# Hyperliquid Field Guide

> Independent Hyperliquid research, market context and trading-cost tools for traders and developers.

Publisher: Hyperliquid Field Guide.
Status: Independent and unaffiliated with Hyperliquid Labs and the Hyperliquid Foundation.
Reviewed: 12 Aug 2026 (2026-08-12).
Affiliate disclosure: The site operator may earn protocol referral rewards when eligible users trade with code AWD. Hyperliquid controls eligibility, attribution and rewards.
Contact: research@hyperliquidreferralcodes.com.
Product terms: Check the linked official documentation and the official Hyperliquid app before you act.

The Markdown files are supplemental discovery resources. They do not change robots.txt rules or promise indexing or citation.

## Core resources
- [Verified Hyperliquid referral code AWD, fees and live markets](https://hyperliquidreferralcodes.com/): Review dated official-app verification for AWD, its limits, market data and the main research tools.
- [Live Hyperliquid markets](https://hyperliquidreferralcodes.com/markets): Inspect official HyperCore perpetual funding, open interest, volume and liquidity fields.
- [Hyperliquid trading-cost calculator](https://hyperliquidreferralcodes.com/calculator): Model trading fees, referral savings, funding, slippage, bridge costs and added execution fees.
- [Hyperliquid position-size calculator](https://hyperliquidreferralcodes.com/hyperliquid-position-size-calculator): Calculate a risk-based asset size from equity or a fixed budget, entry, stop, reserve and leverage.
- [Hyperliquid liquidation calculator](https://hyperliquidreferralcodes.com/liquidation-calculator): Estimate an isolated-margin liquidation price with margin-tier inputs and a cost reserve.
- [Hyperliquid guide index](https://hyperliquidreferralcodes.com/guides): Browse source-checked guides for onboarding, trading, HYPE, protocol mechanics, development and risk.

## Research guides
- [Verified Hyperliquid referral code AWD: how to use it](https://hyperliquidreferralcodes.com/markdown/how-to-use-hyperliquid-referral-code.md): Official-app verification for Hyperliquid referral code AWD, plus its 4% eligible fee discount, $25M volume limit, exclusions and activation steps. Canonical HTML: [Verified Hyperliquid referral code AWD: how to use it on the website](https://hyperliquidreferralcodes.com/how-to-use-hyperliquid-referral-code).
- [Hyperliquid fees: maker, taker, spot and staking tiers](https://hyperliquidreferralcodes.com/markdown/hyperliquid-fees.md): Current Hyperliquid perpetual and spot fee tiers, staking discounts, maker rebates, referral eligibility and hidden execution costs. Canonical HTML: [Hyperliquid fees: maker, taker, spot and staking tiers on the website](https://hyperliquidreferralcodes.com/hyperliquid-fees).
- [Hyperliquid funding rates: hourly payments explained](https://hyperliquidreferralcodes.com/markdown/funding-rates.md): How Hyperliquid funding is calculated and paid hourly, how to read positive and negative rates, and how to include carry in trade cost. Canonical HTML: [Hyperliquid funding rates: hourly payments explained on the website](https://hyperliquidreferralcodes.com/funding-rates).
- [Hyperliquid open interest, volume and liquidity](https://hyperliquidreferralcodes.com/markdown/open-interest-volume-liquidity.md): How to interpret Hyperliquid open interest, 24-hour notional volume, impact prices, spreads, mark price and oracle price. Canonical HTML: [Hyperliquid open interest, volume and liquidity on the website](https://hyperliquidreferralcodes.com/open-interest-volume-liquidity).
- [How to trade on Hyperliquid without skipping the risk checks](https://hyperliquidreferralcodes.com/markdown/how-to-trade-hyperliquid.md): A practical Hyperliquid trading workflow: account setup, funding, product selection, order entry, leverage, exits and fee verification. Canonical HTML: [How to trade on Hyperliquid without skipping the risk checks on the website](https://hyperliquidreferralcodes.com/how-to-trade-hyperliquid).
- [Hyperliquid deposits and withdrawals: routes and fees](https://hyperliquidreferralcodes.com/markdown/deposit-withdraw-bridge.md): Current Hyperliquid deposit routes, CCTP, legacy Arbitrum bridge limits, withdrawal checks and transfer safety steps. Canonical HTML: [Hyperliquid deposits and withdrawals: routes and fees on the website](https://hyperliquidreferralcodes.com/deposit-withdraw-bridge).
- [Hyperliquid order types: Chase, TWAP, stops and limits](https://hyperliquidreferralcodes.com/markdown/order-types.md): Hyperliquid Chase, TWAP, limit, market, GTC, ALO, IOC, reduce-only, stop, take-profit and scale orders explained with execution trade-offs. Canonical HTML: [Hyperliquid order types: Chase, TWAP, stops and limits on the website](https://hyperliquidreferralcodes.com/order-types).
- [Hyperliquid leverage and liquidation mechanics](https://hyperliquidreferralcodes.com/markdown/leverage-liquidation.md): How Hyperliquid margin, mark price, maintenance requirements, partial liquidation and backstop liquidation affect leveraged positions. Canonical HTML: [Hyperliquid leverage and liquidation mechanics on the website](https://hyperliquidreferralcodes.com/leverage-liquidation).
- [Is Hyperliquid safe? Bridge, chain and trading risks](https://hyperliquidreferralcodes.com/markdown/risk-safety.md): An independent map of Hyperliquid bridge, protocol, validator, oracle, liquidity, leverage, wallet and operational risks. Canonical HTML: [Is Hyperliquid safe? Bridge, chain and trading risks on the website](https://hyperliquidreferralcodes.com/risk-safety).
- [HyperCore vs HyperEVM: how Hyperliquid’s stack works](https://hyperliquidreferralcodes.com/markdown/hypercore-hyperevm.md): The relationship between HyperCore, HyperBFT and HyperEVM, including execution, chain ID, gas, finality claims and developer boundaries. Canonical HTML: [HyperCore vs HyperEVM: how Hyperliquid’s stack works on the website](https://hyperliquidreferralcodes.com/hypercore-hyperevm).
- [HYPE staking, rewards and trading-fee discounts](https://hyperliquidreferralcodes.com/markdown/hype-staking.md): How native HYPE staking works in HyperCore, validator delegation, lock periods, rewards, risks and the separate trading-fee discount tiers. Canonical HTML: [HYPE staking, rewards and trading-fee discounts on the website](https://hyperliquidreferralcodes.com/hype-staking).
- [Hyperliquid vaults and HLP: mechanics, locks and risks](https://hyperliquidreferralcodes.com/markdown/vaults-hlp.md): How HLP protocol vaults and legacy user vaults work, including strategy exposure, lock periods, profit sharing and risk. Canonical HTML: [Hyperliquid vaults and HLP: mechanics, locks and risks on the website](https://hyperliquidreferralcodes.com/vaults-hlp).
- [Hyperliquid API, WebSocket and Python SDK guide](https://hyperliquidreferralcodes.com/markdown/api-websocket-python.md): Hyperliquid API endpoints for mainnet and testnet, with Python Info, WebSocket reconnect and reduce-only SDK examples. Canonical HTML: [Hyperliquid API, WebSocket and Python SDK guide on the website](https://hyperliquidreferralcodes.com/api-websocket-python).
- [Hyperliquid trade history CSV: export user fills](https://hyperliquidreferralcodes.com/markdown/hyperliquid-trade-history-csv.md): Export Hyperliquid trades from userFillsByTime to a CSV, preserve fill IDs and UTC times, and interpret closed PnL without treating fills as a tax ledger. Canonical HTML: [Hyperliquid trade history CSV: export user fills on the website](https://hyperliquidreferralcodes.com/hyperliquid-trade-history-csv).
- [Hyperliquid review: execution, fees and trader fit](https://hyperliquidreferralcodes.com/markdown/hyperliquid-review.md): An independent Hyperliquid review covering execution, liquidity, fees, self-custody, architecture, risks and who the platform fits. Canonical HTML: [Hyperliquid review: execution, fees and trader fit on the website](https://hyperliquidreferralcodes.com/hyperliquid-review).
- [Hyperliquid alternatives: how to compare perp venues](https://hyperliquidreferralcodes.com/markdown/hyperliquid-alternatives.md): A framework for comparing Hyperliquid with other perpetual venues across custody, execution, liquidity, oracle, fees and failure modes. Canonical HTML: [Hyperliquid alternatives: how to compare perp venues on the website](https://hyperliquidreferralcodes.com/hyperliquid-alternatives).
- [What is Hyperliquid? The L1, exchange and HYPE ecosystem](https://hyperliquidreferralcodes.com/markdown/what-is-hyperliquid.md): A clear guide to Hyperliquid, HyperCore, HyperEVM, perpetual and spot trading, HYPE, self-custody and the risks behind the product. Canonical HTML: [What is Hyperliquid? The L1, exchange and HYPE ecosystem on the website](https://hyperliquidreferralcodes.com/what-is-hyperliquid).
- [Hyperliquid wallet and login guide: email, Web3 and mobile](https://hyperliquidreferralcodes.com/markdown/hyperliquid-wallet-login.md): Steps to sign in to Hyperliquid by email or EVM wallet, link a mobile session, verify the official domain, enable trading and protect account access. Canonical HTML: [Hyperliquid wallet and login guide: email, Web3 and mobile on the website](https://hyperliquidreferralcodes.com/hyperliquid-wallet-login).
- [Hyperliquid spot trading: fees, balances and order books](https://hyperliquidreferralcodes.com/markdown/hyperliquid-spot-trading.md): How Hyperliquid spot markets work, with base maker and taker fees, the 14-day weighted tier, HIP-1 tokens, account balances, orders and spot risks. Canonical HTML: [Hyperliquid spot trading: fees, balances and order books on the website](https://hyperliquidreferralcodes.com/hyperliquid-spot-trading).
- [Hyperliquid margin: cross, isolated, unified and standard](https://hyperliquidreferralcodes.com/markdown/hyperliquid-margin.md): Compare Hyperliquid cross, isolated and strict isolated margin with unified, portfolio and standard account modes, leverage and liquidation rules. Canonical HTML: [Hyperliquid margin: cross, isolated, unified and standard on the website](https://hyperliquidreferralcodes.com/hyperliquid-margin).
- [Hyperliquid portfolio margin: collateral, borrowing and risk](https://hyperliquidreferralcodes.com/markdown/hyperliquid-portfolio-margin.md): How Hyperliquid portfolio margin combines spot and perps, sets borrowing capacity, calculates stablecoin borrow APY, applies caps and liquidates accounts. Canonical HTML: [Hyperliquid portfolio margin: collateral, borrowing and risk on the website](https://hyperliquidreferralcodes.com/hyperliquid-portfolio-margin).
- [Hyperliquid subaccounts: limits, fees and API wallets](https://hyperliquidreferralcodes.com/markdown/hyperliquid-subaccounts.md): How to create and fund Hyperliquid subaccounts, transfer balances, use master-account signing and apply creation, fee-tier and referral rules. Canonical HTML: [Hyperliquid subaccounts: limits, fees and API wallets on the website](https://hyperliquidreferralcodes.com/hyperliquid-subaccounts).
- [Hyperliquid HIP-3: builder-deployed perpetual markets](https://hyperliquidreferralcodes.com/markdown/hyperliquid-hip-3.md): How HIP-3 builder-deployed perps work on Hyperliquid, including deployer responsibility, HYPE stake, fees, growth mode, margin, settlement and risk. Canonical HTML: [Hyperliquid HIP-3: builder-deployed perpetual markets on the website](https://hyperliquidreferralcodes.com/hyperliquid-hip-3).
- [Hyperliquid HIP-4 outcome markets: mechanics and fees](https://hyperliquidreferralcodes.com/markdown/hyperliquid-hip-4-outcome-markets.md): How HIP-4 outcome markets work on Hyperliquid: fully collateralized Yes/No tokens, merged order books, settlement, current fees and risk. Canonical HTML: [Hyperliquid HIP-4 outcome markets: mechanics and fees on the website](https://hyperliquidreferralcodes.com/hyperliquid-hip-4-outcome-markets).
- [What is HYPE? Hyperliquid token utility, gas and staking](https://hyperliquidreferralcodes.com/markdown/what-is-hype-token.md): What the HYPE token does across Hyperliquid: validator staking, HyperEVM gas, trading-fee discounts, market deployment, Core–EVM transfers and risk. Canonical HTML: [What is HYPE? Hyperliquid token utility, gas and staking on the website](https://hyperliquidreferralcodes.com/what-is-hype-token).
- [HyperEVM wallet setup: RPC, chain ID, gas and transfers](https://hyperliquidreferralcodes.com/markdown/hyperevm-wallet-rpc.md): Add HyperEVM to MetaMask or Rabby with the official RPC, chain ID 999, HYPE gas and optional explorers, then check Core and EVM transfers. Canonical HTML: [HyperEVM wallet setup: RPC, chain ID, gas and transfers on the website](https://hyperliquidreferralcodes.com/hyperevm-wallet-rpc).
- [Hyperliquid testnet and faucet: setup without real capital](https://hyperliquidreferralcodes.com/markdown/hyperliquid-testnet-faucet.md): Use the Hyperliquid testnet app, faucet, HTTP API and WebSocket endpoints, and keep test keys, addresses and configuration separate from mainnet. Canonical HTML: [Hyperliquid testnet and faucet: setup without real capital on the website](https://hyperliquidreferralcodes.com/hyperliquid-testnet-faucet).
- [Hyperliquid historical data: API, S3 archives and exports](https://hyperliquidreferralcodes.com/markdown/hyperliquid-historical-data.md): Use the Info API, WebSocket streams and requester-pays S3 archives for Hyperliquid books, asset contexts, fills, blocks, transfers and funding data. Canonical HTML: [Hyperliquid historical data: API, S3 archives and exports on the website](https://hyperliquidreferralcodes.com/hyperliquid-historical-data).
- [Hyperliquid market making: fees, API and inventory risk](https://hyperliquidreferralcodes.com/markdown/hyperliquid-market-making.md): Build a Hyperliquid market-making loop with ALO orders, acknowledgments, reconciliation, stale-order cancellation, inventory caps and a kill switch. Canonical HTML: [Hyperliquid market making: fees, API and inventory risk on the website](https://hyperliquidreferralcodes.com/hyperliquid-market-making).
- [Hyperliquid points and airdrop: what is actually confirmed](https://hyperliquidreferralcodes.com/markdown/hyperliquid-points-airdrop.md): A fact-checked timeline of the official Hyperliquid points programs, what ended in 2024, how referrals differ and why future airdrop claims are not guaranteed. Canonical HTML: [Hyperliquid points and airdrop: what is actually confirmed on the website](https://hyperliquidreferralcodes.com/hyperliquid-points-airdrop).
- [Hyperliquid vs Lighter: fees, execution and risks](https://hyperliquidreferralcodes.com/markdown/hyperliquid-vs-lighter.md): Compare Hyperliquid and Lighter perpetual fees, account latency, order types, settlement, custody, funding and exit paths with current official data. Canonical HTML: [Hyperliquid vs Lighter: fees, execution and risks on the website](https://hyperliquidreferralcodes.com/hyperliquid-vs-lighter).
- [Hyperliquid vs dYdX: fees, chains and trading design](https://hyperliquidreferralcodes.com/markdown/hyperliquid-vs-dydx.md): Compare Hyperliquid and dYdX perpetual fees, volume windows, staking discounts, order-book design, app chains, funding, custody and risks. Canonical HTML: [Hyperliquid vs dYdX: fees, chains and trading design on the website](https://hyperliquidreferralcodes.com/hyperliquid-vs-dydx).
- [Hyperliquid vs Aster: fees, chains and order types](https://hyperliquidreferralcodes.com/markdown/hyperliquid-vs-aster.md): Compare Hyperliquid with the Aster Perps order-book product across current fees, supported chains, collateral, Chase orders, TWAP, execution and risks. Canonical HTML: [Hyperliquid vs Aster: fees, chains and order types on the website](https://hyperliquidreferralcodes.com/hyperliquid-vs-aster).

## Editorial policy, site status and contact
- [Methodology: sources, calculations and update policy](https://hyperliquidreferralcodes.com/markdown/methodology.md): How Hyperliquid Field Guide verifies product terms, normalizes API units, calculates costs, labels uncertainty and monitors official-source drift. Canonical HTML: [Methodology: sources, calculations and update policy on the website](https://hyperliquidreferralcodes.com/methodology).
- [About Hyperliquid Field Guide: sources, funding and scope](https://hyperliquidreferralcodes.com/markdown/about.md): Why this independent Hyperliquid research site exists, how referral funding works, how claims are sourced and the limits of its analysis. Canonical HTML: [About Hyperliquid Field Guide: sources, funding and scope on the website](https://hyperliquidreferralcodes.com/about).
- [Hyperliquid fee and protocol change log (2026)](https://hyperliquidreferralcodes.com/markdown/updates.md): Dated Hyperliquid fee, referral, trading, API and protocol source reviews, plus material changes to this site’s calculations and risk disclosures. Canonical HTML: [Hyperliquid fee and protocol change log (2026) on the website](https://hyperliquidreferralcodes.com/updates).
- [Contact Hyperliquid Field Guide](https://hyperliquidreferralcodes.com/markdown/contact.md): Send source corrections, calculation issues, accessibility feedback or security reports for Hyperliquid Field Guide. Canonical HTML: [Contact Hyperliquid Field Guide on the website](https://hyperliquidreferralcodes.com/contact).
- [Hyperliquid Field Guide privacy policy](https://hyperliquidreferralcodes.com/markdown/privacy.md): Privacy information for Hyperliquid Field Guide, including server logs, referral links, third-party destinations and contact email. Canonical HTML: [Hyperliquid Field Guide privacy policy on the website](https://hyperliquidreferralcodes.com/privacy).
- [Hyperliquid Field Guide terms of use and risk notice](https://hyperliquidreferralcodes.com/markdown/terms.md): Terms for using Hyperliquid Field Guide, including educational purpose, no warranties, affiliate disclosure and trading risk. Canonical HTML: [Hyperliquid Field Guide terms of use and risk notice on the website](https://hyperliquidreferralcodes.com/terms).

## Machine-readable resources
- [Complete guide corpus as Markdown](https://hyperliquidreferralcodes.com/llms-full.txt): Read the deterministic full-text export of every indexable guide.
- [XML sitemap](https://hyperliquidreferralcodes.com/sitemap.xml): Find the current canonical page inventory and review dates.