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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.
LearnWhat Hyperliquid is and how it works
Start here
First principles
Consensus and validators
HyperCore
Research
For the press
TradeMarkets, margin and risk
Start here
Trading fundamentals
Perpetuals
Spot
Outcome markets
Accounts and credit
Advanced trading
Incentives
BuildApps, bots and contracts
Start here
Build on HyperCore
Build on the HyperEVM
DeployLaunch and run markets
Start here
The HIPs
Deploy markets
ReferenceEvery number, action and term
Look up
Protocol tables

Accounts, deposits and your first trade

Foundation

Trading 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.

There’s no sign-up form: your EVM address becomes a HyperCore account when value first arrives. Until then, actions return “Must deposit before performing actions”.

Only the deposit costs gas. It moves money onto HyperCore for the clearinghouse to count as margin; orders, cancels and fills then pay the trading fee.

Six steps to your first order

Section titled “Six steps to your first order”
  1. Address. An EVM wallet, or an email login that creates one (key exportable from settings). Whoever holds the key or seed phrase holds the funds.
  2. Deposit.
You hold Send it to It arrives as
USDC on Arbitrum, wallet connected The Deposit button, confirmed in your wallet (needs ETH on Arbitrum for gas) USDC on HyperCore
USDC on Arbitrum, Ethereum, Base or Polygon, email login The deposit address the app shows USDC on HyperCore
BTC, ETH, ENA, SOL, MON, XPL, AVAX and a few other native assets A network-specific address run by a third-party bridge A spot token, to be sold for USDC or another quote asset
USDC on another chain, or on an exchange A CCTP transfer, or an exchange that withdraws to Hyperliquid directly USDC on HyperCore, or on the HyperEVM if that is where the exchange sends it
  1. Activation. The first transfer to a new HyperCore account costs 1 quote token (such as 1 USDC), whatever is sent. On testnet it sat on the sender’s ledger entry: 1.0 USDC on the first send to a fresh address, 0.0 on the second.
  2. Enable trading. Browser wallets refuse chain id 1337, which orders are signed for, so one gas-free signature approves an API wallet that trades but cannot withdraw.
  3. Account mode. The docs recommend unified (one balance per asset for spot and perps) for most users; standard keeps them apart (account modes).
  4. Place a limit order. Set perp leverage per asset first (a whole number, 1 to the maximum); cross margin unless you pick isolated (margin). With the best ask at 100, a buy at 99 rests; at 100 or above it fills at once.

The numbers

Section titled “The numbers”
Item Value
USDC deposit from a connected wallet Arbitrum only; below 5 USDC the deposit is lost
USDC deposit with email login Below 5 USDC not credited and returned to the email wallet; below 1 USDC lost
BTC deposit minimum and time 0.0003 BTC; about 30 minutes
ETH and ENA deposit minimums and time 0.007 ETH, 120 ENA; about 5 minutes
SOL deposit minimum and time 0.12 SOL; about 1 minute
AVAX, MON, XPL deposit minimums 1.5 AVAX, 450 MON, 60 XPL; about 1 minute each
Activation fee 1 quote token, once per new HyperCore account
Minimum order value $10 on perps; 10 units of the quote token on spot
Price format at most 5 significant figures; integer prices always allowed
Action expiry in the app 15 seconds, unless the protection is switched off
Testnet faucet 1,000 mock USDC; needs a prior mainnet deposit from the same address

What to check after you deposit

Section titled “What to check after you deposit”
  • Available Balance below the deposit: cross positions with negative unrealised PnL took the new margin first. Total balance is intact.
  • A non-USDC deposit is a spot token, and backs no perp until sold unless your account mode counts it as collateral.
  • On testnet an email login has a different address: export the key and connect it as a wallet.
  • Keep transaction delay protection on. Without it a stuck order can land late, and repeated clicks become repeated orders: a sell to close a long can open a short.

Reading your fills from code

Section titled “Reading your fills from code”

Query userFills with the trading account’s address; an API wallet’s address returns nothing.

{ "type": "userFills", "user": "0x0000000000000000000000000000000000000000" }
Field Meaning
coin Market name: BTC for a perp, @107 for a spot pair, dex:COIN for a HIP-3 perp
px, sz Fill price and size, as decimal strings
side B for a buy, A for a sell
dir For example Open Long on a perp, Sell on spot
startPosition Position or balance before this fill
crossed true when this order took liquidity; the fee schedule calls taker rates cross and maker rates add
fee, feeToken Fee charged, including any builderFee, and the token it was charged in
closedPnl Realised PnL on a closing fill (entry price and PnL)
oid, tid, hash, time Order id, trade id, transaction hash, time in milliseconds
  • Each match gives two rows, one per side, same notional. Deduplicate on tid; partial fills of one transaction share hash.
  • At most 2,000 rows per call; page older history by time.
  • The order response is {"resting":{"oid":...}} or, if filled on arrival, {"filled":{"totalSz":...,"avgPx":...,"oid":...}} (orders).

Wrong deposits, renamed tokens and expired actions

Section titled “Wrong deposits, renamed tokens and expired actions”
  • Email login: a wrong asset sent to the USDC deposit address returns to the email wallet in about 10 minutes.
  • App names differ: BTC/USDC is UBTC/USDC on HyperCore.
  • “Action already expired”: the 15-second window passed and the action was dropped on purpose.

For what your order does on the book, see Order types. For what the fill cost, see Fees.