A detailed reference for traders, stakers, and developers using the Hyperliquid platform. Browse all topics below, or visit the info page to learn more about Hyperliquid's design and technology. Return to the main app any time.
Hyperliquid is a decentralized exchange built on its own Layer 1 blockchain, purpose-built for high-performance trading. Unlike most DEXs that run on general-purpose chains like Ethereum or Arbitrum, Hyperliquid runs a fully onchain order book — every order, match, and settlement is recorded on the L1 directly. This design eliminates off-chain matching engines and the trust assumptions that come with them. Settlement is near-instant, typically under one second for order confirmation. The chain processes thousands of orders per second, which is a number most EVM-based DEXs cannot match without sacrificing transparency. You get a trading experience comparable to a centralized exchange, but without giving up custody of your funds. Learn more about the architecture on the info page.
Start by visiting the main app at the Hyperliquid platform. Click the "Connect" button in the top-right corner. Hyperliquid supports a range of wallet options including MetaMask, WalletConnect-compatible wallets, and Privy-based social login. Once connected, you will need to deposit USDC or another supported asset into your trading balance. Deposits come from your connected wallet, and funds move to your exchange account where they can be used for spot or perpetuals trading. The whole process takes under two minutes for most users. If you run into issues during connection, check that your wallet is on a supported network and that you have approved the site in your wallet's permissions screen.
Security is taken seriously by the team behind Hyperliquid. The protocol has undergone independent security reviews, and the L1 codebase is maintained with a focus on minimizing attack surface. Because everything settles onchain, there is no hidden off-chain component where funds could be mishandled. That said, no protocol is entirely without risk. Smart contract bugs, validator misbehavior, and unforeseen edge cases in new L1 designs are all things any serious user should keep in mind. Hyperliquid publishes details about its security practices and validator set — check the info page for references. Do not deposit more than you can afford to lose, particularly when trying the platform for the first time.
HYPE is the native token of the Hyperliquid L1 blockchain. It serves multiple purposes. First, it is the staking token — validators and delegators lock HYPE to participate in proof-of-stake consensus and earn rewards. Second, it is used for gas fees on the L1 network, though fees are very low by design. Third, HYPE is tradeable as a spot asset directly on the Hyperliquid exchange under the HYPE/USDC pair. The total supply and emission schedule are defined in the protocol parameters. Staking rewards come from newly emitted HYPE distributed proportionally to validators and their delegators based on stake weight and uptime. You can check current circulating figures and staking statistics directly in the app.
Staking on Hyperliquid is a delegation model. You do not run your own node — instead, you delegate HYPE tokens to an existing validator. That validator participates in block production and consensus on your behalf. Rewards are earned when the validator signs blocks correctly and are shared with delegators according to the validator's commission rate. To start, first transfer tokens to your Staking Balance inside the app. Then browse the Validator Performance table, which shows each validator's total stake, uptime percentage, estimated APR, and commission rate. Pick a validator with strong uptime (ideally 99.5% or above over the past 7 days) and a commission that fits your expectations. Lower commission means more rewards pass through to you, but validator reputation and stability matter more in the long run. Undelegating has a lockup period before funds return to your spot balance.
Hyperliquid separates funds into distinct sub-accounts with different purposes. Your Spot Balance holds assets available for spot trading — buying and selling tokens at current market prices. Your Perpetuals Trading Balance is margin used to open leveraged positions in the perp markets. Your Staking Balance is a separate pool specifically for delegating HYPE to validators. Transfers between these balances are onchain actions and may take a short time to confirm. You cannot stake directly from a trading margin account; funds must first be moved to the staking balance. Keeping track of which balance holds what is important, particularly if you are actively trading while also staking, because margin requirements and liquidation thresholds only apply to your perpetuals balance.
You can, but perpetuals carry significant risk for inexperienced traders. A leveraged position can be liquidated if the market moves against you by a small percentage, depending on your chosen leverage. Hyperliquid supports leverage across more than 100 perpetual markets, and the maximum available varies by asset. Before opening your first perp position, spend time understanding how margin works, what the liquidation price means, and how funding rates affect your position cost over time. Start with low leverage — 2x or 3x — rather than the maximum. The platform shows your estimated liquidation price before you confirm any trade, which is a useful reference. Perp trading is not suitable for users who are not comfortable with the mechanics of margin and funding. Spot trading carries no liquidation risk and is a better starting point.
Hyperliquid uses a maker-taker fee structure. Makers — users who place limit orders that sit in the book and provide liquidity — pay lower fees or may receive rebates. Takers — users who place market orders or cross the spread — pay a higher fee. The exact rates depend on your 30-day volume tier and whether you are trading spot or perpetuals. High-volume traders qualify for meaningfully reduced fees. Using the referrals program, accessible from the main nav, lets you earn a portion of fees generated by users you refer, and referred users may also receive a discount. Vault participation and market-making programs can also affect effective fee rates for eligible participants.
Navigate to the Portfolio section of the app. From there, select Withdraw and choose the asset and amount you want to send to your external address. Withdrawals from Hyperliquid go back to the EVM address you connected. Processing time is typically fast — most withdrawals complete within a few minutes — but network congestion on the receiving chain can occasionally cause delays. Make sure the destination address is correct before confirming, as blockchain transactions are irreversible. There is a minimum withdrawal amount and a small fee to cover bridge or network costs. If a withdrawal appears to be stuck, check the Hyperliquid status page and wait before attempting again, as re-submitting too quickly can sometimes cause duplicate transaction issues.
The main reason is self-custody. On a centralized exchange, your funds sit on that company's servers under their control. Hyperliquid keeps your assets under your wallet's control at all times — the protocol cannot freeze your account or prevent withdrawals unilaterally. The fully onchain order book also means the matching process is transparent and auditable; you are not trusting an opaque engine to handle your orders fairly. That said, Hyperliquid is not entirely without its own trust model — you are trusting the validator set and the protocol's design to behave correctly. For users who want the speed and depth of a professional trading environment without handing custody to a third party, Hyperliquid is a compelling option.
If your chosen validator goes offline temporarily, you stop earning rewards for the period it is inactive. Your staked principal is not lost simply because the validator misses some blocks — rewards just pause. Slashing is a more serious event. If a validator commits a provably malicious action, such as double-signing, a portion of staked HYPE can be penalized and destroyed. This includes delegator stakes, not just the validator's own tokens. The risk is one reason the validator performance table shows uptime and status prominently — picking a validator with a long, clean track record meaningfully reduces this exposure. You can redelegate to a different validator at any time if you become uncomfortable with your current choice, subject to the unbonding period.
Yes. The Hyperliquid platform provides a REST and WebSocket API for programmatic access to market data, order placement, and account management. This is documented in the official docs, linked from the footer of the app. The API supports reading order book depth, submitting signed orders, managing positions, and streaming real-time trade data. Authentication uses wallet signatures rather than API keys in the traditional sense, which aligns with the self-custody model. Several third-party market-making firms and algorithmic trading teams already use the API actively. Rate limits apply to prevent abuse, and higher-tier access may be available for market makers contributing meaningful liquidity. Developers building on top of Hyperliquid should also review the info page for context on the L1's architecture.
The Hyperliquid web app is accessible from mobile browsers and is responsive to smaller screens. For the best mobile experience, use a browser that supports WalletConnect or has a built-in Web3 wallet, such as the MetaMask mobile browser or Rabby. Some features — particularly the detailed trading view and validator performance tables — are easier to navigate on a larger screen due to the density of information displayed. A dedicated mobile app has been discussed by the team but the primary interface remains the web app. If you are managing staking positions or making quick trades on the go, the mobile browser experience is functional. Complex order management, setting up advanced limit strategies, or reviewing detailed chart data works better on desktop.
Vaults on Hyperliquid are pools where users can deposit capital that is then deployed into automated trading strategies by vault operators. Instead of trading yourself, you contribute to a vault and receive a share of the profits — or losses — proportional to your deposit. Each vault has its own strategy, risk profile, and fee structure set by the operator. Some vaults are run by professional market-making teams; others are community-operated. Returns are not guaranteed, and vaults that trade aggressively can lose capital during periods of high volatility. Before depositing, review the vault's historical performance, current TVL, and the operator's track record. The Earn and Vaults sections of the app list all currently available options with key metrics displayed.
Any connected wallet can generate a referral link from the Referrals section of the app. Share that link and when a new user signs up and trades through it, you earn a percentage of the fees they generate — ongoing, not just on their first trade. The referred user may also receive a fee discount, depending on current program terms. There is no minimum trading volume required to start referring, though payouts accumulate over time and are claimed periodically. The referral program is one of the more straightforward ways to earn passive income on Hyperliquid without taking on market risk. If you are a content creator, analyst, or active community member who regularly talks about the platform, the program scales meaningfully with the number of active traders you bring in.