Primary-source explanations organized into five learning paths: onboarding, trading, HYPE and protocol mechanics, development, and independent risk review.
What Hyperliquid is, how account access works, how to fund it and what referral code AWD actually changes.
Hyperliquid is a purpose-built layer-one blockchain with native spot and perpetual order books in HyperCore and smart-contract execution in HyperEVM. It is broader than a perp DEX, but trading remains its central product.
Read 10 min guide →Hyperliquid supports normal EVM wallets and email-based login. Wallet users sign to enable trading; email users receive a login code. Neither method makes unsafe signatures, lost keys or fake domains recoverable.
Read 9 min guide →Fund the official app, verify the exact market, size from your invalidation point, use the least aggressive order that still meets the plan, and define an exit before adding leverage.
Read 11 min guide →The native bridge accepts USDC from Arbitrum, with a 5 USDC minimum documented for Bridge2. Official withdrawals return to Arbitrum and are approximately $1; timing is usually several minutes.
Read 9 min guide →Code AWD gives the protocol-standard 4% discount on eligible trading fees for a referred user’s first $25M of volume. It does not discount funding, slippage, bridge costs, vault activity or subaccount fees.
Read 9 min guide →Fees, funding, spot, execution, margin, liquidation and market-state fields organized around trading decisions.
Base perpetual fees start at 0.015% maker and 0.045% taker. Spot starts at 0.040% maker and 0.070% taker. Rolling 14-day volume sets the tier; spot volume counts double toward it.
Read 10 min guide →Hyperliquid spot markets use native HyperCore order books. Spot has a separate fee schedule, counts double toward the shared 14-day fee tier and does not create perpetual funding or liquidation by itself.
Read 9 min guide →Funding is exchanged hourly between longs and shorts. Positive funding means longs pay shorts; negative funding means shorts pay longs. Payment equals position size × oracle price × funding rate.
Read 7 min guide →Use ALO for post-only maker intent, IOC for immediate execution without resting, GTC for a persistent limit, and reduce-only to prevent an exit from becoming a new position.
Read 9 min guide →Cross margin shares collateral across compatible positions; isolated margin confines collateral to one position. Unified, portfolio and standard account modes determine how balances and HIP-3 DEXs interact above that position-level choice.
Read 10 min guide →Portfolio margin combines eligible spot balances, cross-margin perps and borrowing into one account. It can improve capital efficiency, but interest, oracle paths, caps and whole-account liquidation make it more complex than unified margin.
Read 12 min guide →Subaccounts separate positions and balances from the master account while sharing its fee tier. Referral discounts do not apply to subaccounts, and access expands only after documented volume thresholds.
Read 7 min guide →Liquidation begins when account equity falls below maintenance margin. Mark price—not a single last trade—drives the calculation. Large positions can be partially liquidated before the remaining position is reassessed.
Read 9 min guide →Open interest in the official API is base-asset size; this site multiplies it by mark price for an estimated USD notional. Volume is 24-hour notional. The displayed spread uses official impact prices, not top-of-book L2 quotes.
Read 8 min guide →HYPE utility, validator staking, vaults, HyperEVM, builder perps and outcome markets with the boundaries made explicit.
HYPE secures Hyperliquid through delegated staking, pays gas on HyperEVM, unlocks trading-fee tiers and supports protocol deployment requirements. Those utilities do not guarantee token value or staking returns.
Read 9 min guide →HYPE can be delegated to validators in HyperCore. Delegations have a one-day lock; moving HYPE from staking back to spot enters a seven-day queue. Rewards accrue daily and auto-compound.
Read 9 min guide →HLP supports protocol market making and liquidations and carries strategy risk. Its documented withdrawal lock is four days. Legacy user vaults are a different product and can charge a 10% leader profit share.
Read 8 min guide →HyperCore runs native order books, margin and settlement. HyperEVM is an EVM environment secured by the same HyperBFT consensus—not a separate sidechain—and uses HYPE for gas.
Read 8 min guide →HyperEVM mainnet uses chain ID 999, HYPE as gas and https://rpc.hyperliquid.xyz/evm as the official public RPC. HyperCore and HyperEVM transfers use asset-specific system paths.
Read 9 min guide →HIP-3 lets qualified builders deploy perpetual DEXs on HyperCore. The deployer controls market definitions, oracle inputs and operating parameters, so traders must evaluate both Hyperliquid and the specific deployer.
Read 12 min guide →HIP-4 outcomes are bounded, fully collateralized contracts without leverage or liquidation. Yes and No claims share liquidity and settle into quote assets according to a defined settlement fraction.
Read 9 min guide →REST, WebSocket, testnet, archives and market-making operations from primary documentation.
Use https://api.hyperliquid.xyz for mainnet HTTP and wss://api.hyperliquid.xyz/ws for streaming. Normalize numeric strings explicitly and implement reconnect plus snapshot recovery.
Read 12 min guide →The official testnet faucet currently requires the same address to have deposited on mainnet, then provides 1,000 mock USDC. Testnet assets have no monetary value.
Read 7 min guide →Hyperliquid publishes selected historical data in requester-pays S3 buckets, but updates can lag and records can be missing. Build your own capture pipeline for datasets that require continuity.
Read 10 min guide →Hyperliquid has no documented designated-market-maker program or private latency advantage. Market makers compete through public infrastructure and accept inventory, selection, operational and liquidation risk.
Read 11 min guide →A disclosed review, comparison framework, risk map, confirmed points history and the editorial method behind this site.
Hyperliquid removes classic centralized-exchange custody but introduces smart-contract, bridge, chain, validator, oracle and market-structure risks. Leveraged trading can still lose the entire trading balance.
Read 10 min guide →Hyperliquid is compelling for active onchain perp traders who value an order-book workflow and public market data. It is a poor fit for users who want principal protection, simple buy-and-hold custody or no exposure to bridge and chain risk.
Read 12 min guide →There is no universal best perp venue. Compare the exact market and order size across execution depth, all-in cost, custody model, oracle design, margin rules and withdrawal reliability.
Read 8 min guide →The documented points programs ended in 2024. The official page does not promise a new season or future airdrop, so trading, staking or bridging solely for rumored rewards is speculative.
Read 7 min guide →Primary Hyperliquid documentation and API responses are the factual source of truth. Derived values are labeled, formulas are tested, and affiliate economics are separated from editorial conclusions.
Read 7 min guide →This is an independent educational and analytical site. It is not operated by Hyperliquid Labs or the Hyperliquid Foundation and does not provide investment, legal or tax advice.
Read 4 min guide →