Evidence used in this review
Hyperliquid documents a native order book, time-in-force and trigger controls, fee tiers and public market-data endpoints. The official architecture, audit, oracle and liquidation pages also define dependencies and loss paths. The table connects each fact to a trader decision.
| Dimension | Documented evidence | Effect for a trader |
|---|---|---|
| Execution | Price-time-priority order book; GTC, ALO, IOC, triggers, Scale, and TWAP | Supports resting, post-only, immediate, and scheduled execution |
| Fees | Tier-0 perpetual rates are 0.015% maker and 0.045% taker; volume uses a rolling 14-day window | Funding, slippage, builder fees, and bridge costs remain separate |
| Market data | Public data includes mark, oracle, funding, open interest, volume, and order-book depth | A trader can monitor price and liquidity inputs outside the front end |
| Infrastructure | Wallet signing depends on HyperBFT, validators, the oracle, and the selected transfer path | Self-custody does not remove protocol or bridge dependencies |
| Leverage | Mark price drives margin and liquidation; funding transfers occur each hour | A leveraged position can lose the full trading balance |
Documented trading functions
HyperCore matches native order-book orders in price-time priority. The app supports GTC, ALO, IOC, trigger, Scale, and TWAP orders. Published fee tiers become lower with eligible volume and HYPE staking.
The public data surface includes mark, oracle, funding, open interest, volume, and depth. Traders can compare the inputs that affect execution, margin, and liquidation.
Documented dependencies and loss paths
The system’s speed and integrated architecture concentrate importance in HyperBFT, validators, bridge contracts and protocol governance. Self-custody at the signer does not eliminate reliance on these layers.
Perpetuals add path-dependent funding and liquidation risk. The interface can feel familiar enough to obscure the fact that wrong-chain transfers, irreversible signatures and smart-contract failure have no conventional support desk.
Trader fit
Test the lifecycle with small size. Deposit, place and cancel an order, open and reduce a position, then withdraw. Product quality is only useful if your operational controls survive the workflow.
- Fits experienced perpetual traders who can manage keys, margin, orders, and exits.
- Fits developers who need public order-book and account data.
- Does not fit users who require guaranteed yield or principal protection.
- Does not fit beginners who plan to use maximum leverage.
- Does not fit users who cannot verify chains, signatures, and withdrawal paths.
How this review stays independent
Hyperliquid Field Guide uses referral code AWD and discloses the economic relationship. The review criteria and negative findings do not change based on referral conversion. Claims are checked against primary documentation and live API responses.
We do not claim to have audited Hyperliquid’s code or guarantee solvency, uptime or future terms. See Methodology for the source hierarchy and update process.