Hyperliquid glossary

The setting that decides how your spot and perp balances interact. Hyperliquid recommends the unified account for most users (one balance per asset that backs spot and cross positions); portfolio margin and a manual "standard" mode are the other options, and builders must use standard mode to earn builder fees.

Margin and risk Portfolio margin on Hyperliquid Source

See also: Portfolio margin, Cross margin

A one-time fee of 1 unit of a quote token (for example 1 USDC) charged on the first transfer that lands in a brand-new HyperCore account. It applies whatever asset is being sent.

Basics How to create a Hyperliquid account Source

See also: Quote asset

A stablecoin that opts in to share reserve yield with the protocol. Under AQAv2 the issuer shares about 90% of cost-adjusted reserve yield on its Hyperliquid supply; the older AQAv1 rules gave 20% lower taker fees and 50% better maker rebates on its markets.

Stablecoins and bridges USDH and aligned quote assets Source

See also: Quote asset, USDC on Hyperliquid, USDH

A separate key that your main account approves to sign trades on its behalf, used by bots and many front ends. Every master account starts with 3 API wallets, plus 2 per sub-account, and the docs strongly advise never reusing an old agent address.

Protocol Builder codes, explained Source

See also: Sub-account, Nonce

A system address (0xfefefefefefefefefefefefefefefefefefefefe) that automatically turns trading fees into HYPE as part of the chain's own execution. Hyperliquid's docs treat the HYPE it holds as burned; the API showed about 48.7M HYPE there on 4 November 2026.

Token and rewards The Assistance Fund and HYPE buybacks Source

See also: HYPE, HLP (Hyperliquidity Provider)

The last-resort mechanism that keeps the exchange solvent. If an account goes negative, profitable traders on the other side are ranked by profit and leverage and their positions are closed at the previous mark price against it; Hyperliquid says a user with no open positions never shares the losses.

Margin and risk Liquidation on Hyperliquid Source

See also: Liquidation, Backstop liquidation

What happens when the order book can't close a failing position in time: once equity falls below two thirds of maintenance margin, the liquidator vault (part of HLP) takes the position and its margin over. The trader loses the remaining maintenance margin, which a stop loss can avoid.

Margin and risk Liquidation on Hyperliquid Source

See also: Liquidation, HLP (Hyperliquidity Provider), Maintenance margin

Hyperbeat's liquid staking token for HYPE, built with ether.fi. Per Hyperbeat's docs, a normal withdrawal takes 7 days with no fee, or 0.5% for an instant one when liquidity allows.

Ecosystem Hyperbeat Source

See also: Liquid staking token (LST), kHYPE, stHYPE

HyperEVM produces two kinds of blocks: fast small blocks every 1 second with a 3M gas limit, and large blocks every minute with a 30M gas limit for heavy jobs such as contract deployments. Developers opt into big blocks with a user setting.

HyperEVM HyperCore vs HyperEVM Source

See also: HyperEVM

A website that shows every transaction, address and balance on the chain. Hyperliquid has an official explorer at app.hyperliquid.xyz/explorer, and its docs also list community explorers such as HypurrScan.

Basics HypurrScan (hypurrscan.io) Source

See also: HyperCore

Hyperliquid's program that pays security researchers in USDC, by severity, for responsibly reporting bugs that could cause outages or logic errors on mainnet nodes or API servers. Reports go to bugbounty@hyperfoundation.org, and testing must happen on testnet or local forks.

Safety Is Hyperliquid safe? Source

See also: Testnet

Lets an app that sends your orders add its own fee on top of Hyperliquid's, after you approve a maximum. The cap is 0.1% on perps and 1% on spot sells, you can revoke approval at any time, and you can have at most 10 active approvals.

Ecosystem Builder codes, explained Source

See also: Front end, Fee tier

A post-only limit order that keeps re-pricing itself to sit one tick behind the best bid or ask until it fills. It runs in the browser tab where you created it, and up to 5 can be active at once.

Trading Order types on Hyperliquid Source

See also: Post only (ALO), Limit order

The part of HyperCore that keeps each address's margin state: balances, positions and holds. Deposits are first credited to the cross margin balance, and a separate spot clearinghouse tracks token balances.

Protocol How Hyperliquid works Source

See also: HyperCore, Cross margin

A system contract at 0x3333333333333333333333333333333333333333 that lets HyperEVM smart contracts send actions to HyperCore, such as orders, transfers and staking. A basic call uses about 47,000 gas, and order actions are delayed onchain by a few seconds so contracts get no speed edge.

HyperEVM CoreWriter and precompiles Source

See also: Read precompiles, HyperEVM, HyperCore

The default margin mode, where all your cross positions share one pool of collateral, so profit on one supports another. The flip side: a bad position can drain margin backing the others, and a backstop liquidation takes all cross positions at once.

Margin and risk Leverage and margin on Hyperliquid Source

See also: Isolated margin, Liquidation

Staking your HYPE with a validator. Hyperliquid only supports delegated proof of stake, so "delegate" and "stake" mean the same; each delegation is locked for 1 day before you can undelegate.

Staking How to stake HYPE Source

See also: Staking, Validator, Unstaking queue

Removing a market. Validators vote to delist validator-operated perps, which then settle to the 1-hour time-weighted oracle price before the vote, close every position and cancel open orders. HIP-3 deployers settle their own markets instead.

Trading Hyperliquid market board Source

See also: HIP-3, Oracle price

The team that creates and runs a market on Hyperliquid. A HIP-3 perp deployer must stake 500,000 HYPE for at least 183 days, sets the oracle and leverage limits, can settle markets, and can take a fee share of 0% to 300%.

HIPs HIP-3: builder-deployed perpetuals Source

See also: HIP-3, Growth mode, Perp dex (HIP-3 dex)

Kinetiq's layer-2 chain for Hyperliquid, built on Arbitrum Orbit, settling to HyperEVM and using HYPE as gas. Its testnet (chain ID 99801) has been live since September 2026; mainnet is scheduled for 9 November 2026. It has no token of its own.

Ecosystem Elysium Source

See also: HyperEVM, kHYPE, KNTQ

Moving assets between HyperCore and HyperEVM, which is a transfer inside one chain rather than a bridge. In the app it's the "Transfer to/from EVM" button; under the hood, HYPE moves to HyperEVM by being sent to 0x2222222222222222222222222222222222222222.

HyperEVM How to move funds between HyperCore and HyperEVM Source

See also: HyperCore, HyperEVM

Your trading fee level, set by 14-day weighted volume, where spot volume counts double. At tier 0 perps cost 0.045% taker and 0.015% maker and spot costs 0.070% and 0.040%; tier 1 starts above $5M of weighted volume.

Trading Fee calculator Source

See also: Maker and taker, Staking tiers, Referral code

Any app or website that sends your orders to Hyperliquid's order book: the official app.hyperliquid.xyz, wallets such as Phantom and MetaMask, or terminals such as Based. All fill on the same book; the difference is the builder fee each adds, which is zero on the official app.

Ecosystem Hyperliquid front ends compared Source

See also: Builder code

The hourly payment between longs and shorts that keeps a perp near its oracle price: when the perp trades above the oracle, longs pay shorts. The baseline is 0.00125% per hour, funding is paid peer to peer with no fee, and it is capped at 0.5% per hour.

Trading Funding rates and margin on Hyperliquid Source

See also: Perpetual futures (perps), Oracle price, Premium (funding premium)

The largest HYPE allocation at genesis: 38.888% of supply, or 388.88M unminted HYPE. Hyperliquid's docs say staking rewards are paid from this reserve; the API's futureEmissions field read about 410.2M HYPE on 4 November 2026, which includes genesis tokens that weren't distributed.

Token and rewards Hyperliquid airdrop and points: what's actually known Source

See also: Genesis event, HYPE, Staking

The launch of the HYPE token at 07:30 UTC on 29 November 2024. 31% of supply (310M HYPE) was allocated to eligible users, fully unlocked, and tokens not distributed moved to future emissions; there were no allocations for private investors, exchanges or market makers.

Token and rewards Hyperliquid airdrop and points: what's actually known Source

See also: Hyperliquid points, Future emissions and community rewards, HYPE

An order option meaning the order rests on the book until it fills or you cancel it.

Trading Order types on Hyperliquid Source

See also: Immediate or cancel (IOC), Post only (ALO), Limit order

An optional setting for HIP-3 perps that cuts all-in fees, rebates and volume credit by at least 90%, so taker fees fall to about 0.0045%-0.009%. Only markets that don't overlap validator-operated perps qualify (no crypto, crypto baskets or gold), and it has a 30-day cooldown per asset.

HIPs HIP-3: builder-deployed perpetuals Source

See also: HIP-3, Deployer

A numbered protocol feature specification. HIP-1 covers native tokens, HIP-2 automated spot liquidity, HIP-3 builder-deployed perps and HIP-4 outcome markets.

HIPs Learn Hyperliquid Source

See also: HIP-1, HIP-2 (Hyperliquidity), HIP-3, HIP-4 (outcome markets)

Hyperliquid's native token standard: a capped-supply token that automatically gets a spot order book. Names are up to 6 characters and need not be unique, which is why you should check a token's index before buying.

HIPs HIP-1: Hyperliquid's native token standard Source

See also: Ticker auction (Dutch auction), HIP-2 (Hyperliquidity), Spot

An automated market-making strategy written into Hyperliquid's block logic. It keeps a ladder of orders 0.3% apart and refreshes them at most every 3 seconds, so a new HIP-1 token has two-sided liquidity from launch with no operator.

HIPs HIP-2: Hyperliquidity Source

See also: HIP-1

Lets any team that stakes 500,000 HYPE deploy its own perpetual-futures exchange on Hyperliquid, with its own markets, oracle and fee share. The stake is locked for at least 183 days and can be slashed; trade.xyz's stock and commodity perps are the best-known example.

HIPs HIP-3: builder-deployed perpetuals Source

See also: Deployer, Perp dex (HIP-3 dex), Growth mode

Fully collateralized yes/no contracts that settle between 0 and 1, with no leverage and no liquidations. The first market was a daily binary that settles at 06:00 UTC to the BTC mark price, and the Yes and No books are merged so they share liquidity.

HIPs HIP-4: outcome markets Source

See also: Recurring outcome, HIP-3

A community-owned protocol vault that market-makes, takes over backstop liquidations, supplies USDC in Earn and earns part of trading fees. Depositors share its profit and loss, and a deposit is locked for 4 days.

Protocol HLP, explained Source

See also: Vault, Backstop liquidation

Hyperliquid's native token, with a 1 billion maximum supply, launched on 29 November 2024. It is staked to secure the chain, pays HyperEVM gas, cuts trading fees when staked and backs HIP-3 deployer bonds; the canonical spot token is index 150.

Token and rewards The HYPE token Source

See also: Genesis event, Staking, Assistance Fund

An exchange-traded fund that holds HYPE, giving exposure through a brokerage account. Two US spot HYPE ETFs launched in May 2026: 21Shares' THYP on Nasdaq and Bitwise's BHYP on NYSE.

Token and rewards Hyperliquid Strategies (PURR) and the HYPE ETFs Source

See also: HYPE, Hyperliquid Strategies (PURR)

The foundation that supports the Hyperliquid network, runs the validator delegation program and announced the HYPE genesis. It received 6% of HYPE (60M tokens) as its budget at genesis.

Basics Official links Source

See also: Hyperliquid Labs (core contributors), Validator

Hyperliquid's proof-of-stake consensus protocol, inspired by HotStuff. Validators holding more than two thirds of staked HYPE must sign each round, which gives one-block finality for every order and trade.

Protocol HyperBFT: how Hyperliquid agrees on every trade Source

See also: Validator, HyperCore

The part of Hyperliquid that runs the exchange: perp and spot order books, margin, liquidations, vaults and staking, all onchain. The docs say it supports about 200,000 orders per second.

Protocol HyperCore vs HyperEVM Source

See also: HyperEVM, HyperBFT, Clearinghouse

Hyperliquid's Ethereum-compatible smart-contract environment, secured by the same HyperBFT consensus as HyperCore rather than being a separate chain. Chain ID 999, RPC https://rpc.hyperliquid.xyz/evm, gas paid in HYPE; both base and priority fees are burned.

HyperEVM HyperCore vs HyperEVM Source

See also: HyperCore, CoreWriter, Big blocks (dual-block architecture)

Hyperliquid Labs is the core contributor that builds Hyperliquid, led by Jeff and iliensinc. The docs say it is self-funded and has taken no external capital; 23.8% of HYPE was allocated to current and future core contributors.

Basics What is Hyperliquid? Source

See also: Hyper Foundation, HYPE

Hyperliquid's activity-based rewards program before HYPE launched. It ran from 1 November 2023 to 1 May 2024 at 1M points a week, then an L1 phase from 29 May 2024 to November 2024 at 700,000 a week; referrers earned 1 point per 4 their referrals earned.

Token and rewards Hyperliquid airdrop and points: what's actually known Source

See also: Genesis event, Referral rewards

Hyperliquid Strategies Inc is a Nasdaq-listed company (ticker PURR) that holds HYPE on its balance sheet; it reported a HYPE treasury of about $1.9B in August 2026. It is a separate company, not part of the protocol.

Token and rewards Hyperliquid Strategies (PURR) and the HYPE ETFs Source

See also: HYPE ETF, HYPE

A Hyperliquid-only perp for an asset that has no spot price yet. Instead of an external oracle it uses an 8-hour moving average of its own mark price, and it converts to a normal perp shortly after the asset lists on Binance, OKX or Bybit spot.

Trading Perpetual futures, explained Source

See also: Perpetual futures (perps), Funding rate, Mark price

An order option that fills whatever it can at once and cancels the rest instead of resting on the book.

Trading Order types on Hyperliquid Source

See also: Good til cancel (GTC), Post only (ALO), Market order

A perp that tracks a formula instead of a single spot price, with validators publishing the index value. Hyperliquid's examples include NFTI-USD, an index of blue-chip NFT floor prices.

Trading Markets on Hyperliquid Source

See also: Perpetual futures (perps), Oracle price

The collateral needed to open a position: position size times mark price, divided by your leverage. You can set leverage to any whole number from 1 up to the market's maximum.

Margin and risk Leverage and margin on Hyperliquid Source

See also: Leverage, Maintenance margin

A margin mode that ring-fences collateral to one position, so its liquidation can't touch your other positions. Some assets are "strict isolated" (margin can't be removed), and HIP-3 dexes can use a "no cross" mode that allows only isolated positions.

Margin and risk Leverage and margin on Hyperliquid Source

See also: Cross margin, Liquidation price

When validators vote out a peer that responds too slowly or too rarely in consensus. A jailed validator stops earning rewards for its delegators until it fixes the problem and unjails; jailing is not slashing.

Staking Validators and HYPE staking Source

See also: Validator, Slashing

Kinetiq's liquid staking token: you stake HYPE and receive kHYPE, which you can use in HyperEVM apps while it earns staking rewards. Kinetiq takes 10% of staking rewards, and a queued unstake takes about 8 to 9 days.

Ecosystem Kinetiq (kHYPE, Markets.xyz, Elysium) Source

See also: Liquid staking token (LST), stHYPE, KNTQ

Kinetiq's token. Kinetiq's docs date the KNTQ genesis event to 27 November 2025, and Kinetiq says half of Elysium sequencer fees will fund KNTQ buybacks.

Ecosystem Kinetiq (kHYPE, Markets.xyz, Elysium) Source

See also: kHYPE, Elysium

Trading a position larger than your collateral. On Hyperliquid maximum leverage depends on the market: 40x on BTC, down to 3x on some assets. Higher leverage means a smaller move against you triggers liquidation.

Margin and risk Leverage and margin on Hyperliquid Source

See also: Initial margin, Liquidation, Margin tiers

An order that fills only at your chosen price or better. If it rests on the book it pays the lower maker fee.

Trading Order types on Hyperliquid Source

See also: Market order, Post only (ALO), Maker and taker

A token you get for staking HYPE through a protocol, which keeps earning staking rewards while you use it elsewhere. On Hyperliquid the main ones are kHYPE (Kinetiq), stHYPE (Valantis) and beHYPE (Hyperbeat); each adds smart-contract risk and its own fee.

Staking kHYPE vs stHYPE: Kinetiq and Valantis compared Source

See also: kHYPE, stHYPE, beHYPE, Staking

The forced closing of a position when account value falls below maintenance margin. Hyperliquid first sends market orders to the book (only 20% at a time for positions over 100,000 USDC), so the trader keeps any margin left over; there is no clearance fee.

Margin and risk Liquidation on Hyperliquid Source

See also: Maintenance margin, Backstop liquidation, Partial liquidation, Auto-deleveraging (ADL)

The mark price at which your position would be liquidated. For cross margin it doesn't depend on the leverage you set, only on account value; for isolated margin it does, because leverage sets how much margin the position gets.

Margin and risk Liquidation price calculator Source

See also: Liquidation, Mark price, Cross margin, Isolated margin

A website address made to resemble an official one, used to steal wallets. Hyperliquid's own example of a fake is "hyperliguid.xyz"; bookmark app.hyperliquid.xyz and never trust links in DMs or search ads.

Safety Official links Source

See also: Wallet drainer

The minimum equity a position needs to stay open: half the initial margin at the market's maximum leverage. That is 1.25% of position value on a 40x market such as BTC and up to 16.7% on a 3x market.

Margin and risk Liquidation on Hyperliquid Source

See also: Initial margin, Liquidation, Margin tiers

A maker's order rests on the book and adds liquidity; a taker's order fills immediately against it. At Hyperliquid's entry tier perps charge 0.015% to makers and 0.045% to takers.

Trading Fee calculator Source

See also: Fee tier, Maker rebate, Post only (ALO)

A payment, rather than a fee, for orders that add liquidity, available to high-volume makers. Hyperliquid pays rebates continuously on each trade, directly to the trading wallet.

Trading Fees and builder-code revenue Source

See also: Maker and taker, Fee tier

Larger positions get lower maximum leverage and a higher maintenance margin rate. BTC, for example, allows 40x up to $150M of position value and 20x above that.

Margin and risk Liquidation price calculator Source

See also: Maintenance margin, Leverage

Hyperliquid's fair-price estimate for a perp, used for margin, liquidations, TP/SL triggers and unrealized PnL. It is the median of three inputs that blend external exchange prices with Hyperliquid's own book, updated about every 3 seconds.

Margin and risk How Hyperliquid works Source

See also: Oracle price, Liquidation price, Take profit and stop loss (TP/SL)

An order that fills immediately at the best available prices and always pays the taker fee. On a thin book it can fill well away from the last price (slippage).

Trading Order types on Hyperliquid Source

See also: Limit order, Slippage, Maker and taker

A built-in HyperCore feature that makes an account require signatures from several keys (up to 10 authorized users) for every action. The docs warn that converting leaves the account's HyperEVM side controlled by the original wallet.

Safety Hyperliquid scams to avoid Source

See also: API wallet (agent wallet)

A number in each signed action that stops it being replayed. Hyperliquid stores the 100 highest nonces per signer, and a nonce must fall between 2 days before and 1 day after the block time.

Protocol How Hyperliquid works Source

See also: API wallet (agent wallet)

The total size of positions still open in a market, counted on one side. Core Hyperliquid perps carried about $10.6B of open interest on 4 November 2026.

Trading Hyperliquid market board Source

See also: Perpetual futures (perps)

The external reference price for a perp, published by validators about every 3 seconds. It is a weighted median of spot prices on Binance, OKX, Bybit, Kraken, KuCoin, Gate, MEXC and Hyperliquid (weights 3, 2, 2, 1, 1, 1, 1, 1), and it drives funding.

Margin and risk Funding rates and margin on Hyperliquid Source

See also: Mark price, Funding rate

The list of resting buy and sell orders for a market, matched by price and then time. Every Hyperliquid market has a fully onchain book, and within each block cancels are processed before new orders that could fill; HyperCore handles about 200,000 orders per second.

Protocol How Hyperliquid's order book works Source

See also: Limit order, Maker and taker

For liquidatable positions larger than 100,000 USDC, Hyperliquid sends only 20% of the position to the book at a time. After a partial liquidation there is a 30-second cooldown during which liquidation orders are for the whole position.

Margin and risk Liquidation on Hyperliquid Source

See also: Liquidation

A token that anyone can turn into a spot quote currency by meeting the rules: stake 200,000 HYPE (committed for 3 years, slashable), hold a 1 USD peg and keep a liquid HYPE book. USDC and USDT are exempt from the stake.

Stablecoins and bridges USDH and aligned quote assets Source

See also: Quote asset, Aligned quote asset (AQA)

A separate perpetual-futures exchange deployed on Hyperliquid under HIP-3, with its own markets, margining and order books. Tickers carry the dex prefix, such as xyz:SP500 on trade.xyz; on 4 November 2026 ten dexes existed.

HIPs HIP-3 dexes and market share Source

See also: HIP-3, Deployer, trade.xyz (xyz dex)

A derivative that tracks an asset's price with no expiry date, so you can go long or short with leverage for as long as your margin lasts. On Hyperliquid perps are margined in USDC (or a HIP-3 dex's own collateral), pay funding every hour and allow up to 40x leverage on BTC.

Basics Perpetual futures, explained Source

See also: Funding rate, Leverage, Liquidation

An account mode that margins spot and perps together and borrows automatically against eligible collateral (HYPE at 0.65 loan-to-value, BTC at 0.5). It needs more than $5M of weighted volume or more than $10,000 of account value, and accounts above $25M are excluded.

Margin and risk Portfolio margin on Hyperliquid Source

See also: Account abstraction mode, Cross margin

An order option that only rests on the book and is never filled immediately, so you always pay the maker fee. Hyperliquid's docs note that validators prioritize batches made only of ALO orders.

Trading Order types on Hyperliquid Source

See also: Maker and taker, Good til cancel (GTC), Immediate or cancel (IOC)

How far a perp trades above or below its oracle price, sampled every 5 seconds and averaged over the hour. It is the main input to the funding rate, alongside a fixed interest component of 0.01% per 8 hours.

Trading Funding rates and margin on Hyperliquid Source

See also: Funding rate, Oracle price

The currency a market is priced and settled in. Most Hyperliquid spot pairs are quoted in USDC (332 of 349 pairs on 4 November 2026), and each HIP-3 dex chooses its own collateral.

Stablecoins and bridges USDH and aligned quote assets Source

See also: USDC on Hyperliquid, Aligned quote asset (AQA), Permissionless quote asset

Special HyperEVM addresses, starting at 0x0000000000000000000000000000000000000800, that let a smart contract read live HyperCore data such as oracle prices, positions, balances and staking. Values match HyperCore's state when the EVM block is built.

HyperEVM CoreWriter and precompiles Source

See also: CoreWriter, HyperEVM

A HIP-4 market that the protocol deploys and settles itself on a fixed schedule, such as a daily BTC above-or-below binary. The target price comes from interpolating the mark price at the settlement time.

HIPs HIP-4 outcome markets data Source

See also: HIP-4 (outcome markets)

An order option that can only shrink an existing position, never open or flip one. Use it on exit orders so a fill can't accidentally open a position in the opposite direction.

Trading Order types on Hyperliquid Source

See also: Take profit and stop loss (TP/SL)

A code that links your account to a referrer. Using one gives you a 4% discount on fees for your first $25M of volume (not on vaults or sub-accounts); anyone with $10,000 of volume can create one. UnderHyper's code is UNDERHYPER.

Basics Hyperliquid referral code Source

See also: Referral rewards, Fee tier

What a referrer earns: 10% of each referred user's fees, less the user's discount, on that user's first $1B of volume. Rewards can be claimed once they exceed $1 and land in your spot balance.

Token and rewards Hyperliquid referral code Source

See also: Referral code

Hyperliquid's Terms of Use (last updated 15 June 2026) bar people who live in, are located in or are incorporated in the United States, Ontario or sanctioned territories from using the interface. The terms also ban using a VPN to get around this.

Safety Is Hyperliquid available in the US? Source

A set of limit orders spread across a price range you choose, placed in one action.

Trading Order types on Hyperliquid Source

See also: Limit order, TWAP order

The words that fully control a self-custody wallet. Hyperliquid can't reverse transactions or recover lost keys, and its support never asks for a seed phrase; anyone who does is a scammer.

Safety Hyperliquid scams to avoid Source

See also: Lookalike domain, Wallet drainer

When two of your own orders would match, Hyperliquid cancels the resting one instead of filling it, with no fee and nothing in the trade feed.

Trading How Hyperliquid's order book works Source

See also: Order book (CLOB)

Taking away part of a staked bond as a penalty. HIP-3 deployer stakes (500,000 HYPE) and permissionless quote asset stakes (200,000 HYPE) can be slashed by validator vote; the staking docs say no automatic slashing is currently implemented.

Staking HIP-3: builder-deployed perpetuals Source

See also: Jailing, Deployer, Staking

The gap between the price you expected and the price you got, which grows on thin books and in fast markets. Market TP/SL orders on Hyperliquid tolerate up to 10% slippage, and TWAP suborders up to 3%.

Trading Order types on Hyperliquid Source

See also: Market order, Take profit and stop loss (TP/SL), TWAP order

Buying and selling the token itself, with no leverage or expiry, on Hyperliquid's native spot order books. Spot and perps use separate fee schedules; spot starts at 0.070% taker and 0.040% maker.

Basics Hyperliquid spot tokens and pairs Source

See also: HIP-1, Quote asset, Spot dust

Tiny leftover token balances. Once a day at 00:00 UTC, balances smaller than one lot and worth $1 or less are pooled and sold, and the USDC is shared back to their owners; if the pool is smaller than one lot it is burned.

Trading How to buy HYPE Source

See also: Spot, Tick size and lot size

Locking HYPE with a validator to help secure the chain in return for rewards, paid daily and compounded automatically. The docs give about 2.37% a year at 400M HYPE staked, falling as more is staked.

Staking Validators and HYPE staking Source

See also: Delegation, Unstaking queue, Staking tiers, Validator

Linking a trading account to a staking account so the trading account gets the staking account's fee discount. Never link to an account someone else controls: Hyperliquid's docs and support warn this is a common way to lose everything.

Safety Hyperliquid scams to avoid Source

See also: Staking tiers

Fee discounts for staked HYPE: 5% above 10 HYPE (Wood), 10% above 100, 15% above 1,000, 20% above 10,000, 30% above 100,000 and 40% above 500,000 (Diamond). They stack with a referral discount.

Staking Fee calculator Source

See also: Fee tier, Staking, Staking linking

Valantis's liquid staking token for HYPE, which Valantis calls the first on Hyperliquid. It takes a 10% fee on staking rewards and targets withdrawals in about 7 days.

Ecosystem Valantis (stHYPE, wstHYPE, STEX) Source

See also: Liquid staking token (LST), kHYPE

An extra account under your main one, for separating strategies. You can create up to 10 after $100,000 of volume (up to 80 with more volume); they share the main account's fee tier, but referral discounts don't apply.

Trading How to create a Hyperliquid account Source

See also: API wallet (agent wallet), Fee tier

Orders that close a position when it reaches a profit or loss level you set. They trigger on the mark price, and market TP/SL orders allow up to 10% slippage; set a limit price to control it.

Trading Order types on Hyperliquid Source

See also: Mark price, Reduce only, Trailing stop

A practice version of Hyperliquid with valueless funds, used to test trading and apps. Its HyperEVM uses chain ID 998 and the RPC https://rpc.hyperliquid-testnet.xyz/evm.

Basics How to create a Hyperliquid account Source

See also: HyperEVM

The smallest price step and the smallest size step a market accepts. Hyperliquid prices can have up to 5 significant figures, and sizes are rounded to each asset's szDecimals.

Trading Hyperliquid market board Source

See also: Limit order

How the right to deploy a new HIP-1 token, or an extra HIP-3 perp, is sold. Each auction lasts 31 hours and the price falls linearly to a floor of 500 HYPE; it starts at twice the last winning price, or at 500 HYPE if the last auction failed.

HIPs HIP-1: Hyperliquid's native token standard Source

See also: HIP-1, HIP-3

The team behind the "xyz" HIP-3 perp dex, which lists stock, index, commodity and FX perps such as xyz:SP500 and the oil market xyz:CL. It carried about 98% of HIP-3 volume on 4 November 2026.

Ecosystem trade[XYZ] (trade.xyz) Source

See also: HIP-3, Perp dex (HIP-3 dex), Growth mode

A market order that triggers when the mark price pulls back from its best level by a distance or percentage you set; the trigger follows the price in your favour and never moves back. Available on perp markets.

Trading Order types on Hyperliquid Source

See also: Take profit and stop loss (TP/SL), Mark price

Splits a large order into suborders sent at regular intervals, at least 30 seconds apart, over 5 minutes to 7 days. Each suborder allows up to 3% slippage, and the minimum order is $100.

Trading Order types on Hyperliquid Source

See also: Scale order, Slippage

The bridge behind native BTC, ETH, SOL and other non-USDC spot assets on Hyperliquid. You send coins to a Unit deposit address and receive UBTC, UETH or USOL on Hyperliquid spot; the coins are held by a 2-of-3 MPC guardian network.

Stablecoins and bridges Unit (hyperunit.xyz) Source

See also: Spot, USDC on Hyperliquid

The paper profit or loss on an open position, valued at the mark price. In cross margin it can back new positions, and you can withdraw it only if remaining margin stays at least 10% of total open position value.

Margin and risk Leverage and margin on Hyperliquid Source

See also: Mark price, Cross margin

Moving HYPE from your staking balance back to spot takes 7 days, and each address can have at most 5 pending withdrawals. Undelegating from a validator is separate and instant once the 1-day lockup has passed.

Staking How to stake HYPE Source

See also: Staking, Delegation

USDC is natively minted on Hyperliquid, and Circle's CCTP is the preferred way to bring it in. The older Arbitrum bridge is deprecated and holds less than 10% of HyperCore's USDC; deposits through it have a 5 USDC minimum, and smaller amounts are lost.

Stablecoins and bridges How to deposit USDC to Hyperliquid Source

See also: Quote asset, Aligned quote asset (AQA), Withdrawal

A Hyperliquid-native stablecoin issued for Native Markets by Bridge that is now being wound down. Bridge stopped minting new USDH on 19 May 2026, and holders can redeem at par through redeem.bridge.xyz after KYC.

Stablecoins and bridges Native Markets / USDH, sunset Source

See also: Aligned quote asset (AQA), Quote asset

Tether's omnichain version of USDT, built on LayerZero's OFT standard. On Hyperliquid it trades as a spot token and quote asset (5 spot pairs on 4 November 2026) and is used in HyperEVM apps.

Stablecoins and bridges USDH and aligned quote assets Source

See also: Quote asset, USDC on Hyperliquid

A node operator that produces blocks and votes in HyperBFT consensus, weighted by the HYPE staked with it. A validator needs 10,000 HYPE of self-delegation, locked for one year; on 4 November 2026 about 439M HYPE was staked.

Staking HYPE staking and validators data Source

See also: Staking, Validator commission, Jailing, HyperBFT

The share of staking rewards a validator keeps before paying delegators. A validator can't raise its commission unless the new rate is 1% or less, which stops it from attracting stake and then hiking fees.

Staking Validators and HYPE staking Source

See also: Validator, Staking

A pool of deposits traded by one manager (the vault leader), whose profits and losses are shared by depositors. Hyperliquid's original HyperCore vaults are now called legacy; new vaults are built on HyperEVM using CoreWriter.

Protocol How to use Hyperliquid vaults Source

See also: Vault leader, HLP (Hyperliquidity Provider)

The trader who runs a legacy HyperCore vault. Leaders keep 10% of profits, must hold at least 5% of the vault at all times, and paid a 10,000 USDC fee to create it.

Protocol How to use Hyperliquid vaults Source

See also: Vault

A malicious site, often posing as an airdrop claim or support page, that tricks you into signing a transaction or approval that empties your wallet. If a site asks you to "connect and claim" tokens you never heard about from an official channel, close it.

Safety Hyperliquid airdrop and points: what's actually known Source

See also: Lookalike domain, Seed phrase

An ERC-20 version of HYPE for HyperEVM apps, from a canonical, immutable system contract at 0x5555555555555555555555555555555555555555 with the same code as wrapped ETH.

HyperEVM HyperCore vs HyperEVM Source

See also: HYPE, HyperEVM

Sending USDC from Hyperliquid to your wallet on Arbitrum. You sign on Hyperliquid only and need no Arbitrum gas, because validators submit the transfer; Hyperliquid's API docs put the fee at $1 and the time at about 5 minutes.

Basics How to withdraw from Hyperliquid Source

See also: USDC on Hyperliquid