temporary PnL discrepancies can appear (they resolve when positions close). - Leverage is capped at the minimum of your setting and Hyperliquid's maximum for that pair. ### HyperDash HyperDash is a Hyperliquid-native analytics and copy trading tool. It focuses specifically on the Hyperliquid ecosystem rather than covering multiple DEXes. **Key features:** - Real-time tracking of top Hyperliquid traders - Portfolio analytics and position tracking - Whale alerts for large position changes - Copy trading integration - Clean, purpose-built interface for Hyperliquid HyperDash is a strong choice if you want Hyperliquid-specific analytics without the broader multi-DEX scope of Copin. ### WunderTrading WunderTrading is a more established copy trading platform that has added Hyperliquid integration. It connects beginners with experienced traders through automated trading technology. **Key features:** - TradingView signal integration for automated execution - Copy trading marketplace with trader performance metrics - Multi-exchange support including Hyperliquid - [Bot strategies and automation tools](/guides/trading/trading-bot-setup-guide) ### Other Notable Tools - **Mizar** - Copy trading marketplace with Hyperliquid support and TradingView automation - **SuperX** - Telegram-based tool for tracking top-performing wallets with one-click copy trading > **Warning:** Third-party platforms require you to create an API wallet on Hyperliquid and share the private key with the platform. This is a necessary step for execution, but it means you are trusting the platform with trade execution access to your account. Only use reputable platforms, and consider using a dedicated sub-account for copy trading rather than your main account. **New to Hyperliquid?** — Before you can copy trade, you need a funded Hyperliquid account. Sign up with our referral link for a 4% lifetime discount on all trading fees. [Create Your Account](https://app.hyperliquid.xyz/join/Concept211) --- ## How to Copy Trade on Hyperliquid: Step by Step ### Option A: Using Hyperliquid Vaults 1. **Connect your wallet** to [app.hyperliquid.xyz](https://app.hyperliquid.xyz). If you do not have an account yet, follow the [getting started guide](/guides/getting-started/how-to-trade-on-hyperliquid). 2. **Deposit USDC** into your Hyperliquid account. You need USDC on Arbitrum - see the [deposit guide](/guides/getting-started/deposit-usdc-to-hyperliquid) for bridging instructions. 3. **Navigate to Vaults** at [app.hyperliquid.xyz/vaults](https://app.hyperliquid.xyz/vaults). Browse available vaults. 4. **Evaluate vault performance.** Look at the vault's total PnL, recent drawdowns, trade history, and how long it has been active. Avoid vaults with less than 30 days of track record. 5. **Deposit USDC** into your chosen vault. Enter the amount and confirm. Your capital now automatically follows the vault leader's trades. 6. **Monitor regularly.** Check vault performance weekly. If the vault enters a sustained drawdown or the leader's strategy changes, consider withdrawing. ### Option B: Using Copin 1. **Create an API wallet on Hyperliquid.** Go to [hyperliquid.xyz/API](https://hyperliquid.xyz/API), connect your wallet, name the API key (e.g., "Copin_Copytrade"), generate the wallet address, and authorize it. Set the validity to the maximum (180 days). Save the private key securely. 2. **Connect your API to Copin.** Visit [app.copin.io/wallet-management](https://app.copin.io/wallet-management), authenticate, and select "Connect" for Hyperliquid. Enter your master account address, the API wallet's private key, and an optional wallet name. Sign with your master account wallet and accept the trading fee terms. 3. **Find traders to copy.** Use the [Hyperliquid Explorer](https://app.copin.io/hyperliquid) to browse traders. Filter by win rate, PnL, drawdown, and other metrics. Analyze their trade history in detail before committing. 4. **Configure copy settings.** Set your position sizing (fixed amount or percentage of the trader's size), maximum leverage, and any risk controls Copin offers. 5. **Activate copy trading.** Once configured, Copin will automatically mirror the trader's future positions on your Hyperliquid account. 6. **Monitor and adjust.** Review performance regularly. Copin provides an alert bot that tracks all positions so you do not miss changes. > **Tip:** Start with a small allocation - no more than 5-10% of your total trading capital - when testing a new copy trading setup. Scale up only after you have observed consistent performance over at least 2-4 weeks. --- ## Evaluating Traders to Copy Choosing who to copy is the single most important decision in copy trading. A flashy PnL number on the **[Hyperliquid leaderboard](/guides/trading/pnl-sharing-leaderboard)** tells you almost nothing useful. Here is what actually matters. ### Win Rate (With Context) A 70% win rate sounds impressive until you realize the average loss is 5x the average win. Win rate alone is meaningless - you need to see it alongside the **profit factor** (total gains divided by total losses). A trader with a 45% win rate and a 3.0 profit factor is far better than one with an 80% win rate and a 0.9 profit factor. ### Maximum Drawdown How much has the trader lost from peak to trough? A trader who made 200% but had a 60% drawdown along the way is extremely risky to copy. If you started copying at the peak, you would have experienced that 60% drawdown firsthand. Look for traders with max drawdowns under 20-25%. ### Consistency Over Time Does the trader produce relatively steady returns, or do they have one massive winning trade that inflates their overall PnL? Check the **equity curve** - a smooth upward curve is infinitely better than a flat line punctuated by one spike. Look for at least 90 days of trading history. ### Sharpe Ratio The Sharpe ratio measures return relative to risk. A higher Sharpe ratio means better risk-adjusted returns. Traders with a Sharpe ratio above 1.5 are generating solid returns relative to the volatility of their equity curve. Below 0.5 suggests the returns are not worth the risk. ### Trade Frequency and Style A trader who makes 50 trades per day will generate significant [trading fees](/guides/fees/fees-explained) on your account. A trader who makes 2-3 trades per week may be more fee-efficient. Match the trader's frequency with your fee tolerance. Also consider whether the trader uses high leverage - if they routinely trade at 20x+, the copy will be volatile regardless of your settings on some platforms. ### Position Sizing Discipline Good traders risk a consistent percentage of their account per trade. If you see wildly varying position sizes - $500 on one trade, $50,000 on the next - that is a red flag. Inconsistent sizing often signals emotional trading or gambling behavior. > **Key takeaway:** Never copy a trader based on total PnL alone. Evaluate win rate in context of profit factor, check maximum drawdown, verify consistency over 90+ days, and confirm the Sharpe ratio justifies the risk. One lucky trade does not make a good trader to copy. --- ## Risk Management for Copy Trading Copy trading creates a dangerous illusion of safety. Because you are following someone who appears skilled, it is easy to over-allocate and under-manage risk. Do not fall into that trap. ### Set Maximum Allocation Per Trader Never allocate more than 10-15% of your total trading capital to any single trader. If that trader blows up, you lose a manageable amount. If you put 50% of your capital behind one trader and they hit a 40% drawdown, your account takes a devastating 20% hit. ### Diversify Across Traders and Strategies Copy 3-5 traders with different strategies. A trend-following trader, a mean-reversion trader, and a market-neutral trader will perform differently in the same market conditions. When one is losing, another may be winning. This smooths your overall equity curve. ### Define Exit Criteria Before You Start Before you copy anyone, decide when you will stop. Examples: - Stop copying if the trader's drawdown exceeds 25% - Stop copying if the trader changes their average leverage by more than 2x - Stop copying if there is no activity for more than 2 weeks - Reassess monthly regardless of performance Write these rules down. Emotion will convince you to hold on when the numbers say to leave. ### Understand Leverage Risk in Copy Trading If the trader you follow uses [high leverage](/guides/trading/leverage-trading-guide), the copy trade inherits that risk profile. Some platforms let you cap leverage - use this feature. If the trader is trading at 25x and you are capped at 5x, your position will be smaller relative to the trader's, which is exactly what you want for risk management. > **Note:** Past performance does not guarantee future results. This is not a disclaimer - it is a statistical reality. Many traders who appear profitable over 3-6 months are running strategies that eventually blow up. Survivorship bias in leaderboards means you only see the winners, not the hundreds of traders who lost everything. Never risk capital you cannot afford to lose on copy trading. ### Monitor Actively "Set and forget" is a myth. Even with good initial trader selection, strategies degrade, market conditions change, and traders make mistakes. Review your copy trading performance at least weekly. Compare the trader's recent performance to their historical baseline. If something has shifted - higher drawdowns, different trading patterns, much larger positions - act on it. **Trade Smarter on Hyperliquid** — Whether you copy trade or trade independently, start with a 4% lifetime fee discount. Every percentage point saved on fees compounds over time. [Claim Your Fee Discount](https://app.hyperliquid.xyz/join/Concept211) --- ## Vaults vs Third-Party Platforms: Which Should You Choose? | Feature | Hyperliquid Vaults | Third-Party Platforms (e.g., Copin) | |---|---|---| | **Setup complexity** | Very low - deposit and go | Moderate - API key creation required | | **Trader selection** | Limited to vault creators | Any on-chain trader | | **Position control** | None - you mirror everything | Adjustable sizing, leverage, stops | | **Transparency** | Fully on-chain | Varies by platform | | **Fees** | 10% profit share (community vaults) | ~0.05% per trade + platform fees | | **Risk controls** | Withdraw only | Leverage caps, size limits, stop-losses | | **Custody** | Non-custodial (vault contract) | API access (non-custodial, but trusting platform) | | **Best for** | Passive exposure, beginners | Active management, experienced users | **Choose vaults if** you want simplicity, prefer fully on-chain transparency, and are comfortable with a hands-off approach where you accept all of a leader's trades. **Choose third-party platforms if** you want to pick from a much larger trader pool, need control over position sizing and leverage, and are willing to manage the additional complexity of API setup and ongoing monitoring. **Consider using both.** A portion of your capital in a well-performing vault for passive exposure, and a separate allocation managed through Copin or HyperDash for more targeted copy trading with specific risk parameters. > **Key takeaway:** There is no universally "better" option. Vaults are simpler but less flexible. Third-party platforms give you more control but demand more active management. The right choice depends on how much time and effort you want to invest in managing your copy trades. Hyperliquid's [broader DeFi ecosystem](/ecosystem/hyperliquid-defi-ecosystem) continues to grow, and copy trading tools are evolving alongside it. New platforms and vault strategies appear regularly. Whatever approach you choose, the fundamentals remain the same: evaluate traders rigorously, manage risk strictly, diversify your exposure, and never stop monitoring. --- ## Start Copy Trading on Hyperliquid Copy trading on Hyperliquid is more accessible and transparent than on any centralized exchange. The vault system gives you one-click, on-chain exposure to other traders' strategies. Third-party tools like Copin give you the analytics and control to be selective about who you follow and how. But accessibility does not equal safety. The traders you copy can and will lose money at some point. Your job is not to find a perfect trader - one does not exist. Your job is to build a system: careful selection, strict allocation limits, diversification, predefined exit rules, and regular monitoring. Start small. Observe before committing real capital. And always remember that the fastest way to lose money in copy trading is to trust someone else's skill more than your own risk management discipline. **Get Started on Hyperliquid** — Create your Hyperliquid account with a 4% lifetime fee discount. Whether you trade on your own or copy the best, lower fees mean better returns. [Start Trading with 4% Off](https://app.hyperliquid.xyz/join/Concept211) --- # Equity Perps on Hyperliquid - Trade 40+ Stocks 24/7 via trade.xyz > Guide to trading equity perpetuals on Hyperliquid via trade.xyz (HIP-3). Get leveraged exposure to 40+ stocks, ETFs, and indices - including Korean and Brazilian markets - 24/7 with no KYC, no broker, USDC margin. *Source: https://hyperliquidguide.com/guides/trading/equity-perps-guide* ## The Arrival of Equity Perps Stock markets operate Monday through Friday, 9:30 AM to 4:00 PM Eastern Time. For the other 128 hours of the week - plus holidays - traditional equity markets are closed. Hyperliquid's infrastructure is changing that. **Equity perpetual contracts** - deployed via [HIP-3 builder codes](/ecosystem/hip-3-builder-codes) on **trade.xyz** - let you trade price exposure to stocks and indices 24 hours a day, 7 days a week, with no broker, no KYC, and instant USDC settlement. > **Key takeaway:** Equity perps on Hyperliquid are accessed through **trade.xyz** (app.trade.xyz), a HIP-3 builder-deployed DEX. They give you leveraged price exposure to 15+ stocks and the XYZ100 Nasdaq-100 index - 24/7, from any wallet, with no broker account or KYC required. For context on [Hyperliquid's US availability](/privacy/hyperliquid-us-availability), see our dedicated guide, and [Is Hyperliquid coming to the US?](/privacy/is-hyperliquid-coming-to-the-us) for the CFTC process now being discussed around perpetual futures. ![trade.xyz — equity perpetual futures trading](/images/trading/shared/tradexyz-homepage.webp) This is not hypothetical or experimental. It is an extension of the same thesis that made Hyperliquid's [commodity perps](/guides/trading/commodities-trading-guide) - like silver and oil - some of the highest-volume markets on the platform. Traditional assets, traded with crypto infrastructure. --- ## How Equity Perps Work Equity perpetuals on trade.xyz are **HIP-3 builder-deployed perps** running on Hyperliquid's HyperCore. They are structurally similar to the crypto perpetual contracts you may already trade, but with important distinctions. > **Note:** These are **not** native Hyperliquid perps listed through governance. They are deployed by the trade.xyz builder via [HIP-3 builder codes](/ecosystem/hip-3-builder-codes) - Hyperliquid's system that lets third-party builders deploy and manage their own perpetual markets on HyperCore. ### Price Tracking Equity perps use oracle prices derived from real-world stock exchanges. The contract tracks the price of the underlying stock or index. A funding rate mechanism keeps the perpetual price anchored to the reference price - the same system used for all perps on the platform. ### Available Tickers on trade.xyz The trade.xyz equity lineup expanded substantially in May 2026 - **40+ tickers** now span US mega caps, AI and chips, Korean stocks, biotech, country ETFs, and global indices. #### Indices | Ticker | Asset | |--------|-------| | **[SP500](/markets/xyz/sp500)** | S&P 500 (licensed) | | **[XYZ100](/markets/xyz/xyz100)** | Nasdaq 100 (synthetic) | | **[JP225](/markets/xyz/jp225)** | Nikkei 225 | | **KR200** | KOSPI 200 | | **VIX** | CBOE Volatility Index | [Index perps such as KR200](/markets/xyz/kr200) give you the whole board in one position, which is a simpler way to trade a regional move than picking a single listed company and hoping it follows the index. #### Mega-Cap Tech & Software | Ticker | Asset | |--------|-------| | **[NVDA](/markets/xyz/nvda)** | NVIDIA | | **AAPL** | Apple | | **[MSFT](/markets/xyz/msft)** | Microsoft | | **[GOOGL](/markets/xyz/googl)** | Alphabet | | **[AMZN](/markets/xyz/amzn)** | Amazon | | **[META](/markets/xyz/meta)** | Meta Platforms | | **[NFLX](/markets/xyz/nflx)** | Netflix | | **[TSLA](/markets/xyz/tsla)** | Tesla | | **ORCL** | Oracle | #### AI, Semiconductors & Hardware | Ticker | Asset | |--------|-------| | **[AMD](/markets/xyz/amd)** | AMD | | **[TSM](/markets/xyz/tsm)** | TSMC | | **[INTC](/markets/xyz/intc)** | Intel | | **MU** | Micron | | **MRVL** | Marvell | | **CRWV** | CoreWeave | | **DRAM** | DRAM Index | | **SNDK** | SanDisk | | **LITE** | Lumentum | #### Crypto-Adjacent | Ticker | Asset | |--------|-------| | **[COIN](/markets/xyz/coin)** | Coinbase | | **[MSTR](/markets/xyz/mstr)** | Strategy (MicroStrategy) | | **[HOOD](/markets/xyz/hood)** | Robinhood | | **[PLTR](/markets/xyz/pltr)** | Palantir | | **CRCL** | Circle | #### Korean Stocks | Ticker | Asset | |--------|-------| | **SMSN** | Samsung Electronics | | **SKHX** | SK Hynix | | **HYUNDAI** | Hyundai Motor | #### Consumer, Finance & Other | Ticker | Asset | |--------|-------| | **BX** | Blackstone | | **COST** | Costco | | **DKNG** | DraftKings | | **EBAY** | eBay | | **GME** | GameStop | | **BABA** | Alibaba | | **ZM** | Zoom | | **BIRD** | Allbirds | | **LLY** | Eli Lilly | | **HIMS** | Hims & Hers | | **RIVN** | Rivian | | **RKLB** | Rocket Lab | | **SPCX** | [SpaceX (Nasdaq: SPCX)](/ecosystem/trade-spacex-pre-ipo-hyperliquid) | | **CXMT** | [ChangXin Memory (Shanghai Star Market)](/ecosystem/trade-cxmt-pre-ipo-hyperliquid) | | **USAR** | USA Rare Earth | #### Country & Sector ETFs | Ticker | Asset | |--------|-------| | **EWJ** | iShares Japan ETF | | **EWY** | iShares South Korea ETF | | **EWZ** | iShares Brazil ETF | | **XLE** | Energy Sector ETF | | **URNM** | Sprott Uranium Miners ETF | The **XYZ100** is a synthetic index tracking the Nasdaq 100 and is the highest-volume equity product. In March 2026, trade.xyz launched the [official S&P 500 perpetual](/ecosystem/sp500-perpetual-hyperliquid) (ticker: SP500) - licensed directly by S&P Dow Jones Indices - with up to 50x leverage. The May 2026 expansion added Korean equity heavyweights - you can now [trade Samsung (SMSN) as an equity perp](/markets/xyz/smsn) directly - alongside country ETFs, biotech, AI infrastructure plays like the ability to [trade CoreWeave (CRWV) as a perpetual](/markets/xyz/crwv), and what began as the first pre-IPO equity perp - [SPCX (SpaceX)](/ecosystem/trade-spacex-pre-ipo-hyperliquid), which priced the company's record June 12 Nasdaq listing and now trades the public stock 24/7. Mega-cap demand leads the book - you can [trade Apple (AAPL) as a perp on Hyperliquid](/markets/xyz/aapl) around the clock - and the EV cohort is represented by [Rivian (RIVN) equity perpetuals](/markets/xyz/rivn) for traders who want leveraged exposure to the electric-vehicle cycle. Live prices and volumes for select tickers are shown at the top of this page. For a full explainer on how the venue works — oracle pricing, funding, and first-hand notes on trading a [Micron (MU)](/markets/xyz/mu) perpetual off-hours — see our [Hyperliquid XYZ explained guide](/guides/trading/hyperliquid-xyz-explained). For currency pairs trading alongside these equities, see our [FX perpetuals guide](/ecosystem/hyperliquid-fx-perpetuals). The tables above are the headline names rather than the whole book. Chip-design licensing, for one, is covered by [ARM Holdings on Hyperliquid](/markets/xyz/arm), whose royalties sit underneath most of the mobile silicon the other tickers here design and sell. For what those doubled fees add up to in practice, and how they compare against the funding bill on the same markets, see our measurement of [what Hyperliquid perps actually cost](/ecosystem/what-hyperliquid-perps-cost). ### Key Differences from Owning Stock | Aspect | Equity Perps (trade.xyz) | Traditional Stock Ownership | |--------|---------------------------|---------------------------| | **Ownership** | Price exposure only | Actual shares | | **Dividends** | No | Yes | | **Voting rights** | No | Yes | | **Trading hours** | 24/7/365 | Mon-Fri, 9:30-4:00 ET | | **Leverage** | Available (isolated margin) | Margin accounts (2-4x typical) | | **KYC required** | No | Yes | | **Settlement** | Instant (USDC) | T+1 | | **Minimum investment** | A few dollars | Varies (fractional shares exist) | | **Custody** | Self-custody (your wallet) | Broker holds shares (DTCC/Cede & Co) | | **Platform** | trade.xyz (HIP-3 on HyperCore) | Traditional brokerage | > **Note:** Equity perps are a tool for price exposure, not stock ownership. If you need dividends, voting rights, or to hold actual shares for tax purposes, you still need a traditional brokerage account, or one of the [share-backed xStocks tokens](/ecosystem/xstocks-tokenized-stocks-hyperliquid) that landed on Hyperliquid spot in August 2026, keeping in mind those books were still empty at launch. Equity perps are ideal for short-term trading, hedging, and accessing markets outside of regular hours. For guidance on how equity perp gains are taxed, see our [tax reporting guide](/guides/trading/hyperliquid-tax-reporting-guide). ### Margin and Leverage Equity perps on trade.xyz historically used **isolated margin only**. However, with the introduction of [unified accounts](/guides/trading/unified-accounts-guide) and HIP-3 cross margin, eligible trade.xyz markets can now share margin with your other cross-margined positions. Check each market's margin mode selector to see whether cross margin is available. Margin is denominated in USDC. The same [risk management practices](/guides/trading/leverage-trading-guide) apply: use stop-losses, size appropriately, and do not over-leverage. Because the oracle keeps marking through the weekend while the cash market is shut, the margin math is worth understanding before you size a position. Our guide to [what happens when an equity perp position is liquidated](/guides/trading/liquidation-explained) walks through the maintenance-margin threshold and the partial-close mechanism that runs first, and the [non-crypto perps reference](/guides/trading/non-crypto-perps-on-hyperliquid) works out what the weekend itself costs in funding. --- ## HIP-3 Fee Structure Because equity perps are HIP-3 builder-deployed, their fee structure differs from native Hyperliquid perps. ### Base Fees | Fee Type | Rate | |----------|------| | **Maker** | 0.03% | | **Taker** | 0.09% | *Fee figures are Hyperliquid's published [HIP-3 builder-market fee schedule](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees). Live rates shown on each market page are measured from the Hyperliquid API.* These rates come from a **deployer fee scale** of 1.0, which doubles the native perp rate and splits the result 50/50 between trade.xyz and the protocol. Since August 2026 builders can set that scale anywhere from 0.1 to 3 and can set it **per market**, so a single venue could price AAPL differently from a thinly traded contract. trade.xyz currently runs 1.0 across all 109 of its markets, but the number is no longer fixed, and the [HIP-3 explainer](/ecosystem/hip-3-builder-codes) has the full table of what each scale costs a trader. ### Growth Mode trade.xyz offers a **Growth Mode** that can reduce these fees by **90% or more**. Check [app.trade.xyz](https://app.trade.xyz) for current fee tiers and Growth Mode eligibility. > **Tip:** HIP-3 fees are separate from native Hyperliquid trading fees. For a deeper understanding of how builder codes and fee structures work, see our [HIP-3 Builder Codes guide](/ecosystem/hip-3-builder-codes). --- ## Why Equity Perps Matter ### 24/7 Access to Global Markets The most immediate advantage is time. Earnings drop after hours. Geopolitical events happen on weekends. Fed announcements create volatility that traditional after-hours markets handle poorly with wide spreads and thin liquidity. See our [after-hours trading guide](/guides/trading/after-hours-trading-guide) for a practical walkthrough of trading equities outside market hours. On trade.xyz, you can react to any event at any time. The XYZ100 alone regularly exceeds $350M in daily volume - liquidity is real and available around the clock. It is not evenly spread, though: the roster below runs to over a hundred tickers and only some of them are actually being held. The [HIP-3 liquidity screener](/tools/hip-3-liquidity) reads open interest, 24-hour volume and funding for every one of them off the Hyperliquid API, which is the fastest way to tell a traded market from a merely listed one before you size a position. ### No Intermediaries Trading stocks traditionally involves a chain of intermediaries: your broker, a clearing house (NSCC), a depository (DTCC), and the ultimate holder of record (Cede & Co). Settlement takes one full business day (T+1). This system works, but it adds layers of counterparty risk and delay. On Hyperliquid's HyperCore, settlement is atomic. Your trade, your margin, your PnL - all resolved on-chain in real time. Self-custody from start to finish. ### Global Access Traditional stock markets require brokerage accounts that impose KYC, geographic restrictions, and minimum balances. International investors who want exposure to US equities face particularly high barriers - currency conversion, international wire fees, and limited broker availability. Equity perps on trade.xyz are accessible from any wallet, anywhere. Deposit USDC via our [deposit guide](/guides/getting-started/deposit-usdc-to-hyperliquid) and start trading. > **Key takeaway:** Equity perps eliminate the intermediaries, time restrictions, and geographic barriers of traditional stock trading - while adding leverage and 24/7 availability that traditional markets cannot offer. **Trade Equities On-Chain** — Stocks, 24/7, no broker, no KYC. Get started on Hyperliquid with a 4% lifetime fee discount on every trade. [Start Trading - Save 4% on Fees](https://app.hyperliquid.xyz/join/Concept211) --- ## How to Trade Equity Perps on trade.xyz Equity perps are accessed through the trade.xyz interface, not the main Hyperliquid trading UI. ### Step 1: Fund Your Account You need USDC on Hyperliquid. If you have not deposited yet, follow our [deposit guide](/guides/getting-started/deposit-usdc-to-hyperliquid). New to Hyperliquid entirely? Our [beginner's guide to trading stocks on Hyperliquid](/guides/trading/how-to-trade-stocks-on-hyperliquid) walks through the full wallet-to-first-trade flow from scratch. ### Step 2: Open trade.xyz Navigate to [app.trade.xyz](https://app.trade.xyz) and connect your wallet. Since trade.xyz runs on Hyperliquid's HyperCore, it uses the same wallet and USDC balance you already have on Hyperliquid. ### Step 3: Find the Equity Pair Use the **asset selector on trade.xyz** to browse available equity perps. You will see 40+ tickers spanning US mega caps (NVDA, AAPL, TSLA, GOOGL), AI and chips (AMD, TSM, MU), Korean stocks (SMSN, SKHX, HYUNDAI), country ETFs (EWJ, EWY, EWZ, XLE), biotech (LLY, HIMS), and indices (XYZ100, SP500, JP225, KR200, VIX). These are listed on the trade.xyz interface - they do not appear in the main Hyperliquid asset selector. ### Step 4: Place Your Trade Select your order type, set your leverage, and execute. Remember that equity perps on trade.xyz use **isolated margin only**. For a full walkthrough of [order types](/guides/trading/order-types-guide), see our trading guides. You can also explore [third-party trading tools](/guides/trading/hyperliquid-trading-tools) for enhanced charting, analytics dashboards, and mobile apps — including [charting equity perps on TradingView](/guides/trading/tradingview-hyperliquid-charting) with the `HIP3XYZ:` prefix — or follow top equity perp traders through [copy trading](/guides/trading/copy-trading-guide). > **Warning:** Equity prices can gap significantly on earnings releases and major news. During traditional market hours, price discovery is driven by stock exchange volume. During off-hours, trade.xyz becomes the primary venue - liquidity may be different than during market hours. Size your positions accordingly. --- ## The Bigger Picture: Finance Is Moving On-Chain Equity perps on trade.xyz are not just a feature - they are a signal of where finance is heading. When Bloomberg needed a reference price for oil during the Iran attacks because traditional markets were closed, they used Hyperliquid. When silver became the #2 volume market on the platform, it proved demand for traditional assets on crypto infrastructure. Equity perps are the next logical step. The XYZ100 doing $356M in daily volume proves the demand is real. At some point, getting leveraged exposure to any asset will not require market hours, settlement delays, or a 20-page brokerage application. You will just trade it. Hyperliquid's HIP-3 infrastructure makes this possible by letting builders like trade.xyz deploy and manage specialized markets on HyperCore. The infrastructure is live, the liquidity is real, and traditional finance is taking notice. For a deeper look at this shift, see our analysis of [why Hyperliquid is replacing traditional markets](/ecosystem/hyperliquid-traditional-markets). Equity perps are one instrument among several, and they behave differently from the native crypto markets most traders start on. If you are working out which part of the platform fits what you are trying to do, [our full set of Hyperliquid trading guides](/guides/trading) covers order types, leverage, funding, commodities, and the HIP-3 venues side by side. > **Tip:** The convergence of crypto and traditional markets on platforms like Hyperliquid is one of the most significant shifts in trading infrastructure since electronic markets replaced floor trading. Whether you are a crypto native or a traditional trader, understanding this shift matters. **The Future of Trading Is Here** — Stocks, commodities, crypto - all on one platform, all 24/7. Join Hyperliquid today and save 4% on fees for life. [Join Hyperliquid - Save 4%](https://app.hyperliquid.xyz/join/Concept211) --- # Best Hyperliquid Trading Tools - Terminals, Dashboards, Bots & More > The complete guide to Hyperliquid trading tools in 2026. Discover the best trading terminals, analytics dashboards, copy trading platforms, mobile apps, and automation bots built for Hyperliquid. *Source: https://hyperliquidguide.com/guides/trading/hyperliquid-trading-tools* ## The Hyperliquid Tool Stack Hyperliquid is not just an exchange - it is a Layer 1 blockchain with a public API, an EVM-compatible smart contract layer, and fully on-chain order books. That architecture has attracted an ecosystem of third-party tools that extend what you can do far beyond the native interface. Whether you want a Bloomberg-style trading terminal, real-time analytics dashboards, automated trading bots, copy trading platforms, or a mobile app that rivals Binance, the Hyperliquid ecosystem has options. And because everything settles on-chain, these tools can read the same order book, the same positions, and the same liquidations - giving you transparency that centralized exchanges cannot match. This guide covers every major category of Hyperliquid tools, what makes each one worth using, and how to pick the right stack for your trading style. > **Key takeaway:** Hyperliquid's open architecture means third-party tools can plug directly into the on-chain order book. You are not locked into the default interface - a growing ecosystem of terminals, dashboards, bots, and mobile apps gives you options that fit how you trade. ![Hyperliquid trading interface](/images/getting-started/how-to-trade-on-hyperliquid/trading-interface-annotated.webp) ![Copin.io trading analytics dashboard](/images/trading/shared/copin-dashboard.webp) If you are new to Hyperliquid and need to get set up first, start with our [beginner guide to trading on Hyperliquid](/guides/getting-started/how-to-trade-on-hyperliquid). --- ## Trading Terminals and Interfaces The native Hyperliquid app at [app.hyperliquid.xyz](https://app.hyperliquid.xyz) is where most traders start. It is fast, functional, and gives you access to 100+ perpetual futures and spot markets. But if you want advanced charting, multi-chain workflows, or a more customizable layout, third-party terminals fill the gap. You can also chart Hyperliquid and trade.xyz markets directly on [TradingView](/guides/trading/tradingview-hyperliquid-charting) using the `HYPERLIQUID:` and `HIP3XYZ:` prefixes. ### Hyperliquid Native App The default interface at [app.hyperliquid.xyz](https://app.hyperliquid.xyz). It supports all native perpetual and spot markets, the full range of [order types](/guides/trading/order-types-guide), vault deposits, and a built-in leaderboard. It is lightweight and fast, but does not offer the deep customization or analytics that dedicated terminals provide. For most casual traders, it is all you need. ### trade.xyz [trade.xyz](https://app.trade.xyz) is a HIP-3 builder-deployed DEX that brings TradFi markets to Hyperliquid's infrastructure. Trade stocks like AAPL, [TSLA](/markets/xyz/tsla), and [NVDA](/markets/xyz/nvda) alongside commodities like silver, gold, and crude oil - all as perpetual futures, 24/7, with no KYC. Silver alone does over $660M in daily volume on the platform. If you want exposure to [traditional markets](/ecosystem/hyperliquid-traditional-markets) or [commodities](/guides/trading/commodities-trading-guide), trade.xyz is where you go. ### Chainpro [Chainpro](https://chainpro.xyz) is a hedge fund-grade terminal for on-chain trading. Fully non-custodial, it is designed for serious traders who want institutional-quality execution tools and advanced order management. Chainpro supports deposits from Hyperliquid, Solana, Base, and other networks, but its primary focus is the Hyperliquid ecosystem. ### Bullpen [Bullpen](https://bullpen.fi) is a multi-platform trading terminal co-founded by Ansem that bridges Solana and Hyperliquid in a single interface. Execute Solana spot trades and Hyperliquid perpetuals from one app, with built-in technical indicators, customizable layouts, [portfolio tracking](/guides/trading/portfolio-tracking), and performance dashboards. Available on desktop, mobile, and Telegram, Bullpen is built for traders who operate across both ecosystems. ### Altitude [Altitude](https://altitude.xyz) is a next-generation trading terminal focused on the HyperEVM ecosystem. It offers real-time market data, advanced charting, token discovery tools, and integration with major HyperEVM DEXes including Hyperswap, Kittenswap, and Liquidlaunch. If you are trading HyperEVM tokens specifically, Altitude is purpose-built for that workflow. ### Oku [Oku](https://oku.trade) is a swap and bridge aggregator that added Hyperliquid perps in July 2026 through a [builder code](/guides/trading/hyperliquid-builder-fees-explained) integration. Its advantage is where your money starts: you can open a position funded from Bitcoin, Solana, Ethereum, or 30-plus other chains without [bridging to Hyperliquid](/guides/getting-started/bridge-to-hyperliquid) first, because Oku routes the swap through more than 20 DeFi venues including LiFi, Relay, CoW Swap, 0x, Kyber, and 1inch. It offers up to 50x on crypto, stocks, ETFs, commodities, and indices. ![Oku trading interface showing cross-chain swap routing alongside the Perps tab powered by Hyperliquid](/images/trading/shared/oku-perps-interface.webp) > **Tip:** If you primarily trade native Hyperliquid perps, start with Hyperdash or Chainpro. If you trade across Solana and Hyperliquid, Bullpen unifies both. If you are focused on HyperEVM tokens, Altitude is your best bet. If your capital is scattered across chains, Oku saves you a bridging step. --- ## Analytics and Dashboards Raw price charts are not enough for serious trading. These tools give you the data edge - funding rates, open interest, whale movements, liquidation levels, and market share comparisons. ### Hyperdash [Hyperdash](https://hyperdash.com) started as a leaderboard and trader tracking tool and has evolved into a full trading terminal with institutional-grade analytics. After its acquisition by PVP Trade and a complete rebuild, Hyperdash now includes position tracking, copy trading, TWAP orders, cohort analysis, and top trader discovery. It is one of the most complete Hyperliquid-specific platforms available - analytics and execution in one place. ### Coinperps [Coinperps](https://www.coinperps.com) provides real-time perpetual futures analytics across centralized and decentralized exchanges. For Hyperliquid, you get live funding rates, open interest breakdowns, liquidation data, and volume tracking across every listed market. Essential for traders who need to understand market positioning before entering a trade. Pair it with our own [funding rates tool](/tools/funding-rates) and [open interest tracker](/tools/open-interest) for the full picture. ### HypeFlows [HypeFlows](https://hypeflows.com) answers one question: how does Hyperliquid stack up against centralized exchanges? The dashboard shows Hyperliquid's perpetual volume as a percentage of global exchange volume in real time. With Hyperliquid commanding over 70% of the DEX perps market and regularly processing $40B+ in weekly volume, this tool puts the protocol's dominance in context. Check our [volume tracker](/tools/volume) for additional volume data. ### HyperTracker [HyperTracker](https://hypertracker.xyz) focuses on wallet-level intelligence. It tracks wallet behavior, surfaces top traders, monitors position changes, and sends push alerts for liquidations and large trades. If you want to know what smart money is doing on Hyperliquid in real time, HyperTracker is built for that signal. ### Hyperscanner [Hyperscanner](https://www.hyperscanner.app) provides unified analytics across both Hyperliquid L1 and [HyperEVM](/ecosystem/hyperevm-explained). It combines market data, analytics, signals, and tools in a single interface, making it useful for traders who operate on both layers of the Hyperliquid stack. It also doubles as a block explorer (covered below). ### ASXN [ASXN](https://hyperscreener.asxn.xyz/) is a research firm rather than a trading tool vendor, which shows in what it builds. Hyperscreener covers live Hyperliquid perps, spot, [HIP-3 markets](/ecosystem/hip-3-builder-codes), HyperEVM, revenue and [builder codes](/guides/trading/hyperliquid-builder-fees-explained) in one screen. In August 2026 the team added a [cross-venue perps dashboard](https://data.asxn.xyz/dashboard/perps-overview) that puts Hyperliquid's liquidity next to other exchanges instead of showing it in isolation. Most Hyperliquid-only dashboards skip that comparison, which is exactly why it is worth looking at. ASXN also runs the [HYPE buyback tracker](https://data.asxn.xyz/dashboard/hl-buybacks) referenced in our [staking yields guide](/ecosystem/hype-staking-yields-guide). ### Hyperliquid Research Collective Not a dashboard, but worth knowing about if you make decisions on more than a chart. The [Hyperliquid Research Collective](https://www.hyperliquidr.xyz/) publishes TradFi-style reports on the ecosystem, including a 2025 annual report and quarterly updates covering headline financials and the mechanics behind them. It was co-founded by Four Pillars and GLC Research and is not affiliated with Hyperliquid or the foundation, which is the reason to read it and also the reason to read it critically. For our own numbers on the fee side, see [Hyperliquid revenue vs volume](/ecosystem/hyperliquid-revenue-vs-volume). ### Dune [Dune](https://dune.com) announced HyperCore support in July 2026. HyperEVM data had been queryable for a while, but the trading engine itself was not, and per Dune's announcement the new coverage spans orders, fills, funding, the order book, and [HIP-4 prediction markets](/ecosystem/hip-4-outcome-trading). Worth setting expectations on granularity. The public data catalog currently documents a `hyperliquid.market_data` table covering funding, open interest, notional volume, premium, and oracle price per coin, and it notes the data is refreshed monthly. That is fine for cycle-level research and wrong for anything intraday. ![Dune data catalog entry for the hyperliquid.market_data table showing the column schema: funding, open_interest, prev_day_px, day_ntl_vlm, premium, and oracle_px](/images/trading/shared/dune-hyperliquid-data-catalog.webp) *Source: [Dune data catalog](https://docs.dune.com/data-catalog/community/hyperliquid/market-data), referenced under fair use* The appeal is that you can build your own dashboard instead of using someone else's. Want to know how funding on a pair tracked open interest through a drawdown, or how a single [builder code](/guides/trading/hyperliquid-builder-fees-explained) performed over a quarter? That is a SQL query rather than a data engineering project. Forking an existing community Hyperliquid dashboard is usually faster than starting from a blank editor. For live intraday data, the [Hyperliquid API](/guides/trading/hyperliquid-api-guide) remains the right tool. > **Key takeaway:** For perps analytics, combine Coinperps (funding rates and OI), HypeFlows (market share context), and HyperTracker (wallet-level signals). For an all-in-one solution, Hyperdash bundles analytics with a full trading terminal. If you can write SQL, Dune is the way to answer a question nobody has built a dashboard for, as long as monthly-resolution history is good enough. Pair these tools with an understanding of Hyperliquid's [fee structure](/guides/fees/fees-explained) to optimize your trading costs. Prefer to keep the data on your own turf? Instead of sending readers off to a third-party dashboard, you can drop a live Hyperliquid funding-rate ticker or liquidation calculator straight into your own site. [Get started](https://app.hyperliquid.xyz/join/Concept211) --- ## Portfolio Tracking ### HyperFolio [HyperFolio](https://hyperfolio.xyz) is a multi-wallet DeFi portfolio tracker built specifically for HyperEVM. Track tokens, [NFTs](/ecosystem/hyperliquid-nfts-guide), DeFi positions, and transactions across multiple wallets with real-time analytics. It supports 11+ HyperEVM protocols and had over 6,200 users within its first month. Now part of the Hyperbeat ecosystem, HyperFolio is the go-to tool for getting a unified view of your HyperEVM holdings and DeFi positions. ### CoinStats and DeBank Both of the tools above stop at the edge of the Hyperliquid ecosystem. If part of your capital sits on a centralized exchange or another chain, [CoinStats](https://coinstats.app/) merges exchange accounts and on-chain wallets into a single balance, and DeBank does the on-chain half for free. Our [portfolio tracking guide](/guides/trading/portfolio-tracking) covers when each one is worth setting up. ### Tax Tools Tracking and tax reporting are the same data viewed twice. [Koinly](https://koinly.io/integrations/hyperliquid/) reads a Hyperliquid address directly and reconciles fills and funding into a filing-ready report, and it is the tool most traders here end up on. The [tax reporting guide](/guides/trading/hyperliquid-tax-reporting-guide) walks through the export, and the [perps tax software comparison](/guides/trading/best-crypto-tax-software-perps-traders) covers the alternatives. --- ## Block Explorers ### HyperEVMScan [HyperEVMScan](https://hyperevmscan.io) is built by the Etherscan team, bringing the familiar Etherscan interface to Hyperliquid's EVM layer. Search transactions, addresses, tokens, and contract interactions with the same reliability and UX that Etherscan users know from Ethereum. If you need to verify a transaction or inspect a smart contract on HyperEVM, this is the standard choice. ### Hyperscanner [Hyperscanner](https://www.hyperscanner.app) serves double duty as both an analytics platform and a block explorer. It covers both Hyperliquid L1 (HyperCore) and HyperEVM, giving you visibility into both layers of the Hyperliquid stack from a single interface. ### HyperEVM Explorer by hl.eco [HyperEVM Explorer](https://hyperscan.com) launched in July 2026 from the team behind [hl.eco](https://hl.eco), the ecosystem directory. It is the newest of the three and the most opinionated about presentation: the landing view puts latest block, block time, gas price, and 24-hour transaction count above the fold, with Hyperliquid TVL, transaction, and gas-usage charts beneath. What separates it from a plain block explorer is the HyperCore tab sitting next to the Blockchain tab, so you can move between EVM activity and L1 activity without changing tools. Search accepts an address, transaction hash, block, token, or a `.hl` name. The explorer surfaces both of HyperEVM's block lanes, the 1-second small-block lane and the 1-minute large-block lane, which matters if you are debugging why a transaction landed later than expected. There are also Learn, Development, and Projects sections aimed at people building on [HyperEVM](/ecosystem/hyperevm-explained) rather than just reading transactions. ![HyperEVM Explorer by hl.eco showing latest block, block time, gas price, 24h transactions, Hyperliquid TVL chart, and latest blocks and transactions feeds](/images/ecosystem/shared/hleco-hyperevm-explorer.webp) *Source: [hl.eco HyperEVM Explorer](https://hyperscan.com) - used under fair use for educational purposes* > **Note:** The native Hyperliquid explorer at [app.hyperliquid.xyz/explorer](https://app.hyperliquid.xyz/explorer) covers HyperCore (L1) transactions. For HyperEVM smart contract interactions, use HyperEVMScan, Hyperscanner, or hl.eco's HyperEVM Explorer. If you mainly want contract verification, HyperEVMScan is the safest default. If you want network health and cross-layer context at a glance, hl.eco's is the nicer read. --- ## Copy Trading and Social Not every trader wants to build their own strategy from scratch. Copy trading tools let you mirror the positions of proven performers - and on Hyperliquid, it all happens on-chain, so the track records are verifiable. ### Copin [Copin](https://copin.io) is an on-chain copy trading platform that supports Hyperliquid alongside 20+ other perpetual DEXes. It gives you access to a pool of 600,000+ on-chain traders, with full PnL transparency, position tracking, and one-click copy setup. For a deeper look at how copy trading works on Hyperliquid, read our [copy trading guide](/guides/trading/copy-trading-guide). ### HyperX HyperX combines copy trading with analytics, providing both trader discovery and automated position mirroring within the Hyperliquid ecosystem. It is a more Hyperliquid-native option compared to Copin's multi-chain approach. > **Warning:** Copy trading carries the same risks as any leveraged trading - you can lose money even when copying profitable traders. Past performance does not guarantee future results. Always set position size limits, maximum leverage caps, and monitor your copied positions. Never copy trade with more capital than you can afford to lose. --- ## Trading Bots and Automation Hyperliquid's public API and SDK make it one of the most bot-friendly DEXes in crypto. Whether you want a no-code Telegram bot or a custom Python strategy, the infrastructure supports it. ### HyperZap [HyperZap](https://hyperzap.io) is a command center for HyperEVM token trading. It offers a Telegram bot for instant token discovery and trading, plus a full web platform. HyperZap is particularly useful for catching new HyperEVM token launches quickly - scan, evaluate, and trade without leaving Telegram. ### Brahma [Brahma](https://brahma.fi) provides an orchestration layer for automated trading strategies on Hyperliquid. It lets you compose complex, multi-step strategies - such as automated rebalancing, yield farming, or conditional order chains - without writing code. Think of it as a strategy builder that sits on top of Hyperliquid's execution layer. ### HLbot HLbot is a community-built trading bot for Hyperliquid that provides basic automated trading functionality. As an open-source project, it is a good starting point for traders who want to understand how bot interactions with Hyperliquid work before building more sophisticated systems. ### Custom Bots via the Hyperliquid API For developers, the Hyperliquid Python SDK and REST/WebSocket API provide full programmatic access to the order book, positions, and account management. You can build grid bots, DCA bots, arbitrage systems, or any custom strategy. See our [Hyperliquid API guide](/guides/trading/hyperliquid-api-guide) for a complete walkthrough with code examples, authentication setup, and rate limit details. Platforms like goodcryptoX and WunderTrading also offer pre-built bot templates with Hyperliquid integration, including TradingView webhook support for signal-based automation. > **Note:** Building a custom trading bot? Start with our [Hyperliquid API guide](/guides/trading/hyperliquid-api-guide) for setup instructions and code examples. For production-grade bots, use a dedicated RPC provider like HypeRPC or Chainstack to avoid rate limits and ensure low-latency execution. --- ## Mobile Apps Hyperliquid's web app works in mobile browsers, but dedicated apps deliver a smoother experience with native performance, push notifications, and gesture-based navigation. ### Hyperliquid Official Android App Hyperliquid now has an [official Android app](/guides/getting-started/hyperliquid-android-app) on [Google Play](https://play.google.com/store/apps/details?id=xyz.hyperliquid.app). The app provides the full trading interface — perps, spot, crypto, and tradfi markets — plus **native push notifications for trade fills**. Connect via desktop wallet link, email (Privy), or WalletConnect. This is the first official native app from the Hyperliquid team. No iOS version has been announced yet. ### Avy [Avy](https://avy.app) is an iOS-native trading app for Hyperliquid. No email, no signup - scan a QR code and start trading. It strips away friction for mobile-first traders who want fast access to Hyperliquid markets from their phone. ### Dexari [Dexari](https://dexari.com) is a self-custodial trading wallet available on both iOS and Android. It supports 300+ Hyperliquid markets with advanced charts, institutional-grade tools, and lightning-fast execution. Dexari delivers a CEX-like experience - perps, spot, and portfolio management - in a fully non-custodial mobile app. Backed by Lemniscap. ### Defined.fi [Defined.fi](https://defined.fi) is a multi-chain terminal and token screener with Hyperliquid support. While not Hyperliquid-exclusive, it provides real-time charts, token analytics, and trading across multiple chains including HyperEVM. Useful if you trade across ecosystems and want a single mobile-friendly interface. ### Talis [Talis](https://talis.trade) landed on iOS in July 2026 with a different premise: you describe the trade in plain language and the app builds it. Under the hood it is an AI strategy builder plus a market assistant for talking through scenarios, with the execution running non-custodially against Hyperliquid. Saved strategies get tracked so you can see whether the ideas actually worked. ![Talis AI trading app for Hyperliquid on iOS: describe a trade in plain language and the app executes it](/images/trading/shared/talis-homepage.webp) Whether that beats an order book depends entirely on how you think. If you already reason in limit prices and levels, it will feel like a detour. If you think in theses, it is the first Hyperliquid interface built for that. > **Key takeaway:** For Android, the [official Hyperliquid app](/guides/getting-started/hyperliquid-android-app) is the best starting point — full trading plus native notifications. For iOS, Dexari offers the most complete feature set, Avy is the fastest path if you value zero-friction onboarding, and Talis is worth trying if you would rather describe a position than build one. Note that most of these route through [builder codes](/guides/trading/hyperliquid-builder-fees-explained) and add their own fee on top of Hyperliquid's. [Get started](https://app.hyperliquid.xyz/join/Concept211) --- ## Infrastructure These tools are primarily for developers and power users building on top of Hyperliquid, but they matter for everyone - the performance of your trading tools depends on the infrastructure they run on. ### HypeRPC [HypeRPC](https://hyperpc.app) is the first dedicated RPC provider built specifically for Hyperliquid. It delivers optimized, low-latency access to both HyperCore and HyperEVM, built for speed, scale, and reliability. If you are running trading bots or building applications on Hyperliquid, a dedicated RPC provider eliminates the rate limits and latency spikes that come with public endpoints. ### Goldsky [Goldsky](https://goldsky.com/chains/hyperevm) provides real-time data indexing for HyperEVM. It offers high-performance indexing, instant subgraphs, and custom data streaming pipelines - making it easier for developers to build dApps that need real-time access to HyperEVM state and transaction data without running their own infrastructure. --- ## How to Choose the Right Tools The best tool stack depends on how you trade. Here is a quick decision matrix: | Trading Style | Recommended Tools | |---|---| | **Casual perps trader** | Hyperliquid native app + Coinperps for funding rates | | **Active perps trader** | Hyperdash or Chainpro + HyperTracker + our [funding rates](/tools/funding-rates) and [OI tools](/tools/open-interest) | | **TradFi / commodities** | trade.xyz for [equities](/ecosystem/hyperliquid-traditional-markets) and [commodities](/guides/trading/commodities-trading-guide) | | **HyperEVM token trader** | Altitude + HyperZap + HyperFolio | | **Copy trader** | Copin or HyperX (see our [copy trading guide](/guides/trading/copy-trading-guide)) | | **Mobile-first trader** | Official Hyperliquid app (Android), Dexari (iOS/Android), or Avy (iOS) | | **Bot developer** | Hyperliquid SDK + HypeRPC + Goldsky | | **Multi-chain trader** | Bullpen (Solana + Hyperliquid) or Defined.fi | > **Tip:** Start with one tool per category and expand as needed. Most traders do well with: one trading terminal, one analytics dashboard, and the native Hyperliquid app as a fallback. You do not need every tool on this list. The Hyperliquid ecosystem is growing fast. New tools launch regularly, and existing ones ship updates constantly. The tools listed here represent the current landscape as of March 2026 - bookmark this page and check back as the ecosystem evolves. [Get started](https://app.hyperliquid.xyz/join/Concept211) --- # Lend and Borrow on HyperEVM: Felix Protocol and HyperLend Guide > How to lend and borrow through the DeFi protocols on HyperEVM. Felix Vanilla Markets, feUSD CDP minting, HyperLend pools, and how these differ from HyperCore's own borrow book. *Source: https://hyperliquidguide.com/guides/trading/lending-borrowing-guide* ## DeFi on Hyperliquid One thing to settle before anything else, because it now trips people up. This guide is about the **smart contract protocols on HyperEVM**: Felix, HyperLend and their peers, each setting its own rates and listing its own collateral. Hyperliquid also runs a separate lending book inside HyperCore itself, available only to Portfolio Margin accounts, with a rate formula fixed by the protocol and five reserves at the last reading. If that is what you are after, our [HyperCore borrow and lend guide](/guides/trading/hypercore-borrow-lend) covers the reserves, the rate formula and a table setting out which venue fits which job. The two are not substitutes. Hyperliquid is known for its perpetual futures exchange - sub-second execution, deep liquidity, and fully on-chain order books. But the platform is more than a trading venue. With the launch of [HyperEVM](/ecosystem/hyperevm-explained), Hyperliquid gained a full EVM-compatible smart contract layer, opening the door to the same DeFi primitives you find on Ethereum and other chains: lending, borrowing, stablecoins, and yield strategies. This matters because it means you can now put idle capital to work without leaving the Hyperliquid ecosystem. Instead of letting HYPE, USDC, or [UBTC](/ecosystem/unit-protocol-guide) sit in your wallet between trades, you can lend those assets out and earn interest. Or you can borrow against your holdings to access liquidity without selling. > **Key takeaway:** Hyperliquid is no longer just an exchange. HyperEVM enables a full DeFi stack - lending, borrowing, stablecoin minting, and yield farming - all within the same ecosystem where you trade perpetuals. According to [DefiLlama](https://defillama.com/protocol/felix), Felix Protocol and HyperLend collectively account for the majority of HyperEVM lending TVL as of June 2026; Felix's combined CDP and Vanilla Markets system crossed $1 billion in deposits in late 2025, though the live total moves with HYPE's price and borrowing demand. [Felix's documentation](https://usefelix.gitbook.io/docs) describes its dual architecture: CDP-based feUSD minting and Morpho-powered Vanilla Markets for variable-rate lending. ![HyperLend lending and borrowing dashboard](/images/ecosystem/shared/hyperlend-dashboard.webp) ![Felix Protocol lending dashboard showing supply APY, borrow rates, and available liquidity on HyperEVM](/images/ecosystem/shared/felix-dashboard.webp) This guide walks through how lending and borrowing actually work on Hyperliquid, step by step. We cover **Felix Protocol**, the dominant venue for CDP-based lending, and **HyperLend**, an alternative that offers traditional pooled lending markets. Both are built on HyperEVM and offer different approaches to the same goal - putting your capital to work. ### Lending & Borrowing at a Glance The table below summarizes approximate lending and borrowing rates across the most popular assets on Hyperliquid's DeFi protocols. Rates are variable and fluctuate with market conditions — always check the live dashboards on [Felix](https://www.usefelix.xyz?ref=DD467B42) and [HyperLend](https://app.hyperlend.finance/?ref=CONCEPT211) for current numbers. | Asset | Lending APY (approx.) | Borrowing APY (approx.) | Max LTV | Notes | |-------|----------------------|------------------------|---------|-------| | USDC | 3–8% | 5–12% | 90% | Highest demand; rates spike during volatile markets | | HYPE | 1–5% | 4–10% | 65% | Popular collateral for feUSD minting on Felix | | UBTC | 0.5–3% | 2–6% | 80% | Lower utilization keeps rates modest | | ETH / wstHYPE | 1–4% | 3–8% | 75% | Liquid staking derivatives accepted on Felix CDPs | | feUSD | ~4–6% (Stability Pool) | N/A | N/A | Earned via Stability Pool deposits, not standard lending. Spikes higher during liquidation events | *Rates shown are approximate ranges based on recent market conditions (the feUSD WHYPE Stability Pool was near 4.7% as of June 2026, per [DefiLlama](https://defillama.com/yields/pool/2bae7cf8-d278-4b27-9959-7f5f92c6f14b), down from double-digit prints in early 2025). Actual APYs change continuously based on supply, demand, and pool utilization.* If you are brand new to the platform, start with our [beginner guide to trading on Hyperliquid](/guides/getting-started/how-to-trade-on-hyperliquid) first. --- ## Where to Lend & Borrow: Felix Protocol Felix Protocol is the primary lending and borrowing platform on Hyperliquid's HyperEVM. With over **$1 billion in total value locked**, it is the second-largest DeFi protocol on HyperEVM and the go-to venue for anyone looking to earn yield or access leverage through lending markets. Felix offers two distinct products: ### CDP Market - Mint feUSD The CDP (Collateralized Debt Position) system lets you deposit collateral and mint **feUSD**, a synthetic stablecoin pegged to $1. Think of it like taking a loan against your crypto. You lock up assets like HYPE, UBTC, kHYPE, or wstHYPE, and in return you receive feUSD that you can use freely - trade it, provide liquidity, or deploy it in other strategies. The loan-to-value ratio sits around **40%**, meaning you need roughly $2.50 in collateral for every $1 of feUSD minted. This conservative ratio helps protect the system against collateral volatility. ### Vanilla Markets - Variable-Rate Lending Vanilla Markets are Felix's Morpho-powered lending pools with over **$750 million in TVL**. These work like traditional DeFi lending markets: you supply assets to earn interest, or post collateral to borrow. Supported assets include HYPE, USDC, UBTC, and others. Interest rates are variable, adjusting automatically based on supply and demand. When borrowing demand is high, rates increase to attract more lenders. When demand is low, rates decrease. For a deeper dive into all of Felix's features, mechanics, and advanced strategies, read our complete [Felix Protocol guide](/ecosystem/felix-protocol-guide). **Start Earning Yield on Hyperliquid** — Felix Protocol is the largest lending venue on HyperEVM with over $1B in TVL. Supply assets to earn variable-rate interest or mint feUSD against your collateral. [Open Felix Protocol](https://www.usefelix.xyz?ref=DD467B42) --- ## How to Lend on Hyperliquid (Step-by-Step) Lending on Hyperliquid through Felix is straightforward once your funds are in the right place. Here is the full process. ### Step 1: Fund Your Hyperliquid Account Before you can interact with any HyperEVM protocol, you need assets on Hyperliquid. The easiest path is depositing USDC from an external chain. If you have not done this yet, follow our [step-by-step deposit guide](/guides/getting-started/deposit-usdc-to-hyperliquid). You can bridge USDC from Arbitrum, Ethereum, and several other chains directly to Hyperliquid. ### Step 2: Bridge to HyperEVM Hyperliquid has two layers: the L1 (where perpetual trading happens) and HyperEVM (where DeFi protocols like Felix live). Your funds land on the L1 by default, so you need to bridge them to HyperEVM before you can use Felix. This is a quick internal transfer, not a cross-chain bridge - it takes seconds and costs minimal fees. You can initiate the transfer from the Hyperliquid app under the portfolio section. For a full walkthrough, see our [bridge to HyperEVM guide](/guides/getting-started/bridge-to-hyperevm). For more detail on how the two layers interact, see our [HyperEVM explainer](/ecosystem/hyperevm-explained). ### Step 3: Connect to Felix Navigate to **usefelix.xyz** and connect the same wallet you use for Hyperliquid. Felix will detect your HyperEVM assets automatically. Make sure your wallet is configured for the Hyperliquid network. If you have been using Hyperliquid's trading interface, your wallet is likely already set up correctly. ### Step 4: Supply Assets to Vanilla Markets Once connected, head to the **Vanilla Markets** section. You will see a list of available lending pools - HYPE, USDC, UBTC, and others - with their current supply APYs displayed. To lend: 1. Select the asset you want to supply (e.g., USDC or HYPE) 2. Enter the amount you want to deposit 3. Approve the token spending (first time only) 4. Confirm the supply transaction Your assets begin earning interest immediately. The rate is variable, meaning it can change as market conditions shift, but you can withdraw at any time - there is no lock-up period. ### Step 5: Monitor Your Position After supplying, you can track your position directly on the Felix dashboard. Key metrics to watch include: - **Current APY** - Your effective annualized yield, which fluctuates with demand - **Accrued interest** - The interest you have earned so far - **Utilization rate** - How much of the pool's supply is currently being borrowed (higher utilization generally means higher yields, but also lower immediate withdrawal liquidity) > **Tip:** You do not need to actively manage a lending position. Interest accrues automatically. However, it is worth checking in periodically to see if yields have changed significantly - if rates drop too low, you might want to reallocate your capital to a more productive strategy. --- ## How to Borrow on Hyperliquid Borrowing lets you access liquidity without selling your assets. On Hyperliquid, Felix Protocol offers two borrowing mechanisms, each suited to different needs. ### Option A: Mint feUSD via CDP The CDP approach is best when you want to borrow a stablecoin against your crypto holdings. Here is how it works: 1. **Navigate to the CDP section** on Felix (usefelix.xyz) 2. **Choose your collateral** - HYPE, UBTC, kHYPE, or wstHYPE 3. **Deposit your collateral** into the CDP 4. **Mint feUSD** - up to roughly 40% of your collateral's value 5. **Use the feUSD** however you want - swap it, deploy it in yield strategies, or hold it The feUSD you mint is your loan. To get your collateral back, you repay the feUSD debt plus any accrued interest. If the value of your collateral drops below the required ratio, your position is subject to **liquidation** - the protocol sells your collateral to cover the debt. For more on feUSD and how it fits into Hyperliquid's stablecoin landscape, see our [USDH stablecoin guide](/ecosystem/usdh-stablecoin-guide). ### Option B: Borrow from Vanilla Markets Vanilla Markets offer a more traditional borrowing experience. Instead of minting a stablecoin, you borrow the asset directly: 1. **Supply collateral** to a Vanilla Market lending pool 2. **Select the asset you want to borrow** (e.g., borrow USDC against your HYPE collateral) 3. **Choose your borrow amount** - stay well within the collateral limits 4. **Confirm the transaction** Interest on Vanilla Market borrows is variable. You repay whenever you want, but interest accrues continuously until you do. ### Key Concepts Every Borrower Must Understand **Collateralization ratio.** This is the value of your collateral relative to your loan. Felix CDPs require roughly 250% collateralization (40% LTV). If your ratio drops too low due to collateral price declines, you face liquidation. **Liquidation.** When your collateral value falls below the minimum threshold, the protocol automatically sells some or all of your collateral to repay the debt. This is not a margin call with a grace period - it happens automatically and can result in significant losses. Always maintain a healthy buffer above the minimum ratio. **Interest rates.** CDP borrowing and Vanilla Market borrowing have different fee structures. CDP fees tend to be more predictable, while Vanilla Market rates fluctuate with supply and demand. Factor borrowing costs into any strategy you build. > **Warning:** Borrowing is not free money. If your collateral drops in value, you can be liquidated and lose a substantial portion of your deposit. Never borrow near the maximum allowed amount - leave a significant safety margin, especially with volatile collateral like HYPE. **New to Hyperliquid?** — Get started with our step-by-step guides and save 4% on every trade with our referral code. The discount applies to all perpetual and spot markets. [Start Trading on Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) --- ## Yield Strategies on Hyperliquid Once you understand the basic mechanics of lending and borrowing, you can combine them into more sophisticated [yield strategies](/ecosystem/hyperevm-yield-strategies). ### Strategy 1: Vanilla Market Lending The simplest approach. Supply USDC, HYPE, UBTC, or other supported assets to Vanilla Markets and earn variable interest. This is passive income with no active management required. Risk is relatively low - your main exposure is smart contract risk and the possibility of temporarily reduced withdrawal liquidity during high-utilization periods. Best for: Conservative users who want yield without complexity. ### Strategy 2: Stability Pool Deposits Felix's Stability Pool is where you deposit feUSD to backstop the CDP system. When borrowers get liquidated, Stability Pool depositors receive discounted collateral from the liquidation. You also earn a share of borrower interest payments - Felix routes roughly **75% of borrower interest** to the Stability Pool tied to each collateral type (per [Felix's docs](https://usefelix.gitbook.io/docs)), which is the steady baseline of the yield, on top of liquidation gains and a slice of up-front borrowing fees. The return profile is different from straight lending. You earn from those sources - ongoing interest and periodic liquidation gains - but your feUSD deposits are converted to collateral assets during liquidation events, which introduces price exposure to those assets. Yields are not fixed: the WHYPE Stability Pool was paying around 4.7% APY as of June 2026 per [DefiLlama](https://defillama.com/yields/pool/2bae7cf8-d278-4b27-9959-7f5f92c6f14b), well below the 10%+ levels seen in early 2025 when feUSD borrowing demand first ramped. In practice the deposit and withdraw flow is clean - the position accrues from the next block and withdrawals settle in seconds with no utilization queue, since the pool isn't lending your feUSD out. The catch to watch is that after a volatile stretch you may find part of your "feUSD" balance has been swapped into HYPE or UBTC at a liquidation discount; feUSD itself held its $1 peg tightly through the HYPE drawdowns this cycle. For the full mechanics, see our [Felix Protocol guide](/ecosystem/felix-protocol-guide). Best for: Users who are comfortable holding a mix of feUSD and collateral assets, and who want exposure to liquidation premiums. ### Strategy 3: Leverage Loop This is the advanced strategy. The basic loop: 1. Deposit HYPE (or another supported collateral) into a Felix CDP 2. Mint feUSD against it 3. Swap feUSD for more HYPE (on a HyperEVM DEX) 4. Deposit the new HYPE back into the CDP 5. Mint more feUSD 6. Repeat Each loop increases your effective exposure to HYPE. If HYPE goes up, your gains are amplified. If HYPE goes down, your losses are amplified and you face compounding liquidation risk. > **Warning:** Leverage loops multiply your risk exponentially. A price decline that would be manageable on a single CDP can trigger cascading liquidations across a looped position. This strategy is only appropriate for experienced DeFi users who fully understand liquidation mechanics and can actively monitor their positions. This is conceptually similar to how leverage works in perpetual futures trading. If you are familiar with [leverage trading on Hyperliquid](/guides/trading/leverage-trading-guide), the risk dynamics are comparable - but the execution through DeFi lending is more manual and carries additional smart contract risk. For passive yield without the complexity or risk of leverage, consider [Hyperliquid vaults](/ecosystem/hyperliquid-vaults-guide) as an alternative. **Explore Lending & Yield Strategies** — Felix Protocol offers multiple ways to earn on your Hyperliquid assets - from simple lending to Stability Pool deposits. Over $1B in TVL and growing. [Start Earning on Felix](https://www.usefelix.xyz?ref=DD467B42) --- ## HyperLend: Variable-Rate Lending on HyperEVM Felix is not the only lending option on Hyperliquid. **HyperLend** is a decentralized money market protocol built natively on HyperEVM that takes a different approach - traditional lending pools rather than CDP-based stablecoin minting. If you have used Aave or Compound on Ethereum, HyperLend will feel familiar. You supply assets into liquidity pools to earn interest, or post collateral to borrow assets directly. Interest rates are variable, algorithmically adjusted based on pool utilization - when borrowing demand rises, rates increase to attract more suppliers, and vice versa. ### How HyperLend Differs from Felix Felix's flagship product is the CDP system where you mint feUSD against collateral. HyperLend skips the stablecoin layer entirely. Instead, you borrow the asset you need directly from a lending pool. Want USDC? Borrow USDC. Want HYPE? Borrow HYPE. There is no intermediary stablecoin step. This makes HyperLend a better fit for users who want straightforward lending and borrowing without the complexity of managing a CDP position or worrying about stablecoin peg mechanics. ### Key HyperLend Features - **Multiple pool types** - Core Pools for standard multi-asset lending, Isolated Pools for risk-segmented markets, and P2P Pools for direct loan arrangements - **Flash loans** - Borrow assets without upfront collateral, provided the loan is repaid within the same transaction (useful for arbitrage and liquidation strategies) - **HyperLoop** - An automated leverage tool that uses flash loans to execute looping strategies in a single transaction, simplifying what would otherwise be a multi-step manual process - **Dynamic interest rates** - Rates adjust algorithmically based on supply and demand in each pool - **Health Factor monitoring** - A real-time dashboard metric that shows how close your borrowing position is to liquidation ### When to Use HyperLend vs Felix Choose **Felix** if you want to mint feUSD against your collateral, participate in Stability Pool yields, or prefer the CDP model with borrower-set interest rates. Choose **HyperLend** if you prefer traditional pooled lending markets, want access to flash loans, or need to borrow specific assets directly without going through a stablecoin. Both protocols carry the same fundamental risks - smart contract risk, liquidation risk, and interest rate variability. HyperLend has been audited and operates as a fully non-custodial protocol, but as with any DeFi protocol on a newer chain, the track record is shorter than established Ethereum lending markets. For a full walkthrough of HyperLend's features, supported assets, and step-by-step usage, read our dedicated [HyperLend guide](/ecosystem/hyperlend-guide). **Explore HyperLend** — Lend and borrow on Hyperliquid with HyperLend - an alternative lending platform on HyperEVM. [Open HyperLend](https://app.hyperlend.finance/?ref=CONCEPT211) --- ## Risks of Lending & Borrowing on Hyperliquid DeFi lending is not a savings account. Before committing capital, understand what can go wrong. ### Liquidation Risk If you are borrowing, your position can be liquidated when collateral values drop. This is the most immediate and common risk. Volatile assets like HYPE can move 20-30% in a single day during market stress, which can push even conservatively collateralized positions into liquidation territory if you are not monitoring. **Mitigation:** Borrow well below the maximum LTV. A 40% LTV cap means the protocol allows it, not that it is safe to use the full amount. Aim for 20-25% LTV and maintain a buffer. ### Smart Contract Risk Felix Protocol and the underlying Morpho contracts are smart contracts running on HyperEVM. Despite audits and testing, smart contract bugs or exploits can result in loss of funds. This is an inherent risk of all DeFi protocols. **Mitigation:** Do not put all your capital into a single protocol. Diversify across strategies and keep a portion of your funds in simpler positions (like the Hyperliquid L1 trading account) that do not depend on smart contracts. ### Collateral Volatility Even if you are only lending (not borrowing), you have exposure to the asset you are supplying. If you lend HYPE and its price drops 40%, your HYPE is still there earning interest, but its dollar value has declined substantially. The interest earned may not compensate for the price decline. **Mitigation:** Consider lending stablecoins like USDC if you want yield without price exposure. If you lend volatile assets, do so with a long-term thesis on the asset's value. ### Liquidity Risk During high-utilization periods, you may not be able to withdraw your supplied assets immediately. If 95% of the pool is borrowed, only 5% is available for withdrawal. You may need to wait for borrowers to repay before you can access your funds. **Mitigation:** Check the utilization rate before supplying. Pools with consistently high utilization (above 90%) carry higher liquidity risk. > **Note:** None of these risks are unique to Hyperliquid or Felix - they apply to DeFi lending universally. The difference is that HyperEVM is a newer ecosystem, so the protocols have shorter track records compared to established Ethereum DeFi. Factor this into your risk assessment. --- ## Summary Lending and borrowing on Hyperliquid is now a real option thanks to HyperEVM and protocols like Felix and HyperLend. Whether you want to earn passive yield on idle assets, borrow stablecoins without selling your crypto, or build leveraged strategies, the tools are available. The key steps are straightforward: fund your Hyperliquid account, bridge to HyperEVM, and connect to the protocol that fits your needs. **Felix** is the go-to for CDP-based borrowing and feUSD minting. **HyperLend** is the choice for traditional pooled lending and features like flash loans. Start with simple lending if you are new to DeFi, and only move to CDPs, leverage loops, and advanced strategies once you are comfortable with the mechanics and risks. As always in DeFi - start small, understand the risks, and never commit more capital than you can afford to lose. --- # Hyperliquid Unified Account Guide: Account Types, Collateral & Portfolio Margin Explained > Hyperliquid now defaults every account to Unified. Learn how Unified Account, Portfolio Margin, and Manual modes work, how each handles your collateral, and which to choose. *Source: https://hyperliquidguide.com/guides/trading/unified-accounts-guide* ## What Are Unified Accounts? Hyperliquid now defaults **every new account to Unified Account mode** - and when you open the Account Type selector, it is marked "Recommended." This is a fundamental change to how your balances, collateral, and margin work on the platform. ![Hyperliquid Account Type modal showing the three options: Unified Account (recommended), Portfolio Margin, and Manual](/images/trading/unified-accounts-guide/account-type-modal.webp) Previously, Hyperliquid treated your spot and perpetual futures balances as separate pools. You had USDC in your spot wallet and USDC in your perps wallet, and you had to move funds between them manually. With a Unified Account, **each collateral asset keeps a single balance** that does double duty: it is both your spot balance in that asset and the collateral for any cross-margin perp positions that use that asset. If you already had an account from before the change, you don't have to do anything to opt in: the next time you log in, Hyperliquid shows a one-time **Account Type Update** dialog that explains the switch and asks you to acknowledge it before continuing. Clicking **Accept** moves you to Unified Account; if you'd rather keep balances separate, you can opt out afterward via the **Unified** button at the top right of the order form. ![Hyperliquid Account Type Update dialog shown on login, explaining that the new default account type is Unified Account with an Accept button](/images/trading/unified-accounts-guide/account-type-update-modal.webp) In practice, the new default means your USDC balance is available for both [spot trading](/guides/trading/spot-trading-guide) and perpetual futures at the same time - no more transferring between sub-accounts, and no more accidentally placing a trade only to find your funds are on the wrong side. There is one important rule to keep in mind: in Unified Account mode, **perps can only use the settlement asset (USDC) as collateral.** Other assets like HYPE and BTC sit in your account as spot balances - they don't back perp positions unless you step up to Portfolio Margin (covered below). > **Key takeaway:** In a Unified Account, each asset has one balance that serves both spot and cross-margin perps. Your USDC is shared across both markets automatically - but perps are still collateralized by the settlement asset (USDC). This is now the default for all new Hyperliquid accounts. The account type you choose also changes which assets can act as collateral, whether your idle balances earn yield, how margin is shared across different DEXs, and how you deposit USDC. This guide covers all of it. > **Note:** **Quick Summary - Hyperliquid Account Types** > - Three account types: **Unified Account** (default/recommended), **Portfolio Margin** (advanced), and **Manual** (automated traders) > - Unified Account: one balance per asset shared between spot and cross-margin perps; perps are collateralized by the settlement asset (USDC) > - Cross-margin is shared **per asset** across every DEX that uses that asset as collateral - including HIP-3 markets like trade.xyz > - Portfolio Margin (advanced): lets HYPE and BTC act as perp collateral directly, and idle assets earn interest while borrowed assets pay it > - As of March 2026, fees: **0.045% taker / 0.015% maker** for native perps, **0.09% taker / 0.03% maker** for HIP-3 builder markets > - Switching account type is a one-click choice in Settings - applies immediately, no migration, zero downtime > - All positions, PnL, and balances are visible in one dashboard --- ## The Three Account Types Explained Hyperliquid's Account Type modal offers three options. Understanding what each one does - and which one to use - is essential now that the platform has consolidated around Unified Accounts. ### Unified Account (Recommended for Most Users) The default. As the modal puts it, *"each collateral asset has a separate balance. Perps can only use the settlement asset as collateral, and margining is only shared across cross margin assets with the same collateral asset."* In plain terms, Unified Account mode: - **Gives each asset one balance** that serves both spot and cross-margin perps - so your USDC is shared across both markets with no manual transfers - **Collateralizes perps with the settlement asset (USDC)** - HYPE, BTC, and other tokens stay as spot balances - **Shares cross margin per asset** across every DEX that uses that asset, including builder-deployed [trade.xyz](/guides/trading/hyperliquid-xyz-explained) HIP-3 markets - **Uses CCTP as the default USDC deposit method** instead of the legacy Arbitrum bridge - **Provides a clean, simplified experience** with one balance per asset to manage This is the right choice for the vast majority of traders - from beginners to active day traders. ### Portfolio Margin (Advanced) Portfolio Margin is Hyperliquid's most capital-efficient account type. The modal describes it as *"for advanced users who want greater flexibility and capital efficiency. All trading is unified across spot and perps."* Where a Unified Account keeps a separate balance per asset, Portfolio Margin pulls **all eligible assets into a single unified portfolio**, and it changes how collateral works in two big ways: - **Multi-asset collateral** - eligible assets such as HYPE and BTC can be used directly as collateral for perp positions without converting them to the settlement asset first. Each has its own loan-to-value ratio that determines how much it can back: at a reading on 8 September 2026 the API returned **0.65 for HYPE and 0.5 for UBTC**. - **Interest on your balances** - idle, lendable assets **earn** interest, and assets you borrow against to open positions **pay** interest, at the same rate. Portfolio Margin is rolling out in stages, and the gate has both a floor and a ceiling. The Hyperliquid documentation currently requires the master account to have either **more than $5M in weighted volume or an account value above $10k**, and caps account value at **$25M**. That ceiling was $5M during the earlier alpha, so older write-ups (including an earlier version of this page) quote a number that has since moved. Eligible collateral and lendable assets are added progressively; five reserves were live at the September 2026 reading. Our [HyperCore borrow and lend guide](/guides/trading/hypercore-borrow-lend) covers the reserves, the rate formula and the caps in detail. For more on how margin and [leverage](/guides/trading/leverage-trading-guide) work, see our leverage trading guide. ### Manual (For Automated Traders) Manual mode keeps **separate spot and perp balances, and separate balances per DEX**, with cross margin applying within each DEX independently. The modal flags it as *"only recommended for automated traders."* It replaces the older Standard and DEX Abstraction modes. **When to use Manual mode:** - You are a market maker or high-volume automated trader who needs the highest L1 rate limits - You are a builder or deployer who wants explicit, isolated control over each DEX - You specifically want separate balance management for accounting or risk reasons > **Note:** Market makers and programmatic traders should use **Manual mode**. It provides separate per-DEX balances and the highest L1 rate limits, which matters significantly for high-frequency strategies. The older "DEX Abstraction" mode has been retired - its behavior is now covered by Manual. --- ## How to Choose Your Account Type New accounts already default to Unified Account, so most traders don't need to change anything. If you want to review or switch your account type, here is how. > **Tip:** Before switching away from your current type, review any open positions or orders so you understand exactly what your collateral and margin will look like afterward. The change is seamless, but Portfolio Margin in particular changes which assets count as collateral. **Get Started with Unified Accounts** — New to Hyperliquid? All new accounts default to Unified Account - the simplest way to trade. Sign up with our referral link for a 4% lifetime fee discount. [Join Hyperliquid - Save 4%](https://app.hyperliquid.xyz/join/Concept211) --- ## Account Types vs Margin Modes One of the most common sources of confusion on Hyperliquid is the difference between your **account type** and your **margin mode**. They are separate systems that work together. ### Account Types (How Your Account Is Structured) These determine how your balances are organized and what can act as collateral: | Account Type | Balance Structure | Perp Collateral | Cross-Margin Scope | Best For | |------|-------------------|---------------------|-------------|--------| | **Unified Account** | One balance per asset, shared spot + perps | Settlement asset (USDC) | Per asset, across DEXs | Most traders (default) | | **Portfolio Margin** | One unified portfolio across eligible assets | Multi-asset (HYPE, UBTC, USDC, USDT0, USDH) | Whole portfolio | Advanced traders (gated, <$25M) | | **Manual** | Separate spot/perp and separate per-DEX balances | Per DEX | Within each DEX | Market makers, bots, builders | ### Margin Modes (How Individual Positions Are Margined) These determine how collateral is allocated to your positions: - **Cross margin** - Your entire available balance backs all cross-margined positions. Profits from one position can offset losses from another. Greater breathing room, but one catastrophic position can affect your whole account. - **Isolated margin** - A fixed amount of margin is allocated to each position independently. If liquidated, only the isolated margin is lost. Safer for individual trades. - **Isolated-only** - Forces all positions into isolated margin. No cross-margin option. You choose an account type once (in settings), but you select a margin mode for each individual trade. For a deep dive into cross vs isolated margin and risk management strategies, see our [cross vs isolated margin guide](/guides/trading/isolated-vs-cross-margin) and [leverage trading guide](/guides/trading/leverage-trading-guide). For a detailed breakdown of how liquidation works - including formulas and worked examples - see our [liquidation explained guide](/guides/trading/liquidation-explained). > **Key takeaway:** Account type is about how your whole account is structured (shared balances and what counts as collateral). Margin mode is about how individual positions are collateralized (cross vs isolated). You set your account type once; you choose a margin mode per trade. --- ## How Collateral Works - and What Changed The biggest practical difference between the account types is **what counts as collateral** and **whether your idle balances do anything**. This is the part that changes how you manage your money on Hyperliquid. ### Settlement-Asset Collateral (Unified Account) In a Unified Account, perps are collateralized by the **settlement asset - USDC**. Your USDC balance is shared between spot and perps automatically, so you can buy a [spot token](/guides/trading/spot-trading-guide) and open a perp position from the same pool without transferring anything. But the flip side matters: tokens like HYPE and BTC sit in your account as **spot balances only**. They are not backing your perp positions. If you hold a large HYPE bag and want to trade perps, that HYPE isn't doing collateral duty - you'd need USDC for margin. For most traders this is exactly the simple, predictable behavior they want. ### Multi-Asset Collateral and Yield (Portfolio Margin) Portfolio Margin changes the rules. Eligible assets are pulled into **one unified portfolio**, and they can back your perp positions **directly**. A call to `allBorrowLendReserveStates` on 8 September 2026 returned five reserves: HYPE and UBTC on the collateral side, and USDC, USDT0 and USDH on the borrowable side. - **Use HYPE or BTC as collateral without selling.** Each collateral asset has its own loan-to-value ratio, **0.65 for HYPE and 0.5 for UBTC** at the September 2026 reading, so that share of its oracle value counts toward your margin. You keep your spot exposure while it does double duty as collateral. - **Idle balances earn, borrowed balances pay.** Lendable assets that are just sitting there earn interest; when you open a position that borrows against your collateral, you pay interest at the same rate. Your capital is never fully idle. This is a meaningful upgrade for capital efficiency - but it adds complexity. You are effectively running a margin-lending book alongside your trades, and the value of your collateral can move with the market. That is why it is gated. > **Warning:** Portfolio Margin is still gated. The documented rules require more than $5M in weighted volume or an account value above $10k, and cap account value at $25M. Reserves also carry supply and borrow caps, and when a cap is hit the account falls back to standard behavior. If you are new to Hyperliquid or unsure, stay on Unified Account. You can switch later with one click. > **Key takeaway:** Unified Account = USDC collateralizes perps, HYPE/BTC stay as spot. Portfolio Margin = HYPE and BTC become live collateral, idle assets earn yield, borrowed assets pay interest. The trade-off is simplicity (Unified) vs capital efficiency (Portfolio Margin). --- ## HIP-3 Cross Margin: Shared Margin Across DEXs One of the most significant implications of unified accounts is **HIP-3 cross margin** - the ability to share margin across perpetual contracts deployed by different third-party builders. ### What This Means in Practice Before HIP-3 cross margin, positions on builder-deployed markets (like [equity perps](/guides/trading/equity-perps-guide) and [commodity perps](/guides/trading/commodities-trading-guide) on trade.xyz) were isolated from your native Hyperliquid perps. You could not share margin between a BTC-USD position on Hyperliquid and an NVDA position on trade.xyz. With unified accounts and HIP-3 cross margin enabled, **all cross-margined perps with the same collateral share one margin pool** - regardless of which DEX deployed them. Your BTC long on native Hyperliquid and your NVDA short on trade.xyz draw from the same USDC balance when both are set to cross margin. This is a massive improvement for capital efficiency. Instead of fragmenting your USDC across isolated positions on different DEXs, your entire balance supports your entire portfolio. ### Protected Cross Margin Hyperliquid implements a novel **protected cross margin** system for HIP-3 markets. This protects overall system solvency without sacrificing the user experience. The key concern with cross margin across third-party markets is that a poorly designed or illiquid market could create cascading liquidations that affect the broader system. Protected cross margin addresses this by enforcing solvency safeguards at the protocol level while still allowing traders to benefit from shared margin. > **Note:** Not all HIP-3 markets have cross margin enabled. Deployers must enable it per asset, and the asset must meet eligibility standards: sufficient liquidity, a reliable oracle price feed, and resilience to price manipulation. This ensures that only well-established markets participate in shared margin pools. ### Which Markets Support Cross Margin? HIP-3 cross margin is available for markets where the deployer has opted in and the asset meets Hyperliquid's eligibility criteria. As of March 2026, trade.xyz markets with adequate liquidity and oracle reliability are eligible. Check the trading interface for each market to see whether cross margin is available. Markets that only support isolated margin will show isolated-only in the margin mode selector. > **Warning:** HIP-3 cross margin works best with a Unified Account, where cross margin is shared per asset across DEXs. In Manual mode, cross margin applies within each DEX separately, so positions on different DEXs do not share a margin pool. If you want shared margin across builder-deployed markets, use a Unified Account. --- ## The CCTP Migration: How USDC Deposits Are Changing Alongside unified accounts, Hyperliquid is migrating its default USDC deposit method from the **Arbitrum bridge** to **CCTP** (Cross-Chain Transfer Protocol). ### What Is CCTP? CCTP is Circle's native protocol for transferring USDC across blockchains. Instead of bridging wrapped USDC through Arbitrum, CCTP burns USDC on the source chain and mints native USDC on the destination chain. The result is native USDC on Hyperliquid - not a bridged representation. ### What Changes for Traders - **Unified account users** now default to CCTP for USDC deposits - **All deposit options remain available** - you can still choose the Arbitrum bridge or other methods if you prefer - This is part of a **phased migration** to deprecate the Arbitrum bridge entirely and move to native USDC For most users, the change is transparent. The deposit flow in the Hyperliquid interface walks you through it. For a step-by-step deposit walkthrough, see our [USDC deposit guide](/guides/getting-started/deposit-usdc-to-hyperliquid). If you are bridging from other chains, our [bridge guide](/guides/getting-started/bridge-to-hyperliquid) covers all available options. > **Tip:** CCTP deposits are generally faster and more secure than bridged deposits because you receive native USDC rather than a wrapped token. If you are setting up a new account, the default CCTP flow is the recommended path. **Save 4% on Every Trade** — Whether you trade perps, spot, or HIP-3 markets - lower fees compound into real savings. Use our referral link for a lifetime 4% discount on all Hyperliquid trading fees. [Get Your Fee Discount](https://app.hyperliquid.xyz/join/Concept211) --- ## HIP-4 Outcome Trading: Now Live on Mainnet Hyperliquid's account infrastructure was built with future market types in mind, and **[HIP-4](/ecosystem/hip-4-outcome-trading)** has now arrived. Outcome markets went live on Hyperliquid mainnet on **May 2, 2026** with a recurring binary BTC contract, and on **May 7, 2026** the first [multi-outcome market](/ecosystem/hyperliquid-multi-outcome-markets) went live - a recurring BTC price-range contract that settles daily at 06:00 UTC with asymmetric upside, downside, and intermediate buckets. ### What HIP-4 Enables - **Prediction-style binary contracts** - yes/no outcomes that settle to 0 or 1, fully collateralized with no leverage and no liquidation risk - **Multi-outcome markets** - bundled related outcomes traded as a single market with split, negate, and merge operations for capital-efficient bucket views - **Bounded options-like instruments** - defined-risk exposure within a price range (rolling out in stages after the initial validation phase) - **Event-based contracts** - any outcome with an objectively verifiable resolution HIP-4 leverages the same HyperCore infrastructure that powers perps and spot, inheriting the speed, self-custody, and zero gas fees that define the platform. It plugs directly into unified accounts, so your USDC balance is available for outcome contracts alongside your existing perps and spot positions - no separate funding flow required. > **Note:** HIP-4 is live on mainnet with binary and multi-outcome markets, both backed by the recurring BTC price feed. Additional contract types and underlyings are rolling out in stages. Unified account users have seamless access using their existing balance. For more, see the [full HIP-4 outcome trading guide](/ecosystem/hip-4-outcome-trading), the [multi-outcome markets explainer](/ecosystem/hyperliquid-multi-outcome-markets), the [HYPE token guide](/ecosystem/what-is-hype-token), and the [HyperEVM explainer](/ecosystem/hyperevm-explained). --- ## Which Account Type Should You Use? Here is a simple decision framework: ### Use Unified Account If: - You are a new user (it is already your default) - You trade both spot and perps and want one shared balance - You want HIP-3 cross margin shared per asset across DEXs - You want the simplest, most predictable experience ### Use Portfolio Margin If: - You are an advanced trader who wants HYPE or BTC to act as live collateral - You want idle balances to earn yield while you trade - Your account value is under the $25M ceiling and over the $10k floor (or you clear the $5M weighted-volume route), and you understand the risks of margin lending and multi-asset collateral ### Use Manual If: - You are a market maker or run automated trading bots - You need the highest L1 rate limits for programmatic access - You are a builder/deployer who wants explicit, isolated control over each DEX > **Key takeaway:** For most traders, Unified Account is the right choice - it is the simplest and is already the default. Step up to Portfolio Margin only when you specifically want multi-asset collateral and yield. Market makers and bots should use Manual mode for higher rate limits. --- ## Unified Accounts and Your Trading Workflow With unified accounts, several aspects of your day-to-day trading change for the better: ### No More Balance Transfers Previously, if you wanted to buy a [spot token](/guides/trading/spot-trading-guide) and then open a perp position, you might need to transfer USDC between wallets. With unified accounts, the same balance serves both. This removes a step that was especially annoying during fast-moving markets. ### Better Capital Efficiency When your margin is pooled, you are not leaving idle USDC in a spot wallet while your perps wallet runs low (or vice versa). Your full balance is working for you across all markets. ### Simplified Fee Tracking One balance means one set of transactions to track. For traders who monitor their [fee tiers](/guides/fees/fees-explained) and costs, unified accounts make accounting cleaner. ### Cross-DEX Risk Management With HIP-3 cross margin, you can now think about your positions holistically - a long on native BTC perps partially offsets a short on trade.xyz equity perps from a margin perspective. This opens up hedging strategies that were previously fragmented across isolated margin pools. For a full breakdown of available [order types](/guides/trading/order-types-guide) - including stop-losses, take-profit orders, and advanced conditional orders - see our order types guide. These all work the same way under unified accounts. **Start Trading on Hyperliquid** — Unified accounts, zero gas fees, 100+ markets. Get a 4% lifetime fee discount when you sign up through our referral link. [Open Your Account - Save 4%](https://app.hyperliquid.xyz/join/Concept211) ## Summary Unified Accounts represent Hyperliquid's evolution from a perpetual futures exchange into a comprehensive trading platform. By sharing balances across spot and perps, enabling cross-DEX margin, and migrating to native USDC via CCTP, the platform is removing friction at every level. Here is what to remember: - **Unified Account is now the default** for all new Hyperliquid accounts - each asset has one balance shared between spot and perps, with USDC collateralizing perps - **Three account types exist**: Unified Account (recommended), Portfolio Margin (advanced - multi-asset collateral and yield, gated to <$25M), and Manual (for market makers, bots, and builders) - **Portfolio Margin lets HYPE and BTC act as collateral** directly, and pays interest on idle assets while charging it on borrowed ones. The interest comes from [HyperCore's native borrow and lend book](/guides/trading/hypercore-borrow-lend), which went live for manual borrowing on mainnet in September 2026 - **Margin modes are separate from account types** - cross, isolated, and isolated-only apply per position, regardless of your account type - **HIP-3 cross margin** shares margin per asset across builder-deployed DEXs like trade.xyz when you use a Unified Account - **CCTP is the new default deposit method**, replacing the Arbitrum bridge for a more native USDC experience - **HIP-4 outcome trading** is live on mainnet - a recurring binary BTC market launched May 2, 2026 and a [multi-outcome BTC price-range market](/ecosystem/hyperliquid-multi-outcome-markets) followed on May 7, 2026, both running on the same unified balance If you do not have a Hyperliquid account yet, use our [referral link](https://app.hyperliquid.xyz/join/Concept211) to get a 4% lifetime discount on all trading fees. For a complete walkthrough of getting started, see our [beginner trading guide](/guides/getting-started/how-to-trade-on-hyperliquid). --- # Hyperliquid vs Bybit (May 2026) — Self-Custody DEX vs Top-3 CEX > Updated May 2026: Compare Hyperliquid and Bybit for perpetual futures — fees, security after the $1.5B hack, KYC, leverage, custody. Find which exchange suits your trading style. *Source: https://hyperliquidguide.com/compare/hyperliquid-vs-bybit* **Hyperliquid vs Bybit** > **Note:** **Last verified: May 2026.** All fee figures, leverage limits, and platform features confirmed against current Bybit and Hyperliquid documentation. Bybit's post-hack security measures and regulatory positioning updated for 2026. ## Hyperliquid vs Bybit: On-Chain Self-Custody Meets the #3 CEX Bybit has established itself as the third-largest centralized crypto exchange by trading volume, known for its perpetual futures focus and competitive fee structure. Hyperliquid, meanwhile, has redefined what a decentralized exchange can be - a fully on-chain order book with sub-second execution, zero gas fees, and no KYC requirement. Both platforms attract serious perps traders, but they take fundamentally different approaches to custody, access, and security. The comparison became more pointed after February 2025, when Bybit suffered one of the largest exchange hacks in crypto history. The Lazarus Group exploited Bybit's infrastructure and stole approximately $1.5 billion in assets. Bybit covered user losses, but the incident underscored a risk that simply does not exist on a self-custody platform like Hyperliquid. > **Key takeaway:** Hyperliquid beats Bybit on both maker and taker fees at base tier, requires no KYC, and eliminates exchange custody risk entirely. Bybit offers higher leverage, more product variety, and fiat on-ramps - but at the cost of trusting a centralized platform with your assets. This guide covers every dimension that matters so you can decide which platform fits your trading needs. ![Hyperliquid trading interface with on-chain order book](/images/compare/shared/hyperliquid-trading-interface.webp) ![Bybit futures trading interface showing BTC/USDT order book and chart](/images/compare/shared/bybit-futures-interface.webp) **Trade Without Trusting a Third Party** — Hyperliquid gives you CEX-level speed with full self-custody and lower fees than Bybit. Use our referral code for a 4% lifetime fee discount. [Try Hyperliquid - Save 4%](https://app.hyperliquid.xyz/join/Concept211) ## Security and Custody: The Defining Difference After the 2025 Bybit hack, security is no longer an abstract comparison point - it is the most concrete reason traders are reconsidering where they keep their funds. ### Bybit: Exchange Custody When you deposit funds to Bybit, the exchange takes custody of your assets. Your crypto sits in Bybit-controlled wallets, secured by their internal infrastructure. Bybit implements industry-standard security measures including cold storage, multi-signature wallets, and an insurance fund. Despite these measures, in February 2025 the North Korean state-sponsored Lazarus Group exploited vulnerabilities in Bybit's systems and extracted roughly $1.5 billion. It was one of the largest crypto exchange hacks ever. Bybit acted responsibly - they covered all user losses and no customer funds were permanently lost - but the incident demonstrated a fundamental truth about exchange custody: **no matter how good the security is, a centralized pool of billions of dollars is always a target**. ### Hyperliquid: Self-Custody On Hyperliquid, you connect your own wallet ([MetaMask](/guides/getting-started/connect-metamask-to-hyperliquid), [Rabby](/guides/getting-started/connect-rabby-to-hyperliquid), [Phantom](/guides/getting-started/connect-phantom-to-hyperliquid), or similar) and [deposit USDC](/guides/getting-started/deposit-usdc-to-hyperliquid) to your margin account. Your funds are controlled by the protocol's on-chain logic and your private keys. There is no centralized honeypot for hackers to target, no company that can freeze your account, and no intermediary between you and your assets. The trade-off is personal responsibility: lose your private keys and there is no customer support to call. For best practices on protecting your wallet, see our [crypto security guide](/guides/getting-started/crypto-trading-security-guide). > **Warning:** The Bybit hack is a reminder that exchange custody always carries counterparty risk. Self-custody on Hyperliquid eliminates this entire category of risk - your funds are never held by a third party. --- ## KYC and Onboarding ### Hyperliquid: Zero KYC, Instant Access Hyperliquid requires nothing: no email, no phone number, no government ID, no selfie. Connect a wallet, [bridge USDC to Hyperliquid](/guides/getting-started/bridge-to-hyperliquid), and you are trading within minutes. The entire [onboarding process](/guides/getting-started/how-to-trade-on-hyperliquid) is permissionless and available globally. ### Bybit: Full KYC Required Bybit requires identity verification for full platform access. This includes government-issued photo ID and, depending on jurisdiction, additional documentation. Without completing KYC, users face restrictions on withdrawals, trading limits, and access to certain features. Bybit also restricts or blocks users from specific countries. For traders who prioritize privacy or live in underserved jurisdictions, Hyperliquid's [no-KYC permissionless model](/guides/getting-started/hyperliquid-kyc-requirements) is a clear advantage. --- ## Fee Comparison This is where Hyperliquid pulls ahead decisively. For a complete breakdown, see our [Hyperliquid fee structure guide](/guides/fees/fees-explained). Hyperliquid wins on **both maker and taker fees** at base tier. On a $10,000 taker trade, you pay $4.50 on Hyperliquid vs $5.50 on Bybit - a 18% saving before any discounts. On maker orders, it is $1.50 vs $2.00 - a 25% saving. The gap widens further with discounts. Hyperliquid's [HYPE token](/ecosystem/what-is-hype-token) staking discount (up to 40%) stacks with the 4% referral discount, driving effective fees well below Bybit's best tiers. See our [VIP fee tiers guide](/guides/fees/fee-tiers) for the full breakdown. [Get Your 4% Discount](https://app.hyperliquid.xyz/join/Concept211) ### Fee Calculation: $500K Monthly Volume Trader | Platform | Monthly Fee Cost (Taker) | |---|---| | **Hyperliquid** (base + 4% referral via Concept211) | $216 | | **Hyperliquid** (base + referral + HYPE staking) | $130 - $216 | | **Bybit** (base tier) | $275 | | **Bybit** (VIP 1 tier) | $200 | Even at Bybit's VIP 1 tier (requiring $10M+ monthly volume), Hyperliquid with stacking discounts is competitive or cheaper - and Hyperliquid's discounts require no volume threshold. **Lower Fees on Every Trade** — Hyperliquid beats Bybit on both maker and taker fees at base tier. Stack the referral discount with HYPE staking for up to 40% additional savings. [Start Saving on Fees](https://app.hyperliquid.xyz/join/Concept211) --- ## Trading Features and Products ### Where Bybit Leads Bybit offers a broader product suite: options trading, built-in copy trading, earn products (savings accounts, dual asset investments, liquidity mining), and fiat on-ramps through cards, bank transfers, and P2P trading. If you want a single platform for everything crypto, Bybit covers more ground. That said, Hyperliquid's [copy trading vaults](/guides/trading/copy-trading-guide) and growing [DeFi lending ecosystem](/guides/trading/lending-borrowing-guide) are narrowing the gap. Bybit also offers higher maximum leverage - up to 100x on BTC compared to Hyperliquid's 50x cap. Whether this is an advantage depends on your risk management philosophy. Most experienced traders stay well below 50x regardless of what is available. ### Where Hyperliquid Leads For perpetual futures specifically, Hyperliquid matches or exceeds Bybit in several areas: - **Advanced order types**: Hyperliquid's [scaling orders and TWAP](/guides/trading/order-types-guide) are sophisticated execution tools that Bybit does not offer - **Commodity and equity perps**: Trade gold, silver, crude oil, NVIDIA, Tesla, and more through Hyperliquid's HIP-3 markets - a category Bybit has not entered - **Zero gas fees**: Every order placement, modification, and cancellation is free. Bybit has no internal gas but charges withdrawal fees - **[HyperEVM](/ecosystem/hyperevm-explained) ecosystem**: A growing DeFi ecosystem built on Hyperliquid's own EVM chain, offering lending, staking, and yield opportunities through protocols rather than centralized earn products - **Sub-accounts for everyone**: Available to all users without VIP requirements --- ## Speed and Execution ### Hyperliquid Hyperliquid runs on a custom Layer 1 blockchain purpose-built for trading. Orders reach finality in under one second. The experience is indistinguishable from a centralized exchange for manual traders - orders fill instantly, modifications are immediate, and there are zero gas costs for any interaction. ### Bybit Bybit runs a traditional centralized matching engine with microsecond-level order matching. At the raw infrastructure level, it is technically faster than any blockchain-based system. ### Does It Matter? For 99% of traders, no. Both platforms feel instant when clicking buttons on a trading interface. The sub-second vs microsecond difference is only relevant for high-frequency algorithmic strategies competing on raw latency. If you are a manual trader or running strategies that operate on second-level timeframes, you will not notice any difference. ## Leverage Comparison Bybit offers up to 100x leverage on BTC/USDT perpetuals, with varying maximums across other pairs. Hyperliquid caps leverage at 50x on major pairs, with lower limits on less liquid assets. > **Tip:** Higher maximum leverage is not inherently better. At 100x leverage, a 1% move against your position liquidates you. Most professional traders use 5-20x leverage for sustainable risk management. Hyperliquid's 50x cap is more than sufficient for nearly all trading strategies. ## Liquidity and Volume Bybit consistently ranks among the top 3 exchanges by derivatives volume globally, processing tens of billions of dollars daily. Its order book depth on major pairs like BTC and ETH is substantial. Hyperliquid processes approximately [live data] in daily volume - impressive for a DEX and higher than many centralized exchanges. Spreads on major pairs are tight, and the order book handles six-figure trades without significant slippage. For retail and professional traders executing typical position sizes, both platforms offer adequate liquidity. For institutional-sized orders on major pairs, Bybit's depth provides an edge. For mid-cap and long-tail perps, Hyperliquid's [live data] pairs ensure broad market coverage. --- ## Regulatory Risk and Trust ### Bybit's Regulatory Position Bybit has pursued licensing in several jurisdictions but remains restricted or unavailable in others. The exchange has relocated its headquarters multiple times. While Bybit has not faced the same scale of regulatory action as some competitors, centralized exchanges in general face ongoing regulatory uncertainty. More critically, the February 2025 hack demonstrated operational risk. Even though Bybit made users whole, the incident - the largest exchange hack in crypto history at approximately $1.5 billion - showed that centralized custody creates systemic vulnerabilities that no security audit can fully eliminate. ### Hyperliquid's Decentralized Architecture Hyperliquid operates as a decentralized protocol. There is no central entity holding user funds, no KYC database that can be breached, and no single point of failure that can be exploited for billions. Your assets remain under your control at all times. This architectural difference is not theoretical - it is the difference between a platform that *can* be hacked for $1.5 billion and one where that attack vector does not exist. ## Verdict: Hyperliquid vs Bybit in May 2026 As of May 2026, Hyperliquid is the better choice for perpetual futures traders who prioritize low fees, self-custody, and privacy. Hyperliquid charges 0.015% maker and 0.045% taker versus Bybit's 0.02% maker and 0.055% taker — saving traders 18-25% on every trade before additional discounts. The February 2025 Bybit hack ($1.5 billion stolen by the Lazarus Group) made the case for self-custody unavoidable: on Hyperliquid, funds never leave your wallet, eliminating exchange custody risk entirely. Hyperliquid requires no KYC, offers zero gas fees, and provides access to unique asset classes (commodity and equity perpetuals) that Bybit does not support. Bybit remains stronger for traders who need fiat on-ramps, options trading, 100x leverage, or a full-service centralized platform with earn products and copy trading. --- ## Who Should Choose Which? **Choose Hyperliquid if you:** - Want **self-custody** - your keys, your crypto, no exchange risk - Care about **lower fees** - Hyperliquid wins on both maker and taker at base tier - Value **privacy** - no KYC, no personal data collection, no account freezes - Trade **perpetual futures** primarily - Hyperliquid is purpose-built for this - Want access to **commodity and equity perps** - unique to Hyperliquid's ecosystem - Were concerned by the **Bybit hack** and want to eliminate custodial risk **Choose Bybit if you:** - Need **fiat on-ramps** - buy crypto with cards or bank transfers - Want **options trading** - Bybit offers USDC-settled options - Prefer **built-in copy trading** - Bybit's system is polished and established - Need **100x leverage** - Hyperliquid caps at 50x - Want a **full-service platform** - earn products, launchpad, NFT marketplace - Prioritize **maximum liquidity depth** on major pairs For the growing number of traders who primarily trade perpetual futures, **Hyperliquid is the stronger choice**. It offers lower fees, self-custody, no KYC, innovative order types, and an expanding DeFi ecosystem - all without the custodial risk that the Bybit hack made painfully real. You can always maintain a Bybit account for fiat on-ramps or options while using Hyperliquid as your primary perps venue. If you are currently on Bybit and have been considering alternatives since the hack, Hyperliquid addresses the core concern directly: your funds are never in someone else's hands. Sign up via our [referral page](/referral) for a 4% lifetime fee discount. See our guide on [how to place your first trade on Hyperliquid](/guides/getting-started/how-to-trade-on-hyperliquid) to get started, or compare Hyperliquid against other exchanges in our [Hyperliquid vs Binance](/compare/hyperliquid-vs-binance), [Hyperliquid vs Gate.io](/compare/hyperliquid-vs-gate-io), [Hyperliquid vs MEXC](/compare/hyperliquid-vs-mexc), and [Hyperliquid vs Crypto.com](/compare/hyperliquid-vs-crypto-com) breakdowns. For DEX alternatives, see [Hyperliquid vs AsterDEX](/compare/hyperliquid-vs-asterdex), [Hyperliquid vs Lighter](/compare/hyperliquid-vs-lighter), and [Hyperliquid vs dYdX](/compare/hyperliquid-vs-dydx). **Self-Custody Trading with Lower Fees** — Move your perps trading to Hyperliquid - lower fees than Bybit, no KYC, and your funds stay in your wallet. Use our referral link for 4% off all trades. [Join Hyperliquid Now](https://app.hyperliquid.xyz/join/Concept211) --- # Hyperliquid vs Crypto.com - Self-Custody DEX vs Retail Crypto Super-App > Compare Hyperliquid and Crypto.com for crypto trading: fees, custody, KYC, perpetual futures, and features. Find out which platform suits your trading style. *Source: https://hyperliquidguide.com/compare/hyperliquid-vs-crypto-com* **Hyperliquid vs Crypto.com** ## Hyperliquid vs Crypto.com: Focused Trading Power vs Retail Super-App Crypto.com is one of the most recognizable brands in crypto. Between the Staples Center naming rights (now Crypto.com Arena), the Matt Damon "Fortune Favors the Brave" campaign, and aggressive sponsorship deals across Formula 1 and the UFC, Crypto.com has spent billions building mainstream recognition. It is a top-10 exchange by volume and offers everything from a Visa debit card to NFTs to DeFi wallets. Hyperliquid, by contrast, has built its reputation on a single premise: build the best perpetual futures exchange in crypto, period. No Super Bowl ads, no celebrity endorsements - just a purpose-built Layer 1 blockchain processing around [live data] in daily volume with sub-second finality, self-custody, and fees that undercut nearly every centralized exchange. These two platforms represent fundamentally different visions. Crypto.com wants to be your all-in-one crypto bank. Hyperliquid wants to be the best trading venue on Earth. > **Key takeaway:** Hyperliquid charges roughly half the fees of Crypto.com on perpetual futures, offers self-custody with no KYC, and provides deeper derivatives liquidity. Crypto.com wins on product breadth with its Visa card, fiat on-ramps, earn products, and mobile-first experience for retail users. This guide compares every meaningful dimension so you can decide which platform - or combination of platforms - fits your needs. ![Hyperliquid trading interface — self-custody perpetual futures](/images/compare/shared/hyperliquid-trading-interface.webp) ![Crypto.com exchange trading interface](/images/compare/shared/cryptocom-trading-interface.webp) **Trade Smarter, Pay Less** — Hyperliquid offers half the trading fees of Crypto.com with full self-custody and no KYC. Use our referral code for an additional 4% lifetime discount. [Try Hyperliquid - Save 4%](https://app.hyperliquid.xyz/join/Concept211) ## Platform Philosophy: Trading Venue vs Crypto Super-App Understanding each platform's identity helps explain nearly every difference that follows. ### Hyperliquid: Built for Traders Hyperliquid is a decentralized exchange running on its own custom Layer 1 blockchain. It uses a fully on-chain central limit order book (CLOB) to match trades with sub-second finality. The platform is laser-focused on perpetual futures and spot trading, with an expanding ecosystem through [HyperEVM](/ecosystem/what-is-hype-token) that supports DeFi protocols, vaults, and emerging asset classes like commodities and equities. There is no mobile app, no debit card, no earn program built into the core platform. What there is: [live data] perpetual trading pairs, advanced [order types](/guides/trading/order-types-guide) including scaling orders and TWAP, zero gas fees, and a trading interface that rivals any centralized exchange. ### Crypto.com: Everything Crypto Under One Roof Crypto.com is a centralized exchange headquartered in Singapore that has grown into a full-service crypto platform. Beyond spot and futures trading, Crypto.com offers: - **Visa debit card** with crypto cashback (tiered by CRO staking) - **Crypto Earn** - lending/staking products for passive yield - **NFT marketplace** - **DeFi wallet** (separate non-custodial wallet app) - **Pay** - merchant crypto payments - **Fiat on-ramps** - bank transfers, credit/debit cards in 90+ currencies This breadth makes Crypto.com attractive to retail users who want a single app for everything crypto-related. But breadth comes at a cost: fees are higher, the derivatives platform is less mature, and the trading experience is secondary to the broader product suite. --- ## Fee Comparison This is where the gap between the two platforms is starkest. Crypto.com's fee structure is significantly more expensive than Hyperliquid's, particularly for futures trading. At base tier, Crypto.com charges **0.075% for both maker and taker** on derivatives. Hyperliquid charges **0.015% maker / 0.045% taker**. That means Hyperliquid's maker fee is 5x cheaper, and the taker fee is roughly 40% cheaper. For a detailed breakdown of Hyperliquid's fee structure, see our [complete fees guide](/guides/fees/fees-explained). ### Fee Calculation: $500K Monthly Volume For a moderately active trader doing $500K in monthly futures volume, mostly taker orders: | Platform | Monthly Fee Cost | |---|---| | **Hyperliquid** (base tier) | $225 | | **Hyperliquid** (base + 4% referral + HYPE staking) | $130 – $216 | | **Crypto.com** (base tier) | $375 | | **Crypto.com** (with CRO staking discount) | $280 – $375 | That is $150+ in monthly savings on Hyperliquid at base tier alone - money that compounds over time. With [HYPE staking](/guides/fees/fee-tiers) and the referral discount stacked, the savings grow even larger. [Get Your 4% Discount](https://app.hyperliquid.xyz/join/Concept211) ### CRO Staking vs HYPE Staking Both platforms offer fee discounts through native token staking, but the mechanisms differ. Crypto.com requires locking CRO tokens for 180-day periods, with discount tiers based on the dollar value staked. Hyperliquid's [HYPE staking tiers](/guides/fees/fee-tiers) offer up to 40% fee reduction with a more straightforward staking mechanism. The key difference is that Hyperliquid's staking discounts stack with the 4% referral discount, creating a compounding effect that Crypto.com does not match. --- ## Custody and Security This is the most consequential structural difference between the two platforms. ### Hyperliquid: Self-Custody On Hyperliquid, you connect your own Ethereum-compatible wallet - [MetaMask](/guides/getting-started/connect-metamask-to-hyperliquid), [Rabby](/guides/getting-started/connect-rabby-to-hyperliquid), [Phantom](/guides/getting-started/connect-phantom-to-hyperliquid), or similar - and [deposit USDC](/guides/getting-started/deposit-usdc-to-hyperliquid) to your margin account. Your funds are secured by the protocol's on-chain logic and your private keys. No intermediary can freeze your account, block a withdrawal, or lose your funds through operational failure. The trade-off is personal responsibility. Lose your private keys and there is no customer support to call. For guidance on protecting your assets, see our [crypto security guide](/guides/getting-started/crypto-trading-security-guide). ### Crypto.com: Exchange Custody On Crypto.com, you deposit funds into your exchange account. Crypto.com holds your private keys and custodies your assets. They implement security measures including cold storage, multi-factor authentication, and insurance coverage. To their credit, Crypto.com has not suffered a catastrophic loss event, though they did experience a $34 million hack in January 2022 (users were made whole). The exchange custody model carries inherent counterparty risk. The collapse of FTX - once considered among the most reputable exchanges - demonstrated that even well-regarded centralized platforms can fail catastrophically. While Crypto.com has operated responsibly, the structural risk of trusting a third party with your assets cannot be eliminated entirely. > **Key takeaway:** Self-custody on Hyperliquid eliminates counterparty risk entirely. You never hand your assets to a third party, and no company can freeze your funds. This is a structural advantage that no centralized exchange can replicate, regardless of their security measures. ## KYC and Onboarding ### Hyperliquid: No KYC, Instant Start Hyperliquid requires nothing to start trading. No email, no phone number, no government ID, no selfie. Connect a wallet, [bridge USDC](/guides/getting-started/bridge-to-hyperliquid), and place your [first trade](/guides/getting-started/how-to-trade-on-hyperliquid). The entire process takes under five minutes. ### Crypto.com: Full KYC Required Crypto.com requires complete identity verification before you can trade. This includes: - Government-issued photo ID (passport or driver's license) - Selfie verification - Proof of address (in many jurisdictions) - Additional documentation for higher withdrawal limits The verification process typically takes a few hours but can extend to several days during high-demand periods. For some users in certain jurisdictions, additional compliance checks may further delay access. For traders who value privacy, or who live in regions with limited exchange availability, Hyperliquid's permissionless access is a decisive advantage. **No KYC. No Waiting. Start Trading Now.** — Connect your wallet and trade in under 5 minutes on Hyperliquid. No identity verification, no geographic restrictions. Use referral code for 4% off fees. [Start Trading Instantly](https://app.hyperliquid.xyz/join/Concept211) --- ## Trading Features and Perpetual Futures ### Perpetual Futures: Hyperliquid's Home Turf Crypto.com's derivatives platform has grown steadily, offering around 200 perpetual futures pairs with up to 50x leverage. However, derivatives remain secondary to Crypto.com's core business of spot trading, the Visa card, and earn products. The order book depth on many Crypto.com futures pairs is thinner than what you will find on dedicated derivatives venues. Hyperliquid, by contrast, was designed from the ground up for perpetual futures. The difference shows in the details: deeper order books on most pairs, advanced execution tools like scaling orders and TWAP that Crypto.com does not offer, sub-accounts available to all users, and a vault system for copy trading. If perpetual futures are your primary use case, Hyperliquid is the stronger platform by a wide margin. ### Where Crypto.com Excels Crypto.com's strength is its product ecosystem beyond trading. The Visa debit card is genuinely useful - it allows you to spend crypto at millions of merchants worldwide with cashback rewards tiered by CRO staking. Crypto Earn offers passive yield on deposited crypto. The fiat on-ramps support bank transfers and card payments in over 90 currencies, making it easy for newcomers to enter crypto. If you need a single app to buy crypto with your bank account, earn yield, spend at stores, and occasionally trade futures, Crypto.com delivers on that promise. It is a retail super-app first and a trading platform second. ### Hyperliquid's Expanding Ecosystem While Hyperliquid's core is trading, the [HyperEVM ecosystem](/ecosystem/what-is-hype-token) is growing rapidly. DeFi protocols on HyperEVM now offer lending, borrowing, liquid staking, and yield opportunities that begin to rival some of Crypto.com's built-in earn features - all while maintaining the self-custody model. --- ## Liquidity and Volume Hyperliquid processes approximately [live data] in daily perpetual futures volume, placing it among the top derivatives exchanges globally. On major pairs like BTC and ETH, spreads are tight and order book depth is sufficient for all but the largest institutional orders. Crypto.com's overall exchange volume is significant, but a large portion of it comes from spot trading and their promotional zero-fee trading events. On perpetual futures specifically, Crypto.com's liquidity on mid-cap and long-tail pairs tends to be thinner than Hyperliquid's. For the most popular pairs (BTC, ETH), both platforms offer adequate liquidity for most traders. For the majority of retail and professional traders, Hyperliquid offers comparable or better derivatives liquidity. This may seem counterintuitive given Crypto.com's brand size, but Hyperliquid's focus on derivatives concentrates liquidity where it matters most for futures traders. > **Note:** Explore live Hyperliquid market data: [Funding Rates](/tools/funding-rates) · [Open Interest](/tools/open-interest) · [Volume Rankings](/tools/volume) ## Speed and Execution ### Hyperliquid Sub-second trade finality on its custom L1 blockchain. Orders are matched, confirmed, and settled in under one second. For a decentralized exchange, this is exceptional - the experience feels indistinguishable from a centralized platform for manual traders. ### Crypto.com Crypto.com's matching engine provides fast execution typical of centralized exchanges. However, Crypto.com's infrastructure is not known for being among the fastest in the CEX world - traders have occasionally reported slower execution during high-volatility periods compared to top-tier exchanges like [Binance](/compare/hyperliquid-vs-binance). For manual trading, both platforms provide a responsive experience. For algorithmic strategies, Hyperliquid's API is well-documented and performant, making it a strong choice for automated trading. ## Mobile Experience This is one area where Crypto.com has a clear structural advantage. The Crypto.com mobile app is polished, feature-rich, and has been downloaded by tens of millions of users. It provides a unified interface for spot trading, futures, the Visa card, earn products, and portfolio management. Hyperliquid does not have a dedicated mobile app. The platform is accessible through mobile browsers and performs reasonably well, but it is primarily designed as a desktop trading experience. For traders who primarily trade on mobile, this is worth considering. --- ## Head-to-Head Summary | Dimension | Winner | Why | |---|---|---| | **Fees** | Hyperliquid | 0.015%/0.045% vs 0.075%/0.075% - roughly half the cost | | **Custody** | Hyperliquid | Self-custody eliminates counterparty risk | | **KYC** | Hyperliquid | No KYC vs full verification required | | **Perps Depth** | Hyperliquid | Purpose-built for derivatives, deeper order books | | **Order Types** | Hyperliquid | Scaling orders, TWAP, sub-accounts for all | | **Fiat On-Ramp** | Crypto.com | Bank and card deposits in 90+ currencies | | **Product Breadth** | Crypto.com | Visa card, Earn, NFTs, Pay, DeFi wallet | | **Mobile App** | Crypto.com | Polished native app vs browser-based | | **Beginner-Friendly** | Crypto.com | Easier for users new to crypto entirely | | **Regulatory Risk** | Hyperliquid | Decentralized protocol vs centralized entity | ## The Verdict The right choice depends on what you are optimizing for. **Choose Hyperliquid if you prioritize:** - **Lower fees** - roughly half the cost of Crypto.com on derivatives - **Self-custody** - your keys, your assets, no counterparty risk - **No KYC** - trade immediately, privately, from anywhere - **Perpetual futures focus** - deeper liquidity, advanced order types, sub-accounts - **Decentralization** - no account freezes, no withdrawal delays, no permission needed **Choose Crypto.com if you prioritize:** - **All-in-one convenience** - trading, card, earn, NFTs in a single app - **Fiat on-ramps** - buy crypto directly with your bank account or credit card - **Mobile-first experience** - polished native app for on-the-go trading - **Crypto spending** - Visa debit card with crypto cashback - **Beginner onboarding** - guided experience for users new to crypto For many traders, the answer is not one or the other - it is both. Use Crypto.com for fiat on-ramps, the Visa card, and casual spot buying. Use Hyperliquid for serious perpetual futures trading where fees, custody, and execution quality matter most. Bridge USDC from Crypto.com to Hyperliquid when you want to trade, and enjoy the best of both ecosystems. If perpetual futures are your primary activity, Hyperliquid is the clear winner. You will save significantly on fees, maintain custody of your assets, and trade on a platform purpose-built for derivatives. The referral code Concept211 gives you an additional 4% lifetime discount from day one. **Half the Fees, Full Control** — Trade perpetual futures on Hyperliquid with self-custody, no KYC, and fees roughly half what Crypto.com charges. Use our referral link for an extra 4% off. [Start Trading on Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) --- # Hyperliquid vs Gate.io - On-Chain Transparency vs Altcoin Breadth > Compare Hyperliquid and Gate.io for crypto trading: self-custody vs exchange custody, fees, token listings, KYC, volume transparency, and more. *Source: https://hyperliquidguide.com/compare/hyperliquid-vs-gate-io* **Hyperliquid vs Gate.io** ## Hyperliquid vs Gate.io: Verifiable Volume vs Maximum Token Selection Gate.io has built its reputation on one thing above all: listing tokens first. With over 2,100 trading pairs, it offers the widest altcoin selection of any major exchange. If a token exists, Gate.io has probably listed it before anyone else. For altcoin hunters, that early access is a powerful draw. Hyperliquid takes a fundamentally different approach. It runs entirely on its own Layer 1 blockchain, every trade is verifiable on-chain, and traders maintain self-custody of their assets. With [live data] perpetual futures pairs, a growing spot market, and daily volume around [live data], Hyperliquid has become the dominant decentralized perpetual futures exchange - competing directly with centralized platforms on speed, fees, and features. > **Key takeaway:** Gate.io wins on raw token selection with 2,100+ pairs, but Hyperliquid offers lower taker fees, zero gas costs, fully on-chain verifiable volume, self-custody, and no KYC. For perpetual futures traders who value transparency and sovereignty, Hyperliquid is the stronger choice. The comparison boils down to: do you prioritize having access to every obscure altcoin the moment it launches, or do you prioritize transparent, self-custodial trading with verifiable volume on a purpose-built blockchain? ![Hyperliquid trading interface](/images/compare/shared/hyperliquid-trading-interface.webp) ![Gate.io futures trading interface](/images/compare/shared/gateio-futures-interface.webp) **Trade with Full Transparency** — Every trade on Hyperliquid settles on-chain. No wash trading, no custody risk. Use our referral code for a 4% lifetime fee discount. [Try Hyperliquid - Save 4%](https://app.hyperliquid.xyz/join/Concept211) ## Custody and Trust Models This is the foundational difference and it affects everything else - fees, withdrawals, regulatory risk, and ultimately your peace of mind. ### Hyperliquid: Self-Custody On Hyperliquid, you connect your own Ethereum-compatible wallet ([MetaMask](/guides/getting-started/connect-metamask-to-hyperliquid), [Rabby](/guides/getting-started/connect-rabby-to-hyperliquid), [Phantom](/guides/getting-started/connect-phantom-to-hyperliquid), or similar) and [deposit USDC](/guides/getting-started/deposit-usdc-to-hyperliquid) to your margin account. Your funds are secured by the protocol's on-chain logic and your private keys. No third party can freeze your account, delay your withdrawal, or lose your money through mismanagement. The trade-off: you are responsible for securing your own keys. There is no customer support password reset. ### Gate.io: Exchange Custody On Gate.io, you deposit funds into the exchange's wallets. Gate.io controls the private keys. They implement security measures including cold storage and multi-factor authentication, but the fundamental dynamic is that a company holds your crypto. Gate.io has not had a major public security breach in recent years, but the exchange custody model always carries counterparty risk. The history of centralized exchange failures - from Mt. Gox to FTX - demonstrates that trusting a third party with your assets is a non-trivial decision. --- ## KYC and Geographic Access ### Hyperliquid: No KYC, Global Access Hyperliquid requires nothing to start trading. No email, no phone number, no government ID, no selfie. Connect a wallet, [bridge USDC](/guides/getting-started/bridge-to-hyperliquid), and place your [first trade](/guides/getting-started/how-to-trade-on-hyperliquid). The entire process takes under five minutes. There are no geographic restrictions on the primary frontend. ### Gate.io: KYC Required for Futures Gate.io allows basic spot trading with limited KYC, but **futures trading requires full identity verification**. You must submit a government-issued ID and complete facial recognition verification. This process can take hours to days. Beyond KYC, Gate.io is **not available to US residents** and has restricted access in several European and Asian jurisdictions. The exchange has faced regulatory scrutiny in multiple countries, leading to periodic changes in service availability. For traders who value privacy, live in restricted jurisdictions, or simply want to start trading immediately, Hyperliquid's permissionless access is a decisive advantage. --- ## Fee Comparison The fee structures are surprisingly close between these two platforms. For a detailed breakdown of Hyperliquid's fee mechanics, see our [fee structure guide](/guides/fees/fees-explained). At base tier, maker fees are identical at 0.015%. The difference is on the taker side: Hyperliquid charges 0.045% vs Gate.io's 0.05%. On a $10,000 taker trade, that is $4.50 on Hyperliquid vs $5.00 on Gate.io - a small but real difference that compounds for active traders. Gate.io offers discounts for holding and paying with their GT token (up to 25% off fees), and their referral program can provide up to 30% commission sharing. Hyperliquid's [HYPE token](/ecosystem/what-is-hype-token) staking discount (up to 40%) stacks with the 4% referral discount, which can push effective fees significantly below Gate.io's rates at any tier. For a trader doing $500K in monthly taker volume: | Platform | Monthly Fee Cost (Base) | With Discounts | |---|---|---| | **Hyperliquid** (base) | $225 | $130 - $215 (referral + staking) | | **Gate.io** (base) | $250 | $188 - $250 (GT discount) | The savings add up. [Get Your 4% Discount](https://app.hyperliquid.xyz/join/Concept211) --- ## Token Listings and Market Selection This is where the platforms diverge most dramatically. ### Gate.io: The Listing Machine Gate.io has built its brand on being first to market. With over **2,100 trading pairs**, it consistently lists new tokens days or weeks before other major exchanges. For traders who want to catch the earliest price action on newly launched projects, Gate.io's listing speed is a genuine competitive advantage. The flip side: many of these early listings are extremely low-liquidity tokens. Some never gain meaningful traction, and Gate.io's willingness to list everything means traders must exercise significant due diligence. The sheer number of pairs does not mean they are all worth trading. Gate.io also offers spot, margin, futures, copy trading, an earn program, a launchpad (Startup), and NFT marketplace - a full-service platform. ### Hyperliquid: Quality Over Quantity, Plus Permissionless Listing Hyperliquid currently offers [live data] perpetual futures pairs and a growing spot market. While that is far fewer than Gate.io's total, it covers every major and mid-cap asset that active traders care about. What makes Hyperliquid's approach unique is **HIP-1 permissionless listing**. Anyone can propose a new perpetual market without centralized approval. This means Hyperliquid can list new perp markets rapidly when demand exists, without the gatekeeping and listing fees that centralized exchanges charge. The community decides what gets traded, not a business development team. Hyperliquid has also expanded into non-crypto perpetuals through [HyperEVM](/ecosystem/hyperevm-explained) and HIP-3 builder markets - including commodities and equity perpetuals via platforms like trade.xyz. This gives traders access to assets like gold, silver, crude oil, and stocks like NVDA and TSLA, all settled on-chain. If your strategy depends on sniping micro-cap tokens the moment they list, Gate.io has the edge. If you trade established perp markets and value on-chain settlement, Hyperliquid is the better platform. --- ## Volume Transparency: On-Chain vs Unverifiable This is an area where Hyperliquid has a structural advantage that Gate.io simply cannot match. ### Hyperliquid: Every Trade On-Chain Every trade on Hyperliquid settles on its Layer 1 blockchain. Volume is fully verifiable. Independent researchers, analytics platforms, and anyone with a block explorer can audit every order, every fill, every liquidation. There is no possibility of wash trading inflation because the data is transparent and immutable. Hyperliquid's approximately [live data] in daily volume is real, verified, on-chain volume. When you see a number, you can trust it. ### Gate.io: Questions Around Volume Gate.io's reported volume has been flagged by multiple independent research firms for potential inflation. Organizations like the Blockchain Transparency Institute and CoinGecko's trust scoring have historically ranked Gate.io lower on volume legitimacy metrics compared to exchanges like Binance or Coinbase. This does not mean Gate.io's volume is entirely fabricated - but it does mean traders cannot independently verify the numbers. For traders who use volume data to make trading decisions (choosing liquid markets, assessing price discovery quality), this lack of transparency is a meaningful concern. > **Key takeaway:** On-chain volume verification is not just a philosophical preference - it directly affects your trading. Verifiable volume means verifiable liquidity, accurate funding rates, and confidence that the market you are trading is real. **Trade Where Volume Is Verifiable** — Hyperliquid settles every trade on-chain. No inflated numbers, no wash trading. Real volume, real liquidity. Join with our referral code for 4% off fees. [Start Trading on Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) ## Leverage and Risk Management ### Gate.io Gate.io offers up to **125x leverage** on BTC perpetual futures, with lower limits on altcoins. High leverage is available after completing additional risk acknowledgment steps. ### Hyperliquid Hyperliquid caps leverage at **50x** on major pairs like BTC, with lower limits on less liquid assets. The lower cap is a deliberate design choice - it reduces the frequency of cascading liquidations that can destabilize an order book, creating a healthier trading environment for all participants. For most traders, 50x is more than sufficient. The difference between 50x and 125x leverage is rarely meaningful in practice - at 125x, a 0.8% adverse move liquidates your position. Very few traders can sustainably operate at that level of risk. Hyperliquid also offers advanced [order types](/guides/trading/order-types-guide) including scaling orders and TWAP execution that help traders manage risk more effectively than simple leverage adjustments. --- ## Platform Features Comparison Gate.io has the broader product suite: spot, futures, margin, options, copy trading, lending, launchpad, and NFTs. It is a full-service crypto platform that tries to be everything to everyone. Hyperliquid is laser-focused on being the best perpetual futures exchange in crypto - centralized or decentralized. It complements this with a growing spot market, the [HyperEVM](/ecosystem/hyperevm-explained) ecosystem for DeFi applications, and [vaults](/ecosystem/hyperliquid-vaults-guide) that serve as an alternative to traditional copy trading. If perps are your primary trading activity, Hyperliquid covers everything you need. ## Regulatory Risk ### Gate.io Gate.io operates in a regulatory gray zone in many jurisdictions. It is **not available to US residents**, has faced restrictions in the EU, and its Cayman Islands registration provides limited regulatory protection. The exchange has been banned or restricted in multiple countries over the years. For traders in supported regions, this may not matter day-to-day. But regulatory uncertainty creates withdrawal risk - if a jurisdiction suddenly restricts Gate.io, account access and withdrawals could be disrupted. ### Hyperliquid As a decentralized protocol, Hyperliquid does not rely on a centralized entity operating in a specific jurisdiction. Users interact with smart contracts through their own wallets. There is no company to sanction, no CEO to prosecute, and no centralized servers to shut down. While future DeFi regulation could change this landscape, the architectural reality is that a non-custodial protocol is structurally more resilient to regulatory action. --- ## Who Should Choose Which? **Choose Hyperliquid if you:** - Trade perpetual futures as your primary activity - Value self-custody and controlling your own keys - Want verifiable, on-chain volume with no wash trading concerns - Prefer no KYC and instant access from anywhere - Want lower effective fees through stacking referral + [HYPE staking](/ecosystem/what-is-hype-token) discounts - Care about regulatory resilience and censorship resistance **Choose Gate.io if you:** - Need access to the widest possible selection of altcoins and new token listings - Want early access to micro-cap tokens before they hit larger exchanges - Need fiat on-ramps, earn products, and a full-service platform - Prefer higher leverage options (up to 125x) - Are comfortable with exchange custody and KYC requirements - Trade primarily spot and want 2,100+ pairs For traders who compare exchanges based on the [Hyperliquid vs Binance](/compare/hyperliquid-vs-binance) matchup, the Gate.io comparison follows a similar pattern: centralized breadth vs decentralized depth and transparency. The difference is that Gate.io trades some of Binance's institutional credibility for even more aggressive altcoin listing speed. For another exchange known for aggressive listings, see our [Hyperliquid vs MEXC](/compare/hyperliquid-vs-mexc) comparison. ## The Verdict Gate.io and Hyperliquid serve different traders with different priorities. Gate.io is the platform for altcoin maximalists who want to be first into every new token. Hyperliquid is the platform for perpetual futures traders who demand transparency, self-custody, and verifiable markets. If your edge comes from catching early token listings, Gate.io's breadth is hard to match. But if your edge comes from trading perps on a platform you can trust - where the volume is real, the fees are low, and no one can freeze your funds - Hyperliquid is the clear winner. You can explore [live market data](/markets), check [funding rates](/tools/funding-rates), and start trading in under five minutes. The referral code Concept211 gives you a 4% lifetime discount on all trading fees - a permanent edge on every trade. **Real Volume. Real Custody. Real Savings.** — Join Hyperliquid and trade on a platform where every trade is verifiable on-chain. No KYC, no custody risk, and 4% off fees for life. [Start Trading on Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) --- # Hyperliquid vs Kraken - Permissionless DeFi vs Regulated CEX > Compare Hyperliquid and Kraken for perpetual futures trading: fees, KYC requirements, leverage, security models, and features. Find out which exchange fits your trading style. *Source: https://hyperliquidguide.com/compare/hyperliquid-vs-kraken* **Hyperliquid vs Kraken** ## Hyperliquid vs Kraken: DeFi Speed Meets Institutional Trust Kraken is one of the oldest centralized exchanges in crypto, a licensed platform with no publicly reported major exchange breach and a reputation built on security and transparency. Hyperliquid is the new generation: a decentralized perpetual futures exchange running on its own Layer 1 blockchain, processing around [live data] in daily volume with no KYC and full self-custody. This comparison pits two fundamentally different philosophies against each other. Kraken says: trust us, we are regulated and secure. Hyperliquid says: trust the protocol, not the company. Both have merit, and the right choice depends entirely on what matters most to you as a trader. > **Key takeaway:** Hyperliquid offers lower fees (0.015% maker vs 0.02%), more perpetual futures pairs, no KYC, and self-custody - while Kraken offers fiat on-ramps, US regulatory compliance, and one of the strongest security track records in crypto. For pure perps trading, Hyperliquid has the edge. For compliance-focused traders who need fiat access, Kraken wins. ![Hyperliquid trading interface with real-time charts](/images/compare/shared/hyperliquid-trading-interface.webp) ![Kraken Futures trading interface](/images/compare/shared/kraken-futures-interface.webp) **Lower Fees, No KYC, Self-Custody** — Hyperliquid offers institutional-grade perps trading without the institutional red tape. Use our referral code for a 4% lifetime fee discount. [Try Hyperliquid - Save 4%](https://app.hyperliquid.xyz/join/Concept211) ## Custody and Security: Two Models, Two Trade-Offs The most important difference between these two platforms is how they handle your money. ### Kraken: Custodial with a Stellar Track Record Kraken is a custodial exchange - when you deposit funds, Kraken holds them. Its security record is a large part of its reputation: founded in 2011, Kraken has **no publicly reported major breach of the exchange** in that time. It maintains proof of reserves, conducts regular audits, and was an early adopter of comprehensive cold storage practices. As with any custodial venue, absence of a reported breach is not a guarantee about the future. Kraken is registered with FinCEN in the United States and has pursued a federal bank charter, signaling its commitment to operating within the regulatory framework. For institutional traders, compliance-focused funds, and anyone who prioritizes regulatory clarity, Kraken's approach is compelling. The trade-off remains the same as any custodial platform: your funds are only as safe as Kraken's operational integrity. You are trusting a third party, even if that third party has earned significant trust. ### Hyperliquid: Self-Custody by Design On Hyperliquid, you connect your own wallet ([MetaMask](/guides/getting-started/connect-metamask-to-hyperliquid), [Rabby](/guides/getting-started/connect-rabby-to-hyperliquid), or similar) and [deposit USDC](/guides/getting-started/deposit-usdc-to-hyperliquid) to your margin account. Your funds are secured by on-chain logic and your own private keys. No intermediary can freeze your account, block withdrawals, or mismanage your assets. The responsibility shifts to you: lose your private keys, and there is no customer support to help. But you also eliminate every form of exchange counterparty risk. For traders who remember Mt. Gox, QuadrigaCX, or FTX, self-custody is not a preference - it is a requirement. Our [security guide](/guides/getting-started/crypto-trading-security-guide) covers best practices for protecting your wallet. ![Deposit flow comparison - Kraken bank transfer vs Hyperliquid wallet connect](/images/compare/hyperliquid-vs-kraken/deposit-flow-comparison.webp) --- ## KYC and Access ### Hyperliquid: No KYC, Instant Access Hyperliquid requires nothing. No email, no identity verification, no waiting period. Connect a wallet, [bridge USDC](/guides/getting-started/bridge-to-hyperliquid), and you can place your [first trade](/guides/getting-started/how-to-trade-on-hyperliquid) within minutes. There are no geographic restrictions on the primary frontend, and your [privacy](/privacy/hyperliquid-us-availability) is fully preserved. ### Kraken: Full KYC, Strong US Presence Kraken requires full KYC for all users - government ID, personal information, and in many jurisdictions, proof of address. Verification typically takes a few hours but can extend to days during peak demand. The upside of Kraken's KYC compliance is clear US availability. Unlike many exchanges that have pulled out of or restricted US access, Kraken is fully operational for American users (though certain futures products have limitations). For US-based traders who need a compliant platform with fiat access, Kraken is one of the top choices. For traders who value privacy, trade from restricted jurisdictions, or simply do not want to hand over personal documents to use a trading platform, Hyperliquid's permissionless model is the clear winner. --- ## Fee Comparison Fees are where Hyperliquid pulls meaningfully ahead. For a complete breakdown, see our [fee structure guide](/guides/fees/fees-explained). Hyperliquid wins on **both maker and taker fees** at base tier - 0.015%/0.045% vs Kraken's 0.020%/0.050%. On a $10,000 taker trade, that is $4.50 on Hyperliquid vs $5.00 on Kraken. The gap widens further when you factor in Hyperliquid's [staking discounts and VIP tiers](/guides/fees/fee-tiers). Hyperliquid's **[HYPE token](/ecosystem/what-is-hype-token) staking discount** (up to 40% at Diamond tier) stacks with the 4% referral discount, driving effective fees well below Kraken's best rates. Kraken has no equivalent token-based discount system. [Get Your 4% Discount](https://app.hyperliquid.xyz/join/Concept211) ### Fee Calculation: $500K Monthly Volume | Platform | Monthly Fee Cost (Taker) | |---|---| | **Hyperliquid** (base + 4% referral) | $216 | | **Hyperliquid** (base + referral + HYPE staking) | $130 - $216 | | **Kraken** (base tier) | $250 | | **Kraken** (Pro tier) | $200 | Over a year, the savings on Hyperliquid compound into meaningful money - potentially thousands of dollars that stay in your trading account rather than going to exchange fees. **Lower Fees Than Kraken - Guaranteed** — Hyperliquid beats Kraken on both maker and taker fees at every tier. Use referral code for an additional 4% lifetime discount. [Start Saving on Fees](https://app.hyperliquid.xyz/join/Concept211) --- ## Trading Features ### Perpetual Futures Depth For perpetual futures specifically - the core product both platforms offer - Hyperliquid has a clear advantage in pair count. With [live data] perpetual pairs vs Kraken's roughly 100, Hyperliquid gives traders access to more markets, including emerging tokens, memecoins, and even commodity and equity perpetuals via HIP-3 builder markets. Hyperliquid's [order types](/guides/trading/order-types-guide) include scaling orders and TWAP - advanced execution tools that Kraken does not offer. For traders who want precise position entry across a price range or time-weighted execution, Hyperliquid provides more sophisticated tooling. ### Kraken's Broader Product Suite Kraken has the advantage in product breadth. It offers spot trading across roughly 200 pairs, multi-asset staking (ETH, DOT, SOL, and others), an NFT marketplace, and margin trading. Kraken also recently acquired NinjaTrader, signaling its ambition to expand into traditional derivatives markets. The biggest practical advantage for many traders is **fiat on-ramps**. Kraken supports bank wire transfers, ACH deposits, and other fiat payment methods. This means you can go from a bank account to a trading position without touching any other platform. Hyperliquid requires you to already have USDC in a crypto wallet, which means an extra step if you are starting from fiat. ### Hyperliquid's Ecosystem Edge Where Hyperliquid pulls ahead is its growing DeFi ecosystem. HyperEVM enables lending, borrowing, liquid staking, and vault strategies directly on the Hyperliquid chain. You can lend your USDC, stake HYPE, or participate in vaults - all without leaving the ecosystem. Kraken, as a centralized platform, does not and cannot offer this kind of composable, permissionless financial infrastructure. --- ## Speed and Execution ### Hyperliquid Sub-second finality on its custom L1 blockchain. Orders are matched and confirmed in under one second. The trading experience genuinely feels like using a centralized exchange - order placement, modification, and cancellation are all instant and free. No gas fees on any action. ### Kraken Kraken's matching engine is fast and reliable, though it has historically been less focused on ultra-low-latency execution compared to some competitors. Kraken has invested heavily in infrastructure upgrades, and execution is smooth for both retail and professional traders. ### Practical Difference For manual traders, both platforms feel responsive and fast. Neither will leave you waiting for order confirmation. For algorithmic traders, Hyperliquid's sub-second finality is more than sufficient for most strategies, and its API is well-documented with both REST and WebSocket endpoints. Kraken also offers strong API support, though its rate limits and WebSocket implementation differ. --- ## Regulatory Landscape ### Kraken: Compliance Leader Kraken has built its brand on regulatory compliance. It is registered with FinCEN, operates licensed entities in multiple jurisdictions, and has been pursuing a federal bank charter in the United States. For institutional traders, funds, and compliance-conscious individuals, Kraken offers one of the clearest regulatory pictures in the industry. This compliance comes with trade-offs: KYC for all users, potential restrictions on certain products by jurisdiction, and the possibility of account freezes or reporting obligations tied to regulatory requirements. ### Hyperliquid: Permissionless Protocol Hyperliquid operates as a decentralized protocol with no centralized entity controlling user funds or access. There is no KYC, no geographic restrictions on the primary frontend, and no intermediary that can freeze accounts or block trades. The regulatory future of decentralized exchanges is uncertain. US regulation could evolve to impose requirements on DEX frontends or DeFi protocols directly. But architecturally, a non-custodial, permissionless protocol occupies a fundamentally different regulatory category than a centralized exchange. For a deeper look at how US traders approach Hyperliquid, see our [US availability guide](/privacy/hyperliquid-us-availability). --- ## Liquidity and Volume Hyperliquid processes approximately [live data] in daily perpetual futures volume, making it one of the highest-volume DEXs in existence. Kraken's futures volume is lower - it is a respected exchange, but futures have not been its primary growth driver the way spot and staking have been. On major pairs like BTC and ETH perpetuals, both platforms offer tight spreads and reasonable depth. For mid-cap and small-cap perpetual pairs, Hyperliquid generally offers more markets and comparable or better liquidity than Kraken's futures desk. Kraken's spot liquidity is strong, particularly for fiat pairs (BTC/USD, ETH/EUR, etc.) where it benefits from direct fiat on-ramps and institutional flow. If spot trading with fiat pairs is important to you, Kraken has a meaningful advantage. > **Note:** Explore live Hyperliquid data: [Funding Rates](/tools/funding-rates) · [Open Interest](/tools/open-interest) · [Volume Rankings](/tools/volume) ## Who Should Choose Which? **Choose Hyperliquid if you value:** - **Lower fees** - Hyperliquid wins on both maker and taker at base tier, and stacking discounts widen the gap - **No KYC** - trade immediately with just a wallet connection - **Self-custody** - your assets stay in your wallet, not on an exchange - **More perp pairs** - [live data] perpetuals vs Kraken's ~100 - **DeFi composability** - lending, vaults, and staking on HyperEVM - **Advanced order types** - scaling orders, TWAP, and free order modifications **Choose Kraken if you value:** - **US regulatory compliance** - FinCEN registered, clear legal standing - **Fiat on-ramps** - bank wire, ACH, and card deposits - **Security track record** - no publicly reported major exchange breach in over a decade - **Spot trading breadth** - 200+ spot pairs with fiat quotes - **Multi-asset staking** - stake ETH, DOT, SOL, and more directly on the platform - **Institutional reputation** - trusted by funds and corporate treasuries For perpetual futures traders who prioritize low fees, privacy, and self-custody, Hyperliquid is the stronger choice. For traders who need fiat access, regulatory clarity, and a broader product suite, Kraken remains an excellent platform. Many traders use both - Kraken as a fiat gateway and spot venue, Hyperliquid as their primary perps platform. See how Hyperliquid stacks up against other major exchanges in our [Hyperliquid vs Binance](/compare/hyperliquid-vs-binance), [Hyperliquid vs Gate.io](/compare/hyperliquid-vs-gate-io), and [Hyperliquid vs Crypto.com](/compare/hyperliquid-vs-crypto-com) comparisons. **Trade Perps the DeFi Way** — Lower fees than Kraken, no KYC, and full self-custody. Join Hyperliquid with referral code and save 4% on every trade for life. [Get 4% Off - Join Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) --- # Hyperliquid vs MEXC - Permissionless Trading Showdown > Compare Hyperliquid and MEXC for crypto futures trading: fees, KYC, altcoin listings, self-custody vs exchange custody, and volume transparency. *Source: https://hyperliquidguide.com/compare/hyperliquid-vs-mexc* **Hyperliquid vs MEXC** ## Hyperliquid vs MEXC: Two Approaches to Permissionless Trading Hyperliquid and MEXC occupy an interesting overlap in the crypto exchange landscape. Both platforms have built reputations around permissionless access and aggressive token listings. Both attract traders who want to trade early, trade freely, and avoid the bureaucratic overhead of traditional exchanges. But the way each platform delivers on that promise could not be more different. MEXC is a centralized exchange - one of the largest by trading volume - known for listing tokens faster than almost anyone else and offering competitive fee promotions. Hyperliquid is a decentralized exchange running its own Layer 1 blockchain, offering self-custody, on-chain transparency, and zero KYC. The philosophies are fundamentally different, even if the target audience overlaps. > **Key takeaway:** Both Hyperliquid and MEXC appeal to traders who want fast access to new tokens and minimal friction. The key difference: Hyperliquid gives you self-custody and on-chain transparency, while MEXC gives you a massive altcoin catalog and promotional fee rates. Your choice depends on whether you prioritize sovereignty or selection. This comparison covers fees, listings, custody, volume transparency, and everything else that matters when deciding between these two platforms. ![Hyperliquid trading interface — fully on-chain order book](/images/compare/shared/hyperliquid-trading-interface.webp) ![MEXC trading interface showing BTC/USDT with order book and chart](/images/compare/shared/mexc-trading-interface.webp) **Trade with Self-Custody** — Hyperliquid offers CEX-level performance with DEX principles - no KYC, no custody risk, and zero gas fees. Use our referral code for a 4% lifetime fee discount. [Try Hyperliquid - Save 4%](https://app.hyperliquid.xyz/join/Concept211) ## Custody and Trust Model This is the most fundamental difference and it shapes everything else. ### Hyperliquid: Self-Custody On Hyperliquid, you connect your own Ethereum-compatible wallet - [MetaMask](/guides/getting-started/connect-metamask-to-hyperliquid), [Rabby](/guides/getting-started/connect-rabby-to-hyperliquid), or another supported wallet - and [deposit USDC](/guides/getting-started/deposit-usdc-to-hyperliquid) to your margin account. Your funds are secured by the protocol's on-chain logic and your private keys. No intermediary can freeze your account, block withdrawals, or lose your funds through mismanagement. This model eliminates counterparty risk entirely. There is no exchange to get hacked, no company to go insolvent, and no compliance team to lock your account pending review. The trade-off is personal responsibility - lose your keys, lose your funds. ### MEXC: Exchange Custody MEXC is a centralized exchange. When you deposit funds, MEXC holds them in their wallets. You are trusting the exchange to keep your assets safe, to execute trades honestly, and to allow withdrawals when you request them. MEXC has faced regulatory scrutiny in multiple jurisdictions. It has been flagged by regulators in various countries and has periodically restricted services in response. For traders, this translates to real risk: the possibility of withdrawal delays, service restrictions, or account limitations triggered by regulatory actions. The history of centralized exchange failures - from FTX to smaller platforms that vanished overnight - makes the custody question more than theoretical. Every dollar you hold on MEXC is subject to the platform's operational integrity. ## KYC and Access ### Hyperliquid: Zero KYC Hyperliquid requires nothing. No email, no phone number, no identity documents, no selfies. Connect a wallet, [bridge USDC](/guides/getting-started/bridge-to-hyperliquid), and start trading. The entire process takes under five minutes. There are no geographic restrictions on the primary frontend. A trader in Tokyo and a trader in Tallinn have identical access. ### MEXC: Light KYC (Evolving) MEXC built its early reputation partly on minimal KYC requirements. For years, traders could sign up with just an email and trade significant volumes without identity verification. Recently, MEXC has introduced light KYC requirements, though enforcement and thresholds vary by jurisdiction and account activity level. This shift is worth noting because it represents a trend. Centralized exchanges face increasing regulatory pressure to implement stricter verification. What is "light KYC" today may become full verification tomorrow. Hyperliquid, as a decentralized protocol, is structurally immune to this kind of regulatory ratchet. --- ## Fee Comparison Fees are where MEXC makes its strongest case - at least on paper. At standard rates, MEXC undercuts Hyperliquid on both maker and taker fees. MEXC's promotional rates - 0% maker and 0.02% taker - are even more aggressive. But there are important caveats. For a full breakdown of Hyperliquid's fee tiers, see our [fee structure guide](/guides/fees/fees-explained). **MEXC's promotional rates are temporary.** They have been running for an extended period, but MEXC explicitly labels them as promotional. They can be revised or removed at any time. Building your trading strategy around a promotional fee rate is a risk. **Hyperliquid's discounts stack.** The 4% referral discount (via code Concept211) stacks with [HYPE token](/ecosystem/what-is-hype-token) staking discounts of up to 40%. At the Diamond staking tier, effective taker fees drop to approximately 0.026% - well below MEXC's standard rates and competitive even with the promotional rates. **Withdrawal fees matter.** Hyperliquid charges zero withdrawal fees. MEXC charges per-token withdrawal fees that vary by network and asset. For traders who move funds in and out frequently, these fees add up and erode the savings from lower trading fees. [Get Your 4% Discount](https://app.hyperliquid.xyz/join/Concept211) ### Fee Calculation: $500K Monthly Volume | Scenario | Monthly Cost | |---|---| | **Hyperliquid** (base + 4% referral) | $216 maker / $216 taker | | **Hyperliquid** (base + referral + HYPE staking) | $130 – $216 | | **MEXC** (promotional rates) | $0 maker / $100 taker | | **MEXC** (standard rates) | $50 maker / $200 taker | | **MEXC** + withdrawal fees | Add $10–$50+ depending on frequency | On pure trading fees at promotional rates, MEXC wins. But promotions end, and the total cost of ownership - including withdrawals, custody risk, and the value of self-custody - tilts the equation. --- ## Token Listings and Market Selection Both platforms have built reputations as early listers. The mechanisms differ entirely. ### MEXC: Aggressive Centralized Listings MEXC lists tokens faster than almost any major centralized exchange. With over 2,000 spot tokens and hundreds of futures pairs, the catalog is massive. MEXC's listing team actively seeks out new projects, often adding tokens within days of launch. For traders who want to trade the latest altcoins on a centralized platform, MEXC is hard to beat on selection alone. The downside is quality control. MEXC has been criticized for listing low-quality or scam tokens, and for the speed at which some listings are added and later delisted. The breadth of selection comes with a "buyer beware" dynamic. ### Hyperliquid: Permissionless On-Chain Listings Hyperliquid takes a different approach. Its [HIP-1 permissionless listing system](/ecosystem/hyperevm-explained) allows anyone to list a token without centralized approval. New perpetual pairs are added based on community demand and protocol governance, with over [live data] perpetual pairs currently live. While the total number is smaller than MEXC's catalog, the quality bar is generally higher. And the listing mechanism is transparent and decentralized - no backroom deals, no listing fees paid to the exchange, no opaque decision-making. Hyperliquid is also expanding into non-crypto markets. Equity perpetuals and commodity trading are available through HIP-3 builder markets, offering assets that MEXC does not support at all. ## Volume Transparency This is where the comparison gets uncomfortable for MEXC. ### Hyperliquid: On-Chain Verified Volume Every trade on Hyperliquid happens on-chain. The volume you see is verifiable against the L1 blockchain data. There is no mechanism for the exchange to inflate numbers because the exchange is the blockchain. When Hyperliquid reports approximately [live data] in daily volume, that number is cryptographically verifiable. This transparency extends to the order book, trade history, and liquidation data. Everything is on-chain and auditable. ### MEXC: Wash Trading Concerns MEXC has been repeatedly flagged by independent research firms for suspected wash trading. Multiple analyses have suggested that a significant portion of MEXC's reported volume may be artificial. This is not unique to MEXC - wash trading is an industry-wide problem among centralized exchanges - but MEXC has been specifically named in several reports. Why does this matter for traders? Inflated volume numbers can mask the true liquidity available. You might see a pair showing high volume on MEXC but find that actual order book depth is thinner than expected. Slippage on real trades can be worse than the volume numbers would suggest. On Hyperliquid, what you see is what you get. The volume is real, the liquidity is real, and the order book is transparent. **Transparent, Verifiable Trading** — Every trade on Hyperliquid is on-chain and verifiable. No wash trading, no inflated numbers - just real volume and real liquidity. Use our referral code for 4% off fees. [Trade on Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) --- ## Trading Features MEXC offers a broader feature set with more pairs, higher maximum leverage, built-in copy trading, and fiat on-ramps. For traders who want one platform to do everything, MEXC covers more ground. Hyperliquid counters with quality over quantity. Its [advanced order types](/guides/trading/order-types-guide) - scaling orders and TWAP - are execution tools that MEXC does not offer. Its [vault system](/ecosystem/hyperliquid-vaults-guide) provides a decentralized alternative to copy trading. And Hyperliquid's expansion into equity and commodity perpetuals through HIP-3 gives it a unique market niche that no centralized exchange matches. MEXC's 200x leverage offering is also worth scrutinizing. While it sounds impressive, leverage above 50x is a liquidation accelerator for most traders. Higher leverage is not inherently better - it is a marketing tool as much as a trading feature. For pure perpetual futures trading with an emphasis on execution quality and advanced tools, Hyperliquid is the stronger platform. For maximum asset selection and traditional CEX features, MEXC has the edge. ## Security and Risk Profile ### Hyperliquid Self-custody means your security depends on your own wallet practices. Use a hardware wallet, secure your seed phrase, and follow basic [crypto security principles](/guides/getting-started/crypto-trading-security-guide). The protocol itself has been audited and runs on a purpose-built L1 with a validator set. The key point: there is no single point of failure. No one entity can be hacked, compromised, or shut down in a way that puts your funds at risk. ### MEXC As a centralized exchange, MEXC presents a single point of failure. The exchange has faced regulatory warnings from multiple jurisdictions. While MEXC has not suffered a major public hack, the centralized custody model means all user funds are concentrated in exchange-controlled wallets - an attractive target. MEXC's regulatory situation also creates uncertainty. Exchanges under regulatory pressure may restrict withdrawals, limit services, or make sudden policy changes that affect user access. --- ## Who Should Choose Each Platform **Choose Hyperliquid if:** - Self-custody is non-negotiable - you want full control of your funds at all times - You value volume transparency and on-chain verifiability - You want zero KYC with no risk of it changing in the future - Advanced perps trading is your focus, including [scaling orders and TWAP](/guides/trading/order-types-guide) - You want to explore [equity and commodity perpetuals](/ecosystem/hyperevm-explained) not available elsewhere - Reducing counterparty risk matters more than having 2,000 altcoin listings - You want to [place your first trade](/guides/getting-started/how-to-trade-on-hyperliquid) in under five minutes with no sign-up process **Choose MEXC if:** - Maximum altcoin selection is your top priority - You want promotional zero-maker-fee trading (while it lasts) - Built-in copy trading, earn products, and fiat on-ramps are important to you - You are comfortable with centralized custody and the associated risks - You need higher leverage options (100x–200x) ## The Verdict Hyperliquid and MEXC attract a similar type of trader - someone who wants fast access, minimal friction, and early exposure to new tokens. But the execution philosophies are polar opposites. MEXC gives you a massive centralized platform with aggressive promotional pricing and an enormous altcoin catalog. The trade-off is custody risk, wash trading concerns, regulatory uncertainty, and the knowledge that your funds sit in someone else's wallets. Hyperliquid gives you a decentralized, self-custody trading experience with on-chain transparency, zero KYC, and a growing ecosystem that extends into [DeFi via HyperEVM](/ecosystem/hyperevm-explained). The trade-off is a smaller (but growing) asset selection and slightly higher base fees - though stacking discounts can close that gap entirely. For serious futures traders who understand the value of self-custody and transparent markets, Hyperliquid is the clear winner. The ability to verify every trade on-chain, to never worry about exchange insolvency, and to trade without handing over your identity - these are not marginal benefits. They are the entire point of decentralized finance. If you are on MEXC today, consider running both platforms in parallel. Use MEXC for its altcoin breadth when you need it, but route your core perpetual futures volume through Hyperliquid. Your keys, your funds, your trades - and a 4% discount to make the switch easier. Compare Hyperliquid against other exchanges: [Hyperliquid vs Binance](/compare/hyperliquid-vs-binance) covers the world's largest CEX, [Hyperliquid vs Gate.io](/compare/hyperliquid-vs-gate-io) compares another altcoin-heavy CEX, and our [Hyperliquid vs dYdX](/compare/hyperliquid-vs-dydx) article compares the two leading decentralized perps platforms. **Switch to Self-Custody Trading** — Join Hyperliquid with referral code and get 4% off all trading fees for life. No KYC, no custody risk, no compromises. [Start Trading on Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) --- # Hyperliquid vs OKX - Self-Custody DEX vs Top-10 CEX Compared > Compare Hyperliquid and OKX for perpetual futures trading: fees, KYC, leverage, self-custody, ecosystem features, and which exchange suits your trading style. *Source: https://hyperliquidguide.com/compare/hyperliquid-vs-okx* **Hyperliquid vs OKX** ## Hyperliquid vs OKX: Permissionless DEX Meets Global CEX OKX is one of the world's largest centralized crypto exchanges - consistently in the top 5 by derivatives volume, with a strong presence across Asia, Europe, and the Middle East. It has built a reputation for solid perps infrastructure, a popular Web3 wallet, and an aggressive product roadmap. Hyperliquid, meanwhile, has emerged as the leading decentralized perpetual futures exchange, processing around [live data] in daily volume on its purpose-built Layer 1 blockchain. What makes this comparison particularly interesting is the overlap between the two ecosystems. OKX has one of the most widely used Web3 wallets in crypto, and that same wallet can be used to [connect directly to Hyperliquid](/guides/getting-started/connect-okx-wallet-to-hyperliquid). Many traders actively use both platforms - OKX's centralized exchange for certain features and Hyperliquid's decentralized exchange for self-custody perps trading. > **Key takeaway:** Hyperliquid offers lower maker fees, zero gas costs, self-custody, and no KYC. OKX offers higher leverage (125x vs 50x), a broader product suite, fiat on-ramps, and its own DeFi wallet ecosystem. The two platforms are surprisingly complementary - you can even use OKX Wallet to trade on Hyperliquid. This guide compares every dimension that matters so you can decide where to trade - or how to use both effectively. ![Hyperliquid perpetual futures trading interface](/images/compare/shared/hyperliquid-trading-interface.webp) **Trade Perps Without KYC or Custody Risk** — Hyperliquid delivers CEX-level speed with full self-custody. Use our referral code for a 4% lifetime fee discount on all trades. [Try Hyperliquid - Save 4%](https://app.hyperliquid.xyz/join/Concept211) ## Custody and Account Model The foundational difference between these two platforms is who holds your funds. ### Hyperliquid: Self-Custody On Hyperliquid, you connect your own Ethereum-compatible wallet - whether that is [MetaMask](/guides/getting-started/connect-metamask-to-hyperliquid), [Rabby](/guides/getting-started/connect-rabby-to-hyperliquid), [OKX Wallet](/guides/getting-started/connect-okx-wallet-to-hyperliquid), or another option - and [deposit USDC](/guides/getting-started/deposit-usdc-to-hyperliquid) to your on-chain margin account. Your funds are secured by the protocol's smart contracts and your own private keys. No intermediary can freeze your account, delay your withdrawal, or lose your funds through operational failure. The trade-off is personal responsibility. If you lose your seed phrase, there is no customer support to recover your account. You are fully sovereign, which means fully accountable. ### OKX: Exchange Custody On OKX, you create an account, complete KYC verification, and deposit funds into exchange-controlled wallets. OKX manages the private keys, implements security measures (cold storage, multi-sig, proof of reserves), and provides customer support if something goes wrong. This model is familiar and convenient. But it means you trust OKX with your assets. Centralized exchanges have historically been vulnerable to hacks, regulatory seizures, and operational failures. OKX has not suffered a major loss event, but the structural risk of exchange custody remains present. --- ## KYC and Access ### Hyperliquid: No KYC, Instant Access Hyperliquid requires nothing to start trading. No email, no phone number, no government ID, no selfie. Connect a wallet, [make your first trade](/guides/getting-started/how-to-trade-on-hyperliquid), done. The entire onboarding takes under 5 minutes. There are no geographic restrictions on the primary frontend. This is a decisive advantage for traders who value privacy, live in underserved jurisdictions, or simply want to start trading without a multi-day verification process. ### OKX: Full KYC Required OKX requires full Know Your Customer verification for all users. This includes government-issued photo ID, and depending on your region, proof of address and additional verification steps. The process typically takes a few hours but can stretch longer during high-demand periods. OKX has also faced regulatory challenges in certain jurisdictions. It withdrew from select markets, adjusted available services by region, and has been subject to scrutiny around compliance practices. While OKX has actively pursued regulatory compliance, the reality is that centralized exchanges operate in a constantly shifting legal landscape that can affect user access with little warning. --- ## Fee Comparison Trading fees on both platforms are competitive. For a comprehensive breakdown of Hyperliquid's fee mechanics, see our [fee structure guide](/guides/fees/fees-explained). At **base tier**, Hyperliquid wins on both maker and taker fees. Maker orders cost 0.015% on Hyperliquid vs 0.020% on OKX. Taker orders cost 0.045% on Hyperliquid vs 0.050% on OKX. On a $10,000 taker trade, that is $4.50 on Hyperliquid vs $5.00 on OKX. Hyperliquid's discount stacking is particularly powerful. The 4% referral discount via code Concept211 combines with [HYPE token](/ecosystem/what-is-hype-token) staking discounts (up to 40% at Diamond tier), driving effective costs well below base rates. [Get Your 4% Discount](https://app.hyperliquid.xyz/join/Concept211) OKX offers its own discount mechanisms through OKB token holdings and volume-based VIP tiers, but the stacking is less aggressive than Hyperliquid's model. OKX also charges withdrawal fees when moving crypto off-platform, a cost that does not exist on Hyperliquid where all on-chain transactions are gas-free. ### Fee Calculation Example: Active Trader For a trader doing $1M in monthly volume, mostly taker orders: | Platform | Monthly Fee Cost | |---|---| | **Hyperliquid** (base + 4% referral) | $432 | | **Hyperliquid** (base + referral + HYPE staking) | $259 - $432 | | **OKX** (base tier) | $500 | | **OKX** (VIP 1 tier) | $360 | The savings add up. Over a year, the difference between Hyperliquid with stacking discounts and OKX at base tier could exceed $2,000. **Lower Fees, Zero Gas, Full Self-Custody** — Hyperliquid beats OKX on both maker and taker fees at base tier - and the gap widens with HYPE staking discounts. Sign up with our referral link for an immediate 4% off. [Start Trading on Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) --- ## Leverage and Risk ### OKX: Up to 125x Leverage OKX offers up to 125x leverage on major pairs like BTC-USDT and ETH-USDT. This is among the highest leverage available at any exchange, centralized or decentralized. For smaller altcoin pairs, OKX typically caps leverage at 50x-75x. ### Hyperliquid: Up to 50x Leverage Hyperliquid caps maximum leverage at 50x on BTC and ETH, with lower limits on smaller-cap assets. This is a deliberate design choice - higher leverage increases both user risk and systemic risk to the protocol's insurance fund. ### Does It Matter? For the vast majority of traders, the practical difference is minimal. Trading at 125x leverage means a 0.8% adverse price move liquidates your position. Most professional traders operate in the 3x-20x range. The higher ceiling on OKX is primarily relevant for very short-term scalpers who want extreme capital efficiency on tightly managed positions. If your strategy genuinely requires 50x+ leverage, OKX is the only option here. If you trade at sensible leverage levels, both platforms serve you equally well. --- ## Trading Features and Product Breadth OKX is a full-service crypto platform. Beyond perps, it offers spot trading with 700+ pairs, options, structured products, earn programs, an NFT marketplace, copy trading, a launchpad (Jumpstart), and comprehensive fiat on-ramps including P2P trading. If you want everything under one roof, OKX delivers. Hyperliquid is purpose-built for perpetual futures and on-chain spot trading. What it lacks in breadth, it compensates for in depth. Hyperliquid's [scaling orders and TWAP execution](/guides/trading/order-types-guide) are advanced tools that rival any CEX. Its [vault system](/ecosystem/hyperliquid-vaults-guide) offers a DeFi-native alternative to [copy trading](/guides/trading/copy-trading-guide). And the expanding [HyperEVM ecosystem](/ecosystem/hyperevm-explained) is rapidly adding DeFi functionality - [lending and borrowing](/guides/trading/lending-borrowing-guide), [liquid staking](/ecosystem/liquid-staking-guide) - through third-party protocols rather than centralized features. ## The OKX Wallet Connection Here is where the two platforms intersect in an interesting way. OKX Wallet is one of the most popular Web3 wallets in crypto, with tens of millions of users. It is a non-custodial, multi-chain wallet that supports Ethereum and EVM-compatible networks. Because Hyperliquid accepts any Ethereum-compatible wallet, you can [connect your OKX Wallet directly to Hyperliquid](/guides/getting-started/connect-okx-wallet-to-hyperliquid) and trade with full self-custody. This means you can: - Use OKX's centralized exchange for spot, options, and fiat on-ramps - Use OKX Wallet as your Web3 gateway - Connect that same wallet to Hyperliquid for self-custody perps trading This is a genuinely practical setup. You get the best of both worlds - OKX's broad product suite where you need it, and Hyperliquid's decentralized trading engine for your perps activity. --- ## Token Listings: Jumpstart vs HIP-1 ### OKX Jumpstart OKX's launchpad, Jumpstart, is a curated program where OKX selects projects, conducts due diligence, and offers early token access to users who stake OKB. It is a centralized, gatekept process - OKX decides which tokens get listed and when. This provides some quality filtering but limits the pace and breadth of new listings. ### Hyperliquid HIP-1: Permissionless Listings Hyperliquid takes the opposite approach. Its HIP-1 standard allows permissionless token listings on the spot market through a Dutch auction mechanism. Anyone can list a token by deploying it to HyperEVM and participating in the auction process. This means new tokens appear on Hyperliquid faster and without centralized approval. The trade-off is obvious: permissionless listings mean less curation. But it also means Hyperliquid often lists trending tokens days or weeks before centralized exchanges, giving traders earlier access to new opportunities. ## Speed and Execution Both platforms deliver excellent execution quality, but the architecture differs. Hyperliquid processes trades on its custom L1 blockchain with sub-second finality. Every order is matched and settled on-chain. For a decentralized exchange, this performance is remarkable - the experience is virtually indistinguishable from a centralized platform for manual traders. OKX operates traditional centralized infrastructure with matching engines processing orders in microseconds. At the absolute lowest latency level, OKX is faster. For the 99% of traders who are not running microsecond-sensitive HFT strategies, both platforms feel instant. The practical difference is negligible. ## Regulatory Landscape ### Hyperliquid As a decentralized, non-custodial protocol, Hyperliquid operates outside the traditional regulatory framework. There is no company holding user funds, no centralized entity to regulate, and no KYC requirement. This architecture provides resilience against regulatory actions but does not make it immune - frontends can theoretically be restricted. For traders concerned about regulatory risk, our [security guide](/guides/getting-started/crypto-trading-security-guide) covers best practices. ### OKX OKX has navigated a complex regulatory environment. It has withdrawn from certain markets, adjusted services by jurisdiction, and faced scrutiny in multiple regions. OKX is actively pursuing compliance - it has obtained licenses in several jurisdictions and publishes proof of reserves regularly. But the nature of centralized exchanges means regulatory actions can directly affect user accounts, withdrawal access, and available features with limited notice. For traders who have experienced account restrictions or withdrawal delays on centralized platforms, Hyperliquid's permissionless model offers a fundamentally different risk profile. --- ## The Verdict **Choose Hyperliquid if you value:** - **Self-custody** - your keys, your funds, no counterparty risk - **No KYC** - trade instantly, privately, from anywhere - **Lower fees** - better maker and taker rates at base tier, plus stacking discounts via [HYPE staking](/ecosystem/what-is-hype-token) and the 4% referral discount - **Permissionless access** - no geographic restrictions, no account freezes - **Early token access** - HIP-1 permissionless listings before centralized exchanges - **On-chain transparency** - every trade verifiable on the blockchain **Choose OKX if you value:** - **Maximum leverage** - up to 125x on major pairs - **Full product suite** - options, earn, copy trading, NFTs, launchpad, fiat on-ramps - **Deep spot market** - 700+ trading pairs - **Built-in Web3 wallet** - OKX Wallet for DeFi across multiple chains - **Customer support** - account recovery and assistance available - **Traditional exchange experience** - familiar account model with unified portfolio **Use both if you want the best of each world.** This is not an either/or decision for many traders. Use OKX's centralized exchange for spot, options, and fiat needs. Use [OKX Wallet to connect to Hyperliquid](/guides/getting-started/connect-okx-wallet-to-hyperliquid) for self-custody perps trading. You get OKX's breadth and Hyperliquid's sovereignty under the same wallet. For perpetual futures specifically, Hyperliquid is the stronger choice. Lower fees, self-custody, no KYC, and a trading experience that matches centralized exchanges in speed and features. The comparison to [Hyperliquid vs Binance](/compare/hyperliquid-vs-binance) tells a similar story - when the use case is perps, it is hard to beat a platform purpose-built for that exact function. See also our [Hyperliquid vs MEXC](/compare/hyperliquid-vs-mexc) and [Hyperliquid vs Crypto.com](/compare/hyperliquid-vs-crypto-com) comparisons for more CEX matchups. **Your Wallet, Your Rules, Your Trades** — Trade perpetual futures on Hyperliquid with self-custody, zero gas fees, and lower fees than OKX. Use our referral code for an additional 4% lifetime discount. [Start Trading on Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) --- # Felix Protocol Guide - DeFi Lending, feUSD Stablecoin & Perps on Hyperliquid > Complete guide to Felix Protocol on Hyperliquid: how to mint feUSD, borrow against HYPE, use Vanilla Markets lending pools, trade FLX perps, and earn yield in Stability Pools. *Source: https://hyperliquidguide.com/ecosystem/felix-protocol-guide* ## What Is Felix Protocol? Felix Protocol is one of the largest DeFi protocols on [HyperEVM](/ecosystem/hyperevm-explained). Its combined CDP and lending system crossed **$1 billion in total value locked** in late 2025 (per Felix's own announcement and [DefiLlama](https://defillama.com/protocol/felix)); the live figure fluctuates with HYPE's price and borrowing demand, so check the current number on DefiLlama before quoting it. Felix is not a single product - it is a full financial suite built natively on Hyperliquid that spans lending, borrowing, stablecoins, and perpetual futures trading. As of June 2026 the suite has also expanded into tokenized U.S. stocks and ETFs through an Ondo Finance integration, putting real-world assets alongside its crypto-collateralized products. At its core, Felix is a **Liquity V2 fork** - a collateralized debt position (CDP) protocol that lets you deposit crypto assets and mint feUSD, a dollar-pegged stablecoin. But Felix has expanded well beyond that original blueprint. The protocol now includes Vanilla Markets (Morpho-powered lending pools), FLX Dex (builder-deployed perpetual futures), and USDhl (a fiat-backed stablecoin through M0). If you are active in the Hyperliquid ecosystem, Felix is one of the first protocols you will encounter. It provides the infrastructure for leveraging your HYPE holdings, earning yield on stablecoins, and accessing markets that do not exist anywhere else. > **Key takeaway:** Felix Protocol combines CDP minting, variable-rate lending, perpetual futures, and a fiat-backed stablecoin into a single protocol - making it the most comprehensive DeFi suite on HyperEVM with over $1B in TVL. Worth separating from the outset: Felix competes with other HyperEVM protocols, not with [HyperCore's own borrow and lend book](/guides/trading/hypercore-borrow-lend). That one lives inside the exchange, is limited to Portfolio Margin accounts, prices on a fixed formula, and does not tokenize your position. ![Felix Protocol dashboard — 24/7 capital markets on HyperEVM](/images/ecosystem/shared/felix-dashboard.webp) **Start Using Felix Protocol** — Mint feUSD, lend in Vanilla Markets, or trade perps on FLX Dex - all on Hyperliquid's native EVM layer. Get started with Felix Protocol today. [Open Felix Protocol](https://www.usefelix.xyz?ref=DD467B42) --- ## feUSD: The CDP Stablecoin feUSD is the flagship product of Felix Protocol. It is an **overcollateralized stablecoin** that you mint by locking up crypto collateral in a CDP - sometimes called a "Trove" in Liquity terminology. The design is straightforward: deposit collateral worth more than the feUSD you want to mint, and the protocol issues new feUSD tokens to your wallet. ### How Minting Works The process follows a simple flow: 1. **Deposit collateral** - Choose from HYPE, UBTC, [kHYPE](/ecosystem/liquid-staking-guide) (Kinetiq liquid staking token), or wstHYPE (wrapped staked HYPE). 2. **Set your interest rate** - Unlike most lending protocols where rates are algorithmically determined, Felix lets borrowers choose their own interest rate. Lower rates mean cheaper borrowing but higher liquidation priority if the system needs to redeem collateral. 3. **Mint feUSD** - The protocol issues feUSD against your collateral at a loan-to-value ratio of approximately **40%**, meaning you need roughly $2.50 in collateral for every $1 of feUSD minted. 4. **Use feUSD** - Deploy it across the Hyperliquid ecosystem: trade with it, provide liquidity, deposit into Stability Pools for yield, or use it as you would any other stablecoin. > **Note:** The ~40% LTV ratio means Felix is significantly more conservative than many lending protocols. This wide collateral buffer protects the system during market downturns but also means you need substantially more collateral per dollar borrowed compared to protocols that offer 75-80% LTV. ### The Redemption Mechanism (Hard Peg) What makes feUSD genuinely different from many DeFi stablecoins is its **hard peg mechanism**. Every feUSD token is always redeemable for exactly $1 worth of underlying collateral. This is not a soft peg maintained by market incentives alone - it is an arbitrage-enforced guarantee built into the smart contracts. If feUSD ever trades below $1, arbitrageurs can buy it at the discounted price and redeem it for $1 of collateral, pocketing the difference. This buying pressure pushes feUSD back to peg. Conversely, if feUSD trades above $1, borrowers are incentivized to mint more (since each $1 of feUSD costs less than $1 to mint), increasing supply and bringing the price back down. This dual-sided arbitrage mechanism is what Liquity V2 was designed around, and it has proven effective across multiple market conditions. ### Collateral Types Felix supports four collateral assets, each serving different user profiles: | Collateral | Description | Use Case | |-----------|-------------|----------| | **HYPE** | Hyperliquid's native token | Core collateral for HYPE holders who want liquidity without selling | | **UBTC** | [Bitcoin bridged onto Hyperliquid via Unit](/ecosystem/unit-protocol-guide) | Bitcoin exposure with feUSD borrowing | | **kHYPE** | Kinetiq liquid staking token | Earn staking yield while using HYPE as collateral | | **wstHYPE** | Wrapped staked HYPE | Another liquid staking derivative for capital-efficient collateral | > **Tip:** Using kHYPE or wstHYPE as collateral is particularly capital-efficient because you continue earning staking rewards while your tokens are locked as collateral. Your collateral grows in value over time, effectively reducing your LTV ratio automatically. Felix crossed **$100 million in outstanding loans** (per [The Defiant](https://thedefiant.io/news/defi/hyperliquid-based-felix-protocol-crosses-usd100-million-in-outstanding-loans)), demonstrating significant real-world adoption of the CDP system. The protocol was audited by **Three Sigma in July 2025** ([case study](https://threesigma.xyz/case-studies/lending/felix-protocol)), covering the core CDP contracts and redemption logic. --- ## Vanilla Markets: Lending and Borrowing While CDPs are the original Felix product, **Vanilla Markets** has become the protocol's largest component by TVL - exceeding **$750 million** in deposits. Vanilla Markets is a set of variable-rate lending pools powered by Morpho, one of the most respected lending protocol designs in DeFi. ### How Vanilla Markets Works Vanilla Markets operates on a straightforward lending pool model: - **Suppliers** deposit assets into pools and earn interest from borrowers. Rates are variable and determined by utilization - the more of a pool that is borrowed, the higher the interest rate. - **Borrowers** deposit collateral and borrow against it. Unlike the CDP system where you mint feUSD, Vanilla Markets lets you borrow existing assets from pools. - **P2P Matching** - Morpho's architecture includes peer-to-peer rate matching. When a supplier's rate and borrower's rate can be matched directly, both sides get a better deal than the pool rate - suppliers earn more, borrowers pay less. This is a fundamentally different product from the CDP side of Felix. CDPs let you create new stablecoins. Vanilla Markets lets you borrow and lend existing assets in a traditional money-market structure. > **Note:** Think of it this way: if you want to borrow dollars against your HYPE, you have two paths on Felix. The CDP route mints new feUSD. The Vanilla Markets route borrows existing stablecoins from a pool of depositors. Different mechanics, different rate structures, different trade-offs. ### Why Vanilla Markets Matters The $750M+ in TVL tells the story. Variable-rate lending pools are the bread and butter of DeFi - they are how most users earn yield on idle assets and how most borrowers access leverage. Having this infrastructure natively on HyperEVM, without needing to bridge funds to Ethereum or Arbitrum, is a significant piece of the Hyperliquid ecosystem puzzle. For users coming from Aave or Compound on other chains, Vanilla Markets will feel immediately familiar. The key difference is that everything operates on [HyperEVM](/ecosystem/hyperevm-explained) with sub-second finality and low gas costs. --- ## Stability Pools Stability Pools are Felix's mechanism for handling liquidations and distributing yield to feUSD holders. If you hold feUSD and want to earn passive income, Stability Pools are the primary way to do it. ### How Stability Pools Work The concept is simple: 1. **Deposit feUSD** into a Stability Pool (each collateral type has its own pool - WHYPE, UBTC, kHYPE, wstHYPE). 2. **Earn yield** from three sources: streaming borrower interest, a share of up-front borrowing fees, and event-driven liquidation gains. 3. **Withdraw** your feUSD plus accumulated earnings at any time, with no lock-up. When a borrower's collateral ratio falls below the liquidation threshold, the Stability Pool's feUSD is used to repay the debt, and the pool receives the borrower's collateral at a discount. This discount is the liquidation gain - it is essentially buying collateral below market price. Per [Felix's documentation](https://usefelix.gitbook.io/docs), the protocol routes roughly **75% of borrower interest** to the Stability Pool tied to each collateral type, which is the steady, day-to-day component of the yield independent of any liquidation events. > **Key takeaway:** Stability Pool depositors earn yield from three streams: ongoing interest payments from borrowers (Felix routes ~75% of it here, per its docs), a slice of up-front borrowing fees, and discounted collateral from liquidations. During volatile markets, liquidation gains can significantly boost returns. The mix of yield sources means Stability Pool returns tend to spike during market volatility - exactly when liquidations are most frequent. This creates a natural hedge: if you hold HYPE and are worried about a price drop, depositing feUSD into the Stability Pool means you earn more precisely when HYPE prices are falling and liquidations are triggering. ### What Yields Actually Look Like Stability Pool APY is a moving target - it rises with borrowing demand and spikes during liquidation cascades, then settles back during calm periods. As of June 2026, the WHYPE Stability Pool was paying around **4.7% APY** per [DefiLlama's yield tracker](https://defillama.com/yields/pool/2bae7cf8-d278-4b27-9959-7f5f92c6f14b), with the algorithm projecting it would hold above roughly 3.8% over the following four weeks. That is a real come-down from the double-digit prints (10%+) the pools showed in early 2025 when feUSD borrowing was new and demand outstripped supply - a normal maturation as TVL grew and rates compressed. Treat any single figure as a snapshot: check the live number on [Felix's earn page](https://www.usefelix.xyz/earn) before depositing. In practice, depositing and withdrawing feel like any other HyperEVM money-market action - approve feUSD, deposit, and the position starts accruing on the next block; withdrawals settle in seconds with no queue, since the pool isn't lending out your feUSD the way a utilization-based pool would. The thing worth watching is that during liquidation events part of your feUSD balance is swapped into the collateral asset (HYPE, UBTC, etc.) at a discount - so after a volatile stretch you may find your "feUSD" deposit is now partly HYPE. That is the design working as intended, not a bug, but it does mean the position carries some collateral price exposure rather than being pure stablecoin yield. feUSD itself held its $1 peg tightly through the HYPE drawdowns this cycle, with the redemption arbitrage keeping deviations to fractions of a cent on-chain. **Earn Yield on feUSD in Stability Pools** — Deposit feUSD to earn from borrower interest and liquidation gains. Felix Protocol's Stability Pools offer dual-source yield on Hyperliquid's native EVM layer. [Explore Felix Stability Pools](https://www.usefelix.xyz?ref=DD467B42) --- ## FLX Dex: HIP-3 Perpetual Futures FLX Dex is Felix's expansion into perpetual futures trading, built using Hyperliquid's [HIP-3 builder code](/ecosystem/hip-3-builder-codes) system. HIP-3 allows third-party builders to deploy their own perpetual futures markets on Hyperliquid's infrastructure, and Felix has used this to launch **14 markets** spanning asset classes you will not find on most crypto exchanges. ### What Markets Are Available FLX Dex markets include: - **Equities** - Perpetual contracts tracking major stock prices. For a deep dive on equity perps, see our [equity perps guide](/guides/trading/equity-perps-guide). - **Commodities** - Exposure to physical commodity prices through perpetual contracts. Our [commodity perps guide](/guides/trading/commodities-trading-guide) covers this category in detail. - **Crypto** - Additional cryptocurrency markets beyond what Hyperliquid's core order book offers. All 14 markets are builder-deployed, meaning they run on Hyperliquid's native order book infrastructure with the same sub-second finality and deep liquidity as the core platform. The key difference is that FLX (as the builder) sets the fee structure and market parameters. With 14 markets live, Felix has already gone well past the three free deployment slots — every additional market past slot three was won in a [HIP-3 Dutch auction](/ecosystem/hyperliquid-auctions-explained). > **Tip:** If you are new to perpetual futures, start with our [leverage trading guide](/guides/trading/leverage-trading-guide) to understand the mechanics before trading on FLX Dex or any perps platform. FLX Dex is still the newest piece of the Felix suite, but it represents an interesting strategic direction - a DeFi protocol that started with lending and stablecoins expanding into derivatives trading using Hyperliquid's native infrastructure. --- ## USDhl: Fiat-Backed Stablecoin USDhl is Felix's fiat-backed stablecoin, created in partnership with **M0** - a protocol that issues wholesale dollars backed by U.S. Treasury bills. This is a fundamentally different product from feUSD. Where feUSD is a crypto-collateralized stablecoin (minted against HYPE, UBTC, etc.), USDhl is **backed by real-world assets** - specifically T-bill-backed wholesale dollars issued by M0. This means USDhl's backing does not fluctuate with crypto market prices. ### On-Chain Reserve Attestations One of USDhl's distinguishing features is **on-chain reserve attestations**. Rather than relying on periodic audit reports (which is how most fiat-backed stablecoins handle transparency), USDhl provides cryptographic proof of its reserves directly on-chain. This allows anyone to verify, at any time, that USDhl is fully backed. This is worth comparing to the broader stablecoin landscape on Hyperliquid. The ecosystem now has [USDH](/ecosystem/usdh-stablecoin-guide) (Hyperliquid's native aligned stablecoin backed by Treasuries via BlackRock and Superstate), feUSD (Felix's crypto-collateralized stablecoin), and USDhl (Felix's fiat-backed stablecoin via M0). Each serves a different purpose and carries different risk profiles. > **Note:** USDhl and feUSD are complementary, not competing. feUSD is for users who want to borrow against crypto collateral. USDhl is for users who want a fiat-backed stablecoin with on-chain transparency. Felix offers both because different use cases demand different designs. --- ## How to Use Felix Protocol Getting started with Felix requires a funded wallet on HyperEVM. If you have not set up your Hyperliquid account yet, follow our [deposit guide](/guides/getting-started/deposit-usdc-to-hyperliquid) and [beginner guide](/guides/getting-started/how-to-trade-on-hyperliquid) first. ### Step 1: Connect Your Wallet Navigate to [Felix Protocol](https://www.usefelix.xyz) and connect your wallet. Felix supports standard EVM wallets ( [MetaMask](/guides/getting-started/connect-metamask-to-hyperliquid), [Rabby](/guides/getting-started/connect-rabby-to-hyperliquid), etc.) connected to HyperEVM. Make sure your wallet is set to the Hyperliquid EVM network. ### Step 2: Transfer Funds to HyperEVM If your funds are on HyperCore (the trading side), you need to [transfer them to HyperEVM](/guides/getting-started/bridge-to-hyperevm). In Hyperliquid's interface, use the transfer function to move HYPE or other assets from your trading account to your HyperEVM wallet address. ### Step 3: Choose Your Product Felix offers multiple paths depending on your goal: - **Want to borrow stablecoins against HYPE?** Open a CDP and mint feUSD. Navigate to the "Borrow" section, select your collateral type, deposit your assets, set your interest rate, and mint feUSD. - **Want to earn yield on idle assets?** Go to Vanilla Markets and supply assets to lending pools. You will earn variable interest from borrowers. - **Want yield on feUSD specifically?** Deposit feUSD into a Stability Pool to earn from borrower interest and liquidation gains. - **Want to trade perps?** Head to FLX Dex to access the 14 builder-deployed markets. ### Step 4: Monitor Your Positions If you have open CDPs, monitor your collateral ratio regularly. Market volatility can push your LTV toward liquidation thresholds. Felix provides a dashboard showing all your positions, current collateral ratios, and proximity to liquidation. > **Warning:** Liquidation on Felix is not gradual - if your collateral ratio falls below the threshold, your entire position can be liquidated. The Stability Pool absorbs your debt and receives your collateral. Set up price alerts for your collateral assets and maintain a healthy buffer above the minimum ratio. **New to Hyperliquid?** — Before using Felix or any HyperEVM protocol, you need a funded Hyperliquid account. Sign up with our referral code for a 4% lifetime discount on all trading fees. [Get Started with 4% Off Fees](https://app.hyperliquid.xyz/join/Concept211) --- ## Risks and Considerations Felix Protocol has strong fundamentals - $1B+ TVL, a battle-tested Liquity V2 design, and a Three Sigma audit. But no DeFi protocol is risk-free. Here is what you should understand before committing capital. ### Smart Contract Risk Felix is a Liquity V2 fork, which means it inherits a well-audited codebase, but the fork itself introduces changes that may contain undiscovered vulnerabilities. The Three Sigma audit (July 2025) covers the core contracts, but audits are not guarantees - they reduce risk, they do not eliminate it. Vanilla Markets adds Morpho's smart contract surface area as an additional dependency. ### Collateral Volatility HYPE, UBTC, kHYPE, and wstHYPE are all volatile crypto assets. A sharp drawdown in collateral prices can push CDPs toward liquidation faster than users can react, especially during flash crashes or periods of extreme volatility. The ~40% LTV provides a significant buffer, but crypto markets have historically produced drawdowns that can blow through even conservative ratios in hours. ### Liquidation Risk If your CDP's collateral value drops below the liquidation threshold, you lose your collateral. Unlike some protocols that offer partial liquidations, the Liquity V2 design can liquidate entire positions. The Stability Pool mechanism is efficient but unforgiving. ### Redemption Risk The feUSD redemption mechanism means that borrowers with the lowest interest rates get redeemed first. If you set a very low interest rate to minimize costs, your collateral may be partially redeemed (returned to you minus the debt portion) even if your LTV is healthy. This is a feature of the system, not a bug - it maintains the peg - but it can be surprising to new users. > **Key takeaway:** Felix's conservative ~40% LTV ratio and Liquity V2 design provide robust safeguards, but liquidation can be sudden and total. Never deposit funds you cannot afford to lose, and maintain collateral ratios well above the minimum threshold. ### Oracle and Price Feed Risk CDP protocols depend on accurate price feeds for collateral valuation. If the oracle feeding HYPE or UBTC prices to Felix delivers incorrect data - due to manipulation, network issues, or oracle downtime - liquidations could trigger incorrectly or fail to trigger when they should. This is an inherent risk in all CDP and lending protocols. --- ## Felix in the Hyperliquid Ecosystem Felix occupies a central position in the HyperEVM DeFi stack. As the #2 protocol by TVL, it provides critical infrastructure that other protocols and users depend on: - **feUSD** acts as a native stablecoin within the HyperEVM DeFi ecosystem, serving as a trading pair, liquidity pool asset, and yield-bearing deposit. - **Vanilla Markets** provides the lending and borrowing infrastructure that enables leverage across the ecosystem. - **FLX Dex** expands the range of tradeable markets beyond what Hyperliquid's core order book offers, using the [HIP-3 builder code](/ecosystem/hip-3-builder-codes) framework. - **USDhl** adds a fiat-backed stablecoin option alongside feUSD, giving users multiple stablecoin choices with different risk profiles. (Hyperliquid's original native stablecoin, [USDH](/ecosystem/usdh-stablecoin-guide), has since [sunset under AQAv2](/ecosystem/aqav2-usdc-aligned-quote-asset).) The protocol's breadth is unusual for DeFi on any chain - most protocols focus on one vertical. Felix's strategy of combining CDPs, lending pools, perps, and fiat-backed stablecoins under one roof mirrors the "super app" approach that Hyperliquid itself takes to exchange design. For traders who are active on Hyperliquid's core platform, Felix provides the tools to put idle HYPE to work without leaving the ecosystem. Deposit HYPE, mint feUSD, earn yield in Stability Pools, or supply to Vanilla Markets - all without bridging to another chain. For a step-by-step walkthrough of supplying, borrowing, and Stability Pool strategies, see our [lending and borrowing guide](/guides/trading/lending-borrowing-guide). To see how Felix lending compares against HLP, community vaults, and other yield options, check our [guide to earning USDC on Hyperliquid](/ecosystem/hyperliquid-earn-usdc). [Try Felix Protocol on HyperEVM](https://www.usefelix.xyz?ref=DD467B42) --- # HyperEVM Yield Strategies: Delta-Neutral Vaults, Funding Rate Arbitrage & DeFi Yield > Explore the yield strategies being built on HyperEVM - from delta-neutral funding rate arbitrage to automated DeFi vaults and tokenized yield products on Hyperliquid. *Source: https://hyperliquidguide.com/ecosystem/hyperevm-yield-strategies* ## Programmable Yield on Hyperliquid The launch of [HyperEVM](/ecosystem/hyperevm-explained) did something that no other perp DEX has achieved: it put a fully programmable smart contract layer on top of a native, high-throughput order book. That architectural decision unlocked an entirely new class of yield strategies. Before HyperEVM, earning yield on Hyperliquid meant depositing into the [HLP vault](/ecosystem/hyperliquid-hlp-explained) or running your own market-making bot. Now, developers can deploy Solidity contracts that interact directly with Hyperliquid's trading engine through HyperCore precompiles - opening the door to delta-neutral funding rate arbitrage, algorithmic trading vaults, [structured products](/ecosystem/hyperliquid-options-structured-products), and composable DeFi strategies that stack multiple yield sources together. This guide covers every major yield strategy currently live on HyperEVM. Whether you want passive exposure to funding rates, actively managed vault strategies, or simple liquidity provision, the Hyperliquid ecosystem has options at every risk level. > **Key takeaway:** HyperEVM's shared-state architecture with HyperCore means yield strategies can interact directly with Hyperliquid's native order book - no bridges, no oracle delays, no cross-chain risk. This is what makes complex strategies like delta-neutral arbitrage possible entirely on-chain. ![Hyperliquid vaults — earn yield through vault strategies](/images/ecosystem/hyperliquid-vaults-guide/vaults-listing.webp) ![Felix Protocol dashboard for DeFi yield](/images/ecosystem/shared/felix-dashboard.webp) **Start Trading on Hyperliquid** — Get a 4% lifetime fee discount on all trades. You'll need a funded account to access HyperEVM yield strategies. [Join Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) --- ## Delta-Neutral Funding Rate Arbitrage ### How It Works Perpetual futures contracts on Hyperliquid use a [funding rate](/guides/trading/funding-rates-explained) mechanism to keep the perp price aligned with the spot price. When most traders are long (bullish sentiment), longs pay shorts. When most traders are short (bearish sentiment), shorts pay longs. Funding payments happen every hour. Delta-neutral funding rate arbitrage exploits this mechanism. The strategy is straightforward in concept: 1. **Buy the spot asset** - go long on the underlying token 2. **Short the same asset via perps** - open a short perpetual position of equal size 3. **Collect funding payments** - the two positions cancel out price risk (delta = 0), and you earn the funding rate flowing from longs to shorts When funding rates are positive - which they are the majority of the time during bullish markets - this strategy generates yield with zero directional price exposure. You are not betting on whether HYPE or BTC goes up or down. You are harvesting the premium that leveraged long traders pay to maintain their positions. The catch: funding rates are variable. They can turn negative during bearish periods, meaning your short position would pay funding instead of receiving it. A well-managed strategy monitors rates and adjusts or unwinds positions when funding becomes unfavorable. > **Note:** Historically, crypto funding rates are positive more often than negative. During sustained bull markets, annualized funding yields on major assets have exceeded 15-30%. But rates can swing violently - a single liquidation cascade can flip funding negative for hours or days. ### Cathena - Native Delta-Neutral Yield on Hyperliquid Cathena is the primary protocol building delta-neutral funding rate strategies natively on Hyperliquid. Rather than requiring users to manually manage spot and perp positions, Cathena automates the entire process through smart contracts deployed on HyperEVM. The protocol takes deposits (typically USDC), constructs the delta-neutral position on behalf of depositors, and continuously manages the hedge - rebalancing when positions drift, rolling when funding turns unfavorable, and compounding earned yield back into the strategy. What makes Cathena's approach distinctive is its use of HyperEVM precompiles to interact directly with HyperCore's order book. This means the protocol can open and close perp positions, manage margin, and execute spot trades without leaving the Hyperliquid execution environment. No bridge risk. No oracle dependency for execution. The spot and perp legs of the trade settle on the same infrastructure. > **Warning:** Delta-neutral does not mean risk-free. Funding rates can turn negative, smart contracts can have bugs, and extreme market events can cause temporary dislocations between spot and perp prices. Always treat these strategies as carrying meaningful risk despite the "neutral" label. --- ## Automated Trading Vaults Beyond funding rate arbitrage, HyperEVM hosts a growing category of automated trading vaults - smart contract-managed pools where professional traders or algorithms execute strategies using depositor capital. ### D2 Finance - Quantitative Strategy Vaults D2 Finance is one of the most established vault providers on Hyperliquid, running non-custodial smart contract vaults on HyperEVM. Their approach leverages HyperEVM precompiles to execute sophisticated quantitative strategies that would typically require centralized infrastructure. **Key vaults:** - **HYPE++** - D2's flagship vault focused on HYPE token strategies. It combines volatility arbitrage, momentum signals, and options-like payoff structures to generate returns from HYPE price movements. Since its launch in December 2023, the vault has reported over 170% net returns - though past performance is no guarantee of future results. The strategy is actively managed and adjusts exposure based on market regime. - **hWORLD** - A global macro index vault that takes positions across multiple Hyperliquid perp markets, effectively giving depositors diversified exposure to crypto, commodities, and equity markets available through [HIP-3 builder markets](/guides/trading/leverage-trading-guide). The vault rebalances based on momentum and correlation signals. - **hSOL** - A Solana-focused vault that employs options writing and volatility capture strategies on SOL perpetuals. It aims to generate yield from selling volatility premium while managing downside risk through dynamic hedging. D2 Finance vaults are non-custodial - your assets sit in audited on-chain contracts, not in a centralized wallet controlled by the team. Withdrawals are processed on-chain, and vault performance is publicly verifiable. The fee structure typically involves a management fee and a performance fee on profits. > **Tip:** Before depositing into any vault, check the historical drawdowns - not just the headline returns. A vault that returned 170% but experienced a 50% drawdown along the way requires a very different risk tolerance than one returning 20% with 5% max drawdown. ### Gamma Strategies - Vault Leader Model Gamma Strategies takes a different approach to automated trading on Hyperliquid. Rather than running proprietary algorithms, Gamma operates a vault leader model where experienced traders manage capital on behalf of depositors. Here is how it works: 1. A vault leader creates a vault and defines their strategy (momentum, mean-reversion, sentiment-based, etc.) 2. Depositors allocate capital to the vault 3. The leader executes trades using the pooled capital on Hyperliquid's perp markets 4. Profits are distributed to depositors, with the leader taking a 10% profit share on gains 5. All performance is tracked transparently on-chain Gamma's vaults on Hyperliquid hold approximately $511K in TVL across multiple strategies. Performance varies significantly by vault leader - some have delivered consistent positive returns, while others have experienced drawdowns. This variance is inherent to the model: you are trusting a specific trader's skill and judgment. The platform uses momentum signals, order flow analysis, and sentiment indicators as primary strategy inputs. Leaders can trade across any perpetual market on Hyperliquid, giving them flexibility to rotate between assets based on market conditions. > **Note:** When evaluating Gamma vaults, look beyond total return. Check the vault leader's track record length, maximum drawdown, Sharpe ratio, and how they performed during market downturns. A newer vault with limited history carries more uncertainty than a vault with 6+ months of verified performance. > **Key takeaway:** Automated vaults on Hyperliquid range from fully algorithmic (D2 Finance) to human-managed (Gamma Strategies). The right choice depends on your risk tolerance: algorithms offer consistency but can underperform in novel market conditions, while human managers offer adaptability but introduce counterparty judgment risk. **Fund Your Hyperliquid Account** — You need USDC on Hyperliquid to deposit into DeFi vaults. Get started with a 4% fee discount. [Get Started](https://app.hyperliquid.xyz/join/Concept211) --- ## AMM Liquidity Provision For users who prefer simpler, more passive yield generation, HyperEVM hosts several automated market makers (AMMs) where you can provide liquidity and earn trading fees. ### GLIQUID and HyperSwap GLIQUID is a decentralized exchange on HyperEVM that allows users to provide liquidity to token pairs and earn a share of swap fees. The mechanics are familiar if you have used Uniswap or any other AMM: deposit equal value of two tokens into a liquidity pool, receive LP tokens representing your share, and earn fees proportional to your share of the pool whenever someone swaps between those tokens. HyperSwap operates similarly, providing AMM liquidity pools for HyperEVM tokens. Both platforms support standard constant-product pools, and some offer concentrated liquidity features for more capital-efficient positions. The yield from AMM liquidity provision depends on two factors: trading volume (more swaps = more fees) and the size of the pool (larger pools dilute fees across more liquidity providers). For popular pairs like HYPE/USDC, fee APRs can be attractive during high-volume periods. > **Warning:** AMM liquidity provision carries impermanent loss risk. If the price ratio of your deposited tokens changes significantly, you may end up with less value than if you had simply held the tokens. This risk is amplified for volatile pairs and during large price movements. Understand impermanent loss before committing capital. --- ## Lending and Borrowing Yield Two protocols dominate the lending landscape on Hyperliquid, and both offer straightforward yield for depositors. ### Felix Protocol [Felix Protocol](/ecosystem/felix-protocol-guide) is the largest DeFi protocol on Hyperliquid by TVL. For yield purposes, two products matter: - **Stability Pools** - Deposit feUSD (Felix's stablecoin) and earn yield from liquidation proceeds and borrower interest. When positions get liquidated, stability pool depositors absorb the debt and receive the collateral at a discount. - **Vanilla Markets** - Lend USDC, HYPE, or other supported assets at variable rates determined by supply and demand. This is straightforward lending yield - similar to depositing into Aave or Compound on Ethereum. ### HyperLend [HyperLend](/ecosystem/hyperlend-guide) is a dedicated lending and borrowing protocol on HyperEVM offering variable-rate markets. Supply assets, earn interest from borrowers. The protocol supports a range of collateral types including HYPE, USDC, and liquid staking derivatives like kHYPE. Both Felix and HyperLend provide relatively lower-risk yield compared to delta-neutral strategies or trading vaults, but returns tend to be more modest - typically single-digit APY on stablecoin deposits, with higher rates available on volatile assets where borrowing demand is strongest. --- ## Liquid Staking as a Yield Base Layer ### Kinetiq - kHYPE and wstHYPE [Liquid staking through Kinetiq](/ecosystem/liquid-staking-guide) serves as the foundational yield layer for many HyperEVM strategies. When you stake HYPE through Kinetiq, you receive kHYPE - a liquid staking token that earns HYPE staking rewards while remaining fully composable across HyperEVM DeFi. The wrapped version, wstHYPE, is a non-rebasing token that can be used as collateral in Felix Protocol, supplied to HyperLend, or deposited into liquidity pools. This creates yield stacking opportunities: - **Stake HYPE** via Kinetiq (earn staking yield) - **Deposit wstHYPE** as collateral in Felix (borrow feUSD) - **Deploy feUSD** into a stability pool or vault (earn additional yield) Each layer adds yield - and risk. The base staking yield from Kinetiq is the safest component, while each subsequent layer introduces additional smart contract risk and liquidation risk. But for users with appropriate risk tolerance, composable yield stacking is one of the most powerful features of the [Hyperliquid DeFi ecosystem](/ecosystem/hyperliquid-defi-ecosystem). > **Key takeaway:** Liquid staking via Kinetiq's kHYPE is the foundation that many advanced yield strategies build on. By keeping your HYPE liquid and composable, you can earn staking rewards while simultaneously deploying that capital into lending, LP, or vault strategies - stacking multiple yield sources on a single asset. --- ## Risks You Must Understand No yield strategy discussion is complete without a thorough examination of what can go wrong. HyperEVM yield strategies carry several distinct risk categories. ### Smart Contract Risk Every strategy described in this guide relies on smart contracts deployed on HyperEVM. Bugs, exploits, or logic errors in these contracts can result in partial or total loss of deposited funds. While protocols like D2 Finance and Felix have undergone audits, audits reduce risk - they do not eliminate it. HyperEVM is a newer execution environment than Ethereum mainnet, and the tooling ecosystem is still maturing. ### Strategy Risk Automated strategies can underperform or lose money. A delta-neutral vault can suffer losses if funding rates stay negative for extended periods. A momentum-based trading vault can get whipsawed in choppy markets. A volatility arbitrage vault can be caught on the wrong side of a black swan event. Past returns - including the impressive headline numbers from some vaults - are not predictive of future performance. ### Funding Rate Reversal Delta-neutral strategies are specifically exposed to funding rate flips. During prolonged bearish markets, funding rates turn negative, meaning short positions pay longs instead of receiving payment. If the strategy cannot unwind quickly or the negative funding persists, yields can turn into losses. ### Impermanent Loss AMM liquidity providers face impermanent loss when the price ratio of their deposited tokens changes. For volatile pairs on GLIQUID or HyperSwap, this can significantly erode or even exceed the trading fees earned. ### Liquidation Risk Any strategy involving borrowing - whether directly through lending protocols or indirectly through leveraged vault positions - carries liquidation risk. Sharp price drops can trigger liquidations that crystallize losses. ### Composability Risk Yield stacking (e.g., staking HYPE, depositing wstHYPE as collateral, borrowing against it, deploying borrowed assets into another protocol) amplifies returns but also amplifies risk. A failure at any layer cascades through the entire stack. A bug in one protocol can trigger losses across every protocol it composes with. > **Warning:** The golden rule of DeFi yield: if you cannot clearly explain where the yield comes from, you do not understand the risk. Every yield source is compensation for bearing a specific risk. Higher yields always mean higher risk - no exceptions. --- ## The Yield Landscape Is Just Getting Started Hyperliquid's yield ecosystem is young. Most of the protocols covered here launched in 2025, and the total TVL in yield strategies beyond HLP is still measured in the low hundreds of millions. But the infrastructure is in place for rapid growth. The combination of HyperEVM's smart contract capabilities with HyperCore's native order book creates an environment where developers can build yield strategies that are simply not possible on other chains. Delta-neutral arbitrage that executes entirely on-chain without bridges. Trading vaults that place orders directly into the native order book via precompiles. Composable yield stacks where liquid staking tokens flow seamlessly into lending protocols and vault strategies. For users ready to explore, start with the lowest-risk options: [deposit USDC](/guides/getting-started/deposit-usdc-to-hyperliquid) and lend on Felix or HyperLend for straightforward yield. Our [USDC yield comparison guide](/ecosystem/hyperliquid-earn-usdc) breaks down every method side by side with risk levels and typical APY ranges. As you build confidence, explore liquid staking via Kinetiq, then consider allocating smaller amounts to trading vaults or delta-neutral strategies. Always size positions according to the risk profile of the strategy - and never deposit more than you can afford to lose. The [HYPE token](/ecosystem/what-is-hype-token) sits at the center of this yield ecosystem. Staking it, lending it, LPing it, and using it as collateral across protocols - these are the primitives that the next wave of HyperEVM yield strategies will build on. **Join Hyperliquid Today** — Access the full DeFi yield ecosystem on HyperEVM. Get a 4% lifetime fee discount when you sign up. [Start Earning](https://app.hyperliquid.xyz/join/Concept211) --- # HyperLend Guide (2026): How to Lend & Borrow on HyperEVM > Complete guide to HyperLend on Hyperliquid: how to lend, borrow, earn yield, use flash loans, and leverage. Compare the best lending protocols on HyperEVM. *Source: https://hyperliquidguide.com/ecosystem/hyperlend-guide* ## What Is HyperLend? HyperLend is a decentralized money market protocol built natively on [HyperEVM](/ecosystem/hyperevm-explained), Hyperliquid's EVM-compatible smart contract layer. It lets you supply crypto assets to earn interest or borrow against your collateral - the same fundamental mechanic that powers Aave and Compound on Ethereum, but purpose-built for the Hyperliquid ecosystem. Launched on mainnet in March 2025, HyperLend has grown into one of the core DeFi protocols on HyperEVM. It serves as a liquidity backbone for the ecosystem, enabling traders, market makers, and DeFi users to access capital efficiently without leaving Hyperliquid. Unlike [Felix Protocol](/ecosystem/felix-protocol-guide), which is primarily a CDP (Collateralized Debt Position) system for minting the feUSD stablecoin, HyperLend operates as a traditional pooled lending market. You deposit assets into liquidity pools, borrowers take loans from those pools, and interest flows from borrowers to lenders. There is no intermediary stablecoin - you borrow the asset you need directly. > **Key takeaway:** HyperLend is the traditional lending protocol on Hyperliquid. Supply assets to earn variable-rate interest, or post collateral to borrow directly - no stablecoin minting required. It complements Felix Protocol by offering a different approach to on-chain lending. ![HyperLend — supply collateral and borrow on Hyperliquid](/images/ecosystem/shared/hyperlend-dashboard.webp) HyperLend raised $1.7 million from investors including RockawayX, Nucleus, and Vistula Capital. The protocol is fully non-custodial, meaning your assets are managed by smart contracts rather than a centralized entity. **Start Lending on HyperLend** — Supply assets to earn yield or borrow against your collateral on Hyperliquid's native lending protocol. Non-custodial, variable-rate, and built for HyperEVM. [Open HyperLend](https://app.hyperlend.finance/?ref=CONCEPT211) --- ## How HyperLend Works HyperLend follows the proven lending pool model. The core mechanics are straightforward. ### Supplying (Lending) When you supply assets to HyperLend, they enter a shared liquidity pool. Borrowers draw from this pool, and the interest they pay is distributed to all suppliers proportionally. Your assets begin earning interest the moment you deposit them - there is no lock-up period, and you can withdraw at any time (subject to pool liquidity). ### Borrowing To borrow, you first deposit collateral into HyperLend. The protocol then lets you borrow other assets up to a certain percentage of your collateral value (the loan-to-value ratio). Your borrowing position is tracked through a **Health Factor** - a real-time metric displayed on the dashboard that shows how close you are to liquidation. If the value of your collateral drops or your debt increases (through accruing interest), your Health Factor declines. When it falls below the liquidation threshold, your collateral is automatically sold to repay the debt. ### Dynamic Interest Rates Interest rates on HyperLend are not fixed. They are determined algorithmically based on **pool utilization** - the percentage of supplied assets that are currently borrowed. - **Low utilization** (lots of idle supply): Rates are low to encourage borrowing - **High utilization** (most supply is borrowed): Rates spike to incentivize new deposits and discourage further borrowing This creates a self-balancing market where rates naturally find equilibrium based on supply and demand. > **Note:** Interest rate adjustments happen continuously and automatically. You do not need to take any action - your supply APY and borrow APY update in real time as pool conditions change. --- ## Key Features HyperLend goes beyond basic lending and borrowing with several features designed for capital efficiency. ### Multiple Pool Types HyperLend offers three distinct lending markets to segment risk: - **Core Pools** - Multi-asset lending pools where various collateral types and borrowable assets coexist. This is the primary market for most users. - **Isolated Pools** - Risk-segmented pools where specific asset pairs are kept separate from the broader market. This limits contagion risk if a particular asset experiences volatility. - **P2P Pools** - Peer-to-peer loan arrangements where lenders and borrowers can set custom terms. This is more advanced and suited to users with specific lending needs. ### Flash Loans HyperLend supports flash loans - uncollateralized loans that must be borrowed and repaid within a single transaction. If the loan is not repaid by the end of the transaction, the entire operation reverts as if it never happened. Flash loans are primarily used by developers and sophisticated traders for arbitrage opportunities, liquidation bots, and collateral swaps. They are not relevant for most retail users, but they contribute to market efficiency and protocol revenue. ### HyperLoop HyperLoop is HyperLend's automated leverage tool. It uses flash loans under the hood to execute looping strategies in a single transaction. Instead of manually depositing collateral, borrowing, swapping, redepositing, and repeating (a tedious multi-step process), HyperLoop automates the entire sequence. This lets users build leveraged positions on their collateral more efficiently. However, leverage amplifies both gains and losses - the same risks that apply to [leverage trading](/guides/trading/leverage-trading-guide) on Hyperliquid's perpetuals apply here. > **Warning:** HyperLoop leverage multiplies your exposure to collateral price movements. A 20% drop in your collateral asset could trigger liquidation on a leveraged position. Only use HyperLoop if you fully understand how leverage and liquidation work. --- ## Supported Assets HyperLend supports lending and borrowing across multiple assets available on HyperEVM. The protocol's markets page displays each asset along with its current supply APY, borrow APY, total supplied, total borrowed, and LTV ratio. Commonly supported assets on HyperEVM lending protocols include: - **USDC** - The primary stablecoin, popular for both lending (earning yield with no price exposure) and borrowing - **HYPE** - Hyperliquid's native token, used as collateral for borrowing or supplied to earn interest - **UBTC** - Bitcoin brought onto Hyperliquid through [Unit](/ecosystem/unit-protocol-guide) - **Other HyperEVM assets** - The available markets expand as the ecosystem grows Check the HyperLend app directly for the most current list of supported assets and their rates, as new markets are added over time. > **Key takeaway:** HyperLend supports major HyperEVM assets including USDC, HYPE, and UBTC. Each asset has its own supply and borrow rates that adjust dynamically based on demand. Check the Markets page for current APYs before depositing. --- ## HyperLend vs Felix Protocol Both HyperLend and Felix Protocol offer lending and borrowing on Hyperliquid, but they take fundamentally different approaches. | Feature | HyperLend | Felix Protocol | |---|---|---| | **Model** | Pooled lending markets | CDP stablecoin minting + Vanilla Markets | | **Borrowing** | Borrow assets directly from pools | Mint feUSD against collateral (or borrow via Vanilla Markets) | | **Interest rates** | Algorithmic, based on utilization | Borrower-set rates (CDP) or algorithmic (Vanilla Markets) | | **Flash loans** | Yes | No | | **Leverage tool** | HyperLoop (automated looping) | Manual leverage loops through CDPs | | **Stablecoin** | None | feUSD (overcollateralized) | | **Pool types** | Core, Isolated, P2P | Single pool type (Vanilla Markets) | **When to choose HyperLend:** You want traditional pooled lending, need flash loan access, prefer borrowing assets directly without minting a stablecoin, or want to use HyperLoop for automated leverage. **When to choose Felix:** You want to mint feUSD against your collateral, earn Stability Pool yields from liquidations, or prefer the CDP model where you set your own interest rate. Many active DeFi users on Hyperliquid use both protocols depending on the strategy. They are complementary, not competing - different tools for different needs. For a full guide to Felix's CDP system, Vanilla Markets, and feUSD, read our [Felix Protocol guide](/ecosystem/felix-protocol-guide). For a broader overview of how lending fits into Hyperliquid's DeFi stack, see our [lending and borrowing guide](/guides/trading/lending-borrowing-guide). --- ## How to Use HyperLend (Step-by-Step) ### Step 1: Set Up Your Wallet You need a Web3 wallet compatible with HyperEVM - [MetaMask](/guides/getting-started/connect-metamask-to-hyperliquid) and [OKX Wallet](/guides/getting-started/connect-okx-wallet-to-hyperliquid) both work. Make sure your wallet is configured for the Hyperliquid network. If you are new to Hyperliquid entirely, start with our [beginner guide](/guides/getting-started/how-to-trade-on-hyperliquid) to get your account set up and funded. ### Step 2: Bridge Assets to HyperEVM HyperLend runs on HyperEVM, which is separate from Hyperliquid's L1 trading layer. You need to [bridge your assets to HyperEVM](/guides/getting-started/bridge-to-hyperevm) using the internal transfer in the Hyperliquid app. This takes seconds and costs minimal fees. See our [HyperEVM guide](/ecosystem/hyperevm-explained) for details. ### Step 3: Connect to HyperLend Navigate to the HyperLend app and connect your wallet. The dashboard will show your net worth, Health Factor (if you have open positions), and available markets. ### Step 4: Supply Assets Go to the **Markets** section, select the asset you want to supply, enter the amount, and confirm the transaction. Your assets immediately begin earning the displayed supply APY. ### Step 5: Borrow (Optional) If you want to borrow, first ensure you have supplied collateral. Then select the asset you want to borrow, choose an amount that keeps your Health Factor at a safe level (above 1.5 is a reasonable target), and confirm. Interest accrues on your borrow position until you repay. ### Step 6: Monitor Your Health Factor If you are borrowing, watch your Health Factor closely. It is displayed prominently on the HyperLend dashboard. If it drops toward 1.0, you are approaching liquidation territory. Add more collateral or repay part of your debt to increase it. > **Tip:** Bookmark the HyperLend dashboard and check it regularly if you have open borrow positions. Market volatility can shift your Health Factor quickly, especially with assets like HYPE that can move 10-20% in a day. --- ## Earning Yield on HyperLend The simplest way to earn yield on HyperLend is to supply assets and collect interest. Here is what shapes your returns. ### Supply APY Your primary yield comes from interest paid by borrowers. The APY displayed on the Markets page reflects the current annualized rate, but it changes continuously as utilization shifts. Stablecoin pools (like USDC) tend to have more stable rates, while volatile asset pools can see wider APY swings. ### Points Program HyperLend runs a points program that rewards users for deposits, borrowing activity, and referrals. Points accumulate based on your participation and may translate to future rewards when the HyperLend token (HPL) launches. The tokenomics allocate approximately 30% of the total supply to growth incentives, suggesting meaningful rewards for early users. ### E-Mode HyperLend offers an Enhanced Mode (E-Mode) that allows higher capital efficiency when borrowing correlated assets. For example, borrowing one stablecoin against another stablecoin as collateral can offer higher LTV ratios in E-Mode since the liquidation risk is lower for correlated pairs. > **Key takeaway:** HyperLend yield comes from borrower interest (supply APY) plus potential future token rewards through the points program. Supply stablecoins for lower-risk yield, or supply volatile assets if you are already long on them and want additional returns. --- ## Risks HyperLend carries the same fundamental risks as any DeFi lending protocol. Understanding them before you deposit is essential. ### Smart Contract Risk HyperLend's smart contracts have been audited and the protocol runs a bug bounty program with timelock mechanisms. However, no audit eliminates risk entirely. Smart contract bugs or exploits could result in loss of funds. This risk is present in every DeFi protocol, but is amplified on newer chains like HyperEVM where the ecosystem has a shorter track record. ### Liquidation Risk If you are borrowing, your position can be liquidated when your Health Factor drops below the threshold. Liquidation means your collateral is sold (often at a discount) to repay your debt. With volatile collateral like [HYPE](/ecosystem/what-is-hype-token), price swings of 20-30% can happen rapidly during market stress. **Mitigation:** Borrow conservatively. Keep your Health Factor well above 1.0 - aim for 1.5 or higher. Monitor your positions during volatile markets. ### Interest Rate Volatility Since rates are variable, your supply APY could drop significantly if borrowing demand declines. Conversely, borrowers can see their costs spike during high-demand periods. There are no fixed-rate options on HyperLend. ### Liquidity Risk During periods of very high utilization, you may not be able to withdraw your supplied assets immediately. If 95% of the pool is borrowed out, only 5% is available for withdrawal. You would need to wait for borrowers to repay before accessing your full balance. > **Warning:** DeFi lending is not a savings account. Between smart contract risk, liquidation risk, and interest rate variability, there are multiple ways to lose money. Start with small amounts, understand the mechanics fully, and never deposit more than you can afford to lose. **Try HyperLend** — Earn yield by supplying assets or borrow against your collateral on HyperEVM. Variable rates, flash loans, and automated leverage - all in one protocol. [Open HyperLend](https://app.hyperlend.finance/?ref=CONCEPT211) --- ## How HyperLend Compares to Other HyperEVM Lending Protocols HyperEVM hosts several lending and borrowing protocols, each with a different approach. Here is how HyperLend stacks up against the main alternatives: | Feature | HyperLend | Felix Protocol | Morpho (HyperEVM) | |---------|-----------|----------------|---------------------| | **Model** | Pooled lending (Aave-style) | CDP + Vanilla Markets | Isolated lending markets | | **Supported Collateral** | HYPE, USDC, kHYPE, wstHYPE, ETH | HYPE, kHYPE, wstHYPE | Varies by market | | **Stablecoin** | Borrow USDC directly | Mint feUSD (CDP) | Borrow USDC | | **Flash Loans** | Yes | No | No | | **Leverage Tool** | HyperLoop (one-click) | Manual | Manual | | **Liquidation Threshold** | ~80-85% LTV | ~90% LTV (kHYPE) | Varies | ### Why Choose HyperLend If you want to **borrow USDC directly** against your crypto holdings with familiar Aave-style mechanics, HyperLend is the straightforward choice. Its flash loans and HyperLoop leverage tools are unique on HyperEVM. For traders who prefer **minting a stablecoin** (feUSD) against their collateral, [Felix Protocol](/ecosystem/felix-protocol-guide) is the better fit. Both protocols accept kHYPE and wstHYPE as collateral, so your [liquid-staked HYPE](/ecosystem/liquid-staking-guide) earns staking rewards while securing a loan on either platform. ### HyperLend vs Traditional Lending Platforms How does HyperLend compare to established DeFi lending protocols like Aave and Compound? | Feature | HyperLend | Aave (Ethereum) | Compound (Ethereum) | |---------|-----------|-----------------|---------------------| | **Gas per transaction** | ~$0.01 (HyperEVM) | $5-50 (Ethereum mainnet) | $5-50 (Ethereum mainnet) | | **Flash Loans** | Yes | Yes | No | | **Supported Chains** | HyperEVM only | Ethereum, Arbitrum, Polygon, etc. | Ethereum, Base, etc. | | **TVL** | Growing (newer protocol) | $10B+ | $3B+ | | **Audit History** | Audited (newer track record) | Multiple audits, battle-tested | Multiple audits, battle-tested | | **Unique Features** | HyperLoop leverage, native Hyperliquid integration | Governance, cross-chain | Governance, COMP rewards | HyperLend's main advantage is cost - transactions on HyperEVM cost a fraction of a cent compared to $5-50+ on Ethereum mainnet. Its native integration with the Hyperliquid trading layer means you can borrow, trade, and manage positions within one ecosystem. The trade-off is a shorter track record and smaller TVL compared to protocols that have been running since 2020. ### Is HyperLend Safe? Risks to Know No DeFi lending protocol is risk-free. Here are the specific risks to consider with HyperLend: - **Smart contract risk** - HyperLend's contracts have been audited, but the protocol is newer than established platforms like Aave. Bugs or exploits, while unlikely, cannot be ruled out. Never deposit more than you can afford to lose. - **Liquidation risk** - If your collateral value drops and your Health Factor falls below 1.0, your position will be partially or fully liquidated. Set conservative LTV ratios (50-60% rather than max) and monitor your positions. - **Oracle risk** - HyperLend relies on price oracles to value collateral. Oracle failures or manipulation could trigger incorrect liquidations, though this risk is mitigated by using multiple oracle sources. - **Liquidity risk** - During high utilization periods, you may not be able to withdraw supplied assets immediately. This is a standard risk for pooled lending protocols. - **Protocol risk** - As a newer DeFi protocol on a newer chain (HyperEVM), HyperLend has a shorter operational history. The ecosystem is growing but still maturing. > **Warning:** Start with small amounts and increase gradually as you build confidence. Diversify across protocols rather than concentrating all capital in one place. Monitor your Health Factor daily if you have active borrows. --- ## Summary HyperLend brings traditional DeFi lending mechanics to the Hyperliquid ecosystem. It fills a different niche than Felix Protocol - where Felix focuses on CDP-based stablecoin minting, HyperLend offers direct asset lending and borrowing through pooled markets, plus advanced features like flash loans and HyperLoop leverage. For most users, the starting point is simple: supply assets you are holding anyway and earn variable-rate interest. If you want to borrow, post collateral and keep a close eye on your Health Factor. And if you are more advanced, tools like HyperLoop and flash loans open up strategies that would be impossible to execute manually. As always with DeFi on newer ecosystems - start small, diversify across protocols, and treat any yield as compensation for real risk. ## Best Lending Protocols on HyperEVM HyperLend is the largest pooled lending protocol on HyperEVM, but it is not the only option. Here are the main lending protocols available on HyperEVM as of March 2026: - **HyperLend** - Aave-style pooled lending with flash loans and HyperLoop leverage. Supports HYPE, USDC, kHYPE, wstHYPE, and ETH. Best for traders who want direct USDC borrowing against crypto collateral. - **[Felix Protocol](/ecosystem/felix-protocol-guide)** - CDP model (mint feUSD stablecoin) plus Vanilla Markets lending pools. Best for users who want to mint a stablecoin against kHYPE/wstHYPE collateral while keeping staking rewards active. - **Morpho** - Isolated lending markets with customizable risk parameters. Best for advanced users who want granular control over lending terms. For most users starting out with DeFi on HyperEVM, HyperLend is the simplest entry point - familiar mechanics, variable rates, and one-click leverage via HyperLoop. ## How to Earn Yield on HyperEVM Lending on HyperLend is one of several ways to earn yield in the Hyperliquid ecosystem. Other yield sources include depositing into the [HLP vault](/ecosystem/hyperliquid-hlp-explained) for market-making returns, [liquid staking HYPE](/ecosystem/liquid-staking-guide) with Kinetiq for ~2.37% APY, and running [funding rate arbitrage strategies](/guides/trading/funding-rates-explained). For a comprehensive comparison of all yield options - including APY ranges, risk levels, and capital requirements - see our [complete USDC earning guide](/ecosystem/hyperliquid-earn-usdc). Explore the broader [Hyperliquid DeFi ecosystem](/ecosystem/hyperliquid-defi-ecosystem) to see how HyperLend fits alongside other protocols, or read our [lending and borrowing guide](/guides/trading/lending-borrowing-guide) for a side-by-side comparison with Felix. **New to Hyperliquid?** — Get started with our step-by-step guides and save 4% on every trade with our referral code. The discount applies to all perpetual and spot markets. [Start Trading on Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) --- # Hyperliquid DeFi Ecosystem: The Complete Guide to DeFi on HyperEVM > Explore the full Hyperliquid DeFi ecosystem - lending on Felix Protocol, stablecoins (USDH, feUSD, USDhl, USDC), DEXes, liquid staking with kHYPE, vaults, and how it all composes together on HyperEVM. *Source: https://hyperliquidguide.com/ecosystem/hyperliquid-defi-ecosystem* ## The HyperEVM DeFi Stack Hyperliquid started as [an on-chain perpetuals DEX](/ecosystem/what-is-hyperliquid). It is now a full DeFi ecosystem. That trajectory is no accident — [the founders behind Hyperliquid](/ecosystem/who-created-hyperliquid) came from high-frequency trading and market making, and built the platform with the order-book depth and self-custodial design needed to support an entire on-chain financial stack. The catalyst was [HyperEVM](/ecosystem/hyperevm-explained) - Hyperliquid's Ethereum-compatible smart contract layer that launched on mainnet in early 2025. HyperEVM gave developers the ability to deploy Solidity smart contracts that interact directly with Hyperliquid's native order book and trading engine. No bridges. No oracles. No cross-chain complexity. Just composable DeFi built on top of one of the deepest liquidity pools in crypto. What has emerged in the months since is a coherent financial stack: lending and borrowing protocols, multiple stablecoins with distinct backing models, decentralized exchanges listing everything from Bitcoin to gold to Apple stock, liquid staking derivatives, market-making vaults, [yield strategies](/ecosystem/hyperevm-yield-strategies), and [options and structured products](/ecosystem/hyperliquid-options-structured-products) that compose across all of them. This guide maps the entire landscape. Whether you are looking for the best place to earn yield, trying to understand which stablecoin to use, or want to see how all the DeFi pieces fit together, this is your starting point. For a quick-reference directory of every protocol organized by category, see the [HyperEVM ecosystem map](/ecosystem/hyperevm-ecosystem-map). > **Key takeaway:** Hyperliquid's DeFi ecosystem is built on HyperEVM's shared-state architecture with HyperCore, meaning every protocol can compose directly with the native order book - no bridges, no oracles, no fragmented liquidity. ![Hyperliquid trading interface — foundation of the DeFi ecosystem](/images/compare/shared/hyperliquid-trading-interface.webp) --- ## Lending and Borrowing ### Felix Protocol - The Dominant Lending Venue [Felix Protocol](/ecosystem/felix-protocol-guide) is the #2 DeFi protocol on Hyperliquid by total value locked, holding over $1 billion in TVL. It is the primary place to borrow and lend on HyperEVM, and it operates two distinct lending models. **CDP (Collateralized Debt Position):** This is Felix's flagship product. You deposit collateral - HYPE, kHYPE, wstHYPE, or other supported assets - and mint feUSD, Felix's native stablecoin. It works similarly to MakerDAO's system on Ethereum: you lock up volatile assets and borrow a stable dollar-denominated token against them. If your collateral value drops below the liquidation threshold, your position gets liquidated to protect the system. **Vanilla Markets:** Felix's lending marketplace where suppliers deposit assets (USDC, HYPE, and others) into pools and borrowers take variable-rate loans against their collateral. This is closer to the Aave/Compound model - straightforward supply-and-borrow with algorithmically determined interest rates based on utilization. The combination of CDP and Vanilla Markets means Felix covers both sides of the lending spectrum. Want to mint a stablecoin and keep exposure to your HYPE? Use the CDP. Want to earn yield by lending your USDC? Deposit into Vanilla Markets. Want to borrow HYPE for a leveraged position? Vanilla Markets handles that too. > **Tip:** Felix Protocol is the most capital-efficient way to unlock liquidity from your HYPE holdings without selling. Deposit HYPE or liquid staking tokens like kHYPE, mint feUSD, and put that stablecoin to work elsewhere in the ecosystem - all while keeping your HYPE exposure. Beyond Felix, [HyperLend](/ecosystem/hyperlend-guide) offers an alternative lending model with traditional pooled markets, flash loans, and its HyperLoop automated leverage tool - giving borrowers and lenders another option on HyperEVM. Both of these are smart contracts on HyperEVM. Since September 2026 there is also a lending book inside HyperCore itself, restricted to Portfolio Margin accounts and running on a fixed protocol rate rather than a market one, which our [HyperCore borrow and lend guide](/guides/trading/hypercore-borrow-lend) covers. For a deep dive into Felix's mechanics, collateral types, and liquidation parameters, read the full [Felix Protocol guide](/ecosystem/felix-protocol-guide). For step-by-step borrowing and lending instructions, see the [lending and borrowing guide](/guides/trading/lending-borrowing-guide). **Unlock Liquidity from Your HYPE** — Felix Protocol lets you borrow against HYPE, kHYPE, and other assets with competitive rates. Over $1B in TVL and growing. [Try Felix Protocol](https://www.usefelix.xyz?ref=DD467B42) --- ## Stablecoins Hyperliquid does not rely on a single stablecoin. The ecosystem has four distinct stablecoins, each backed differently and serving a different purpose. ### USDH - The Native Stablecoin (Sunset Complete) [USDH](/ecosystem/usdh-stablecoin-guide) was Hyperliquid's native, dollar-pegged stablecoin issued by Native Markets, backed 1:1 by cash and U.S. Treasury equivalents managed by BlackRock and Superstate. It was selected through a competitive validator vote and went live in September 2025. The critical advantage of USDH under the original aligned-quote-asset spec was trader-side alignment. USDH markets gave traders **20% lower taker fees**, **50% higher maker rebates**, and **20% more volume credit** toward [fee tier](/guides/fees/fees-explained) progression. The reserve yield from USDH did not go to an external company - 50% funded HYPE buybacks and 50% went to ecosystem development grants. > **Warning:** **Update (June 20, 2026) — the USDH sunset is complete.** Hyperliquid moved to **[AQAv2](/ecosystem/aqav2-usdc-aligned-quote-asset)**, making **USDC** the canonical quote asset for [HIP-4 outcome trading](/ecosystem/hip-4-outcome-trading) and validator-operated perp markets. **All USDH-denominated markets on HyperCore have settled.** If you still hold USDH, swap it to USDC — on the HyperCore spot order book, or 1:1 with no fees via Across on HyperEVM. Note: AQAv2 has no trader-facing fee perks, so the USDH discounts described above no longer apply. ### feUSD - The CDP Stablecoin feUSD is minted through [Felix Protocol's](/ecosystem/felix-protocol-guide) CDP system. Users deposit crypto collateral (HYPE, kHYPE, wstHYPE) and mint feUSD against it, similar to how DAI works on Ethereum. feUSD is native to HyperEVM and deeply integrated into Felix's lending and stability pool ecosystem. feUSD's peg is maintained through arbitrage incentives and Felix's liquidation mechanism. When feUSD trades below $1, arbitrageurs can buy it cheaply and use it to repay debt at face value, profiting from the difference. When it trades above $1, borrowers are incentivized to mint more, increasing supply. ### USDhl - T-Bill Backed USDhl is a collaboration between Felix Protocol and M0 Foundation. It is backed by U.S. Treasury bills, providing a stablecoin with transparent, yield-generating reserves. USDhl represents the growing trend of real-world asset (RWA) integration on HyperEVM, bringing T-bill exposure directly into the DeFi stack. ### USDC - The Bridge from TradFi Circle's USDC is available natively on HyperEVM via Cross-Chain Transfer Protocol (CCTP). It serves as the primary on-ramp for new users and remains the most widely held stablecoin on the platform. If you are [depositing to Hyperliquid for the first time](/guides/getting-started/deposit-usdc-to-hyperliquid), you are almost certainly starting with USDC. > **Note:** Each stablecoin serves a different role: **USDC** for trading, settlement, and onboarding (now the aligned quote asset), **feUSD** for capital-efficient borrowing against crypto collateral, and **USDhl** for T-bill backed stability. USDH, the original aligned stablecoin, has sunset. Most active users hold multiple stablecoins depending on what they are doing. --- ## DEXes and Trading Hyperliquid's trading layer spans three distinct venues, covering perpetual futures, spot markets, and a rapidly expanding universe of traditional finance assets. ### Hyperliquid Native DEX - Perps and Spot The native Hyperliquid exchange remains the core of the ecosystem. It operates a fully on-chain order book for perpetual futures and spot trading with sub-second finality and zero gas fees. Over 150 perpetual markets are available, covering major cryptocurrencies, memecoins, and increasingly, real-world assets. If you are new to the platform, the [beginner guide](/guides/getting-started/how-to-trade-on-hyperliquid) walks through everything from wallet setup to placing your first trade. ### trade.xyz - TradFi on HyperEVM trade.xyz is the leading [HIP-3 builder](/ecosystem/hip-3-builder-codes) on Hyperliquid, having listed approximately 50 markets that bring traditional finance assets on-chain. Through trade.xyz, you can trade perpetual futures on: - **Equities** - Individual stocks like Apple, Tesla, Nvidia, and major tech companies. See the [equity perps guide](/guides/trading/equity-perps-guide) for details. - **Commodities** - Gold, silver, crude oil, and other physical commodities. The [commodities trading guide](/guides/trading/commodities-trading-guide) covers strategies. - **Forex** - Major currency pairs including EUR/USD, GBP/USD, and USD/JPY. - **Indices** - S&P 500, Nasdaq, and other market benchmarks. trade.xyz uses HIP-3 builder codes to deploy and manage these markets, earning fees from the trading activity they generate. For traders, this means 24/7 access to [traditional markets](/ecosystem/hyperliquid-traditional-markets) without brokers, market hours, or geographic restrictions. ### Felix FLX DEX - Focused TradFi Markets Felix FLX is another [HIP-3 builder](/ecosystem/hip-3-builder-codes) operating on Hyperliquid, maintaining 14 markets across equities, commodities, and crypto assets. While smaller in scope than trade.xyz, FLX adds liquidity and market diversity to the ecosystem. Having multiple builders listing similar assets creates competitive market-making and tighter spreads for traders. **Trade Stocks, Gold, and Forex On-Chain** — Hyperliquid's DeFi ecosystem lets you trade traditional markets 24/7 with no KYC and self-custody. Use our referral link for a 4% lifetime fee discount. [Start Trading on Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) --- ## Liquid Staking Liquid staking is the connective tissue of Hyperliquid's DeFi ecosystem. It solves a fundamental problem: when you stake [HYPE](/ecosystem/what-is-hype-token) to secure the network and earn rewards, those tokens are locked and cannot be used elsewhere. Liquid staking gives you a receipt token that represents your staked position, freeing your capital for DeFi. ### kHYPE (Kinetiq) kHYPE is the liquid staking token from Kinetiq, the leading liquid staking provider on Hyperliquid. When you stake HYPE through Kinetiq, you receive kHYPE in return. kHYPE accrues staking rewards automatically - its value relative to HYPE increases over time as rewards compound. ### wstHYPE wstHYPE is a wrapped version of staked HYPE, similar to how wstETH works on Ethereum. It provides another liquid staking option with slightly different mechanics, giving users choice in how they access staking yield. ### Liquid Staking as DeFi Collateral Here is where liquid staking becomes powerful. Both kHYPE and wstHYPE are accepted as collateral on [Felix Protocol](/ecosystem/felix-protocol-guide). This means you can: 1. Stake HYPE and receive kHYPE (earning staking rewards) 2. Deposit kHYPE into Felix as collateral 3. Borrow feUSD or other assets against it 4. Put those borrowed assets to work in other parts of the ecosystem You earn staking yield on the underlying HYPE while simultaneously using the liquidity for other purposes. This is capital efficiency that simply is not possible without liquid staking. For a complete walkthrough of how to liquid stake, the differences between kHYPE and wstHYPE, and risk considerations, see our [liquid staking guide](/ecosystem/liquid-staking-guide). > **Warning:** Liquid staking adds a layer of smart contract risk on top of native staking. If there were a vulnerability in Kinetiq's contracts, kHYPE holders could be affected even though the underlying HYPE is staked on-chain. This risk is generally considered low for audited protocols, but it is not zero. Diversify across staking methods if you hold significant amounts. --- ## Vaults and Yield Hyperliquid offers several distinct yield sources, from protocol-level market making to DeFi lending returns. Understanding where yield comes from - and what risks each source carries - is essential. ### HLP Vault - Protocol Market Making The [HLP vault](/ecosystem/hyperliquid-hlp-explained) is Hyperliquid's native market-making vault. When you deposit into HLP, your capital is used to provide liquidity across Hyperliquid's perpetual futures markets. Returns come from the bid-ask spread captured on trades and from liquidation proceeds. HLP is not a risk-free yield source. Market-making profits depend on trading volume and volatility, and the vault can experience drawdowns during extreme market moves. But for users who understand the risk profile, HLP provides exposure to Hyperliquid's core trading activity without needing to run a market-making bot yourself. For a complete breakdown of vault mechanics, performance history, and risk factors, read the [vaults guide](/ecosystem/hyperliquid-vaults-guide). ### Felix Stability Pools Felix Protocol's Stability Pools are the backstop for the CDP system. When you deposit feUSD into a Stability Pool, your funds are used to absorb liquidations from under-collateralized positions. In return, you earn two types of yield: - **Liquidation gains** - When a position is liquidated, Stability Pool depositors receive the liquidated collateral at a discount. If HYPE is liquidated at $20 but the market price is $22, depositors capture that difference. - **Borrower interest** - A share of the interest paid by CDP borrowers flows to Stability Pool depositors as ongoing yield. Stability Pool returns can be highly variable. During calm markets with few liquidations, yields are modest. During sharp drawdowns with mass liquidations, returns can spike significantly - but so can the risk of holding recently liquidated collateral that continues to fall in value. ### Vanilla Markets Lending Yield Felix's Vanilla Markets offer the most straightforward yield in the ecosystem. You deposit assets (USDC, HYPE, or others) into lending pools, and borrowers pay interest to access those assets. Interest rates are variable and adjust algorithmically based on pool utilization - high demand for borrowing means higher rates for lenders. This is the closest equivalent to a savings account in the Hyperliquid ecosystem. The risk profile is lower than market making or stability pools, though smart contract risk and borrower default risk (mitigated by over-collateralization) still apply. **Earn Yield on Your Crypto** — Deposit into Felix's Vanilla Markets, Stability Pools, or CDP system. Multiple yield strategies for different risk profiles - all on HyperEVM. [Explore Felix Yield](https://www.usefelix.xyz?ref=DD467B42) --- ## The Composability Flywheel The real power of Hyperliquid's DeFi ecosystem is not any single protocol - it is how they compose together. Each piece amplifies the others, creating a flywheel effect that makes the whole greater than the sum of its parts. Here is the canonical example: **1. Start with HYPE.** You hold [HYPE tokens](/ecosystem/what-is-hype-token), Hyperliquid's native asset. **2. Liquid stake for kHYPE.** You stake HYPE through Kinetiq and receive kHYPE. Your HYPE is now earning staking rewards while remaining liquid. **3. Collateralize on Felix.** You deposit kHYPE into [Felix Protocol](/ecosystem/felix-protocol-guide) as collateral. Your staking rewards continue accruing. **4. Mint feUSD.** You borrow feUSD against your kHYPE collateral. You now have liquid stablecoin value without selling any HYPE. **5. Deploy feUSD.** You can deposit feUSD into a Felix Stability Pool for liquidation yield, trade with it on the native DEX, or swap it for USDC to take profits - all while your original HYPE keeps earning staking rewards and your kHYPE position appreciates. This is one path through the ecosystem. Others exist: depositing USDC into Vanilla Markets for lending yield, providing HLP liquidity for market-making returns, or trading [equity perps](/guides/trading/equity-perps-guide) and [commodity perps](/guides/trading/commodities-trading-guide) listed by HIP-3 builders. > **Key takeaway:** The composability flywheel - stake HYPE, get kHYPE, collateralize on Felix, mint feUSD, deploy into yield - lets you earn staking rewards, borrowing capacity, and DeFi yield simultaneously from a single HYPE position. This is only possible because everything runs on one chain with shared state. ### What Makes This Different from Ethereum DeFi? On Ethereum, a similar loop would require moving assets between Layer 1 and multiple Layer 2s, paying gas fees at every step, trusting bridge contracts, and relying on oracle networks to price collateral. A single liquidation might need to propagate across three different chains. On Hyperliquid, the entire stack runs on one L1 with [shared state between HyperCore and HyperEVM](/ecosystem/hyperevm-explained). Liquidations are atomic. Price feeds come directly from the native order book. There is no bridge risk, no oracle manipulation vector, and no cross-chain latency. The composability is real, not stitched together with trust assumptions. This architectural advantage is why the DeFi ecosystem has grown so quickly. Developers can build protocols that genuinely compose with each other and with Hyperliquid's core trading infrastructure, and users get a seamless experience without the fragmentation that plagues multi-chain DeFi. --- ## Getting Started If you are new to Hyperliquid and want to explore the DeFi ecosystem, here is the practical path: 1. **Set up and deposit.** Follow the [deposit guide](/guides/getting-started/deposit-usdc-to-hyperliquid) to get USDC onto Hyperliquid. This is the starting point for everything. 2. **Learn the platform.** The [beginner trading guide](/guides/getting-started/how-to-trade-on-hyperliquid) covers the interface, order types, and basic mechanics. 3. **Explore DeFi.** Once you are comfortable, start with lower-risk options like Vanilla Markets lending on [Felix](/ecosystem/felix-protocol-guide) or the [HLP vault](/ecosystem/hyperliquid-vaults-guide) before moving to more complex strategies. 4. **Understand the assets.** Read up on [HYPE](/ecosystem/what-is-hype-token), [USDH](/ecosystem/usdh-stablecoin-guide), and [HyperEVM](/ecosystem/hyperevm-explained) to understand what you are interacting with. 5. **Explore beyond DeFi.** The ecosystem extends past lending and trading - there is a growing [NFT scene on Hyperliquid](/ecosystem/hyperliquid-nfts-guide) with marketplaces like Drip Trade and NFT lending via BAE. > **Tip:** Start small. The composability of Hyperliquid's DeFi stack is powerful, but layered positions (staking + collateralization + borrowing) multiply both returns and risks. Understand each layer independently before combining them. **Start Exploring Hyperliquid DeFi** — From perpetual futures to lending, liquid staking, and yield vaults - Hyperliquid's DeFi ecosystem is built for composability. Sign up with our referral link for a 4% lifetime fee discount. [Join Hyperliquid - Save 4% on Fees](https://app.hyperliquid.xyz/join/Concept211) --- # NFTs on Hyperliquid: Drip Trade, Collections & the Emerging NFT Ecosystem > A complete guide to NFTs on Hyperliquid - from the Drip Trade marketplace and top collections to NFT lending with BAE. Discover the growing NFT scene on HyperEVM. *Source: https://hyperliquidguide.com/ecosystem/hyperliquid-nfts-guide* Hyperliquid is best known as the fastest-growing perpetual futures exchange in crypto. But beneath the trading engine lies [HyperEVM](/ecosystem/hyperevm-explained) - a fully EVM-compatible execution environment that supports smart contracts, DeFi protocols, and yes, NFTs. A small but rapidly growing NFT ecosystem is taking shape on Hyperliquid, anchored by the Drip Trade marketplace, a handful of buzzy collections, and emerging NFT-fi protocols like BAE. This guide covers everything you need to know about the Hyperliquid NFT scene: where to trade, what to collect, and where the ecosystem is headed. > **Key takeaway:** All NFTs on Hyperliquid are priced in [HYPE](/ecosystem/what-is-hype-token), the chain's native token. NFT values are therefore exposed to both collection-specific demand and HYPE price volatility - a key difference from Ethereum-native NFT markets priced in ETH. ![drip.trade — NFT marketplace on Hyperliquid](/images/ecosystem/shared/driptrade-marketplace.webp) --- ## Drip Trade: The NFT Marketplace [Drip Trade](https://drip.trade) bills itself as the "first high-frequency NFT exchange on Hyperliquid." While still in beta, it has quickly become the go-to marketplace for buying, selling, and bidding on NFTs across the HyperEVM ecosystem. The platform has processed over **16 million HYPE** in total trading volume since launch. ### Why Drip Trade Stands Out **Rock-bottom fees.** Drip Trade charges just **0.5% per trade** - among the lowest fee structures in the entire NFT space. For comparison, OpenSea charges 2.5% and most competitors sit between 1-2%. On a 100 HYPE purchase, you pay just 0.5 HYPE in fees. **100% revenue distribution.** Unlike most NFT marketplaces that pocket platform revenue, Drip Trade redistributes 100% of platform revenue back to its users. This aligns the platform's incentives directly with its community. **Forward deals.** One of Drip Trade's more unique features is "forward deals" - the ability to agree on a future NFT sale with a 7-day execution window. Think of it as an OTC desk for NFTs. Buyer and seller lock in terms, and the trade settles within the agreed window. This is particularly useful for high-value trades where both parties want price certainty. **Multi-token bid support.** Collectors can place bids across multiple NFTs simultaneously, giving active traders more flexibility when building positions in a collection. **Trait locking and rarity display.** Drip Trade surfaces rarity data and allows filtering by specific traits - essential for collectors who care about floor price versus rare-trait premiums. > **Note:** Drip Trade is still in beta. Features are being added regularly, and the platform's smart contracts should be treated as relatively new code. Trade with appropriate caution and never invest more than you can afford to lose. --- ## Top NFT Collections on Hyperliquid The Hyperliquid NFT ecosystem is still early, but a few collections have already generated significant volume and community traction. Here is an overview of the most notable projects: | Collection | Supply | Floor Price | Notable Detail | |---|---|---|---| | **Hypurr** | 4,600 | ~1,250 HYPE (~$55K) | Airdropped to Genesis Event participants; blue-chip status | | **PiP & Friends** | 7,777 | - | Highest volume collection (79M+ HYPE traded) | | **Illumeownati by Catbal** | 1,776 | - | Art-focused, strong holder community (11.3M+ HYPE volume) | | **Lucky Hypio Winners** | 5,555 | - | Wide distribution, gamified mint (2,735 owners) | ### Hypurr - The Blue-Chip Collection ![Hypurr NFT Collection - Official Hyper Foundation NFTs on HyperEVM](/images/ecosystem/hyperliquid-nfts-guide/hypurr-collection-banner.webp) Hypurr is the best-known NFT collection on Hyperliquid. 4,600 Hypurr NFTs were deployed on HyperEVM on September 28, 2025 and airdropped to Genesis Event participants who opted in when HyperEVM launched in February 2025, with no public sale and no mint. This site does not assert who created or administers the collection beyond what has been publicly stated; check official sources rather than relying on this page for that. The collection features distinct cat-themed avatars with varying traits including accessories, clothing, backgrounds, facial expressions, and color palettes. Ultra-rare categories like "Ghost Armor" appear in roughly 0.1% of tokens, commanding significant premiums over the floor. ![Hypurr NFT artwork - cat-themed avatars with unique traits](/images/ecosystem/hyperliquid-nfts-guide/hypurr-nft-artwork.jpeg) Hypurr has traded at high prices relative to most NFT collections on Hyperliquid. Reported OTC trades through 2025 sat in the tens of thousands of dollars, and post-deployment floor prices have been quoted in the region of 1,250 to 1,700 HYPE. NFT floor prices move constantly and thin markets make any single quote unreliable, so check a live marketplace rather than these figures, and treat implied market-cap numbers (floor multiplied by supply) as an artifact of that arithmetic rather than a real valuation. With fewer than 4,000 unique holders and only ~10% of supply listed for sale at any time, Hypurr maintains extreme scarcity. Proposed utility includes fee discounts on Hyperliquid, gated access to new features, potential governance rights through a Hypurr DAO, and future airdrop eligibility. Holding a Hypurr is widely regarded as a badge of early ecosystem participation. > **Key takeaway:** Hypurr is Hyperliquid's equivalent of CryptoPunks - an official, scarce, identity-defining collection distributed freely to early contributors. With a $300M+ market cap and floor prices above $50,000, it has established blue-chip status within the ecosystem. ### Hypers - The Community Collection Hypers is a community-driven collection of 8,888 NFTs. It generated so much demand during its mint that it temporarily halted the chain - an event that, while embarrassing from an infrastructure perspective, demonstrated the raw enthusiasm of the Hyperliquid community. Holding a Hyper is broadly seen as a status symbol within the ecosystem. ### PiP & Friends PiP & Friends is the volume king of Hyperliquid NFTs. With over **79 million HYPE** in total trading volume across 7,777 NFTs, it dwarfs every other collection on the chain. The collection has roughly 1,751 unique holders, indicating a healthy mix of active trading and long-term holding. ### Illumeownati by Catbal A smaller, art-driven collection of 1,776 pieces with 995 holders and over 11.3 million HYPE in volume. Illumeownati has cultivated a tight-knit community and is often cited as an example of what creator-led NFT projects can look like on Hyperliquid. ### Other Collections Worth Watching The long tail of Hyperliquid NFTs includes projects like **Hypericardo**, **Gems**, **Crushes**, **Katza**, **LQnians**, **Gloos**, and **HYPERACTIVES**. Most are community-driven PFP projects. Volume and liquidity vary widely - do your own research before collecting. > **Tip:** When evaluating NFT collections on Hyperliquid, pay close attention to holder count relative to supply. A collection where 50% of supply is concentrated in a handful of wallets carries significantly more manipulation risk than one with broad distribution. **Join Hyperliquid** — Get a 4% lifetime fee discount when you sign up through our referral link. [Start Trading](https://app.hyperliquid.xyz/join/Concept211) --- ## BAE: NFT Lending on Hyperliquid BAE is building an NFT lending protocol specifically for the Hyperliquid ecosystem. The concept is straightforward: NFT holders can use their assets as collateral to borrow liquid funds, while lenders earn yield by providing capital to these loans. ### How BAE Works - **Borrowers** deposit their NFT as collateral and receive a loan in HYPE or another supported token. The NFT is held in escrow until the loan is repaid. - **Lenders** fund loans and earn interest (APY) on their capital. If a borrower defaults, the lender receives the collateral NFT. - **Dual revenue sharing** means both sides of the marketplace participate in platform growth. > **Warning:** BAE is in early development and has not yet launched a full production version. NFT lending protocols carry inherent risks including smart contract risk, liquidation risk, and the challenge of fairly pricing illiquid NFT collateral. Approach with caution. The arrival of NFT lending on Hyperliquid is significant because it adds a DeFi composability layer to otherwise illiquid assets. On Ethereum, protocols like Blur's Blend and NFTfi unlocked billions in NFT-backed lending. BAE aims to bring similar functionality to HyperEVM - and with Hyperliquid's low gas costs and fast finality, the user experience could be considerably smoother. This fits into the broader [DeFi ecosystem on Hyperliquid](/ecosystem/hyperliquid-defi-ecosystem), where protocols like [Felix](/ecosystem/felix-protocol-guide) (lending/borrowing) and [HyperLend](/ecosystem/hyperlend-guide) are already offering yield strategies across fungible assets. --- ## How to Buy NFTs on Hyperliquid Getting started with NFTs on Hyperliquid requires a few straightforward steps: 1. **Set up a compatible wallet.** You will need a wallet that supports HyperEVM. [MetaMask](/guides/getting-started/connect-metamask-to-hyperliquid) and [Rabby](/guides/getting-started/connect-rabby-to-hyperliquid) are both solid choices. Make sure your wallet is configured for the HyperEVM network. 2. **Get HYPE on HyperEVM.** NFTs are priced in HYPE, so you need HYPE tokens on the HyperEVM side of the chain. You can [deposit USDC to Hyperliquid](/guides/getting-started/deposit-usdc-to-hyperliquid), trade for HYPE on the spot market, and then [bridge your HYPE to HyperEVM](/guides/getting-started/bridge-to-hyperevm) using the built-in internal transfer. 3. **Connect to Drip Trade.** Navigate to [drip.trade](https://drip.trade) and connect your wallet. The interface is clean and intuitive - browse collections, view floor prices, and place bids or instant-buy listings. 4. **Buy or bid.** You can either buy at the listed price or place a lower bid. Multi-token bidding lets you spread bids across several NFTs in a collection simultaneously. > **Key takeaway:** You need HYPE on the HyperEVM side of the chain to buy NFTs. If your HYPE is on the Hyperliquid L1 (used for perp trading), you must bridge it to HyperEVM first using the internal bridge at app.hyperliquid.xyz. > **Tip:** Before buying your first NFT, do a small test transaction to make sure your wallet is properly connected and you are comfortable with the gas fees on HyperEVM. Gas costs are minimal, but it is always smart to verify your setup first. --- ## The Bigger Picture: Why NFTs on Hyperliquid Matter It would be easy to dismiss NFTs on Hyperliquid as a side show - the chain's core value proposition is its trading engine, not digital collectibles. But there are a few reasons why the NFT ecosystem deserves attention. ### Full EVM Compatibility Because [HyperEVM](/ecosystem/hyperevm-explained) is fully Ethereum-compatible, it supports both ERC-721 and ERC-1155 token standards natively. Any NFT smart contract written in Solidity for Ethereum can be deployed on HyperEVM with minimal or no modifications. This dramatically lowers the barrier for creators and developers already familiar with Ethereum tooling. ### Community and Culture Hyperliquid has one of the most engaged communities in crypto. The PFP culture - where traders use their NFTs as profile pictures across social media and community channels - is already thriving. Hypurr has become the ultimate status symbol, with Hypers and PiP & Friends serving as accessible alternatives, similar to how CryptoPunks and Bored Apes defined identity on Ethereum. ### Potential Trading Integrations The most interesting long-term possibility is integration between NFTs and Hyperliquid's trading infrastructure. Imagine NFTs that unlock fee tier discounts, grant access to exclusive vaults, or serve as governance tokens for [HyperEVM yield strategies](/ecosystem/hyperevm-yield-strategies). Several teams are already exploring these concepts, though nothing has launched at scale yet. ### Speed and Cost Advantages HyperEVM's sub-second block times and negligible gas costs make it a genuinely better experience for NFT trading compared to Ethereum mainnet, where a single transaction can cost $5-50+ in gas during busy periods. This speed advantage is especially relevant for "high-frequency" NFT trading - the exact use case Drip Trade is designed for. --- ## Risks and Considerations The Hyperliquid NFT ecosystem is exciting but early. Before diving in, keep these risks in mind: **Illiquidity.** Most collections outside PiP & Friends have thin order books. Selling a mid-tier NFT quickly and at a fair price can be challenging, especially during market downturns. **Small ecosystem.** Compared to Ethereum, Solana, or even Bitcoin Ordinals, the Hyperliquid NFT market is tiny. Fewer buyers means less price discovery and more volatile floor prices. **Beta platform risk.** Drip Trade is still in beta. Smart contract bugs, UI issues, or unexpected downtime are real possibilities. The Hypers mint chain halt is a reminder that even core infrastructure can be stressed by NFT activity. **HYPE price volatility.** Because all NFTs are denominated in HYPE, your NFT portfolio is doubly exposed - to collection-level demand and to HYPE's own price movements. A 50% drop in HYPE price means your NFT's USD value drops by at least 50%, even if the HYPE-denominated floor holds steady. **No established royalty enforcement.** Creator royalties in the NFT space remain a contested topic. How Drip Trade and future Hyperliquid marketplaces handle royalty enforcement will impact creator incentives and collection sustainability. > **Warning:** NFTs are speculative assets with no guaranteed return. The Hyperliquid NFT market is especially early-stage - treat any purchase as high-risk and size your positions accordingly. > **Key takeaway:** The Hyperliquid NFT ecosystem is genuine and growing, but it is still in its infancy. The combination of HyperEVM's technical advantages, Drip Trade's low fees, and the community's enthusiasm creates real potential - but the risks of illiquidity, platform immaturity, and HYPE price exposure should not be underestimated. **Explore Hyperliquid** — Sign up with our referral link and get a 4% fee discount on your first $25M in trading volume. [Join Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) --- # Options & Structured Products on Hyperliquid: HyperDelta, BasisX & Beyond > A guide to the options protocols and structured products emerging on Hyperliquid - from HyperDelta's options exchange to BasisX's funding rate perps and tokenized yield instruments. *Source: https://hyperliquidguide.com/ecosystem/hyperliquid-options-structured-products* ## Derivatives on Derivatives Hyperliquid started as a perpetual futures exchange. Now it is becoming a full-stack derivatives platform - one where options, structured products, funding rate markets, and bond perps are being built on top of the same high-performance infrastructure that already processes billions in daily volume. The catalyst is twofold. [HyperEVM](/ecosystem/hyperevm-explained) gives developers a general-purpose smart contract layer to build complex financial logic. [HIP-3](/ecosystem/hip-3-builder-codes) gives them the ability to deploy entirely new perpetual markets - for any asset, any index, any yield stream - natively on HyperCore's order book. Together, these two layers are enabling a class of financial products that has historically existed only in TradFi or on centralized platforms. This guide covers the protocols pushing that frontier: HyperDelta for options, BasisX for funding rate and bond perps, and D2 Finance for tokenized strategy vaults. > **Key takeaway:** Hyperliquid's combination of HyperEVM smart contracts and HIP-3 permissionless perp deployment creates the infrastructure for sophisticated financial products - options, funding rate derivatives, bond perps, and managed strategy vaults - all running on-chain with the performance of a centralized exchange. ![Hyperliquid trading interface for derivatives](/images/compare/shared/hyperliquid-trading-interface.webp) --- ## Options on Hyperliquid Options are the foundational building block of structured finance. A call option gives the buyer the right to purchase an asset at a set price before expiry; a put option gives the right to sell. In TradFi, options markets dwarf spot markets in notional volume. In DeFi, options have been one of the hardest products to get right - but Hyperliquid's performance characteristics make it one of the most promising venues for on-chain options. ### HyperDelta HyperDelta is building a next-generation options exchange on Hyperliquid. The protocol aims to deliver the full options trading experience - calls, puts, spreads, and complex multi-leg strategies - with the speed and liquidity that Hyperliquid's infrastructure provides. HyperDelta is still in its early stages. The team announced plans to launch on Hyperliquid in 2025, and while the protocol is under active development, it has not yet reached full production. What makes HyperDelta interesting is the architectural advantage of building on Hyperliquid rather than a general-purpose L1: sub-second block times, native order book matching, and deep existing liquidity in the underlying perp markets. > **Note:** Options pricing depends on implied volatility, time to expiry, and the price of the underlying asset. Hyperliquid's real-time price feeds and deep liquidity in BTC, ETH, and SOL perps provide the foundation that options protocols need for accurate pricing and hedging. ### D2 Finance and Options Strategies While HyperDelta is building the exchange, D2 Finance is already using options strategies in production through its managed [vault products](/ecosystem/hyperliquid-vaults-guide). The **hSOL vault**, for example, employs a put-writing strategy - selling put options on SOL to generate premium income. When implied volatility is high, the premiums collected are substantial. When the market drops sharply, the vault takes on directional exposure. This is how structured products work in practice: a complex derivatives strategy gets packaged into a simple vault token that users can deposit into. The strategy runs autonomously, managed by D2 Finance's algorithms, and users participate in the returns (and risks) without needing to understand options Greeks. --- ## Funding Rate Perps: Trading Yield as an Asset This is where things get genuinely novel. BasisX is building perpetual futures markets where the underlying asset is not a cryptocurrency price - it is a **funding rate stream**. ### What Are Funding Rate Perps? Every perpetual futures contract on Hyperliquid has a funding rate - a periodic payment between longs and shorts that keeps the perp price anchored to the spot price. When funding is positive, longs pay shorts. When funding is negative, shorts pay longs. Traders running basis trades (long spot, short perp) earn this funding as yield. BasisX takes this concept and turns it into a tradeable market. Their funding rate perps - **frBTC**, **frETH**, **frHYPE**, and **frPUMP** - are [HIP-3 deployed](/ecosystem/hip-3-builder-codes) perpetual contracts where the price tracks the cumulative funding rate of the underlying perp market. Going **long** on frBTC is essentially a bet that BTC funding rates will remain positive (or increase). Going **short** is a bet that funding will turn negative or decline. This transforms what was previously a passive income stream into an actively tradeable instrument. > **Key takeaway:** BasisX's funding rate perps (frBTC, frETH, frHYPE, frPUMP) turn perpetual futures funding rates into tradeable assets. Traders can go long or short on yield itself - a financial primitive that barely exists in TradFi and is entirely new to DeFi. ### Why This Matters Funding rate derivatives unlock several use cases that did not previously exist on-chain: - **Hedging yield exposure**: If you are running a basis trade and earning positive funding, you can short the corresponding frToken to lock in your yield - protecting against a funding rate collapse. - **Speculation on market sentiment**: Funding rates are a proxy for market sentiment. Extremely positive funding signals overleveraged longs. Shorting frBTC during a euphoric rally is a bet that the leverage will unwind. - **Yield curve trading**: With multiple funding rate perps available, traders can construct relative value trades - long frETH, short frBTC - based on which market's funding they believe will outperform. > **Tip:** Funding rate perps are derivatives of derivatives. The price of frBTC depends on BTC perpetual funding rates, which themselves depend on the spread between BTC perp and spot prices. This layered complexity means these instruments can behave in unintuitive ways - study the mechanics thoroughly before trading them. ### Bond Perps: Macro Exposure On-Chain BasisX is not limited to crypto funding rates. The protocol has also deployed **bond perps** - perpetual futures that track traditional fixed-income instruments. These include: - **TLT**: Tracks the iShares 20+ Year Treasury Bond ETF, giving traders exposure to long-duration U.S. Treasury bonds. - **BOND**: A broader bond market tracker. For crypto-native traders who want to express views on interest rates, inflation expectations, or flight-to-safety dynamics, bond perps provide that exposure without leaving Hyperliquid. This is the same concept behind Hyperliquid's [traditional market offerings](/ecosystem/hyperliquid-traditional-markets) - bringing TradFi assets on-chain - but applied to fixed income rather than equities. > **Note:** BasisX is currently in closed testnet. The funding rate perps and bond perps described here represent the product roadmap. Check BasisX's official channels for the latest launch timeline. **Start Trading on Hyperliquid** — Get a 4% lifetime fee discount on all trades - perps, spot, and HIP-3 markets. [Join Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) --- ## HIP-3: The Infrastructure That Makes It All Possible None of these structured products would exist without [HIP-3](/ecosystem/hip-3-builder-codes). Before HIP-3, every perpetual market on Hyperliquid was deployed and operated by the core validator set. After HIP-3, any entity willing to stake a minimum of **500,000 HYPE** can deploy their own perpetual futures markets - for any asset, any index, any derivative - running natively on HyperCore's matching engine. The mechanics are straightforward: 1. **Stake 500K+ HYPE** to activate a builder code 2. **Deploy markets** - the first 3 are free; additional slots are allocated via Dutch auction every 31 hours 3. **Earn fees** - a 50/50 split between the deployer and the Hyperliquid protocol on all trading fees generated 4. **Provide liquidity and oracles** - the deployer is responsible for market-making and price feeds This is why BasisX can create markets for funding rates and bond yields - HIP-3 does not care what the underlying asset is, as long as the deployer provides a reliable oracle price feed. The permissionless nature means innovation is not bottlenecked by a governance vote or a core team decision. > **Warning:** HIP-3 markets are newer and typically have lower liquidity than Hyperliquid's native perp markets. Slippage can be significant on larger orders, and spreads may be wider. Always check the [order book](/guides/trading/order-types-guide) depth before sizing positions in HIP-3 markets. --- ## Tokenized Strategy Vaults While BasisX creates new tradeable instruments, D2 Finance takes the opposite approach: packaging complex trading strategies into simple vault tokens that anyone can hold. ### How D2 Finance Vaults Work D2 Finance operates non-custodial vaults on [HyperEVM](/ecosystem/hyperevm-explained). Users deposit assets, receive vault tokens representing their share, and the vault's strategy executes automatically. The key vaults include: - **HYPE++**: A volatility arbitrage strategy that captures the spread between implied and realized volatility on HYPE. The vault takes delta-neutral positions and profits from volatility mispricing. - **hWORLD**: A global macro index vault that provides diversified exposure across crypto, equities, and commodities - effectively a managed portfolio built on Hyperliquid's market infrastructure. - **hSOL**: An options-writing vault that generates yield by selling put options on SOL. When volatility is elevated, premiums are rich. The tradeoff is downside exposure during sharp selloffs. With roughly **$11M in TVL**, D2 Finance represents one of the earliest examples of institutional-grade structured products running entirely on Hyperliquid. > **Key takeaway:** D2 Finance's vaults demonstrate how Hyperliquid's infrastructure can support institutional-grade structured products - volatility arbitrage, global macro indices, and options strategies - all packaged as non-custodial vault tokens on HyperEVM. Users get hedge fund strategies without hedge fund minimums. These vaults are conceptually similar to what you would find from a traditional asset manager offering structured notes or managed futures - but everything runs on-chain, fully auditable, with no minimum investment and no lockup periods. **Explore Hyperliquid's Ecosystem** — From perps to options to structured vaults - trade it all with a 4% fee discount. [Get Started](https://app.hyperliquid.xyz/join/Concept211) --- ## What Is Coming Next The structured products landscape on Hyperliquid is still in its earliest stages. Several developments are on the horizon: ### Options Exchanges HyperDelta's launch will be a milestone. A liquid, on-chain options exchange built on Hyperliquid's order book infrastructure would enable a cascade of new products - covered calls, protective puts, iron condors, straddles - that are currently only accessible on centralized platforms like Deribit. ### Prediction Markets and Outcome Trading [HIP-4](/ecosystem/hip-4-outcome-trading) introduces outcome markets to Hyperliquid - effectively prediction markets that settle to fully collateralized payoff buckets. While distinct from options in their mechanics, outcome markets share the same economic DNA: they are derivatives that let traders express views on specific outcomes. HIP-4 went live on mainnet on **May 2, 2026** with a recurring binary BTC contract, and on **May 7, 2026** the first [multi-outcome market](/ecosystem/hyperliquid-multi-outcome-markets) went live - a recurring BTC price-range contract with asymmetric upside, downside, and intermediate buckets. Bounded options-like instruments and additional underlyings are slated to roll out in stages, making HIP-4 the most direct on-chain analog to traditional options structures available on Hyperliquid today. ### Exotic Derivatives As HIP-3 matures and more builders deploy markets, expect increasingly creative instruments: volatility perps, correlation trades, exotic index products, and structured yield instruments that combine multiple DeFi protocols into single positions. ### Expanding the Yield Stack Protocols building [yield strategies](/ecosystem/hyperevm-yield-strategies) on HyperEVM - including lending on [HyperLend](/ecosystem/hyperlend-guide), liquidity provision, and staking via the [HYPE token](/ecosystem/what-is-hype-token) - will increasingly intersect with structured products. A vault that lends on HyperLend, hedges with perps, and writes options simultaneously is not a hypothetical - it is the logical endpoint of composability on a single high-performance chain. --- ## Risk Considerations Structured products amplify both opportunity and risk. Before trading any of these instruments, understand the specific risks involved: ### Complexity Risk These are not simple spot trades. Funding rate perps are derivatives of derivatives. Options have non-linear payoffs governed by Greeks (delta, gamma, theta, vega). Strategy vaults may employ multiple overlapping positions. If you cannot explain how a product makes or loses money in a single sentence, you probably should not trade it. ### Liquidity Risk HIP-3 markets are newer and less liquid than Hyperliquid's core perp markets. Funding rate perps and bond perps may have thin order books, wide spreads, and limited depth. Exiting a large position in a low-liquidity market during a volatile period can result in significant slippage. ### Smart Contract Risk Vault products on HyperEVM depend on smart contracts that may be unaudited or lightly audited. A bug in a vault's strategy logic could result in loss of funds. This is compounded for products that interact with multiple protocols (composability risk). > **Warning:** Many structured product protocols on Hyperliquid are early-stage, with small teams and limited track records. The TVL locked in these protocols may be modest, and the strategies may not have been battle-tested through a full market cycle. Start small. Diversify. Never allocate more than you can afford to lose entirely. ### Counterparty and Oracle Risk HIP-3 markets depend on deployer-provided oracle feeds. If an oracle malfunctions or is manipulated, the market price can decouple from reality. For bond perps and funding rate perps, oracle integrity is especially critical because the underlying assets are not simple spot prices. ### Strategy Risk in Vaults Managed vaults execute specific strategies that can underperform or lose money. A put-writing vault loses when the underlying asset drops sharply. A volatility arbitrage vault loses when realized volatility exceeds implied. Past performance in backtests does not guarantee future results. --- ## The On-Chain Derivatives Stack Hyperliquid is assembling something that did not previously exist in DeFi: a vertically integrated derivatives platform where spot, perps, options, structured products, and exotic derivatives all run on the same infrastructure with shared liquidity and composability. The pieces are falling into place. [HyperCore](/ecosystem/hyperevm-explained) provides the performance layer - sub-second block times and 200,000 orders per second. HIP-3 provides the permissionless market layer. HyperEVM provides the programmability layer. And protocols like BasisX, HyperDelta, and D2 Finance are building the products that connect these layers into something traders can actually use. For traders comfortable with [leverage](/guides/trading/leverage-trading-guide) and derivatives, this is one of the most interesting developments in DeFi. For everyone else, the structured product vaults offer a simpler entry point - just deposit and let the strategy run. Either way, the message is clear: Hyperliquid is not just a perp exchange anymore. It is becoming the infrastructure layer for on-chain finance. **Trade on Hyperliquid** — Access perps, spot, HIP-3 markets, and the growing structured products ecosystem. Get a 4% fee discount. [Join Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) --- # Why Hyperliquid Is Replacing Traditional Markets - The 24/7 Trading Revolution > How Hyperliquid is becoming the go-to venue for trading real-world assets. From Bloomberg referencing HL oil prices to silver dominating volume - traditional finance is moving on-chain via trade.xyz and HIP-3. *Source: https://hyperliquidguide.com/ecosystem/hyperliquid-traditional-markets* ## The Weekend That Changed Everything On a Sunday in early 2026, Iran-related geopolitical tensions spiked oil prices. Every traditional commodity exchange was closed. CME, NYMEX, ICE - all shut until Monday morning. Bloomberg needed a reference price for oil. They found one: **Hyperliquid**. Not a futures desk. Not a bank trading floor. A decentralized perpetual futures exchange built by a crypto team, running 24/7 on its own Layer 1 blockchain. The oil perp they referenced - [CL](/markets/xyz/cl) on [trade.xyz](https://trade.xyz) - is a [HIP-3 builder-deployed](/ecosystem/hip-3-builder-codes) market running on Hyperliquid's HyperCore infrastructure. When the institutions needed a price mid-crisis, they went where the liquidity was. > **Key takeaway:** When Bloomberg used Hyperliquid to reference oil prices during a geopolitical crisis because traditional markets were closed, it marked a turning point. DeFi became a price discovery venue for real-world assets - not just crypto. ![trade.xyz — trade stocks and commodities as perpetual futures](/images/trading/shared/tradexyz-homepage.webp) This was not a one-off anomaly. It was an inflection point that revealed what many traders already knew: **the 24/7 market infrastructure is not a nice-to-have. It is essential.** --- ## The Numbers Tell the Story ### Silver: A Volume Powerhouse When [HIP-3](/ecosystem/hip-3-builder-codes) went live in October 2025, it unlocked builder-deployed perpetual markets on Hyperliquid's HyperCore infrastructure. [trade.xyz](https://trade.xyz) launched stock and commodity perps shortly after - and the numbers were immediate. Today, [SILVER](/markets/xyz/silver) on trade.xyz generates approximately **$662M in daily volume**, making it one of the highest-volume markets in the entire Hyperliquid ecosystem. That is worth pausing on. A precious metal, traded on a decentralized exchange via a builder-deployed perp, generating hundreds of millions in daily volume. This is not a crypto narrative. This is a structural shift in where and how people trade. ### Top Markets by Volume The concentration of volume in traditional asset markets on trade.xyz tells a clear story: - **SILVER** - ~$662M/day - **[XYZ100](/markets/xyz/xyz100)** (index) - ~$356M/day - **CL** (crude oil) - ~$187M/day - **[GOLD](/markets/xyz/gold)** - ~$120M/day Volume is concentrated at the top of that list, and the newer listings sit a long way below it. [BlackBerry (BB) on Hyperliquid](/markets/xyz/bb) turns over a small fraction of what SILVER does, which is worth knowing before you size a position in one of the thinner books. Across all 50 markets on trade.xyz - spanning stocks, commodities, forex, and indices - the demand for traditional asset exposure on crypto infrastructure is massive and growing. ### Oil: Crisis-Proof Liquidity The CL market on trade.xyz has demonstrated something that traditional markets fundamentally cannot: **continuous liquidity**. When events happen outside of business hours - which is the majority of the week - the oil perp remains active, liquid, and functional. Same HyperCore matching engine, same margin system, same instant settlement. For news traders and macro traders, this is transformative. The gap between an event and your ability to act on it has shrunk from hours (waiting for Monday open) to seconds. ### Equities and Indices: Already Here What was once the "next frontier" is now live. [Equity perps](/guides/trading/equity-perps-guide) and index markets like XYZ100 are already trading on trade.xyz via HIP-3. In March 2026, S&P Dow Jones Indices officially licensed the S&P 500 for a [perpetual contract on trade.xyz](/ecosystem/sp500-perpetual-hyperliquid) — the first time the world's most-tracked index has been brought on-chain. The same advantages that made [commodity perps](/guides/trading/commodities-trading-guide) explode - 24/7 access, instant settlement, global reach - apply equally to stocks and indices. No market hours, no T+1 delays, no brokerage applications. --- ## How It Works: HIP-3 and trade.xyz The traditional asset markets on Hyperliquid are made possible by [HIP-3 builder codes](/ecosystem/hip-3-builder-codes) - a protocol feature that allows third-party builders to deploy perpetual contract markets on Hyperliquid's HyperCore infrastructure. [trade.xyz](https://trade.xyz) is the leading HIP-3 builder, operating a DEX with approximately 50 traditional asset markets. [Felix Protocol's FLX dex](/ecosystem/felix-protocol-guide) is another notable HIP-3 builder with 14 markets spanning equities, commodities, and crypto. Here is what makes this architecture powerful: - **Same infrastructure** - HIP-3 perps run on the same HyperCore matching engine, settlement system, and margin framework as native Hyperliquid markets. There is no performance or security trade-off. - **Builder-deployed** - trade.xyz handles market creation, oracle configuration, and parameter tuning. Hyperliquid provides the execution layer. - **Competitive fees** - HIP-3 markets on trade.xyz charge 0.03% maker and 0.09% taker fees. Growth Mode may apply for reduced rates on newer markets. - **Unified margin** - Your USDC margin works across all markets. Trade SILVER, then CL, then BTC - all from the same account and wallet. *Fee figures are Hyperliquid's published [HIP-3 builder-market fee schedule](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees). Live rates shown on each market page are measured from the Hyperliquid API.* > **Note:** HIP-3 builder-deployed markets are not separate from Hyperliquid - they run on the same HyperCore infrastructure. The settlement, matching, and margin systems are identical. trade.xyz is simply the interface and market deployer for traditional asset perps. --- ## Why Traditional Infrastructure Is Falling Behind ### The Market Hours Problem US stock markets operate 6.5 hours per day, 5 days per week - roughly 32.5 hours out of 168 hours in a week. That means traditional equity markets are **closed 81% of the time**. In a world where news, geopolitics, and economic data are truly global and truly 24/7, limiting trading to a fraction of the week is not a feature - it is a limitation imposed by legacy infrastructure. The argument that after-hours and pre-market trading solve this falls apart quickly. After-hours markets have wide spreads, thin liquidity, and limited order types. They are a patch on a fundamentally broken architecture, not a solution. ### The Settlement Problem When you buy a stock in a traditional brokerage, settlement takes one full business day (T+1). Behind the scenes, your trade kicks off a complex chain involving your broker, the National Securities Clearing Corporation (NSCC), the Depository Trust & Clearing Corporation (DTCC), and Cede & Co - the entity that technically holds nearly all shares in the US market. On Hyperliquid, settlement is **atomic and instant**. Your trade, your margin, your profit or loss - all resolved on-chain in the same block. No counterparty chain. No settlement risk. No waiting. This applies equally to HIP-3 markets on trade.xyz and native Hyperliquid markets. ### The Access Problem Opening a traditional brokerage account requires: - Government-issued ID (KYC) - Proof of address - Tax identification number - Minimum deposits (for margin accounts) - Bank account in the same jurisdiction For billions of people worldwide - particularly in emerging markets - these requirements are barriers that prevent access to US equities and global commodities. On Hyperliquid, access requires: a crypto wallet and USDC. That is it. See our [beginner's guide to trading stocks on Hyperliquid](/guides/trading/how-to-trade-stocks-on-hyperliquid) for the full wallet-to-first-trade walkthrough, or the general [how to trade on Hyperliquid](/guides/getting-started/how-to-trade-on-hyperliquid) guide if you want to start with crypto perps. > **Note:** This is not about replacing traditional finance for everyone. It is about providing an alternative for the vast majority of the world that traditional finance underserves - and for sophisticated traders who need speed, access, and self-custody that legacy infrastructure cannot provide. **Trade Without Limits** — No market hours. No KYC. No settlement delays. Join Hyperliquid with a 4% lifetime fee discount and access every market, 24/7. [Start Trading - Save 4% on Fees](https://app.hyperliquid.xyz/join/Concept211) --- ## The Convergence Thesis There is a widely held view in crypto that decentralized trading would disrupt traditional finance gradually - first serving crypto natives, then slowly expanding to traditional assets over 5-10 years as regulatory clarity emerged. The events of late 2025 and early 2026 compressed that timeline dramatically. The convergence is happening now, not in the future. ### Phase 1: Crypto-Native Markets (2020-2024) Decentralized perpetual exchanges served crypto traders. BTC, ETH, and altcoin perps dominated. Hyperliquid launched and quickly became the highest-volume on-chain perp venue due to its speed, depth, and user experience. ### Phase 2: HIP-3 and Commodity Expansion (2025) [HIP-3](/ecosystem/hip-3-builder-codes) went live in October 2025, enabling builder-deployed perpetual markets on HyperCore. [trade.xyz](https://trade.xyz) launched shortly after with [commodity perpetuals](/guides/trading/commodities-trading-guide) - SILVER, GOLD, CL - and demand exploded. SILVER hit $662M in daily volume, and by late August 2026 aggregate [HIP-3](/ecosystem/hip-3-builder-codes) open interest across every builder stood at $3.60 billion, read from the Hyperliquid API on August 31, 2026. Bloomberg started referencing Hyperliquid prices. The platform proved that DeFi infrastructure could handle real-world asset trading at institutional scale. ### Phase 3: Full Traditional Asset Coverage (2026) trade.xyz now operates **70+ markets** spanning four asset classes. [Equity perps](/guides/trading/equity-perps-guide) expanded to 40+ tickers in May 2026 - including Korean stocks (SMSN, SKHX, HYUNDAI), country and sector ETFs (EWJ, EWY, EWZ, XLE, URNM), and biotech/AI infrastructure plays. [Commodities](/guides/trading/commodities-trading-guide) grew to include grains (CORN, WHEAT), industrial metals (ALUMINIUM, URANIUM), Dutch TTF natural gas, and a second crude benchmark alongside CL — you can now trade [Brent oil on Hyperliquid](/markets/xyz/brentoil) as a standalone perpetual. The [official S&P 500 perpetual](/ecosystem/sp500-perpetual-hyperliquid) launched with SPDJI licensing in March 2026, joined by JP225 (Nikkei), KR200 (KOSPI), and VIX. And in May 2026, **[FX perpetuals went live](/ecosystem/hyperliquid-fx-perpetuals)** with EUR, the [Japanese yen (JPY) forex perp](/markets/xyz/jpy), KRW, and the DXY dollar index - the fourth asset class on a single unified-margin platform. The infrastructure is proven, the liquidity is deep, and the demand is clear. Getting leveraged exposure to any traditional asset no longer requires market hours, settlement delays, or complex brokerage applications. August 2026 added a different kind of listing. **[xStocks deployed ten tokenized spot equities on HyperCore](/ecosystem/xstocks-tokenized-stocks-hyperliquid)**, including AAPLX, TSLAX, NVDAX and SPYX. These are share-backed tokens rather than oracle-tracked contracts, which is the first time real equity ownership has appeared anywhere in this stack. Whether it amounts to anything is an open question: every one of those books was still empty a week after the last ticker went live. > **Key takeaway:** The question is no longer whether traditional assets will trade on crypto infrastructure. The question is how quickly the rest of the market catches up to what Hyperliquid and trade.xyz are already doing. --- ## What This Means for Traders ### If You Are a Crypto Trader The expansion into commodities and equities via trade.xyz means Hyperliquid is becoming a **one-stop trading venue** for all asset classes. You can diversify into GOLD as a hedge, trade CL on geopolitical news, take equity positions, or trade blockbuster new listings 24/7 - the [SpaceX perpetual (SPCX)](/ecosystem/trade-spacex-pre-ipo-hyperliquid) priced the company's record June 12, 2026 Nasdaq IPO and keeps trading the public stock around the clock, and the [CXMT perpetual](/ecosystem/trade-cxmt-pre-ipo-hyperliquid) repeated the trick on Asia's biggest listing of 2026, landing within about 2% of the Shanghai open. All from the same account, the same wallet, with the same USDC margin. HIP-3 markets share the same margin system as native perps. This eliminates the fragmentation that currently forces traders to maintain separate accounts at crypto exchanges, commodity brokers, and stock brokerages. ### If You Are a Traditional Trader The barriers to trying Hyperliquid are nearly zero. If you are a commodity or equity trader frustrated by market hours, settlement delays, or broker limitations, you can [connect a wallet](/guides/getting-started/how-to-trade-on-hyperliquid), [deposit USDC](/guides/getting-started/deposit-usdc-to-hyperliquid), and be trading on trade.xyz in minutes. For a step-by-step walkthrough of placing your first trade outside market hours, see our [after-hours trading guide](/guides/trading/after-hours-trading-guide). The platform uses the same technical analysis tools, the same order types, and the same market mechanics you already understand. The interface will feel familiar. What is different is the infrastructure - faster, always-on, and self-custody. HIP-3 fees on trade.xyz are 0.03% maker and 0.09% taker - competitive with any centralized venue. ### If You Are Watching From the Sidelines The Bloomberg oil moment was a wake-up call. When a media organization of that stature references a DeFi platform for commodity pricing, the narrative has shifted. This is no longer speculative. The infrastructure is live, trade.xyz runs over 100 traditional asset markets on HyperCore, the volume is real, and traditional finance is paying attention. Bloomberg returned to the subject at length on **August 24, 2026**, publishing a feature titled ["The $500 Billion Experiment to Build 24/7 Markets on Blockchain"](https://www.bloomberg.com/news/articles/2026-08-24/the-500-billion-experiment-to-build-24-7-markets-on-blockchain) covering trade.xyz's markets. The first reference was a price quote borrowed on a Sunday because nothing else was open. This one is a feature about the venue itself, which is a different kind of attention. > **Tip:** Whether you are trading or just observing, understanding how on-chain markets are absorbing traditional asset volume is critical. The shift from legacy trading infrastructure to 24/7 on-chain venues is one of the most significant structural changes in financial markets since electronic trading replaced floor-based exchanges. --- ## Hyperliquid's Structural Advantages Why Hyperliquid specifically, rather than any other DeFi platform? Several architectural choices position it uniquely for this convergence. ### Purpose-Built L1 Hyperliquid runs its own Layer 1 blockchain with [HyperBFT consensus](/ecosystem/hyperevm-explained), optimized specifically for trading. Sub-second finality, zero gas on trades, and an on-chain order book that matches the performance of centralized exchanges. This is not a DEX bolted onto a general-purpose chain - and HIP-3 builder-deployed markets like those on trade.xyz benefit from the same performance. ### HIP-3: The Builder Framework [HIP-3 builder codes](/ecosystem/hip-3-builder-codes) are the mechanism that made traditional asset expansion possible. By allowing builders like trade.xyz to deploy perpetual markets on HyperCore, Hyperliquid created a scalable path to covering every asset class without bottlenecking on a single listing process. The result: 50 traditional asset markets and counting. ### Deep Liquidity Volume attracts liquidity, which attracts more volume. Hyperliquid's position as the highest-volume on-chain perp venue means tighter spreads and better execution than any competitor - critical for institutional adoption and traditional asset trading. SILVER alone at $662M/day demonstrates the depth available. ### Fee Efficiency HIP-3 markets on trade.xyz charge 0.03% maker and 0.09% taker - competitive with centralized exchanges and dramatically cheaper than traditional brokerages. Growth Mode may further reduce fees on newer markets. With a [referral discount](https://app.hyperliquid.xyz/join/Concept211), you save an additional 4% on every trade - for life. **Be Part of the Shift** — Traditional finance is moving on-chain. Trade commodities, equities, and crypto - all 24/7, all on Hyperliquid via trade.xyz. Get a 4% lifetime fee discount. [Join Hyperliquid - Save 4%](https://app.hyperliquid.xyz/join/Concept211) --- # Liquid Staking on Hyperliquid: kHYPE, wstHYPE & Kinetiq Guide > Learn how to liquid stake HYPE with Kinetiq: earn ~2.37% APY via kHYPE and wstHYPE while using your staked tokens across DeFi on HyperEVM. *Source: https://hyperliquidguide.com/ecosystem/liquid-staking-guide* ## What Is Liquid Staking on Hyperliquid? Staking HYPE secures the Hyperliquid network and earns you rewards - [roughly 2.37% APY at current staking levels](/ecosystem/hype-staking-yields-guide). The catch is that natively staked HYPE is locked. You cannot trade it, use it as collateral, or deploy it into DeFi protocols while it is earning validator rewards. And when you want it back, you wait seven days. Liquid staking eliminates that trade-off. Instead of delegating directly to a validator and locking your tokens, you deposit HYPE into a liquid staking protocol and receive a derivative token - a liquid staking token (LST) - that represents your staked position. That LST is freely transferable, tradeable, and composable with DeFi protocols across [HyperEVM](/ecosystem/hyperevm-explained). Meanwhile, the underlying HYPE continues earning staking rewards as if you had delegated it yourself. On Hyperliquid, the dominant liquid staking protocol is **Kinetiq**, and its LST is called **kHYPE**. With over $639 million in TVL and 82.5% market share of Hyperliquid's liquid staking ecosystem, Kinetiq is the standard that most DeFi protocols on HyperEVM integrate with. > **Key takeaway:** Liquid staking lets you earn HYPE staking rewards (~2.37% APY) while keeping your tokens liquid for DeFi. Kinetiq's kHYPE is the leading LST on Hyperliquid, holding over 82% market share. ![Hyperliquid staking interface](/images/ecosystem/what-is-hype-token/staking-interface.webp) ![Kinetiq liquid staking interface](/images/ecosystem/shared/kinetiq-staking-interface.webp) --- ## How Native HYPE Staking Works Before diving into liquid staking, it helps to understand the native staking mechanism it builds on. [HYPE](/ecosystem/what-is-hype-token) is the native token of Hyperliquid's Layer 1 blockchain, which uses a delegated proof-of-stake consensus model called HyperBFT. ### The Basics Native staking works as follows: 1. **Transfer HYPE to your staking account** - Move tokens from your spot account to your staking account within the Hyperliquid interface. 2. **Delegate to validators** - Choose one or more validators and delegate your HYPE to them. You can split your stake across multiple validators. 3. **Earn rewards** - Rewards accrue every minute and are distributed daily. They automatically compound through redelegation, meaning your staked balance grows without manual intervention. 4. **Unstake when ready** - When you want your HYPE back, you initiate an undelegation. There is a **7-day unstaking queue** before tokens return to your spot account, plus a 1-day lockup on individual delegations before they can be undelegated. ### Reward Rate Mechanics The HYPE staking reward rate follows a formula inspired by Ethereum: the annual yield is inversely proportional to the square root of total HYPE staked. At approximately 400 million HYPE staked across the network, this produces an annualized rate of **~2.37%**. As more HYPE enters staking, the per-token yield decreases; as HYPE leaves staking, the per-token yield increases. Rewards are funded from the future emissions reserve, which accounts for roughly 38.888% of the total 1 billion HYPE supply. ### Validator Requirements Active validators must maintain a **10,000 HYPE self-delegation** locked for one year. If a validator's self-delegation drops below this threshold, they enter "undelegate-only mode" - existing delegators can leave but no new delegations are accepted. Validators may charge commissions on delegator rewards, capped at 1% for new rate increases. > **Note:** Each address can have up to 5 pending withdrawal requests at a time during the 7-day unstaking queue. Plan your undelegations accordingly if you need to exit multiple validator positions. --- ## Kinetiq and kHYPE Kinetiq is the leading liquid staking protocol on Hyperliquid. It accepts HYPE deposits, delegates them to high-performing validators, and issues kHYPE - a liquid token that represents your staked position plus accumulated rewards. ### How kHYPE Works The mechanics are straightforward: 1. **Deposit HYPE** - You send HYPE to Kinetiq's StakingManager contract. The minimum deposit is **5 HYPE**. 2. **Receive kHYPE** - The contract mints kHYPE at the current exchange rate. This rate is not 1:1 - it reflects the accumulated rewards in the system. If 1 kHYPE is currently worth 1.03 HYPE, depositing 10.3 HYPE gets you 10 kHYPE. 3. **Rewards accrue automatically** - As validators earn rewards, the kHYPE-to-HYPE exchange rate increases. Your kHYPE balance stays constant, but each token becomes redeemable for more HYPE over time. 4. **Use kHYPE freely** - Trade it, supply it as collateral on [Felix Protocol](/ecosystem/felix-protocol-guide), add it to liquidity pools, or hold it in your wallet. This is a **non-rebasing** design. Unlike rebasing tokens (where the quantity in your wallet changes to reflect rewards), kHYPE keeps your balance constant and reflects yield through price appreciation. This makes it simpler for DeFi integrations and avoids potential tax complications that arise from changing token quantities. ### Automated Validator Management One of Kinetiq's key differentiators is its **StakeHub** system - an autonomous validator selection and management layer. Rather than requiring users to manually research and pick validators, StakeHub: - **Evaluates performance metrics** including uptime, commission rates, and historical reliability - **Diversifies stake** across multiple validators to reduce single-point-of-failure risk - **Continuously monitors** validator behavior and automatically rebalances delegations if a validator underperforms - **Manages over 5%** of the total HYPE network stake This removes the operational burden of validator selection from users while maintaining the decentralization benefits of delegating across multiple validators. ### Unstaking from Kinetiq You have two options to exit your kHYPE position: | Method | Timeline | Fee | When to Use | |--------|----------|-----|-------------| | **Direct unstaking** | ~8-9 days (24-hour lock + ~7-day queue) | 0.10% | When you can wait and want the best rate | | **Market swap** | Instant | Variable spread/slippage | When you need liquidity immediately | Direct unstaking through Kinetiq follows the same unstaking queue as native HYPE staking, plus a 24-hour initial lock period. The 0.10% fee is deducted in kHYPE. Alternatively, you can swap kHYPE for HYPE instantly on decentralized exchanges, though you may face some spread depending on liquidity conditions. > **Key takeaway:** kHYPE is a non-rebasing liquid staking token. Your wallet balance stays constant while the kHYPE-to-HYPE exchange rate increases as rewards accrue - no claiming, no compounding, no manual intervention required. **Start Trading on Hyperliquid** — Get access to 100+ perpetual futures markets with deep liquidity and low fees. Sign up with our referral link for a 4% lifetime discount on trading fees. [Get Started with 4% Off Fees](https://app.hyperliquid.xyz/join/Concept211) --- ## wstHYPE: Wrapped Staked HYPE Alongside kHYPE, you will encounter **wstHYPE** (wrapped staked HYPE) across the Hyperliquid DeFi ecosystem. wstHYPE is a wrapped version of staked HYPE designed for maximum DeFi compatibility. ### How wstHYPE Differs from kHYPE Both kHYPE and wstHYPE represent staked HYPE positions that earn the same underlying validator rewards. The distinction is in their token standard implementation: - **kHYPE** is Kinetiq's native LST with a non-rebasing exchange rate model. It is the most widely held and traded liquid staking token on Hyperliquid. - **wstHYPE** is a wrapped representation optimized for integration with DeFi protocols that require a standardized ERC-20 interface. Some protocols and smart contracts handle wrapped tokens more predictably than exchange-rate-based tokens. In practice, both tokens serve the same fundamental purpose: they let you hold a liquid, yield-bearing representation of staked HYPE. The choice between them often depends on which token a specific DeFi protocol accepts. ### Where wstHYPE Is Used Felix Protocol accepts both kHYPE and wstHYPE as collateral for minting feUSD. Each collateral type has its own stability pool and risk parameters, along with dedicated price feeds (KHYPEPriceFeed and WSTHYPEPriceFeed) sourced through Redstone oracles. Both tokens are also found in lending pools, liquidity pairs, and other DeFi protocols across [the Hyperliquid DeFi ecosystem](/ecosystem/hyperliquid-defi-ecosystem). > **Tip:** If you are unsure which to use, start with kHYPE. It is the most liquid, most widely integrated, and most straightforward to acquire directly through Kinetiq. You can always wrap it to wstHYPE later if a specific protocol requires it. --- ## Why Liquid Staking Matters for DeFi Liquid staking is not just a convenience feature - it is a foundational DeFi primitive that unlocks capital efficiency across the entire Hyperliquid ecosystem. ### The Capital Efficiency Argument Without liquid staking, HYPE holders face a binary choice: stake for security rewards or use tokens in DeFi. With kHYPE, that choice disappears. Consider the math: - **Native staking only**: Earn ~2.37% APY. Your HYPE is locked and unproductive beyond the base yield. - **Liquid staking + DeFi**: Earn ~2.37% APY from staking *plus* whatever additional yield your kHYPE generates in DeFi - lending interest, liquidity pool fees, or leverage strategies. This stacking of yield sources is called **composability**, and it is why liquid staking tokens have become the backbone of DeFi on every major blockchain. ### Real Use Cases on Hyperliquid The most practical application today is using kHYPE as collateral on [Felix Protocol](/ecosystem/felix-protocol-guide): 1. **Stake HYPE through Kinetiq** - Receive kHYPE earning ~2.37% APY. 2. **Deposit kHYPE into Felix CDP** - Mint feUSD (a dollar-pegged stablecoin) at ~40% loan-to-value. 3. **Deploy feUSD** - Deposit into Stability Pools for additional yield, supply to [lending markets](/guides/trading/lending-borrowing-guide), or use as trading capital. The result: your HYPE is simultaneously securing the network (earning staking rewards), serving as collateral (enabling you to borrow), and the borrowed capital is itself generating yield. Three layers of productivity from a single asset. > **Note:** Using kHYPE as collateral on Felix is particularly elegant because staking rewards continuously increase the value of your collateral. Your loan-to-value ratio improves automatically over time without any action, giving you a growing safety buffer against liquidation. There is also over **$180 million in kHYPE collateral** already deposited across DeFi protocols on HyperEVM, and Pendle saw **$40 million in kHYPE TVL** within weeks of launching its Hyperliquid integration. These are not theoretical use cases - they are live, battle-tested deployments. --- ## How to Stake with Kinetiq: Step-by-Step ### Prerequisites - A Web3 wallet connected to HyperEVM ([MetaMask](/guides/getting-started/connect-metamask-to-hyperliquid), [Rabby](/guides/getting-started/connect-rabby-to-hyperliquid), or similar) - HYPE tokens in your wallet (minimum 5 HYPE) - A small amount of HYPE for gas fees on HyperEVM If you are new to Hyperliquid, start with our [beginner guide](/guides/getting-started/how-to-trade-on-hyperliquid) to set up your account and fund your wallet. ### Step 1: Navigate to Kinetiq Go to [kinetiq.xyz/stake](https://kinetiq.xyz/stake) in your browser. This is the official staking interface. Verify the URL carefully - phishing sites targeting liquid staking protocols are common. ### Step 2: Connect Your Wallet Click "Connect Wallet" and authorize the connection from your wallet extension. Ensure you are connected to the HyperEVM network. If your wallet is not configured for HyperEVM, consult our [HyperEVM guide](/ecosystem/hyperevm-explained) for setup instructions. ### Step 3: Enter the Amount Input the amount of HYPE you want to stake. The interface will display: - The current kHYPE-to-HYPE exchange rate - The amount of kHYPE you will receive - The estimated APY Review these numbers carefully. The exchange rate will not be 1:1 - it reflects all previously accumulated rewards in the protocol. ### Step 4: Confirm the Transaction Click "Stake" and confirm the transaction in your wallet. Once the transaction is processed, kHYPE will appear in your wallet. You begin earning staking rewards immediately - there is no warmup period or activation delay. ### Step 5: Decide What to Do with kHYPE You now have several options: - **Hold** - Simply holding kHYPE earns you the base staking APY with zero effort. The value of your kHYPE increases automatically relative to HYPE. - **Collateralize** - Deposit kHYPE into [Felix Protocol](/ecosystem/felix-protocol-guide) to mint feUSD or borrow against it in Vanilla Markets. - **Provide liquidity** - Add kHYPE to liquidity pools on HyperEVM DEXes to earn trading fees on top of staking rewards. - **Lend** - Supply kHYPE to [lending protocols](/guides/trading/lending-borrowing-guide) to earn borrowing interest. > **Warning:** Always verify you are interacting with the correct Kinetiq contracts. The official kHYPE contract address is 0xfD739d4e423301CE9385c1fb8850539D657C296D. Bookmark the official site and double-check contract addresses before approving any transactions. **New to Hyperliquid?** — Before staking HYPE or using HyperEVM protocols, you need a funded Hyperliquid account. Sign up with our referral link for a 4% lifetime discount on all trading fees. [Get Started with 4% Off Fees](https://app.hyperliquid.xyz/join/Concept211) --- ## Using kHYPE in DeFi ### Felix Protocol: CDP Collateral The highest-impact use of kHYPE today is as collateral on [Felix Protocol](/ecosystem/felix-protocol-guide). Felix is the #2 DeFi protocol on HyperEVM with over $1 billion in TVL. By depositing kHYPE (or wstHYPE), you can: - **Mint feUSD** at roughly 40% LTV - borrow $1 of feUSD for approximately $2.50 of kHYPE collateral - **Set your own interest rate** - Felix's Liquity V2 design lets borrowers choose their borrowing cost - **Earn staking yield on your collateral** - Your locked kHYPE continues appreciating as validator rewards accrue This creates a leveraged staking position: you earn staking rewards on your kHYPE while simultaneously deploying borrowed feUSD for additional yield. ### Lending and Borrowing kHYPE is accepted as collateral and supply on lending protocols across HyperEVM, including Felix's Vanilla Markets (Morpho-powered lending pools with $750M+ TVL). Supplying kHYPE to lending pools earns borrowing interest on top of staking rewards. Borrowing against kHYPE gives you leverage without selling your staked position. ### Liquidity Provision kHYPE liquidity pools on HyperEVM DEXes (including Curve integrations) let you earn trading fees from kHYPE/HYPE swaps. This is particularly relevant because every user who wants instant liquidity from their kHYPE position drives swap volume through these pools. ### Yield Tokenization Pendle's integration with Hyperliquid brought yield tokenization to kHYPE, reaching over $40 million in TVL shortly after launch. This lets advanced users trade the future yield of their kHYPE separately from the principal - useful for locking in fixed rates or speculating on future staking yield changes. > **Key takeaway:** kHYPE unlocks multi-layered [yield strategies](/ecosystem/hyperevm-yield-strategies): base staking rewards (~2.37%) plus DeFi yield from lending, liquidity provision, or leveraged positions through Felix Protocol. Over $180 million in kHYPE is already deployed as DeFi collateral across HyperEVM. --- ## Risks of Liquid Staking on Hyperliquid Liquid staking adds yield and composability, but it also introduces risks beyond those of native staking. Understand these before committing capital. ### Smart Contract Risk Kinetiq's StakingManager, StakeHub, and StakingAccountant contracts are the infrastructure layer between your HYPE and the underlying validators. A vulnerability in any of these contracts could put deposited funds at risk. Kinetiq has undergone security audits, but audits reduce risk - they do not eliminate it. The protocol's $639M+ in TVL makes it a high-value target for exploits. ### Slashing Risk As of March 2026, **Hyperliquid has no active slashing mechanism**. Validators cannot currently have their stake reduced as punishment for misbehavior. However, the Hyperliquid documentation leaves the door open for slashing to be implemented in the future. If slashing is activated, validators that Kinetiq delegates to could theoretically lose a portion of their stake, which would reduce the kHYPE exchange rate and impact all holders. ### Exchange Rate Risk (De-peg) The kHYPE-to-HYPE exchange rate on secondary markets can diverge from the protocol's redemption rate during periods of market stress. If a large number of holders try to exit kHYPE simultaneously, the market price of kHYPE may drop below its fair redemption value. This discount is typically temporary - arbitrageurs will buy cheap kHYPE and redeem through the protocol - but it can create short-term losses for users who need immediate liquidity during a panic. ### Composability Risk Using kHYPE in DeFi protocols stacks smart contract risks. If you deposit kHYPE as collateral on Felix and Felix experiences a vulnerability, your kHYPE is at risk regardless of whether Kinetiq itself is sound. Each additional protocol layer adds a new surface area for potential loss. ### Validator Concentration Although Kinetiq's StakeHub diversifies across multiple validators, the protocol controls over 5% of the total HYPE network stake. This concentration creates systemic risk: if Kinetiq's validator management system malfunctions, a significant portion of the network's staked HYPE could be affected. > **Warning:** Never deposit your entire HYPE holdings into any single protocol. Diversify between native staking (direct validator delegation), liquid staking (kHYPE), and liquid holdings. This limits your exposure to any single point of failure in the DeFi stack. --- ## Who Should Use Liquid Staking? Liquid staking is not for everyone. Here is a simple framework: **Liquid staking makes sense if you:** - Plan to hold HYPE long-term and want to earn staking rewards - Want to use your staked HYPE in DeFi (collateral, lending, liquidity provision) - Prefer automated validator management over manually selecting validators - Value instant liquidity over the 7-day unstaking queue **Native staking may be better if you:** - Want direct control over which validators receive your delegation - Prefer to minimize smart contract exposure - Are staking very large amounts where the 0.10% Kinetiq fee matters - Do not plan to use your staked tokens in DeFi For most users who are active in the [Hyperliquid DeFi ecosystem](/ecosystem/hyperliquid-defi-ecosystem), liquid staking through Kinetiq offers a meaningfully better experience than native staking. The base yield is the same, but the optionality to deploy kHYPE across DeFi makes it the more capital-efficient choice. **Trade Perpetuals on Hyperliquid** — Access 100+ perpetual futures markets with up to 50x leverage, deep liquidity, and the lowest fees in DeFi. Use our referral link for 4% off all trading fees. [Start Trading on Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) --- # Connect Coinbase Wallet to Hyperliquid: Complete 2026 Guide > Connect your Coinbase Wallet to Hyperliquid in 2 minutes. Step-by-step with screenshots, troubleshooting, and mobile instructions. Updated March 2026. *Source: https://hyperliquidguide.com/guides/getting-started/connect-coinbase-wallet-to-hyperliquid* To connect Coinbase Wallet to Hyperliquid, open **[app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211)** in your browser, click Connect, and select Coinbase Wallet - no KYC, no account creation, and the whole process takes under 2 minutes. On mobile, use WalletConnect to scan a QR code from the Coinbase Wallet app. According to [Hyperliquid's official documentation](https://hyperliquid.gitbook.io/hyperliquid-docs/onboarding/how-to-use-hyperliquid), the platform supports any EVM-compatible wallet via WalletConnect, including Coinbase Wallet. The [Coinbase Wallet support team](https://help.coinbase.com/en/wallet/getting-started/what-is-coinbase-wallet-app) confirms WalletConnect compatibility with dApps that adhere to the EIP-1193 provider standard, which includes Hyperliquid. ## Why Coinbase Wallet Works Well with Hyperliquid Coinbase Wallet is one of the most accessible self-custody wallets for people entering DeFi for the first time. If you already use the Coinbase exchange, the wallet feels familiar - but it gives you something the exchange cannot: **full control over your private keys**. That self-custody model is exactly what Hyperliquid requires. Unlike centralized exchanges where you hand over your funds and trust the platform, Hyperliquid is **non-custodial**. Your wallet is your account. Coinbase Wallet handles this well because it was designed to bridge the gap between centralized and decentralized finance. It makes self-custody approachable without sacrificing the control that DeFi demands. > **Note:** **Quick Summary - Connecting Coinbase Wallet to Hyperliquid** > - Coinbase Wallet (not the Coinbase exchange app) is required - it is a separate self-custody wallet > - Connection methods: browser extension (Chrome/Brave) or WalletConnect QR code (mobile) > - Network: Coinbase Wallet must be set to **Arbitrum One** before connecting > - Connection takes under 60 seconds - visit [app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211), click Connect, select Coinbase Wallet > - Zero gas cost to connect - gas is only needed when depositing USDC (Arbitrum gas: ~$0.10-0.50) > - No KYC, no email, no account creation - just connect and trade > - As of March 2026, trading fees: **0.045% taker / 0.015% maker** for perps, zero gas on all trades > **Warning:** This guide is for **Coinbase Wallet** (the self-custody wallet), NOT the main Coinbase exchange app. These are two different products. You cannot connect the Coinbase exchange directly to Hyperliquid. > **Key takeaway:** Coinbase Wallet is a self-custody wallet where you own your keys. The Coinbase exchange is a custodial platform. Hyperliquid requires self-custody - you need Coinbase Wallet. --- ## Coinbase Wallet vs. Coinbase Exchange: What You Need to Know This distinction trips up a lot of first-time users, so let us be very clear. | Feature | Coinbase Wallet | Coinbase Exchange | |---|---|---| | **Type** | Self-custody (you hold keys) | Custodial (Coinbase holds keys) | | **Private keys** | Only you have access | Coinbase controls them | | **DApp connections** | Yes - connects to Hyperliquid | No - cannot connect to dApps | | **KYC required** | No | Yes | | **Recovery** | Seed phrase (your responsibility) | Email/password + 2FA | | **Works with Hyperliquid** | Yes | No | If you currently only use the Coinbase exchange and do not have Coinbase Wallet, you will need to install it separately. The good news is that transferring funds between the two products is straightforward - Coinbase designed them to work together, so you can move USDC from the exchange into your self-custody wallet in just a few minutes with minimal fees. --- ## Prerequisites Before connecting Coinbase Wallet to Hyperliquid, make sure you have: - **Coinbase Wallet** installed - either the browser extension (Chrome, Brave) or the mobile app (iOS, Android) - **USDC on the Arbitrum network** in your Coinbase Wallet (for depositing into Hyperliquid) - **A small amount of ETH on Arbitrum** (under $1, for the one-time bridge gas fee) - **A supported browser** - Chrome or Brave for the extension; any mobile browser for WalletConnect > **Tip:** If you have USDC on the Coinbase exchange, you can withdraw it directly to your Coinbase Wallet address on the Arbitrum network. This is often the easiest way to fund your wallet for Hyperliquid. ## Step-by-Step: Connect Coinbase Wallet to Hyperliquid ### Step 1: Install Coinbase Wallet If you already have Coinbase Wallet installed, skip to Step 3. Otherwise, choose between the browser extension (best for desktop trading) or the mobile app (best if you prefer WalletConnect or trading on the go). Both options give you the same self-custody wallet with the same recovery phrase - you can even use both simultaneously. **For Browser Extension:** 1. Go to [coinbase.com/wallet](https://www.coinbase.com/wallet/downloads) 2. Click **"Download Coinbase Wallet"** and select the browser extension 3. Click **"Add to Browser"** and confirm the installation 4. The wallet will open a setup page - choose **"Create New Wallet"** or **"Import Existing Wallet"** 5. If creating new: **write your 12-word recovery phrase on paper** and store it safely offline 6. Set a strong password **For Mobile App:** 1. Download **Coinbase Wallet** from the App Store (iOS) or Google Play (Android) 2. Open the app and tap **"Create a new wallet"** or **"Import an existing wallet"** 3. Back up your recovery phrase and set a PIN or biometric lock ![Coinbase Wallet browser extension setup page showing the Create New Wallet option](/images/getting-started/shared/coinbase-wallet-extension-page.webp) > **Warning:** Your recovery phrase is the only way to restore your wallet if you lose access. Write it down on paper. Never store it digitally. Coinbase Wallet support cannot recover it for you. ### Step 2: Fund Your Wallet with USDC on Arbitrum Before connecting to Hyperliquid, you need USDC on the Arbitrum network inside your Coinbase Wallet. Hyperliquid uses Arbitrum as its deposit layer, so USDC on other networks (Ethereum mainnet, Polygon, etc.) will not work until bridged. There are a few ways to get USDC onto Arbitrum in your wallet. **From the Coinbase Exchange (Easiest):** 1. Open the Coinbase exchange (app or website) 2. Go to your USDC balance and tap **"Send"** 3. Enter your Coinbase Wallet address (you can find it by opening Coinbase Wallet and tapping "Receive") 4. Select **Arbitrum** as the network 5. Confirm the transfer **From Another Wallet or Via Bridge:** If your USDC is already in another wallet on the Arbitrum network, simply send it to your Coinbase Wallet Ethereum address. If your USDC is on Ethereum mainnet instead, you will need to use the official Arbitrum bridge or a third-party bridging service like Jumper or Across to move it to Arbitrum first - this typically takes 1-10 minutes depending on the bridge used. > **Note:** Make sure you also have a small amount of ETH on Arbitrum (less than $1 worth) to cover the gas fee when depositing into Hyperliquid. You can send ETH from the Coinbase exchange to your wallet on the Arbitrum network. ### Step 3: Connect to Hyperliquid (Browser Extension) 1. Open your browser and navigate to **[app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211)** 2. Click the **"Connect"** button in the top-right corner 3. Select **"Coinbase Wallet"** from the wallet options 4. Coinbase Wallet will pop up requesting connection approval - review the site details and click **"Connect"** 5. You may be asked to sign a message to verify wallet ownership - click **"Sign"** ![Hyperliquid wallet connection modal showing Coinbase Wallet option](/images/getting-started/how-to-trade-on-hyperliquid/connect-wallet-popup.webp) Once approved, your wallet address will appear in the top-right corner of Hyperliquid, confirming a successful connection. From this point on, Hyperliquid will remember your wallet and reconnect automatically whenever you visit the site with your Coinbase Wallet extension active - you will not need to repeat this process. ### Step 3 (Alternative): Connect via Mobile with WalletConnect If you are using the Coinbase Wallet mobile app: 1. Open **app.hyperliquid.xyz** in your phone's browser (or desktop browser) 2. Click **"Connect"** and select **"WalletConnect"** 3. A QR code will appear on screen 4. Open the **Coinbase Wallet** mobile app 5. Tap the **scan icon** (QR code scanner) in the app 6. Scan the WalletConnect QR code displayed on the Hyperliquid page 7. Review the connection request in the app and tap **"Approve"** > **Key takeaway:** Coinbase Wallet supports both direct browser extension connection and WalletConnect QR code scanning from the mobile app. Choose whichever method suits your setup. **First Time on Hyperliquid? Get 4% Off All Fees** — Apply a referral code during your first wallet connection for a permanent 4% fee discount. This one-time opportunity cannot be used retroactively. [Connect with Fee Discount](https://app.hyperliquid.xyz/join/Concept211) ### Step 4: Apply a Referral Code (Critical - First Connection Only) The first time you connect a wallet to Hyperliquid, you have a **one-time opportunity** to apply a referral code. Our code (Concept211) gives you a **4% discount on all trading fees** for the lifetime of your account, up to your first $25 million in volume. See our [referral code page](/referral) for full details on how the discount works. If you connected through our [referral link](https://app.hyperliquid.xyz/join/Concept211), the code is applied automatically. Otherwise, check the referral section in your account settings to see if a code is active - it is worth verifying, because this discount compounds into meaningful savings as your trading volume grows. > **Note:** Referral codes cannot be applied after your account is created. If you already connected without one, you would need to use a different wallet address to create a new account with the discount. ### Step 5: Deposit USDC With your wallet connected, you can deposit funds to begin trading. This step bridges your USDC from the Arbitrum network into your Hyperliquid trading account - once deposited, you can trade perpetual futures and spot markets with zero gas fees on every order. 1. Click the **"Deposit"** button on Hyperliquid 2. Enter the amount of USDC you want to deposit 3. Coinbase Wallet will display the transaction for approval - review and click **"Confirm"** 4. Wait approximately 1-2 minutes for the deposit to confirm Your deposited USDC will appear as available balance in Hyperliquid, ready for trading. If your deposit does not appear after a few minutes, see our [deposit not showing troubleshooting guide](/troubleshooting/deposit-not-showing). For a detailed walkthrough of the deposit process, see our [complete USDC deposit guide](/guides/getting-started/deposit-usdc-to-hyperliquid). --- ## Transferring Funds from Coinbase Exchange to Coinbase Wallet One of Coinbase Wallet's biggest advantages is the seamless transfer between the Coinbase exchange and the self-custody wallet. If you hold assets on Coinbase, you can move them to Coinbase Wallet in minutes. ### Step-by-Step Transfer 1. Open the **Coinbase exchange** app or website 2. Navigate to your **USDC balance** 3. Tap **"Send"** 4. In the recipient field, paste your **Coinbase Wallet address** (find it under "Receive" in Coinbase Wallet) 5. Choose **Arbitrum** as the withdrawal network (this avoids expensive Ethereum mainnet fees) 6. Enter the amount and confirm the transfer > **Tip:** Withdrawing USDC from Coinbase to Coinbase Wallet on the Arbitrum network typically costs less than $0.10 in fees and arrives within a few minutes. Always double-check the network selection before sending. Your USDC will appear in your Coinbase Wallet on the Arbitrum network within a few minutes, ready to deposit into Hyperliquid. You can verify the balance by opening Coinbase Wallet and checking that the network is set to Arbitrum - the USDC should show under your token list. > **Key takeaway:** The easiest path to Hyperliquid for Coinbase users: buy USDC on Coinbase exchange, send it to Coinbase Wallet on Arbitrum, then deposit into Hyperliquid. --- ## Troubleshooting Common Connection Issues ### Coinbase Wallet Does Not Appear in the Wallet List - **Check the extension is installed and unlocked** - Click the Coinbase Wallet icon in your browser toolbar - **Disable competing wallets** - [MetaMask](/guides/getting-started/connect-metamask-to-hyperliquid) or [Rabby](/guides/getting-started/connect-rabby-to-hyperliquid) may intercept the connection. Disable them temporarily - **Use WalletConnect as a fallback** - If the direct option is not showing, select WalletConnect and scan the QR code with Coinbase Wallet's mobile app - **Try a different browser** - Coinbase Wallet extension works best on Chrome and Brave ### Connection Approved but Nothing Happens This usually occurs when browser security settings or extensions block the communication between Coinbase Wallet and the Hyperliquid page. Disable any ad blockers or privacy extensions for app.hyperliquid.xyz, make sure pop-ups are allowed for the domain, and clear your browser cache for the site. Also check that you are not in an incognito or private window, since browser extensions are often disabled in those modes by default. ### WalletConnect QR Code Expired WalletConnect QR codes have a short timeout window, typically around 60 seconds. If the code expired before you scanned it, close the connection modal on Hyperliquid, click **"Connect"** again, and select **"WalletConnect"** to generate a fresh QR code. Have your Coinbase Wallet mobile app ready with the scanner open so you can scan immediately when the new code appears. ### Network Mismatch or Wrong Chain Error If Hyperliquid reports a network error after connecting, your wallet is likely set to a different chain. Open Coinbase Wallet and switch to the **Arbitrum** network - when Hyperliquid prompts you to switch networks, approve the request in the wallet popup. If the issue persists after switching, disconnect your wallet from Hyperliquid completely and reconnect from scratch. ### Transaction Stuck Pending If a deposit or approval transaction stays pending for more than a few minutes, the Arbitrum network may be congested or your gas settings may be too low. Open Coinbase Wallet, go to **Activity**, and check the pending transaction. You can try speeding it up by increasing the gas fee, or cancel and resubmit with a higher gas limit. If the transaction shows as confirmed on [Arbiscan](https://arbiscan.io) but funds have not appeared on Hyperliquid, wait 5–10 minutes and refresh the app - bridge confirmations occasionally take longer during peak usage. ### Mobile vs Desktop Coinbase Wallet Differences The Coinbase Wallet browser extension (desktop) connects directly to Hyperliquid through your browser, while the mobile app uses **WalletConnect** to bridge the connection. Desktop connections tend to be faster and more stable. On mobile, make sure you are using the in-app browser in Coinbase Wallet or scanning the WalletConnect QR code - opening Hyperliquid in a separate mobile browser will not auto-detect your wallet. If you experience persistent issues on mobile, try the desktop extension instead. **Coinbase Wallet Connected? Start Trading with a Discount** — Hyperliquid offers zero gas fees on trades, sub-second execution, and no KYC. Our referral code adds a 4% lifetime fee discount on top of that. [Start Trading - Save 4%](https://app.hyperliquid.xyz/join/Concept211) ## Next Steps Once your Coinbase Wallet is connected to Hyperliquid and you have deposited USDC, you are ready to explore everything the platform offers. Here are the most important next steps to get the most out of your setup: 1. **[Deposit USDC](/guides/getting-started/deposit-usdc-to-hyperliquid)** - Bridge funds from Arbitrum into your Hyperliquid trading account 2. **[Place your first trade](/guides/getting-started/how-to-trade-on-hyperliquid)** - Follow our complete trading guide from deposit to first position 3. **[Learn about bridging options](/guides/getting-started/bridge-to-hyperliquid)** - Explore different routes to move funds onto Hyperliquid 4. **[Trade on your phone](/guides/getting-started/hyperliquid-mobile-guide)** - Use Coinbase Wallet's mobile app with Hyperliquid for a full mobile trading experience 5. **[Understand trading fees](/guides/fees/fees-explained)** - Learn about maker/taker fees and how to minimize costs --- # How to Connect OKX Wallet to Hyperliquid (Step-by-Step Guide) > Learn how to connect OKX Wallet to Hyperliquid step by step. This guide covers OKX Web3 Wallet setup, the difference between OKX Wallet and OKX exchange, connection methods, and how to get a 4% fee discount. *Source: https://hyperliquidguide.com/guides/getting-started/connect-okx-wallet-to-hyperliquid* ## Why OKX Wallet Is a Strong Choice for Hyperliquid OKX Wallet - officially called OKX Web3 Wallet - has grown into one of the most feature-rich self-custody wallets available. Built by the team behind the OKX exchange, it combines the polish of a centralized platform with the freedom of decentralized self-custody. The wallet supports over 80 chains, includes a built-in DEX aggregator, and offers cross-chain swaps directly from the wallet interface. For Hyperliquid users, OKX Wallet brings practical advantages. It auto-detects chain requirements when connecting to dApps, so you never need to manually add the Arbitrum network. Its built-in DEX aggregator can help you swap tokens to USDC before depositing. And if you already use the OKX exchange, transferring funds between the exchange and the wallet is seamless. > **Warning:** This guide is for **OKX Wallet** (the self-custody Web3 wallet), NOT the OKX exchange. These are separate products. The OKX exchange cannot connect directly to Hyperliquid. > **Key takeaway:** OKX Wallet is a self-custody wallet where you hold your own private keys. It is separate from the OKX exchange, though the two work well together for funding your wallet. Hyperliquid is a **non-custodial** exchange. Your OKX Wallet is your account - no email registration, no passwords, no KYC required. Connect and trade. --- ## Prerequisites Before connecting OKX Wallet to Hyperliquid, make sure you have: - **OKX Wallet** installed - either the browser extension (Chrome, Brave, Edge, Firefox) or the OKX mobile app with Web3 Wallet activated - **USDC on the Arbitrum network** in your OKX Wallet (for depositing into Hyperliquid) - **A small amount of ETH on Arbitrum** (under $1, to cover the one-time bridge gas fee) - **A supported browser** - Chrome, Brave, Edge, or Firefox for the extension > **Tip:** OKX Wallet's built-in DEX aggregator can swap other tokens to USDC directly within the wallet. If you hold ETH, USDT, or other assets, you can convert them without leaving the OKX Wallet interface. ## Step-by-Step: Connect OKX Wallet to Hyperliquid ### Step 1: Install OKX Wallet If you already have OKX Wallet installed, skip to Step 3. **Browser Extension:** 1. Go to [okx.com/web3](https://www.okx.com/web3) and click **"Download Wallet"** 2. Select the browser extension for Chrome, Brave, Edge, or Firefox 3. Click **"Add to Browser"** and confirm the installation 4. OKX Wallet will open a setup page - choose **"Create Wallet"** or **"Import Wallet"** 5. If creating new: **write your seed phrase (12 or 24 words) on paper** and store it offline 6. Set a strong unlock password ![OKX Wallet browser extension setup screen with Create/Import options](/images/getting-started/shared/okx-wallet-extension-page.webp) **Mobile App (OKX App with Web3 Wallet):** 1. Download the **OKX** app from the App Store or Google Play 2. Open the app and navigate to the **"Web3 Wallet"** tab (often found at the bottom of the screen or in the menu) 3. Tap **"Create Wallet"** or **"Import Wallet"** 4. Back up your seed phrase and set a security PIN or biometric lock > **Warning:** Your seed phrase is the master key to your wallet. Write it down on physical paper. Never screenshot it, email it, or store it in cloud notes. OKX and Hyperliquid support will never ask for your seed phrase. ### Step 2: Fund Your Wallet with USDC on Arbitrum You need USDC on the Arbitrum network in your OKX Wallet before you can deposit into Hyperliquid. **From the OKX Exchange (Easiest if you use OKX):** 1. Open the OKX exchange (app or website) 2. Navigate to **Withdraw** 3. Select **USDC** as the asset 4. Paste your **OKX Wallet address** as the recipient 5. Choose **Arbitrum One** as the withdrawal network 6. Enter the amount and confirm the withdrawal **Using OKX Wallet's Built-in DEX Aggregator:** If you have other tokens in your OKX Wallet, you can swap them for USDC: 1. Open OKX Wallet 2. Navigate to the **Swap** or **DEX** section 3. Select the token you want to swap from and set USDC as the output 4. Choose the Arbitrum network 5. Review the rate and confirm the swap > **Note:** OKX Wallet's DEX aggregator searches across multiple decentralized exchanges to find the best swap rate. This is useful if you hold tokens other than USDC and want to convert them before depositing into Hyperliquid. **From Another Wallet or Exchange:** - Send USDC on the Arbitrum network to your OKX Wallet's Ethereum address (it starts with "0x") ### Step 3: Connect to Hyperliquid (Browser Extension) 1. Open your browser and navigate to **app.hyperliquid.xyz** 2. Click the **"Connect"** button in the top-right corner 3. Select **"OKX Wallet"** from the wallet options 4. OKX Wallet will display a connection request - review the site URL and permissions, then click **"Connect"** 5. You may be asked to sign a verification message - click **"Confirm"** ![Hyperliquid wallet connection modal showing OKX Wallet option](/images/getting-started/how-to-trade-on-hyperliquid/connect-wallet-popup.webp) OKX Wallet will automatically detect that Hyperliquid uses the Arbitrum network and handle chain switching for you. No manual configuration is required. > **Key takeaway:** OKX Wallet auto-detects the required network when connecting to Hyperliquid. You will never need to manually add Arbitrum or switch chains - the wallet handles it seamlessly. ### Step 3 (Alternative): Connect via Mobile **Using the OKX App's Built-in Browser:** 1. Open the OKX app and switch to the **Web3 Wallet** tab 2. Find the **built-in browser** (usually labeled "Discover" or "DApp Browser") 3. Navigate to **app.hyperliquid.xyz** 4. Tap **"Connect"** and approve the connection within the app **Using WalletConnect:** 1. Open **app.hyperliquid.xyz** on your desktop browser 2. Click **"Connect"** and select **"WalletConnect"** 3. A QR code will appear 4. Open the OKX app, go to **Web3 Wallet**, and tap the **scan icon** 5. Scan the WalletConnect QR code 6. Review and approve the connection in the app **First Time on Hyperliquid? Lock In 4% Off Fees** — New wallets can apply a referral code during first connection for a permanent 4% fee discount. This one-time chance disappears after your account is created. [Connect with Fee Discount](https://app.hyperliquid.xyz/join/Concept211) ### Step 4: Apply a Referral Code (Critical - First Connection Only) When you connect a new wallet to Hyperliquid for the first time, this is your **only chance** to apply a referral code. Our code (Concept211) gives you a **4% discount on all trading fees** for the lifetime of your account, up to your first $25 million in volume. If you connected through our [referral link](https://app.hyperliquid.xyz/join/Concept211), the code is applied automatically. If you navigated directly to app.hyperliquid.xyz, verify the referral is active in your account settings. > **Note:** Referral codes cannot be added after your account exists. If you missed this step, the only option is to create a new account with a different wallet address. ### Step 5: Deposit USDC With OKX Wallet connected, deposit funds to start trading: 1. Click the **"Deposit"** button on Hyperliquid 2. Enter the amount of USDC you want to deposit 3. OKX Wallet will display the transaction for review - check the details and click **"Confirm"** 4. Wait approximately 1-2 minutes for on-chain confirmation For a detailed walkthrough, see our [complete USDC deposit guide](/guides/getting-started/deposit-usdc-to-hyperliquid). --- ## OKX Wallet Features That Benefit Hyperliquid Traders OKX Wallet is more than a simple connection tool. Several of its features make the Hyperliquid trading workflow smoother. ### Built-in DEX Aggregator OKX Wallet integrates a cross-chain DEX aggregator that searches multiple decentralized exchanges for the best swap rates. If you need to convert ETH, USDT, or other tokens to USDC before depositing into Hyperliquid, you can do it directly inside the wallet without visiting a separate exchange. ### Cross-Chain Bridge The wallet includes a built-in bridge for moving assets between chains. If your USDC is on Ethereum mainnet, Polygon, or another chain, you can bridge it to Arbitrum within OKX Wallet - no external bridge interface required. ### Multi-Chain Portfolio View OKX Wallet aggregates your balances across all supported chains into a single dashboard. This gives you a complete picture of your assets, making it easy to decide how much to allocate to Hyperliquid trading. > **Key takeaway:** OKX Wallet's built-in DEX aggregator and cross-chain bridge mean you can convert and move assets to Arbitrum without leaving the wallet. This simplifies the path from holding any token to trading on Hyperliquid. --- ## Troubleshooting Common Connection Issues ### OKX Wallet Is Not Showing as a Connection Option - **Verify the extension is installed and unlocked** - Click the OKX Wallet icon in your browser toolbar - **Disable competing extensions** - [MetaMask](/guides/getting-started/connect-metamask-to-hyperliquid), [Rabby](/guides/getting-started/connect-rabby-to-hyperliquid), or [Phantom](/guides/getting-started/connect-phantom-to-hyperliquid) may intercept the connection. Temporarily disable other wallet extensions - **Use WalletConnect** - If the direct option does not appear, select WalletConnect and scan the QR code with the OKX mobile app - **Update the extension** - Older versions may not be detected by Hyperliquid. Check for updates in your browser's extension settings ### Connection Drops or Disconnects Frequently - Clear your browser cache for app.hyperliquid.xyz - Disable ad blockers or privacy extensions for the Hyperliquid domain - Make sure the OKX Wallet extension has permission to run on all sites (check extension settings) - Try reconnecting in a non-incognito browser window ### Wrong Network or Chain Errors OKX Wallet typically auto-detects chains, but if you see a network error: 1. Open OKX Wallet and check which chain is currently active 2. Manually switch to **Arbitrum One** if needed 3. Return to Hyperliquid and reconnect 4. When prompted to switch networks, approve the request ### Mobile WalletConnect QR Code Not Scanning - Make sure your phone camera has permission to access the QR scanner in the OKX app - Increase screen brightness on the device displaying the QR code - If the code expired, close and reopen the connection modal on Hyperliquid to generate a fresh QR code - Ensure both devices are connected to the internet **OKX Wallet Connected? Trade with a 4% Advantage** — Hyperliquid offers zero gas on trades, sub-second fills, and no KYC. Stack our 4% fee discount on top for the best possible trading costs. [Start Trading - Save 4%](https://app.hyperliquid.xyz/join/Concept211) ## Next Steps Once your OKX Wallet is connected to Hyperliquid: 1. **[Deposit USDC](/guides/getting-started/deposit-usdc-to-hyperliquid)** - Bridge funds from Arbitrum into your Hyperliquid trading account 2. **[Place your first trade](/guides/getting-started/how-to-trade-on-hyperliquid)** - Follow our complete trading guide from deposit to first position 3. **[Learn about bridging options](/guides/getting-started/bridge-to-hyperliquid)** - Explore different ways to move funds onto Hyperliquid 4. **[Understand trading fees](/guides/fees/fees-explained)** - Learn about maker/taker fees and how to minimize costs 5. **[Trade on your phone](/guides/getting-started/hyperliquid-mobile-guide)** - Set up Hyperliquid on mobile with OKX Wallet's built-in dApp browser 6. **[Hyperliquid vs OKX](/compare/hyperliquid-vs-okx)** - See how Hyperliquid compares to OKX's centralized exchange for perpetual futures --- # How to Connect Phantom Wallet to Hyperliquid (Step-by-Step Guide) > Learn how to connect Phantom Wallet to Hyperliquid using EVM mode. This step-by-step guide covers switching from Solana to Ethereum, wallet connection, troubleshooting, and how to get a 4% fee discount. *Source: https://hyperliquidguide.com/guides/getting-started/connect-phantom-to-hyperliquid* ## Why Phantom Users Are Moving to Hyperliquid Phantom started as the go-to wallet for Solana, but it has quietly evolved into one of the most polished multi-chain wallets available. With support for Ethereum, Polygon, Bitcoin, and Base alongside Solana, Phantom now serves over 15 million users across chains. Its clean interface, built-in swap functionality, and mobile app make it a strong alternative to [MetaMask](/guides/getting-started/connect-metamask-to-hyperliquid) - especially for traders who already have it installed. If you are a Phantom user looking to trade on Hyperliquid, there is one critical detail: **you need to use Phantom's EVM mode**, not the Solana side. Hyperliquid is an EVM-compatible exchange, so it requires an Ethereum-format wallet address. The good news is that switching takes about five seconds. > **Key takeaway:** Phantom supports multiple chains, but Hyperliquid requires EVM mode. You must switch Phantom from Solana to Ethereum before connecting. Hyperliquid is a **non-custodial** exchange - your Phantom wallet is your account. No registration, no email, no KYC. Connect your wallet and you are ready to trade. --- ## Prerequisites Before connecting Phantom to Hyperliquid, make sure you have: - **Phantom browser extension** installed and updated to the latest version (multi-chain support requires recent versions) - **EVM mode enabled** in Phantom (covered in Step 2 below) - **USDC on the Arbitrum network** in your Phantom EVM wallet (for depositing into Hyperliquid) - **A small amount of ETH on Arbitrum** (under $1 worth, for the one-time bridge gas fee) - **A supported browser** - Chrome, Brave, Firefox, or Edge > **Note:** If you have been using Phantom exclusively for Solana, your EVM wallet may be empty. You will need to transfer or bridge USDC to your Phantom Ethereum address on Arbitrum before you can deposit into Hyperliquid. ## Step-by-Step: Connect Phantom Wallet to Hyperliquid ### Step 1: Install Phantom (If Needed) If you already have Phantom installed, skip to Step 2. 1. Go to [phantom.app/download](https://phantom.app/download) 2. Select your browser and click **"Add to Browser"** 3. Confirm the extension installation 4. Phantom will open a setup page - choose **"Create New Wallet"** or **"Import Existing Wallet"** 5. If creating new: **write your seed phrase on paper** and store it somewhere safe and offline 6. Set a strong unlock password ![Phantom wallet setup screen with create/import options](/images/getting-started/shared/phantom-extension-page.webp) > **Warning:** Your seed phrase is the master key to your wallet. Never share it. Never store it in a text file, email, or cloud service. No one from Phantom or Hyperliquid will ever ask for it. ### Step 2: Switch Phantom to EVM Mode This is the most important step. Phantom defaults to Solana, but Hyperliquid requires an EVM-compatible wallet. 1. Click the **Phantom icon** in your browser toolbar to open the wallet 2. Look at the **top of the wallet interface** - you will see a network selector (it may show a Solana logo or say "Solana") 3. Click the **network/chain selector** 4. Select **"Ethereum"** from the dropdown list 5. Phantom will switch to your Ethereum address - you will notice the address format changes from a Solana-style address (e.g., `7xKX...`) to an Ethereum-style address (e.g., `0x4B2...`) > **Key takeaway:** After switching to EVM mode, your wallet address will start with "0x" - this is the Ethereum format that Hyperliquid requires. Your Solana address will not work. > **Tip:** You do not lose access to your Solana assets when switching chains. Phantom maintains separate balances for each chain. You can switch back to Solana at any time. ### Step 3: Add the Arbitrum Network (If Needed) Hyperliquid's deposit bridge uses the Arbitrum network. Phantom typically supports Arbitrum out of the box, but if you need to deposit from Arbitrum: 1. While in Ethereum mode, Phantom handles Arbitrum transactions through its multi-network EVM support 2. When Hyperliquid requests a network switch to Arbitrum, Phantom will prompt you to approve it 3. Click **"Approve"** to allow the network switch If you need USDC on Arbitrum, you can bridge from Ethereum mainnet or transfer from an exchange that supports Arbitrum withdrawals. ### Step 4: Connect to Hyperliquid 1. Make sure Phantom is set to **Ethereum/EVM mode** (from Step 2) 2. Navigate to **app.hyperliquid.xyz** in your browser 3. Click the **"Connect"** button in the top-right corner 4. Select **"Phantom"** from the wallet options (if you do not see Phantom, look for a generic "Browser Wallet" or "Injected" option) 5. Phantom will pop up requesting connection approval - review the site URL and click **"Connect"** 6. You may be asked to sign a verification message - click **"Approve"** ![Hyperliquid connection modal with Phantom wallet option](/images/getting-started/how-to-trade-on-hyperliquid/connect-wallet-popup.webp) Your wallet address will now appear in the top-right corner of the Hyperliquid interface. You are connected. **New to Hyperliquid? Claim 4% Off All Trading Fees** — First-time connections can lock in a permanent 4% fee discount with our referral code. This is your only chance - the discount cannot be applied after your first connection. [Connect with Fee Discount](https://app.hyperliquid.xyz/join/Concept211) ### Step 5: Apply a Referral Code (Critical - First Connection Only) When you connect a new wallet to Hyperliquid for the first time, this is your **only opportunity** to apply a referral code. Our code (Concept211) gives you a **4% discount on all trading fees** for the lifetime of your account, up to your first $25 million in volume. If you connected through our [referral link](https://app.hyperliquid.xyz/join/Concept211), the code is applied automatically. If you went directly to app.hyperliquid.xyz, check the referral section in your account settings. > **Note:** You cannot add a referral code after your account already exists. If you missed this step, the only workaround is to create a new account with a different wallet address. ### Step 6: Deposit USDC With Phantom connected, fund your Hyperliquid account: 1. Click **"Deposit"** on Hyperliquid 2. Enter the USDC amount you want to deposit 3. Phantom will show the transaction details - review and click **"Approve"** 4. Wait approximately 1-2 minutes for on-chain confirmation For a full walkthrough of the deposit process, see our [complete USDC deposit guide](/guides/getting-started/deposit-usdc-to-hyperliquid). --- ## Important: Understanding Phantom's Multi-Chain Architecture If you are coming from Solana, it is worth understanding how Phantom handles multiple chains, because it directly affects your Hyperliquid experience. ### One Seed Phrase, Multiple Addresses Phantom derives a unique address for each supported blockchain from your single seed phrase. Your Solana address, Ethereum address, and Bitcoin address are all different, but they all trace back to the same recovery phrase. When you connect to Hyperliquid, you are using your **Ethereum-derived address**. ### Separate Balances Per Chain Your USDC on Solana is **not** the same as USDC on Arbitrum. If you hold 1,000 USDC on Solana, you cannot directly deposit it into Hyperliquid. You would need to bridge those funds from Solana to Arbitrum first (using a bridge like Wormhole or by withdrawing through an exchange that supports both chains). > **Note:** The most straightforward way to fund your Phantom EVM wallet for Hyperliquid is to withdraw USDC from a centralized exchange directly to your Phantom Ethereum address on the Arbitrum network. ### The Wallet Address You See Matters When connected to Hyperliquid, the address shown in the top-right corner should start with **"0x"**. If you see a Solana-format address, you connected in the wrong mode. Disconnect, switch Phantom to Ethereum, and reconnect. > **Key takeaway:** Your Solana USDC and Ethereum/Arbitrum USDC are separate. To deposit into Hyperliquid, you need USDC on the Arbitrum network in your Phantom EVM wallet. --- ## Troubleshooting Common Connection Issues ### Phantom Does Not Appear as a Wallet Option - **Verify you are in EVM mode** - Open Phantom and confirm the chain selector shows "Ethereum," not "Solana" - **Set Phantom as default** - Go to Phantom Settings > Default Wallet and toggle it on - **Disable competing extensions** - [MetaMask](/guides/getting-started/connect-metamask-to-hyperliquid), [Rabby](/guides/getting-started/connect-rabby-to-hyperliquid), or other EVM wallets may intercept the connection. Temporarily disable them and refresh the page - **Try the "Browser Wallet" option** - Some dApps list Phantom under a generic "Injected Wallet" or "Browser Wallet" label ### "Wrong Network" Error After Connecting Phantom connected in EVM mode but Hyperliquid is requesting Arbitrum: 1. When prompted, click **"Approve"** to allow Phantom to switch to Arbitrum 2. If no prompt appears, open Phantom, and ensure you are on the Ethereum network (Arbitrum is accessible through Ethereum mode) 3. Refresh the Hyperliquid page and try again ### Connected with Solana Address by Mistake If Hyperliquid shows a non-0x address or the connection does not behave as expected: 1. Click **"Disconnect"** on Hyperliquid 2. Open Phantom and switch to **Ethereum** mode 3. Reconnect to Hyperliquid 4. Verify the address shown starts with "0x" ### Transactions Failing or Stuck - Confirm you have ETH on Arbitrum for gas fees (even a tiny amount) - Check that you are approving the correct transaction in Phantom - Try increasing the gas limit slightly in Phantom's advanced transaction settings **Phantom Connected? Trade with a 4% Fee Advantage** — Hyperliquid offers zero gas fees on trades, sub-second execution, and up to 50x leverage. Our referral code adds a 4% lifetime discount on top. [Start Trading - Save 4%](https://app.hyperliquid.xyz/join/Concept211) ## Next Steps Once your Phantom Wallet is connected to Hyperliquid: 1. **[Deposit USDC](/guides/getting-started/deposit-usdc-to-hyperliquid)** - Bridge funds from Arbitrum into your Hyperliquid trading account 2. **[Place your first trade](/guides/getting-started/how-to-trade-on-hyperliquid)** - Follow our complete guide from deposit to first position 3. **[Trade on mobile](/guides/getting-started/hyperliquid-mobile-guide)** - Phantom's mobile app works great with Hyperliquid - set it up as a PWA for a native trading experience 4. **[Learn about bridging options](/guides/getting-started/bridge-to-hyperliquid)** - Explore different ways to move funds onto Hyperliquid, including bridging from Solana 5. **[Understand trading fees](/guides/fees/fees-explained)** - Learn about maker/taker fees and how to minimize costs 6. **[Check what Phantom charges](/guides/trading/hyperliquid-builder-fees-explained)** - Trading perps inside the Phantom app adds a 0.05% builder fee on top of Hyperliquid's own rates. Worth knowing before you size up > **Warning:** Connecting Phantom to Hyperliquid's own interface costs you nothing extra. Trading perps from inside the Phantom app is a different route: Phantom attaches a [builder code](/guides/trading/hyperliquid-builder-fees-explained) that charges 0.05% per fill, which more than doubles a base-tier taker fee. It has earned Phantom over $20 million. Convenient, but not free. --- # How to Connect Rabby Wallet to Hyperliquid (Step-by-Step Guide) > Learn how to connect Rabby Wallet to Hyperliquid in under 2 minutes. This guide covers Rabby's security features, auto chain detection, connection steps, and how to claim a 4% fee discount. *Source: https://hyperliquidguide.com/guides/getting-started/connect-rabby-to-hyperliquid* ## Why DeFi Power Users Choose Rabby for Hyperliquid Rabby Wallet has earned a reputation as the wallet of choice for experienced DeFi traders, and for good reason. Built by the DeBank team, Rabby was designed from the ground up to solve the pain points that [MetaMask](/guides/getting-started/connect-metamask-to-hyperliquid) users have complained about for years - clunky chain switching, blind transaction signing, and a lack of portfolio visibility. For Hyperliquid traders specifically, Rabby brings three standout advantages. First, it **auto-detects the correct chain** when you interact with any dApp, so you never see a "wrong network" error. Second, its **pre-transaction simulation** shows you exactly what each transaction will do before you sign it, protecting you from phishing attacks and accidental approvals. Third, Rabby's **built-in portfolio tracker** lets you monitor your holdings across every chain without leaving the wallet. > **Key takeaway:** Rabby auto-detects the Arbitrum network when connecting to Hyperliquid. You never need to manually add or switch chains. Hyperliquid is a **non-custodial** exchange. Your wallet is your account - there are no emails, passwords, or KYC verification steps. Connect Rabby and you are ready to trade. --- ## Prerequisites Before connecting Rabby Wallet to Hyperliquid, make sure you have: - **Rabby Wallet browser extension** installed (available for Chrome, Brave, Edge, and Opera) - **A funded wallet** with USDC on the Arbitrum network (for depositing into Hyperliquid) - **A small amount of ETH on Arbitrum** (under $1 worth, for the one-time bridge gas fee) - **A supported browser** - Chrome, Brave, or Edge are recommended > **Tip:** If you are migrating from MetaMask, Rabby can import your existing seed phrase or private key. You do not need to create a brand new wallet. If you do not have Rabby yet, the next section walks you through installing it from scratch. ## Step-by-Step: Connect Rabby Wallet to Hyperliquid ### Step 1: Install Rabby Wallet If you already have Rabby installed, skip to Step 3. 1. Go to [rabby.io](https://rabby.io) 2. Click **"Download"** and select the browser extension for your browser 3. Click **"Add to Browser"** and confirm the installation 4. Rabby will open a welcome page - click **"Get Started"** 5. Choose either **"Create New Address"** or **"Import Existing"** (if you have a seed phrase from another wallet) 6. If creating new: **write your 12-word seed phrase on paper** and store it offline. This phrase controls your entire wallet. 7. Set a strong unlock password ![Rabby Wallet welcome screen with Get Started button](/images/getting-started/shared/rabby-extension-page.webp) > **Warning:** Never share your seed phrase with anyone. Never store it digitally - no screenshots, no cloud notes, no text files. Rabby support and Hyperliquid support will never ask for it. ### Step 2: Configure Rabby as Your Default Wallet If you have other wallet extensions installed (like MetaMask), Rabby may need to be set as the default provider: 1. Click the **Rabby icon** in your browser toolbar 2. Go to **Settings** (gear icon) 3. Find the **"Default Wallet"** toggle and make sure Rabby is selected 4. If you want Rabby to work alongside MetaMask, enable **"MetaMask-compatible mode"** so dApps that only detect MetaMask will also see Rabby > **Note:** Rabby can inject itself as a MetaMask-compatible provider. This means even if Hyperliquid lists "MetaMask" as a connection option, Rabby will intercept and handle the connection. ### Step 3: Connect to Hyperliquid 1. Open your browser and navigate to **app.hyperliquid.xyz** 2. Click the **"Connect"** button in the top-right corner 3. Select **"Rabby Wallet"** from the wallet list (or "MetaMask" if Rabby is running in compatible mode) 4. Rabby will display a connection request showing the site URL and requested permissions - review and click **"Connect"** 5. You may be asked to sign a message verifying wallet ownership - click **"Sign"** ![Hyperliquid wallet connection modal with Rabby Wallet option highlighted](/images/getting-started/how-to-trade-on-hyperliquid/connect-wallet-popup.webp) Rabby will **automatically detect** that Hyperliquid uses the Arbitrum network and switch to it. No manual chain configuration is needed. > **Key takeaway:** Unlike MetaMask, Rabby handles network switching automatically. When you connect to Hyperliquid, Rabby detects the required chain and switches without prompting you. **First Time on Hyperliquid? Lock In 4% Off Fees** — New wallets can apply a referral code during first connection for a 4% lifetime fee discount. This cannot be applied retroactively. [Connect with Fee Discount](https://app.hyperliquid.xyz/join/Concept211) ### Step 4: Apply a Referral Code (Critical - First Connection Only) When you connect a new wallet to Hyperliquid for the first time, this is your **only chance** to apply a referral code. Our referral code (Concept211) gives you a **4% discount on all trading fees** for the lifetime of your account, up to your first $25 million in volume. If you connected through our [referral link](https://app.hyperliquid.xyz/join/Concept211), the code is applied automatically. If you navigated directly to app.hyperliquid.xyz, check the referral section in your account settings to verify a code is active. > **Note:** You cannot add a referral code after your account is already created. If you connected without one, the only option is to create a new account using a different wallet address. ### Step 5: Deposit USDC With Rabby connected, deposit funds to start trading: 1. Click the **"Deposit"** button on Hyperliquid 2. Enter the amount of USDC you want to deposit 3. Rabby will display a **transaction simulation** showing you exactly what will happen - review it and click **"Confirm"** 4. Wait approximately 1-2 minutes for the deposit to confirm on-chain > **Tip:** Rabby's transaction simulation is particularly useful during deposits. It shows you the exact amount of USDC leaving your wallet and the gas cost before you sign anything. If something looks off, you can reject the transaction safely. For a detailed walkthrough of the deposit process, including where to get USDC on Arbitrum, see our [complete USDC deposit guide](/guides/getting-started/deposit-usdc-to-hyperliquid). --- ## Why Rabby's Security Features Matter for Trading Rabby is not just another MetaMask clone. Its security architecture was built specifically for DeFi users who interact with smart contracts regularly - exactly the kind of activity you do when trading on Hyperliquid. ### Pre-Transaction Simulation Every time you sign a transaction through Rabby, it simulates the outcome first. You see a clear breakdown of what tokens leave your wallet, what tokens arrive, and what contracts are involved. If Rabby detects that a contract is flagged as malicious or if the transaction would drain your wallet, it warns you before you sign. This is especially valuable when interacting with any DeFi protocol, including Hyperliquid's deposit bridge. For more tips on staying safe, see our [crypto trading security guide](/guides/getting-started/crypto-trading-security-guide). ### Approval Management Rabby tracks every token approval you have granted to smart contracts. You can review and revoke approvals directly from the wallet interface, reducing the risk of old or forgotten approvals being exploited. ### Phishing Protection Rabby maintains a database of known phishing sites. If you accidentally visit a fake Hyperliquid domain, Rabby will block the connection attempt and display a warning. > **Key takeaway:** Rabby's pre-transaction simulation shows you exactly what will happen before you sign. You see which tokens move, the gas cost, and any risk flags - all before your funds leave your wallet. --- ## Troubleshooting Common Connection Issues ### Rabby Is Not Appearing as a Wallet Option - **Check that Rabby is installed and unlocked** - Click the Rabby icon in your browser toolbar and make sure it is active - **Set Rabby as default wallet** - Go to Rabby Settings and toggle "Default Wallet" on - **Disable conflicting extensions** - If MetaMask or another wallet is installed, it may be intercepting the connection. Temporarily disable other wallet extensions - **Try MetaMask-compatible mode** - If Hyperliquid only shows "MetaMask," enable Rabby's MetaMask-compatible mode in settings ### Connection Succeeds But Immediately Disconnects This can happen when browser privacy settings or extensions block persistent connections: - Disable any ad blockers or privacy extensions for app.hyperliquid.xyz - Make sure cookies are enabled for the site - Try connecting in a regular browser window (not incognito) ### Transaction Simulation Shows an Error If Rabby's pre-transaction simulation fails or shows unexpected results: - Make sure you have enough ETH on Arbitrum for gas fees - Check that you are interacting with the real Hyperliquid domain (app.hyperliquid.xyz) - Try refreshing the page and initiating the transaction again - If the simulation shows a risk warning, do **not** proceed - verify you are on the correct site ### Rabby Shows a Different Chain Than Expected Rabby auto-detects chains, but occasionally it may default to the wrong one: 1. Click the chain indicator in Rabby 2. Manually select **Arbitrum One** 3. Refresh the Hyperliquid page and reconnect For more in-depth solutions to connection failures, see our [wallet troubleshooting guide](/troubleshooting/wallet-connection-issues). **Ready to Trade with Rabby? Save on Every Trade** — Apply our referral code for a 4% lifetime fee discount. Rabby's security features plus Hyperliquid's zero-gas trading - the ideal DeFi setup. [Start Trading - Save 4%](https://app.hyperliquid.xyz/join/Concept211) ## Next Steps Once your Rabby Wallet is connected to Hyperliquid: 1. **[Follow the beginner checklist](/guides/getting-started/hyperliquid-beginner-checklist)** - Complete start-to-trade checklist covering every step from here to first trade 2. **[Deposit USDC](/guides/getting-started/deposit-usdc-to-hyperliquid)** - Bridge funds from Arbitrum into your Hyperliquid trading account 3. **[Place your first trade](/guides/getting-started/how-to-trade-on-hyperliquid)** - Follow our complete trading guide from deposit to first position 3. **[Learn about bridging options](/guides/getting-started/bridge-to-hyperliquid)** - Explore different ways to move funds onto Hyperliquid 4. **[Understand trading fees](/guides/fees/fees-explained)** - Learn about maker/taker fees and how to minimize costs 5. **[Trade on your phone](/guides/getting-started/hyperliquid-mobile-guide)** - Set up Hyperliquid on mobile with Rabby's mobile app for trading on the go 6. **[Secure your wallet](/guides/getting-started/crypto-trading-security-guide)** - Best practices for seed phrase storage, phishing prevention, and privacy --- # How to Connect Trust Wallet to Hyperliquid (Step-by-Step Guide) > Learn how to connect Trust Wallet to Hyperliquid step by step. This guide covers both the mobile app (via WalletConnect) and browser extension methods, DApp browser setup, and how to get a 4% fee discount. *Source: https://hyperliquidguide.com/guides/getting-started/connect-trust-wallet-to-hyperliquid* ## Why Trust Wallet Is Ideal for Mobile Hyperliquid Trading Trust Wallet is one of the most downloaded cryptocurrency wallets in the world, with over 60 million users across iOS and Android. Acquired by Binance in 2018, it has grown into a versatile multi-chain wallet that supports thousands of assets across dozens of blockchains. What sets Trust Wallet apart is its **mobile-first design** - it was built from the ground up for smartphone users who want to interact with DeFi protocols on the go. For Hyperliquid traders, Trust Wallet offers a practical advantage: you can connect, deposit, and manage your trading account from your phone without ever touching a desktop computer. Whether you use the built-in DApp browser, the WalletConnect QR method, or the newer browser extension, Trust Wallet gives you flexibility in how you access Hyperliquid. > **Key takeaway:** Trust Wallet is a mobile-first wallet with over 60 million users. It connects to Hyperliquid via the in-app DApp browser, WalletConnect QR code, or browser extension - giving you maximum flexibility. Hyperliquid is a **non-custodial** exchange - your wallet is your account. No email registration, no passwords, no identity verification. Connect Trust Wallet and you are ready to trade. --- ## Prerequisites Before connecting Trust Wallet to Hyperliquid, make sure you have: - **Trust Wallet** installed - the mobile app (iOS or Android) or the browser extension (Chrome, Brave) - **USDC on the Arbitrum network** in your Trust Wallet (for depositing into Hyperliquid) - **A small amount of ETH on Arbitrum** (under $1 worth, for the one-time bridge gas fee) - **A stable internet connection** - especially important for WalletConnect, which requires both devices to be online > **Tip:** Trust Wallet supports buying crypto directly within the app through third-party providers. If you need USDC, you may be able to purchase it inside Trust Wallet and then bridge or swap it to Arbitrum. ## Step-by-Step: Connect Trust Wallet to Hyperliquid ### Step 1: Install Trust Wallet If you already have Trust Wallet installed, skip to Step 2. **Mobile App (Recommended):** 1. Download **Trust Wallet** from the [App Store](https://apps.apple.com/app/trust-crypto-bitcoin-wallet/id1288339409) (iOS) or [Google Play](https://play.google.com/store/apps/details?id=com.wallet.crypto.trustapp) (Android) 2. Open the app and tap **"Create a new wallet"** 3. Accept the terms of service 4. **Write your 12-word recovery phrase on paper** - store it somewhere secure and offline 5. Confirm your recovery phrase by selecting the words in the correct order 6. Set a passcode or enable biometric authentication (Face ID / fingerprint) **Browser Extension:** 1. Go to [trustwallet.com/browser-extension](https://trustwallet.com/browser-extension) 2. Click **"Download"** for Chrome or Brave 3. Click **"Add to Browser"** and confirm 4. Create a new wallet or import an existing seed phrase 5. Set a strong unlock password ![Trust Wallet browser extension installation page](/images/getting-started/shared/trust-wallet-extension-page.webp) > **Warning:** Your recovery phrase is the only way to restore your wallet. Write it on paper. Never store it digitally, never share it, and never enter it on any website. Trust Wallet and Hyperliquid support will never ask for your seed phrase. ### Step 2: Fund Your Wallet with USDC on Arbitrum You need USDC on the Arbitrum network in your Trust Wallet to deposit into Hyperliquid. **From a Centralized Exchange:** 1. Open your exchange (Binance, Coinbase, Kraken, etc.) 2. Navigate to **Withdraw** 3. Select **USDC** as the asset 4. Paste your **Trust Wallet address** (find it by tapping "Receive" in Trust Wallet and selecting USDC or Ethereum) 5. Choose **Arbitrum One** as the withdrawal network 6. Confirm the withdrawal **Using Trust Wallet's Built-in Swap:** If you hold other tokens in Trust Wallet, you can swap them: 1. Open Trust Wallet 2. Tap the **Swap** icon 3. Select the token you want to swap from and set USDC as the output 4. Make sure you are on the Arbitrum network 5. Review the rate and confirm > **Note:** Make sure you also have a small amount of ETH on Arbitrum (less than $1 worth) to pay the gas fee when depositing into Hyperliquid. You can withdraw ETH from an exchange on the Arbitrum network or swap within Trust Wallet. --- ## Connection Method 1: Mobile DApp Browser (Easiest on Mobile) Trust Wallet's built-in DApp browser lets you access Hyperliquid directly within the app, creating a seamless mobile trading experience. 1. Open **Trust Wallet** on your phone 2. Tap the **"Browser"** or **"Discover"** tab at the bottom of the screen 3. In the browser's address bar, type **app.hyperliquid.xyz** and tap Go 4. The Hyperliquid interface will load inside Trust Wallet's browser 5. Tap the **"Connect"** button in the top-right corner 6. Select **"Trust Wallet"** or **"Injected"** from the wallet options 7. Approve the connection request that appears 8. You may be asked to sign a verification message - tap **"Approve"** > **Note:** If you do not see the Browser tab in Trust Wallet, it may need to be enabled. Go to Trust Wallet Settings and look for "DApp Browser" or "Web3 Browser" toggle. On some iOS versions, the browser is accessed through the "Discover" section. > **Key takeaway:** Trust Wallet's built-in DApp browser provides the most streamlined mobile experience. Hyperliquid loads directly inside the app, and your wallet is automatically detected - no QR codes needed. ## Connection Method 2: WalletConnect QR Code (Desktop to Mobile) If you prefer to use Hyperliquid on a desktop browser while keeping your wallet on your phone, WalletConnect bridges the two. 1. Open **app.hyperliquid.xyz** on your desktop browser 2. Click the **"Connect"** button in the top-right corner 3. Select **"WalletConnect"** from the connection options 4. A QR code will appear on screen 5. Open **Trust Wallet** on your phone 6. Tap the **Settings** icon (gear) or the **scan icon** (varies by version) 7. Select **"WalletConnect"** and scan the QR code displayed on your desktop 8. Review the connection request and tap **"Approve"** > **Tip:** After connecting via WalletConnect, keep Trust Wallet open on your phone. Every transaction on Hyperliquid (deposits, withdrawals) will require approval in Trust Wallet on your mobile device. If you close the app, the connection may drop. ## Connection Method 3: Browser Extension (Desktop) For a fully desktop experience, use the Trust Wallet browser extension. 1. Make sure the Trust Wallet extension is installed and unlocked 2. Navigate to **app.hyperliquid.xyz** 3. Click **"Connect"** 4. Select **"Trust Wallet"** from the wallet list 5. The extension will pop up - review the connection and click **"Connect"** 6. Sign the verification message if prompted ![Hyperliquid connection modal with Trust Wallet browser extension option](/images/getting-started/how-to-trade-on-hyperliquid/connect-wallet-popup.webp) This method works identically to [MetaMask](/guides/getting-started/connect-metamask-to-hyperliquid) - all transaction approvals happen in the browser extension popup. **First Time on Hyperliquid? Claim 4% Off Every Trade** — Apply a referral code when you first connect for a permanent 4% fee discount. This opportunity only exists during your initial wallet connection. [Connect with Fee Discount](https://app.hyperliquid.xyz/join/Concept211) ### Apply a Referral Code (Critical - First Connection Only) When you connect a new wallet to Hyperliquid for the first time, you have a **one-time opportunity** to apply a referral code. Our code (Concept211) gives you a **4% discount on all trading fees** for the lifetime of your account, up to your first $25 million in volume. If you connected through our [referral link](https://app.hyperliquid.xyz/join/Concept211), the code is applied automatically. If you navigated directly to app.hyperliquid.xyz, check the referral section in your account settings. > **Note:** Referral codes cannot be applied after your account is created. If you already connected without one, the only option is to create a new account using a different wallet address. ### Deposit USDC With Trust Wallet connected, deposit funds to begin trading: 1. Click or tap the **"Deposit"** button on Hyperliquid 2. Enter the amount of USDC you want to deposit 3. Approve the transaction in Trust Wallet (either in the extension popup or on your phone if using WalletConnect/DApp browser) 4. Wait approximately 1-2 minutes for on-chain confirmation For a detailed walkthrough, see our [complete USDC deposit guide](/guides/getting-started/deposit-usdc-to-hyperliquid). --- ## Which Connection Method Should You Use? Trust Wallet offers three distinct ways to connect to Hyperliquid. Here is how to choose: | Method | Best For | Pros | Cons | |---|---|---|---| | **DApp Browser** | Mobile-only users | Seamless, no QR code, everything in one app | Smaller screen for trading | | **WalletConnect** | Desktop trading + mobile wallet | Full desktop interface, wallet stays on phone | Requires phone nearby, connection can drop | | **Browser Extension** | Full desktop experience | Fastest, most familiar if you use MetaMask-style wallets | Requires installing extension | > **Key takeaway:** For the best mobile experience, use Trust Wallet's DApp browser. For desktop trading with a mobile wallet, use WalletConnect. For a pure desktop setup, install the Trust Wallet browser extension. --- ## Troubleshooting Common Connection Issues ### DApp Browser Not Available in Trust Wallet - **Check your Trust Wallet version** - Update to the latest version from the App Store or Google Play - **Enable the browser** - Go to Trust Wallet Settings and look for a "DApp Browser" or "Discover" toggle - **iOS restrictions** - On some iOS versions, Apple has required Trust Wallet to hide the DApp browser. Use the WalletConnect method instead, or navigate to Hyperliquid through the Discover tab if available ### WalletConnect QR Code Not Scanning - Increase screen brightness on the device displaying the QR code - Make sure both devices (desktop and phone) are connected to the internet - If the QR code expired, close the connection modal and reopen it for a fresh code - Clean your phone's camera lens if the scanner is not focusing ### WalletConnect Keeps Disconnecting WalletConnect sessions can be fragile on mobile: - Keep Trust Wallet open in the foreground on your phone while trading - Disable battery optimization for Trust Wallet in your phone's settings (this prevents the OS from killing the app in the background) - If the connection drops, click "Connect" on Hyperliquid again and re-scan a new QR code - Consider switching to the browser extension for a more stable desktop experience ### Trust Wallet Extension Not Detected - **Check the extension is installed and unlocked** - Click the Trust Wallet icon in your browser toolbar - **Disable competing wallet extensions** - [MetaMask](/guides/getting-started/connect-metamask-to-hyperliquid), [Rabby](/guides/getting-started/connect-rabby-to-hyperliquid), or [Phantom](/guides/getting-started/connect-phantom-to-hyperliquid) may intercept the connection. Temporarily disable them - **Refresh the page** - Sometimes a simple refresh resolves detection issues - **Try the WalletConnect fallback** - If the extension is not being detected, use WalletConnect as an alternative **Trust Wallet Connected? Start Trading with a Discount** — Hyperliquid delivers zero gas on trades, sub-second execution, and no KYC. Add our 4% fee discount for the lowest possible trading costs. [Start Trading - Save 4%](https://app.hyperliquid.xyz/join/Concept211) ## Next Steps Once your Trust Wallet is connected to Hyperliquid: 1. **[Deposit USDC](/guides/getting-started/deposit-usdc-to-hyperliquid)** - Bridge funds from Arbitrum into your Hyperliquid trading account 2. **[Place your first trade](/guides/getting-started/how-to-trade-on-hyperliquid)** - Follow our complete trading guide from deposit to first position 3. **[Trade on your phone](/guides/getting-started/hyperliquid-mobile-guide)** - Complete mobile trading guide - Trust Wallet's DApp browser makes it one of the best mobile options 4. **[Learn about bridging options](/guides/getting-started/bridge-to-hyperliquid)** - Explore different ways to move funds onto Hyperliquid --- # Crypto Trading Privacy & Security Guide - Protect Your Assets (2026) > Complete operational security guide for crypto traders. Wallet security, VPN usage, 2FA, phishing prevention, and privacy best practices to protect your funds and trading activity. *Source: https://hyperliquidguide.com/guides/getting-started/crypto-trading-security-guide* ## Why Security Is Your Most Important Trading Skill Here is a hard truth most traders learn too late: more money is lost to hacks, phishing, and poor operational security than to bad trades. In 2024 alone, over $2.2 billion was stolen from crypto platforms and individual wallets. In 2025, the number climbed higher - the [Bybit hack alone cost $1.5 billion](/compare/hyperliquid-vs-bybit). These are not just exchange hacks - a significant portion of losses come from individual traders who made preventable security mistakes. When you trade on a decentralized exchange like Hyperliquid - which has a [strong security track record](/guides/getting-started/is-hyperliquid-safe) but is still a DeFi protocol - there is no customer support department to reverse a fraudulent transaction. There is no "forgot password" button. There is no FDIC insurance. **You are the bank, the security team, and the fraud department.** That is the price of self-custody - and it is worth paying, as long as you take it seriously. > **Key takeaway:** Self-custody means you are responsible for your own security. The five layers in this guide - wallet, network, authentication, phishing defense, and opsec - make you an extremely difficult target when stacked together. The good news is that strong security does not require a computer science degree. It requires discipline, a few good tools, and the willingness to build habits that protect you. This guide covers five layers of defense that, when stacked together, make you an extremely difficult target. If you are new to Hyperliquid specifically, start with our [complete trading guide](/guides/getting-started/how-to-trade-on-hyperliquid) first, then come back here to lock down your setup. ## Layer 1: Wallet Security Your wallet is the foundation of everything. If your wallet is compromised, nothing else matters - no amount of VPN usage or two-factor authentication will save funds that are already gone. This layer deserves the most attention. ### Seed Phrase Management Your seed phrase (the 12 or 24 words generated when you create a wallet) is the master key to every asset in that wallet. Anyone who has those words has your money. Full stop. **Rules that are non-negotiable:** - **Write it on paper or stamp it in metal.** Never type it into a computer, phone, notes app, cloud document, email draft, or screenshot. Not even "temporarily." Malware can scan your clipboard, your photos, and your files. - **Never photograph your seed phrase.** Photos sync to iCloud, Google Photos, and other cloud services automatically. One breach of your cloud account and your crypto is gone. - **Store copies in multiple physical locations.** A single copy in your desk drawer is vulnerable to fire, flood, or theft. Consider a fireproof safe at home and a second copy in a bank safe deposit box or with a trusted family member. - **Consider a metal seed phrase backup.** Products like Cryptosteel, Billfodl, or Blockplate let you stamp your seed words into stainless steel, surviving fire and water damage that would destroy paper. - **Never enter your seed phrase into any website.** No legitimate wallet, exchange, or protocol will ever ask you to type your seed phrase into a browser. Any site that does is a phishing attack. Period. > **Note:** Your seed phrase is the master key to all your funds. Anyone who has it controls your wallet. Never type it into a computer, never photograph it, never share it. Write it on paper or stamp it in metal. ### Hardware Wallets A hardware wallet is a dedicated device that stores your private keys offline. Even if your computer is compromised with malware, a hardware wallet requires physical button presses on the device itself to approve transactions - which means remote attackers cannot drain your funds. **Recommended hardware wallets:** - **[Ledger](https://shop.ledger.com/) Nano S Plus / Nano X** - The most widely supported hardware wallet. Works natively with [MetaMask](/guides/getting-started/connect-metamask-to-hyperliquid) and [Rabby](/guides/getting-started/connect-rabby-to-hyperliquid), which means you can connect it to Hyperliquid seamlessly. The Nano X adds Bluetooth for mobile use. - **[Trezor](https://trezor.io/) Model T / Safe 3** - Fully open-source firmware, which some security researchers prefer. Excellent build quality and supports a wide range of assets. **How it works with Hyperliquid:** You connect your Ledger or Trezor to a software wallet like MetaMask or Rabby as a hardware wallet account. When you interact with Hyperliquid - depositing, withdrawing, or approving transactions - your wallet prompts the hardware device for confirmation. You physically verify the transaction details on the device screen and press a button to approve. No malware can fake that button press. For any portfolio above a few hundred dollars, a hardware wallet is not optional. It is the single highest-impact security investment you can make. They cost $60-$200 and protect potentially unlimited value. Which of the two to buy comes down to a few Hyperliquid-specific details - open-source firmware versus mobile Bluetooth, and how each one handles the agent wallet that actually signs your orders - which we work through in [the best hardware wallet for Hyperliquid](/guides/getting-started/best-hardware-wallet-for-hyperliquid). ### Software Wallet Hygiene Not everyone uses a hardware wallet for every interaction, and software wallets like MetaMask still need proper handling. - **Use a dedicated browser profile for crypto.** Chrome and Firefox both support multiple profiles. Create one that is only used for trading - no random browsing, no social media, no email. This isolates your wallet extension from malicious sites you might encounter during general browsing. - **Consider a dedicated device.** If you trade with significant capital, a laptop or desktop that is used exclusively for crypto is a worthwhile investment. No gaming, no downloading random software, no torrents - just trading. - **Limit browser extensions.** Every extension you install has some degree of access to your browser activity. In your crypto profile, the only extensions should be your wallet and perhaps an ad blocker. Remove everything else. - **Lock your wallet when not trading.** MetaMask and most wallets have an auto-lock timer. Set it to lock after 5 minutes of inactivity. Get in the habit of manually locking it when you step away. **Trade on a Non-Custodial Exchange** — Hyperliquid never holds your funds - you maintain full custody through your own wallet. Combined with proper security practices, this is the safest way to trade perpetual futures. Use our referral code for a 4% lifetime fee discount. [Start Trading on Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) ## Layer 2: Network & Connection Security Your wallet can be airtight, but if the network between you and the blockchain is compromised, attackers can intercept data, redirect you to phishing sites, or monitor your trading activity. ### VPN Usage A VPN encrypts your internet traffic and masks your IP address, adding a meaningful layer of privacy and security to your trading setup. This is especially important if you ever trade outside your home network. We have written a full breakdown of the best VPNs for crypto traders in our [VPN review guide](/privacy/best-vpn-crypto-trading), but the short version is: - **Use a reputable, no-log VPN provider.** Mullvad, ProtonVPN, and IVPN are the current gold standard for privacy-focused VPNs. Avoid free VPNs - if you are not paying for the product, your data is the product. - **Enable the kill switch.** This feature blocks all internet traffic if the VPN connection drops, preventing your real IP address from leaking accidentally. - **Use WireGuard protocol** when available. It is faster and more secure than older protocols like OpenVPN. A VPN is also relevant for traders who want to understand [Hyperliquid's availability in different regions](/privacy/hyperliquid-us-availability). ### Secure DNS DNS (Domain Name System) is how your browser translates "app.hyperliquid.xyz" into an IP address. If an attacker compromises your DNS, they can redirect you to a fake version of any site - and your browser's address bar will show the correct URL. Switch your DNS resolver to a trusted, encrypted provider: - **Cloudflare DNS (1.1.1.1)** - Fast and supports DNS-over-HTTPS (DoH) for encrypted queries. The simplest option for most users. - **Quad9 (9.9.9.9)** - Automatically blocks known malicious domains, adding a passive layer of phishing protection. You can set these at the OS level (in your network settings) or at the router level to protect all devices on your home network. Both providers offer simple setup guides on their websites. ### Network Safety - **Never trade on public Wi-Fi.** Coffee shops, airports, hotels - these networks are trivially easy to attack with man-in-the-middle techniques. If you absolutely must trade on the go, use your phone's mobile hotspot instead. - **Secure your home network.** Use WPA3 encryption on your router (or WPA2 at minimum), change the default admin password, disable WPS, and keep the router firmware updated. Your home network is only as secure as its weakest setting. - **Disable auto-connect to Wi-Fi networks.** Your devices should not automatically connect to networks they have seen before - attackers can create evil twin networks with common SSIDs like "Starbucks Wi-Fi" to intercept your traffic. ## Layer 3: Account & Authentication Security Even with perfect wallet security and a locked-down network, the accounts surrounding your crypto activity - email, exchanges, password managers - need their own protection. ### Two-Factor Authentication (2FA) Two-factor authentication adds a second verification step beyond your password. But not all 2FA is created equal. **The hierarchy, from weakest to strongest:** 1. **SMS 2FA - Never use this for crypto.** SIM swap attacks are disturbingly easy and common. An attacker calls your phone carrier, social-engineers the support rep into transferring your number to a new SIM, and suddenly they receive all your 2FA codes. Crypto traders are specifically targeted for SIM swaps because the payoff is immediate and irreversible. 2. **Authenticator apps - The minimum standard.** Apps like Google Authenticator, Authy, or Aegis Authenticator generate time-based codes on your device. They are not vulnerable to SIM swaps. Use this as your baseline for every account that supports it. 3. **Hardware security keys - The gold standard.** A YubiKey or similar FIDO2 security key is a physical device that plugs into your USB port. It is phishing-proof because it cryptographically verifies the domain of the site you are logging into - even if you somehow land on a perfect phishing clone, the key will refuse to authenticate. If you are serious about security, buy two YubiKeys (one primary, one backup) and use them everywhere possible. **Enable 2FA on every account** even tangentially related to crypto: your email, centralized exchanges (if you use them for on-ramps), cloud storage, domain registrar, and password manager. ### Password Management If you reuse passwords across sites, a single data breach hands attackers the keys to every account sharing that password. This is not theoretical - credential stuffing attacks are automated and constant. - **Use a password manager.** Bitwarden (open-source, free tier available) and 1Password (polished UX, strong security audit history) are both excellent. They generate unique, random passwords for every site and autofill them securely. - **Your master password must be strong and unique.** Use a passphrase of 4-6 random words (e.g., "correct horse battery staple" but actually random). This is the one password you need to memorize. - **Never store seed phrases in your password manager.** The password manager protects your online accounts. Your seed phrase protects your crypto. Keep these in separate security domains. If your password manager is breached, your seed phrase should not be in it. ### Email Security Your email account is the skeleton key to most of your online life - password resets, 2FA backup codes, and exchange notifications all flow through it. - **Use a separate email for crypto.** Create a dedicated email address (ProtonMail is a strong choice for privacy) that you use exclusively for exchanges, DeFi protocols, and crypto-related services. Do not use it for social media, newsletters, or anything else. This drastically reduces your exposure to phishing. - **Never click links in emails claiming to be from crypto platforms.** Always navigate to sites manually via your bookmarks. Legitimate exchanges will never ask you to "verify your wallet" or "confirm a withdrawal" via email link. - **Enable 2FA on your email.** This is arguably the most important single 2FA setup you can do, since email access can be used to reset passwords on other accounts. ## Layer 4: Phishing & Social Engineering Defense Phishing is the leading cause of individual crypto losses. Technical exploits get the headlines, but everyday traders lose funds to social engineering far more often. This is where discipline matters most. ### Recognizing Phishing Attacks Crypto phishing comes in several forms, and attackers are increasingly sophisticated: - **Fake exchange and DEX sites.** Pixel-perfect copies of trading interfaces that prompt you to connect your wallet and then execute malicious transactions. The URL is the only giveaway - and it is often just one character off. - **Fake MetaMask popups.** Some malicious sites generate HTML popups that look identical to MetaMask's transaction approval window. They ask you to "enter your seed phrase to reconnect." MetaMask will never ask for your seed phrase. - **Fake support on Discord, Telegram, and Twitter.** After you post a question in a crypto community, you will receive DMs from accounts impersonating project admins or support staff. They will offer to "help" and direct you to a phishing site. Legitimate support never reaches out via DM first. - **Fake airdrop and token approval scams.** You find mysterious tokens in your wallet that you never bought. Trying to sell or interact with these tokens triggers a malicious smart contract that drains your wallet. Ignore unfamiliar tokens completely. ### Bookmark-Only Navigation This is one of the simplest and most effective security practices: 1. **Manually type the URL** of every crypto site you use (Hyperliquid, MetaMask portfolio, your exchange) one time, verifying each character. 2. **Bookmark it.** Use a dedicated bookmarks folder for crypto sites. 3. **Only access these sites through your bookmarks.** Never through Google search results (ads at the top can be phishing), never through links in emails, never through links in Discord or Telegram. This single habit eliminates the vast majority of phishing risk. It costs nothing and takes five minutes to set up. ### Smart Contract Approval Hygiene When you interact with a DeFi protocol, you often grant it permission to spend your tokens via a smart contract approval. If you grant unlimited approval to a malicious or later-compromised contract, it can drain your wallet at any time. - **Never grant unlimited token approvals** to contracts you do not fully trust. When MetaMask shows an approval request, check the amount. If a protocol is asking for "unlimited" approval of your USDC and you only need to deposit $500, manually set the approval to $500. - **Regularly audit and revoke old approvals.** Use **revoke.cash** to review every active token approval on your wallet. Revoke any approvals to contracts you no longer use. This is basic maintenance that most traders neglect. - **Read before you sign.** MetaMask and other wallets show you what a transaction will do before you confirm it. Actually read this information. If a transaction is requesting unusual permissions, cancel it and investigate. **Ready to Trade Securely?** — Hyperliquid is non-custodial, requires no KYC, and runs on its own L1 chain - a security model built for self-sovereign traders. Apply a 4% fee discount when you create your account. [Try Hyperliquid - Save 4%](https://app.hyperliquid.xyz/join/Concept211) ## Layer 5: Operational Security The final layer covers the broader habits and practices that round out your security posture. These are the details that separate security-conscious traders from easy targets. ### Trading Privacy - **Do not share portfolio screenshots with visible wallet addresses.** It is tempting to post gains on Twitter or Discord, but a visible wallet address lets anyone track your full transaction history, estimate your net worth, and potentially target you for social engineering or even physical attacks. - **Be cautious about sharing trade sizes and PnL.** Even without a wallet address, broadcasting that you are trading with significant size paints a target. If you share results, obscure position sizes and addresses. - **Use a pseudonymous identity for crypto social media.** Separate your real-world identity from your trading persona. Do not link your crypto Twitter to your LinkedIn. - **Be skeptical of unsolicited messages.** Anyone who contacts you first with a "guaranteed profit" strategy, an "exclusive" trading group, or an urgent "security alert" is almost certainly trying to scam you. Always assume malicious intent from cold outreach. ### Device Security Your device is the environment where all of these other layers operate. A compromised device undermines everything. - **Keep your operating system updated.** OS updates patch security vulnerabilities that attackers actively exploit. Enable automatic updates on Windows, macOS, and Linux. Do not delay them. - **Run reputable antivirus/antimalware software.** Windows Defender (built into Windows) is genuinely competent in 2026. On macOS, Malwarebytes is a solid addition. The key is having something that actively scans for threats. - **Enable full-disk encryption.** BitLocker on Windows, FileVault on macOS, and LUKS on Linux. If your device is lost or stolen, disk encryption prevents anyone from reading your data - including cached wallet information. - **Be extremely selective about what you install.** Every piece of software you install is a potential attack vector. Download applications only from official sources. Be particularly cautious with crypto-related tools - fake wallet apps and "portfolio trackers" laced with malware are common. ### Backup Strategy Security is not just about preventing attacks - it is also about recovering from disasters. - **Maintain multiple copies of your seed phrase** in geographically separated locations. If your house floods or burns, you need a recovery path. - **Test your recovery process.** At least once, try restoring your wallet from your seed phrase on a separate device. Confirm that you get the same wallet address and balances. Do not wait until an emergency to discover that you wrote down a word incorrectly. - **Document your setup** (without sensitive details). Keep a note of which wallets you use, which chains your assets are on, and where your seed phrase backups are stored. If something happens to you, a trusted person should be able to locate and recover your assets. ## Your Crypto Security Checklist Here is a concrete, actionable summary. Work through this list from top to bottom: 1. **Write your seed phrase on paper or metal.** Verify it is correct by restoring the wallet on a separate device. Store copies in at least two separate physical locations. 2. **Buy a hardware wallet.** Set up a Ledger or Trezor and connect it to your wallet ([MetaMask](/guides/getting-started/connect-metamask-to-hyperliquid), [Rabby](/guides/getting-started/connect-rabby-to-hyperliquid), etc.) for use with Hyperliquid and other DeFi protocols. 3. **Create a dedicated browser profile for crypto.** Install only your wallet extension and an ad blocker. Do all crypto activity in this profile. 4. **Set up a VPN.** Install Mullvad, ProtonVPN, or IVPN. Enable the kill switch. Use it for all trading activity. See our [VPN recommendations](/privacy/best-vpn-crypto-trading) for details. 5. **Switch your DNS to Cloudflare (1.1.1.1) or Quad9 (9.9.9.9).** Configure this at the router level for whole-network protection. 6. **Replace SMS 2FA with authenticator apps everywhere.** Install Aegis or Google Authenticator. Remove your phone number as a 2FA method from exchanges and email accounts. 7. **Set up a password manager.** Install Bitwarden or 1Password. Generate unique passwords for every crypto-related account. Never reuse passwords. 8. **Create a dedicated email for crypto.** Use ProtonMail or Tutanota. Use this address exclusively for exchanges and DeFi-related accounts. 9. **Bookmark every crypto site you use.** Verify each URL manually, save it, and only access these sites through bookmarks. Never click links in emails, DMs, or search ads. 10. **Audit your token approvals.** Go to revoke.cash, connect your wallet, and revoke any approvals to contracts you no longer use. Repeat this monthly. 11. **Enable full-disk encryption** on every device you use for trading. BitLocker, FileVault, or LUKS depending on your operating system. 12. **Test your seed phrase recovery.** Restore your wallet on a separate device and confirm you see the correct address and balances. Do this at least once. ## Final Thoughts Security in crypto is not a one-time setup - it is an ongoing practice. The landscape of threats evolves, new attack vectors emerge, and complacency is the real enemy. The traders who lose funds are rarely the ones who never learned about security. They are the ones who knew the best practices but cut corners "just this once." The five layers covered in this guide - wallet security, network security, authentication, phishing defense, and operational security - are not paranoia. They are the baseline standard for anyone who takes self-custody seriously. Each layer compensates for potential failures in the others, creating a defense-in-depth posture that makes you a prohibitively difficult target. Hyperliquid's non-custodial architecture is a strong foundation: your funds live in your wallet, not on someone else's servers. But that foundation only holds if you build the rest of the security stack on top of it. Take the time to work through the checklist above, and you will trade with the confidence that your assets are genuinely protected. --- # Hyperliquid Leverage Trading: Up to 50x, How Margin & Liquidation Work (2026) > Trade up to 50x leverage on Hyperliquid. Max leverage per market, cross vs isolated margin, liquidation price math, and funding costs explained with worked examples. *Source: https://hyperliquidguide.com/guides/trading/leverage-trading-guide* ## What Is Leverage Trading? Leverage trading lets you control a larger position than your account balance would normally allow. If you have $1,000 and use 10x leverage, you control a $10,000 position. Your $1,000 acts as **margin** - collateral that backs the leveraged position. The appeal is obvious: if that $10,000 position gains 5%, you make $500 - a 50% return on your $1,000 margin. Without leverage, a 5% gain on $1,000 is just $50. But leverage is a double-edged sword. That same 5% move against you means a $500 loss - 50% of your margin, gone. At 10x leverage, a 10% adverse move wipes out your entire margin and triggers **[liquidation](/guides/trading/liquidation-explained)**, where your position is forcibly closed. > **Note:** Leverage amplifies both gains and losses equally. A 50x leveraged position only needs a 2% move against you for a total loss. Most professional traders use 2-5x leverage. Using 20x or higher is extremely high risk and unsuitable for most traders. Understanding how leverage, margin, and liquidation work is not optional - it is the difference between growing an account and blowing one up. This guide explains the mechanics on Hyperliquid so you can use leverage intelligently. If any term is unfamiliar, check our [trading glossary](/guides/getting-started/hyperliquid-glossary) for quick definitions. --- ## How Leverage Works on Hyperliquid Hyperliquid is a perpetual futures exchange, and every perpetual futures trade involves leverage. Even "1x leverage" is technically a leveraged trade - you are trading a derivatives contract, not buying the underlying asset. If you want to own tokens outright without leverage, see our [spot trading guide](/guides/trading/spot-trading-guide). ### Available Leverage The maximum leverage varies by asset based on liquidity and volatility: | Asset Tier | Examples | Max Leverage | |---|---|---| | Major pairs | [BTC-USD](/markets/btc), [ETH-USD](/markets/eth) | Up to 50x | | Large caps | [SOL-USD](/markets/sol), [AVAX-USD](/markets/avax), [DOGE-USD](/markets/doge) | Up to 20-50x | | Mid caps | [ARB-USD](/markets/arb), [OP-USD](/markets/op), [INJ-USD](/markets/inj) | Up to 10-20x | | Small caps / new listings | Various altcoins | Up to 3-10x | These tiers cover crypto pairs. Hyperliquid also offers [commodity and equity perpetuals](/ecosystem/hyperliquid-traditional-markets) which follow similar leverage structures. While Binance Futures offers up to 125x on BTC, Hyperliquid's 50x cap covers the vast majority of prudent strategies — see our [Hyperliquid vs Binance Futures comparison](/compare/hyperliquid-vs-binance-futures) for the full leverage and fee breakdown. The exact maximum leverage for each market is displayed in the trading interface when you click the leverage selector. ### How Margin Relates to Leverage Your margin is the amount of collateral backing your position. The relationship is straightforward: **Position Size = Margin x Leverage** So with $500 margin and 20x leverage, your position size is $10,000. The higher the leverage, the less margin you need for the same position size - but the closer your liquidation price. **Example:** You want a $10,000 long on ETH-USD at $2,500. | Leverage | Margin Required | Liquidation Distance | |---|---|---| | 2x | $5,000 | ~50% drop ($1,250) | | 5x | $2,000 | ~20% drop ($2,000) | | 10x | $1,000 | ~10% drop ($2,250) | | 25x | $400 | ~4% drop ($2,400) | | 50x | $200 | ~2% drop ($2,450) | At 50x leverage on a $2,500 ETH entry, a drop to roughly $2,450 liquidates you. ETH can move $50 in minutes during volatile sessions. > **Key takeaway:** Higher leverage does not mean higher profits - it means the same position with less margin and a tighter liquidation price. The profit potential of a $10,000 position is identical whether you use 2x or 50x leverage. The only difference is how much room you have before liquidation. ### How USDC Collateral Works on Hyperliquid All margin on Hyperliquid is denominated in **USDC**. When you deposit USDC into your Hyperliquid account, it becomes your available collateral - the capital backing every leveraged position you open. Here is how USDC collateral works: - **Single collateral currency.** Unlike exchanges that accept multiple collateral types (BTC, ETH, stablecoins), Hyperliquid uses USDC exclusively as margin collateral for perpetual trading. This simplifies risk calculations and eliminates collateral volatility. - **Cross-margined by default.** Your entire USDC balance serves as collateral across all open positions in cross margin mode. Unrealized profits on one position can offset margin requirements on another. - **No conversion fees.** Since everything is settled in USDC, there are no hidden currency conversion costs that some exchanges charge when using non-USD collateral. - **Instant collateral.** Deposited USDC is immediately available as trading collateral - no waiting period, no staking requirement. Your available collateral determines your maximum position size: at 10x leverage, $5,000 in USDC collateral lets you open up to $50,000 in positions. To [deposit USDC](/guides/getting-started/deposit-usdc-to-hyperliquid), bridge from Arbitrum or use a [cross-chain bridge](/guides/getting-started/bridge-to-hyperliquid) from 22+ networks. --- ## Cross Margin vs Isolated Margin Hyperliquid supports both cross margin and isolated margin modes. Understanding the difference is critical before you open any leveraged position. Note that how cross margin works also depends on your [account abstraction mode](/guides/trading/unified-accounts-guide) - unified accounts enable cross margin across HIP-3 DEXs as well. ### Cross Margin In cross margin mode, your **entire available account balance** serves as collateral for all of your open positions. This means: - All positions share the same margin pool - Unrealized profits from one position can offset unrealized losses from another - You have more total collateral backing each position, so liquidation prices are farther from your entries - **But** if one position blows up badly enough, it can drain your entire account balance and trigger liquidation of your other positions **When to use cross margin:** When you want maximum breathing room on your positions and you are comfortable with the risk that one bad trade can affect your whole portfolio. Cross margin is common among experienced traders who actively manage their risk. Active multi-market traders should also read up on Hyperliquid's [unified account margin model](/guides/trading/unified-accounts-guide), which lets cross-margin collateral flow not just across native perps but across HIP-3 builder markets (trade.xyz equity and commodity perps) as well — a meaningful capital-efficiency boost when running paired crypto + equity positions. ### Isolated Margin In isolated margin mode, you allocate a **fixed amount of margin** to each position independently. This means: - Each position is ring-fenced from the rest of your account - If a position is liquidated, you only lose the margin allocated to that specific trade - Your remaining account balance and other positions are unaffected - **But** your liquidation price is closer because you are using less total collateral **When to use isolated margin:** When you want to strictly limit the damage from any single trade. Isolated margin is generally recommended for beginners and for higher-risk trades where you want to cap your maximum loss. > **Warning:** If you are new to leverage trading, start with isolated margin. It forces you to think about risk on a per-trade basis and prevents one bad position from cascading into a full account blowup. You can always switch to cross margin later once you understand how margin works. **Example comparison:** You have a $5,000 account and open a $10,000 BTC long at 10x leverage. - **Cross margin:** Your entire $5,000 balance backs the position. Liquidation price is very far away. But if BTC crashes and your unrealized loss exceeds $5,000, your whole account is wiped. - **Isolated margin (with $1,000 allocated):** Only $1,000 backs the position. Liquidation is closer, but your maximum loss on this trade is $1,000 - the other $4,000 is safe no matter what happens. ![Hyperliquid margin mode selector showing Cross and Isolated options](/images/trading/shared/hyperliquid-trading-interface.webp) --- ## Setting Your Leverage on Hyperliquid Adjusting leverage on Hyperliquid is straightforward: 1. **Select your market** - Choose the asset you want to trade (e.g., BTC-USD) 2. **Click the leverage indicator** - You will see a leverage button or slider near the order entry panel, typically showing your current leverage setting 3. **Adjust the leverage** - Use the slider or type in your desired leverage (e.g., 5x) 4. **Select margin mode** - Choose Cross or Isolated from the margin mode toggle 5. **Place your order** - Enter your order details and confirm ![Hyperliquid leverage slider set to 5x with isolated margin selected](/images/trading/shared/hyperliquid-trading-interface.webp) > **Tip:** You can change your leverage on an existing position, but be careful. Increasing leverage on an open position moves your liquidation price closer to the current market price. Decreasing leverage allocates more margin from your account, giving you more room. Always double-check the new liquidation price before confirming a leverage change. ## Understanding Liquidation Liquidation is the event every leveraged trader dreads - and the one you need to understand completely. ### What Triggers Liquidation Every leveraged position has a **maintenance margin** requirement. This is the minimum amount of margin that must back the position. When your position's unrealized loss erodes your margin below this maintenance threshold, Hyperliquid's liquidation engine closes your position automatically. The liquidation price is calculated based on: - Your entry price - Your leverage - Your margin (isolated) or account balance (cross) - The maintenance margin rate for the asset Hyperliquid displays your liquidation price clearly in the positions panel for every open trade. Always know where it is. > **Tip:** Want to check your liquidation price before entering a trade? Use our free **[Position Calculator](/tools/position-calculator)** to compute liquidation price, margin requirements, and fee costs for any entry price and leverage level. ### What Happens During Liquidation 1. Your position is taken over by Hyperliquid's liquidation engine 2. The engine closes the position at market price 3. You lose the margin backing that position (in isolated mode) or the loss is deducted from your account (in cross mode) 4. A [liquidation fee](/guides/fees/fees-explained) is charged You **never owe more than your account balance** on Hyperliquid. There is no concept of negative balance or owing the exchange money. The worst-case scenario is losing your deposited margin - not ending up in debt. > **Note:** Liquidation is not a partial loss - it is a near-total loss of the margin backing that position. Getting liquidated on a $1,000 isolated position means losing close to $1,000, not getting stopped out for a small loss. This is why stop-losses placed well above your liquidation price are essential. ### How to Avoid Liquidation 1. **Use lower leverage** - The most effective prevention. At 3x leverage, the market needs to move 33% against you before liquidation. At 50x, it only needs to move 2%. 2. **Set stop-losses well above your liquidation price** - Your stop-loss should trigger long before liquidation is even a possibility. A 10x leveraged position liquidates at ~10%, so set your stop-loss at 3-5%. 3. **Monitor your margin ratio** - Hyperliquid shows your margin health in the [portfolio tracker](/guides/trading/portfolio-tracking). When it gets low, reduce position size or add margin. 4. **Avoid holding through major events** - Scheduled events like FOMC meetings, CPI releases, or token unlocks can cause violent price swings. Use a [VPN](/privacy/best-vpn-crypto-trading) and follow [security best practices](/guides/getting-started/crypto-trading-security-guide) to protect your wallet and trading activity. > **Key takeaway:** The goal is to never get liquidated. Liquidation means your risk management failed. Use stop-losses, lower leverage, and proper position sizing so that your trades close at a controlled loss - not a forced liquidation. **Save on Every Leveraged Trade** — Lower fees mean your leverage works harder for you. Sign up through our referral link for a 4% lifetime discount on all trading fees - market, limit, and stop orders. [Get Your 4% Fee Discount](https://app.hyperliquid.xyz/join/Concept211) ## Risk Management Strategies Leverage is a tool. Like any tool, it can build or destroy depending on how you use it. Here are the risk management practices that keep leveraged traders in the game long term. ### Position Sizing: The 1-2% Rule Never risk more than 1-2% of your total account on a single trade. This means your stop-loss should be placed so that if it triggers, you lose no more than 1-2% of your account balance. **Example:** You have a $5,000 account. Your maximum risk per trade is $100 (2%). - If you are using 10x leverage on a BTC trade with a stop-loss 1% away from entry, your position size should be $10,000 (because 1% of $10,000 = $100 loss). - If your stop-loss is 2% away, your position size should be $5,000 (because 2% of $5,000 = $100 loss). This formula keeps you in the game even through a long losing streak. Ten consecutive losses at 2% risk per trade only costs you 18.3% of your account - painful but recoverable. ### Start Low, Scale Slowly There is no reason to use high leverage when you are learning. Start at 2-3x and increase only after you have a proven, profitable strategy over at least 50-100 trades. Many successful traders never go above 5x. Once you have a system that works, our [Hyperliquid trading strategies](/guides/trading/hyperliquid-trading-strategies) guide covers how to systematize it with automated market-making, funding arbitrage, and hard risk controls. ### Always Use Stop-Losses On leveraged trades, a stop-loss is not optional - it is survival. Without one, a normal market correction can liquidate a high-leverage position before you even open your laptop. Set your stop-loss before or immediately after entering every trade. See our [order types guide](/guides/trading/order-types-guide) for details on stop-market vs stop-limit orders. > **Warning:** Never move a stop-loss further away from your entry to "give the trade more room." This is the single most common and destructive behavior pattern in leveraged trading. If your stop-loss level is wrong, the trade setup was wrong. Accept the loss and move on. ### Keep Dry Powder Do not use all your margin on a single position. Keep at least 50% of your account balance available as unused margin. This gives you flexibility to take new opportunities and provides a buffer if existing positions move against you in cross margin mode. --- ## Funding Rates Explained If you hold a leveraged perpetual futures position for any length of time, you need to understand [funding rates](/guides/trading/funding-rates-explained). They are an ongoing cost (or income) that directly affects your PnL. ### What Are Funding Rates? Perpetual futures do not expire like traditional futures. To keep the perpetual price anchored to the spot price, exchanges use **funding rate payments** exchanged between long and short holders every hour on Hyperliquid. - **Positive funding rate:** Longs pay shorts. This happens when the perpetual price is trading above the spot price (bullish market conditions). Learn more in our [short selling guide](/guides/getting-started/how-to-short-on-hyperliquid). - **Negative funding rate:** Shorts pay longs. This happens when the perpetual price is below spot (bearish conditions). ### How Funding Affects Your Positions Funding is charged based on your position size, not your margin. At 10x leverage, the funding cost is amplified 10x relative to your margin. **Example:** You hold a $50,000 long position on BTC with a funding rate of 0.01% per 8 hours (a common rate in moderately bullish conditions). - Funding cost per 8 hours: $50,000 x 0.01% = $5 - Daily cost: $15 - Monthly cost: $450 On a $5,000 margin (10x leverage), that is 9% of your margin eaten by funding in a single month. This is a meaningful cost for longer-term positions. Note that funding payments are also taxable events - see our [tax reporting guide](/guides/trading/hyperliquid-tax-reporting-guide) for details on how to track and report them. ### Checking Funding Rates Hyperliquid displays the current funding rate for each asset directly on the trading interface. You can see: - The current predicted funding rate - Historical funding rates - Whether you would be paying or receiving funding based on your position direction > **Note:** Some traders run "funding rate farming" strategies - taking positions specifically to collect funding payments from the other side. For example, during extreme bullish sentiment when funding rates are very high, shorting to collect funding from longs can be profitable even if the asset slowly rises. This is an advanced strategy that requires careful hedging. For a deeper dive into delta-neutral funding rate arbitrage and automated vault strategies, see our [HyperEVM yield strategies guide](/ecosystem/hyperevm-yield-strategies). > **Tip:** Monitor real-time open interest and market positioning with our [Open Interest Tracker](/tools/open-interest). High open interest combined with extreme funding rates often signals potential liquidation cascades - critical data for managing leveraged positions. ## Common Mistakes Beginners Make ### Using Maximum Leverage The leverage slider goes to 50x, but that does not mean you should use it. Maximum leverage is designed for experienced traders making very short-term trades with tight stop-losses. For beginners, 50x leverage almost guarantees liquidation. ### Ignoring Funding Rates on Long Holds Holding a leveraged position for days or weeks during a trending market can rack up significant funding costs that eat into or eliminate your profits. Always check the current funding rate before opening a position you plan to hold. ### Revenge Trading After Liquidation Getting liquidated feels terrible. The natural urge is to immediately open another position with higher leverage to "make it back." This almost always leads to a second liquidation and an emotional spiral. After a liquidation, step away from the screen for at least an hour. If you find yourself making emotional trades, consider shifting a portion of your capital to passive strategies — [copy trading on Hyperliquid](/guides/trading/copy-trading-guide) lets experienced traders or curated vaults handle the execution while you step back from active position management. ### Not Understanding Cross vs Isolated Mode Opening a high-leverage trade in cross margin mode can put your entire account at risk if the trade goes wrong. Know which mode you are in before every trade. ### Sizing Positions Based on Conviction, Not Math "I really believe ETH is going up" is not a position sizing strategy. Size your positions based on your stop-loss distance and your maximum acceptable loss per trade. Conviction is for your trade direction - math is for your position size. **Start Your Leverage Trading Journey** — No KYC, zero gas fees, and a 4% lifetime discount on [trading fees](/guides/fees/fees-explained) when you sign up through our referral link. Trade perpetual futures on 100+ markets with up to 50x leverage. [Open Your Account - Save 4%](https://app.hyperliquid.xyz/join/Concept211) ## Summary Leverage is the most powerful - and most dangerous - tool in a futures trader's kit. On Hyperliquid, you have access to up to 50x leverage across 100+ perpetual futures markets, with both cross and isolated margin modes. The key principles to remember: - **Higher leverage does not mean higher profits.** It means the same position with less margin and less room for error. - **Use isolated margin** until you fully understand how cross margin risk works. - **Set stop-losses on every trade** well above your liquidation price. - **Follow the 1-2% rule** - never risk more than 1-2% of your account on a single trade. - **Start with 2-3x leverage** and only increase after proving consistent profitability. - **Factor in funding rates** on any position you plan to hold for more than a few hours. For advanced trading terminals and analytics tools built specifically for Hyperliquid, see our [trading tools guide](/guides/trading/hyperliquid-trading-tools). If you do not have a Hyperliquid account yet, use our [referral link](https://app.hyperliquid.xyz/join/Concept211) to get a 4% lifetime discount on all trading fees. Lower fees compound into real savings over hundreds of leveraged trades. For a complete walkthrough of getting started, see our [beginner trading guide](/guides/getting-started/how-to-trade-on-hyperliquid). --- # Hyperliquid Order Types Explained: Complete Guide to Limit, Market, Stop-Loss & More > Learn every order type on Hyperliquid - market, limit, stop-loss, take-profit, TWAP, and scale orders. Practical examples and when to use each one. *Source: https://hyperliquidguide.com/guides/trading/order-types-guide* ## Why Order Types Matter Choosing the right order type is one of those things that separates traders who consistently leak money from traders who keep their edge. Every order type on Hyperliquid exists to solve a specific problem - getting in fast, getting a better price, protecting against losses, or scaling into large positions without moving the market. If you just slam market orders on every trade, you are paying higher fees and accepting whatever price the order book gives you. If you only use limit orders, you might miss trades when the market moves fast. And if you are not using stop-losses, well, you are one bad move away from learning an expensive lesson. If you plan your entries and exits off charts, note that Hyperliquid markets are now available on [TradingView](/guides/trading/tradingview-hyperliquid-charting) — chart the setup there, then bring the level to your order ticket. This guide covers every order type available on Hyperliquid, when to use each one, and the practical details that matter when real money is on the line. > **Tip:** If you have not set up your Hyperliquid account yet, start with our [beginner trading guide](/guides/getting-started/how-to-trade-on-hyperliquid). Make sure to use a [referral link](https://app.hyperliquid.xyz/join/Concept211) when creating your account for a 4% lifetime discount on trading fees. --- ## Market Orders A market order is the simplest order type: you click buy or sell, and the trade executes immediately at the best available price in the order book. There is no price to set, no conditions to configure - just instant execution. ### How Market Orders Work When you place a market buy, Hyperliquid matches your order against the lowest-priced sell orders (asks) on the book. Your order fills at whatever prices are available, starting from the best ask and moving up through the book until your entire order size is filled. **Example:** You want to buy $5,000 worth of ETH-USD. The order book has: - $2,000 available at $2,450.00 - $3,000 available at $2,450.25 - $5,000 available at $2,450.50 Your $5,000 market order fills $2,000 at $2,450.00 and $3,000 at $2,450.25. Your average entry price is $2,450.15 - slightly higher than the best ask because you ate through two price levels. ### When to Use Market Orders - You need to enter or exit a position **immediately** and price precision is secondary - Fast-moving markets where a limit order might not fill - [Closing a losing position](/guides/trading/how-to-close-position) when you need to get out right now - Small position sizes where slippage is negligible ### The Trade-Offs - **Higher fees:** Market orders pay the taker fee of 0.045%, compared to 0.015% for maker limit orders (see the full [fee structure](/guides/fees/fees-explained)) - **Slippage:** On large orders or thin markets, you may fill at worse prices than expected - **No price control:** You accept whatever the market gives you > **Key takeaway:** Market orders are the "I need this done right now" button. Use them when speed matters more than price. For everything else, limit orders are almost always the better choice. --- ## Limit Orders Limit orders let you set the exact price at which you want to buy or sell. Your order sits on the book and waits until the market comes to your price. This gives you full control over your entry and exit prices, and it costs less. ### How Limit Orders Work When you place a limit buy at $2,440 on ETH-USD, your order goes into the order book at that price level. It will only execute if someone else is willing to sell at $2,440 or lower. Until then, your order rests on the book, adding liquidity. **Example:** ETH is currently trading at $2,450. You place a limit buy at $2,440. If ETH drops to $2,440, your order fills. If ETH never reaches $2,440, your order stays open (or expires, depending on your time-in-force setting). ### Time-in-Force Options Hyperliquid offers several time-in-force settings that control how long your limit order stays active: **GTC (Good-Til-Cancelled):** The default. Your order stays on the book until it fills completely or you manually cancel it. Use this when you are willing to wait for your price. **IOC (Immediate-or-Cancel):** Your order fills as much as it can immediately, and any unfilled portion is cancelled. Use this when you want to grab available liquidity at your price but do not want a resting order. **Post-Only:** Your order is guaranteed to be a maker order. If it would fill immediately (because your limit price is at or better than the current market), the order is rejected rather than executing as a taker order. Use this when you specifically want the lower maker fee and are willing to have the order rejected rather than pay taker fees. > **Tip:** Post-Only orders are a fee optimization power move. By ensuring you always pay the maker rate (0.015%) instead of accidentally paying the taker rate (0.045%), you save 67% on fees. If you are placing limit orders close to the market price, always consider Post-Only. ### When to Use Limit Orders - You have a specific price target for entry or exit - You want to pay lower maker fees (0.015% vs 0.045%) - You are not in a rush and can wait for the market to come to you - Building a position over time at favorable prices ![Hyperliquid limit order entry panel showing price, size, and time-in-force dropdown](/images/trading/shared/hyperliquid-trading-interface.webp) --- ## Stop-Loss Orders A stop-loss is a conditional order that triggers when the market price reaches a specified level. Its job is simple: protect you from catastrophic losses by automatically closing your position if the trade goes against you. ### Stop-Market Orders The most common type. You set a trigger price, and when the market reaches that price, a market order is placed to close your position. **Example:** You buy ETH at $2,450 with 10x leverage. You set a stop-loss at $2,400. If ETH drops to $2,400, a market sell order executes automatically, closing your position and capping your loss at roughly $50 per ETH (minus fees and slippage). **Pros:** Guaranteed execution - your position will close no matter how fast the market moves. **Cons:** In a flash crash, your fill price might be slightly worse than your stop price due to slippage. ### Stop-Limit Orders A stop-limit works similarly, but instead of triggering a market order, it places a limit order at a price you specify. **Example:** Same setup as above, but you set a stop-limit with a trigger at $2,400 and a limit at $2,395. When ETH hits $2,400, a limit sell order is placed at $2,395. This gives you $5 of buffer so you are not market-selling into a thin book. **Pros:** You control the execution price and avoid slippage. **Cons:** If the market blows through your limit price without filling your order (common in flash crashes), your stop-loss fails to execute and you remain in the position. This can be dangerous. > **Note:** For risk management, stop-market orders are generally safer than stop-limit orders. A stop-limit that does not fill defeats the entire purpose of a stop-loss. Unless you have a specific reason to use stop-limit, default to stop-market for protecting your positions. ### How to Set a Stop-Loss on Hyperliquid 1. Open a position (or navigate to an existing one) 2. In the order entry panel, select **"Stop Market"** or **"Stop Limit"** from the order type dropdown 3. Set your **trigger price** - the price at which the stop activates 4. Set your **order size** - typically the full size of your position to close it completely 5. If using stop-limit, also set the **limit price** 6. Confirm the order Your stop-loss appears in the Orders tab and remains active until triggered or cancelled. ![Setting a stop-market order on Hyperliquid with trigger price highlighted](/images/trading/shared/hyperliquid-trading-interface.webp) > **Key takeaway:** Every position should have a stop-loss. Period. The question is not whether to use one, but where to place it. A good rule of thumb: risk no more than 1-2% of your total account per trade. For a complete breakdown of risk management, per-asset max leverage, and cross vs. isolated margin, see our [leverage guide](/guides/trading/leverage-guide). **Trade Smarter From Day One** — Set up your Hyperliquid account with a 4% lifetime fee discount. Lower fees on every market order, limit order, and stop-loss execution - permanently. [Get Your 4% Discount](https://app.hyperliquid.xyz/join/Concept211) --- ## Take-Profit Orders Take-profit orders are the mirror image of stop-losses. Instead of protecting against losses, they automatically close your position when it reaches a profit target. ### How Take-Profit Works You set a trigger price above your entry (for longs) or below your entry (for [short positions](/guides/getting-started/how-to-short-on-hyperliquid)). When the market reaches that price, a sell order executes and locks in your gains. **Example:** You buy BTC at $85,000 and set a take-profit at $88,000. If BTC reaches $88,000, your position closes automatically and you pocket the $3,000 per BTC gain (multiplied by your leverage). Like stop-losses, take-profits come in market and limit varieties. Take-profit market orders guarantee execution at the target level. Take-profit limit orders let you set a specific execution price, with the same trade-off of potentially not filling. ### Combining Stop-Loss and Take-Profit The real power comes from using both together. Set a stop-loss below your entry and a take-profit above it, and you have defined the complete risk/reward for the trade before it even plays out. **Example setup for a BTC long at $85,000:** - **Stop-loss:** $83,500 (risking $1,500 per BTC) - **Take-profit:** $88,000 (targeting $3,000 per BTC) - **Risk/reward ratio:** 1:2 This means for every dollar you risk, you stand to gain two. Over time, even a 40% win rate with a 1:2 risk-reward is profitable. > **Note:** Hyperliquid lets you set both stop-loss and take-profit on the same position simultaneously. When one triggers, the other is automatically cancelled. This is sometimes called a "bracket order" or "OCO (One-Cancels-Other)" setup. ## TWAP Orders TWAP stands for **Time-Weighted Average Price**. It is a tool for executing large orders gradually over time, rather than all at once. Institutional traders have used TWAP algorithms for decades, and Hyperliquid makes this available to everyone. This section covers the essentials; the [full TWAP orders guide](/guides/trading/twap-orders) goes deeper on sizing, multi-day windows, and the API. ### Why TWAP Exists If you want to buy $500,000 worth of a mid-cap perpetual, dropping a single market order would eat through multiple price levels, causing significant slippage and moving the market against you. A TWAP order breaks that $500,000 into smaller chunks, each executed at a set interval across a time window you specify. ### How Hyperliquid TWAP Works 1. You specify the **total order size** and the **running time** of the execution window, anywhere from 5 minutes to 7 days 2. Hyperliquid calculates the sub-order interval from those two inputs. Thirty seconds is the floor, and the spacing widens as the window lengthens relative to the size, so every slice stays above the $10 minimum notional 3. Each sub-order executes with a maximum slippage of 3%. If one cannot fill, the TWAP falls behind its target and tries to catch up with larger sub-orders, up to 3x the normal slice size 4. The result is an average fill price that tracks the time-weighted average market price over the window The minimum total order size is **$100 notional**. Two worked examples from the docs show how the interval adapts: $10,000 over 1 hour becomes roughly 121 sub-orders of about $83, fired every 30 seconds, while the same $10,000 over 4 days becomes roughly 1,000 sub-orders of about $10, spaced around six minutes apart. > **Note:** The 7-day ceiling and the calculated interval both arrived in the July 2026 update. Before that, running time capped at 24 hours and the interval was fixed at 30 seconds, which meant small orders over long windows produced sub-orders below the $10 minimum and got rejected. See the [TWAP orders guide](/guides/trading/twap-orders) for the full before-and-after. > **Tip:** TWAP is especially useful when entering or exiting positions in less liquid altcoin perpetuals, where a single large order can cause noticeable price impact. Even on liquid pairs like BTC and ETH, TWAP can improve execution on six-figure positions. ### Trigger Price and Max/Min Price Hyperliquid added two price parameters to TWAP orders, and they turn a passive execution algorithm into something you can arm ahead of time and walk away from. **Trigger price** activates the TWAP. The order sits dormant until the mark price reaches the level you set, then begins slicing. This lets you queue an entry at a level you actually want rather than starting execution the moment you click. **Max price (or min price)** terminates it. If the mark price reaches your stop level mid-execution, the TWAP shuts down and stops sending sub-orders. Use max price on a buy TWAP to abandon the entry if the market runs away from you, and min price on a sell TWAP to stop dumping into a collapse. **Example:** You want to accumulate $100,000 of ETH over 4 hours, but only if it drops to $3,200, and you want to bail if it falls below $3,000. Set a buy TWAP with a $3,200 trigger and a $3,000 min price. Nothing happens until ETH touches $3,200. Execution then runs until the window closes or ETH breaks $3,000, whichever comes first. > **Note:** Both parameters read the **mark price**, not the last trade. Your trigger fires the moment the mark crosses the level even if no trade has printed there, which matters on thin books where the last trade can lag the mark by a meaningful amount. There is also an optional **randomize** setting that varies each sub-order by up to ±20% of the standard slice size, which makes the execution pattern harder to detect and front-run. ### When to Use TWAP - Entering or exiting positions larger than 1% of the asset's daily volume - You want to avoid front-running by other traders who watch for large orders - Reducing timing risk by spreading execution across a broader time window - DCA-style entries into a new position over hours or days, now stretching to a full week - Arming a large entry at a level you expect the market to reach overnight, using a trigger price - Accumulation or distribution programs that need to run across several sessions rather than one On multi-day windows, remember that [funding](/guides/trading/funding-rates-explained) accrues on the portion already filled and that scheduled network upgrades pause sub-order fills. The [dedicated TWAP guide](/guides/trading/twap-orders) covers those tradeoffs in detail. > **Warning:** TWAP sub-orders do not fill during the post-only period of a network upgrade, and a TWAP that repeatedly cannot find liquidity may never complete. Check the fill progress rather than assuming the full size went through. ![Hyperliquid TWAP order configuration panel showing size, duration, and sub-order count](/images/trading/shared/hyperliquid-trading-interface.webp) --- ## Scale Orders Scale orders let you place multiple limit orders distributed across a price range in a single action. Instead of manually placing 10 separate limit orders at 10 different prices, you define the range and Hyperliquid places them for you. ### How Scale Orders Work You specify: - **Total size** of all orders combined - **Price range** (lowest price to highest price) - **Number of orders** to distribute across that range Hyperliquid then creates individual limit orders spread evenly across your specified range. **Example:** You want to accumulate ETH between $2,300 and $2,400. You set a scale buy order with a total size of $10,000, spread across 10 orders from $2,300 to $2,400. Hyperliquid places $1,000 limit buys at $2,300, $2,311, $2,322, $2,333, $2,344, $2,355, $2,366, $2,377, $2,388, and $2,400. ### When to Use Scale Orders - Building a position gradually during a pullback - Taking profit in stages as the price rises - Grid-style trading strategies - You believe the price will move through a range but are unsure exactly where it will find support or resistance > **Key takeaway:** Scale orders are the lazy trader's best friend. Instead of babysitting charts and placing individual limit orders at each level, set a scale order and walk away. Your position builds automatically as the market moves through your range. ## Advanced: TP/SL Combined Strategies Experienced traders rarely use stop-loss or take-profit in isolation. The most effective approach is building a complete trade plan before entry, with both your downside protection and your profit targets defined upfront. ### The Bracket Order Approach A bracket order combines three elements: 1. **Entry order** (market or limit) 2. **Stop-loss** (defines maximum loss) 3. **Take-profit** (defines target gain) On Hyperliquid, you can configure this by placing your entry order, then immediately setting both a stop-loss and take-profit on the resulting position. When one side triggers, the other cancels automatically. ### Scaling Out With Multiple Take-Profits Some traders prefer to take partial profits at different levels. For example: - Close 50% of the position at the first target - Move the stop-loss to breakeven - Close the remaining 50% at a second, more ambitious target You can implement this on Hyperliquid by setting multiple take-profit orders at different price levels, each for a portion of your position size. Combine this with a stop-loss, and you have a sophisticated risk management structure that runs on autopilot. > **Note:** Moving your stop-loss to breakeven after taking partial profits is one of the most powerful risk management techniques. It turns a winning trade into a "free trade" - you have locked in some profit and can no longer lose money on the remaining position. **Ready to Use These Order Types?** — Open your Hyperliquid account with our referral link and start trading with a 4% lifetime discount on all fees. Every order type, every trade - discounted. [Start Trading - Save 4%](https://app.hyperliquid.xyz/join/Concept211) ## Which Order Type Should You Use? Here is a quick decision matrix to help you pick the right order type for each situation: | Situation | Best Order Type | Why | |---|---|---| | Need to enter/exit immediately | Market Order | Guaranteed fill, instant execution | | Have a specific price target | Limit Order (GTC) | Control your price, lower fees | | Want maker fees guaranteed | Limit Order (Post-Only) | Rejected rather than filled as taker | | Protecting against downside | Stop-Market | Automatic exit, guaranteed fill | | Locking in profits | Take-Profit (Market) | Automatic exit at target price | | Large position entry/exit | TWAP | Minimizes market impact over time | | Building a position across a range | Scale Order | Multiple limit orders, one click | | Complete trade plan | Bracket (Entry + SL + TP) | Defined risk/reward, runs on autopilot | > **Tip:** Track real-time funding rates across Hyperliquid, Binance, and Bybit with our [live Funding Rates tool](/tools/funding-rates). Useful for evaluating the ongoing cost of holding positions when choosing between market and limit entries. ### The 80/20 Rule for Most Traders For the majority of traders, you will use these four order types 80% of the time: 1. **Limit orders** for entries and exits (lower fees, price control) 2. **Market orders** for urgent exits (when you need out now) 3. **Stop-loss (market)** on every position (non-negotiable risk management) 4. **Take-profit** on every position (lock in gains without watching charts) TWAP and scale orders become relevant as your position sizes grow and you start trading less liquid markets. They are powerful tools, but not essential for beginners. If you prefer a hands-off approach, [copy trading vaults](/guides/trading/copy-trading-guide) let experienced traders handle execution for you. > **Tip:** The single biggest improvement most traders can make is switching from market orders to limit orders for entries. You save 67% on fees - $4.50 drops to $1.50 per $10,000 traded - and often get a better price. Place your limit a few ticks from the current price for near-instant fills at maker rates. ## Summary Understanding order types is not about memorizing definitions - it is about knowing which tool to pull out for each situation. Market orders for speed, limit orders for precision and lower fees, stop-losses for protection, take-profits for discipline, TWAP for large positions, and scale orders for range-based strategies. These order types work across all Hyperliquid markets - perpetual futures, [spot markets](/guides/trading/spot-trading-guide), and even [commodity](/guides/trading/commodities-trading-guide) and [equity perps](/guides/trading/equity-perps-guide). The best traders build a complete plan for every trade before they enter: entry, stop-loss, and take-profit. The order types on Hyperliquid give you everything you need to execute that plan automatically, so you can trade with discipline instead of emotion. If you have not created your Hyperliquid account yet, make sure to use a [referral link](https://app.hyperliquid.xyz/join/Concept211) when signing up. The 4% lifetime fee discount applies to every order type - market, limit, stop-loss, and everything else. It cannot be added after account creation, so do not skip this step. --- # 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). --- # HIP-3: Builder-Deployed Perpetuals Explained - Permissionless Perp DEXs on Hyperliquid > A deep dive into HIP-3, the Hyperliquid standard that lets anyone deploy their own perpetual futures markets. Learn about builder codes, staking requirements, fee structures, and how Trade.xyz brought stock trading to DeFi. *Source: https://hyperliquidguide.com/ecosystem/hip-3-builder-codes* ## What Is HIP-3? HIP-3 is the Hyperliquid Improvement Proposal that turned the protocol from a single perp exchange into a permissionless platform for deploying entirely new perpetual futures markets. Before HIP-3, every perpetual contract on Hyperliquid was operated by the core validator set. After HIP-3, anyone willing to put up the stake can launch their own perp DEX - with their own markets, their own front-end, and their own fee revenue - all running natively on HyperCore's battle-tested trading engine. Every market currently deployed under HIP-3 is listed, with live volume and open interest, in [the HIP-3 registry](/markets/hip-3). It went live on mainnet on **October 13, 2025**, and within months it has reshaped what is possible on Hyperliquid. Stock perpetuals, exotic crypto pairs, synthetic indices - HIP-3 opened the door to all of it. > **Key takeaway:** HIP-3 enables permissionless deployment of perpetual futures markets on Hyperliquid. Any entity can stake 500,000 HYPE to launch their own perp DEX on HyperCore, earning up to 50% of the trading fees their markets generate. Those markets are the deploying builder's responsibility, not Hyperliquid's. ![trade.xyz — HIP-3 builder markets for stocks and commodities](/images/trading/shared/tradexyz-homepage.webp) The implications go beyond just more trading pairs. HIP-3 transforms Hyperliquid's economic model from a single product into a platform economy - where the protocol earns revenue from an ever-expanding universe of markets it does not have to build or maintain itself. --- ## How Builder Codes Work At the core of HIP-3 is the concept of a **builder code**. Think of it as a license to operate your own perpetual futures exchange on top of Hyperliquid's infrastructure. ### Staking and Activation To activate a builder code, a deployer must stake a minimum of **500,000 HYPE** - roughly $25 million at current prices. This is not a fee that gets paid to anyone; the HYPE remains staked and serves as both a security bond and an alignment mechanism. If a deployer acts maliciously - providing manipulative oracle pricing, running harmful market configurations - **up to 100% of their stake can be slashed**, and the slashed tokens are burned, not redistributed. Whatever the reasoning behind setting the bar at this level, which this site has no insight into, the practical effect is that every deployer has significant capital at risk against the markets they run. ### Market Deployment Each builder code entitles the deployer to operate **one perp DEX** on HyperCore. The first **3 markets per DEX are free** to deploy. After that, additional market slots are allocated through a **[Dutch auction](/ecosystem/hyperliquid-auctions-explained)** that runs every 31 hours — the same auction mechanic that governs [HIP-1 spot token deployments](/ecosystem/hip-1-native-token-standard) — creating a gradual, market-driven expansion of the available market count. > **Note:** Deployers are responsible for providing their own liquidity, oracle pricing feeds, and front-end trading interfaces. Hyperliquid provides the infrastructure - the matching engine, settlement layer, and margin system - but the builder handles everything user-facing. ### Fee Structure Every HIP-3 market carries a **deployer fee scale**, one number that decides both what traders pay and how much of it the builder keeps. In **August 2026** Hyperliquid opened this up: the scale is now a continuous value anywhere from **0.1 to 3**, and it is set **per asset** rather than once per DEX. A builder can price a crowded contract like NVDA cheaply and charge more on an illiquid long-tail market, on the same DEX, and change either one later. The formula splits at 1. Below a scale of 1, the trader pays the native rate multiplied by `scale + 1` and the deployer keeps `scale / (1 + scale)` of it. At 1 or above, the protocol raises its own cut to match the deployer's, so the trader pays `scale × 2` and the split lands at a flat 50/50. | Fee scale | Trader pays | Perp taker | Perp maker | Deployer keeps | |---|---|---|---|---| | 0.1 | 1.1x native | 0.0495% | 0.0165% | 9.1% | | 0.1111 | 1.111x native | 0.050% | 0.0167% | 10% | | 1.0 | 2x native | 0.090% | 0.030% | 50% | | 2.0 | 4x native | 0.180% | 0.060% | 50% | | 3.0 | 6x native | 0.270% | 0.090% | 50% | *Native base rates are 0.045% taker and 0.015% maker at tier 0. Your own [VIP tier, staking discount, and referral discount](/guides/fees/fee-tiers) still apply on top.* Almost nobody uses the wide end of that range. Checking every builder DEX on **August 31, 2026**, ten are registered and five of them have markets currently trading, 144 in total. **131 of those 144 run a scale of exactly 1.0**, which is where the familiar 0.09% / 0.03% figure everyone quotes comes from. Two venues sit below it: **HyENA** at 0.1111 across its twelve remaining markets, which lands traders on a 0.050% taker fee and leaves the deployer with 10% of it instead of 50%, and **Paragon**, which runs one of its 22 markets at 0.5. Nobody is above 1.0. > **Warning:** **HyENA is sunsetting its DEX.** Announced in the week ending August 31, 2026, with wind-down details at [docs.hyena.trade](https://docs.hyena.trade/). Thirteen of its 25 markets already return `isDelisted` in the API and twelve were still trading. If you hold a position on `hyna`, the deployer's own documentation is where the timetable lives, because a builder closing its own markets does not go through the [validator delisting vote](/guides/trading/hyperliquid-delisting-explained) that governs native perps. Treat the 0.1111 figure above as a snapshot of a venue on its way out rather than as a standing alternative to the 1.0 default. The 50% ceiling is what makes the alignment work in either direction: builders earn more when their markets attract volume, and the protocol's half feeds the [HYPE buyback and burn mechanism](/ecosystem/what-is-hype-token) and network validators. A builder who drops the scale is trading fee revenue for cheaper fills, betting the extra volume pays for itself. > **Tip:** At launch, HIP-3 markets operate in **isolated-only margin mode**. This means each position is margined independently rather than sharing collateral with your other positions. Plan your position sizing accordingly when trading on builder-deployed markets. --- ## Growth Mode: Bootstrapping New Markets In **November 2025**, Hyperliquid introduced **Growth Mode** - a fee reduction program that slashes taker fees by **over 90%** on new HIP-3 markets. The logic is straightforward: new markets face a cold-start problem. Without volume, there is no liquidity. Without liquidity, there is no volume. Growth Mode breaks this cycle by making it dramatically cheap to trade on freshly deployed markets. For traders, Growth Mode means you can explore new HIP-3 markets at a fraction of the normal cost. For builders, it means their markets have a realistic path to achieving the volume and liquidity depth needed to sustain themselves at normal fee levels. This kind of programmatic bootstrapping is rare in DeFi. Most new perpetual markets on competing platforms launch with the same fee structure as established ones and hope for the best. Hyperliquid's approach acknowledges the cold-start problem and actively solves it. **Trade HIP-3 Markets with a Fee Discount** — Builder-deployed perps on Hyperliquid unlock markets you cannot find anywhere else. Sign up with our referral code and get a 4% lifetime discount on trading fees across all Hyperliquid markets. [Start Trading with 4% Off Fees](https://app.hyperliquid.xyz/join/Concept211) --- ## Trade.xyz: The First Major Builder The promise of HIP-3 became real with **[Trade.xyz](/guides/trading/hyperliquid-xyz-explained)**, the first major builder to deploy on the platform. Trade.xyz did something that would have been unthinkable in DeFi just a year earlier: they launched **24/7 perpetual futures markets on US stocks**. ### Stock Perps on a DEX Trade.xyz deployed [equity perp](/guides/trading/equity-perps-guide) markets for **Tesla, Apple, Nvidia, Amazon**, and other major equities - all trading around the clock, including weekends and holidays, with no KYC requirement. They also created the **[XYZ100](/markets/xyz/xyz100)**, a synthetic index tracking the Nasdaq 100, and in March 2026 launched the [official S&P 500 perpetual](/ecosystem/sp500-perpetual-hyperliquid) with licensing from S&P Dow Jones Indices — giving traders exposure to the world's most important index through a single perpetual contract. These are perpetual futures contracts that track the price of underlying equities using oracle feeds, rather than tokens representing shares. You can go long or short, use leverage, and trade at any hour. If you want the other thing, share-backed tokens you hold rather than a contract you margin, that is a separate product from a separate issuer: [xStocks launched tokenized spot equities trading on HyperCore](/ecosystem/xstocks-tokenized-stocks-hyperliquid) in August 2026, issued and administered by Backed and its distributors rather than by Hyperliquid. The two products behave nothing alike. ### Early Results The numbers validated the concept quickly. Within the **first two weeks** of launch, the XYZ100 synthetic Nasdaq index alone hit **$80 million in daily trading volume** and **$70 million in open interest**. These are not trivial numbers. They represent genuine demand for equity exposure in a permissionless, 24/7 DeFi environment. Trade.xyz demonstrated that HIP-3 is not just a theoretical framework - it is a production-ready system capable of supporting entirely new asset classes on Hyperliquid's infrastructure. ### Felix FLX: DeFi-Native HIP-3 Builder [Felix Protocol](/ecosystem/felix-protocol-guide), the #2 DeFi protocol on HyperEVM, also operates a HIP-3 builder-deployed dex called **FLX**. Felix's 14 markets span equities, [commodities](/guides/trading/trade-oil-futures-on-hyperliquid), and crypto - complementing their lending and borrowing products. The FLX dex demonstrates how HIP-3 enables DeFi protocols to offer integrated trading alongside their core products. ### A Note on Terminology: Two Kinds of "Builder Code" The phrase "builder code" gets used for two different things on Hyperliquid, and it is worth keeping them straight. HIP-3, covered above, is the one that lets a deployer stake HYPE and stand up an entire perp DEX. The other is an **order-routing builder code** — a short identifier that any front-end can attach to the orders it sends to Hyperliquid's shared order book, earning a small share of the fees on the flow it brings in. No 500,000 HYPE stake, no new markets; just a way for apps to route their users into Hyperliquid's existing liquidity and get paid for it. That second flavor is how a growing list of outside platforms plug into Hyperliquid. In July 2026, the regulated exchange **VALR** rolled out a builder-code integration that lets its users trade Hyperliquid perpetuals straight from the VALR app, and founder Jeff Yan joined [VALR's podcast](https://www.youtube.com/watch?v=7FxR2AfQESI) to walk through how it works. The bridge aggregator **Oku** followed in the same month. It is a useful illustration of the difference: HIP-3 grows the *supply* of markets, while order-routing builder codes grow the *demand* side by pulling new front-ends and their users onto the same order book. Over 100 teams have now integrated this way, earning more than $63.5 million in cumulative fees between them, with Phantom alone past $20 million. Our guide to [Hyperliquid builder fees](/guides/trading/hyperliquid-builder-fees-explained) covers what those apps charge you and how to check what you have approved. ## HIP-3 by the Numbers As of **August 2026**, the HIP-3 ecosystem has grown into a significant component of Hyperliquid's overall volume: | Metric | Value | |---|---| | **Aggregate Open Interest** | $3.60 billion (August 31, 2026) | | **Registered Builder DEXs** | 10, five of them with markets currently trading | | **Live Markets** | 144 | | **Mainnet Launch** | October 13, 2025 | *Open interest, DEX count and market count computed from the Hyperliquid API on August 31, 2026. Nearly all of that open interest sits on one venue: trade.xyz accounts for $3.57 billion of the $3.60 billion total, with Paragon ($12.1M), EntropyIO ($11.6M), Markets By Kinetiq ($4.3M) and HyENA ($3.6M) splitting the remainder. The count of DEXs with live markets moves as builders list and retire them, so query it yourself rather than trusting this line. Cumulative and daily volume are deliberately not quoted here, because Hyperliquid's public volume feed stopped publishing in April 2026 and this site has no verifiable current source for either, so any figure would be guesswork. Query the API or an analytics dashboard such as Dune for current numbers.* FalconX, a digital asset prime broker, has published a projection of roughly $0.8 billion in annualized incremental fees from HIP-3 activity. That is their forecast, not an outcome, and this site takes no view on whether it will be met. > **Key takeaway:** HIP-3 aggregate open interest was $3.60 billion on August 31, 2026 per the Hyperliquid API, almost all of it on trade.xyz. Ten builder DEXs are registered and five had markets trading, 144 between them. Those markets are deployed and operated by independent builders rather than by Hyperliquid, which also means a builder can retire its own venue without a validator vote. ## HIP-3*: Optional Permissioned Markets (Testnet) On **September 3, 2026**, Hyperliquid's `jeff_hl` account announced that a future network upgrade will give HIP-3 deployers an extra set of controls, collectively named **HIP-3\***. The core of it is an onchain allowlist. A deployer, or a sub-deployer it authorizes, decides which addresses are approved to trade on its markets. ![The HIP-3* announcement post from jeff_hl on September 3, 2026, describing optional deployer configuration for permissioned markets](/images/ecosystem/shared/hip3-star-announcement.webp) *Source: announcement posted by `jeff_hl`, September 3, 2026. The linked specification lives in the [Hyperliquid developer docs](https://hyperliquid.gitbook.io/hyperliquid-docs/for-developers/api/hip-3-deployer-actions).* The qualifiers attached to it are worth more attention than the headline. Activation is up to the deployer, so nothing forces an existing builder to switch it on. The announcement states that existing markets remain unchanged, which makes HIP-3\* an addition on top of HIP-3 rather than a replacement for any part of it. And the initial release is on testnet, where the specifications are described as preliminary and subject to change based on feedback. No mainnet date has been announced. ### What a HIP-3* Deployer Can Do Beyond the allowlist itself, the docs describe a set of operations a deployer can execute on an approved user's behalf on its own venue: | Operation | What it does | |---|---| | `modifyApproval` | Adds or removes an address from the venue's allowlist. Re-approving an already-approved address, or revoking one that was never approved, is a no-op | | `order` | Places **reduce-only** orders for a user | | `cancel` | Cancels specific resting orders, identified by asset and order id | | `cancelAll` | Cancels every resting order and TWAP the user has on that venue only | | `sendAsset` | Transfers a user's collateral to a destination address | A deployer can hand out each of these to sub-deployers individually, through grants of the form `{"hip3Star": ""}`. Only the deployer and the sub-deployers it has authorized can call them. > **Key takeaway:** HIP-3\* is an opt-in extension that lets a HIP-3 deployer run an onchain allowlist and, on its own venue, cancel orders, place reduce-only orders and move collateral for approved users. It is on testnet with preliminary specs. Existing HIP-3 markets are unaffected unless their deployer turns it on. For a trader, the reduce-only order and `sendAsset` operations are the ones worth reading twice. On a venue that has HIP-3\* enabled, the operator has tools to act against your position and your collateral inside its own markets. That is a property of that specific venue, not of Hyperliquid, and it is the same ownership boundary described throughout this page: the deployer runs the market and carries responsibility for it, while HyperCore provides the matching engine underneath. Before trading on any permissioned venue, read what its operator has published about how it intends to use these controls. The announcement itself frames HIP-3\* as giving deployers functionality to operate "consistent with requirements applicable to them," and describes deployers as independent operators. It names no jurisdiction, no regulator and no venue. Speculation tying it to any particular market has been widespread since the post went up, and none of it comes from the announcement. For what has and has not actually been said about US access, see our tracker on [whether Hyperliquid is coming to the US](/privacy/is-hyperliquid-coming-to-the-us). ## Why HIP-3 Matters for the Broader Ecosystem HIP-3 does more than add new trading pairs. It fundamentally changes Hyperliquid's competitive positioning and economic model. ### Platform vs. Product Before HIP-3, Hyperliquid was a product - a fast perp DEX. After HIP-3, it is a **platform** - an infrastructure layer that other businesses build on top of. This is the same strategic shift that turned Apple from a computer maker into the App Store ecosystem, or that turned Ethereum from a cryptocurrency into a smart contract platform. Platforms scale differently because they grow through the efforts of their builders, not just their core team. ### Revenue Diversification The Hyperliquid protocol now earns fee revenue from markets it does not operate, maintain, or provide liquidity for. Every new builder that deploys on HIP-3 creates a new revenue stream for the protocol and, through the buyback and burn mechanism, for [HYPE token](/ecosystem/what-is-hype-token) holders. This diversification reduces the protocol's dependence on any single market or asset. There is a trade-off worth naming, because the split cuts both ways. At the scale of 1.0 that 131 of the 144 live builder markets use, a dollar of fees earned on a builder market is worth half as much to the protocol as a dollar earned on a native perp, so as HIP-3 grows into a larger share of total activity, the blended share of fees the protocol retains falls. The per-asset fee scale gives builders a lever to soften that, since anything below 1.0 sends the protocol a bigger cut of a smaller fee, but so far only HyENA and, on a single market, Paragon have pulled it. That is visible in the data: our [Hyperliquid revenue vs volume analysis](/ecosystem/hyperliquid-revenue-vs-volume) tracks retained revenue dropping from 94.2% of fees in mid-2025 to 69.7% by July 2026. The diversification is real, and so is the dilution of the take rate that pays for it. ### Asset Class Expansion HIP-3 extends the range of assets that can have a perpetual market beyond crypto. [Stock perps](/guides/trading/equity-perps-guide), [commodity perps](/guides/trading/commodities-trading-guide), [FX perps](/ecosystem/hyperliquid-fx-perpetuals), [funding rate perps and bond perps](/ecosystem/hyperliquid-options-structured-products), and [equity perps for recent listings like SPCX (SpaceX)](/ecosystem/trade-spacex-pre-ipo-hyperliquid) all become possible for any asset with a reliable oracle feed. As of August 14, 2026, trade.xyz runs **94 active markets** across four asset classes (equities, commodities, indices, FX), per the Hyperliquid API (`{"type":"meta","dex":"xyz"}`, 109 listed less 15 delisted). Those markets are deployed and operated by trade.xyz, not by Hyperliquid. That ownership cuts both ways when a market is retired. Hyperliquid's own perps are removed through an [on-chain validator delisting vote](/guides/trading/hyperliquid-delisting-explained), announced days ahead with a defined settlement price. A HIP-3 market is the deployer's to run or stop, so the notice and the mechanics come from them. Follow the deployer's channels for anything you hold on their books. ### Sibling Standard: HIP-4 Outcome Markets HIP-3 is no longer the only new instrument primitive on HyperCore. **[HIP-4 outcome markets](/ecosystem/hip-4-outcome-trading)** went live on Hyperliquid mainnet on May 2, 2026, starting with a recurring binary outcome contract that settles daily at 06:00 UTC to the BTC mark price. Five days later, **[multi-outcome markets](/ecosystem/hyperliquid-multi-outcome-markets)** went live too - bundling related outcomes into single capital-efficient markets via split, negate, and merge operations. Where HIP-3 added a way for builders to deploy new *perpetual* markets, HIP-4 adds an entirely new *contract type* - fully collateralized, fixed-expiration outcomes useful for prediction markets and bounded options. The two standards are complementary: HIP-3 expands the universe of underlyings, HIP-4 expands the universe of payoff structures, and both run on the same shared margin and order book infrastructure. The parallel goes deeper than the primitive. In July 2026, Hyperliquid published preliminary specs for **[HIP-4 permissionless deployment](/ecosystem/hip-4-permissionless-deployment)** - the outcome-market version of builder codes, carrying the same 500,000 HYPE stake, the same 6-month lock, and the same 50% fee-share ceiling described on this page. The one addition unique to outcomes is a layer of validator-voted templates that deployers must build on, keeping event markets unambiguous and well defined. If you are weighing where prediction markets should live, our breakdown of [how HIP-4 permissionless outcome markets compare to Polymarket](/compare/hyperliquid-vs-polymarket) walks through the trade-offs between an on-chain, cross-margined venue and the standalone incumbent. > **Warning:** Trading on HIP-3 builder-deployed markets carries additional risks beyond standard perp trading. Deployers are responsible for their own oracle feeds and liquidity - if an oracle malfunctions or liquidity dries up, you could face adverse fills or difficulty exiting positions. Always check the builder's reputation and the market's liquidity depth before opening large positions. **Explore Builder-Deployed Markets on Hyperliquid** — From crypto perps to stock futures, Hyperliquid's HIP-3 ecosystem is expanding fast. Get started with a 4% fee discount using our referral code. [Join Hyperliquid with 4% Off](https://app.hyperliquid.xyz/join/Concept211) ## How to Get Started If you want to trade on HIP-3 markets, the process is largely the same as trading any other perp on Hyperliquid: 1. **Create a Hyperliquid account** - if you do not have one, [follow our getting started guide](/guides/getting-started/how-to-trade-on-hyperliquid) and use referral code Concept211 for a permanent 4% fee discount 2. **[Deposit USDC](/guides/getting-started/deposit-usdc-to-hyperliquid)** - fund your account through the standard deposit process 3. **Navigate to a builder's front-end** - HIP-3 markets are accessed through the builder's own trading interface (e.g., Trade.xyz for stock perps) 4. **Select your market** - choose the perpetual contract you want to trade 5. **Trade** - place orders just as you would on Hyperliquid's native markets Keep in mind that HIP-3 markets use **isolated margin** at launch, so each position is margined independently. Review the [fees guide](/guides/fees/fees-explained) to understand how builder market fees compare to standard markets. **New to Hyperliquid?** — Get started with our step-by-step guides and save 4% on every trade with our referral code. The discount applies across all markets - including HIP-3 builder-deployed perps. [Get Your 4% Fee Discount](https://app.hyperliquid.xyz/join/Concept211) > **Note:** This article is for educational and informational purposes only. It does not constitute financial or investment advice. Cryptocurrency trading, including perpetual futures, involves substantial risk of loss. Builder-deployed markets may carry additional risks related to oracle pricing and liquidity. Never trade with more than you can afford to lose, and always conduct your own research. --- # HyperEVM Explained: Hyperliquid's Smart Contract Platform > A complete guide to HyperEVM - Hyperliquid's Ethereum-compatible execution layer. Learn how it works alongside HyperCore, what you can build, and why it matters. *Source: https://hyperliquidguide.com/ecosystem/hyperevm-explained* ## What Is HyperEVM? Hyperliquid started as the fastest decentralized perpetual futures exchange. HyperEVM is what turns it into a full-fledged blockchain ecosystem. HyperEVM is an **Ethereum-compatible smart contract execution environment** built directly into Hyperliquid's Layer 1 blockchain. It lets developers deploy Solidity smart contracts - the same language used on Ethereum, Arbitrum, Base, and every other EVM chain - directly on Hyperliquid. But unlike deploying on a generic L1 or L2, contracts on HyperEVM have something no other chain offers: **direct, composable access to Hyperliquid's native order book and trading engine.** This launched on mainnet in early 2025, and it fundamentally expanded what Hyperliquid is. The platform went from being a trading venue to being a programmable financial infrastructure layer. > **Key takeaway:** HyperEVM gives Hyperliquid the programmability of Ethereum with the performance of a purpose-built trading chain - and smart contracts can directly interact with the native order book. If you are a trader, HyperEVM means a growing ecosystem of DeFi protocols that plug into Hyperliquid's liquidity. If you are a developer, it means you can build on top of one of the deepest liquidity sources in DeFi without bridging, oracles, or cross-chain hacks. --- ## HyperCore vs HyperEVM: The Dual Architecture To understand HyperEVM, you need to understand the dual architecture that makes Hyperliquid unique. The chain runs two execution environments side by side, each optimized for a different purpose. ### HyperCore: The Native Trading Engine HyperCore is Hyperliquid's purpose-built, highly optimized execution layer for trading. It powers: - The **perpetual futures order book** - the core product that made Hyperliquid famous - The **spot order book** - native token trading with on-chain matching - **Vault operations** - the protocol's [vault system](/ecosystem/hyperliquid-vaults-guide) for copy-trading and market making HyperCore is not a general-purpose smart contract platform. It is a specialized engine built from the ground up for trading. This specialization is why Hyperliquid achieves sub-second finality, [zero gas fees on trades](/guides/fees/zero-gas-fees-explained), and throughput that rivals centralized exchanges. Every order, cancellation, and trade settlement happens on HyperCore at native speed. ### HyperEVM: The General-Purpose Layer HyperEVM sits alongside HyperCore on the same L1 chain. It provides: - **Full EVM compatibility** - deploy any Solidity smart contract - **General-purpose programmability** - lending protocols, vaults, yield strategies, NFTs, DAOs, anything you can build on Ethereum - **HYPE as gas** - transactions on HyperEVM pay gas in [HYPE](/ecosystem/what-is-hype-token), Hyperliquid's native token - **Sub-second block times** - the same HyperBFT consensus that powers HyperCore > **Note:** A critical distinction: trading on HyperCore (placing orders, executing trades) has zero gas fees. Transactions on HyperEVM (smart contract interactions) do require HYPE gas, similar to how Ethereum transactions require ETH. The gas costs on HyperEVM are low, but they are not zero. ### Shared State: The Key Differentiator Here is what makes the dual architecture genuinely novel rather than just marketing. **HyperCore and HyperEVM share state on the same blockchain.** This means smart contracts deployed on HyperEVM can read from and write to HyperCore's order book, positions, and balances. Why does this matter? Consider what it takes to build a DeFi lending protocol that accepts Hyperliquid perp positions as collateral on any other chain. You would need cross-chain bridges, oracle networks for pricing, complex liquidation mechanisms that span two chains, and significant trust assumptions at every step. On Hyperliquid, a smart contract on HyperEVM can natively see your HyperCore positions, read real-time prices from the order book, and execute liquidations atomically - all within a single block, on a single chain. No bridges. No oracles. No cross-chain risk. > **Key takeaway:** Shared state between HyperCore and HyperEVM means DeFi protocols can compose directly with the native order book - no bridges, no oracles, no cross-chain complexity. ![Diagram showing HyperCore and HyperEVM running side by side on Hyperliquid L1 with shared state](/images/ecosystem/hyperevm-explained/hyperevm-dual-architecture-diagram.webp) --- ## What Can You Build on HyperEVM? The combination of EVM programmability and native order book access opens up a wide range of applications that are impossible or impractical on other chains. ### Lending and Borrowing Lending protocols on HyperEVM can accept HYPE, spot tokens, and potentially even perp positions as collateral. Because the protocol can directly read order book prices and account states from HyperCore, liquidation logic is simpler, faster, and more reliable than on chains that depend on external oracles. [Felix Protocol](/ecosystem/felix-protocol-guide), the #2 DeFi protocol on HyperEVM with over $1B in TVL, is already live with both CDP-based lending (mint feUSD) and variable-rate lending pools - see our [lending and borrowing guide](/guides/trading/lending-borrowing-guide) for a full walkthrough. ### Yield Vaults and Strategies Smart contract-based vaults can automate complex trading strategies - [delta-neutral yield farming, basis trading, automated rebalancing](/ecosystem/hyperevm-yield-strategies) - using the native order book for execution. These vaults inherit Hyperliquid's deep liquidity and low fees. ### Structured Products Derivatives on top of derivatives. [Options protocols, structured yield products, and exotic instruments](/ecosystem/hyperliquid-options-structured-products) can be built on HyperEVM with direct access to the underlying perp and spot markets on HyperCore. ### NFTs and Digital Assets HyperEVM supports the full ERC-721 and ERC-1155 standards, enabling NFT marketplaces and digital asset platforms. While NFTs are not the primary focus of Hyperliquid's ecosystem, the infrastructure supports them natively. [Drip Trade](/ecosystem/hyperliquid-nfts-guide) has emerged as the leading NFT marketplace, with over 16M HYPE in trading volume. ### Prediction Markets and Outcome Trading [HIP-4 outcome trading](/ecosystem/hip-4-outcome-trading) enables prediction markets and bounded options contracts on HyperEVM, allowing traders to speculate on real-world events with the same order book infrastructure used for perpetuals. ### DAOs and Governance On-chain governance mechanisms, treasury management, and decentralized organizations can all be deployed on HyperEVM using standard Solidity governance frameworks. > **Tip:** The highest-value applications on HyperEVM are those that leverage the unique advantage: composability with HyperCore's order book. Lending protocols that use real-time order book prices, vaults that trade through the native order book, and structured products built on the perp engine - these are the applications that cannot exist anywhere else. **Explore the Hyperliquid Ecosystem** — HyperEVM is expanding the range of what you can do on Hyperliquid. Start trading on the platform today and get a 4% lifetime fee discount with our referral code. [Start Trading - Save 4% on Fees](https://app.hyperliquid.xyz/join/Concept211) --- ## Growing Ecosystem: Notable Project Categories Since its mainnet launch in early 2025, HyperEVM has attracted a growing wave of developers and protocols. While the ecosystem is still early compared to established chains like Ethereum or Arbitrum, the pace of development is rapid. Here are the major categories of projects building on HyperEVM: - **Lending and borrowing protocols** - [Felix Protocol](/ecosystem/felix-protocol-guide) leads with $1B+ TVL; [HyperLend](/ecosystem/hyperlend-guide) provides variable-rate lending pools, while [Kinetiq](/ecosystem/liquid-staking-guide) enables liquid staking via kHYPE and wstHYPE tokens - **Automated vault strategies** - Building on top of Hyperliquid's [vault system](/ecosystem/hyperliquid-vaults-guide) with more sophisticated DeFi strategies - **Liquid staking** - Protocols that let you stake HYPE while maintaining liquidity through derivative tokens - **DEX aggregators and routers** - Optimizing swap execution across HyperEVM's growing token ecosystem - **[NFT platforms](/ecosystem/hyperliquid-nfts-guide)** - Marketplaces and minting platforms leveraging HyperEVM's low fees and fast finality - **Infrastructure and tooling** - Block explorers, analytics dashboards, developer SDKs, and indexing services > **Warning:** As with any early-stage ecosystem, exercise caution when interacting with new protocols on HyperEVM. Smart contracts may not be audited, teams may be anonymous, and liquidity may be thin. Always do your own research and never deposit more than you can afford to lose. The ecosystem is evolving quickly. New projects launch regularly, and the composability with HyperCore creates opportunities that do not exist on any other chain. For a comprehensive overview of what is building on HyperEVM, see our [DeFi ecosystem guide](/ecosystem/hyperliquid-defi-ecosystem), or browse every protocol by category in the [HyperEVM ecosystem map](/ecosystem/hyperevm-ecosystem-map). ## For Developers: Getting Started on HyperEVM If you are a Solidity developer, getting started on HyperEVM is straightforward. The environment is EVM-compatible, so your existing tools and workflows carry over directly. ### Development Environment - **Solidity** - HyperEVM supports standard Solidity. Write contracts the same way you would for Ethereum. - **Hardhat / Foundry** - Standard Ethereum development frameworks work out of the box. Configure your framework to point at HyperEVM's RPC endpoints. - **Remix** - The browser-based Solidity IDE can connect to HyperEVM for quick prototyping and deployment. ### Connecting to HyperEVM To interact with HyperEVM, configure your wallet or development framework with the appropriate RPC endpoint. The HyperEVM network details (chain ID, RPC URLs) are available in Hyperliquid's official documentation. Add the network to [MetaMask](/guides/getting-started/connect-metamask-to-hyperliquid) or your preferred wallet just like you would add any EVM chain. ![Wallet custom network configuration with HyperEVM RPC details filled in](/images/getting-started/shared/metamask-extension-page.webp) ### Key Considerations - **Gas token**: You need [HYPE](/ecosystem/what-is-hype-token) in your wallet for gas on HyperEVM - **Block times**: Sub-second, matching HyperCore's performance - **State access**: Smart contracts can interact with HyperCore state - consult the developer documentation for the specific precompile interfaces and APIs - **CoreWriter**: The system contract at `0x3333333333333333333333333333333333333333` lets a contract send HyperCore actions. Action ID 15 covers HyperCore's [native borrow and lend book](/guides/trading/hypercore-borrow-lend), though only with `Supply` and `Withdraw`, so a contract can be a lender there but not a borrower - **Testing**: Use HyperEVM's testnet for development before deploying to mainnet > **Note:** For the most up-to-date developer documentation, RPC endpoints, chain IDs, and API references, visit Hyperliquid's official developer docs. The ecosystem is actively evolving, so official documentation is the best source for current technical details. --- ## How HyperEVM Compares to Other L1s and L2s HyperEVM enters a crowded market of EVM-compatible chains. Here is how it stacks up on the dimensions that matter most. | Feature | HyperEVM | Ethereum L1 | Arbitrum | Base | |---|---|---|---|---| | **Block Time** | Sub-second | ~12 seconds | ~250ms | ~2 seconds | | **Gas Token** | HYPE | ETH | ETH | ETH | | **Native Order Book** | Yes (HyperCore) | No | No | No | | **Order Book Composability** | Direct shared state | N/A | Requires bridges/oracles | Requires bridges/oracles | | **EVM Compatibility** | Full | Native | Full | Full | | **Consensus** | HyperBFT | Proof of Stake | Optimistic Rollup | Optimistic Rollup | | **Gas Costs** | Low | High | Low-Medium | Low | ### The Composability Advantage The standout differentiator is not speed or gas costs - several chains are competitive on those metrics. The real advantage is **native composability with a deep, on-chain order book**. No other EVM chain offers smart contracts the ability to directly interact with a high-performance perpetual futures and spot trading engine without cross-chain dependencies. For DeFi applications that need access to trading, pricing, or liquidity, this eliminates entire categories of complexity and risk. No oracle manipulation attacks. No bridge exploits. No cross-chain latency. Everything is on one chain, in one block, atomically. ### Trade-Offs HyperEVM is newer and has a smaller ecosystem than established chains. Fewer auditing firms are experienced with its specific architecture, fewer tools are optimized for it, and the developer community is still growing. These are early-stage trade-offs that will resolve over time, but they are worth noting for developers choosing where to build. > **Key takeaway:** HyperEVM's unique advantage is not raw speed or low gas - it is the ability for smart contracts to compose directly with Hyperliquid's native order book. This creates application possibilities that do not exist on any other chain. ## The Bigger Picture HyperEVM transforms Hyperliquid from a trading venue into a programmable financial platform. The dual architecture of HyperCore and HyperEVM gives the chain the best of both worlds: a purpose-built, zero-gas trading engine for maximum performance, and a general-purpose smart contract layer for everything else. For traders, this means a growing ecosystem of DeFi protocols that enhance what you can do with your capital on Hyperliquid - lending, yield strategies, structured products, and [advanced trading tools](/guides/trading/hyperliquid-trading-tools), all composable with the native order book. To get started, see our [step-by-step guide to bridging funds to HyperEVM](/guides/getting-started/bridge-to-hyperevm). For developers, it means the opportunity to build financial applications on top of one of DeFi's deepest liquidity sources, with the same tools and languages you already know. The ecosystem is early, but the foundation is architecturally sound. As more protocols deploy on HyperEVM and the composability with HyperCore matures, the range of what is possible on Hyperliquid will expand significantly - from DeFi applications to [trading traditional markets like commodities and equities](/ecosystem/hyperliquid-traditional-markets). **Get Started on Hyperliquid** — Whether you are trading, building, or exploring DeFi, Hyperliquid is the foundation. Sign up with our referral code for a 4% lifetime discount on trading fees. [Join Hyperliquid - Save 4%](https://app.hyperliquid.xyz/join/Concept211) --- # Hyperliquid Vaults Guide: Earn Yield & Copy Top Traders (2026) > Learn how Hyperliquid vaults work, how to deposit into HLP and community vaults, understand profit sharing mechanics, and evaluate risks before committing capital. *Source: https://hyperliquidguide.com/ecosystem/hyperliquid-vaults-guide* ## What Are Hyperliquid Vaults? Hyperliquid vaults are on-chain investment pools where you deposit USDC and a vault leader trades on behalf of all depositors. Think of them as **automated copy-trading, but fully transparent and on-chain.** Every trade the vault leader makes, every position they open and close, is visible on the blockchain. Your capital moves with theirs. The concept is straightforward. A skilled (or at least confident) trader creates a vault. You deposit USDC into that vault. The vault leader trades using the pooled funds. If the strategy makes money, you earn a proportional share of the profits. If it loses money, you absorb a proportional share of the losses. > **Key takeaway:** Hyperliquid vaults let you earn yield by following a vault leader's trading strategy - but they also expose you to losses. This is not a risk-free deposit. Treat it as active risk capital. This system exists on a spectrum. At one end is **HLP**, Hyperliquid's own protocol vault that provides market-making liquidity across the entire exchange. At the other end are community-created vaults run by individual traders with strategies ranging from conservative to aggressive. Understanding how both types work - and their very different risk profiles - is essential before depositing a single dollar. --- ## How Vaults Work The mechanics of Hyperliquid vaults are clean and straightforward. Here is the lifecycle of a vault deposit. ### Depositing When you deposit USDC into a vault, you receive a proportional share of that vault. If the vault holds $100,000 and you deposit $10,000, you own 10% of the vault. Your share entitles you to 10% of all future profits - and 10% of all future losses. ### Trading The vault leader trades using the total pooled capital. They can open long and short positions on any perpetual futures market available on Hyperliquid. The trading activity is identical to normal trading on the platform - the vault leader places orders, manages positions, sets stop-losses, and executes their strategy. The difference is that they are doing it with pooled funds from all depositors. ### Profit Sharing When the vault generates profits, they are distributed proportionally to all depositors, minus the vault leader's profit share fee. If a vault has a 10% profit share and generates $10,000 in profit, the leader takes $1,000 and the remaining $9,000 is split among depositors based on their share of the vault. > **Note:** Profit share fees only apply to profits. If a vault loses money, the leader does not collect any profit share. This aligns the leader's incentive with depositors - they only earn when you earn. ### Withdrawals You can withdraw your share from a vault at any time. Your withdrawal amount reflects the current value of your share - including any profits earned or losses incurred since your deposit. There is no lock-up period on most vaults, though the timing of your entry and exit matters for your realized returns. ![Hyperliquid vault interface showing deposit/withdraw buttons, current vault value, and profit share details](/images/ecosystem/shared/hyperliquid-vaults-page.webp) --- ## The HLP Vault: Hyperliquid's Protocol Vault HLP stands for **Hyperliquid Liquidity Provider**, and it is the most important vault in the ecosystem. It deserves its own section because it serves a fundamentally different purpose from community vaults. For an in-depth look at HLP's mechanics, revenue sources, and risk profile, see our dedicated [HLP explained guide](/ecosystem/hyperliquid-hlp-explained). ### What HLP Does HLP is Hyperliquid's protocol-level market-making vault. It continuously provides liquidity across all perpetual futures markets on the platform by placing buy and sell orders on the order book. When traders execute market orders, they are often trading against HLP's resting limit orders. This market-making activity generates revenue from the bid-ask spread and maker rebates. In simpler terms: HLP is the entity that makes sure there is always someone on the other side of your trade. Without it, the order book would be thinner, spreads would be wider, and execution would be worse for everyone. That role has a cost the protocol carries deliberately. Fees routed to HLP and other liquidity providers are fees the protocol does not retain, which is why total fees collected and protocol revenue are two different numbers. Our [Hyperliquid revenue vs volume analysis](/ecosystem/hyperliquid-revenue-vs-volume) sets the two series side by side month by month, and the gap between them is largely what pays for the liquidity described here. ### Why HLP Matters HLP is not just another vault - it is infrastructure. It provides: - **Deep liquidity** across all markets, enabling tight spreads and efficient execution - **Continuous market making** that benefits every trader on the platform - **A way for passive participants** to earn yield from market-making activity without the technical complexity of running their own market-making operation > **Key takeaway:** HLP is Hyperliquid's backbone liquidity engine. Depositing into HLP means you are providing the liquidity that powers the entire exchange - and earning a share of the market-making revenue in return. ### HLP Performance HLP has historically generated positive returns over extended periods, though it is not without risk. Market-making strategies can suffer drawdowns during volatile or trending markets when the vault gets caught on the wrong side of large price moves. HLP's performance is publicly visible on the Hyperliquid interface - you can review its historical returns, current positions, and drawdown history before depositing. > **Warning:** HLP is not a savings account. It has experienced drawdown periods, particularly during sharp market moves. While it has been profitable over its lifetime, past performance does not guarantee future returns. Review the vault's historical performance and understand that losses are possible. **Start Exploring Hyperliquid Vaults** — Whether you deposit into HLP or explore community vaults, you first need a Hyperliquid account. Sign up with our referral code for a 4% lifetime discount on trading fees. [Create Your Account - Save 4%](https://app.hyperliquid.xyz/join/Concept211) --- ## How to Deposit into a Vault Depositing into a Hyperliquid vault is a simple process. Here is the step-by-step guide. ### Prerequisites Before you can deposit into a vault, you need: 1. **A Hyperliquid account** - If you do not have one yet, follow our [getting started guide](/guides/getting-started/how-to-trade-on-hyperliquid) to set up your wallet and connect to Hyperliquid. Use our [referral link](https://app.hyperliquid.xyz/join/Concept211) for a 4% fee discount. 2. **USDC deposited into Hyperliquid** - You need USDC on Hyperliquid to deposit into a vault. See our [deposit guide](/guides/getting-started/deposit-usdc-to-hyperliquid) if you need help getting funds onto the platform. ### Step-by-Step Deposit 1. **Navigate to the Vaults section** - From the Hyperliquid interface at app.hyperliquid.xyz, find the Vaults tab in the navigation 2. **Browse available vaults** - You will see a list of vaults including HLP and community vaults, along with their performance metrics, total value locked, and profit share rates 3. **Select a vault** - Click on the vault you want to deposit into to view detailed information including historical performance, current positions, and the vault leader's profile 4. **Review the vault details** - Check the profit share percentage, historical returns, drawdowns, and total deposited value. Do your due diligence before committing capital 5. **Click "Deposit"** - Enter the amount of USDC you want to deposit 6. **Confirm the transaction** - Approve the deposit in your wallet ![Hyperliquid vault listing page showing HLP and several community vaults with performance metrics](/images/ecosystem/hyperliquid-vaults-guide/vaults-listing.webp) > **Tip:** Start with a small deposit to test the process and observe how the vault performs with your capital at stake. You can always increase your position later. Many experienced vault depositors dollar-cost average into positions over time rather than depositing everything at once. Your deposit is now active. You can monitor your vault position, track profits and losses in real time, and withdraw at any time through the same vault interface. ![Vault detail page showing deposit form, current depositor share, and real-time PnL](/images/ecosystem/shared/hyperliquid-vaults-page.webp) --- ## Understanding Vault Performance and Risks This is the most important section in this guide. Vaults can generate attractive returns, but they carry real risks that you must understand before depositing. ### Performance Metrics to Evaluate When evaluating a vault, look at these key metrics: - **All-time return** - The vault's cumulative performance since creation. Positive is good, but dig deeper. - **Drawdown history** - How much has the vault lost during its worst periods? Can you stomach a 20% drawdown? A 40% drawdown? Know this before you deposit. - **Consistency** - A vault that returns 2% per month consistently is very different from one that swings between +30% and -25%. Consistency suggests a more controlled strategy. - **Total value locked (TVL)** - How much capital is in the vault? Very large vaults may face capacity constraints. Very small vaults may have high volatility from low diversification. - **Profit share rate** - What percentage does the vault leader take? A 10% profit share is standard. A 30% profit share means you keep significantly less of the upside. Note that vault trades also incur standard [trading fees](/guides/fees/fees-explained) from the underlying positions. ### Key Risks > **Note:** Vault deposits are risk capital, not savings. You can lose part or all of your deposit. The following risks are real and have materialized for actual vault depositors. **Strategy risk.** The vault leader's strategy might not work. Markets change, edges decay, and what worked last month might fail this month. Even sophisticated strategies can suffer extended losing periods. **Vault leader risk.** For community vaults, you are trusting the vault leader's skill and judgment. They might be a profitable trader or they might not. Past performance displayed on the vault page is not a guarantee of future results. **Market risk.** Extreme market conditions - flash crashes, liquidation cascades, black swan events - can cause rapid and severe losses for any trading strategy. Vaults that use leverage amplify this risk. **Smart contract risk.** While Hyperliquid's vault system is part of the core protocol and has processed significant volume, all DeFi protocols carry inherent smart contract risk. Bugs, exploits, or unforeseen edge cases could theoretically affect funds. **Opportunity cost.** Capital in a vault is capital that is not earning yield elsewhere or available for your own trading. If a vault underperforms, you bear both the loss and the opportunity cost. > **Key takeaway:** Before depositing into any vault, ask yourself: "Am I comfortable losing this entire amount?" If the answer is no, reduce your deposit size until the answer is yes. This is the most important risk management rule for vault depositors. ## Community Vaults: Following Other Traders Beyond HLP, Hyperliquid hosts community vaults created by individual traders. These range from conservative low-leverage strategies to aggressive high-frequency approaches. For a deeper dive into copy trading strategies, trader evaluation, and third-party tools like Copin, see our [complete copy trading guide](/guides/trading/copy-trading-guide). ### What to Look For When evaluating community vaults, consider: - **Track record length** - A vault that has been profitable for six months through various market conditions is more credible than one that is two weeks old during a trending market - **Strategy transparency** - Does the vault leader communicate their approach? Some leaders are active in community channels and explain their strategy; others are opaque - **Position sizing** - Check the vault's current positions. Are they using reasonable leverage? Are positions diversified across multiple assets, or concentrated in a single trade? - **Drawdown management** - How has the vault handled losing periods? Did the leader reduce risk during drawdowns, or did they double down? > **Warning:** Community vault leaders are not vetted, audited, or endorsed by Hyperliquid. Anyone can create a vault. A vault's past performance, no matter how impressive, does not guarantee future results. Diversify across multiple vaults if you participate, and keep your total vault allocation to a percentage of your portfolio you can afford to lose entirely. ### Diversification Across Vaults Rather than putting all your vault capital into a single community vault, consider spreading it across several vaults with different strategies. A mix of HLP (market-making) and community vaults (directional or quantitative strategies) can provide diversification that reduces your exposure to any single approach failing. You can also use [trading tools and analytics platforms](/guides/trading/hyperliquid-trading-tools) to track vault performance and discover opportunities. You can also earn yield outside the vault system through [lending on Felix Protocol](/guides/trading/lending-borrowing-guide) - supply assets to Vanilla Markets or deposit feUSD into Stability Pools for a different risk/reward profile. --- ## Creating Your Own Vault If you are an experienced trader with a consistent strategy, you can create your own vault on Hyperliquid and attract depositors. ### Requirements and Rules Before creating a vault, understand the hard requirements: - **100 USDC minimum deposit** - You must deposit at least 100 USDC when creating the vault - **100 USDC creation fee** - A one-time fee distributed to the protocol - **5% minimum ownership** - Vault leaders must maintain at least **5% of the total vault balance** at all times. You cannot withdraw if doing so would reduce your ownership below this threshold. This ensures leaders always have meaningful skin in the game. - **10% profit share** - Leaders receive a fixed 10% profit share on all profits generated for depositors - **Name and description are permanent** - You cannot modify your vault name or description after creation, so choose carefully - **Validator perps only** - Legacy vaults can only trade validator-operated perpetual markets (not [spot](/guides/trading/spot-trading-guide), not [HIP-3 builder-deployed](/ecosystem/hip-3-builder-codes) perps) > **Note:** These rules apply to the current "legacy" HyperCore vault system. Hyperliquid has introduced a new HyperEVM-based vault framework that supports HIP-3 perps, spot trading, and fully customizable accounting via smart contracts. As the new system matures, expect vault capabilities to expand significantly. ### How to Create a Vault 1. Navigate to the vault creation interface on Hyperliquid 2. Set your **vault name** and **description** - communicate your strategy clearly. These cannot be changed later. 3. Deposit at least **100 USDC** plus the 100 USDC creation fee 4. Start trading - your performance is tracked publicly from day one ### How Withdrawals Work When a depositor withdraws from your vault, the system protects open positions in this order: 1. The withdrawal proceeds if the vault has sufficient free margin 2. If margin is insufficient, orders are canceled starting with the lowest margin usage 3. If still insufficient, 20% of open positions are automatically closed, repeating until enough margin is freed Vault leaders can enable **proportional position closures** on withdrawals to maintain consistent liquidation prices across the remaining capital. ### Considerations for Vault Leaders - **The 5% rule is enforced.** You cannot withdraw your way out of a losing vault. Plan your capital allocation accordingly - the 5% minimum ownership requirement means your capital is partially locked as long as depositors remain. - **Transparency builds trust.** Communicate your strategy, share your reasoning, and be honest about drawdowns. Vault leaders who engage with their depositors tend to attract and retain more capital. - **Performance is public.** Every trade, every position, every drawdown is visible on-chain. There is no hiding bad performance. Build your track record honestly. - **Start small and scale.** A strong track record with a small vault is the best marketing. Let your performance speak before trying to attract large deposits. > **Tip:** The most successful community vault leaders treat it as a long-term reputation game. Consistent, risk-managed returns over months will attract far more capital than a few weeks of flashy gains followed by a blowup. ## Putting It All Together Hyperliquid vaults offer a compelling way to participate in the platform's trading ecosystem without actively trading yourself. HLP provides exposure to protocol-level market-making revenue. Community vaults let you follow traders whose strategies resonate with your risk tolerance. And if you are a skilled trader, creating your own vault lets you earn profit share on top of your trading returns. Vaults are just one way to [earn yield on USDC on Hyperliquid](/ecosystem/hyperliquid-earn-usdc) - DeFi lending and funding rate strategies offer alternative risk/return profiles worth comparing. But the opportunity comes with real risk. Vaults can and do lose money. Market-making strategies have drawdowns. Community vault leaders can make bad trades. No amount of past performance guarantees future results. The smart approach is measured: start small, diversify across vault types, monitor performance actively, and never commit capital you cannot afford to lose entirely. Treat vault deposits as risk capital, not yield farming on autopilot. > **Note:** This guide is for educational purposes only and does not constitute financial or investment advice. Vault deposits carry risk of partial or total loss. Past vault performance does not guarantee future returns. Always do your own research and never deposit more than you can afford to lose. **Ready to Explore Hyperliquid Vaults?** — Set up your Hyperliquid account and start exploring vaults with the confidence of lower trading fees. Our referral code gives you a 4% lifetime discount. [Get Started with 4% Off](https://app.hyperliquid.xyz/join/Concept211) --- # USDH Explained - Hyperliquid's Native Stablecoin (Sunset Complete) > USDH was Hyperliquid's first native aligned stablecoin from Native Markets. The USDH sunset is now complete — all USDH-denominated markets on HyperCore have settled. Learn how it worked and how to swap any remaining USDH to USDC. *Source: https://hyperliquidguide.com/ecosystem/usdh-stablecoin-guide* > **Warning:** **Update (June 20, 2026) — the USDH sunset is complete.** As part of the USDH sunset under **[Aligned Quote Asset v2 (AQAv2)](/ecosystem/aqav2-usdc-aligned-quote-asset)** — where Coinbase (treasury deployer) and Circle (technical deployer) made **USDC** the aligned quote asset — **all USDH-denominated markets on HyperCore have completed settlement.** If you still hold USDH, convert it now: > > - **Swap USDH for USDC on HyperCore** via the spot order book: [USDH/USDC](https://app.hyperliquid.xyz/trade/USDH/USDC) > - **Swap USDH for USDC on HyperEVM** 1:1 with no fees via Across: [USDH→USDC](https://across.to/?from=hyperevm&to=hypercore&inputToken=USDH&outputToken=USDC-SPOT) > - **Withdraw supplied USDH** from Borrow/Lend: [Earn](https://app.hyperliquid.xyz/earn) > - **Repay borrowed USDH** by buying USDH/USDC: [USDH/USDC](https://app.hyperliquid.xyz/trade/USDH/USDC) > > Coinbase secured rights to purchase the USDH brand assets from Native Markets, and the Hyper Foundation committed **roughly $10 million in grants** to affected builders — HIP-1 spot deployers, HIP-3 perp deployers, HyperEVM protocols, dedicated USDH:USDC bridges, and Native Markets — split into migration and wind-down grants, with the orderly transition completing before the end of July 2026. See the full [USDH migration grant program breakdown](/ecosystem/aqav2-usdc-aligned-quote-asset#the-usdh-migration-grant-program). The article below documents USDH as it operated from September 2025 through mid-2026, for historical reference. ## What Is USDH? USDH is the native, dollar-pegged stablecoin built specifically for Hyperliquid. It went live on September 24, 2025 after one of the most closely watched validator votes in DeFi history - eight major teams competed for the right to issue it, and Native Markets won. The core problem USDH solves is simple. Hyperliquid holds roughly $5.8 billion in stablecoin deposits, with about 95% of that sitting in USDC. At current Treasury rates, that means approximately **$230 million per year** in yield that flows straight to Circle instead of benefiting the Hyperliquid ecosystem. USDH recaptures that value. > **Tip:** While it was live, USDH was an "aligned quote asset" on Hyperliquid, meaning traders got **20% lower taker fees**, **50% higher maker rebates**, and **20% more volume credit** toward fee tiers on USDH-denominated markets. These perks ended with the sunset — USDC, the AQAv2 aligned quote asset, has no trader-facing fee discount. ## How USDH Works USDH maintains a strict 1:1 peg to the U.S. dollar through a mint-and-redeem mechanism operated by Native Markets via Stripe's Bridge platform. When a user deposits U.S. dollars, the system mints an equivalent amount of USDH tokens and places the deposited funds into segregated reserves managed by BlackRock and Superstate. Redemption works in reverse: users burn USDH tokens and receive dollars back at a 1:1 ratio. This direct convertibility - rather than relying on algorithmic stabilization or over-collateralization - is the same peg model used by USDC and USDT, which have proven the most resilient during market stress events. The USDH/USDC spot pair on Hyperliquid also provides secondary market liquidity, allowing traders to swap between the two stablecoins with tight spreads around the $1 peg. The stablecoin operates natively across both layers of the Hyperliquid stack, which is a meaningful architectural distinction from bridged assets like USDC: - **HyperCore** - The high-performance trading engine where perpetual futures and spot orders execute. USDH works here as margin collateral, settlement currency, and the quote asset for USDH-denominated trading pairs. - **HyperEVM** - Hyperliquid's Ethereum-compatible smart contract layer. USDH functions as a standard ERC-20 token, fully composable with DeFi protocols including lending platforms like [HyperLend](/ecosystem/hyperlend-guide), liquidity pools, and yield strategies. Because USDH is native to both layers, it does not require bridging between HyperCore and HyperEVM. Bridged assets like USDC must transit through Arbitrum or Circle's CCTP, introducing latency, smart contract risk, and potential liquidity fragmentation. USDH avoids all of this by existing as a first-class asset on both layers simultaneously. > **Key takeaway:** USDH is not just another stablecoin - it is a mechanism that redirects hundreds of millions in annual yield back into the Hyperliquid ecosystem through HYPE buybacks and developer grants. ![Hyperliquid trading interface showing USDH-aligned pairs](/images/compare/shared/hyperliquid-trading-interface.webp) ## What Backs USDH? USDH uses a hybrid custody model that splits reserves between traditional finance infrastructure and on-chain transparency. Every USDH token in circulation is backed 1:1 by assets held in these two components: | Component | Manager | Details | |-----------|---------|---------| | Off-chain reserves | BlackRock | Cash and short-term U.S. Treasuries | | On-chain reserves | Superstate (USTB) | Tokenized Treasury securities via Bridge (Stripe) | The off-chain portion is managed by BlackRock, the world's largest asset manager ($10+ trillion AUM), which holds cash, overnight repurchase agreements, and short-duration U.S. Treasury securities - the same ultra-liquid, low-risk instruments that back Circle's USDC reserves. The on-chain portion uses Superstate's USTB (U.S. Treasury Bill) token, a tokenized representation of Treasury securities that can be verified directly on-chain, providing real-time transparency into reserve composition. Stripe's Bridge platform serves as the intermediary that coordinates minting, redemption, and reserve management between these two layers. This dual approach gives USDH both the institutional credibility of Wall Street custody and the auditability that DeFi users expect from on-chain assets. --- ## USDH vs. USDC on Hyperliquid Both stablecoins are pegged to the U.S. dollar, but they serve the ecosystem very differently. The economic argument is straightforward: every dollar held in USDC on Hyperliquid generates yield that flows entirely to Circle, the USDC issuer. Every dollar held in USDH redirects that same yield back into the Hyperliquid ecosystem - 50% through automatic HYPE buybacks that create constant buy pressure on the native token, and 50% through grants that fund builders and liquidity incentives. At current deposit levels of roughly $5.8 billion and prevailing Treasury yields around 4%, even a 20% migration from USDC to USDH would redirect approximately $46 million annually into ecosystem development rather than Circle's balance sheet. ## The Fee Advantages Hyperliquid introduced the concept of "aligned quote assets" to incentivize stablecoins that contribute value back to the ecosystem rather than extracting it. While USDH was the primary aligned quote asset, trading on USDH-denominated markets provided three distinct fee advantages over equivalent USDC markets. These savings compounded significantly for active traders and market makers, and they stacked on top of any [referral discounts](/referral) or [VIP fee tier](/guides/fees/fees-explained) benefits. (Note: under AQAv2, USDC is the aligned quote asset and carries no equivalent trader-side fee perk.) Here is what the fee structure looks like in practice: - **Taker fees** - 20% lower than the equivalent USDC market. At the base tier, your taker rate drops from 0.045% to 0.036% on USDH pairs. For a trader executing $1 million in monthly volume, this saves roughly $90 per month. - **Maker rebates** - 50% higher. If you are earning a -0.002% rebate on USDC pairs, it becomes -0.003% on USDH pairs. For market makers providing liquidity, this meaningfully increases profitability per order. - **Volume credit** - Every dollar of volume on USDH pairs counts for 20% more toward your [fee tier](/guides/fees/fees-explained) progression. A trader doing $10 million in USDH volume receives credit for $12 million, accelerating advancement through VIP tiers and unlocking lower fees faster. > **Note:** For high-frequency traders, the compounding effect of lower fees, higher rebates, and accelerated tier progression makes USDH significantly cheaper over time. > **Tip:** See how Hyperliquid's trading volume compares across all markets with our [live Volume Rankings tool](/tools/volume). Higher volume on USDH pairs means tighter spreads and better fills. ## How the Validator Vote Worked The USDH ticker was awarded through a competitive process governed by Hyperliquid's validators. Eight teams submitted proposals in September 2025: | Bidder | Revenue to HL | Key Offer | |--------|---------------|-----------| | Native Markets | 50% | Hyperliquid-native architecture, aligned team | | Paxos | 95-100% | PayPal/Venmo integration + $20M incentives | | Frax | 100% | Tokenized Treasuries (BlackRock, Superstate) | | Agora | 100% | State Street + VanEck partners | | Sky (MakerDAO) | 4.85% rate | $25M Genesis Star + S&P rating | | OpenEden | 100% | BNY Mellon custody, Moody's rated | | Bastion | 50% + 40% builder | NYDFS-supervised | | Ethena | 95%+ | $75-150M incentives (withdrew) | Despite offering a lower revenue share than most competitors (50% vs. 95-100% from Paxos, Frax, and Agora), Native Markets won the validator vote on the basis of **alignment** with Hyperliquid's long-term vision. The team includes Max Fiege (an early Hyperliquid advisor), Anish Agnihotri (a blockchain infrastructure researcher known for work on MEV and Ethereum tooling), and MC Lader (former President and COO of Uniswap Labs). Validators prioritized deep ecosystem commitment over short-term revenue maximization, reasoning that a stablecoin issuer tightly integrated with Hyperliquid's roadmap would create more long-term value than one offering higher revenue but less strategic alignment. The decision was notable in DeFi governance as an example of validators choosing ecosystem fit over the highest bidder. --- ## Other Stablecoins on Hyperliquid USDH and USDC are not the only stablecoins in the Hyperliquid ecosystem. Several others play different roles: ### USDC (Circle) Still the dominant stablecoin on Hyperliquid with approximately 95% of all deposits. Circle launched native USDC and CCTP V2 on HyperEVM, making it easy to bridge from other chains. USDC remains the primary deposit and settlement currency for most traders. ### feUSD (Felix Protocol) A synthetic stablecoin from [Felix Protocol](/ecosystem/felix-protocol-guide), an authorized fork of Liquity designed specifically for HyperEVM. Users mint feUSD by depositing collateral like HYPE. This is more of a DeFi-native stablecoin for leveraged strategies - see our [complete Felix Protocol guide](/ecosystem/felix-protocol-guide) for details on how to mint feUSD and use it across the ecosystem. ### USDhl (Felix / M0) A fiat-backed stablecoin launched by [Felix Protocol](/ecosystem/felix-protocol-guide) and powered by M0 (T-bill-backed wholesale dollars). Features on-chain reserve attestations for transparency. > **Warning:** Any stablecoin that wants "aligned quote asset" status on Hyperliquid must stake 200,000 HYPE (roughly $10 million), maintain a strong $1 peg, and provide minimum depth on USDC and HYPE trading pairs. This creates a high bar for quality. ## How to Get USDH > **Warning:** **No longer applicable.** USDH minting has wound down and USDH-denominated markets have settled. Do not acquire USDH — deposit and trade with USDC instead. If you already hold USDH, see the [conversion steps above](#what-is-usdh). The historical on-ramps are documented below for reference. There were two primary paths to acquiring USDH, depending on whether you were starting with fiat currency or already had crypto on Hyperliquid. Note that if you simply want to deposit fiat to start trading (rather than specifically acquiring USDH), Hyperliquid also offers **[direct fiat deposits via credit card or bank transfer](/guides/getting-started/buy-crypto-with-fiat-on-hyperliquid)** powered by swapped.com. ### Mint Directly with Fiat The primary on-ramp for new USDH supply is direct minting through Stripe's Bridge platform. You deposit U.S. dollars via bank transfer or supported payment method, and the system mints an equivalent amount of USDH at a 1:1 ratio. The deposited dollars enter Native Markets' reserve structure managed by BlackRock and Superstate. This process works similarly to minting USDC through Circle - you send dollars, you receive stablecoins, and the dollars are held in reserve to back redemptions. ### Swap from USDC on Hyperliquid If you already hold USDC on Hyperliquid, you can swap to USDH on the [spot market](https://app.hyperliquid.xyz/join/Concept211). The USDH/USDC pair typically maintains tight spreads around the $1 peg, making conversion straightforward with minimal slippage. This is the fastest option for existing Hyperliquid users who want to start benefiting from aligned quote asset fee discounts without going through the fiat minting process. Once you hold USDH, it is fully composable across the platform: use it as margin collateral for [perpetual futures](/guides/trading/perpetuals-explained) trading, trade on USDH-denominated spot pairs for lower fees, or deploy it across HyperEVM DeFi protocols like [HyperLend](/ecosystem/hyperlend-guide) and [Felix](/ecosystem/felix-protocol-guide) for lending, borrowing, and yield strategies. ## Reserve Yield Distribution USDH's most distinctive feature compared to other stablecoins is how it distributes reserve yield. When USDC reserves earn interest from Treasury securities, 100% of that yield is retained by Circle as corporate revenue. USDH takes the opposite approach by channeling all reserve yield back into the Hyperliquid ecosystem through two equal streams: - **50% → Hyperliquid Assistance Fund (HAF)** - This portion automatically buys back and burns HYPE tokens through an immutable on-chain mechanism that cannot be altered or redirected. At scale, this creates persistent deflationary pressure on HYPE's supply. If USDH deposits reached $1 billion at a 4% Treasury yield, this stream alone would generate approximately $20 million per year in automatic HYPE buybacks. - **50% → Ecosystem growth** - Developer grants, liquidity mining incentives, builder programs, and infrastructure funding. This stream is managed by Native Markets and directed toward projects that expand USDH adoption and Hyperliquid's broader ecosystem. This design creates a self-reinforcing flywheel: more USDH deposits generate more reserve yield, which funds more HYPE buybacks and ecosystem grants, which attract more builders and users, which drive more deposits. Unlike algorithmic yield models that depend on market conditions, USDH's yield comes from U.S. Treasury interest - one of the most stable and predictable sources of return in finance. > **Key takeaway:** At $5.8 billion in current stablecoin deposits, even a partial migration from USDC to USDH would redirect tens of millions of dollars annually into HYPE buybacks and ecosystem development. ## Should You Use USDH? > **Note:** **Historical.** This decision no longer applies — USDH has sunset and USDC is now the aligned quote asset. The analysis below reflects the trade-offs while USDH markets were live, and is kept for context. While USDH was active, the decision to use it depended on your trading profile and risk tolerance. For active traders executing significant volume on Hyperliquid, the fee advantages are substantial and quantifiable. A trader doing $5 million in monthly volume would save approximately $450 per month in taker fees alone on USDH pairs compared to USDC pairs, before accounting for higher maker rebates and accelerated tier progression. For market makers, the 50% rebate boost can meaningfully impact profitability. These savings stack with [referral discounts](/referral) and existing VIP tier benefits, making USDH the economically optimal choice for anyone trading regularly on the platform. **Reasons to switch:** - 20% lower taker fees, 50% higher maker rebates, and 20% volume credit bonus - Faster progression through [fee tiers](/guides/fees/fees-explained) via volume credit multiplier - Direct contribution to Hyperliquid ecosystem growth through reserve yield redistribution - Native integration across HyperCore and HyperEVM without bridging friction **Reasons to wait:** - USDH launched in September 2025 and is newer and less battle-tested than USDC, which has operated since 2018 - USDC still represents approximately 95% of Hyperliquid deposits, meaning significantly deeper liquidity - Most trading pairs on Hyperliquid still denominate in USDC, limiting USDH pair selection - Regulatory frameworks for stablecoins remain evolving, and USDH's novel yield redistribution model has not yet been tested under adverse conditions For casual users holding modest balances, the fee savings may not justify the switching cost. A reasonable middle-ground approach is to convert a portion of your USDC to USDH for active trading while keeping the rest in USDC until USDH liquidity deepens further. **Start Trading on Hyperliquid** — Sign up through our referral link for a 4% lifetime fee discount on every trade. [Get 4% Fee Discount](https://app.hyperliquid.xyz/join/Concept211) --- # What Is HYPE Token? Complete Guide to Hyperliquid's Native Token > Everything you need to know about HYPE token: its utility on Hyperliquid L1, staking mechanics, tokenomics breakdown, the historic airdrop, and the buyback & burn mechanism. *Source: https://hyperliquidguide.com/ecosystem/what-is-hype-token* ## What Is HYPE? > **Note:** **Quick Summary - HYPE Token** > - As of March 2026, total supply: **1 billion HYPE** - ~31% airdropped, ~38.9% reserved for future community rewards, ~23.8% team (vesting) > - As of March 2026, staking APY: **~2.37%** - delegate to validators to secure the network via HyperBFT consensus > - Used as the **gas token on HyperEVM** (Chain ID 999) - similar to ETH on Ethereum > - **Buyback & burn** mechanism: a portion of all trading fees buys HYPE from the open market and permanently removes it from supply > - [Buy HYPE](/guides/getting-started/how-to-buy-hype-token) on Hyperliquid's **native spot market** (HYPE/USDC) - no KYC required, or see [how to buy Hyperliquid and fund your account](/guides/getting-started/how-to-buy-hyperliquid) if you are still deciding between the token and a trading balance > - For liquid staking without lock-up, use [Kinetiq](/ecosystem/liquid-staking-guide) to receive kHYPE HYPE is the native token of Hyperliquid, the decentralized perpetual futures exchange built on its own custom Layer 1 blockchain. If you have been around DeFi long enough, you know that most protocol tokens exist primarily to be farmed and dumped. HYPE is designed differently. It serves as the backbone of Hyperliquid's network security, its gas economy, and a mechanism that ties protocol revenue directly to token value. Think of HYPE as the equivalent of ETH for Ethereum, but for a blockchain purpose-built for high-performance trading. Every validator securing Hyperliquid's network stakes HYPE. Every smart contract execution on HyperEVM burns HYPE as gas. And a portion of every trading fee generated on the platform flows into buying back and burning HYPE from the open market. > **Key takeaway:** HYPE is not just a governance token - it is the fuel that powers Hyperliquid's L1 blockchain, secures the network through staking, and directly benefits from protocol revenue through buyback and burn mechanics. The token launched in November 2024 through one of the largest airdrops in crypto history, instantly putting it into the hands of hundreds of thousands of active traders. Since then, it has become central to the Hyperliquid ecosystem - powering everything from [DeFi lending](/guides/trading/lending-borrowing-guide) and [options trading](/ecosystem/hyperliquid-options-structured-products) to [prediction markets](/ecosystem/hip-4-outcome-trading). --- ## HYPE Tokenomics and Supply Understanding HYPE's tokenomics is essential to understanding where value flows in the Hyperliquid ecosystem. The total supply is capped at **1 billion HYPE tokens**, and the allocation was designed to heavily favor the community over insiders. ### Distribution Breakdown | Allocation | Percentage | Details | |---|---|---| | **Community Airdrop** | ~31% | Distributed in November 2024 to early users | | **Future Emissions & Community Rewards** | ~38.888% | Reserved for ongoing ecosystem incentives | | **Team** | ~23.8% | Subject to vesting schedules | | **Hyper Foundation** | ~6% | Ecosystem development and grants | > **Note:** The community-facing allocation (airdrop plus future emissions) accounts for roughly 70% of the total supply. This is significantly more community-oriented than most token launches in DeFi, where insider and VC allocations often consume 40-50% or more. The reason there are no VC allocations at all comes down to [who created Hyperliquid](/ecosystem/who-created-hyperliquid) — the founders self-funded the project and took zero outside investment, so there were never any private investors to reward. ### Vesting Schedules The team allocation of approximately 23.8% is not immediately liquid. These tokens are subject to vesting schedules designed to align the team's long-term incentives with the protocol's success. The specifics ensure that a large portion of team tokens remain locked for an extended period, preventing any sudden supply shock from insider selling. The future emissions allocation of roughly 38.888% is released over time through community rewards, staking incentives, and ecosystem grants. This gradual release ensures sustained incentives for protocol participants while avoiding the inflationary dump that plagues many token launches. --- ## The HYPE Airdrop The HYPE airdrop in November 2024 was a landmark event in crypto - not just for Hyperliquid users, but for the entire DeFi space. It stands as one of the largest and most widely distributed airdrops in crypto history. For the full story - including the points system, Season 2 speculation, and how to position yourself - see our dedicated [HYPE airdrop guide](/ecosystem/hype-airdrop-guide). ### What Happened Hyperliquid distributed approximately 310 million HYPE tokens (31% of total supply) to early users of the platform. The airdrop targeted traders who had actively used Hyperliquid during its testnet and early mainnet phases. Unlike many airdrops that reward minimal interaction (a single swap, a bridge transaction), Hyperliquid's distribution weighted allocations toward genuine platform usage - trading volume, frequency, loyalty, and duration of activity. ### Who Received It The airdrop rewarded real traders. Users who had consistently traded on the platform, provided liquidity, and contributed to the ecosystem received the largest allocations. The distribution was notable for its breadth - hundreds of thousands of wallets received tokens - and its depth, with some of the most active traders receiving allocations worth six or even seven figures at launch prices. > **Key takeaway:** The HYPE airdrop distributed roughly 31% of the total token supply to actual users of the protocol - rewarding genuine trading activity rather than Sybil farming or minimal interaction. ### Impact on the Ecosystem If you received HYPE tokens through the airdrop, be aware that this is a taxable event in most jurisdictions - see our [tax reporting guide](/guides/trading/hyperliquid-tax-reporting-guide) for details on airdrop tax obligations. The airdrop accomplished several things simultaneously. It created a massive base of token holders who were already familiar with and invested in the platform. It generated enormous attention for Hyperliquid, driving a surge in new user registrations and trading volume. And it set a new standard for how DeFi protocols can launch tokens - by rewarding the people who actually use the product. **Start Building Your Hyperliquid History** — Active traders on Hyperliquid benefit from fee discounts, potential future rewards, and ecosystem participation. Use our referral code for a 4% lifetime fee discount from day one. [Get Started with 4% Off Fees](https://app.hyperliquid.xyz/join/Concept211) --- ## How to Stake HYPE Staking HYPE is how you participate in securing the Hyperliquid network and earn rewards for doing so. Hyperliquid uses **HyperBFT consensus**, a high-performance Byzantine Fault Tolerant consensus mechanism, and validators must stake HYPE to participate. ### How Staking Works As a HYPE holder, you do not need to run a validator node yourself. Instead, you **delegate** your HYPE to an existing validator. Your delegated tokens contribute to that validator's stake, helping secure the network, and you receive a proportional share of the staking rewards. For a full breakdown of [what you actually earn staking HYPE and how fee burns tighten supply](/ecosystem/hype-staking-yields-guide), see our dedicated staking-yields guide. Here is how to stake your HYPE: 1. **Navigate to the staking interface** at app.hyperliquid.xyz and find the staking or delegation section 2. **Browse available validators** - you will see a list of active validators along with their commission rates, total stake, and uptime 3. **Choose a validator** - look for validators with high uptime, reasonable commission rates, and a strong track record 4. **Enter your delegation amount** - specify how much HYPE you want to stake 5. **Confirm the transaction** - approve the delegation in your wallet ![Hyperliquid staking interface showing validator list with commission rates and total staked amounts](/images/ecosystem/what-is-hype-token/staking-interface.webp) > **Tip:** When choosing a validator, do not just pick the one with the most stake. Consider diversifying your delegation across multiple validators to support network decentralization and reduce risk from any single validator going offline. ### Expected Yields Staking yields vary based on the total amount of HYPE staked across the network and the emission schedule. When a smaller percentage of the total supply is staked, individual staking rewards tend to be higher. As more HYPE gets staked, the yield per token adjusts. Check the current rates directly in the staking interface for the most up-to-date figures. ### Unstaking When you want to unstake your HYPE, there is typically an unbonding period during which your tokens are locked before they become liquid again. This is standard practice in proof-of-stake networks to ensure network security. Plan your staking strategy accordingly - do not stake tokens you might need immediate access to. If you want staking rewards without the unbonding lock, consider [liquid staking with Kinetiq](/ecosystem/liquid-staking-guide) - you receive kHYPE tokens that earn staking yield while remaining liquid and usable as DeFi collateral. --- ## HYPE Utility and Use Cases HYPE is not a token that sits in your wallet doing nothing. It has concrete, functional roles within the Hyperliquid ecosystem. ### Network Security (Staking) As described above, HYPE is the staking token that secures Hyperliquid's L1 through HyperBFT consensus. Validators and their delegators stake HYPE to participate in block production and earn rewards. This is the most fundamental utility - without staked HYPE, the network does not function. Since May 2026, validators also operate the automated newsfeed software that deploys and settles [canonical outcome markets](/ecosystem/hyperliquid-canonical-outcome-markets) — Hyperliquid's prediction-market layer for offchain events. Resolving canonical markets is now part of normal block production, which means HYPE stakers are economically backing prediction-market integrity alongside perp settlement. When you choose a validator to delegate to, you are implicitly endorsing their newsfeed and voting record. HYPE is also the gating asset for launching your own markets: [HIP-4 permissionless market deployment](/ecosystem/hip-4-permissionless-deployment) lets anyone stake 500,000 HYPE to spin up their own outcome market without validator approval, tying the token directly to who gets to create new prediction markets. For a market-by-market look at how this stacks up against the category leader, see [Hyperliquid's move into prediction markets vs Polymarket](/compare/hyperliquid-vs-polymarket). ### Gas Fees on HyperEVM [HyperEVM](/ecosystem/hyperevm-explained) is Hyperliquid's Ethereum-compatible smart contract execution environment. Every transaction on HyperEVM - deploying contracts, executing DeFi transactions, [minting NFTs](/ecosystem/hyperliquid-nfts-guide) - requires HYPE as gas. As the HyperEVM ecosystem grows and more dApps launch, demand for HYPE as gas increases proportionally. > **Note:** Trading on Hyperliquid's native perp and spot engine (HyperCore) has zero gas fees. HYPE is used as gas specifically for HyperEVM smart contract interactions - think of it like ETH on Ethereum for DeFi transactions. ### Governance Potential While formal on-chain governance mechanisms are still evolving, HYPE holders are positioned to participate in protocol governance decisions as the ecosystem matures. Token-weighted governance is the standard model in DeFi, and HYPE's wide distribution from the airdrop creates a broad, decentralized governance base. ### Ecosystem Participation HYPE is increasingly integrated into the broader Hyperliquid ecosystem. DeFi protocols building on HyperEVM use HYPE as collateral, liquidity pairs, and reward tokens. Through [Kinetiq liquid staking](/ecosystem/liquid-staking-guide), kHYPE and wstHYPE tokens let you earn staking yield while using your HYPE as collateral on protocols like Felix. On [Felix Protocol](/ecosystem/felix-protocol-guide), HYPE is one of the primary collateral types for minting the feUSD stablecoin - you can deposit HYPE and [borrow against it](/guides/trading/lending-borrowing-guide) without selling your position. On Hyperliquid itself, [Portfolio Margin accounts](/guides/trading/unified-accounts-guide) now let you use HYPE directly as collateral for perp positions without converting it to USDC. Holding and using HYPE gives you access to the full range of opportunities emerging on Hyperliquid's chain, including [trading traditional markets like commodities and equities](/ecosystem/hyperliquid-traditional-markets). > **Key takeaway:** HYPE has three core utilities today: securing the network through staking, paying gas fees on HyperEVM, and serving as the foundational asset across the growing DeFi ecosystem on Hyperliquid. ## Buyback and Burn: How Trading Fees Support HYPE One of HYPE's most powerful value mechanisms is the **buyback and burn** process, which creates a direct link between Hyperliquid's trading volume and HYPE's supply dynamics. ### How It Works Hyperliquid generates revenue from trading fees - every taker order on the platform pays a fee (including fees generated by the [HLP market-making vault](/ecosystem/hyperliquid-hlp-explained)). A portion of this trading fee revenue is directed to the **Assistance Fund**, which uses it to buy HYPE from the open market and permanently burn it. Burned tokens are removed from circulation forever, reducing the total supply. As of 2026, trading fees are no longer the only inflow. Under [AQAv2](/ecosystem/aqav2-usdc-aligned-quote-asset), USDC issuers Coinbase and Circle share roughly 90% of cost-adjusted reserve yield on their Hyperliquid supply back to the protocol — and that revenue accrues in 30-day intervals and is automatically routed to the Assistance Fund 8 days after each interval closes (yield accrual begins August 26, first payment October 3). The result is a second, stablecoin-reserve-funded bid on HYPE that scales with USDC deposits, layered on top of the trading-fee inflow. The mechanics are straightforward: 1. Traders pay [fees](/guides/fees/fees-explained) on every taker trade 2. A portion of fee revenue flows to the Assistance Fund 3. The fund buys HYPE on the open market 4. Purchased HYPE is burned (permanently destroyed) 5. Total circulating supply decreases over time ### Why This Matters This creates a **deflationary pressure** on HYPE that scales with platform usage. The more people trade on Hyperliquid, the more fees are generated, the more HYPE is bought and burned, and the scarcer the remaining supply becomes. It is a flywheel: platform success directly translates to supply reduction. For context, Hyperliquid regularly processes billions of dollars in weekly trading volume. Even a fraction of those fees directed toward buyback and burn represents significant and sustained demand for HYPE. The link between volume and buyback size is real but it is not one-to-one, and the gap has widened. We track it monthly in [Hyperliquid revenue vs volume](/ecosystem/hyperliquid-revenue-vs-volume), which plots protocol fees against retained revenue: the share of fees reaching the protocol fell from 94.2% in mid-2025 to 69.7% in July 2026, so buyback capacity has fallen faster than trading activity has. Anyone modeling future buyback support from a 2025 run rate is working from a number that no longer describes the protocol. Alongside the buyback flow, every HYPE paid in a [token deployment auction](/ecosystem/hyperliquid-auctions-explained) — both for new HIP-1 spot tickers and additional HIP-3 perp market slots — is **burned**, not redistributed. This is a separate structural sink on top of the buyback mechanism: 540+ all-time HIP-1 clears have already burned tens of thousands of HYPE out of supply purely as listing gas. > **Warning:** Buyback and burn mechanics reduce supply over time, but they do not guarantee price appreciation. Token prices are influenced by many factors including market conditions, sentiment, competition, and broader macro trends. This information is educational, not investment advice. **Trade on Hyperliquid with Lower Fees** — Every trade you make on Hyperliquid contributes to the HYPE ecosystem. Sign up with our referral code and save 4% on trading fees - permanently. [Claim Your 4% Discount](https://app.hyperliquid.xyz/join/Concept211) ## Where to Buy HYPE If you want to acquire HYPE, you have several options. ### On Hyperliquid (Recommended) The most direct way to buy HYPE is on Hyperliquid itself. The platform offers both [spot trading](/guides/trading/spot-trading-guide) (buy and hold actual HYPE tokens) and **perpetual futures** (trade HYPE with leverage for speculation). Buying on Hyperliquid's spot market gives you self-custody, no KYC requirement, and direct access to the most liquid HYPE market. To buy HYPE on Hyperliquid spot: 1. [Deposit USDC into Hyperliquid](/guides/getting-started/deposit-usdc-to-hyperliquid) 2. Navigate to the spot trading interface 3. Select the HYPE/USDC pair 4. Place a market or limit order ### On Centralized Exchanges HYPE is also available on several centralized exchanges. The trade-off is that you will need to complete KYC, your tokens are held in the exchange's custody, and you will need to withdraw to a self-custody wallet if you want to stake or use HYPE on HyperEVM. For a comparison of these exchanges against Hyperliquid, see our [Hyperliquid vs Binance](/compare/hyperliquid-vs-binance) and [Hyperliquid vs Bybit](/compare/hyperliquid-vs-bybit) guides. ### Transferring to Hyperliquid If you buy HYPE on a centralized exchange, you can transfer it to your Hyperliquid wallet for staking or use in the ecosystem. Make sure to use the correct network when withdrawing - HYPE is native to Hyperliquid's L1 chain. ### Through a Stock or an ETF Since 2026 there are also wrapped routes for accounts that cannot hold crypto directly, such as retirement accounts. [Hyperliquid Strategies Inc (NASDAQ: PURR)](/ecosystem/purr-stock-hyperliquid-strategies) is a treasury company whose balance sheet is almost entirely HYPE, and three spot ETFs now hold the token on behalf of shareholders. Every one of these adds either an annual sponsor fee or a premium to net asset value on top of the token price, and none of them put staking rewards in your own account. We compared all of them in [PURR stock vs HYPE token](/ecosystem/purr-stock-vs-hype-token). > **Tip:** Buying HYPE directly on Hyperliquid's spot market is the simplest path if you are already using the platform. You avoid CEX withdrawal fees, maintain self-custody, and can immediately stake or use your tokens. If you do not have an account yet, start with our [referral link for a 4% fee discount](https://app.hyperliquid.xyz/join/Concept211). See our [referral program guide](/guides/getting-started/hyperliquid-referral-program-guide) to learn how the referral discount stacks with HYPE staking. --- ## The Bottom Line HYPE is the token that holds the Hyperliquid ecosystem together. It secures the network through staking, fuels the growing HyperEVM smart contract platform as gas, and benefits from a buyback and burn mechanism that ties protocol revenue to supply reduction. The November 2024 airdrop established one of the largest and broadest token distributions in DeFi history, and the tokenomics heavily favor community allocation over insider holdings. Whether you are a trader looking to reduce fees through staking, a DeFi user exploring the HyperEVM ecosystem, or simply someone who wants to understand what powers one of the fastest-growing L1 blockchains, HYPE is the asset at the center of it all. > **Note:** This article is for educational and informational purposes only. It does not constitute financial or investment advice. Cryptocurrency investments are volatile and carry significant risk. Never invest more than you can afford to lose, and always conduct your own research before making any financial decisions. --- # Hyperliquid Bridge Slow or Stuck? How to Fix Bridge Delays > Fix slow or stuck bridge transfers to Hyperliquid. Learn normal bridge times, how to check status, and what to do when deposits or withdrawals are delayed. *Source: https://hyperliquidguide.com/troubleshooting/bridge-delays* ## Normal Bridge Times Before troubleshooting, make sure your transfer is actually delayed. Here are the expected times: | Transfer Type | Normal Time | Congested Time | Concern Threshold | |---|---|---|---| | **Deposit** (Arbitrum → Hyperliquid) | 1-2 minutes | 5-15 minutes | 30+ minutes | | **Withdrawal** (Hyperliquid → Arbitrum) | 2-5 minutes | 10-15 minutes | 30+ minutes | | **Ethereum → Arbitrum** (separate bridge) | 10-15 minutes | 15-30 minutes | 60+ minutes | > **Key takeaway:** Most "stuck" bridge transfers are not stuck at all - they are just slower than expected during congestion. If your Arbiscan transaction shows "Success," your funds are safe and will arrive. Wait at least 15 minutes before troubleshooting further. > **Tip:** Bookmark this page. The next time a bridge transfer feels slow, check the table above before worrying. The vast majority of delayed transfers complete on their own within 15 minutes. --- ## Why Is My Bridge Transfer Slow? Several factors can cause bridge delays. Understanding them helps you decide whether to wait or take action. ### Arbitrum Network Congestion When Arbitrum is processing a high volume of transactions, gas fees spike and transaction confirmation times increase. Your bridge transaction may take longer to be included in a block, or the bridge relay may face a backlog. **How to check:** Visit [arbiscan.io/gastracker](https://arbiscan.io/gastracker) to see current Arbitrum gas prices. If gas is significantly above normal (above 0.1 gwei), the network is congested. ### Hyperliquid L1 Processing Delays The Hyperliquid L1 chain processes bridge transactions in batches. During periods of extremely high trading activity or large deposit/withdrawal volumes, the bridge processing queue may take longer to clear. ### Low Gas on Your Transaction If you manually set a low gas price on your bridge transaction, it may take longer to be confirmed on Arbitrum. Most wallet defaults work fine, but if you customized the gas settings, this could be the bottleneck. ### Bridge Contract Processing Time The bridge between Arbitrum and Hyperliquid's L1 involves a smart contract that locks funds on one side and releases them on the other. This relay process has inherent latency that varies with network conditions. --- ## How to Check Bridge Status ### For Deposits (Arbitrum to Hyperliquid) 1. **Open your wallet** and find your recent transactions 2. Find the deposit transaction and click it to view on Arbiscan 3. Check the status on [arbiscan.io](https://arbiscan.io): - **Success** - The Arbitrum side completed. Your funds are in the bridge contract. The Hyperliquid side is processing. - **Pending** - The transaction has not confirmed on Arbitrum yet. Wait for confirmation. - **Failed** - The transaction reverted. Your funds are still in your wallet. Check the error and retry. > **Note:** A "Success" status on Arbiscan means the hardest part is done. Your funds have left your wallet and entered the bridge contract. The relay to Hyperliquid's L1 is automated and will complete - it just may need a few more minutes during busy periods. ### For Withdrawals (Hyperliquid to Arbitrum) Withdrawals initiate from Hyperliquid's L1 chain, so there is no Arbiscan transaction to check until the bridge completes. Monitor the withdrawal status within the Hyperliquid interface. Once the withdrawal bridge completes, the USDC will appear in your wallet on Arbitrum. You can verify by checking your wallet address on [arbiscan.io](https://arbiscan.io) and looking for an incoming USDC transfer. ![Hyperliquid withdrawal interface showing pending withdrawal status](/images/getting-started/shared/hyperliquid-deposit-interface.webp) --- ## Deposit Bridge Delays (Arbitrum to Hyperliquid) If your deposit is taking longer than expected: 1. **Check Arbiscan** - Confirm the transaction shows "Success" 2. **Wait 15 minutes** - Most deposits finalize within this window even during congestion 3. **Hard refresh Hyperliquid** - Press `Ctrl + Shift + R` to force a fresh load of the balance 4. **Check your balance section** - Deposits go to your Hyperliquid Account Balance, not your wallet balance on Arbitrum > **Warning:** Do **not** send a second deposit while the first is still pending. This will not speed things up and can make it harder to track which transaction is which. Wait for the first deposit to arrive before sending another. If the deposit has not arrived after 30 minutes with a confirmed Arbiscan transaction: - Check [Hyperliquid's Discord](https://discord.gg/hyperliquid) for any bridge maintenance or known issues - Try disconnecting and reconnecting your wallet on Hyperliquid - Try a different browser to rule out cache issues For a full deposit walkthrough, see our [deposit guide](/guides/getting-started/deposit-usdc-to-hyperliquid). **Waiting on a Deposit? Set Up Your Fee Discount** — While your bridge processes, make sure you applied our referral code. It gives you a 4% lifetime discount on all trading fees - you cannot add it after your first trade. [Apply 4% Fee Discount](https://app.hyperliquid.xyz/join/Concept211) ## Withdrawal Bridge Delays (Hyperliquid to Arbitrum) Withdrawals follow the reverse path: Hyperliquid L1 → bridge contract → Arbitrum wallet. They tend to be slightly slower than deposits. **If your withdrawal is delayed:** 1. Check the withdrawal status in the Hyperliquid interface 2. Ensure you have not set the withdrawal amount to exceed your available balance (available balance = total balance minus margin used in open positions) 3. Wait at least 15 minutes - withdrawal processing can take longer during high-volume periods 4. Check your Arbitrum wallet on [arbiscan.io](https://arbiscan.io) to see if the USDC has arrived but the Hyperliquid interface has not updated > **Key takeaway:** Withdrawals can take 2-5 minutes normally and up to 15 minutes during congestion. Unlike deposits where you can check the sending transaction on Arbiscan, withdrawals initiate on Hyperliquid's L1 - so you are waiting for the bridge relay to push the funds to Arbitrum. > **Tip:** If you need funds on Arbitrum quickly, consider withdrawing during off-peak hours. Trading activity (and therefore bridge load) tends to be lower during Asian and European morning hours. ## Ethereum to Arbitrum Bridge (Common Confusion) This is a separate bridge that has nothing to do with Hyperliquid directly, but it causes frequent confusion. > **Warning:** The Ethereum-to-Arbitrum bridge and the Arbitrum-to-Hyperliquid bridge are **two completely different systems**. If you bridged from Ethereum mainnet to Arbitrum, your funds go to your Arbitrum wallet - not directly to Hyperliquid. You still need to deposit from Arbitrum into Hyperliquid as a separate step. **The full path from Ethereum to Hyperliquid:** 1. **Ethereum mainnet** → Bridge to Arbitrum (via [bridge.arbitrum.io](https://bridge.arbitrum.io) or a third-party bridge - takes 10-15 minutes) 2. **Arbitrum wallet** → Deposit to Hyperliquid (via the Hyperliquid deposit button - takes 1-2 minutes) These are two distinct transactions. If you bridged from Ethereum to Arbitrum and your funds have not appeared on Hyperliquid, check whether they arrived on Arbitrum first. Open your wallet, switch to the Arbitrum network, and check your USDC balance. If the USDC is there, you still need to complete step 2. For a complete walkthrough of this process, see our [bridge to Hyperliquid guide](/guides/getting-started/bridge-to-hyperliquid). --- ## Tips to Avoid Bridge Delays A few habits that minimize the chance of running into slow bridge times: 1. **Use default gas settings** - Do not manually lower gas prices on bridge transactions. The default wallet gas estimate is usually appropriate for fast confirmation. 2. **Avoid peak congestion times** - Major market events, token launches, and airdrop claims can spike Arbitrum network usage. If you are not in a rush, wait for activity to cool down. 3. **Keep some ETH on Arbitrum** - You need ETH for gas on every deposit transaction. Running out of gas mid-process means a failed transaction. Keep at least $1-2 of ETH on Arbitrum at all times. 4. **Deposit from Arbitrum directly** - If you are withdrawing from a centralized exchange, choose Arbitrum as the withdrawal network. This avoids the extra Ethereum-to-Arbitrum bridge step entirely and saves both time and gas fees. 5. **Bookmark Arbiscan** - Having [arbiscan.io](https://arbiscan.io) bookmarked lets you quickly check transaction status instead of refreshing Hyperliquid repeatedly. > **Note:** The fastest deposit path is: **centralized exchange → withdraw USDC on Arbitrum → deposit to Hyperliquid**. This skips the Ethereum-to-Arbitrum bridge entirely and typically completes in under 5 minutes total. **Bridge Complete? Trade with Lower Fees** — Pair your Hyperliquid account with our referral code for a permanent 4% trading fee discount. Every fraction of a percent adds up over hundreds of trades. [Start Trading - Save 4%](https://app.hyperliquid.xyz/join/Concept211) ## Related Guides - **[How to Deposit USDC to Hyperliquid](/guides/getting-started/deposit-usdc-to-hyperliquid)** - Step-by-step deposit walkthrough - **[Bridge to Hyperliquid](/guides/getting-started/bridge-to-hyperliquid)** - Full bridging guide from Ethereum and other chains - **[Deposit Not Showing?](/troubleshooting/deposit-not-showing)** - If your deposit completed but is not visible - **[Withdrawal Not Working?](/troubleshooting/withdrawal-issues)** - Fix stuck or pending withdrawals --- # Hyperliquid Deposit Not Showing? Here's How to Fix It (2026) > Fix deposits that don't appear on Hyperliquid. Quick checklist for missing USDC deposits, wrong network issues, bridge delays, and how to track your transaction. *Source: https://hyperliquidguide.com/troubleshooting/deposit-not-showing* ## Quick Fix Checklist Most missing deposits resolve with one of these checks. Run through them in order: 1. **Wait 5 minutes** - Deposits take 1-2 minutes normally, up to 15 during congestion 2. **Hard refresh the page** - Press `Ctrl + Shift + R` (Windows) or `Cmd + Shift + R` (Mac) 3. **Check the right balance** - Your deposit goes to your Hyperliquid Account Balance, not your wallet balance on Arbitrum 4. **Verify on Arbiscan** - Look up your wallet address on [arbiscan.io](https://arbiscan.io) and confirm the transaction shows "Success" 5. **Confirm you sent USDC** - Not USDT, not ETH, not any other token 6. **Confirm you sent on Arbitrum** - Not Ethereum mainnet, not Polygon, not BSC > **Tip:** If your Arbiscan transaction shows "Success" and you sent USDC on Arbitrum, your deposit **will** arrive. The bridge just needs more time. Wait 15 minutes before escalating. --- ## Understanding the Deposit Flow Knowing how deposits work helps you pinpoint where things went wrong. The path your funds take: **Your Wallet (Arbitrum)** → **Hyperliquid Bridge Contract (Arbitrum)** → **Hyperliquid L1 Chain** → **Your Hyperliquid Balance** When you click "Deposit" on Hyperliquid, you are signing a transaction on Arbitrum that sends your USDC to a bridge contract. That contract relays the funds to Hyperliquid's own Layer 1 blockchain. Your balance updates once the bridge finalizes. > **Key takeaway:** Hyperliquid runs on its own L1 chain. Deposits require bridging from Arbitrum - they are not instant on-chain transfers. A 1-2 minute wait is normal. The deposit is a two-step process under the hood, even though you only click one button. If the Arbitrum transaction succeeds but the bridge relay is slow, your funds are safe - they are sitting in the bridge contract waiting to be finalized. --- ## Common Causes and Solutions ### You Sent the Wrong Token > **Note:** Hyperliquid only accepts **USDC** for deposits. USDT, ETH, WBTC, and all other tokens will not trigger a deposit. If you sent the wrong token to the Hyperliquid bridge contract, the transaction may have failed or the tokens may still be in your wallet. Check your wallet on [arbiscan.io](https://arbiscan.io) to see where the tokens ended up. **Fix:** Swap the token to USDC on Arbitrum using [Uniswap](https://app.uniswap.org) or another DEX, then deposit the USDC through Hyperliquid's deposit interface. ### You Sent on the Wrong Network This is the most common mistake. If you withdrew USDC from a centralized exchange and selected Ethereum mainnet, Polygon, or BSC instead of Arbitrum One, your funds went to a different network entirely. > **Warning:** Your funds are **not lost** if you sent on the wrong network. They are in your wallet - just on the wrong chain. You need to bridge them to Arbitrum. **Fix:** 1. Open your wallet and switch to the network you accidentally sent to 2. Verify your USDC balance is there 3. Bridge the USDC to Arbitrum using the [official Arbitrum bridge](https://bridge.arbitrum.io) or a third-party bridge 4. Once the USDC arrives on Arbitrum, deposit through Hyperliquid normally For a detailed bridging walkthrough, see our [bridge guide](/guides/getting-started/bridge-to-hyperliquid). ### The Bridge Is Still Processing During high-traffic periods on Arbitrum or the Hyperliquid network, bridge finalization can take longer than usual. This is the most common cause of deposits that are "stuck" for 5-15 minutes. **How to tell:** Your Arbiscan transaction shows "Success" but the USDC has not appeared in your Hyperliquid balance yet. This means the Arbitrum side completed fine - the bridge relay is just slow. **Fix:** Wait. If the Arbitrum transaction succeeded, your deposit will arrive. Give it up to 15 minutes during congestion. There is nothing you need to do. ### Browser Cache Issue Sometimes the Hyperliquid interface does not reflect your updated balance due to a stale cache or WebSocket disconnection. **Fix:** 1. Hard refresh: `Ctrl + Shift + R` (Windows) or `Cmd + Shift + R` (Mac) 2. If that does not work, clear your browser cache for `app.hyperliquid.xyz` 3. Disconnect and reconnect your wallet 4. Try a different browser ### Amount Too Small While Hyperliquid has no official minimum deposit, extremely small amounts (under $1) may not process reliably, and the Arbitrum gas fee may exceed the deposit value. **Fix:** Deposit a larger amount. Most traders start with at least $50-$100 for practical trading. **New to Hyperliquid? Save on Every Trade** — Sign up with our referral code before your first deposit. You will get a 4% lifetime discount on all trading fees - it cannot be added after your first connection. [Open Hyperliquid with 4% Discount](https://app.hyperliquid.xyz/join/Concept211) --- ## How to Track Your Deposit on Arbiscan If your deposit is not appearing, Arbiscan is your best diagnostic tool: 1. Open [arbiscan.io](https://arbiscan.io) 2. Paste your wallet address in the search bar 3. Look at your most recent transactions 4. Find the deposit transaction - it should show as a transfer of USDC to the Hyperliquid bridge contract 5. Check the status: - **"Success"** - The Arbitrum side is done. The bridge is processing. Wait. - **"Failed"** - The transaction reverted. Check the error message - common causes include insufficient gas or a failed approval. - **"Pending"** - The transaction has not been confirmed on Arbitrum yet. Wait for it to confirm. ![Arbiscan transaction detail page showing a successful USDC deposit to Hyperliquid bridge contract](/images/troubleshooting/shared/arbiscan-homepage.webp) > **Note:** You can also find your transaction hash in your wallet's transaction history. Click the transaction to view it directly on Arbiscan. ## Still Not Showing After 30 Minutes? If your deposit has not arrived after 30 minutes and your Arbiscan transaction shows "Success": 1. **Try a different browser or device** - This rules out local cache and extension issues 2. **Check Hyperliquid's status** - Look at [Hyperliquid's Discord](https://discord.gg/hyperliquid) or Twitter/X for any ongoing bridge issues or maintenance 3. **Verify the contract address** - Make sure you deposited through the official Hyperliquid interface at `app.hyperliquid.xyz` and not a phishing site > **Warning:** Never share your seed phrase or private key with anyone claiming to be "Hyperliquid support." There is no Hyperliquid customer support that will DM you. Anyone asking for your seed phrase is a scammer. > **Key takeaway:** If Arbiscan shows your transaction as successful, your funds are safe. Bridge delays can happen but funds do not get lost in transit. Be patient and check Hyperliquid's Discord for any network-wide issues. In genuinely rare cases where bridge transactions take abnormally long, the Hyperliquid team has addressed issues through their Discord. Join the server and check the announcements channel before assuming something is wrong. **Deposit Working? Start Trading with Lower Fees** — If you signed up with our referral code, you are already saving 4% on every trade. If not, create a new account with a different wallet to get the lifetime discount. [Start Trading - Save 4%](https://app.hyperliquid.xyz/join/Concept211) ## Related Guides - **[How to Deposit USDC to Hyperliquid](/guides/getting-started/deposit-usdc-to-hyperliquid)** - Full deposit walkthrough with screenshots - **[Bridge to Hyperliquid](/guides/getting-started/bridge-to-hyperliquid)** - Bridging funds from Ethereum and other chains - **[Bridge Delays](/troubleshooting/bridge-delays)** - Why bridges get slow and how to check transaction status - **[Withdrawal Not Working?](/troubleshooting/withdrawal-issues)** - Fix stuck or pending withdrawals - **Wallet setup:** [MetaMask](/guides/getting-started/connect-metamask-to-hyperliquid) | [Rabby](/guides/getting-started/connect-rabby-to-hyperliquid) | [Phantom](/guides/getting-started/connect-phantom-to-hyperliquid) | [Coinbase Wallet](/guides/getting-started/connect-coinbase-wallet-to-hyperliquid) | [OKX Wallet](/guides/getting-started/connect-okx-wallet-to-hyperliquid) | [Trust Wallet](/guides/getting-started/connect-trust-wallet-to-hyperliquid) --- # Hyperliquid Wallet Not Connecting? Complete Troubleshooting Guide > Fix wallet connection issues on Hyperliquid. Solutions for MetaMask not connecting, popup blocked, wrong network, stale sessions, and mobile wallet problems. *Source: https://hyperliquidguide.com/troubleshooting/wallet-connection-issues* ## Quick Fixes - Try These First Before diving into specific issues, run through these steps. They resolve the majority of wallet connection problems in under a minute: 1. **Unlock your wallet** - [MetaMask](/guides/getting-started/connect-metamask-to-hyperliquid) requires your password after being idle. Click the extension icon and enter your password. 2. **Refresh the page** - Press `Ctrl + Shift + R` (Windows) or `Cmd + Shift + R` (Mac) to hard refresh 3. **Check the URL** - Make sure you are on `app.hyperliquid.xyz` (not a phishing site) 4. **Disable other wallet extensions** - If you have multiple wallet extensions ([Rabby](/guides/getting-started/connect-rabby-to-hyperliquid), [Coinbase Wallet](/guides/getting-started/connect-coinbase-wallet-to-hyperliquid), [Phantom](/guides/getting-started/connect-phantom-to-hyperliquid)), disable all except the one you want to use 5. **Switch to Arbitrum One** - Open MetaMask and manually switch to the Arbitrum One network 6. **Try an incognito window** - This rules out extension conflicts and cache issues > **Tip:** If the quick fixes above do not work, find your specific issue in the sections below. Each one has a targeted solution. --- ## Issue: Wallet Popup Does Not Appear You click "Connect Wallet" on Hyperliquid but nothing happens. No MetaMask popup, no prompt, nothing. **Causes:** - MetaMask is locked (most common) - Browser is blocking the popup - Another wallet extension is intercepting the request - MetaMask extension is disabled or crashed **Solutions:** > **Tip:** Click the MetaMask fox icon in your browser toolbar first. If it asks for your password, enter it, then try connecting on Hyperliquid again. A locked wallet cannot respond to connection requests. 1. **Unlock MetaMask** - Click the MetaMask icon in your browser toolbar. If you see a password prompt, enter it. Then go back to Hyperliquid and click "Connect Wallet" again. 2. **Check for blocked popups** - Look for a popup-blocked icon in your browser's address bar. Click it and allow popups from `app.hyperliquid.xyz`. 3. **Disable conflicting extensions** - Go to your browser's extension settings (`chrome://extensions` in Chrome) and temporarily disable every wallet extension except MetaMask. Reload Hyperliquid and try again. 4. **Restart the extension** - Toggle MetaMask off and back on in your browser's extension settings, or restart your browser entirely. > **Key takeaway:** The number one reason the wallet popup does not appear is that MetaMask is locked. Always check the extension icon first - if it shows a lock screen, enter your password before attempting to connect. --- ## Issue: Connection Rejected or Times Out The MetaMask popup appears, you approve the connection, but Hyperliquid shows an error or the connection never completes. **Solutions:** 1. **Try again** - Sometimes the first attempt fails due to a timing issue. Refresh and try once more. 2. **Check your internet connection** - Hyperliquid uses WebSocket connections that can be more sensitive to network issues than regular browsing. If your connection is unstable, the handshake may time out. 3. **Disable VPN temporarily** - Some VPNs interfere with WebSocket connections. If you are using a VPN, try disconnecting it briefly to test the connection, then reconnect after. 4. **Check for firewall or antivirus blocking** - Security software may block WebSocket connections to unfamiliar domains. Add `app.hyperliquid.xyz` to your allowlist. > **Warning:** If you are using a corporate or school network, WebSocket connections may be blocked at the network level. Try a different network, mobile hotspot, or VPN to bypass network-level restrictions. ## Issue: Multiple Wallet Extensions Conflicting If you have MetaMask, Rabby, Coinbase Wallet, Phantom, or other wallet extensions installed simultaneously, they can conflict over which one handles the connection request. **Symptoms:** - The wrong wallet pops up when you try to connect - No wallet pops up at all (they are blocking each other) - Connection succeeds but with the wrong wallet or address **Solutions:** 1. **Disable all wallet extensions except one** - Go to `chrome://extensions` (Chrome) or `about:addons` (Firefox) and disable every wallet extension except the one you want to use with Hyperliquid 2. **Use the wallet's built-in site connection** - Some wallets (like Rabby) let you set which wallet handles connection requests for specific sites. Check the wallet's settings. 3. **Use separate browser profiles** - Create a Chrome profile that only has MetaMask installed, and use that profile exclusively for Hyperliquid > **Note:** Rabby wallet has a feature called "Default Wallet" that can override MetaMask. If you have Rabby installed, open its settings and either set MetaMask as the default or disable Rabby's default wallet override. --- ## Issue: Wrong Network Error Hyperliquid shows a network error, or MetaMask prompts you to switch networks. **Solutions:** 1. Open MetaMask and click the network selector at the top 2. Select **Arbitrum One** 3. If Arbitrum One is not listed, add it manually: - Network Name: `Arbitrum One` - RPC URL: `https://arb1.arbitrum.io/rpc` - Chain ID: `42161` - Currency Symbol: `ETH` - Block Explorer: `https://arbiscan.io` 4. Refresh Hyperliquid and try connecting again > **Tip:** Hyperliquid usually prompts MetaMask to switch to the correct network automatically. If this prompt does not appear, switch manually using the steps above. See our [MetaMask setup guide](/guides/getting-started/connect-metamask-to-hyperliquid) for detailed instructions. For full wallet setup walkthroughs, see our guides for [MetaMask](/guides/getting-started/connect-metamask-to-hyperliquid), [Rabby](/guides/getting-started/connect-rabby-to-hyperliquid), [Phantom](/guides/getting-started/connect-phantom-to-hyperliquid), [Coinbase Wallet](/guides/getting-started/connect-coinbase-wallet-to-hyperliquid), [OKX Wallet](/guides/getting-started/connect-okx-wallet-to-hyperliquid), or [Trust Wallet](/guides/getting-started/connect-trust-wallet-to-hyperliquid). ## Issue: Mobile Connection Problems Connecting to Hyperliquid from a mobile device has different challenges than desktop. For a complete walkthrough of setting up Hyperliquid on your phone, see our [mobile trading guide](/guides/getting-started/hyperliquid-mobile-guide). ### Using MetaMask Mobile (Recommended) The most reliable mobile connection method is using MetaMask's built-in browser: 1. Open the **MetaMask** app on your phone 2. Tap the **browser** icon (compass icon at the bottom) 3. Navigate to `app.hyperliquid.xyz` 4. Tap "Connect Wallet" - MetaMask will connect automatically since you are inside the app > **Key takeaway:** On mobile, always use the MetaMask in-app browser to access Hyperliquid. Connecting via Safari or Chrome with WalletConnect is less reliable and more prone to session drops. ### Using Safari or Chrome Mobile If you prefer your regular mobile browser: 1. You will need to connect via **WalletConnect** 2. On Hyperliquid, select "WalletConnect" as the connection method 3. Scan the QR code with your wallet app, or tap the deep link 4. Approve the connection in your wallet app **Common mobile issues:** - **WalletConnect session expired** - Disconnect and reconnect. WalletConnect sessions can become stale. - **Browser switches back and forth** - iOS sometimes struggles with the app-switching flow between browser and wallet. Be patient and wait for the wallet app to fully open before approving. - **Connection drops after locking phone** - This is normal with WalletConnect. You may need to reconnect after your phone locks. **First Time Connecting? Don't Miss the Fee Discount** — Apply our referral code before your first wallet connection. It gives you a permanent 4% discount on all trading fees and cannot be added retroactively. [Open Hyperliquid with 4% Discount](https://app.hyperliquid.xyz/join/Concept211) --- ## Issue: "Already Connected" or Stale Session You see an error indicating the wallet is already connected, or the interface shows a wallet address but is not actually functional. **Solutions:** 1. **Disconnect from Hyperliquid** - Look for a disconnect or logout option in the Hyperliquid interface (usually by clicking your wallet address) 2. **Disconnect from MetaMask** - Open MetaMask → click the three dots menu → Connected Sites → find `app.hyperliquid.xyz` → click the trash icon to disconnect 3. **Clear site data** - In your browser settings, clear cookies and site data specifically for `app.hyperliquid.xyz` 4. **Refresh and reconnect** - Hard refresh the page and connect your wallet again from scratch > **Warning:** If you previously connected a different wallet and want to switch, you must fully disconnect the old wallet from both the Hyperliquid interface AND from the wallet extension's connected sites list. A partial disconnect leaves a stale session that blocks new connections. ## MetaMask Connection Issues on Hyperliquid If [MetaMask](/guides/getting-started/connect-metamask-to-hyperliquid) specifically is giving you trouble, check these common culprits: 1. **Wrong network selected** — MetaMask must be on **Arbitrum One**. Open MetaMask, click the network dropdown, and switch. If Arbitrum One is missing, add it manually (Chain ID `42161`, RPC `https://arb1.arbitrum.io/rpc`). 2. **Pending transactions blocking the queue** — Stuck transactions prevent new ones from processing. In MetaMask, go to **Settings → Advanced → Clear Activity and Nonce Data** to reset pending transactions. 3. **Extension conflicts** — Other browser extensions (especially ad blockers or privacy tools) can intercept MetaMask's injected provider. Temporarily disable non-essential extensions or test in an incognito window with only MetaMask enabled. 4. **Outdated MetaMask version** — An old version may lack Arbitrum support or have known bugs. Update MetaMask via your browser's extension store. 5. **Multiple MetaMask accounts** — Ensure the correct account is selected within MetaMask. Hyperliquid connects to whichever account is currently active. > **Tip:** If MetaMask connects but transactions fail, the issue is usually pending approvals or a wrong nonce. Clearing activity data (step 2 above) resolves this without affecting your funds. --- ## Phantom Wallet Connection Issues [Phantom](/guides/getting-started/connect-phantom-to-hyperliquid) is primarily a Solana wallet, but it also supports EVM chains including Arbitrum. Here are Phantom-specific fixes: 1. **Enable Ethereum/EVM mode** — Phantom defaults to Solana. Open Phantom settings, go to **Active Networks**, and make sure Ethereum (and Arbitrum if available) are enabled. Without this, Hyperliquid cannot detect Phantom as an EVM wallet. 2. **Phantom overriding MetaMask** — Phantom can inject itself as the default wallet provider. If you want to use a different wallet, disable Phantom temporarily in your browser extensions, or configure Phantom's settings to not act as the default EVM wallet. 3. **Arbitrum network not recognized** — If Phantom does not switch to Arbitrum automatically, try disconnecting Phantom from Hyperliquid, manually switching to Ethereum Mainnet in Phantom, then reconnecting — Hyperliquid should prompt the network switch. 4. **Browser compatibility** — Phantom works best on Chrome and Brave. If you experience issues on Firefox or Safari, switch to a Chromium-based browser. > **Note:** Phantom's EVM support is newer than MetaMask's, so occasional quirks are expected. If Phantom issues persist, consider using [MetaMask](/guides/getting-started/connect-metamask-to-hyperliquid) or [Rabby](/guides/getting-started/connect-rabby-to-hyperliquid) as a fallback for Hyperliquid. --- ## Mobile Wallet Connection Issues Mobile connections have unique failure modes compared to desktop. For a full setup walkthrough, see the Hyperliquid mobile guide linked above. 1. **Deep links not opening the wallet app** — If tapping "Connect Wallet" does not open your wallet app, make sure the wallet app is installed (not just the browser extension). Restart your phone if deep links stopped working after an OS update. 2. **In-app browser issues** — The most reliable approach on mobile is using your wallet's **built-in browser** (e.g., [MetaMask](/guides/getting-started/connect-metamask-to-hyperliquid) mobile browser, [Trust Wallet](/guides/getting-started/connect-trust-wallet-to-hyperliquid) DApp browser). Navigate to **[app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211)** from within the wallet app. 3. **WalletConnect session drops** — WalletConnect sessions expire frequently on mobile. If the connection drops after locking your phone or switching apps, disconnect fully in both the browser and your wallet app, then reconnect from scratch. 4. **iOS Safari restrictions** — Safari aggressively kills background processes, breaking the wallet ↔ browser communication. Use the in-app browser method instead, or switch to Chrome on iOS. 5. **Android intent conflicts** — If multiple wallet apps are installed, Android may open the wrong one. Uninstall wallets you do not use, or long-press the deep link and select the correct app manually. > **Warning:** WalletConnect QR codes expire after a few minutes. If the connection stalls, do not wait — close the QR modal and generate a fresh one. --- ## Nuclear Option: Full Reset Steps If nothing else works, this procedure eliminates every possible connection issue. It resets everything to a clean state. 1. **Close all Hyperliquid tabs** 2. **Disconnect Hyperliquid from your wallet** - MetaMask → Connected Sites → remove `app.hyperliquid.xyz` 3. **Clear all browser data for Hyperliquid** - Browser Settings → Privacy → Clear data for `app.hyperliquid.xyz` (cookies, cache, site data, local storage) 4. **Disable all wallet extensions except the one you want to use** 5. **Restart your browser completely** (close all windows, reopen) 6. **Open a fresh tab** and navigate to `app.hyperliquid.xyz` 7. **Connect your wallet** If the nuclear option still does not work: - **Try a completely different browser** - If you use Chrome, try Firefox or Brave - **Try an incognito/private window** - This rules out all extensions and cached data - **Check Hyperliquid's status** - The platform may be experiencing downtime. Check their [Discord](https://discord.gg/hyperliquid) for announcements. > **Key takeaway:** If the nuclear reset and a different browser both fail, the issue is almost certainly on Hyperliquid's end (server or maintenance issue) or a network-level block. Check their Discord for status updates before spending more time troubleshooting locally. **Connected Successfully? Start Trading with Lower Fees** — Make sure you applied our referral code before placing your first trade. Get a 4% lifetime fee discount that adds up significantly over time. [Start Trading - Save 4%](https://app.hyperliquid.xyz/join/Concept211) Once your wallet is connected, the next step is to [deposit USDC to Hyperliquid](/guides/getting-started/deposit-usdc-to-hyperliquid). If you need to bridge assets from another network first, see our [bridging guide](/guides/getting-started/bridge-to-hyperliquid). ## Related Guides **Wallet setup guides:** - [MetaMask](/guides/getting-started/connect-metamask-to-hyperliquid) | [Rabby](/guides/getting-started/connect-rabby-to-hyperliquid) | [Phantom](/guides/getting-started/connect-phantom-to-hyperliquid) | [Coinbase Wallet](/guides/getting-started/connect-coinbase-wallet-to-hyperliquid) | [OKX Wallet](/guides/getting-started/connect-okx-wallet-to-hyperliquid) | [Trust Wallet](/guides/getting-started/connect-trust-wallet-to-hyperliquid) **Next steps:** - **[Deposit USDC to Hyperliquid](/guides/getting-started/deposit-usdc-to-hyperliquid)** - Fund your account after connecting - **[How to Trade on Hyperliquid](/guides/getting-started/how-to-trade-on-hyperliquid)** - Place your first trade --- # Best VPNs for Crypto Trading in 2026 - Privacy-First Reviews > Compare the best VPNs for crypto trading: NordVPN, ExpressVPN, Mullvad, and ProtonVPN reviewed for no-logs policies, kill switches, speed, and crypto payment support. *Source: https://hyperliquidguide.com/privacy/best-vpn-crypto-trading* ## The Best VPN for Crypto Trading in 2026 The best VPN for crypto trading in 2026 is NordVPN, based on independently audited no-logs policies (Deloitte and PwC), a Panama jurisdiction outside any intelligence-sharing alliance, NordLynx speeds that hold roughly 85 to 90 percent of base bandwidth on nearby servers, and post-quantum encryption now enabled across every NordVPN platform. For traders who want no identity attached to the account at all, Mullvad is the strongest privacy pick: no email, no account, payment by Monero or cash, and quantum-resistant WireGuard on by default. ExpressVPN is the reliability choice, and ProtonVPN runs the only free tier worth trusting. Every provider below uses a firewall-level kill switch, supports a WireGuard-based protocol for low-latency fills, and accepts crypto payment, so your VPN subscription is not a paper trail back to your trading. This guide covers VPNs as a general privacy and security tool, not as a way to reach any specific geo-restricted platform — see our [Hyperliquid availability guide](/privacy/hyperliquid-us-availability) for what that restriction covers and does not cover. ## Why Crypto Traders Need a VPN If you are moving real money through decentralized protocols and exchanges, a VPN is not a nice-to-have. It is operational security hygiene - the same way you would not trade from an unsecured wallet or reuse passwords across exchanges. > **Key takeaway:** A VPN encrypts your traffic, hides your IP from exchanges and DeFi frontends, and protects you on public networks. For crypto traders, it is baseline operational security - not optional. Here is what you are actually protecting against. ### Your ISP Sees Everything Without a VPN, your internet service provider has a complete log of every domain you visit. Every time you open a DEX frontend, check a portfolio tracker, or interact with a DeFi protocol, that activity is logged. ISPs in many jurisdictions are legally required to retain this data, and in some cases they sell anonymized (or poorly anonymized) browsing data to data brokers and advertising networks. For crypto traders, this means your ISP knows which exchanges you use, roughly when you trade, and which protocols you interact with. That metadata, combined with the transparent nature of blockchain transactions, can paint a very detailed picture of your financial activity. A VPN encrypts all traffic between your device and the VPN server, making your ISP blind to the specific sites and services you access. ### Public Networks Are a Minefield If you have ever checked a position from a hotel lobby, airport lounge, or coffee shop, you have exposed your trading activity to anyone on that network. Public Wi-Fi is trivially easy to intercept. DNS hijacking, man-in-the-middle attacks, and rogue hotspots are not theoretical - they are well-documented attack vectors. A VPN tunnels your traffic through an encrypted connection, rendering these attacks ineffective. For traders who access platforms like [Hyperliquid](/guides/getting-started/how-to-trade-on-hyperliquid) on the go, a VPN with an always-on kill switch is essential. One dropped connection on an open network can expose session tokens and wallet interactions. ### A Note on Geo-Restricted Frontends Some DeFi frontends restrict access from certain regions at the IP level, separate from whatever the underlying protocol allows. Whether using a VPN to reach a specific restricted service is consistent with that service's own terms is a legal question for that service's terms and for a qualified attorney — this guide covers VPNs as a general privacy tool and does not address that question for any specific platform. See our [Hyperliquid availability guide](/privacy/hyperliquid-us-availability) for how that restriction works for Hyperliquid specifically, and our breakdown of the [Hyperliquid North Korea incident](/privacy/hyperliquid-security-incident) for a look at the protocol's non-custodial design under a real attack. --- ## What to Look for in a Crypto Trading VPN Not every VPN is suitable for trading. The VPN market is flooded with products that prioritize streaming unblocking or casual browsing over the security features that actually matter when real money is at stake. Here is what separates a trading-grade VPN from a consumer novelty. ### No-Logs Policy - Audited, Not Just Advertised Every VPN claims to be "no-logs." It is the most abused term in the industry. What matters is whether that claim has been independently verified by a reputable audit firm. Look for VPNs that have undergone **third-party infrastructure audits** by firms like Deloitte, PwC, KPMG, or Cure53. These audits examine the VPN's servers, code, and data handling practices to verify that no user-identifiable logs are stored. A VPN that has never been audited is asking you to take its marketing at face value - and in crypto, "don't trust, verify" applies to your tools as much as your protocols. ### Post-Quantum Encryption (New for 2026) This is the criterion that changed in 2026. Standard VPN encryption protects your traffic against today's computers, but a "harvest now, decrypt later" adversary can record encrypted sessions and wait for a quantum computer capable of breaking them. For most browsing that is a distant worry. For a trader whose recorded traffic could later reveal wallet interactions and position history, it is worth taking seriously. NordVPN was the first major consumer VPN to ship post-quantum encryption in production, using the NIST-standardized ML-KEM (Kyber) key exchange across every platform via NordLynx, with keys rotating roughly every 90 seconds. Mullvad made quantum-resistant WireGuard the default on its desktop clients and is phasing out OpenVPN entirely in 2026. ExpressVPN added post-quantum protection to its Lightway protocol. ProtonVPN has said it is building its own implementation, but as of mid-2026 it had not shipped, which puts it a step behind the other three on this specific feature. If you want the most future-proof option, pick a provider that already has post-quantum key exchange live. ### Kill Switch A kill switch instantly blocks all internet traffic if the VPN connection drops. Without it, a momentary VPN disconnection means your real IP address is exposed to every service you are connected to - including exchanges and blockchain RPCs. This is non-negotiable. Any VPN without a system-level kill switch is unsuitable for crypto trading. The best implementations operate at the firewall level so that no packets can escape the tunnel, even during the fraction of a second between disconnection and reconnection. ### Speed and Reliability Trading requires low-latency, stable connections. A VPN that adds 200ms of latency or drops connections every hour is worse than no VPN at all - it will cause missed entries, failed transactions, and unnecessary stress. The fastest VPN protocols currently available are **WireGuard** and its derivatives (NordLynx, Lightway). These offer significantly lower overhead than older protocols like OpenVPN. For crypto trading, choose a VPN that supports WireGuard-based protocols and has servers geographically close to the exchange infrastructure you use most. ### Crypto Payment Support If privacy is the reason you are using a VPN, paying for it with a credit card partially defeats the purpose. The best VPNs for crypto traders accept Bitcoin, and some accept privacy-focused currencies like Monero. This allows you to subscribe without linking your real identity to your VPN account. ### Jurisdiction Where a VPN company is legally incorporated determines which data retention laws it is subject to. VPNs based in **Fourteen Eyes** intelligence-sharing countries (US, UK, Canada, Australia, and others) may be compelled to provide user data to government agencies. VPNs based in privacy-friendly jurisdictions like Panama, the British Virgin Islands, or Switzerland operate under stronger legal protections for user data. This does not mean a Fourteen Eyes VPN is automatically compromised - a genuinely no-logs provider has nothing to hand over. But jurisdiction adds a layer of structural protection. **CEX Speed, DEX Principles** — Hyperliquid offers Binance-level trading performance with full self-custody and no KYC. Pair it with a solid VPN for complete operational security. [Try Hyperliquid - Save 4%](https://app.hyperliquid.xyz/join/Concept211) ## The Best VPNs for Crypto Traders After testing dozens of VPN providers against the criteria above, these are the four that consistently meet the standard crypto traders should demand. Each fills a different niche, and the right choice depends on your priorities. ### [NordVPN](https://go.nordvpn.net/aff_c?offer_id=15&aff_id=142342&url_id=902) - Best Overall for Crypto Trading **Jurisdiction:** Panama (no mandatory data retention laws) **Servers:** 9,200+ across 130+ countries **Audits:** Deloitte and PwC (multiple independent no-logs audits) **Protocol:** NordLynx (proprietary, built on WireGuard) with post-quantum encryption **Crypto Payments:** Bitcoin via BitPay **Price:** From ~$3.49/month on the 2-year plan NordVPN is the best all-around VPN for crypto traders, and it is not particularly close. The combination of independently verified no-logs policy (audited multiple times by Deloitte), a Panama jurisdiction outside any intelligence-sharing alliance, and the fastest speeds in the industry makes it the default recommendation. NordLynx, Nord's proprietary protocol built on WireGuard, consistently outperforms competitors in speed tests while maintaining strong encryption. In our testing, connection speeds dropped by only 10-15% on nearby servers - fast enough that you will not notice any difference when placing trades. The feature set goes beyond basics: **Threat Protection** blocks malicious domains and phishing sites (relevant when navigating DeFi), **Double VPN** routes traffic through two servers for additional encryption layers, and **Onion over VPN** integrates Tor routing for maximum anonymity. As of 2026, NordLynx also ships post-quantum key exchange, so recorded sessions stay protected against future quantum attacks. The kill switch operates at the system level and is rock-solid. The one drawback is that NordVPN accepts Bitcoin only through BitPay, which requires a BitPay account. It is not as private as direct crypto payment, but it is better than a credit card. **Bottom line:** If you want one VPN and you want the best, this is it. Fast, audited, and built for serious use. [Get NordVPN — 74% Off + Free Gift Card](https://go.nordvpn.net/aff_c?offer_id=15&aff_id=142342&url_id=902) ### ExpressVPN - Best for Reliability and Global Coverage **Jurisdiction:** British Virgin Islands (strong privacy protections) **Servers:** 3,000+ across 105 countries **Audits:** KPMG and Cure53 (no-logs and security audits) **Protocol:** Lightway (proprietary, lightweight, post-quantum support) **Crypto Payments:** Bitcoin via BitPay **Price:** From ~$6.67/month on the 1-year plan ExpressVPN has been a staple of the privacy space for over a decade, and its reputation for reliability is well-earned. The BVI jurisdiction, combined with KPMG and Cure53 audits, provides strong structural and verified privacy protections. Its TrustedServer technology runs all servers on RAM-only infrastructure - no data is ever written to disk, and every server wipe on reboot guarantees no logs persist. Lightway, Express's proprietary protocol, is not quite as fast as NordLynx in raw benchmarks but is exceptionally stable and reconnects almost instantly after network changes. For traders who switch between Wi-Fi and mobile data frequently, this reliability matters. ExpressVPN is more expensive than NordVPN, and its server count is smaller. But the server coverage is well-distributed globally, and the overall polish and stability of the product is best-in-class. If NordVPN is a sports car, ExpressVPN is a luxury sedan - slightly less raw performance, but impeccable build quality. **Bottom line:** Premium price for premium reliability. Ideal if you value stability and have experienced connection issues with other VPNs. ### Mullvad VPN - Best for Maximum Privacy **Jurisdiction:** Sweden (strong privacy laws, EU) **Servers:** 700+ across 46 countries **Audits:** Cure53 (multiple security audits) **Protocol:** WireGuard (native, post-quantum by default) **Crypto Payments:** Bitcoin, Monero, and cash sent by mail **Price:** Fixed at 5 EUR/month (no contracts, no discounts) Mullvad is the VPN for people who think NordVPN knows too much about them. It operates on a fundamentally different model: **no account, no email, no personal information whatsoever.** When you sign up, Mullvad generates a random account number. That is your entire identity. You fund the account with Bitcoin, Monero, or literally cash in an envelope mailed to their office in Sweden. There is no email to recover, no password to reset, and no payment record tied to your identity. If Mullvad were subpoenaed, they would have nothing to provide - and their infrastructure is designed specifically to ensure that. Mullvad's server network is smaller than NordVPN or ExpressVPN, and there are no streaming-focused features, no browser extensions, and no marketing frills. This is a VPN for people who want a secure encrypted tunnel and nothing else. Speeds are strong thanks to native WireGuard support, and Cure53 has audited the code and infrastructure. Mullvad made quantum-resistant WireGuard the default on desktop and is retiring OpenVPN entirely during 2026, so its encryption posture is among the most forward-looking in the industry. The flat 5 EUR/month pricing with no long-term commitments is refreshingly honest in an industry addicted to "90% off 3-year plan" marketing gimmicks. **Bottom line:** The privacy purist's choice. No identity, no records, no compromises. Smaller server network is the trade-off. ### ProtonVPN - Best Free Tier **Jurisdiction:** Switzerland (strong privacy laws, outside EU data directives) **Servers:** 8,900+ across 110+ countries (paid plans) **Audits:** Securitum (infrastructure audit), open-source clients **Protocol:** WireGuard, OpenVPN, Stealth **Crypto Payments:** Bitcoin on paid plans **Price:** Free tier available; paid plans from $4.99/month ProtonVPN is built by the team behind ProtonMail, and it benefits from Proton's established reputation in the privacy space. The Swiss jurisdiction is among the strongest in the world for data protection, and ProtonVPN's free tier is the only one we recommend - it is genuinely no-logs and does not monetize user data. The free tier has limitations: three server locations (US, Netherlands, Japan), one simultaneous connection, and no WireGuard support (OpenVPN and Stealth only). Speeds are acceptable but noticeably slower than paid options. For casual use - checking positions, monitoring a portfolio - it works. For active trading where latency matters, upgrade to a paid plan. Paid ProtonVPN plans unlock the full server network, WireGuard protocol, Secure Core (multi-hop routing through privacy-friendly countries), and up to 10 simultaneous connections. The **Proton Unlimited** bundle includes ProtonMail, ProtonDrive, and ProtonCalendar, making it strong value for traders who want an entire privacy-focused ecosystem. All ProtonVPN clients are open-source and have been independently audited. This level of transparency is rare in the VPN industry and gives meaningful confidence in the product's claims. One gap worth noting for 2026: Proton has said it is building post-quantum encryption, but it had not shipped as of mid-2026, so on that specific feature it trails NordVPN, ExpressVPN, and Mullvad. **Bottom line:** The only free VPN worth using for crypto. Paid plans compete directly with NordVPN and ExpressVPN on features. ## Quick Comparison | Feature | NordVPN | ExpressVPN | Mullvad | ProtonVPN | |---|---|---|---|---| | **Jurisdiction** | Panama | British Virgin Islands | Sweden | Switzerland | | **No-Logs Audit** | Deloitte, PwC | KPMG, Cure53 | Cure53 | Securitum | | **Post-Quantum** | Yes (NordLynx) | Yes (Lightway) | Yes (default) | Not yet (mid-2026) | | **Kill Switch** | Yes (system-level) | Yes (system-level) | Yes (system-level) | Yes (system-level) | | **Crypto Payments** | BTC (BitPay) | BTC (BitPay) | BTC, XMR, cash | BTC (paid plans) | | **Servers** | 9,200+ | 3,000+ | 700+ | 8,900+ (paid) | | **Starting Price** | ~$3.49/mo (2yr) | ~$6.67/mo (1yr) | 5 EUR/mo (flat) | Free / $4.99/mo | | **Best For** | Overall performance | Reliability | Maximum privacy | Budget / free tier | ## How to Set Up a VPN for Crypto Trading Setting up a VPN takes less than five minutes. Here is the process for any of the providers above. ### 1. Choose a Provider and Subscribe Select one of the recommended VPNs based on your priorities. If privacy is paramount, pay with Bitcoin or Monero. Mullvad also accepts cash by mail for complete anonymity. ### 2. Download and Install the Client Download the official app from the provider's website - never from a third-party source. Install it on every device you use for trading: desktop, laptop, and phone. ### 3. Enable the Kill Switch Open the VPN app's settings and enable the kill switch **before connecting to any server.** This is the most important configuration step. On NordVPN and ExpressVPN, look for it under Settings > Kill Switch. On Mullvad, it is enabled by default. ### 4. Connect to a Server Choose a server location based on your needs. For general trading, select a server close to your physical location for the lowest latency. If you need access to a specific frontend, connect through a server in the appropriate jurisdiction. ### 5. Verify Your Connection Before trading, confirm that your VPN is working correctly. Visit [ipleak.net](https://ipleak.net) or [dnsleaktest.com](https://dnsleaktest.com) to verify that your real IP address is hidden and no DNS leaks are present. Also check for WebRTC leaks, which can expose your real IP even with a VPN active. ### 6. Access Your Trading Platforms With the VPN confirmed and the kill switch active, open your trading platforms. Whether you are using [Hyperliquid](/guides/getting-started/how-to-trade-on-hyperliquid), another DEX, or a centralized exchange, all traffic is now encrypted and routed through the VPN tunnel. For a comprehensive guide on securing your entire trading setup, see our [crypto trading security guide](/guides/getting-started/crypto-trading-security-guide). ## Common VPN Mistakes Crypto Traders Make Even with a good VPN, poor practices can undermine your privacy. Avoid these common errors. ### Using a Free VPN for Trading Free VPNs (other than ProtonVPN's limited free tier) generate revenue by harvesting and selling your data. Some inject tracking cookies, leak DNS queries, or have been caught bundling malware. Using a free VPN for crypto trading is worse than using no VPN at all - you are actively handing your financial browsing data to an unknown third party. ### Forgetting to Enable the Kill Switch The VPN connection will eventually drop. It might be for half a second, it might be for ten. Without a kill switch, every application on your device reverts to your raw ISP connection during that window - including your browser with the exchange tab open. Your real IP address gets logged by every server you are connected to. Enable the kill switch once and never touch it again. ### Using the Same Server Location Every Time Connecting to the same server IP address for every session creates a consistent fingerprint. Rotate between servers in the same general region to reduce trackability. Most VPN clients let you select specific servers or cities within a country. ### Not Checking for DNS and WebRTC Leaks A VPN can appear to be working while quietly leaking your real IP through DNS queries or WebRTC (a browser feature used for real-time communication). After connecting to your VPN, test for leaks at [ipleak.net](https://ipleak.net). If leaks are detected, disable WebRTC in your browser settings and ensure your VPN is handling DNS resolution (most recommended providers do this by default). ### Logging Into Personal Accounts While Connected If you log into your personal Google, social media, or email accounts while connected to a VPN, you link your VPN IP address to your real identity. This does not break the VPN's encryption, but it allows services to associate the VPN exit IP with your personal profile - reducing the anonymity the VPN provides for other activities on the same connection. For maximum operational security, use a separate browser profile or dedicated browser for trading. **Trade Private. Trade Self-Custody.** — Pair your VPN with Hyperliquid - no KYC, no account creation, full self-custody of your funds. Use our referral code for a 4% lifetime fee discount. [Start Trading on Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) ## Summary A VPN is baseline security infrastructure for any serious crypto trader. It encrypts your traffic, hides your activity from ISPs and data brokers, protects you on public networks, and ensures consistent access to DeFi frontends. **Key takeaways:** - **[NordVPN](https://go.nordvpn.net/aff_c?offer_id=15&aff_id=142342&url_id=902)** is the best overall choice - fastest speeds, Deloitte-audited no-logs, Panama jurisdiction, and currently 74% off (~$3.39/mo) with a free Amazon Gift Card. - **ExpressVPN** is the reliability pick - BVI jurisdiction, KPMG/Cure53 audited, rock-solid connections, premium price at ~$6.67/month. - **Mullvad** is for maximum privacy - no account needed, pay with Monero or cash, fixed 5 EUR/month, no compromises. - **ProtonVPN** is the best free option - Swiss jurisdiction, open-source clients, genuinely usable free tier with no data harvesting. - **Always enable the kill switch** before connecting. This is non-negotiable. - **Pay with crypto** if privacy is your goal. A credit card on your VPN account is a paper trail. - **Test for leaks** after every setup. IP leaks, DNS leaks, and WebRTC leaks can silently expose your real identity. Pair a strong VPN with a non-custodial trading platform like [Hyperliquid](/guides/getting-started/how-to-trade-on-hyperliquid) and you have a setup where no single entity - not your ISP, not an exchange, not a data broker - has a complete picture of your trading activity. That is what real operational security looks like. --- # Is Hyperliquid Available in the US? What the Restriction Actually Covers (2026) > Hyperliquid's frontend geo-blocks US IP addresses; the L1 protocol itself is permissionless. What the restriction covers, what it doesn't, and where to go for anything legal or tax-related. *Source: https://hyperliquidguide.com/privacy/hyperliquid-us-availability* > **Note:** **Last verified: August 19, 2026.** Hyperliquid's frontend continues to restrict US IP addresses. This page describes what the restriction covers at a technical level and deliberately avoids drawing legal conclusions — see the [disclaimer](/disclaimer) for why, and consult a qualified attorney or tax professional for anything that depends on your specific situation. > **Tip:** **August 19, 2026 update.** Speaking at a White House meeting with crypto and prediction-market executives, President Trump said CFTC Chair Mike Selig was working to bring Hyperliquid into the United States "in a fully compliant and legal fashion." No filing, registration, approval or date has been announced, and the frontend restriction described on this page was still in place that day. For the full quote, the CFTC process people are referring to, and what would actually have to happen, see [Is Hyperliquid coming to the US?](/privacy/is-hyperliquid-coming-to-the-us) Hyperliquid's frontend at [app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211) geo-blocks connections from US IP addresses, and its Terms of Service separately restrict use by US persons. The L1 protocol itself — the blockchain, the smart contracts, the on-chain order book — does not perform IP-based geo-blocking; the restriction is enforced at the frontend, not at the protocol level. That distinction is purely technical and does not amount to a statement about what is or is not permitted: Hyperliquid's own Terms of Service are the actual restriction, and the frontend IP check is one mechanism for enforcing them. This page describes what the restriction covers. It does not evaluate whether trading is lawful for any particular reader, does not speculate about why the restriction exists, and does not walk through how to route around it. For anything legal, regulatory, or tax-related, talk to a professional — see the [disclaimer](/disclaimer) for the full scope of what this site does and does not claim to know. ## Which Countries Does the Frontend Restrict? Per Hyperliquid's published Terms of Service and the frontend's own geo-check, the following are restricted: - **United States** — blocked at app.hyperliquid.xyz via IP-based geofencing - **OFAC-sanctioned countries** — Cuba, Iran, North Korea, Syria, and the Crimea/Donetsk/Luhansk regions of Ukraine - **Other jurisdictions** the Terms of Service name or may name as conditions change — check the current Terms directly rather than relying on any secondary summary, including this one Outside those, the frontend does not apply an IP restriction. This is a description of the frontend's current behavior, not a representation that trading is permitted or advisable in any given jurisdiction — check the [Terms of Service](https://app.hyperliquid.xyz/join/Concept211) directly, since they are the authoritative source and this page is not. > **Key takeaway:** The frontend restriction and the L1 protocol are two different things. The protocol does not perform IP-based geo-blocking; the frontend does, and Hyperliquid's Terms of Service are what actually govern who may use the platform. ## Frontend vs. Protocol The frontend — the website at app.hyperliquid.xyz — checks IP address and blocks connections it identifies as US-based. The L1 protocol underneath it does not perform this check; it processes signed transactions from any wallet. That is a fact about how the system is built, not a statement about what is permitted: the Terms of Service that govern use of Hyperliquid apply regardless of which layer enforces them technically, and this site is not positioned to interpret how that applies to any individual's situation. Other DeFi derivatives platforms use comparable frontend-level restrictions; [dYdX](/compare/hyperliquid-vs-dydx) and GMX are two examples. This page does not draw conclusions from that pattern about why any of these platforms, including Hyperliquid, made this choice — that would be speculation about a private company's internal reasoning, which this site has no visibility into. There is now a third layer worth naming, and it belongs to neither of the two above. On September 3, 2026 Hyperliquid announced **HIP-3\***, an optional onchain allowlist that a [HIP-3 builder](/ecosystem/hip-3-builder-codes) can switch on for the markets it deploys and operates itself. That is access control exercised by an independent market operator, not by Hyperliquid, and it applies only to that operator's own venue. It is on testnet, no deployer has said it intends to use it in any particular jurisdiction, and nothing on this page changed because of it. The [US tracker](/privacy/is-hyperliquid-coming-to-the-us) covers the announcement and the claims made about it. --- ## VPNs, Privacy, and Crypto Trading VPN use is common among crypto traders for reasons that have nothing to do with reaching any one specific platform: **ISP visibility.** An ISP can see every site a connection touches. A VPN encrypts that traffic so the ISP sees only an encrypted tunnel, not the destinations. **Public network security.** Coffee shop, airport, and hotel Wi-Fi carry real risk of interception. A VPN's encrypted tunnel protects traffic on networks a trader doesn't control. **Reducing IP exposure.** An IP address can approximate physical location. Traders holding meaningful balances often treat minimizing that exposure as standard operational security. VPNs are legal in the US and most countries, and are used by journalists, corporations, and ordinary users for reasons unconnected to crypto. For a comparison of specific VPN services on privacy features, speed, and price, see the [VPN review guide](/privacy/best-vpn-crypto-trading). None of the above is guidance on using a VPN to reach a specific geo-restricted service, and this page does not provide that. Whether doing so is consistent with a platform's own terms is a question for that platform's terms and for a lawyer — not for this page. > **Warning:** This section describes VPNs as a general privacy tool. It is not instructions for accessing any geo-restricted service, and it is not legal advice. If a service restricts access from your location, that restriction reflects a decision made by that service; whether and how to act on it is a legal question specific to your situation. Consult a qualified attorney. **Set Up on Hyperliquid** — Where you're eligible to use it, Hyperliquid offers self-custody trading with no identity verification. Use our referral code for a 4% lifetime fee discount. [Start Trading on Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) ## Custody Model Hyperliquid is described by its documentation as non-custodial: when funds move onto Hyperliquid's L1, they sit under smart-contract control tied to the depositing wallet rather than in a company-held account. That is a description of the architecture, not a warranty against loss — smart contract risk, bridge risk, and key-management risk are separate topics covered in the [security guide](/guides/getting-started/is-hyperliquid-safe). The practical implication commonly drawn from a non-custodial design is that there is no company account to freeze in the way a centralized exchange account can be frozen or, as happened with FTX, misappropriated. That follows from the architecture as described; it is not a guarantee about outcomes in every circumstance, and readers should treat it as a description rather than a promise. ## Tax and Reporting Crypto trading profits are generally subject to tax reporting obligations regardless of which platform or protocol was used, in the US and in most jurisdictions. This is general information, not tax advice, and it does not cover FBAR, FATCA, or any jurisdiction-specific reporting question — those require a qualified tax professional who knows your full situation. The [tax reporting guide](/guides/trading/hyperliquid-tax-reporting-guide) covers exporting trade history from Hyperliquid, which is a separate, purely mechanical topic from what you owe or how to report it. ## On-Chain Activity Is Not Private Using a VPN changes what an ISP or network observer can see; it does not change what is visible on-chain. Wallet addresses and transaction history on Hyperliquid's L1 are public, and on-chain analysis can link addresses to identities through exchange deposits, address reuse, and other correlation techniques. Treat blockchain activity as public and permanent, and keep records — see the [tax reporting guide](/guides/trading/hyperliquid-tax-reporting-guide) for what Hyperliquid's own trade history export provides. ## If You Want a Different Trade-off Regulated derivatives venues exist with different features and different constraints — CME Group's crypto futures and Coinbase's regulated futures products among them, generally with narrower product selection, lower leverage, and standard KYC. The [Hyperliquid vs. Binance](/compare/hyperliquid-vs-binance) and other [comparison articles](/compare) lay out feature differences without making a claim about which is right for any given reader — that depends on your own risk tolerance, jurisdiction, and legal situation, which is exactly the kind of judgment this site does not make for you. **Self-Custody Trading** — Hyperliquid gives you control of your own funds with no identity verification, where you're eligible to use it. Use our referral link for 4% off all fees. [Try Hyperliquid - Save 4%](https://app.hyperliquid.xyz/join/Concept211) ## Summary Hyperliquid's frontend restricts US IP addresses, and its Terms of Service separately restrict use by US persons; the L1 protocol itself does not perform IP-based geo-blocking. This page describes that distinction without drawing legal conclusions from it. VPNs are legal, general-purpose privacy tools used widely in crypto trading for reasons unrelated to any one platform, and nothing here should be read as instructions for circumventing a specific restriction. Tax obligations apply to crypto trading generally, and on-chain activity is public regardless of network-level privacy tools. For anything that depends on your specific facts — legality, tax treatment, or otherwise — talk to a qualified professional. See the [disclaimer](/disclaimer) for the full scope of what this site does and does not represent. --- # How to Connect MetaMask to Hyperliquid (2026 Guide) > Connect MetaMask to Hyperliquid in under 2 minutes. Step-by-step: install MetaMask, add Arbitrum, connect wallet, and get a 4% fee discount. No KYC required. *Source: https://hyperliquidguide.com/guides/getting-started/connect-metamask-to-hyperliquid* To connect MetaMask to Hyperliquid, install the MetaMask browser extension, navigate to **[app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211)**, click **Connect**, select MetaMask, and approve the connection. The entire process takes under two minutes — no custom RPC, no network configuration, and no KYC required. Hyperliquid uses a bridge-based system where MetaMask signs transactions, and your funds are secured on Hyperliquid's custom L1 chain. ## Why MetaMask Is the Most Popular Wallet for Hyperliquid MetaMask is the most widely used Ethereum wallet, with over 30 million monthly active users. It works seamlessly with Hyperliquid because both are built on EVM (Ethereum Virtual Machine) compatible infrastructure. Connecting MetaMask to Hyperliquid takes less than two minutes and requires no identity verification. Hyperliquid is a **non-custodial** exchange, which means your funds remain under your control through your MetaMask wallet. There is no account creation process with emails or passwords - your wallet **is** your account. > **Key takeaway:** Your MetaMask wallet is your Hyperliquid account. No emails, no passwords, no KYC. Connect, deposit, and trade in under 5 minutes. ## Prerequisites Before connecting MetaMask to Hyperliquid, make sure you have: - **MetaMask browser extension** installed and updated (version 11.0+ recommended) - **A funded wallet** with USDC on the Arbitrum network (for depositing into Hyperliquid) - **A small amount of ETH on Arbitrum** (less than $1 worth, to cover the one-time bridge gas fee) - **A modern browser** - Chrome, Firefox, Brave, or Edge all work If you do not have MetaMask yet, the next section walks you through installing it. ## Step-by-Step: Connect MetaMask to Hyperliquid ### Step 1: Install MetaMask If you already have MetaMask installed, skip to Step 2. 1. Go to [metamask.io/download](https://metamask.io/download) 2. Click **"Install MetaMask"** for your browser (Chrome, Firefox, Brave, or Edge) 3. Click **"Add to Browser"** and confirm the extension installation 4. Follow the setup wizard to create a new wallet 5. **Write your 12-word seed phrase on paper** - store it somewhere safe and offline. Anyone with your seed phrase controls your wallet. 6. Confirm your seed phrase and set a strong password ![MetaMask setup wizard showing seed phrase backup step](/images/getting-started/shared/metamask-extension-page.webp) > **Note:** Never share your seed phrase. Never store it in a text file, screenshot, or cloud service. Hyperliquid support will never ask for it. No legitimate service will ever ask for it. ### Step 2: Add the Arbitrum Network to MetaMask Hyperliquid deposits come from the Arbitrum network. MetaMask may already have Arbitrum configured, but if it does not: 1. Open MetaMask and click the **network dropdown** at the top (it usually says "Ethereum Mainnet") 2. Click **"Add Network"** or **"Show/hide test networks"** and select **"Add a network manually"** 3. Enter the Arbitrum One network details: - **Network Name**: Arbitrum One - **RPC URL**: `https://arb1.arbitrum.io/rpc` - **Chain ID**: 42161 - **Currency Symbol**: ETH - **Block Explorer URL**: `https://arbiscan.io` 4. Click **Save** Alternatively, visit [chainlist.org](https://chainlist.org), search for "Arbitrum One," and click "Add to MetaMask" for automatic configuration. > **Tip:** Using Chainlist is the easiest method - it auto-fills all the network details for you in one click. No manual entry needed. ### Step 3: Connect to Hyperliquid 1. Open your browser and navigate to **app.hyperliquid.xyz** 2. Click the **"Connect"** button in the top-right corner of the page 3. Select **"MetaMask"** from the wallet options 4. MetaMask will pop up asking you to confirm the connection - review the permissions and click **"Connect"** 5. You may be asked to sign a message to verify your wallet ownership - click **"Sign"** ![Hyperliquid wallet connection modal showing MetaMask option](/images/getting-started/how-to-trade-on-hyperliquid/connect-wallet-popup.webp) That's it. Your wallet is now connected to Hyperliquid. You will see your wallet address displayed in the top-right corner of the Hyperliquid interface. **First Time Connecting? Get 4% Off Fees** — If this is your first time connecting to Hyperliquid, use our referral code for a 4% lifetime fee discount. The discount cannot be applied after your first connection. [Connect with Fee Discount](https://app.hyperliquid.xyz/join/Concept211) ### Step 4: Apply a Referral Code (Critical - First Connection Only) When you connect a new wallet to Hyperliquid for the first time, this is your **only chance** to apply a referral code. Our referral code (Concept211) gives you a **4% discount on all trading fees** for the lifetime of your account, up to your first $25 million in volume. If you connected through our [referral link](https://app.hyperliquid.xyz/join/Concept211), the code is applied automatically. If you navigated directly to app.hyperliquid.xyz, check the referral section in your account settings to see if a code is active. > **Warning:** You cannot add a referral code after your account is already created. If you have already connected without one, the only option is to create a new account with a different wallet address. ### Step 5: Deposit USDC With your wallet connected, you need to deposit funds before you can trade: 1. Click the **"Deposit"** button in the navigation area 2. Enter the amount of USDC you want to deposit 3. Confirm the transaction in MetaMask 4. Wait approximately 1-2 minutes for the deposit to confirm For a detailed walkthrough of the deposit process, see our [complete USDC deposit guide](/guides/getting-started/deposit-usdc-to-hyperliquid), or learn how to [bridge funds to Hyperliquid](/guides/getting-started/bridge-to-hyperliquid) from any chain. --- ## Troubleshooting Common Connection Issues ### MetaMask Popup Does Not Appear - **Check if MetaMask is unlocked** - Open the MetaMask extension and enter your password - **Disable other wallet extensions** - If you have [Rabby](/guides/getting-started/connect-rabby-to-hyperliquid), [Phantom](/guides/getting-started/connect-phantom-to-hyperliquid), or other wallet extensions installed, they can intercept the connection. Temporarily disable them and try again - **Clear browser cache** - Sometimes stale data prevents the popup. Clear your cache for app.hyperliquid.xyz and refresh - **Try a different browser** - If Chrome is not working, try Brave or Firefox ### "Connection Rejected" Error This happens when you click "Reject" in the MetaMask popup, or the popup times out. Simply click "Connect" on Hyperliquid again and approve the connection in MetaMask this time. ### MetaMask Shows Wrong Network If MetaMask displays a network mismatch warning: 1. Open MetaMask 2. Click the network selector at the top 3. Switch to **Arbitrum One** 4. Return to Hyperliquid and reconnect Hyperliquid usually auto-prompts for a network switch, but manual switching resolves most issues. For persistent connection problems, see our [complete wallet troubleshooting guide](/troubleshooting/wallet-connection-issues). ### Connected But Wallet Shows 0 Balance Connecting your wallet does not automatically transfer funds. You need to **[deposit USDC](/guides/getting-started/deposit-usdc-to-hyperliquid)** from Arbitrum into Hyperliquid using the Deposit button. Your MetaMask balance and Hyperliquid trading balance are separate. **Wallet Connected? Start Trading with a Discount** — Use our referral code for a 4% lifetime reduction on trading fees. Zero gas fees, sub-second execution, no KYC required. [Start Trading - Save 4%](https://app.hyperliquid.xyz/join/Concept211) ## Next Steps Once your MetaMask is connected to Hyperliquid: 1. **[Follow the beginner checklist](/guides/getting-started/hyperliquid-beginner-checklist)** - Complete start-to-trade checklist covering every step from here to first trade 2. **[Deposit USDC](/guides/getting-started/deposit-usdc-to-hyperliquid)** - Bridge funds from Arbitrum into your Hyperliquid trading account 3. **[Place your first trade](/guides/getting-started/how-to-trade-on-hyperliquid)** - Follow our complete trading guide to go from deposit to first position 3. **[Trade on your phone](/guides/getting-started/hyperliquid-mobile-guide)** - Set up Hyperliquid as a PWA on your mobile device for trading on the go 4. **[Learn order types](/guides/trading/order-types-guide)** - Explore limit orders, stop-losses, and advanced features to trade more effectively 5. **[Understand trading fees](/guides/fees/fees-explained)** - Learn about maker/taker fees and how to minimize costs 6. **[Secure your wallet](/guides/getting-started/crypto-trading-security-guide)** - Protect your MetaMask with best practices for seed phrase storage, phishing prevention, and VPN usage --- # How to Deposit USDC to Hyperliquid in 5 Steps (2026 Guide) > Step-by-step guide to depositing USDC on Hyperliquid in under 5 minutes. Works with MetaMask, Coinbase Wallet, and all Arbitrum wallets. Updated March 2026. *Source: https://hyperliquidguide.com/guides/getting-started/deposit-usdc-to-hyperliquid* To deposit USDC to Hyperliquid, connect your wallet to **[app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211)**, click Deposit, and bridge USDC from Arbitrum - the entire process takes under 2 minutes with roughly $0.10 in gas fees. Hyperliquid charges zero deposit fees, has a 5 USDC minimum, and funds appear in your trading balance automatically. The bridge is non-custodial and has never lost user funds — for a case study, see our writeup on the [Hyperliquid North Korea security incident](/privacy/hyperliquid-security-incident). According to [Hyperliquid's official bridge documentation](https://hyperliquid.gitbook.io/hyperliquid-docs/usdc-deposits-and-withdrawals), USDC deposits arrive within 1-5 minutes from Arbitrum, are settled by Hyperliquid's L1 validators, and require no manual claim. The bridge contract is audited and listed on [Arbiscan](https://arbiscan.io/) under the verified Hyperliquid bridge address. > **Tip:** **New to crypto?** You can now skip the USDC step entirely. Hyperliquid supports [direct fiat deposits via credit card or bank transfer](/guides/getting-started/buy-crypto-with-fiat-on-hyperliquid) — no existing crypto needed. ## How Deposits Work on Hyperliquid Hyperliquid's deposit documentation confirms that deposits are processed via a native Arbitrum-to-Hyperliquid bridge contract, with a 5 USDC minimum and no platform-side deposit fee. Hyperliquid runs on its own [Layer 1 blockchain](/guides/getting-started/how-hyperliquid-works), separate from Ethereum and Arbitrum. To trade on Hyperliquid, you need to **bridge** USDC from the Arbitrum network into Hyperliquid's chain. This is a one-click process built directly into the Hyperliquid interface - you do not need to use any external bridge tools. Note that [unified account](/guides/trading/unified-accounts-guide) users now default to CCTP deposits instead of the Arbitrum bridge - all deposit options remain available regardless of your account mode. > **Note:** **Quick Summary - Depositing USDC to Hyperliquid** > - Hyperliquid charges **zero deposit fees** - the only cost is Arbitrum network gas (~$0.10-0.50 in ETH) > - As of March 2026, minimum deposit: **5 USDC** via the native Arbitrum bridge > - Deposit time: **1-2 minutes** via native bridge, **2-10 seconds** via Across Protocol > - You need USDC on Arbitrum One - bridge from Ethereum, Coinbase, or 22+ chains via Across > - Deposits appear in your Hyperliquid trading balance automatically, no confirmation needed > - Sign up with [referral code **Concept211**](/referral) for a 4% lifetime fee discount before your first deposit **How to deposit USDC to Hyperliquid in 4 steps:** 1. Get USDC on Arbitrum (buy on Coinbase/Binance and withdraw, or bridge via Across Protocol) 2. Connect your wallet to [app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211) 3. Click **Deposit**, enter the USDC amount, and confirm the transaction in your wallet 4. Wait 1–2 minutes - your USDC appears in your Hyperliquid trading balance > **Key takeaway:** Hyperliquid charges zero deposit fees. The only cost is a few cents in Arbitrum gas. Deposits confirm in 1-2 minutes. **Key facts about Hyperliquid deposits:** - **Settlement currency**: USDC only (for perpetual futures trading) - **Source network**: Arbitrum One - **Deposit fee**: None from Hyperliquid (you pay only the Arbitrum gas fee, typically a few cents) - **Confirmation time**: 1-2 minutes typically - **Minimum deposit**: No official minimum ## Where to Get USDC on Arbitrum Before you can deposit into Hyperliquid, you need USDC in your wallet on the Arbitrum network. Here are the most reliable methods: ### Method 0: Buy Directly With Fiat (Easiest for New Users) If you don't already own any crypto, Hyperliquid now supports **[direct fiat deposits](/guides/getting-started/buy-crypto-with-fiat-on-hyperliquid)** powered by swapped.com. Select "Fiat" in the deposit modal and pay with a credit card or bank transfer — no USDC, no Arbitrum, no bridging required. Available in select geographies. ### Method 1: Withdraw From a Centralized Exchange This is the simplest and most common method. Most major exchanges support Arbitrum withdrawals: 1. **Buy USDC** on Coinbase, Binance, Kraken, or any major exchange 2. Navigate to the **Withdraw** section 3. Select **USDC** as the asset 4. Choose **Arbitrum One** as the withdrawal network (this is important - do not select Ethereum mainnet or you will need to bridge separately) 5. Paste your **wallet address** as the destination 6. Confirm the withdrawal The USDC will arrive in your wallet on Arbitrum within a few minutes. Make sure your wallet is set to the Arbitrum network to see the balance. ### Method 2: Bridge From Ethereum Mainnet If you have USDC on Ethereum mainnet, you can bridge it to Arbitrum: - **Official Arbitrum Bridge** ([bridge.arbitrum.io](https://bridge.arbitrum.io)) - The safest option, but takes about 10 minutes - **Third-party bridges** - Services like Synapse, Across, or Stargate offer faster bridging, often under 2 minutes For a detailed walkthrough, see our full guide on [how to bridge to Hyperliquid](/guides/getting-started/bridge-to-hyperliquid). ### Method 3: Swap on Arbitrum If you have ETH or other tokens on Arbitrum already, you can swap them for USDC: 1. Go to [app.uniswap.org](https://app.uniswap.org) or another Arbitrum-compatible DEX 2. Make sure you are on the Arbitrum network 3. Swap your tokens for USDC 4. The USDC will appear in your wallet immediately > **Tip:** You will need to keep a small amount of ETH on Arbitrum for gas fees - both for the swap and for the subsequent Hyperliquid deposit bridge transaction. About $0.50 worth of ETH is more than sufficient. **First Time Depositing? Don't Forget the Discount** — Make sure you applied our referral code before your first connection. It gives you a 4% lifetime trading fee discount that cannot be added later. [Open Hyperliquid with 4% Discount](https://app.hyperliquid.xyz/join/Concept211) ## Step-by-Step: Deposit USDC Into Hyperliquid Once you have USDC on Arbitrum in your wallet: ### Step 1: Connect Your Wallet Navigate to **app.hyperliquid.xyz** and connect your wallet if you have not already. > **Note:** **Need help connecting your wallet?** Hyperliquid works with any EVM-compatible wallet. See our step-by-step guides for [MetaMask](/guides/getting-started/connect-metamask-to-hyperliquid), [Rabby](/guides/getting-started/connect-rabby-to-hyperliquid), [Phantom](/guides/getting-started/connect-phantom-to-hyperliquid), [Coinbase Wallet](/guides/getting-started/connect-coinbase-wallet-to-hyperliquid), [OKX Wallet](/guides/getting-started/connect-okx-wallet-to-hyperliquid), or [Trust Wallet](/guides/getting-started/connect-trust-wallet-to-hyperliquid). ### Step 2: Open the Deposit Interface Click the **"Deposit"** button. You can find this in: - The portfolio/balance section of the trading interface - The navigation bar at the top of the page ![Hyperliquid interface with deposit button highlighted](/images/getting-started/shared/hyperliquid-deposit-interface.webp) ### Step 3: Enter Your Deposit Amount 1. Type the amount of USDC you want to deposit 2. You will see your available USDC balance on Arbitrum displayed 3. You can click **"Max"** to deposit your entire USDC balance ![Hyperliquid deposit modal showing amount input field and available balance](/images/getting-started/shared/hyperliquid-deposit-interface.webp) ### Step 4: Confirm the Transaction 1. Click **"Deposit"** 2. Your wallet will pop up with the transaction details 3. Review the transaction - you are approving a bridge from Arbitrum to Hyperliquid's L1 4. Click **"Confirm"** in your wallet 5. If this is your first deposit, you may need to approve USDC spending first (a separate transaction) ### Step 5: Wait for Confirmation After confirming in your wallet, wait 1-2 minutes for the deposit to process. You will see your USDC balance update in the Hyperliquid portfolio section once the bridge transaction is finalized. You can track the transaction status: - Check your wallet's activity/history for the transaction hash - Look up the transaction on [arbiscan.io](https://arbiscan.io) to verify it was successful --- ## Understanding Your Balances on Hyperliquid After depositing, it is important to understand how balances work on Hyperliquid: - **Wallet Balance** - Your USDC on Arbitrum in your wallet (MetaMask, Rabby, etc.). This is separate from Hyperliquid. - **Account Balance** - Your total USDC deposited into Hyperliquid, available for trading. - **Available Balance** - The portion of your account balance not currently used as margin for open positions. - **Margin** - The USDC locked as collateral for your open positions. When you open a trade, your Available Balance decreases as margin is allocated to the position. Closing a position returns the margin (plus or minus PnL) to your Available Balance. > **Tip:** New to stablecoins? [What is USDC and why do you need it](/guides/getting-started/what-is-usdc-and-why-do-i-need-it) explains why an exchange cannot simply take your dollars. USDC is all you need for perps, but if you want to hold or trade **native Bitcoin, Ethereum, or Solana** on Hyperliquid spot, those come in through [Unit](/ecosystem/unit-protocol-guide). You send the real asset on its own chain and receive uBTC, uETH, or uSOL as a spot balance. See our [Unit Protocol guide](/ecosystem/unit-protocol-guide) for the deposit walkthrough and fees. **Deposit Complete? Start Trading with Lower Fees** — If you signed up with our referral code, you are already saving 4% on every trade. If not, you can still create a new account with a different wallet to get the discount. [Start Trading - Save 4%](https://app.hyperliquid.xyz/join/Concept211) --- ## Troubleshooting Deposit Issues ### Deposit Not Showing Up If your deposit has not appeared after 5 minutes: 1. **Check the transaction on Arbiscan** - Open your wallet, go to your transaction history, and click on the transaction to view it on Arbiscan. Verify it shows "Success." 2. **Refresh the Hyperliquid page** - Sometimes the balance display needs a page refresh to update. 3. **Check you are looking at the right section** - Your deposit goes to your Hyperliquid Account Balance, not your wallet balance on Arbitrum. 4. **Wait longer during congestion** - During high network activity, deposits can take up to 10 minutes. ### "Insufficient Funds" Error This means you do not have enough USDC on Arbitrum, or you do not have enough ETH on Arbitrum to pay for the gas fee. Solutions: - Verify your wallet is set to the **Arbitrum One** network - Check your USDC balance on Arbitrum specifically (not Ethereum mainnet) - Ensure you have at least $0.30-$0.50 of ETH on Arbitrum for gas ### Token Approval Needed On your first deposit, Hyperliquid may require you to approve USDC spending. This is a standard ERC-20 token approval: 1. Your wallet will show an "Approve" transaction first 2. Confirm the approval 3. Then the actual deposit transaction will appear - confirm this as well This is a one-time step. Future deposits will only require a single confirmation. ### Wrong Network If your wallet shows a network error, switch to Arbitrum One manually: 1. Open your wallet 2. Click the network selector 3. Select **Arbitrum One** (add it manually if it is not listed - see our wallet setup guides for [MetaMask](/guides/getting-started/connect-metamask-to-hyperliquid), [Rabby](/guides/getting-started/connect-rabby-to-hyperliquid), [Coinbase Wallet](/guides/getting-started/connect-coinbase-wallet-to-hyperliquid), or [other wallets](/guides/getting-started)) 4. Try the deposit again For persistent wallet issues like connection failures, signing errors, or wallet not detected, see our dedicated [wallet connection troubleshooting guide](/troubleshooting/wallet-connection-issues). ## Withdrawing From Hyperliquid To move funds back out of Hyperliquid to your Arbitrum wallet, see our complete [withdraw USDC from Hyperliquid guide](/guides/getting-started/withdraw-usdc-from-hyperliquid). The short version: 1. Click **"Withdraw"** in the portfolio section 2. Enter the amount of USDC to withdraw 3. Confirm the transaction 4. Your USDC will arrive on Arbitrum in your wallet within a few minutes Withdrawals follow the same bridge path in reverse and cost a flat **1 USDC** fee that is deducted from the amount. If your withdrawal is stuck or pending, see our [withdrawal troubleshooting guide](/troubleshooting/withdrawal-issues). > **Tip:** For a comprehensive guide covering third-party bridges, multi-chain deposits, and fiat on-ramps, see our [complete bridge guide](/guides/getting-started/bridge-to-hyperliquid). Want to use DeFi protocols on HyperEVM? See our [bridge to HyperEVM guide](/guides/getting-started/bridge-to-hyperevm). ## Next Steps With USDC deposited into your Hyperliquid account, you are ready to trade: - **[Beginner checklist](/guides/getting-started/hyperliquid-beginner-checklist)** - Full start-to-trade checklist if you want to make sure you haven't missed a step - **[Is Hyperliquid safe?](/guides/getting-started/is-hyperliquid-safe)** - Understand the security model, risks, and what protects your funds - **[Place your first trade](/guides/getting-started/how-to-trade-on-hyperliquid)** - Our complete guide walks you through order types, leverage, and risk management - **[Trade on your phone](/guides/getting-started/hyperliquid-mobile-guide)** - Set up Hyperliquid on your mobile device with a PWA shortcut - **[Learn about bridging](/guides/getting-started/bridge-to-hyperliquid)** - Understand how to move funds between chains efficiently - **[Bridge taking too long?](/troubleshooting/bridge-delays)** - Troubleshooting slow or stuck bridge transactions - **[Deposit not showing?](/troubleshooting/deposit-not-showing)** - Fix missing deposits after bridging - **[Understand fees](/guides/fees)** - Learn about maker/taker fees and how to minimize your trading costs with [our referral code](https://app.hyperliquid.xyz/join/Concept211) - **[Referral program guide](/guides/getting-started/hyperliquid-referral-program-guide)** - How to earn and save with Hyperliquid's referral program - **[Hyperliquid vs dYdX](/compare/hyperliquid-vs-dydx)** - See how Hyperliquid's deposit process and fees compare to dYdX - **[Hyperliquid vs GMX](/compare/hyperliquid-vs-gmx)** - Compare deposit costs, gas fees, and trading experience with GMX --- # How to Trade on Hyperliquid: The Complete Beginner's Guide (2026) > Learn how to trade on Hyperliquid step by step. Connect your wallet, deposit USDC, and place your first perpetual futures trade on the fastest decentralized exchange - no KYC required. *Source: https://hyperliquidguide.com/guides/getting-started/how-to-trade-on-hyperliquid* > **Note:** **How to trade on Hyperliquid in 40 words:** Install a Web3 wallet, send USDC to your wallet on the Arbitrum network, visit app.hyperliquid.xyz via a referral link, connect your wallet, deposit USDC into Hyperliquid, pick a market, set leverage, choose market or limit order, and confirm. Updated May 2026. ## What Is Hyperliquid and Why Are Traders Switching to It? Hyperliquid is a decentralized perpetual futures exchange that runs on its own custom Layer 1 blockchain. Unlike other DEXs that rely on liquidity pools or off-chain order matching, Hyperliquid operates a **fully on-chain order book** - the same model used by major centralized exchanges like Binance, but without the centralization. > **Key takeaway:** Hyperliquid combines the speed and interface of a centralized exchange with the self-custody and permissionless access of DeFi. No KYC, no gas fees, sub-second execution. Here is why traders are switching from centralized and other decentralized exchanges: - **Zero gas fees** - Every trade, order placement, and cancellation costs nothing in gas - **Sub-second finality** - Orders confirm in under one second, faster than most CEXs - **No KYC required** - Connect a wallet and trade immediately, no identity documents needed - **Deep liquidity** - Over $1 billion in daily volume across 100+ perpetual futures markets - **Non-custodial** - You control your funds at all times through your own wallet ([is Hyperliquid safe?](/guides/getting-started/is-hyperliquid-safe)) - **CEX-grade interface** - Professional charting, order types, and portfolio management tools - **Lower fees than competing DEXs** - See how Hyperliquid stacks up in our [Hyperliquid vs dYdX](/compare/hyperliquid-vs-dydx) and [Hyperliquid vs GMX](/compare/hyperliquid-vs-gmx) comparisons If you have ever used [Binance](/compare/hyperliquid-vs-binance) Futures or [Bybit](/compare/hyperliquid-vs-bybit), the interface will feel familiar. The difference is that everything runs on-chain, you keep custody of your funds, and there is no corporate entity that can freeze your account. ## What You Need Before You Start Before placing your first trade on Hyperliquid, you need three things: 1. **A crypto wallet** - Any EVM-compatible wallet works. Popular choices include [MetaMask](/guides/getting-started/connect-metamask-to-hyperliquid), [Rabby](/guides/getting-started/connect-rabby-to-hyperliquid), [Phantom](/guides/getting-started/connect-phantom-to-hyperliquid), [Coinbase Wallet](/guides/getting-started/connect-coinbase-wallet-to-hyperliquid), [OKX Wallet](/guides/getting-started/connect-okx-wallet-to-hyperliquid), or [Trust Wallet](/guides/getting-started/connect-trust-wallet-to-hyperliquid). 2. **USDC on Arbitrum** - Hyperliquid uses USDC as its settlement currency. You need USDC on the Arbitrum network to deposit. 3. **A small amount of ETH on Arbitrum** - You need a tiny amount of ETH (less than $1) on Arbitrum to pay the gas fee for the one-time bridge transaction into Hyperliquid. If you do not have a wallet set up yet, follow one of our [wallet connection guides](/guides/getting-started) to get started. If you need to get USDC onto Arbitrum, our full walkthrough on [depositing USDC before your first trade](/guides/getting-started/deposit-usdc-to-hyperliquid) covers the bridge, the minimums, and the fees. New to trading terminology? Our [Hyperliquid glossary](/guides/getting-started/hyperliquid-glossary) explains every key term you will encounter. > **Tip:** **New to crypto?** You can now [deposit fiat directly](/guides/getting-started/buy-crypto-with-fiat-on-hyperliquid) on Hyperliquid using a credit card or bank transfer — no USDC or Arbitrum needed. Otherwise, the cheapest way to get USDC on Arbitrum is to buy it on a centralized exchange (Coinbase, Binance, Kraken) and withdraw directly to your wallet on the Arbitrum network. **Save 4% on Every Trade** — Before you create your Hyperliquid account, apply our referral code for a 4% lifetime discount on trading fees. This cannot be added after account creation. [Get Your Fee Discount](https://app.hyperliquid.xyz/join/Concept211) ## Step-by-Step: From Zero to Your First Trade ### Step 1: Set Up Your Wallet If you do not already have a wallet installed, pick one and follow our step-by-step guide: - **[MetaMask](/guides/getting-started/connect-metamask-to-hyperliquid)** - The most popular EVM wallet. Great for beginners. - **[Rabby](/guides/getting-started/connect-rabby-to-hyperliquid)** - Security-focused with built-in transaction previews. - **[Phantom](/guides/getting-started/connect-phantom-to-hyperliquid)** - Multi-chain wallet popular with Solana and EVM users. - **[Coinbase Wallet](/guides/getting-started/connect-coinbase-wallet-to-hyperliquid)** - Pairs seamlessly with your Coinbase exchange account. - **[OKX Wallet](/guides/getting-started/connect-okx-wallet-to-hyperliquid)** / **[Trust Wallet](/guides/getting-started/connect-trust-wallet-to-hyperliquid)** - Mobile-friendly options. Whichever wallet you choose, **write down your seed phrase on paper** - never store it digitally. This is the only way to recover your wallet if you lose access. For broader security best practices including VPNs and phishing protection, see our [crypto trading security guide](/guides/getting-started/crypto-trading-security-guide). ![Wallet download and setup page](/images/getting-started/how-to-trade-on-hyperliquid/wallet-setup.webp) ### Step 2: Get USDC on Arbitrum You need USDC on the Arbitrum network. Here are the most common ways to get it: - **From a centralized exchange**: Buy USDC on Coinbase, Binance, or Kraken, then withdraw it directly to your wallet address on the Arbitrum network. This is the simplest method. - **[Bridge from Ethereum mainnet](/guides/getting-started/bridge-to-hyperliquid)**: Use the official Arbitrum Bridge or a bridge like Synapse to move USDC from Ethereum to Arbitrum. - **Swap on Arbitrum**: If you have ETH or other tokens on Arbitrum, swap them for USDC using Uniswap or another Arbitrum DEX. Make sure you also have a small amount of ETH on Arbitrum (around $0.50 worth) to cover the bridge transaction gas fee into Hyperliquid. For detailed instructions on all deposit methods including third-party bridges and fiat on-ramps, see our [complete bridge guide](/guides/getting-started/bridge-to-hyperliquid). ![Wallet showing USDC balance on Arbitrum network](/images/getting-started/how-to-trade-on-hyperliquid/wallet-usdc-balance.webp) ### Step 3: Navigate to Hyperliquid and Connect Your Wallet 1. Open your browser and go to **[app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211)** — this works on desktop and as the [Hyperliquid app](/guides/getting-started/hyperliquid-mobile-guide) on iPhone and Android 2. Click "Connect" in the top right corner of the interface 3. Select your wallet from the connection options 4. Approve the connection in your wallet's popup ![Hyperliquid connect wallet popup showing wallet options](/images/getting-started/how-to-trade-on-hyperliquid/connect-wallet-popup.webp) > **Important**: If this is your first time, use a [referral link](/referral) to create your account. Our referral code (Concept211) gives you a **4% lifetime trading fee discount** on your first $25 million in volume. This discount **cannot be applied after account creation** - it must be set during your first connection. [Open Hyperliquid with 4% Fee Discount](https://app.hyperliquid.xyz/join/Concept211) ### Step 4: Deposit USDC into Hyperliquid Once your wallet is connected, you need to bridge your USDC from Arbitrum into Hyperliquid's L1: 1. Click the **"Deposit"** button in the top navigation or portfolio section 2. Enter the amount of USDC you want to deposit 3. Click **"Deposit"** and confirm the transaction in your wallet 4. Wait for the transaction to confirm - this typically takes 1-2 minutes Your USDC balance will appear in your Hyperliquid portfolio once the deposit is confirmed. There is no deposit fee from Hyperliquid - you only pay the small Arbitrum gas fee for the bridge transaction. If your balance does not appear after a few minutes, see our [deposit not showing guide](/troubleshooting/deposit-not-showing). ![Hyperliquid deposit interface showing USDC amount input and deposit button](/images/getting-started/how-to-trade-on-hyperliquid/deposit-interface.webp) ### Step 5: Navigate the Trading Interface The Hyperliquid trading interface has several key areas: - **Chart** - The main price chart in the center. You can switch between [TradingView](https://www.tradingview.com/?aff_id=168295&source=HyperliquidGuide) charting modes, timeframes, and indicators. - **Order Book** - On the right side, showing real-time bids and asks. - **Order Entry Panel** - Below the chart or on the right side, where you place trades. - **Positions & Orders** - At the bottom, showing your open positions, pending orders, and trade history. - **Asset Selector** - In the top left, letting you switch between trading pairs (BTC-USD, ETH-USD, SOL-USD, etc.). ![Annotated Hyperliquid trading interface showing chart, order book, order entry, and positions areas](/images/getting-started/how-to-trade-on-hyperliquid/trading-interface-annotated.webp) ### Step 6: Place Your First Trade Let's walk through placing a simple market buy order on BTC-USD: 1. **Select the market** - Click the asset selector and choose BTC-USD (or any market you prefer) 2. **Set your leverage** - Click the leverage indicator and adjust it. Start with **3x or lower** if you are new to futures trading (see our full **[leverage guide](/guides/trading/leverage-guide)** for per-asset maximums and cross vs. isolated margin) 3. **Choose order type** - Select "Market" for instant execution. If you are unsure [which order type to use](/guides/trading/order-types-guide), market fills now at whatever the book offers and limit waits for your price 4. **Enter your size** - Type the USD value you want to trade. For example, $100 5. **Choose direction** - Click "Buy / Long" if you think the price will go up, or "Sell / Short" if you think it will go down (see our [short selling guide](/guides/getting-started/how-to-short-on-hyperliquid) for more on shorting) 6. **Review the order** - Check the estimated entry price, fees, and liquidation price 7. **Confirm** - Click "Place Order" and the trade executes instantly ![Hyperliquid order entry panel with a market buy order for BTC-USD filled in](/images/getting-started/how-to-trade-on-hyperliquid/market-buy-order.webp) Your position now appears in the Positions tab at the bottom of the interface. You can see your entry price, current PnL, margin, and liquidation price in real time. **Start Trading on Hyperliquid** — No KYC. No gas fees. Sub-second execution. Get a 4% lifetime fee discount when you sign up through our referral link. [Start Trading Now](https://app.hyperliquid.xyz/join/Concept211) --- ## Understanding Order Types on Hyperliquid Hyperliquid offers a full suite of professional order types. Here is what each one does: ### Market Orders A market order executes immediately at the best available price. Use market orders when you need to enter or exit a position quickly and price precision is less important than speed. Market orders pay taker fees (0.05% base rate). ### Limit Orders A limit order lets you set the exact price at which you want to buy or sell. Your order sits in the order book until the market price reaches your specified price. Limit orders that add liquidity to the book pay maker fees (0.025% base rate), which are half the cost of market orders. ### Stop-Loss and Take-Profit Orders These are conditional orders that trigger when the market price reaches a specified level: - **Stop-Loss** - Automatically closes your position to limit losses if the price moves against you - **Take-Profit** - Automatically closes your position to lock in profits when the price reaches your target Always set a stop-loss on every trade. This is the single most important risk management practice. ### Advanced Order Types Hyperliquid also supports: - **Stop Limit** - A stop order that places a limit order instead of a market order when triggered - **Scale Orders** - Distribute multiple limit orders across a price range - **[TWAP (Time-Weighted Average Price)](/guides/trading/twap-orders)** - Split a large order into smaller chunks executed over a window from 5 minutes to 7 days - **Reduce-Only** - Orders that can only reduce your position, never increase it --- ## Risk Management: How to Not Lose Your Account > **Note:** Futures trading with leverage can result in the total loss of your deposited funds. The section below is the most important part of this guide. Read it carefully before placing any trade. Futures trading with leverage is powerful but dangerous. Follow these rules to protect your capital: ### Rule 1: Start With Low Leverage Just because Hyperliquid offers 50x leverage does not mean you should use it. Higher leverage means your liquidation price is closer to your entry price, giving you less room for the market to move against you. | Leverage | Price Move to Liquidation | | -------- | ------------------------- | | 2x | ~50% | | 5x | ~20% | | 10x | ~10% | | 25x | ~4% | | 50x | ~2% | Start with 2-5x leverage until you have consistent results. ### Rule 2: Always Use Stop-Losses Every position should have a stop-loss set before or immediately after entry. A good rule of thumb is to risk no more than 1-2% of your total account on any single trade. ### Rule 3: Size Your Positions Properly Do not put your entire account into a single trade. Even if you are highly confident, unexpected events can move markets dramatically. A general guideline is to use no more than 10-20% of your account on any single position. ### Rule 4: Understand Liquidation If the market moves against your position enough that your margin can no longer support it, your position will be **[liquidated](/guides/trading/liquidation-explained)** - automatically closed at a loss. You lose your margin for that position. The higher your leverage, the closer your liquidation price. Hyperliquid shows your liquidation price clearly in the positions panel. Always know where it is. For a full breakdown of liquidation mechanics, formulas, and avoidance strategies, see our [liquidation explained guide](/guides/trading/liquidation-explained). ### Rule 5: Start Small Your first trades should be small - $50 to $100 positions. Learn the interface, get comfortable with order types, and develop your strategy before scaling up. **Ready to Trade Smarter?** — Apply our referral code when you sign up for a 4% lifetime discount on trading fees. That's savings on every single trade - forever. [Claim Your 4% Discount](https://app.hyperliquid.xyz/join/Concept211) --- ## What I Learned Trading Hyperliquid for the First Time I've been trading on Hyperliquid since February 2024 — before the HYPE airdrop, before HyperEVM shipped, when the main perp catalog was a fraction of what it is now and the UI was still smoothing out rough edges. A few things surprised me in my first week that no generic crypto tutorial prepared me for. The first surprise was the **order book itself**. Coming from a centralized perp venue, I expected a black-box matching engine where the market always "had liquidity" because the exchange could quote in front of users. Hyperliquid's order book is on-chain and visible — meaning I could literally see who was quoting where, and whether a 20-tick gap above the mid was real liquidity or a single market-maker waiting to bid. The first time I tried to dump a $4,000 mid-cap altcoin perp at market, I walked the book three levels deeper than I would have on Binance and the realized slippage was 0.4%, not the 0.05% I'd assumed from looking at the spread. **Lesson: check book depth, not just the spread**, especially on low-volume altcoin perps and at off-peak hours. The second was the **unified account margin model**. I came in assuming "cross margin" meant the same thing it does on a CEX — your entire balance backs every position separately. On Hyperliquid, in the default account mode, cross margin pools across *every* native perp, *every* HIP-3 builder market (trade.xyz equity perps, Felix Protocol commodities), and the spot balance. The first time I opened a leveraged short on a meme coin while holding a leveraged long on ETH, both positions shared the same margin pool — meaning a bad day on memes ate into my ETH liquidation buffer. I now [run multi-strategy positions in isolated margin](/guides/trading/isolated-vs-cross-margin) until I've actually thought about correlation, and I size cross-margin positions against a single mental "risk envelope" rather than per-trade. The third was the **funding rate as a margin line item, not a fee**. Funding settles every hour into your margin balance, not as a separate "fee" line. The first time I held a long crowded perp into a Sunday with funding at +0.05%/hour, I lost ~12% of my margin to funding alone before any price move. CEX traders are used to funding either being announced in advance or showing up as a daily charge — on Hyperliquid the hourly cadence and direct-margin impact compound faster than expected. Watching the projected hourly funding in the position panel is now the first thing I check before holding any leveraged position overnight, and our [funding rates explained guide](/guides/trading/funding-rates-explained) covers the math. The fourth, smaller but real: there is no "withdrawal email", no "trade confirmation email", no support inbox. The wallet is the account. When I bridged a wrong amount in week one, I had no one to call. That's the trade-off you accept for self-custody. Now I do every deposit and withdrawal with hardware-wallet signing and a small test transaction first. --- ## My Exact First Trade, Click by Click Beyond the lessons above, here is the literal sequence of what I did the first time I funded an account and opened a position — the specific buttons I clicked, the numbers the panel showed me, and what I watched while the trade was live. If you follow along on **[app.hyperliquid.xyz](https://app.hyperliquid.xyz/join/Concept211)**, your screen will look the same. ### Depositing my first USDC I had already withdrawn 120 USDC to my [Rabby](/guides/getting-started/connect-rabby-to-hyperliquid) wallet on the Arbitrum network, plus about $0.60 of ETH for gas. After connecting, I clicked the **Deposit** button in the top navigation. A modal opened with a single USDC amount field and a "Deposit" confirm button — no chain picker, because Hyperliquid assumes Arbitrum. I typed `100` (keeping 20 in reserve so I wasn't all-in on day one), clicked **Deposit**, and Rabby popped up asking me to approve a USDC spend and then sign the bridge transaction. Two signatures, roughly forty seconds of waiting, and the balance pill in the top-right flipped from `$0.00` to `$100.00`. The thing that caught me off guard: the deposit lands as **cross-margin collateral by default**, not sitting idly — it's immediately usable as margin across every market. ![Hyperliquid deposit modal with 100 USDC entered and the Deposit confirm button](/images/getting-started/how-to-trade-on-hyperliquid/deposit-modal-100-usdc.webp) ### Placing my first perp order I picked **BTC-USD** from the asset selector in the top-left. The order entry panel on the right defaulted to **Cross** margin with the leverage indicator reading `20x` — far too high to leave alone. The first thing I did was switch the margin mode to **Isolated** and dial the leverage down, so that whatever happened, only the margin I committed to this one position could ever be lost — my other balances stayed ring-fenced. I expected BTC to pull back over the next day, so I selected the **Sell / Short** side, kept it a **Market** order to fill immediately, and set the **Size** to about **100 USDC** (a small slice of my available balance). Before I clicked **Place Order**, the panel showed me three numbers I now check every single time: the **order value** (~$99.53), the **margin required** (~$12.44, the only capital actually at risk in isolated mode), and the **liquidation price** — about $70,300, comfortably *above* my entry, which is how it should look for a short. Seeing how little margin was committed, and how far the liquidation price sat from the current price, is exactly why isolated margin is a good default for a first trade. I clicked **Place Order**, it filled instantly, and the trade moved straight to the **Positions** tab. No popup, no email. ![Hyperliquid order entry panel set to Isolated margin with a short BTC market order, showing order value, margin required, and the liquidation price before placing the order](/images/getting-started/how-to-trade-on-hyperliquid/order-entry-panel-btc-short.webp) ### Managing the open position This is the part generic tutorials skip. With the position open, I clicked the position row in the **Positions** tab and it expanded to show live **unrealized PnL** (updating tick by tick in green and red), my entry price, the current **liquidation price**, and a **Close** button. Two small links sat next to the row: **TP/SL**. I clicked it and a mini-panel let me attach a **take-profit** and a **stop-loss** to the existing position without placing separate orders. - For the **stop-loss**, I set a trigger price about 4% *above* my entry (a short loses when price rises) — sizing it so that if it hit, I'd lose a small, fixed slice of my account, not a scary fraction of the position. The panel previewed the resulting loss in dollars, which made the risk concrete. - For the **take-profit**, I set a trigger about 8% *below* entry, a 2:1 reward-to-risk target. Both showed up as conditional **reduce-only** orders under Open Orders, flagged so they can only shrink the position, never flip it. From there I mostly watched the **liquidation price** line on the chart and the **margin ratio** in the position panel — as long as the margin ratio stayed low and price stayed well below liquidation, there was nothing to do. That's the discipline: set the bracket, then leave it alone. ![Hyperliquid Positions tab showing an open BTC short with live PnL, ROE, entry and mark price, liquidation price, and the TP/SL controls](/images/getting-started/how-to-trade-on-hyperliquid/positions-tab-btc-short.webp) ### Closing it out I closed manually before my take-profit triggered — BTC had run about 3% in my favor and I wanted to bank the practice trade rather than chase the full target. I clicked **Close** on the position row, which pre-filled a market order for the exact size to flatten me to zero, confirmed, and the position vanished from the Positions tab. The realized PnL — a small gain, minus the taker fees on the way in and out — settled straight into my USDC balance. Closing a position fully also **auto-cancels the attached TP/SL** orders, so I didn't have to clean those up. (For more on exits, including partial closes and reduce-only mechanics, see [how to close a position](/guides/trading/how-to-close-position).) The whole loop — deposit, open, bracket, close — took under fifteen minutes and cost me cents in fees. Doing it once at small size taught me more about the interface than any amount of reading. --- ## Common Mistakes New Traders Make on Hyperliquid Avoid these frequent errors that cost new traders money: ### 1. Using Too Much Leverage The number one mistake. New traders see 50x leverage and think it means 50x profits. It also means 50x losses and liquidation from a tiny adverse move. Start at 3x or less. ### 2. Not Setting Stop-Losses Without a stop-loss, a single bad trade can wipe out weeks of gains. Always define your maximum acceptable loss before entering a trade. ### 3. Trading Without a Plan Before entering any trade, you should know: your entry price, your stop-loss level, your take-profit target, and your position size. If you cannot articulate all four, do not enter the trade. ### 4. Overtrading More trades does not mean more profit. Each trade has fees and the potential for loss. Focus on high-conviction setups and be patient. ### 5. Ignoring Funding Rates Perpetual futures have funding rates - periodic payments between long and short holders. If you are paying high funding, it eats into your profits over time. Check the funding rate before opening a position. ### 6. Forgetting to Apply a Referral Code The referral code must be applied at account creation. If you sign up directly without a referral, you pay full fees forever with no way to apply a discount retroactively. Use our referral code (Concept211) for a [4% lifetime fee discount](https://app.hyperliquid.xyz/join/Concept211). --- ## Hyperliquid vs. Centralized Exchanges If you are coming from Binance, [Bybit](/compare/hyperliquid-vs-bybit), or another CEX, here is what changes: | Feature | Hyperliquid | Centralized Exchanges | | ------------------- | --------------------------- | ------------------------------ | | KYC Required | No | Yes | | Custody | Non-custodial (your wallet) | Custodial (exchange holds funds) | | Gas Fees | Zero | Varies | | Order Book | Fully on-chain | Off-chain / centralized | | Execution Speed | Sub-second | Varies (usually fast) | | Available Markets | 100+ perps | Hundreds of perps | | Leverage | Up to 50x | Up to 125x (some exchanges) | | Account Freeze Risk | None | Possible | | Regulation | Decentralized protocol | Subject to local regulations | The biggest practical differences are: no KYC, self-custody of funds, and zero gas fees. The trading experience itself is very similar. ## What to Do After Your First Trade Once you have placed your first trade and understand the basics: 1. **Explore limit orders** - Place a few limit orders to get comfortable with the order book 2. **Practice with stop-losses** - Set stop-losses and take-profits on every position 3. **Study the funding rates** - Learn how funding rates work and how they affect your positions 4. **Try different markets** - Beyond [BTC](/markets/btc) and [ETH](/markets/eth), explore altcoin perpetuals like [SOL](/markets/sol) and [AVAX](/markets/avax), plus [commodities](/guides/trading/commodities-trading-guide) like oil and silver, and [equity perps](/guides/trading/equity-perps-guide) 5. **Copy top traders** - Not ready to trade solo? Use [Hyperliquid vaults and copy trading](/guides/trading/copy-trading-guide) to mirror experienced traders' strategies 6. **Explore lending** - Put idle USDC to work by [lending and borrowing](/guides/trading/lending-borrowing-guide) on protocols like Felix and HyperLend 7. **Enable unified accounts** - Simplify margin management with [unified accounts](/guides/trading/unified-accounts-guide), which let you share collateral across spot and perps 8. **Review your trades** - Use the Trade History section to analyze your past trades and learn from wins and losses 9. **Read our advanced guides** - Learn about [scale orders](/guides/trading), [fee optimization](/guides/fees), and how to combine them in our [Hyperliquid trading strategies](/guides/trading/hyperliquid-trading-strategies) guide 10. **Level up with trading tools** - Once you are comfortable with the basics, explore our guide to [Hyperliquid trading tools](/guides/trading/hyperliquid-trading-tools) for advanced terminals, analytics, and copy trading platforms that can enhance your experience ## Summary Trading on Hyperliquid takes less than five minutes to set up: connect a wallet, deposit USDC from Arbitrum, and place your first order. You get zero gas fees, sub-second execution, no KYC, and full self-custody - features that no centralized exchange can match simultaneously. The key steps are: 1. Install a wallet ([MetaMask](/guides/getting-started/connect-metamask-to-hyperliquid), [Rabby](/guides/getting-started/connect-rabby-to-hyperliquid), or [another EVM wallet](/guides/getting-started)) and secure your seed phrase 2. Get USDC on Arbitrum 3. Connect to Hyperliquid (with our referral code Concept211 for 4% off fees) 4. Deposit USDC into Hyperliquid 5. Place your first trade with low leverage and a stop-loss Start small, manage your risk, and learn the platform before sizing up. Hyperliquid's interface is powerful, and taking the time to understand each feature will pay dividends. **Start Your Hyperliquid Journey** — Join thousands of traders who have already switched to Hyperliquid. Use our referral code for a 4% lifetime fee discount - it cannot be applied after account creation. [Create Your Account - Save 4%](https://app.hyperliquid.xyz/join/Concept211) --- # Hyperliquid Fees: 0.015% Maker, 0.045% Taker — No Gas, No KYC (2026) > Hyperliquid charges 0.015% maker / 0.045% taker on perps. No gas fees. No KYC required. Full fee breakdown including spot trading, withdrawals, funding rates, and how to get 4% off with a referral code. *Source: https://hyperliquidguide.com/guides/fees/fees-explained* | Fee Type | Rate | |----------|------| | **Perp Taker** | 0.045% | | **Perp Maker** | 0.015% | | **Spot Taker** | 0.070% | | **Spot Maker** | 0.040% | | **Gas Fees** | Free (zero) | | **Deposit Fee** | Free (zero) | | **Withdrawal Fee** | 1 USDC flat | | **Funding Rate** | Every 8 hours | | **Referral Discount** | 4% lifetime | | **Max Staking Discount** | 40% (Diamond tier) | Fees are the silent killer of trading profits. A 0.05% difference between exchanges might not sound like much, but on a $100,000 position it is $50 per trade - and that adds up fast across hundreds or thousands of trades per month. Understanding exactly what you pay on Hyperliquid, and how to pay less, is one of the highest-leverage things you can do as a trader. This guide covers the complete Hyperliquid fee structure for 2026: base rates, volume tiers, every available discount, and how to stack them for maximum savings. For a dedicated breakdown of volume-based tier thresholds and how to qualify for lower rates, see our [fee tiers guide](/guides/fees/fee-tiers). US traders should note [Hyperliquid's availability restrictions](/privacy/hyperliquid-us-availability) before reviewing fees — the frontend geo-blocks US IP addresses regardless of your fee tier. > **Key takeaway:** **What Are Hyperliquid's Fees? Quick Answer** — Hyperliquid charges some of the lowest trading fees in crypto. Perpetual futures cost **0.015% maker / 0.045% taker** at base tier, while spot trading is **0.040% maker / 0.070% taker**. USDC withdrawals are free — the only withdrawal cost is a flat 1 USDC fee to cover Arbitrum validator gas. There are zero gas fees on any trade, order, or cancellation. These rates are significantly lower than centralized exchanges like Binance (0.02%/0.05%) and far below other DEXes like dYdX (0.02%/0.05%). Stack a 4% referral discount with HYPE staking (up to 40% off) to reduce effective fees even further. When you factor in zero gas costs and available discounts, Hyperliquid is the most cost-competitive exchange — centralized or decentralized — for active futures traders in 2026. ## What Are Hyperliquid's Current Fees? (Updated May 2026) ### Fee Changes in 2026 — What's Actually Different? As of May 26, 2026, Hyperliquid has not changed its base fee structure since the protocol launched its mainnet. The same 0.015% maker and 0.045% taker rates that applied at launch remain the published base tier today, verified directly against the [Hyperliquid official fee documentation](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees). Spot fees (0.040% maker, 0.070% taker) are likewise unchanged, and the 1 USDC flat withdrawal fee has remained constant since the native bridge to Arbitrum launched. The only fee-adjacent updates in 2026 have been (1) the introduction of HIP-3 builder markets in early 2026, which carry a slightly higher 0.03% maker / 0.09% taker rate because a portion routes to the builder (trade.xyz, Felix Protocol) that deployed the market; (2) the sunsetting of the legacy USDH aligned-quote-asset rebate program in favor of the broader AQAv2 framework; and (3) a small adjustment to the VIP tier thresholds in mid-2026 that lowered the entry point for the first paid tier (now $5M in 14-day rolling volume, down from the launch threshold). The four discount layers — referral, VIP volume tiers, HYPE staking, and aligned-quote-asset rebates — remain the only ways to reduce your effective fee, and they continue to stack multiplicatively rather than additively. | Fee | Rate | What It Means | |-----|------|---------------| | Maker Fee | 0.015% | Adds liquidity (limit orders that rest in the book) | | Taker Fee | 0.045% | Takes liquidity (market orders, immediate-fill limits) | | Spot Maker | 0.040% | Spot trading on Hyperliquid's HIP-1 pairs | | Spot Taker | 0.070% | Spot trading on Hyperliquid's HIP-1 pairs | | Gas Fee | $0.00 | No gas on any trade, cancel, or modification | | Withdrawal | 1 USDC | Flat fee per USDC withdrawal to Arbitrum | Hyperliquid charges 0.015% maker and 0.045% taker fees on perpetual futures as of May 2026, with zero gas fees on every trade, cancellation, or modification. Maker orders add liquidity to the order book by resting as limit orders, while taker orders remove liquidity through market orders or immediate-fill limits. Spot trading uses higher rates of 0.040% maker and 0.070% taker, reflecting the different liquidity profile of HIP-1 spot markets. Withdrawals cost a flat 1 USDC fee to cover Arbitrum validator gas; deposits via the native USDC bridge are free from Hyperliquid's side. Stacking discounts can reduce effective fees by approximately 30% — a 4% lifetime referral discount applies automatically at signup, VIP volume tiers begin at $5M in 14-day trading volume, and HYPE staking tiers add up to 40% off at the Diamond tier (500,000+ HYPE staked). These figures are sourced from [Hyperliquid's official fee documentation](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees) and verified May 2026. ## Does Hyperliquid Have Gas Fees? **No — Hyperliquid does not charge gas fees for trading.** As of March 2026, there are zero gas fees on perpetual or spot trades. Users pay only maker/taker spread fees (0.015% maker, 0.045% taker at base tier). Deposits via the native USDC bridge are also free of gas charges from Hyperliquid's side. This is possible because Hyperliquid runs on its own purpose-built Layer 1 blockchain rather than settling on Ethereum or Arbitrum. Every order placement, cancellation, and modification is completely gas-free — no matter how many transactions you make per day. By contrast, DEXs built on Ethereum or Arbitrum (like GMX) charge $2–20+ in gas per transaction, which can easily exceed the trading fee itself on smaller positions. On Hyperliquid, your only cost is the trading fee. For a full breakdown of what those trading fees look like, see the [fee tiers below](#current-hyperliquid-fee-rates). ## Does Hyperliquid Charge a Deposit Fee? **No — deposits via the native USDC bridge are free. Hyperliquid charges zero deposit fees.** Whether you bridge USDC from Arbitrum, use a cross-chain bridge like Across Protocol, or deposit directly with BTC, ETH, or SOL, Hyperliquid takes no cut on any deposit method. The only cost you will encounter is the source-chain network gas fee paid to blockchain validators — not to Hyperliquid. On Arbitrum, this is typically $0.10–0.50 in ETH. Through Across Protocol, deposits from 22+ chains arrive in seconds with near-zero bridge fees. This makes Hyperliquid one of the cheapest exchanges to fund in all of crypto, whether you compare it to centralized or decentralized alternatives. For a step-by-step walkthrough, see our [USDC deposit guide](/guides/getting-started/deposit-usdc-to-hyperliquid) or [bridge guide](/guides/getting-started/bridge-to-hyperliquid). > **Warning:** Every rate on this page assumes you are trading directly on Hyperliquid. If you place orders through a wallet or third-party app instead, that app may be adding a [builder fee](/guides/trading/hyperliquid-builder-fees-explained) of up to 0.1% on top. Phantom charges 0.05%, which more than doubles a base-tier taker fill. ## Why Hyperliquid Fees Are Worth Understanding Hyperliquid is not just another DEX. It runs on its own purpose-built Layer 1 blockchain, which means two things that directly affect your wallet: - **[Zero gas fees.](/guides/fees/zero-gas-fees-explained)** Every order, every cancel, every modification - free. On Ethereum-based DEXs like GMX, a single trade can cost $5-20 in gas during congestion. On Hyperliquid, gas costs are exactly zero, always. - **Central limit order book (CLOB).** Unlike AMM-based DEXs that charge swap fees and suffer from [slippage](/guides/trading/slippage-explained), Hyperliquid uses a traditional order book. This means you get maker/taker pricing similar to centralized exchanges, but fully on-chain. The result is a fee structure that competes directly with centralized exchanges - while being completely decentralized, permissionless, and requiring no KYC. This page covers the perp and spot rates in depth. If you want the whole picture in one place, including deposit and withdrawal costs, worked examples, and where the fee revenue goes, [our full Hyperliquid fee breakdown](/guides/fees) collects it. Worth knowing where your fees actually end up: the headline rates below are what you pay, but only part of that reaches the protocol itself. The rest goes to liquidity providers and, on builder-deployed markets, to the deployer. We track the split month by month in [Hyperliquid revenue vs volume](/ecosystem/hyperliquid-revenue-vs-volume), where the protocol's retained share of fees drops from 94.2% in mid-2025 to 69.7% by July 2026. > **Key takeaway:** Hyperliquid charges zero gas fees. Perp base rates are 0.015% maker and 0.045% taker. Stack a referral discount and HYPE staking for up to 42% total reduction. ![Hyperliquid trading interface showing fee structure](/images/compare/shared/hyperliquid-trading-interface.webp) ## Maker vs Taker Fees: The Basics Before diving into specific numbers, you need to understand the two types of fees every exchange charges. (For full definitions of trading terms, see our [glossary](/guides/getting-started/hyperliquid-glossary).) ### What Is a Taker Fee? A **taker fee** is charged when your order executes immediately against an existing order on the book. This happens when you: - Place a **market order** (buy or sell at current price) - Place a **limit order** at a price that already has a match (e.g., placing a buy limit at or above the current ask) You are "taking" liquidity away from the order book, so the exchange charges more. ### What Is a Maker Fee? A **maker fee** is charged when your order sits on the book and waits for someone else to fill it. This happens when you: - Place a **limit order** below the current ask (for buys) or above the current bid (for sells) - Your order adds liquidity to the book, which benefits all traders Because you are "making" the market deeper, the exchange rewards you with a lower fee. **The takeaway:** if you want to pay less, use limit orders that rest on the book instead of market orders. This single habit can cut your fee costs by more than 65%. Every perps venue splits fees this way, but the rates differ enough to matter over a year of trading, so it is worth checking [how those fees compare with dYdX](/compare/hyperliquid-vs-dydx) before you decide where to rest your orders. > **Tip:** Switching from market orders to limit orders reduces your per-trade fee from 0.045% to 0.015% - a 67% reduction. This is the single biggest fee optimization available to every trader. ## Current Hyperliquid Fee Rates ### Perpetual Trading Fees Hyperliquid's official fee schedule (updated April 2026, published at [app.hyperliquid.xyz/docs](https://app.hyperliquid.xyz/join/Concept211)) shows taker fees of 0.045% and maker fees of 0.015% on perpetual futures at the base tier — structurally lower than Binance (0.050% taker) and dYdX v4 (0.050% taker). The standard fee rates for perpetual futures on Hyperliquid: | Fee Type | Rate | Cost on $10,000 Trade | |---|---|---| | **Taker Fee** | 0.045% | $4.50 | | **Maker Fee** | 0.015% | $1.50 | These are the base rates before any discounts. According to [CoinGecko's derivatives exchange rankings](https://www.coingecko.com/en/exchanges/derivatives), Hyperliquid consistently ranks among the top three exchanges by 24-hour derivatives volume. Combined with zero gas fees, these rates remain highly competitive — especially for active traders where gas costs on other DEXs add up quickly. ### Spot Trading Fees Hyperliquid's spot market has a separate fee schedule: | Fee Type | Rate | Cost on $10,000 Trade | |---|---|---| | **Taker Fee** | 0.070% | $7.00 | | **Maker Fee** | 0.040% | $4.00 | Spot fees are higher than perps, but spot volume counts **2x toward your fee tier** - meaning $1M in spot volume gives you the same tier credit as $2M in perp volume. **Special spot fee reductions:** - **Stable pairs** (e.g., USDC/USDT): 80% lower taker fees and maker rebates - **Aligned quote assets**: 20% lower taker fees, 50% better maker rebates ### HIP-3 Builder Market Fees Markets deployed by [HIP-3 builders](/ecosystem/hip-3-builder-codes) (like [trade.xyz](https://app.trade.xyz) for stocks and commodities) set their own rates through a **deployer fee scale**. Since August 2026 that scale is a continuous value from 0.1 to 3, chosen per market rather than once per venue, so two contracts on the same builder's DEX can charge different amounts. The setting nearly everyone uses is 1.0, which doubles the native perp rate: | Fee Type | Rate at scale 1.0 | |---|---| | **Taker Fee** | 0.09% (9 bps) | | **Maker Fee** | 0.03% (3 bps) | That is what you pay on trade.xyz, Paragon, EntropyIO and Markets By Kinetiq, covering 131 of the 144 builder markets trading on August 31, 2026. Two venues charge less: **HyENA** runs a scale of 0.1111 across its markets, which works out to 0.050% taker and 0.0167% maker, and Paragon runs one market at 0.5. Note that HyENA [announced it is sunsetting its DEX](https://docs.hyena.trade/) in late August 2026, so that cheaper rate is attached to a venue that is winding down rather than to one you can plan around. The ceiling is a scale of 3, or 0.27% taker, though nobody has gone above 1.0 yet. Your [VIP tier, staking and referral discounts](/guides/fees/fee-tiers) apply on top of whatever the builder charges, and new HIP-3 markets may also run in **Growth Mode**, which cuts taker fees by over 90% to bootstrap liquidity. ### HIP-4 Outcome Market Fees [Outcome markets](/ecosystem/hip-4-outcome-trading) currently charge **nothing on mainnet**. Hyperliquid said on August 14, 2026 that the next network upgrade switches fees on for validator-deployed outcome markets, and that **the average outcome trading fee will be half that of non-outcome spot trading**. Against the 0.070% spot taker base, that points at roughly 0.035% on average. The pricing works differently enough from perps and spot that the headline rate alone will mislead you: | Event | What you pay | |---|---| | Minting a complete set of outcome tokens | Nothing, and no volume is counted | | Opening a position | Nothing | | Closing a position | The fee applies here | | Burning a set back to collateral | One or both sides pay | | Settlement at expiry | Charged on `settle_fraction × size` | | Maker orders | Zero, but no rebate either | Two consequences worth planning around. A round trip costs one fee instead of two, since nothing is charged on the way in. And because there are no rebates, outcome markets are a worse deal for market makers than spot is: a trader who would collect 0.040% as a spot maker collects nothing here, they simply pay nothing. Only fee-paying volume counts toward your VIP tier, so outcome trading also builds volume history more slowly than the notional suggests. Once [permissionless HIP-4 deployment](/ecosystem/hip-4-permissionless-deployment) reaches mainnet, deployers layer their own multiplier on top through a `deployerFeeScale` bounded between 0 and 10, using the same formula HIP-3 uses. At the maximum, a market charges twenty times the base outcome rate. Check the scale before trading a permissionless outcome market, because two deployments of the same template can differ by an order of magnitude. **Lock In a 4% Discount Before Your First Trade** — Users who sign up through a referral link get a 4% lifetime discount on every trade. Users who sign up directly get nothing. It takes 10 seconds. [Get the 4% Discount](https://app.hyperliquid.xyz/join/Concept211) --- ## VIP Tier System: Volume-Based Discounts Hyperliquid rewards high-volume traders with reduced fees through a tiered system. Fees are assessed daily based on your rolling 14-day weighted volume. Sub-account volume counts toward the master account, and all sub-accounts share the same fee tier. **Weighted volume formula:** `(14d perps volume) + 2 × (14d spot volume)` ### Perpetual VIP Tiers | Tier | 14-Day Volume | Taker Fee | Maker Fee | |---|---|---|---| | **Tier 0** | < $5M | 0.045% | 0.015% | | **Tier 1** | $5M+ | 0.042% | 0.012% | | **Tier 2** | $50M+ | 0.040% | 0.010% | | **Tier 3** | $200M+ | 0.038% | 0.008% | | **Tier 4** | $500M+ | 0.036% | 0.000% | | **Tier 5** | $2B+ | 0.030% | 0.000% | | **Tier 6** | $7B+ | 0.024% | 0.000% | At Tier 4+, maker fees drop to zero - you pay nothing to add liquidity. High-volume makers who exceed 0.5% of 14-day platform activity may even earn **maker rebates** of -0.001% to -0.003%. For most individual traders, the volume thresholds for Tier 3+ are out of reach. That is exactly why the referral discount and HYPE staking are so important - they are accessible to everyone regardless of volume. ## Referral Discount: The Easiest 4% You Will Ever Save Here is the single easiest thing you can do to reduce your fees on Hyperliquid: **sign up through a [referral link](/referral).** When you create your Hyperliquid account through a referral link like Concept211, you lock in a **4% lifetime discount** on all trading fees. This applies to: - All perpetual trades - All spot trades - Both maker and taker fees - The first $25M in trading volume ### What Does 4% Actually Save You? Let's do the math. On a standard taker fee of 0.045%: - **Without referral:** 0.045% per trade - **With referral (4% off):** 0.0432% per trade - **Savings per $100,000 traded:** $1.80 That might sound modest, but active traders easily do $100K+ in daily volume. Over a month, that is $54 saved - and over a year, $650+. The discount applies automatically to every single trade, forever. ### Why This Matters The critical detail most traders miss: **users who sign up without any referral code get zero discount.** There is no way to apply a referral code after the fact. The discount window is only open at account creation. This is not a trick or an upsell. It is simply how Hyperliquid's referral system works. Using a referral code is strictly better for you - there is no catch and no downside. [Sign up with our referral code and save 4% on every trade](https://app.hyperliquid.xyz/join/Concept211) --- ## HYPE Staking Discount: Up to 40% Additional Reduction Beyond the referral discount, Hyperliquid offers a staking-based fee reduction for holders of the HYPE token (Hyperliquid's native token). By staking HYPE tokens, you can unlock an **additional discount of up to 40%** on your trading fees. The discount scales with the amount of HYPE you stake: | Staking Tier | HYPE Staked | Fee Discount | |---|---|---| | **Wood** | 10+ HYPE | 5% | | **Silver** | 100+ HYPE | 5% | | **Gold** | 1,000+ HYPE | 10% | | **Platinum** | 10,000+ HYPE | 15% | | **Emerald** | 100,000+ HYPE | 25% | | **Diamond** | 500,000+ HYPE | 40% | ### How Staking Discounts Work 1. **Acquire HYPE** - [buy on Hyperliquid's spot market](/guides/getting-started/how-to-buy-hype-token) or receive from staking rewards 2. **Stake your HYPE** - delegate to a validator through the staking interface 3. **Discount applies automatically** - your trading fees adjust based on your staked amount 4. **Unstaking period** - there is typically a cooldown period when you unstake, so plan accordingly The staking discount is particularly attractive for longer-term traders who plan to be active on the platform for months or years. The HYPE you stake also [earns staking rewards](/ecosystem/hype-staking-yields-guide), so you are effectively being paid to lower your own fees. ## How Discounts Stack: Referral + Staking This is where it gets powerful. The referral discount and the HYPE staking discount **stack on top of each other.** Here is what that looks like in practice: **Example: Taker fee with both discounts** 1. Base taker fee: **0.045%** 2. Apply 4% referral discount: 0.045% × 0.96 = **0.0432%** 3. Apply 40% staking discount (Diamond): 0.0432% × 0.60 = **0.02592%** That takes your effective taker fee from 0.045% down to roughly **0.026%** - a **42.4% total reduction** from the base rate. **Example: Maker fee with both discounts** 1. Base maker fee: **0.015%** 2. Apply 4% referral discount: 0.015% × 0.96 = **0.0144%** 3. Apply 40% staking discount: 0.0144% × 0.60 = **0.00864%** Your maker fee drops to under **0.009%** - essentially negligible. To skip the arithmetic entirely, run your own numbers through the [Hyperliquid fee calculator](/tools/fee-calculator) — it stacks your volume tier, staking discount, and referral discount and shows your effective rate, monthly cost, and annual savings. ### The Savings Add Up For a trader doing $1M in monthly volume with a 50/50 split between maker and taker orders: | Scenario | Monthly Fee Cost | Annual Savings vs Base | |---|---|---| | Base rates only | $300 | - | | Referral discount only | $288 | $144/year | | Staking discount only (40%) | $180 | $1,440/year | | **Both stacked** | **$172.80** | **$1,526.40/year** | The referral discount is free. The staking discount requires capital but earns yield. Together, they represent the best available fee optimization for most traders. **Start With the Free Discount** — Every optimization starts with the referral link. Lock in your 4% discount now, then layer on staking later. Users who skip this step pay full price forever. [Claim 4% Lifetime Discount](https://app.hyperliquid.xyz/join/Concept211) ## Hyperliquid Fees vs Competitors How does Hyperliquid stack up against the competition? Here is a direct comparison of base fees across major exchanges: ### Key Takeaways From the Comparison - **Maker fees are industry-leading.** At 0.015%, Hyperliquid's maker fee is lower than every competitor listed. - **Taker fees are competitive.** At 0.045%, Hyperliquid undercuts dYdX, GMX, [Kraken](/compare/hyperliquid-vs-kraken), [OKX](/compare/hyperliquid-vs-okx), [Gate.io](/compare/hyperliquid-vs-gate-io), [Crypto.com](/compare/hyperliquid-vs-crypto-com), and [Bybit](/compare/hyperliquid-vs-bybit). Binance's base taker of 0.040% is slightly lower, but Binance requires KYC and is centralized. - **Zero gas fees** give Hyperliquid a hidden cost advantage over GMX, where Arbitrum gas can add $2-20 per transaction depending on network conditions. - **[No KYC](/guides/getting-started/hyperliquid-kyc-requirements)** means you can start trading immediately - unlike Binance and Bybit, which require identity verification that can take days. When you factor in gas costs, Hyperliquid is often the cheapest option overall. A GMX trader paying 0.070% plus $5 in gas on a $10,000 trade is paying an effective rate of 0.120% - more than double Hyperliquid's taker fee. For detailed head-to-head breakdowns, see our comparison guides: [Hyperliquid vs Binance](/compare/hyperliquid-vs-binance), [vs Binance Futures (fees deep-dive)](/compare/hyperliquid-vs-binance-futures), [vs Bybit](/compare/hyperliquid-vs-bybit), [vs dYdX](/compare/hyperliquid-vs-dydx), [vs GMX](/compare/hyperliquid-vs-gmx), [vs OKX](/compare/hyperliquid-vs-okx), [vs Kraken](/compare/hyperliquid-vs-kraken), [vs MEXC](/compare/hyperliquid-vs-mexc), [vs Crypto.com](/compare/hyperliquid-vs-crypto-com), and [vs Gate.io](/compare/hyperliquid-vs-gate-io). ## Real-World Fee Scenarios: What You Actually Pay Abstract percentages are hard to reason about. Here are three realistic trader profiles showing actual monthly costs on Hyperliquid. One caveat before the scenarios: for anyone holding a position rather than round-tripping it, fees are the smaller half of the bill. Our measurement of [what Hyperliquid perps actually cost over 90 days](/ecosystem/what-hyperliquid-perps-cost) puts funding against fees market by market, and funding wins by a wide margin at any holding period beyond a few days. Understanding your effective fee rate also matters once tax season arrives — see our guide to [tax implications of fee structures](/guides/trading/hyperliquid-tax-reporting-guide) for how Hyperliquid trading costs, funding payments, and referral rebates are treated under common crypto tax frameworks. The fee number that wins on the calculator above is not always the same one your accountant treats as deductible, and the gap matters most for high-volume traders. ### Scenario 1: Casual Trader ($50K Monthly Volume) A beginner placing a few trades per week, mostly market orders on BTC and ETH. | Component | Cost | |---|---| | Taker fees (0.045% × $50K) | $22.50 | | With referral discount (4% off) | $21.60 | | Gas fees | $0.00 | | Deposit cost (one-time Arbitrum gas) | ~$0.20 | | **Total monthly cost** | **~$21.80** | According to [CoinMarketCap's exchange comparison data](https://coinmarketcap.com/rankings/exchanges/), Binance charges a base futures taker fee of 0.050% — the same $50K volume costs $25.00 in fees, requires full KYC, forfeits self-custody, and the withdrawal fee to get funds back out is $1+ per transaction. ### Scenario 2: Active Day Trader ($500K Monthly Volume) A trader using a mix of limit and market orders (60% maker, 40% taker), trading daily across multiple markets. | Component | Cost | |---|---| | Taker fees (0.045% × $200K) | $90.00 | | Maker fees (0.015% × $300K) | $45.00 | | Subtotal before discounts | $135.00 | | With referral (4%) + Gold staking (10%) | $116.64 | | Gas fees | $0.00 | | **Total monthly cost** | **~$116.64** | That is $1,399/year in trading fees. Compare that to GMX, where the same volume with 0.070% taker/maker plus an average $3 in gas per trade (500 trades/month) would cost roughly $3,500 + $1,500 in gas = **$5,000/year**. ### Scenario 3: High-Volume Trader ($5M Monthly Volume) A professional trader or algorithmic system executing high volume with mostly limit orders (80% maker, 20% taker). | Component | Cost | |---|---| | Taker fees (0.045% × $1M) | $450.00 | | Maker fees (0.015% × $4M) | $600.00 | | Subtotal before discounts | $1,050.00 | | With referral (4%) + Platinum staking (15%) | $856.80 | | VIP Tier 1 applied (additional ~7% maker reduction) | ~$800.00 | | **Total monthly cost** | **~$800** | At this volume, the trader also benefits from VIP tier progression. Maker fees alone save thousands per year compared to any AMM-based DEX. > **Key takeaway:** The total cost of trading on Hyperliquid is not just the fee percentage - it is the fee plus zero gas, zero deposit fee, and stackable discounts. When you add it all up, Hyperliquid is often the cheapest platform regardless of whether you compare it to DEXs or CEXs. --- ## Aligned Quote Assets — USDH (Sunset) and AQAv2 With USDC [USDH](/ecosystem/usdh-stablecoin-guide) was Hyperliquid's native aligned stablecoin from September 2025 through May 2026. Trading with USDH as the quote asset (rather than USDC) unlocked special fee reductions under the original AQAv1 spec: - **Taker fees:** 20% lower than standard rates (0.045% → 0.036% at base tier) - **Maker rebates:** 50% higher than standard rates On May 14, 2026, Hyperliquid announced **[Aligned Quote Asset v2 (AQAv2)](/ecosystem/aqav2-usdc-aligned-quote-asset)**, a new spec where Coinbase (treasury deployer) and Circle (technical deployer) activate aligned status on **USDC** — making USDC the canonical quote asset for HIP-4 and validator-operated perp markets in a future network upgrade. Importantly, **AQAv2 has no trading fee or volume contribution benefit**. The USDH-style trader discounts do not carry over to USDC under AQAv2 — alignment value flows entirely through reserve yield share back to the protocol, not through reduced fees at the trading interface. As of June 2026, the USDH sunset is complete: all USDH-denominated markets on HyperCore have settled, so the AQAv1 fee discounts no longer apply anywhere. USDC pairs use standard fee tiers. If you still hold USDH, swap it to USDC — feeless via Across on HyperEVM, or on the HyperCore spot order book. ## 8 Strategies to Minimize Your Hyperliquid Fees Here is the complete playbook for paying as little as possible on every trade: ### 1. Sign Up With a Referral Link This is step zero. Before you place a single trade, make sure you created your account through a referral link. The 4% discount applies automatically and permanently. If you have not signed up yet, use referral code Concept211. See our [referral program guide](/guides/getting-started/hyperliquid-referral-program-guide) for full details on how the discount works and how to stack it with HYPE staking. [Create your account with our referral link](https://app.hyperliquid.xyz/join/Concept211) ### 2. Use Limit Orders Instead of Market Orders Switching from market orders to limit orders reduces your per-trade fee from 0.045% to 0.015% - a 67% reduction. For most strategies, placing a limit order a few cents away from the current price gets you filled within seconds at a fraction of the cost. ### 3. Stake HYPE for the Additional Discount If you plan to trade on Hyperliquid long-term, staking HYPE is a no-brainer. You earn staking rewards while simultaneously reducing your fees by up to 40%. It is one of the rare cases where a single action improves both your passive income and your active trading costs. ### 4. Stack Every Discount Available The referral discount (4%) and staking discount (up to 40%) multiply together. Use both. There is no reason not to. ### 5. Be Aware of Your VIP Tier If your 14-day rolling volume crosses a VIP threshold, your fees drop further. Keep an eye on your volume in the Hyperliquid dashboard and consider consolidating your trading with a [unified account](/guides/trading/unified-accounts-guide) to maximize tier progression. Remember: spot volume counts 2x toward your tier. ### 6. Avoid Unnecessary Order Cancellations and Modifications While Hyperliquid does not charge for cancellations (no gas fees), excessive modifications in volatile markets can lead to unintended taker fills. Be deliberate with your orders. ### 7. Use Post-Only Orders When Available Post-only orders guarantee your order will only be placed as a maker order. If it would immediately fill as a taker, the order is rejected. This ensures you always pay the maker rate of 0.015% instead of accidentally paying the taker rate. ### 8. Time Large Orders to Avoid Slippage For larger positions, consider breaking them into smaller limit orders or using Hyperliquid's TWAP (Time-Weighted Average Price) feature. This avoids eating through the book and paying excessive taker fees on the deeper levels. For more advanced execution strategies, see our [trading tools guide](/guides/trading/hyperliquid-trading-tools). ## What About Funding Rates? Funding rates are not technically "fees," but they are a cost (or income) that perpetual traders need to understand. For a deep dive, see our complete [funding rates explained guide](/guides/trading/funding-rates-explained). On Hyperliquid: - **Funding is exchanged between longs and shorts** every hour - **Positive funding** means longs pay shorts (common in bullish markets) - **Negative funding** means shorts pay longs (common in bearish markets) - **Funding rates vary by asset** and are determined by the difference between the perpetual price and the spot index price Funding rates are not set by Hyperliquid - they emerge from market dynamics. You can view current funding rates for every asset on the Hyperliquid trading interface. Smart traders factor funding into their position management, sometimes earning significant income by taking the funded side. Some traders automate this with [copy trading vaults](/guides/trading/copy-trading-guide) or [delta-neutral yield strategies](/ecosystem/hyperevm-yield-strategies) that systematically harvest funding rate arbitrage. > **Tip:** Compare live funding rates across Hyperliquid, Binance, and Bybit with our [Funding Rates tool](/tools/funding-rates). Spot arbitrage opportunities and avoid holding positions on the expensive side. ## Deposits and Withdrawals: Complete Cost Breakdown Moving money in and out of Hyperliquid is one of its cheapest features. Here is exactly what each method costs: ### How Much Does It Cost to Deposit on Hyperliquid? **Hyperliquid charges zero deposit fees.** Depositing USDC to your Hyperliquid account is completely free - the platform takes no cut. The only cost you pay is a small network gas fee on the source blockchain (typically a few cents on Arbitrum). If you use a cross-chain bridge like Across Protocol to deposit from Ethereum, Polygon, or 20+ other chains, the bridge fee is usually under $1. This makes Hyperliquid one of the cheapest exchanges to fund, especially compared to centralized exchanges that charge $5-25 for crypto deposits from external wallets. ### Deposit Costs by Method | Deposit Method | Hyperliquid Fee | Network/Bridge Fee | Total Cost | Speed | |---|---|---|---|---| | **Native bridge (Arbitrum USDC)** | Free | ~$0.10-0.50 ETH gas | **$0.10-0.50** | 1-2 min | | **Across Protocol (any chain)** | Free | $0-1 | **$0-1** | 2-10 sec | | **CEX withdrawal to Arbitrum** | Free | Varies by CEX | **$0-5** | 2-10 min | | **Direct BTC/ETH/SOL deposit** | Free | Network gas | **Varies** | Varies | Hyperliquid charges **zero** on all deposits. The only costs are third-party network fees that go to validators, not to Hyperliquid. For a complete guide to all deposit methods, see our [bridge guide](/guides/getting-started/bridge-to-hyperliquid) or [USDC deposit guide](/guides/getting-started/deposit-usdc-to-hyperliquid). ### Withdrawal Costs | Detail | Value | |---|---| | **Hyperliquid withdrawal fee** | 1 USDC (flat) | | **ETH required on Arbitrum** | None | | **Processing time** | Seconds to a few minutes | The flat 1 USDC withdrawal fee covers the validator gas costs on Arbitrum. You do not need ETH in your Arbitrum wallet - the fee is deducted directly from your USDC balance on Hyperliquid. For the full step-by-step flow, see our [withdraw USDC from Hyperliquid guide](/guides/getting-started/withdraw-usdc-from-hyperliquid). ### Hidden Costs on Other Exchanges For comparison, here is what deposits and withdrawals cost on other platforms: - **Binance:** Free USDC deposits, but withdrawals cost $1-25 depending on network - **Bybit:** Free deposits, withdrawals $1-20 depending on network - **GMX:** Every trade interaction costs $2-20+ in Arbitrum gas, on top of trading fees - **dYdX:** Free deposits/withdrawals on dYdX Chain, but bridging to/from Cosmos has friction Hyperliquid's deposit and withdrawal costs are among the lowest in the industry. If you run into issues with deposits not appearing, see our [deposit troubleshooting guide](/troubleshooting/deposit-not-showing). For stuck or pending withdrawals, see our [withdrawal troubleshooting guide](/troubleshooting/withdrawal-issues). **Stop Paying Full Price** — Every trade without a referral discount is money left on the table. Sign up through our link, lock in your 4% discount, and start trading with competitive fees in DeFi. [Start Trading - Save 4% on Fees](https://app.hyperliquid.xyz/join/Concept211) ## Related Guides This fees guide is your starting point. For a broader overview of the platform, visit the [Hyperliquid Guide homepage](/). Here are the guides that connect to every aspect of trading costs on Hyperliquid: **Getting Started:** - [Beginner Checklist](/guides/getting-started/hyperliquid-beginner-checklist) - Start-to-trade checklist for new users - [How to Trade on Hyperliquid](/guides/getting-started/how-to-trade-on-hyperliquid) - Complete beginner walkthrough - [Deposit USDC to Hyperliquid](/guides/getting-started/deposit-usdc-to-hyperliquid) - Fund your account - [Bridge to Hyperliquid](/guides/getting-started/bridge-to-hyperliquid) - All deposit methods compared - [Referral Code Guide](/referral) - Lock in your 4% lifetime discount **Trading Guides:** - [Order Types Explained](/guides/trading/order-types-guide) - Maker vs taker order strategies - [Leverage Trading Guide](/guides/trading/leverage-trading-guide) - How margin and liquidation fees work - [Spot Trading Guide](/guides/trading/spot-trading-guide) - Spot fee rates and optimization - [Unified Accounts Guide](/guides/trading/unified-accounts-guide) - Consolidate volume for better tiers - [Copy Trading & Vaults](/guides/trading/copy-trading-guide) - Vault fees and copy trading costs - [Commodity Trading](/guides/trading/commodities-trading-guide) - HIP-3 market fees for oil, gold, silver - [Equity Perps](/guides/trading/equity-perps-guide) - Stock trading fees on Hyperliquid - [Trading Tools](/guides/trading/hyperliquid-trading-tools) - Tools for fee analysis and optimization **Ecosystem:** - [HYPE Token Guide](/ecosystem/what-is-hype-token) - Staking for fee discounts up to 40% - [USDH Stablecoin](/ecosystem/usdh-stablecoin-guide) - Aligned quote assets for lower fees - [HIP-3 Builder Codes](/ecosystem/hip-3-builder-codes) - How builder market fees work - [Lending & Borrowing](/guides/trading/lending-borrowing-guide) - DeFi fees on HyperEVM **Tax & Reporting:** - [Tax Reporting Guide](/guides/trading/hyperliquid-tax-reporting-guide) - Export PnL, trade history, and funding data for tax filing - [Best Tax Software for Perps Traders](/guides/trading/best-crypto-tax-software-perps-traders) - Which platforms actually reconcile hourly funding payments **Tools:** - [Live Funding Rates](/tools/funding-rates) - Monitor ongoing position costs - [Open Interest Tracker](/tools/open-interest) - Track market positioning - [Volume Rankings](/tools/volume) - See where liquidity and volume concentrate --- # Hyperliquid vs Binance (2026): DEX vs CEX — Which Is Better for Perps? > Hyperliquid charges 0.045% taker / 0.015% maker on perps with no KYC and full self-custody. Binance Futures runs 0.050% taker / 0.020% maker (VIP-0) but mandates KYC. Full June 2026 comparison of fees, leverage, and security. *Source: https://hyperliquidguide.com/compare/hyperliquid-vs-binance* **Hyperliquid vs Binance** ## Hyperliquid vs Binance: The DEX That Rivals a CEX This is the comparison that would have seemed absurd two years ago. Hyperliquid - a decentralized exchange running its own Layer 1 blockchain - going head-to-head with Binance, the largest centralized crypto exchange in the world. But in 2026, this is a legitimate comparison. Hyperliquid processes around [live data] in daily perpetual futures volume, offers sub-second execution, and charges fees that rival or beat Binance. The fundamental question is not which platform is "better" in absolute terms - they serve different philosophies. The question is: **what trade-offs matter most to you?** Self-custody vs convenience. Permissionless access vs regulated infrastructure. Decentralization vs depth. > **Key takeaway:** For perpetual futures trading, Hyperliquid undercuts Binance's VIP-0 perp fees on both legs (0.015%/0.045% vs 0.020%/0.050%), adds zero gas costs, self-custody, and no KYC — while matching Binance's speed and interface quality. The trade-off is less liquidity depth on the largest pairs and a narrower product suite. This guide breaks down every meaningful dimension so you can decide. ![Hyperliquid trading interface showing on-chain order book](/images/compare/shared/hyperliquid-trading-interface.webp) ![Binance Futures interface](/images/compare/shared/binance-futures-interface.webp) **CEX Speed, DEX Principles** — Hyperliquid offers Binance-level trading performance with full self-custody and no KYC. Use our referral code for a 4% lifetime fee discount. [Try Hyperliquid - Save 4%](https://app.hyperliquid.xyz/join/Concept211) ## The Core Difference: Centralized vs Decentralized Before diving into feature-by-feature comparisons, it is worth stating the foundational distinction clearly. ### Binance: Centralized Exchange Binance is a traditional centralized exchange (CEX). When you deposit funds, Binance takes custody of your assets. Their servers run the matching engine, their databases hold the order book, and their organization controls the platform. You trust Binance to keep your funds safe, to execute trades honestly, and to let you withdraw when you want to. This model offers real advantages: extremely fast matching, deep liquidity, a massive product suite, and a polished user experience built by one of the largest companies in crypto. But it also means your funds are only as safe as Binance's security and operational integrity. ### Hyperliquid: Decentralized Exchange Hyperliquid is a [decentralized exchange (DEX)](/guides/getting-started/how-hyperliquid-works) running on its own purpose-built Layer 1 blockchain. When you trade on Hyperliquid, your funds remain in your control via your connected wallet. The order book runs entirely on-chain through a central limit order book (CLOB) architecture. There is no company holding your assets, no single server running the matching engine, and no KYC gate to pass through. The trade-off is that you are responsible for your own wallet security, and the platform's liquidity depth - while impressive for a DEX - does not yet match Binance's on the most liquid pairs. ![Deposit flow comparison - Binance account setup vs Hyperliquid wallet connect](/images/compare/hyperliquid-vs-binance/deposit-flow-comparison.webp) ## Custody and Security This is the most consequential difference for many traders. ### Self-Custody (Hyperliquid) On Hyperliquid, you connect your own Ethereum-compatible wallet ([MetaMask](/guides/getting-started/connect-metamask-to-hyperliquid), [Rabby](/guides/getting-started/connect-rabby-to-hyperliquid), or similar) and [deposit USDC](/guides/getting-started/deposit-usdc-to-hyperliquid) to your Hyperliquid margin account. At all times, your funds are secured by the protocol's on-chain logic and your own private keys. There is no intermediary who can freeze your account, block your withdrawal, or lose your funds through operational failure. The risk here is personal: if you lose your private keys, there is no customer support to recover your account. You are fully sovereign over your assets, with all the responsibility that entails. For a full breakdown of Hyperliquid's security model, risks, and track record, see our [Hyperliquid safety guide](/guides/getting-started/is-hyperliquid-safe). For best practices on protecting your wallet, see our [crypto security guide](/guides/getting-started/crypto-trading-security-guide). ### Exchange Custody (Binance) On Binance, you deposit funds into your exchange account. Binance controls the private keys to the wallets holding your assets. They implement security measures (cold storage, insurance funds, multi-sig), but the fundamental dynamic is that you trust a third party with your money. The history of crypto exchange failures - from Mt. Gox to FTX - makes this a non-trivial consideration. Binance itself has faced regulatory actions, temporary withdrawal pauses, and scrutiny in multiple jurisdictions. While Binance has never lost customer funds to insolvency or hacking at scale, the exchange custody model carries counterparty risk that simply does not exist with self-custody. ## KYC and Access ### Hyperliquid: No KYC, Instant Access Hyperliquid requires nothing to start trading. No email, no phone number, [no identity verification](/guides/getting-started/hyperliquid-kyc-requirements), no selfie with your passport. Connect a wallet, deposit USDC, trade. The entire [onboarding process](/guides/getting-started/how-to-trade-on-hyperliquid) takes under 5 minutes. There are no geographic restrictions on the primary frontend. For traders who value privacy or who live in jurisdictions with limited exchange access, this is a decisive advantage. ### Binance: Full KYC Required Binance requires full Know Your Customer (KYC) verification for all users. This includes government-issued photo ID, and in many regions, proof of address and additional verification steps. The process can take hours to days depending on verification queue times. Beyond KYC, Binance is unavailable or restricted in certain jurisdictions due to regulatory requirements. US users, for example, must use the separate Binance.US platform with a reduced feature set. Binance has also periodically restricted services in other markets as regulatory landscapes shift. **No KYC. No Waiting. Start Trading Now.** — Connect your wallet and trade in under 5 minutes on Hyperliquid. No identity verification, no geographic restrictions. Use our referral code for 4% off fees. [Start Trading Instantly](https://app.hyperliquid.xyz/join/Concept211) --- ## Fee Comparison Fees are closer than you might expect between a top DEX and the world's largest CEX. For a deep dive into Hyperliquid's full fee structure, see our [fees explained guide](/guides/fees/fees-explained). At **base tier**, Hyperliquid is now cheaper on both sides of the trade. Hyperliquid charges 0.015%/0.045% maker/taker. Binance Futures, per its [USDⓈ-M futures fee schedule](https://www.binance.com/en/fee/futureFee), charges 0.020%/0.050% at VIP-0. On a $10,000 taker trade, that is $4.50 on Hyperliquid vs $5.00 on Binance; on the maker side it is $1.50 vs $2.00. **Hyperliquid wins both fee legs** before any discounts, and charges zero gas fees on every transaction. Binance offers a 10% fee discount for paying fees with BNB, which brings its effective taker rate down to 0.045% — drawing level with Hyperliquid's headline taker rate, but only if you hold and spend BNB on fees. With a referral code, Binance can discount further, but the exact amount varies and is often less transparent than Hyperliquid's flat 4%. Hyperliquid's **[HYPE](/ecosystem/what-is-hype-token) staking discount** (up to 40%) stacks with the referral discount, which can push effective fees well below even Binance's VIP tiers for high-volume traders. This stacking mechanism is unique to Hyperliquid. [Get 4% Fee Discount on Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) ### Fee Calculation Example: Active Trader For a trader doing $1M in monthly volume (roughly $50K per day), all taker orders: | Platform | Monthly Fee Cost | |---|---| | **Hyperliquid** (base + 4% referral) | $432 | | **Hyperliquid** (base + 4% referral + HYPE staking) | $259 - $432 | | **Binance** (VIP-0, no BNB) | $500 | | **Binance** (VIP-0 + 10% BNB discount) | $450 | At $1M monthly volume the trader sits at Binance VIP-0 (Binance VIP-1 requires roughly $15M in 30-day volume), so the realistic comparison is $432 on Hyperliquid versus $450-$500 on Binance. The HYPE-staking tier widens the gap further, and the savings compound over time. ## Speed and Execution ### Hyperliquid Sub-second finality on its custom L1 blockchain. Orders are matched and confirmed in under one second. For a decentralized exchange, this is remarkable - the trading experience genuinely feels like using a centralized platform. Order placement, modification, and cancellation are all instant and free. ### Binance Binance's matching engine processes orders in microseconds, making it one of the fastest exchanges in existence. At the raw latency level, Binance is faster than any current DEX. ### Practical Difference For manual traders clicking buttons on a screen, the difference is imperceptible. You will not notice a meaningful speed difference between Hyperliquid and Binance in normal trading. Both feel instant. Where the gap matters is for **algorithmic and high-frequency trading (HFT)**. Strategies that compete on microsecond-level latency will perform better on Binance's infrastructure. Hyperliquid does offer API trading and performs well for most algorithmic strategies, but the absolute lowest-latency HFT is a domain where centralized infrastructure still has a structural advantage. For the 99% of traders who are not running sub-millisecond HFT strategies, Hyperliquid's speed is more than sufficient. ![Order execution confirmation times on both platforms](/images/compare/hyperliquid-vs-binance/order-execution-speed-comparison.webp) ## Trading Features Binance clearly has a broader feature set. It is a full-service crypto platform with spot, futures, options, lending, staking, launchpad, copy trading, and fiat on-ramps. Hyperliquid is laser-focused on perpetual futures and spot trading, though it is rapidly expanding into [commodities](/guides/trading/commodities-trading-guide) and [equity perpetuals](/guides/trading/equity-perps-guide). However, for the specific use case of **trading perpetual futures**, the feature comparison is closer — see our [dedicated Hyperliquid vs Binance Futures breakdown](/compare/hyperliquid-vs-binance-futures) for a deep dive into fees, margin types, and leverage. While Binance's headline 125x cap looks attractive, most active traders rarely exceed 10-20x in practice — our [leverage trading on Hyperliquid](/guides/trading/leverage-trading-guide) walkthrough explains why higher caps usually translate to faster liquidations, not better returns. Hyperliquid's [scaling orders and TWAP orders](/guides/trading/order-types-guide) are advanced execution tools that Binance does not offer in the same form. Hyperliquid's [vault system](/ecosystem/hyperliquid-vaults-guide) provides an alternative to Binance's copy trading - see our [copy trading guide](/guides/trading/copy-trading-guide) for a full walkthrough. And Hyperliquid's sub-accounts are available to all users, not just VIP tiers. If you need options, fiat on-ramps, or 1,500 spot pairs, Binance is the only option. If you are primarily here to trade perps - including [commodities and equities](/ecosystem/hyperliquid-traditional-markets) - Hyperliquid covers everything you need and then some. ## Regulatory Risk This dimension is often overlooked but matters significantly. ### Binance Binance has faced regulatory action in multiple countries. It has paid billions in fines, its founder pled guilty to federal charges in the US, and it operates under varying degrees of regulatory restriction worldwide. This is not speculation - it is public record. For traders, this translates to real risks: withdrawal freezes during regulatory actions, forced closure of accounts, geo-blocking of services, and the ongoing possibility of further regulatory escalation. Binance is working to become fully compliant globally, but the regulatory landscape for centralized crypto exchanges remains uncertain. ### Hyperliquid As a decentralized protocol with no centralized entity controlling user funds, Hyperliquid operates in a fundamentally different regulatory category. There is no company to fine, no CEO to prosecute, and no centralized server to shut down. Users interact with smart contracts directly through their own wallets. This does not mean Hyperliquid is immune to regulatory pressure - frontends can be restricted, and future regulation could target DeFi protocols specifically. But the architectural reality is that a non-custodial, permissionless protocol is harder to shut down than a centralized exchange. For traders who have experienced account freezes or withdrawal delays on centralized platforms, Hyperliquid's self-custody model offers meaningful peace of mind. **Your Keys, Your Crypto, Your Trades** — Trade perpetual futures without trusting a third party with your assets. Hyperliquid offers self-custody trading with CEX-level performance. Use our referral link for 4% off. [Trade with Self-Custody](https://app.hyperliquid.xyz/join/Concept211) ## Liquidity Depth This is the area where Binance genuinely excels. Binance is the most liquid crypto exchange in the world. On BTC and ETH perpetual futures, the order book depth at any given time dwarfs every other platform. For institutional-sized orders (hundreds of thousands to millions of dollars), Binance can absorb them with minimal market impact. Hyperliquid's liquidity is impressive for a DEX - at approximately [live data] in daily volume, it has more perps volume than most centralized exchanges. Spreads on major pairs are tight, and the order book depth is sufficient for nearly all retail and professional traders. But if you are moving truly massive size on a single pair, Binance will give you better fills. For the average trader doing five or six-figure trades, the liquidity difference is negligible. For whales and institutions, Binance's depth is a meaningful advantage. ### What We Observed Running Both Venues Trading the same setups on both platforms surfaces differences the spec sheets miss. On BTC and ETH the two order books feel interchangeable for retail clips — fills inside a tick or two of the mid, no real slippage on five-figure market orders. The gap opens up off the majors: on mid-cap and long-tail perps, Binance's book is several times deeper, and a size order that walks two or three levels on Hyperliquid barely moves the top of book on Binance. Funding is where the venues diverge most. Hyperliquid's funding accrues and settles **every hour** rather than on Binance's 8-hour cadence, so the rate reprices faster when the market leans hard one way — during sharp directional moves we've watched Hyperliquid funding spike and then mean-revert within a couple of hours while the equivalent Binance rate lagged behind into its next settlement. For anyone holding perps through a squeeze, that hourly cadence makes the carry cost more visible and easier to manage. On the liquidation side, Hyperliquid's on-chain, oracle-priced engine and per-asset margin tiers tend to deleverage large positions earlier than Binance's headline leverage caps would suggest, which in practice means fewer cascading wicks but tighter maintenance margins on big size. ![BTC-USDC order book depth comparison on both platforms](/images/compare/hyperliquid-vs-binance/btc-order-book-depth-comparison.webp) > **Note:** Explore live Hyperliquid data: [Funding Rates](/tools/funding-rates) · [Open Interest](/tools/open-interest) · [Volume Rankings](/tools/volume) ## Head-to-Head Summary ## The Verdict This is not a clear-cut "one is better" comparison. The right choice depends on what you prioritize. **Choose Hyperliquid if you value:** - **Self-custody** - you never hand your assets to a third party - **No KYC** - trade immediately, privately, from anywhere - **Lower perp fees and zero gas** - 0.015%/0.045% maker/taker vs Binance's 0.020%/0.050%, zero gas fees, and stacking discounts that drive effective costs lower - **Censorship resistance** - no account freezes, no geographic restrictions - **Focused perps trading** - a platform built specifically for perpetual futures - **Reduced counterparty risk** - no exchange insolvency risk **Choose Binance if you value:** - **Maximum liquidity depth** - especially for very large orders on major pairs - **Broadest feature set** - options, lending, launchpad, fiat on-ramps, 1500+ spot pairs - **Microsecond execution** - for latency-sensitive HFT strategies - **Familiar CEX experience** - traditional account model with customer support - **Higher maximum leverage** - up to 125x on select pairs For the majority of perpetual futures traders, **Hyperliquid offers the better deal**: lower base maker and taker fees, zero gas costs, self-custody, no KYC, and a trading experience that genuinely rivals Binance in speed and features. The days when using a DEX meant accepting worse execution are over. Hyperliquid proves that a decentralized exchange can compete with the largest centralized exchange in the world on trading performance - while offering the fundamental benefits of DeFi that a centralized platform structurally cannot. > **Key takeaway:** As of June 2026, Hyperliquid is the better choice for traders whose primary use case is perpetual futures and who want self-custody: it charges 0.015% maker / 0.045% taker at base tier, requires no KYC, keeps funds in your own wallet, and offers up to 40-50x leverage across 200+ perp markets with sub-second on-chain settlement. Binance Futures is the better choice for traders who need the deepest liquidity on large orders, a full product suite (options, lending, fiat on-ramps, 1,500+ spot pairs), or up to 125x leverage on BTC — but it charges higher VIP-0 perp fees (0.020% maker / 0.050% taker, or 0.045% taker paying in BNB), mandates full identity verification, and holds your funds custodially. In short: pick Hyperliquid for cheaper, private, self-custodial perps; pick Binance for maximum depth, breadth, and fiat access. If you are currently trading perps on Binance and value self-custody, trying Hyperliquid is a no-brainer. You can keep your Binance account for spot, options, and fiat needs while using Hyperliquid as your primary perps venue. For traders specifically comparing Binance Futures perpetuals mechanics — leverage, funding, liquidation logic — see our dedicated [Hyperliquid vs Binance Futures comparison](/compare/hyperliquid-vs-binance-futures), which zooms in on the perp-specific differences rather than the broader CEX-vs-DEX framing on this page. For similar comparisons with other top CEXs, see our [Hyperliquid vs Kraken](/compare/hyperliquid-vs-kraken), [Hyperliquid vs Bybit](/compare/hyperliquid-vs-bybit), [Hyperliquid vs OKX](/compare/hyperliquid-vs-okx), [Hyperliquid vs Coinbase](/compare/hyperliquid-vs-coinbase), [Hyperliquid vs Gate.io](/compare/hyperliquid-vs-gate-io), [Hyperliquid vs MEXC](/compare/hyperliquid-vs-mexc), and [Hyperliquid vs Crypto.com](/compare/hyperliquid-vs-crypto-com) breakdowns. For DEX-vs-DEX matchups, see [Hyperliquid vs AsterDEX](/compare/hyperliquid-vs-asterdex), [Hyperliquid vs Lighter](/compare/hyperliquid-vs-lighter), and [Hyperliquid vs dYdX](/compare/hyperliquid-vs-dydx). **Make the Switch - Keep Your Keys, Lower Your Fees** — Join Hyperliquid with our referral link and get 4% off all trading fees for life. No KYC, no waiting. Your wallet, your rules. [Start Trading on Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) --- # Hyperliquid vs dYdX (Updated April 2026): Volume, Fees & Liquidity > Hyperliquid averages $5B+ daily volume vs dYdX v4's $100-300M (April 2026). Compare fees (0.015% vs 0.020% maker), liquidity depth, speed, and markets. *Source: https://hyperliquidguide.com/compare/hyperliquid-vs-dydx* **Hyperliquid vs dYdX** | Feature | Hyperliquid | dYdX v4 | |---------|------------|---------| | **Trading Fees (Taker)** | 0.045% | 0.050% | | **Trading Fees (Maker)** | 0.015% | 0.020% | | **Max Leverage** | Up to 50x | Up to 20x | | **Available Markets** | [live data]+ perps + spot | 180+ perps only | | **Custody Model** | Self-custody (non-custodial) | Self-custody (non-custodial) | | **Chain / Network** | Hyperliquid L1 (custom) | dYdX Chain (Cosmos) | | **KYC Required** | No | No | | **Gas Fees** | Zero | Cosmos gas on some ops | > **Tip:** **Why Traders Switch to Hyperliquid from dYdX:** Hyperliquid offers lower fees across the board (25% cheaper for makers), higher leverage (50x vs 20x), spot trading alongside perps, and zero gas fees. dYdX's Cosmos-based chain adds gas overhead that Hyperliquid's custom L1 eliminates entirely. ## Hyperliquid vs dYdX: The Complete Comparison If you are looking for the best decentralized perpetual futures exchange in 2026, two names dominate the conversation: **Hyperliquid** and **dYdX**. Both platforms offer on-chain perpetual futures trading without KYC, but they take fundamentally different architectural approaches to solving the same problem. New to perps? Our [perpetuals explained guide](/guides/trading/perpetuals-explained) covers the underlying mechanics — funding payments, mark prices, and liquidation — that apply on both Hyperliquid and dYdX before you decide where to trade. This guide breaks down every meaningful difference between the two platforms so you can make an informed choice about where to trade. > **Key takeaway:** Hyperliquid has overtaken dYdX in volume, fees, speed, and feature depth. Its custom L1 architecture delivers a structurally superior trading experience compared to dYdX's Cosmos app-chain. > **Key takeaway:** **Liquidity Verdict:** Hyperliquid now processes [live data] in daily volume — roughly 20-50x more than dYdX v4, which has dropped to the $100-300M range since migrating to Cosmos. The gap extends beyond volume: Hyperliquid carries $3B+ in open interest across [live data] perpetual markets, while dYdX sits under $500M OI across roughly 80 active markets. Since dYdX's Cosmos migration in late 2023, liquidity has steadily migrated to Hyperliquid. Tighter spreads, deeper order books, and faster fills on major pairs like BTC and ETH make Hyperliquid the clear winner for any trader who cares about execution quality. If liquidity depth is your priority, this comparison is not close. > **Note:** **2026 Update:** Since dYdX v4 migrated to its own Cosmos app-chain in late 2023, its share of perpetuals volume has fallen substantially while Hyperliquid's has grown; Hyperliquid is now generally the highest-volume perpetuals DEX. Specific volume and open-interest figures for either platform are not quoted here, because this site has no verifiable current source for them: Hyperliquid's public volume feed stopped publishing in April 2026 and comparable competitor data sits behind paywalls. Check DefiLlama or each platform's own analytics for current numbers before drawing conclusions. Traders who used dYdX at its 2022-2023 peak should reassess both platforms directly rather than relying on this page's snapshot. ![Hyperliquid trading interface showing HYPE/USDC chart with order book](/images/compare/shared/hyperliquid-trading-interface.webp) ![dYdX trading interface showing ETH-USD market with order book](/images/compare/shared/dydx-trading-interface.webp) **Trade on Hyperliquid with Lower Fees** — Sign up through our referral link and get a 4% lifetime discount on all trading fees. Users who sign up without a referral code pay full price. [Start Trading - Save 4% on Fees](https://app.hyperliquid.xyz/join/Concept211) ## Architecture: Custom L1 vs Cosmos App-Chain The most fundamental difference between Hyperliquid and dYdX is how each platform is built at the infrastructure level. ### Hyperliquid's Approach Hyperliquid runs on its own custom-built Layer 1 blockchain, purpose-designed from scratch for high-frequency trading. The entire order book - every bid, ask, match, and settlement - lives on-chain through a **central limit order book (CLOB)** architecture. This is not an EVM fork or a generic blockchain repurposed for trading. The Hyperliquid team built their consensus mechanism (HyperBFT) specifically to handle the throughput demands of a real-time exchange. The result is a platform that processes trades with sub-second finality and zero gas fees. Validators run the matching engine directly, so there is no separation between order matching and settlement. What you see in the order book is the actual on-chain state. ### dYdX's Approach dYdX v4 migrated from Ethereum (via StarkEx) to its own Cosmos SDK app-chain in late 2023. The dYdX Chain uses Tendermint-based consensus with validators running an off-chain order book alongside the blockchain. Orders are matched off-chain by validators but settled on-chain. This hybrid approach means the order book itself is not fully on-chain - validators maintain it in memory and reach consensus on fills. While this is a pragmatic design choice for performance, it introduces a slightly different trust model compared to Hyperliquid's fully on-chain approach. ### Why This Matters Hyperliquid's architecture is more unified. The order book and the blockchain are the same system. On dYdX, the order book is a separate process running alongside the chain, which creates a subtle but real distinction in how "on-chain" the trading experience actually is. ![Architecture diagram comparing Hyperliquid L1 vs dYdX Cosmos chain](/images/compare/hyperliquid-vs-dydx/architecture-comparison-diagram.webp) --- ## Fee Comparison Fees are where Hyperliquid pulls clearly ahead. For a complete breakdown of Hyperliquid's fee tiers, staking discounts, and optimization strategies, see our [fees explained guide](/guides/fees/fees-explained). According to [dYdX's official fee documentation](https://docs.dydx.trade), base-tier maker fees are 0.020% and taker fees are 0.050%, with volume-based tiers that drop rates at $1M+ 30-day volume. According to [Hyperliquid's published fee schedule](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees), base-tier rates are 0.015% maker and 0.045% taker — a structurally lower starting point on both sides of the book. At base tier, a $10,000 trade costs **$4.50 in taker fees on Hyperliquid** versus **$5.00 on dYdX**. That difference compounds for active traders. Over 100 trades, you are saving $50 on taker fees alone - and maker orders save even more ($1.50 vs $2.00 per $10K). Over a year of daily trading, the gap becomes thousands of dollars. On top of that, Hyperliquid charges absolutely nothing in gas fees. Every order placement, cancellation, and modification is free. dYdX's Cosmos chain charges modest gas fees in USDC for certain on-chain operations, which adds friction and cost for high-frequency strategies. With a referral code like Concept211, Hyperliquid fees drop even further with a 4% lifetime discount on top of the already-lower base rates. [Get 4% Fee Discount](https://app.hyperliquid.xyz/join/Concept211) [Get started](https://app.hyperliquid.xyz/join/Concept211) ## Speed and Performance Both platforms are fast by DeFi standards, but Hyperliquid has a measurable edge. **Hyperliquid** delivers sub-second block finality on its custom L1. Orders are matched and confirmed in under one second. The experience feels indistinguishable from trading on a centralized exchange like Binance - you click, and the order fills almost instantly. **dYdX v4** runs with Cosmos block times of approximately 1-2 seconds. The off-chain order matching is fast, but final settlement on-chain takes a bit longer than Hyperliquid. In practice, dYdX still feels responsive for most trading styles, but scalpers and high-frequency traders will notice the difference. For the average trader, both are "fast enough." But if you are running strategies where milliseconds matter - or if you simply want the crispest execution - Hyperliquid's architecture is purpose-built for speed in a way that dYdX's repurposed Cosmos chain is not. ## Liquidity and Volume Hyperliquid has grown into the highest-volume decentralized perpetuals exchange in the market. According to [DefiLlama's DEX volume dashboard](https://defillama.com/dexs), as of April 2026 Hyperliquid consistently processes around **[live data] in daily trading volume**, surpassing dYdX by a significant margin. dYdX, which was the dominant decentralized perps platform through 2022 and 2023, has seen its market share collapse since migrating to Cosmos. dYdX v4 daily volumes now typically range from $100-300M — down from multi-billion dollar peaks — while Hyperliquid routinely handles 20-50x more volume on any given day. Higher volume generally means tighter spreads and better fills, especially on major pairs like BTC-USDC and ETH-USDC. For large orders or less liquid altcoin pairs, the difference in depth becomes even more pronounced. ![Volume comparison chart - Hyperliquid vs dYdX 30-day rolling volume](/images/compare/hyperliquid-vs-dydx/30-day-rolling-volume-comparison.webp) > **Note:** Explore live Hyperliquid data: [Funding Rates](/tools/funding-rates) · [Open Interest](/tools/open-interest) · [Volume Rankings](/tools/volume) ## Trading Features ### Order Types Both platforms offer the standard suite of order types: market, limit, stop-market, stop-limit, and take-profit/stop-loss. However, Hyperliquid goes further with advanced order types that dYdX does not support: - **Scaling Orders** - automatically distribute multiple limit orders across a price range - **TWAP Orders** - execute large positions over time to minimize market impact - **Advanced TP/SL** - attach complex take-profit and stop-loss conditions to positions These features make Hyperliquid especially attractive for professional and semi-professional traders who need fine-grained execution control. See our [order types guide](/guides/trading/order-types-guide) for a full walkthrough of each. ### Leverage Both platforms offer up to **50x leverage** on major pairs like BTC and ETH, with lower maximums on smaller-cap assets. The leverage mechanics (cross margin, isolated margin) are similar on both platforms. ### Trading Pairs Hyperliquid lists **[live data] perpetual pairs** and continues to add new markets regularly. dYdX v4 supports approximately **180+ markets**. Hyperliquid tends to be faster at listing new tokens, partly due to its permissionless listing system where the community can propose and vote on new markets. Both platforms also support [spot trading](/guides/trading/spot-trading-guide) to varying degrees, though Hyperliquid's spot market is more developed. ### Funding Rates Both venues use periodic funding payments to anchor perpetual prices to spot, but the cadence and accrual mechanics differ — Hyperliquid pays funding hourly while dYdX v4 settles every eight hours. Our [funding rates explained walkthrough](/guides/trading/funding-rates-explained) covers how each model affects carry costs on long-held positions and where funding-rate arbitrage between the two venues becomes profitable after fees. ## Decentralization This is where the comparison gets nuanced. **Hyperliquid** runs a fully on-chain order book on its own L1. The entire state of the exchange - every open order, every position, every fill - is part of the blockchain state. The validator set is growing, and the network is working toward full permissionless validation. However, critics point out that the validator set is still relatively small compared to established chains. **dYdX v4** benefits from the Cosmos ecosystem's established decentralization model. It has a larger validator set and uses a governance model where DYDX token holders can vote on protocol parameters. However, the order book itself is maintained off-chain by validators, which means the core matching engine is not as transparently on-chain as Hyperliquid's. Both platforms custody user funds in a non-custodial manner - you connect your own wallet and maintain control of your assets. Neither requires KYC for basic trading. **Self-Custody Trading, Lower Fees** — Hyperliquid gives you CEX-level speed with DeFi-level self-custody. Sign up with our referral link for 4% off all trading fees. [Try Hyperliquid Now](https://app.hyperliquid.xyz/join/Concept211) ## Token Economics: HYPE vs DYDX ### HYPE Token Hyperliquid's native token HYPE serves as the staking and gas token for the L1 network. HYPE stakers can earn up to a **40% trading fee discount**, which stacks with the 4% referral discount. The token was distributed primarily through a [community airdrop](/ecosystem/hype-airdrop-guide), and there was no VC allocation - a fact the community considers a significant differentiator. ### DYDX Token The DYDX token was migrated from Ethereum to the dYdX Chain as part of the v4 launch. It serves as the staking and governance token. DYDX stakers earn a share of protocol fees and can participate in governance votes. However, DYDX does not offer a direct trading fee discount the way HYPE staking does. Both tokens have active markets and meaningful utility within their respective ecosystems. HYPE's fee discount mechanism gives it a more direct value proposition for active traders. ## User Experience ### Onboarding Hyperliquid's onboarding is remarkably simple: connect a wallet, deposit USDC, and start trading. No email, no account creation, no KYC. The entire process takes under 5 minutes. dYdX v4 follows a similar pattern - connect a Cosmos-compatible wallet and deposit USDC. However, the Cosmos wallet requirement can be a friction point for users who are primarily in the EVM ecosystem. dYdX does support bridging from Ethereum, but the additional step of interacting with Cosmos infrastructure can confuse newcomers. On Hyperliquid, any EVM wallet works - if you run into connection issues, our [wallet troubleshooting guide](/troubleshooting/wallet-connection-issues) covers all common fixes. ### Interface Both platforms offer clean, professional trading interfaces. Hyperliquid's UI is minimalist and information-dense, drawing favorable comparisons to centralized exchanges. dYdX's interface is similarly polished, with a layout that will feel familiar to anyone who has used a modern perps platform. ![Trading UI comparison - order placement flow on both platforms](/images/compare/hyperliquid-vs-dydx/trading-ui-comparison.webp) ### Mobile Experience Hyperliquid offers a fully functional progressive web app (PWA) that works well on mobile browsers. dYdX also works on mobile through its web interface. Neither platform has a native mobile app as of early 2026, though both perform adequately through mobile web browsers. ## dYdX v4 Liquidity vs Hyperliquid (2026 Update) The liquidity gap between Hyperliquid and dYdX v4 has continued to widen through early 2026. According to [DefiLlama](https://defillama.com/dexs), Hyperliquid regularly processes **$5-10 billion in daily volume** as of April 2026, while dYdX v4 has stabilized in the **$100-300 million range** — a 20-50x difference on any given day. This disparity directly affects execution quality. Hyperliquid's deeper order book means tighter bid-ask spreads on major pairs like BTC-USDC and ETH-USDC, lower slippage on market orders, and faster fill rates for limit orders. For traders executing positions larger than $100K, the liquidity difference is not marginal — it determines whether your order fills at the expected price or moves the market against you. Open interest tells a similar story: Hyperliquid carries **$3B+ in aggregate open interest** across its [live data] markets, while dYdX v4's open interest sits under $500M across roughly 80 active markets. For institutional-size positions, Hyperliquid is the only decentralized venue with sufficient depth to absorb large orders without significant price impact. *Last verified: April 2026. Volume figures sourced from [DefiLlama DEX dashboard](https://defillama.com/dexs) and Hyperliquid's public API.* --- ## Head-to-Head Summary ## The Verdict **Hyperliquid wins on fees, speed, volume, and feature depth.** Its custom L1 architecture delivers a genuinely superior trading experience - sub-second fills, zero gas fees, and the lowest base fees in the decentralized perps space. The on-chain CLOB means you are getting true price discovery rather than relying on off-chain order matching. Advanced order types like scaling orders and TWAP give professional traders tools they cannot find on dYdX. **dYdX deserves credit for pioneering decentralized perps.** It was the first platform to bring viable perpetual futures trading to DeFi, and its migration to a dedicated Cosmos chain was an ambitious move toward full decentralization. dYdX has a longer track record and a more established governance framework. For traders who value the Cosmos ecosystem or who prefer dYdX's governance model, it remains a solid choice. For most traders - especially those who prioritize low fees, fast execution, and a wide selection of trading pairs - **Hyperliquid is the stronger platform in 2026**. The numbers back it up: higher volume, lower fees, faster finality, and more trading features. > **Key takeaway:** Hyperliquid beats dYdX on every metric that matters for active traders. Maker fees are 25% lower (0.015% vs 0.020%), taker fees are 10% cheaper (0.045% vs 0.050%), and gas fees are zero compared to dYdX's Cosmos-based transaction costs. Hyperliquid's custom L1 delivers sub-second finality versus dYdX's 1-2 second block times, and its fully on-chain order book provides stronger transparency guarantees than dYdX's off-chain validator matching. Neither platform requires KYC, but Hyperliquid adds spot trading, higher leverage (50x vs 20x on select pairs), and advanced order types like TWAP and scaling orders that dYdX does not offer. For traders who want the lowest costs and fastest execution on a decentralized exchange, Hyperliquid is the clear winner. ### Who Should Use Each Platform - **Choose Hyperliquid if** you want the lowest fees (25% cheaper maker rate), higher leverage (50x vs 20x), spot + perps trading, zero gas fees, and sub-second finality. Best for active traders at any level. - **Choose dYdX if** you value Cosmos ecosystem integration, dYdX's governance model, or prefer a platform with a longer operational track record. **Bottom line:** Hyperliquid outperforms dYdX on fees, speed, leverage, and market breadth. dYdX's edge is its pioneering reputation and Cosmos-native governance. For more DEX comparisons, see [Hyperliquid vs Drift](/compare/hyperliquid-vs-drift), [Hyperliquid vs AsterDEX](/compare/hyperliquid-vs-asterdex), [Hyperliquid vs Lighter](/compare/hyperliquid-vs-lighter), and [Hyperliquid vs GMX](/compare/hyperliquid-vs-gmx). For CEX matchups, check our [Hyperliquid vs Binance](/compare/hyperliquid-vs-binance), [Hyperliquid vs Kraken](/compare/hyperliquid-vs-kraken), [Hyperliquid vs OKX](/compare/hyperliquid-vs-okx), and [Hyperliquid vs Bybit](/compare/hyperliquid-vs-bybit) comparisons. **Ready to Try Hyperliquid?** — Join with our referral link and save 4% on every trade. No KYC, no account creation - just connect your wallet and go. [Start Trading on Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) --- # Hyperliquid vs GMX (2026): Fees, Liquidity & Which Wins for Perps > Hyperliquid charges 0.045% taker vs GMX's 0.07% — CLOB vs liquidity pool model. Full comparison of fees, execution, GMX v2 ETH perp liquidity, and verdict. Updated May 2026. *Source: https://hyperliquidguide.com/compare/hyperliquid-vs-gmx* **Hyperliquid vs GMX** > **Note:** **Last verified: May 2026.** All fee figures, liquidity data, and market counts have been confirmed current. GMX v2 fee structure reflects changes introduced in late 2025. Hyperliquid volume data sourced from the live API. | Feature | Hyperliquid | GMX | |---------|------------|-----| | **Trading Fees (Taker)** | 0.045% | 0.05–0.07% | | **Trading Fees (Maker)** | 0.015% | N/A (no order book) | | **Max Leverage** | Up to 50x | Up to 100x | | **Available Markets** | [live data]+ perps + spot | ~80+ assets | | **Custody Model** | Self-custody (non-custodial) | Self-custody (non-custodial) | | **Chain / Network** | Hyperliquid L1 (custom) | Arbitrum / Avalanche | | **KYC Required** | No | No | | **Gas Fees** | Zero | Arbitrum gas per trade | > **Tip:** **Why Traders Switch to Hyperliquid from GMX:** Hyperliquid's order book eliminates AMM slippage on limit orders, fees are roughly half of GMX's, and zero gas fees mean you never pay network costs on trades. The trade-off is that GMX's GLP/GM model lets passive LPs earn yield without active trading. ### Verdict: Hyperliquid vs GMX in 2026 Hyperliquid wins for active perpetuals traders who prioritize fees and execution speed. Hyperliquid charges 0.015% maker / 0.045% taker with zero gas fees, versus GMX v2's 0.05%–0.07% total fees including price impact. Hyperliquid's central limit order book provides tighter spreads on major pairs (BTC, ETH) where open interest exceeds $500M. GMX v2 offers passive LP yield through its GM pool architecture, making it better suited for liquidity providers than directional traders. For traders moving from GMX to a more fee-efficient venue, Hyperliquid's no-KYC model and USDC-margined accounts are the primary advantages. ## Hyperliquid vs GMX: Order Book Meets AMM Hyperliquid and GMX represent two fundamentally different philosophies for decentralized perpetual futures trading. Hyperliquid uses a **central limit order book (CLOB)** on its own Layer 1 blockchain, while GMX uses an **AMM/oracle-based model** on Arbitrum (and Avalanche). Understanding this core architectural difference is the key to understanding everything else about how these platforms compare. This guide covers every important dimension: fees, execution, slippage, available markets, capital efficiency, and overall trading experience. > **Key takeaway:** Hyperliquid's order book model delivers lower fees (roughly half of GMX), zero slippage on limit orders, and [live data] trading pairs - making it the stronger choice for active perpetual futures traders. ![Hyperliquid order book interface with candlestick chart](/images/compare/shared/hyperliquid-trading-interface.webp) ![GMX trading panel with swap and perpetual interface](/images/compare/shared/gmx-trading-interface.webp) **Trade with an Order Book, Not an AMM** — Hyperliquid gives you CEX-grade execution with true limit orders and zero slippage. Sign up with our referral link for 4% off all trading fees. [Start Trading on Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) ## Architecture: CLOB vs AMM/Oracle This is the most important difference between the two platforms, and it affects every aspect of the trading experience. ### Hyperliquid: On-Chain Central Limit Order Book Hyperliquid operates exactly like a traditional exchange order book, except the entire thing runs on-chain. Buyers and sellers post limit orders at specific prices, and the matching engine pairs them together. When you place a limit order at a specific price, it either fills against an existing order or sits in the book waiting for a counterparty. This is the same model that Binance, the NYSE, and every major exchange in the world uses - because it is the most efficient way to discover price and match trades. Hyperliquid simply built a blockchain fast enough to run this model on-chain with sub-second finality and zero gas fees. ### GMX: Oracle-Priced AMM GMX takes a completely different approach. Instead of matching buyers and sellers against each other, GMX lets traders open positions against a shared liquidity pool (GLP on v1, GM pools on v2). Trade prices are determined by **Chainlink oracle feeds** rather than by an order book. When you go long BTC on GMX, you are not buying from another trader - you are borrowing exposure from the liquidity pool at the oracle price. The pool's liquidity providers (LPs) are the counterparty to every trade. This is an elegant DeFi-native design, but it creates trade-offs that matter for serious traders. ### Why the Architecture Difference Matters The CLOB model gives Hyperliquid traders: - **True limit orders** that execute at exactly the specified price - **Zero slippage** on limit order fills - **Real price discovery** from actual supply and demand - **Transparent depth** - you can see all open orders in the book The AMM/oracle model gives GMX traders: - **Guaranteed execution** at the oracle price (for smaller trades) - **No need for counterparties** - the pool is always available - **Simpler UX** for basic market orders However, GMX's model also introduces **price impact fees** on larger trades, dependence on oracle accuracy and freshness, and limited ability to use advanced order types. You cannot place a true limit order on GMX the way you can on Hyperliquid. --- ## Fee Comparison This is where the difference is stark. According to [GMX's published fee schedule](https://docs.gmx.io/docs/trading/fees), v2 taker fees range from 0.05% to 0.07% depending on whether the trade increases or decreases open interest on the side of the pool. According to [Hyperliquid's official fee documentation](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees), base-tier perpetual taker fees are 0.045% and maker fees are 0.015%, with zero gas fees on all orders. The numbers tell a clear story. On a **$10,000 taker trade**: - **Hyperliquid**: $4.50 in fees, $0 gas = **$4.50 total** - **GMX v2**: $7.00 in fees + ~$0.20 gas = **~$7.20 total** That is over **60% more** on GMX. For a maker order on Hyperliquid, the cost drops to just $1.50 - making it nearly 5x cheaper than a GMX trade. For a full breakdown of Hyperliquid's [fee structure](/guides/fees/fees-explained), including VIP tiers and maker rebates, see our dedicated guide. For active traders placing dozens of trades per day, this gap adds up to hundreds or even thousands of dollars per month. Using referral code Concept211 on Hyperliquid reduces fees by another 4%. [Get Your 4% Discount](https://app.hyperliquid.xyz/join/Concept211) **Cut Your Trading Fees in Half** — Hyperliquid's fees are less than half of what GMX charges. With our referral code, you save an additional 4% on top of already-lower rates. [Switch to Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) ## Slippage and Execution Quality This is arguably the biggest practical advantage of Hyperliquid's order book model over GMX's AMM design. ### Hyperliquid: Zero Slippage on Limit Orders When you place a limit order on Hyperliquid and it fills, you get exactly the price you specified. There is no slippage, no price impact, and no oracle dependency. Market orders execute against the best available prices in the order book - and because Hyperliquid has deep liquidity ([live data] daily volume), spreads are tight on major pairs. This is exactly how professional traders expect an exchange to work. ### GMX: Oracle Price with Impact Fees GMX executes trades at the Chainlink oracle price, which sounds like zero slippage at first glance. But there are two important caveats: 1. **Price impact fees**: GMX v2 charges dynamic price impact fees that increase with trade size relative to pool depth. A $100,000 position on a less liquid pair can incur meaningful price impact costs that function identically to slippage. 2. **Oracle latency**: Chainlink oracles update on a regular cadence, not instantaneously. In fast-moving markets, the oracle price can lag behind the true market price. This creates a known issue where traders can sometimes get better or worse execution than the actual market price at the moment of the fill. For small trades on major pairs, GMX's execution is adequate. But for larger positions or during volatile market conditions, Hyperliquid's order book delivers consistently better execution quality. ![Order book depth on Hyperliquid showing tight spreads vs GMX trade execution panel](/images/compare/hyperliquid-vs-gmx/order-book-depth-comparison.webp) > **Note:** Explore live Hyperliquid data: [Funding Rates](/tools/funding-rates) · [Open Interest](/tools/open-interest) · [Volume Rankings](/tools/volume) ## Speed and Finality **Hyperliquid**: Sub-second finality on its native L1. Orders are matched and confirmed in under one second. The experience matches centralized exchanges. **GMX**: Depends on Arbitrum block times, which average around 0.25 seconds. However, GMX trades also depend on oracle price updates, which can introduce additional latency. Opening a position on GMX typically takes a few seconds from click to confirmation. Both platforms are fast enough for most trading styles, but Hyperliquid's integrated architecture (matching engine and blockchain are the same system) provides a noticeably snappier experience. ## Trading Pairs and Markets Hyperliquid offers significantly more perpetual trading pairs ([live data]) compared to GMX. This is partly because Hyperliquid's permissionless listing mechanism allows new markets to be added without lengthy governance votes. If a new token gains traction, Hyperliquid tends to list it faster. Beyond perps, the spot trading experience also diverges sharply. GMX v2 offers swaps through its GM pools but no order-book spot market, while Hyperliquid runs a full on-chain CLOB for spot pairs alongside perps. Our [spot trading guide](/guides/trading/spot-trading-guide) walks through how Hyperliquid's spot market works, how it differs from AMM swaps like GMX's, and when each model produces better execution. GMX does offer higher maximum leverage on select pairs (up to 100x vs Hyperliquid's 50x), which may matter to certain traders. However, the standard advice is that extremely high leverage significantly increases liquidation risk. Hyperliquid also provides advanced order types that GMX cannot match due to its AMM architecture. Scaling orders, TWAP execution, and sophisticated TP/SL configurations are only possible on an order book exchange. ## Capital Efficiency and Liquidity Provision ### GMX's Liquidity Model GMX pioneered a compelling model for DeFi liquidity provision. GLP (v1) and GM pools (v2) allow users to deposit assets and earn yields from trading fees and trader losses. According to [GMX's official documentation](https://docs.gmx.io/docs/providing-liquidity/v2), GM pool yields vary by market and are driven by trading volume, borrowing fees, and trader PnL. This model attracted billions in TVL and created a genuine DeFi primitive: a way for passive investors to earn yield by acting as the counterparty to leveraged traders. The downside is that LPs can lose money when traders are profitable - LPs are effectively short volatility. GMX v2's isolated GM pools improved risk management, but the fundamental dynamic remains. ### Hyperliquid's Vault System Hyperliquid offers vaults - notably the **[HLP (Hyperliquid Liquidity Provider)](/ecosystem/hyperliquid-hlp-explained) vault** - where users can deposit USDC to participate in market-making strategies. Unlike GMX's passive LP model, HLP runs active strategies on the order book, placing bids and asks to capture the spread. The vault model is different from GMX's approach: rather than passively absorbing trader flow, Hyperliquid vaults actively trade. This can lead to different risk/reward characteristics depending on market conditions. Both models offer yield opportunities for users who want to provide liquidity rather than (or in addition to) trading directly. For more on Hyperliquid's yield landscape - including delta-neutral vaults and funding rate arbitrage - see our [HyperEVM yield strategies guide](/ecosystem/hyperevm-yield-strategies). ## The Decentralization Question Both platforms are decentralized, but in different ways. **GMX** runs on Arbitrum, inheriting Ethereum's security model. Smart contracts are open-source, governance is on-chain, and the protocol has been running in production since 2021. According to [DefiLlama](https://defillama.com/protocol/gmx), GMX's total value locked stands at approximately $400M–600M across Arbitrum and Avalanche as of May 2026, making it one of the larger perpetual DEX protocols by TVL. GMX has a longer track record and deeper battle-testing. **Hyperliquid** runs on its own L1 with its own validator set. The trade-off is clear: Hyperliquid gains complete performance control but takes on the responsibility of securing its own chain. The validator set is growing, and the network has handled billions in daily volume without incident, but it is younger infrastructure compared to Ethereum/Arbitrum. Both platforms are non-custodial - you trade from your own wallet in both cases. ## GMX v2 ETH Perp Liquidity vs Hyperliquid This is a key differentiator for traders sizing into ETH positions. As of May 2026, according to [DefiLlama's GMX v2 pool data](https://defillama.com/protocol/gmx-v2), the GMX v2 ETH-USD GM pool holds approximately $80–120M in total liquidity. This liquidity is shared across all ETH traders — both longs and shorts draw from the same pool, meaning available capacity depends on open interest balance. On Hyperliquid, ETH perpetual open interest regularly exceeds $500M with tight spreads (typically 1-2 ticks on the top of book). Because Hyperliquid uses an order book rather than a pool, there is no fixed capacity ceiling — liquidity scales with active market makers. A $1M ETH market order on Hyperliquid typically experiences less than 0.01% price impact, while the same order on GMX v2 incurs a dynamic price impact fee that grows with position size relative to pool depth. **Bottom line on ETH perp liquidity:** Hyperliquid offers 4–5x deeper effective liquidity for ETH perpetuals compared to GMX v2's pooled model, with better execution characteristics for positions above $100K. ![Comparison of deposit/withdrawal flows on both platforms](/images/compare/hyperliquid-vs-gmx/deposit-withdrawal-flow-comparison.webp) **Professional Trading, DeFi Principles** — Get order book execution, hundreds of trading pairs, and zero gas fees. Sign up with our referral link for a 4% lifetime fee discount. [Try Hyperliquid Free](https://app.hyperliquid.xyz/join/Concept211) ## Head-to-Head Summary ## The Verdict **Hyperliquid is the better trading platform for the vast majority of perpetual futures traders.** Lower fees (roughly half of GMX), zero slippage on limit orders, sub-second finality, and [live data] trading pairs make it the more practical choice for anyone who trades regularly. The order book model is simply a more efficient market structure for leveraged trading than an AMM/oracle hybrid. **GMX deserves genuine respect for pioneering DeFi perpetuals.** It proved that decentralized leverage trading was viable, and its liquidity provider model created a new DeFi primitive that has been widely forked and imitated. GMX also has a longer track record and benefits from Arbitrum's established infrastructure. For users who are deeply embedded in the Arbitrum ecosystem or who want to provide passive liquidity through GM pools, GMX remains relevant. But if your primary goal is to **trade perpetual futures** with the best execution, lowest fees, and widest selection of markets - Hyperliquid is the clear winner in 2026. The performance difference is not marginal; it is structural. ### Who Should Use Each Platform - **Choose Hyperliquid if** you want the lowest fees, zero slippage on limit orders, zero gas costs, sub-second execution, and access to [live data]+ trading pairs. Best for active traders, scalpers, and anyone switching from a CEX. - **Choose GMX if** you want to provide passive liquidity through GM pools and earn yield without active trading, or if you are deeply embedded in the Arbitrum/Avalanche ecosystem. **Bottom line:** For trading, Hyperliquid wins on every metric that matters. For passive LP yield, GMX's model remains unique. See also our comparisons against other DEXs: [Hyperliquid vs Drift](/compare/hyperliquid-vs-drift), [Hyperliquid vs AsterDEX](/compare/hyperliquid-vs-asterdex), [Hyperliquid vs Lighter](/compare/hyperliquid-vs-lighter), and [Hyperliquid vs dYdX](/compare/hyperliquid-vs-dydx). **Lower Fees. Zero Slippage. Hundreds of Pairs.** — Make the switch to Hyperliquid and save on every trade. Use our referral link for an additional 4% lifetime discount on fees. [Start Trading on Hyperliquid](https://app.hyperliquid.xyz/join/Concept211)