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Live Hyperliquid markets
Mark, oracle, funding, OI, volume and impact-spread fields from the official API.
Inspect live markets →Research index
Hyperliquid guides from first login to production API
Primary-source explanations organized into five learning paths: onboarding, trading, HYPE and protocol mechanics, development, and independent risk review.
Decision tools
Calculate costs before you trade
Use official market inputs, set a risk-based size, model the complete trade cost, and stress an isolated position against its maintenance-margin tier.
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Full-cost calculator
Separate fees, referral savings, funding, slippage, bridge and interface costs.
Model a round trip →03
Position size calculator
Convert equity or a fixed budget, entry and stop into a maximum asset size.
Set a risk-based size →04
Liquidation calculator
Estimate isolated-margin failure with tier leverage, deduction and explicit reserves.
Stress the position →01 · Start here
Learn how Hyperliquid works and prepare your first trade
What Hyperliquid is, how account access works, how to fund it and what referral code AWD actually changes.
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What is Hyperliquid? The L1, exchange and HYPE ecosystem
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 What is Hyperliquid? The L1, exchange and HYPE ecosystem · 2 min →02
Hyperliquid wallet and login guide: email, Web3 and mobile
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 Hyperliquid wallet and login guide: email, Web3 and mobile · 4 min →03
How to trade on Hyperliquid without skipping the risk checks
Fund the official app and verify the exact market. Set your size from the invalidation point. Use the least aggressive order that still meets the plan. Define an exit before you add leverage.
Read How to trade on Hyperliquid without skipping the risk checks · 3 min →04
Hyperliquid deposits and withdrawals: routes and fees
Use the route shown in the current Hyperliquid deposit or withdrawal window. CCTP is the preferred method for native USDC, and the legacy Arbitrum bridge is deprecated. The chain, fee, minimum, and completion time depend on the selected route.
Read Hyperliquid deposits and withdrawals: routes and fees · 3 min →05
How to use a Hyperliquid referral code: AWD activation guide
Open the official Referrals page or AWD invite, use the account you intend to trade with, and confirm acceptance in that account. An invitation displaying a code does not prove that it is valid or attached.
Read How to use a Hyperliquid referral code: AWD activation guide · 7 min →02 · Trading and costs
Calculate fees, funding, margin and realized PnL
Fees, funding, spot, execution, margin, liquidation and market-state fields organized around trading decisions.
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Hyperliquid fees: maker, taker, spot and staking tiers
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 Hyperliquid fees: maker, taker, spot and staking tiers · 4 min →02
Hyperliquid execution costs: a reproducible order-book study
A referral discount changes eligible trading fees. The price paid or received also depends on available liquidity. Our dated collections separate modeled execution costs from fees. Both datasets remain downloadable, with results reported separately for each window.
Read Hyperliquid execution costs: a reproducible order-book study · 8 min →03
Hyperliquid spot trading: fees, balances and order books
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 Hyperliquid spot trading: fees, balances and order books · 2 min →04
Hyperliquid funding rates: hourly payments explained
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 Hyperliquid funding rates: hourly payments explained · 3 min →05
Hyperliquid order types: Chase, TWAP, stops and limits
Use ALO for post-only maker intent and IOC for immediate execution without resting. Use GTC for a persistent limit. Use reduce-only to prevent an exit from becoming a new position.
Read Hyperliquid order types: Chase, TWAP, stops and limits · 3 min →06
Hyperliquid margin: cross, isolated, unified and standard
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 Hyperliquid margin: cross, isolated, unified and standard · 3 min →07
Hyperliquid portfolio margin: collateral, borrowing and risk
Portfolio margin uses eligible spot balances and cross-margin perp positions in one account. Users must monitor borrow rates, oracle prices, caps and the portfolio-wide liquidation ratio.
Read Hyperliquid portfolio margin: collateral, borrowing and risk · 3 min →08
Hyperliquid subaccounts: limits, fees and API wallets
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 Hyperliquid subaccounts: limits, fees and API wallets · 3 min →09
Hyperliquid leverage and liquidation mechanics
Liquidation begins when account equity falls below maintenance margin. Mark price drives the calculation instead of one last trade. Large positions can be partially liquidated before the remaining position is reassessed.
Read Hyperliquid leverage and liquidation mechanics · 3 min →10
Hyperliquid open interest, volume and liquidity
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 Hyperliquid open interest, volume and liquidity · 2 min →03 · HYPE and the protocol
Understand HYPE, staking, HyperCore and HyperEVM
HYPE utility, validator staking, vaults, HyperEVM, builder perps and outcome markets with the boundaries made explicit.
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What is HYPE? Hyperliquid token utility, gas and staking
HYPE secures Hyperliquid through delegated staking, pays gas on HyperEVM, unlocks trading-fee tiers and supports protocol deployment requirements. HYPE utility does not guarantee token value or staking returns.
Read What is HYPE? Hyperliquid token utility, gas and staking · 2 min →02
HYPE staking, rewards and trading-fee discounts
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 every minute, are distributed daily, and are redelegated automatically.
Read HYPE staking, rewards and trading-fee discounts · 4 min →03
Hyperliquid vaults and HLP: mechanics, locks and risks
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 Hyperliquid vaults and HLP: mechanics, locks and risks · 2 min →04
HyperCore vs HyperEVM: how Hyperliquid’s stack works
HyperCore runs native order books, margin and settlement. HyperEVM is an EVM environment that uses HYPE for gas and is secured by the same HyperBFT consensus. HyperEVM is not a separate sidechain.
Read HyperCore vs HyperEVM: how Hyperliquid’s stack works · 2 min →05
HyperEVM wallet setup: RPC, chain ID, gas and transfers
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 HyperEVM wallet setup: RPC, chain ID, gas and transfers · 3 min →06
Hyperliquid HIP-3: builder-deployed perpetual markets
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 Hyperliquid HIP-3: builder-deployed perpetual markets · 2 min →07
Hyperliquid HIP-4 outcome markets: mechanics and fees
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 Hyperliquid HIP-4 outcome markets: mechanics and fees · 2 min →04 · Developers and liquidity
Build data and execution systems with recovery controls
REST, WebSocket, CSV exports, testnet, archives and market-making operations from primary documentation.
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Hyperliquid API, WebSocket and Python SDK guide
Send public reads to POST /info and signed actions to POST /exchange. Use the correct mainnet or testnet base URL, parse numeric strings with Decimal and rebuild stream state from a snapshot after each reconnect.
Read Hyperliquid API, WebSocket and Python SDK guide · 6 min →02
Hyperliquid trade history CSV: export user fills
POST the wallet address to the mainnet Info endpoint with userFillsByTime. Each response holds at most 2,000 fills, and only the 10,000 most recent fills are available. A fills CSV is not a complete tax or accounting ledger.
Read Hyperliquid trade history CSV: export user fills · 10 min →03
Hyperliquid testnet and faucet: setup without real capital
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 Hyperliquid testnet and faucet: setup without real capital · 3 min →04
Hyperliquid historical data: API, S3 archives and exports
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 Hyperliquid historical data: API, S3 archives and exports · 3 min →05
Hyperliquid market making: fees, API and inventory risk
Hyperliquid documents no DMM program, special fee arrangement or latency advantage. Market makers use public interfaces and accept inventory, adverse-selection, operational and liquidation risk.
Read Hyperliquid market making: fees, API and inventory risk · 3 min →05 · Independent assessment
Review risks, alternatives and unsupported claims
A disclosed review, comparison framework, risk map, confirmed points history and the editorial method behind this site.
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Is Hyperliquid safe? Bridge, chain and trading risks
Treat Hyperliquid as a high-risk trading venue. Bridge, L1, validator, oracle, and liquidity failures can cause loss. Wallet compromise and leveraged positions can also lose the full trading balance.
Read Is Hyperliquid safe? Bridge, chain and trading risks · 2 min →02
Hyperliquid review: execution, fees and trader fit
Hyperliquid fits active perpetual traders who can use order-book controls, manage wallet signing, and monitor public market data. The venue provides no principal protection and still depends on the bridge, L1, validators, oracle, liquidity, and user actions.
Read Hyperliquid review: execution, fees and trader fit · 3 min →03
Hyperliquid alternatives: how to compare perp venues
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 Hyperliquid alternatives: how to compare perp venues · 2 min →04
Hyperliquid vs Lighter: fees, execution and risks
Lighter Standard lists 0% maker and taker fees, with 200 ms maker and cancel latency and 300 ms taker latency. Hyperliquid tier-0 perpetuals list 0.015% maker and 0.045% taker before HYPE staking and referral reductions. Lighter Premium starts at 0.0040% maker and 0.0280% taker with 200 ms taker latency. Compare the account type, live book, funding and exit path for the exact market.
Read Hyperliquid vs Lighter: fees, execution and risks · 5 min →05
Hyperliquid vs dYdX: fees, chains and trading design
At the entry tier, Hyperliquid validator-operated perpetuals list 0.015% maker and 0.045% taker fees. dYdX perpetuals list 0.010% maker and 0.050% taker fees. dYdX costs less for an entry-tier maker fill, while Hyperliquid costs less for an entry-tier taker fill. Staking, referrals, volume tiers and product rules can change the final rate.
Read Hyperliquid vs dYdX: fees, chains and trading design · 5 min →06
Hyperliquid vs Aster: fees, chains and order types
At the entry rate, Hyperliquid validator-operated perpetuals list 0.015% maker and 0.045% taker fees. The dedicated Aster Perps fee page lists 0% maker for USDT, USD1 general and RWA perpetuals, with taker fees of 0.040%, 0.005% and 0.009%. Hyperliquid volume and HYPE staking can reduce its rates. Compare the exact contract, account tier and live depth.
Read Hyperliquid vs Aster: fees, chains and order types · 5 min →07
Hyperliquid points and airdrop: what is actually confirmed
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 Hyperliquid points and airdrop: what is actually confirmed · 2 min →08
Methodology: sources, calculations and update policy
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 Methodology: sources, calculations and update policy · 2 min →09
About Hyperliquid Field Guide: sources, funding and scope
Hyperliquid Field Guide is an independent educational and analytical site. The site does not provide investment, legal or tax advice. Hyperliquid Labs and the Hyperliquid Foundation do not operate the site.
Read About Hyperliquid Field Guide: sources, funding and scope · 2 min →