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TradeStart here1 page
Start here: tradingFoundationWhere a trader stands in the house, which floors every order touches, what you use to trade, and a reading order from a first trade to professional practice.
TradeTrading fundamentals6 pages
Accounts, deposits and your first tradeFoundationTrading on Hyperliquid needs an EVM address, a deposit that lands on HyperCore and one gas-free signature; then every order is an on-chain transaction.Order types and time in forceFoundationEvery order on HyperCore is a limit order with one of three time-in-force rules, Gtc, Ioc or Alo; a market order is a limit order with a worst acceptable price.Take profit, stop loss, TWAP and scale ordersPractitionerTrigger orders wait for the mark price, then send an ordinary order with a worst price; TWAP and scale orders split one decision into many limit orders.Fees, tiers and rebatesFoundationEvery fill pays a maker or taker fee set by one 14-day volume tier, cut by staked HYPE and referral codes, with rebates for the largest makers.Entry price and PnLFoundationEntry price and PnL are display conventions computed from your fills; HyperCore itself margins cash and signed position size.Self-trade preventionPractitionerWhen an order would fill against the same address's resting order, HyperCore cancels the resting one: no fill, no fee, and the incoming order carries on.
TradePerpetuals9 pages
What a perpetual future isFoundationA perpetual future is a contract on an asset's price that never expires, kept close to that price by an hourly payment between longs and shorts.Contract specificationsPractitionerEvery Hyperliquid perp is a linear contract on 1 unit of its asset, defined by size decimals, maximum leverage, a margin table and a margin mode.FundingPractitionerFunding is an hourly payment between longs and shorts, set by how far the perp trades from the oracle price, that ties a contract with no expiry to its index.Margin: cross, isolated and margin tiersPractitionerMargin is the collateral behind a perp: initial margin to open, maintenance margin to stay open, shared in cross mode or ring-fenced in isolated mode.Leverage and liquidationPractitionerBelow maintenance margin, positions go to the order book as market orders; below two thirds of it, the liquidator vault takes them over.Auto-deleveragingExpertWhen an account goes below zero, auto-deleveraging closes the most profitable, most leveraged opposing positions at the previous mark price, leaving no bad debt.Hyperps and index perpetualsPractitionerHyperps fund against a moving average of their own mark price until spot trading exists; index perps track a formula the validators publish.AMM-priced perpetualsExpertSome perps price off a Uniswap V2 or V3 pool instead of exchange spot prices, and are isolated only, with margin locked in until the position closes.DelistingPractitionerWhen validators vote to delist a perp, positions settle at the 1-hour time-weighted oracle price before the vote and no new orders are accepted.
TradeSpot3 pages
Spot marketsFoundationA spot market on HyperCore swaps one token balance for another on an on-chain order book, fully funded, with no funding or liquidation, under pair names like @107.Native tokens for tradersFoundationA HIP-1 token is a capped-supply token native to HyperCore whose supply, genesis split, deployer and launch liquidity are public state a buyer can check.Hyperliquidity for tradersPractitionerHyperliquidity is a protocol-run ladder of post-only orders 0.3 per cent apart, refreshed at most every 3 seconds, that gives a new token two-sided liquidity without a market maker.
TradeOutcome markets4 pages
What an outcome market isFoundationAn outcome market trades fully collateralised contracts on an event: every Yes and No pair is backed by 1 unit of quote token and always redeems for exactly 1.Market shapes: binary, labelled, multi-outcome, price bucket, scalarPractitionerEvery HIP-4 market arranges the same Yes and No outcome into one of five shapes: price binary, labelled binary, multi-outcome question, price buckets or scalar.Split, merge, negatePractitionerFour conversions turn collateral into outcome positions and back at exactly 1 per complete set, which keeps related outcome books priced consistently.SettlementPractitionerSettlement posts one fraction per outcome, converts every Yes to it and every No to the rest in the quote token, then prunes the outcome from the live list.
TradeAccounts and credit5 pages
Account modes: standard, unified, portfolio marginPractitionerAn account's mode decides whether its spot and perp balances are one pool or several, which assets back perps, and whether a 50k daily action cap applies.Portfolio marginExpertPortfolio margin treats an account's cross perps and spot balances as one portfolio, borrows against HYPE and BTC, and liquidates when its ratio passes 0.95.Borrowing and lendingPractitionerHyperCore lends USDC and USDT against HYPE or BTC at a fixed loan-to-value, on a curve where suppliers earn the borrow rate times utilisation times 0.9.Sub-accountsPractitionerA sub-account is a separate HyperCore account with its own address, balances, margin and rate limits, signed for by a master account whose fee tier it shares.API wallets and agentsPractitionerAn API wallet is a key the master account approves to sign trades for it: it can place and cancel orders but cannot withdraw or send funds to another address.
TradeAdvanced trading4 pages
Market making on HyperliquidExpertMarket making on Hyperliquid is post-only quoting on an on-chain book with no special terms, where repricing, reconciliation, nonces and shutdown decide survival.Latency, priority and infrastructureExpertHyperliquid latency is set by distance to Tokyo, consensus and your own round trips, and the protocol sells read and write priority for fees that are burned.Carry: funding, basis and borrowExpertCarry on Hyperliquid is set by three published rates, hourly funding, the spot-perp basis and the borrow rate, each computable before a position is taken.Risk playbookPractitionerMost losses on Hyperliquid come from liquidation distance, shared margin, funding, auto-deleveraging and operational slips, each checkable before sizing up.
TradeIncentives2 pages
ReferralsFoundationA referrer earns 10% of a referred trader's fees for that trader's first $1B of volume, and the referred trader gets a 4% fee discount on their first $25M.Points (historical)FoundationHyperliquid ran two points programmes: 1M points a week from November 2023 to May 2024, then 700k a week in an L1 phase from May to November 2024.
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Protocol tables

AMM-priced perpetuals

Expert

Some perps price off a Uniswap V2 or V3 pool instead of exchange spot prices, and are isolated only, with margin locked in until the position closes.

An AMM-priced perp takes its index from one on-chain automated market maker (AMM) pool. The standard oracle price is a weighted median of spot prices from several large exchanges, combined across validators by stake. For you, the pool comes with the strictest margin mode, and funding that follows it.

The pool price becomes the index

Section titled “The pool price becomes the index”

The pool price, converted to USDT (table), is the underlying spot price. From there the normal machinery runs: the oracle feeds funding and the mark is the usual median.

Margin is strict isolated

Section titled “Margin is strict isolated”

AMM-priced perps are strict isolated (margin): no cross margin, and margin leaves an open position only in proportion as it closes, partly or fully. Adding margin is allowed. Say you open with 1,000 USDC of margin: you can add more but withdraw none, and closing half the position releases 500.

What the two rules protect

Section titled “What the two rules protect”

The docs state the rules, not the reasons; the effects follow from margining:

  • Isolation contains a bad print. An isolated liquidation, backstop included, takes only that position and its margin (liquidation), so a distorted pool cannot drain a cross account or liquidate unrelated positions.
  • No removal keeps paper profit in the position. Ordinary isolated unrealised PnL can be withdrawn above the transfer requirement; here it leaves only by closing on the book, so a gain from a pushed pool cannot be withdrawn while it is pushed.

How far a pool move reaches

Section titled “How far a pool move reaches”
  • Funding reacts directly. A pool pushed above the perp’s trading price turns the premium negative, and shorts pay longs while the push holds.
  • The mark is damped. It is the median of: the oracle plus a 150-second moving average of the gap between Hyperliquid’s mid and the oracle; the median of best bid, best ask and last trade; and a weighted median of other exchanges’ perp mids (oracles and mark prices). With no other exchange’s perp, the docs substitute a 30-second moving average of the book median, so two inputs come from Hyperliquid’s own book and a pool move the book does not follow barely shifts the median.

The numbers

Section titled “The numbers”
Item Value
Price source Uniswap V2 or V3 pool price
Conversion to USDT at robust exchange oracle prices
Cross margin not allowed
Margin removal from an open position not allowed; margin returns as the position closes
Adding margin allowed
marginMode in meta "strictIsolated" (onlyIsolated: true, deprecated)
Pool listed in the docs RLB: 0x510100d5143e011db24e2aa38abe85d73d5b2177
RLB in mainnet meta, 28 September 2026 isDelisted: true, marginMode: "strictIsolated", maxLeverage: 3, szDecimals: 0
Isolated-only entries on the validator-operated dex, same read 8, all delisted

The last two rows are a measurement: every isolated-only asset on the validator-operated dex was delisted at the read, so no AMM-priced perp was open for trading there that day.

Trading an AMM-priced perp

Section titled “Trading an AMM-priced perp”
  • Pick leverage before you open: you can add margin but not remove it, and isolated leverage sets the liquidation price.
  • Watch funding when the pool moves: a push becomes funding at the next hourly payment, even while the mark barely moves.

Managing isolated margin from code

Section titled “Managing isolated margin from code”
{ "type": "updateIsolatedMargin", "asset": 34, "isBuy": true, "ntli": 5000000 }
{ "type": "topUpIsolatedOnlyMargin", "asset": 34, "leverage": "2" }
  • Read marginMode, not the deprecated onlyIsolated (true for both strictIsolated and noCross).
  • Open with updateLeverage and isCross: false.
  • Top up with updateIsolatedMargin (ntli has 6 decimals: 5000000 is 5 USD) or target a leverage with topUpIsolatedOnlyMargin. Asset id 34 was RLB’s position in the mainnet meta universe at the read; it is delisted, so orders on it are refused.
  • The docs do not say how validators sample the pool (which block, spot or averaged, which chain), so an off-chain reproduction is an approximation.

A HIP-3 deployer publishes its own oracle, so it can build an AMM-priced perp with marginMode: "strictIsolated" in registerAsset2, or later setMarginModes, within the feed clamps and cross-margin eligibility rules in operating a perp dex.

What the docs leave open

Section titled “What the docs leave open”
  • One pool, now delisted: the docs list a single pool, for RLB, which mainnet meta shows delisted.
  • V2 or V3 per asset is not stated.
  • HIP-3 backstop: the per-dex backstop accepts only cross-enabled assets, so a deployer’s strict isolated AMM-priced perp goes from market liquidation straight to auto-deleveraging, on the docs’ description.

For other perps with no exchange spot market, see Hyperps and index perpetuals. For deployer margin modes and oracle limits, see Operating a perp dex.