# UnderHyper: every page, answer first > UnderHyper (https://underhyper.com) is an independent guide to Hyperliquid: guides, explainers, live market data and verified news. One block per page: title, URL, last updated date, the page's short answer and its FAQ. Data is CC BY 4.0; cite as "UnderHyper, , , updated ". Curated index: https://underhyper.com/llms.txt Pages: 149 · Generated: 2026-11-04T10:17:05.096Z # Start, reference and site pages ## Make sense of Hyperliquid. URL: https://underhyper.com/ Updated: 2026-11-04 Summary: Independent, dated guides to Hyperliquid: how to start, fees, HIP-3 stock perps, HIP-4 outcomes, HyperEVM apps and Elysium. Live market data and verified… ## About UnderHyper URL: https://underhyper.com/about/ Updated: 2026-11-04 Summary: UnderHyper is an independent guide to Hyperliquid: plain-English guides, live market data from the Hyperliquid API and verified news. Who we are and how… Answer: UnderHyper is an independent guide to Hyperliquid and the apps built on it. We publish plain-English guides, explainers, live market data pulled from the Hyperliquid info API every 2 hours (latest: 2026-11-04 10:16 UTC) and news we have verified. We are not affiliated with Hyperliquid Labs or the Hyper Foundation, and every page shows when it was last updated and what it is based on. ## Referral disclosure URL: https://underhyper.com/disclosure/ Updated: 2026-11-04 Summary: UnderHyper earns a share of fees from accounts that use its referral codes, such as Hyperliquid code DEXSHEET. One code per venue; rankings and facts are… Answer: UnderHyper earns money from referral links: when you open an account with one of our codes (for Hyperliquid, DEXSHEET), the venue pays us a share of the fees you pay, under that venue's own program. You pay nothing extra and still get the program's documented benefit. We use one code per venue, and no one pays for rankings, coverage or wording. Q: Does UnderHyper get paid when I use its Hyperliquid referral code? A: Yes. Hyperliquid pays referrers 10% of the fees their referred accounts pay, on the first $1B of each account's volume. You still get 4% off trading fees on your first $25M of volume; the code costs you nothing. Q: Are UnderHyper rankings paid? A: No. No project pays for placement, ranking or wording. Comparisons follow the criteria stated on each page, and venues without a referral program are ranked the same way. Q: Why is the code called DEXSHEET? A: UnderHyper shares its referral accounts with DexSheet, a sister site run by the same team, and we use one code per venue everywhere. It is a normal Hyperliquid code with the standard 4% discount. ## UnderHyper MCP server URL: https://underhyper.com/mcp/ Updated: 2026-11-04 Summary: A free, read-only MCP server for AI agents: Hyperliquid referral code, perp market snapshots, funding rates, HIP-3 dexes and UnderHyper search. No API key. Answer: UnderHyper runs a free, read-only MCP server at https://underhyper.com/mcp (Streamable HTTP, no API key). It has 5 tools: get_referral_code, get_market, get_funding, list_hip3_dexes and search_site. Market data comes from the Hyperliquid info API about every 2 hours, and every answer carries its as-of time. ## Methodology URL: https://underhyper.com/methodology/ Updated: 2026-11-04 Summary: Where UnderHyper's Hyperliquid numbers come from, how often they refresh, how each figure is computed, how we verify news and how to report a correction. Answer: UnderHyper's market numbers come straight from Hyperliquid's public info API, read about every 2 hours (latest read: 2026-11-04 10:16 UTC). Ecosystem TVL and fees come from DefiLlama, specs from Hyperliquid's and each project's docs, and news is published only with on-chain proof, a primary source or two independent outlets. Every page shows its Updated date, and verified errors are corrected openly. Q: Where does UnderHyper get its Hyperliquid data? A: Market numbers come straight from Hyperliquid's public info API (the same data the official app uses), read about every 2 hours. TVL, protocol fees and builder-code revenue come from DefiLlama. Specs and rules come from Hyperliquid's docs and each project's own docs. Q: How is the Hyperliquid funding rate annualized? A: Hyperliquid pays funding every hour, so we multiply the current hourly rate by 24 × 365 (a simple rate, not compounded). An hourly rate of 0.00125% is about 10.95% a year. Q: How do I report a mistake on UnderHyper? A: Use the corrections form on this page. Tell us the page and what is wrong; a link to a primary source helps. We fix verified errors and update the page's Updated date. ## Hyperliquid referral code URL: https://underhyper.com/referral-code/ Updated: 2026-11-04 Summary: Use Hyperliquid referral code DEXSHEET for 4% off trading fees on your first $25M of volume. Tested November 4, 2026. How to apply it, what it saves, and… Answer: Use code DEXSHEET (or open app.hyperliquid.xyz/join/DEXSHEET) to get 4% off Hyperliquid trading fees on your first $25M of volume. Set it before your first trade. Every valid code gives the same 4%; this one was last tested working on November 4, 2026. Q: What is the best Hyperliquid referral code? A: Every valid code gives the same discount: 4% off trading fees on your first $25M of volume. DEXSHEET is ours; it was last tested working on November 4, 2026. Codes that promise a bigger or "lifetime" discount are not offering anything Hyperliquid's program actually pays. Q: Is the Hyperliquid referral discount lifetime? A: No. Hyperliquid's documentation caps the 4% discount at your first $25M of trading volume. After that you pay normal fees (which still fall as your 14-day volume and HYPE staking grow). Q: Can I add a referral code after I have already traded? A: Hyperliquid's docs don't state a cutoff, but third-party SDK documentation reports that an account keeps the first code it sets. Enter the code at app.hyperliquid.xyz/referrals before your first trade to be safe; if your account already has a code, the page will show it. Q: Does the code work on trade.xyz stock perps and spot? A: Yes. Referral rewards and discounts apply across quote assets, and trade.xyz uses Hyperliquid's own referral system (its?ref= link sets your Hyperliquid referrer), so one code covers core perps, HIP-3 markets such as trade.xyz, and spot. Q: Does it stack with the HYPE staking discount? A: Yes. Hyperliquid's fee formula applies the staking discount (5% to 40% depending on HYPE staked) and the referral discount together, so both reduce what you pay. Q: Can I use Hyperliquid in the United States? A: Hyperliquid's terms restrict access from the United States, Ontario and some other places. Read the current terms for your country before you sign up; we don't advise on ways around them. ## Start here URL: https://underhyper.com/start/ Updated: 2026-11-04 Summary: A step-by-step path for new Hyperliquid users: account setup, deposits from any chain, first trades, staking and safety. Plain English, dated and sourced. # Guides ## How to bridge to Hyperliquid from Ethereum URL: https://underhyper.com/guides/bridge-to-hyperliquid-from-ethereum/ Updated: 2026-11-04 Summary: Move funds from Ethereum to Hyperliquid three ways: email USDC deposit, bridge USDC to Arbitrum, or send ETH via Unit (min 0.007 ETH). Steps, costs, traps. Answer: Hyperliquid doesn't take USDC on Ethereum mainnet from a connected wallet, so pick one of three routes: log in with email and send USDC on Ethereum to the deposit address shown; bridge USDC to Arbitrum and deposit it (minimum 5 USDC); or deposit ETH on Ethereum through Unit (minimum 0.007 ETH, about 5 minutes) and sell it for USDC. Sending USDC to the ETH deposit address fails. Q: How do I bridge ETH to Hyperliquid? A: Click Deposit on app.hyperliquid.xyz, choose ETH, and send ETH on Ethereum mainnet to the address shown. Unit runs this address; the minimum is 0.007 ETH and it takes about 5 minutes. It arrives as a spot token you can sell for USDC. Q: Can I send USDC from Ethereum straight to Hyperliquid? A: Only if you log in with email: the email deposit address accepts USDC on Ethereum, Arbitrum, Base and Polygon. With a connected wallet, bridge the USDC to Arbitrum first. Q: What is the official Hyperliquid bridge? A: For USDC, Hyperliquid's docs name Circle's CCTP as the preferred way to mint USDC on Hyperliquid, with Arbitrum as the main route. ETH, BTC and SOL deposits are handled by Unit, an independent team. Hyperliquid's docs also list third-party bridges such as Across, deBridge, Jumper and Relay. Q: I sent USDC to my ETH deposit address. Is it lost? A: Not necessarily. Hyperliquid's docs say USDC, USDT or WETH sent on Ethereum to the Unit ETH address, or ETH sent on Arbitrum, may be recovered with Unit's revert tool at app.hyperunit.xyz/revert. ## How to bridge to Hyperliquid from Solana URL: https://underhyper.com/guides/bridge-to-hyperliquid-from-solana/ Updated: 2026-11-04 Summary: Move funds from Solana to Hyperliquid: send SOL via Unit (min 0.12 SOL, about 1 minute) or bridge USDC to Arbitrum. Why Solana USDC fails, and Phantom tips. Answer: The direct route is to deposit SOL on Solana to the Unit address shown under Deposit on app.hyperliquid.xyz: minimum 0.12 SOL, about 1 minute, then sell it for USDC on Hyperliquid's spot market. USDC on Solana is not accepted and fails if sent to that address. To bring USDC instead, bridge it to Arbitrum (Hyperliquid's docs list Mayan, deBridge, Relay and others) and deposit at least 5 USDC. Q: Can I deposit USDC from Solana to Hyperliquid? A: Not directly. The Solana deposit address accepts SOL, 2Z, ANSEM, BONK, FARTCOIN, PUMP and SPX only. USDC, USDT or WSOL sent there fails, though Unit's revert tool may recover it. Bridge USDC to Arbitrum first, or send SOL and sell it. Q: What is the minimum SOL deposit on Hyperliquid? A: 0.12 SOL. Hyperliquid's support docs say deposits below the minimum result in a loss of funds. Q: Can I use Phantom with Hyperliquid? A: Yes. Phantom can connect and trade, but it doesn't support Arbitrum, so you can't deposit or receive USDC on Arbitrum inside Phantom. Hyperliquid's docs suggest depositing SOL and selling it, or exporting Phantom's Ethereum private key into a wallet like Rabby. Q: How long does a Solana deposit to Hyperliquid take? A: About 1 minute, according to Hyperliquid's support guide. The deposit window shows a live estimate. ## How to create a Hyperliquid account URL: https://underhyper.com/guides/create-a-hyperliquid-account/ Updated: 2026-11-04 Summary: A Hyperliquid account is just a wallet address. How to set one up with a browser wallet or email login, which to choose, and the settings to do first. Answer: A Hyperliquid account is a wallet address: connect an EVM wallet (Hyperliquid's docs suggest Rabby, MetaMask, WalletConnect or Coinbase Wallet) at app.hyperliquid.xyz, or log in with email and a 6-digit code, and the app creates one for you. Then click Enable Trading and sign a gas-free message. Set a referral code before your first trade for 4% off fees. Q: Does Hyperliquid require KYC? A: Hyperliquid's onboarding docs describe no identity-verification step for the official app: you connect a non-custodial wallet or log in with email. The Terms of Use still bar people in the US, Ontario and sanctioned territories, and say you must not misrepresent your residency. Q: Is a Hyperliquid email account safe? A: Email login creates a wallet managed through Privy, so your access depends on your email account. Hyperliquid's docs let you export that wallet's private key from the settings menu with "Export Email Wallet" and import it into a wallet extension. Q: Can I use my MetaMask or Phantom address on Hyperliquid? A: Yes. Any EVM address works, and it becomes your Hyperliquid address. Phantom users should note that Phantom doesn't support Arbitrum, which affects USDC deposits and withdrawals. Q: Can I have more than one Hyperliquid account? A: Every wallet address is a separate account. Hyperliquid also offers up to 10 sub-accounts once your account reaches $100,000 in trading volume; sub-accounts share your fee tier but don't get the referral discount. ## How to deposit Bitcoin to Hyperliquid URL: https://underhyper.com/guides/deposit-bitcoin-to-hyperliquid/ Updated: 2026-11-04 Summary: Send native BTC to Hyperliquid through Unit: minimum 0.0003 BTC, about 30 minutes, arrives as UBTC. Steps, costs, wrong-network risks and withdrawals. Answer: Click Deposit on app.hyperliquid.xyz, choose BTC, and send native BTC on the Bitcoin network to the address shown. Unit, an independent team, runs it. The minimum is 0.0003 BTC (less is lost) and deposits take about 30 minutes. Your BTC arrives as a spot token (Unit Bitcoin, UBTC) that you can hold, sell for USDC on the UBTC/USDC market, or withdraw back to a Bitcoin address. Q: Can you deposit Bitcoin on Hyperliquid? A: Yes. The deposit window on app.hyperliquid.xyz shows a Bitcoin address run by Unit. Send native BTC on the Bitcoin network, minimum 0.0003 BTC; it takes about 30 minutes and arrives as UBTC in your spot balance. Q: What is UBTC on Hyperliquid? A: UBTC is how Hyperliquid's API lists Unit Bitcoin: the spot token you receive when you deposit BTC through Unit. It trades against USDC and USDH on Hyperliquid's spot market and can be withdrawn back to a Bitcoin address through Unit. Q: Can I use Bitcoin as margin for perps on Hyperliquid? A: Hyperliquid's portfolio margin mode lists BTC, HYPE, USDC and USDT as eligible collateral. In other modes, sell your BTC for USDC to use it as perps margin. Portfolio margin has extra requirements and risks; read Hyperliquid's docs before switching. Q: I sent BTC on another network (wrapped BTC). Can I get it back? A: Hyperliquid's support guide says BTC sent on any network other than Bitcoin can't currently be retrieved. Only native BTC on the Bitcoin network works. ## How to deposit to Hyperliquid from a centralized exchange URL: https://underhyper.com/guides/deposit-from-a-centralized-exchange/ Updated: 2026-11-04 Summary: Move funds from an exchange to Hyperliquid safely: which network to pick, the 5 USDC minimum, HyperCore vs HyperEVM, and the Send-to-exchange trap. Answer: Withdraw USDC on Arbitrum from your exchange to your own wallet and deposit it at app.hyperliquid.xyz (minimum 5 USDC), or, with email login, withdraw USDC on Arbitrum, Base, Ethereum or Polygon straight to the deposit address the app shows. Some exchanges also offer a "Hyperliquid" network: check whether it means HyperCore (trading balance) or HyperEVM, and send a small test first. Q: Can I send USDC from Coinbase or Binance to Hyperliquid? A: Yes, if the exchange lets you withdraw USDC on a network Hyperliquid accepts. Arbitrum works for every account (wallet login: to your wallet, then Deposit). With email login, the deposit address also accepts USDC on Base, Ethereum and Polygon. Q: Which network should I choose when withdrawing from an exchange to Hyperliquid? A: Arbitrum One for USDC is the route Hyperliquid's docs recommend when your exchange doesn't support Hyperliquid directly. If you pick a network labelled "Hyperliquid", confirm with the exchange whether it sends to HyperCore or to the HyperEVM, because they're different balances. Q: Can I send funds from Hyperliquid back to an exchange? A: Use Withdraw, not Send. Withdraw USDC to Arbitrum (a $1 fee) and deposit from there, or withdraw to the exchange's Arbitrum USDC address if it supports one. Using Send to an exchange address can leave funds only that exchange can reach. Q: Is there a minimum when depositing from an exchange? A: Yes: 5 USDC on the USDC routes. Exchanges also have their own minimum withdrawal amounts and fees, so check both sides. ## How to deposit USDC to Hyperliquid URL: https://underhyper.com/guides/deposit-usdc-to-hyperliquid/ Updated: 2026-11-04 Summary: Every official way to fund Hyperliquid with USDC (Arbitrum, Base, Ethereum, Polygon, card), the 5 USDC minimum, fees, timing, and what's lost if wrong. Answer: From a connected wallet, Hyperliquid accepts USDC on Arbitrum only, minimum 5 USDC (smaller deposits are lost); you need a little ETH on Arbitrum for gas. With email login you can also send USDC on Base, Ethereum or Polygon to the deposit address shown, handled by Across; under 5 USDC is returned to your email wallet and under 1 USDC is lost. Trading after that is gas-free. Q: What is the minimum deposit on Hyperliquid? A: 5 USDC. From a connected wallet, deposits below 5 USDC are lost. With email login, deposits below 5 USDC are redirected to your email wallet, and anything below 1 USDC is lost. Q: Which network should I use to deposit USDC to Hyperliquid? A: Arbitrum works for everyone. If you log in with email, the deposit address also accepts USDC on Base, Ethereum and Polygon. USDC on Solana or any other chain is not accepted on these routes. Q: How long does a Hyperliquid deposit take? A: Hyperliquid's bridge docs say an Arbitrum deposit is credited in under 1 minute. Circle quotes about 8–20 seconds for a CCTP fast transfer. Deposits from other chains also depend on that chain's confirmation time. Q: Can I buy USDC on Hyperliquid with a card? A: Hyperliquid's support docs describe a fiat on-ramp run by Swapped.com, an independent provider. Fees and payment methods are set by Swapped; check its fee page before you pay. Q: Why is my available balance lower than what I deposited? A: If you have cross-margin positions with unrealized losses, new deposits go toward their margin first. The USDC is still in your total balance; it just isn't free to use until those positions are closed or recover. ## Your first perp trade on Hyperliquid URL: https://underhyper.com/guides/first-perp-trade-on-hyperliquid/ Updated: 2026-11-04 Summary: Place a first perpetual futures trade on Hyperliquid step by step: market, margin mode, leverage, size, order type, TP/SL and closing, with fees worked out. Answer: Pick a market, choose cross or isolated margin, set low leverage, enter a size of at least $10, then click Place Order and confirm. A $1,000 position pays $0.45 in taker fees at Hyperliquid's entry tier (0.045%), or $0.432 with a referral code's 4% discount. Q: What is the minimum trade size on Hyperliquid? A: Orders must have a minimum value of $10. Hyperliquid's API rejects smaller orders with the error "Order must have minimum value of $10." Q: Do I pay gas to trade on Hyperliquid? A: No. Hyperliquid's docs say trading is gas-free; you only pay trading fees (0.045% taker and 0.015% maker on perps at the entry tier). Gas is only needed on the source chain when you deposit. Q: Can I lose more than I deposit on Hyperliquid? A: On an isolated position, your loss is limited to the margin you put on that position. On cross margin, all your cross positions share your account balance, so a liquidation can take your whole cross balance; if you have no isolated positions, a backstop liquidation leaves you with zero account equity. Q: What does long and short mean? A: Long means you profit if the price goes up; short means you profit if it goes down. On a perpetual contract you post USDC as collateral instead of buying the token itself. ## The HLP vault, explained URL: https://underhyper.com/guides/hlp-vault-guide/ Updated: 2026-11-04 Summary: What Hyperliquid's HLP vault does, how to deposit and withdraw, the 4-day lockup, and what its recent numbers do and don't tell you. Answer: HLP (Hyperliquidity Provider) is Hyperliquid's protocol vault: it market-makes, takes over liquidations, supplies USDC in Earn and collects part of trading fees, with no fee or profit share for any manager. Deposits are locked for 4 days after your most recent deposit. On 4 Nov 2026 it held about $151.6M, with roughly +$94.5k PnL over 30 days and −$356k over 7 days. Q: Is the HLP vault safe? A: HLP is run by the protocol and charges no fees, but it is a trading strategy and can lose money. Over the 7 days to 4 Nov 2026 it was down about $356k on roughly $151.6M; you share losses in proportion to your deposit. Q: How long is the HLP lockup? A: You can withdraw 4 days after your most recent deposit. Each new deposit restarts the 4-day clock for your whole balance. Q: What is HLP's APR? A: The vault page shows an APR based on recent performance, and it changes constantly. On 4 Nov 2026 the API's APR field was slightly negative (about −0.09%); 30-day PnL was about +$94.5k on $151.6M. Past returns don't predict future ones. Q: Does HLP charge a performance fee? A: No. Hyperliquid's docs say protocol vaults have no fees or profit share, unlike user vaults where the leader keeps 10% of profits. ## How to buy HYPE URL: https://underhyper.com/guides/how-to-buy-hype/ Updated: 2026-11-04 Summary: Buy the HYPE token on Hyperliquid's own spot market: the right pair, fees, the $10 minimum, how to avoid lookalike tokens, and what to do with HYPE after. Answer: Deposit USDC to Hyperliquid, open the HYPE/USDC spot market, and place a buy of at least $10. Spot fees at the entry tier are 0.070% taker and 0.040% maker; check the token's full name is "Hyperliquid" (token index 150) before you buy. Q: Where can I buy HYPE? A: The most direct place is Hyperliquid's own spot market at app.hyperliquid.xyz, where HYPE trades against USDC, USDT0, USDH and USDe (Hyperliquid API, 4 Nov 2026). Some centralized exchanges also list it; check each one's terms and withdrawal networks. Q: Is buying HYPE on spot the same as trading the HYPE perp? A: No. A spot buy gives you HYPE tokens you can hold, stake or withdraw. The HYPE perp is a leveraged contract (up to 10x) that tracks the price; you never hold the token, and it can be liquidated. Q: What is the fee to buy HYPE on Hyperliquid? A: At the entry tier, spot fees are 0.070% taker and 0.040% maker, so a $100 market buy costs $0.07. A referral code takes 4% off that on your first $25M of volume. Q: What's the minimum amount of HYPE I can buy? A: Hyperliquid's support docs give a $10 minimum transaction for spot. Very small leftover balances can be hard to sell because each token has a minimum lot size. ## How to stake HYPE URL: https://underhyper.com/guides/how-to-stake-hype/ Updated: 2026-11-04 Summary: Stake HYPE natively on HyperCore: the three balance moves, the 1-day validator lockup, the 7-day unstaking queue, reward rate and fee discounts. Answer: Move HYPE from your Spot balance to your Staking balance (instant), then delegate it to a validator (1-day lockup). Getting it back takes two separate actions: undelegate, then transfer Staking to Spot, which sits in a 7-day queue. The docs give a reward rate of about 2.37% a year at 400M HYPE staked; with 439.4M staked on 4 Nov 2026 the same formula gives roughly 2.26%. Q: How long does it take to unstake HYPE? A: After you undelegate from a validator, the transfer from your Staking balance back to your Spot balance takes exactly 7 days and cannot be sped up. Undelegating itself is instant once the 1-day delegation lockup has passed. Q: What is the HYPE staking APR? A: Hyperliquid's docs say the reward rate is about 2.37% a year at 400M HYPE staked and falls with the square root of total stake. With about 439.4M HYPE staked on 4 Nov 2026 that works out to roughly 2.26% before validator commission. This is our estimate from the published formula, not a quoted rate. Q: Can staked HYPE be slashed? A: The docs say there is currently no automatic slashing. Validators can be jailed for poor performance, which stops rewards for their delegators but is not the same as slashing. Q: Does staking HYPE lower my trading fees? A: Yes. Staking more than 10 HYPE gives a 5% fee discount, rising to 40% above 500,000 HYPE. It applies to the address that stakes, or to a trading address you link to it. ## How to start trading on Hyperliquid URL: https://underhyper.com/guides/how-to-start-trading-on-hyperliquid/ Updated: 2026-11-04 Summary: Set up a Hyperliquid account, apply the 4% fee discount, deposit at least 5 USDC and place your first trade, in order, with the mistakes that cost money. Answer: Open app.hyperliquid.xyz, connect a wallet or log in with email, set a referral code for 4% off fees, then deposit at least 5 USDC (USDC on Arbitrum from a wallet; Arbitrum, Base, Ethereum or Polygon with email login). Trading itself needs no gas, and an entry-tier perps trade costs 0.045% as a taker. Start with a small order: the minimum is $10. Q: How much money do I need to start trading on Hyperliquid? A: The minimum USDC deposit is 5 USDC (smaller deposits are not credited) and the minimum order value is $10. In practice, deposit enough to cover a $10 order with spare margin, plus the $1 fee if you later withdraw to Arbitrum. Q: Do I need ETH or gas to trade on Hyperliquid? A: Not to trade. Orders, cancels and transfers on Hyperliquid's trading layer are gas-free. If you deposit USDC from a wallet on Arbitrum, you need a little ETH on Arbitrum to pay for that one deposit transaction. Q: Can I use Hyperliquid without a crypto wallet? A: Yes. app.hyperliquid.xyz has an email login: you enter your email, type the 6-digit code it sends, and the app creates a wallet for you. You can export that wallet's private key later from the settings menu. Q: When should I enter the referral code? A: Before your first trade. The discount is 4% off fees for your first $25M of volume. Enter the code at app.hyperliquid.xyz/referrals and check it shows on that page before you trade. ## How to trade prediction markets on Hyperliquid URL: https://underhyper.com/guides/how-to-trade-prediction-markets-on-hyperliquid/ Updated: 2026-11-04 Summary: How Hyperliquid's HIP-4 outcome markets work: Yes/No tokens settling to 1 or 0 USDC, what's listed, fees, resolution, risks and who can't use them. Answer: Hyperliquid's HIP-4 outcome markets let you buy Yes or No tokens that settle to 1 USDC or 0 USDC, with no leverage or liquidations. On 4 Nov 2026 the API listed 279 outcomes in 25 questions across protocol-run daily BTC, ETH, SOL and HYPE binaries (settling 06:00 UTC) and venues out, skew, txyz and fox. Q: Does Hyperliquid have prediction markets? A: Yes. HIP-4 outcome markets have been live on mainnet since May 2026. On 4 Nov 2026 Hyperliquid's API listed 279 outcomes, including daily crypto price binaries, sports results, IPO market-cap questions and policy-rate decisions. Q: Can you get liquidated on Hyperliquid outcome markets? A: No. Outcomes are fully collateralized and use no leverage, funding or liquidations. You can still lose everything you paid for a position if it settles to 0. Q: What are the fees on Hyperliquid prediction markets? A: Hyperliquid's fee page says outcome trading charges fees only when you close or a market settles, not when you open, on the spot fee schedule (0.070% taker at tier 0), with no maker rebates. The HIP-4 page separately says fees are currently zero for initial testing, so check the fee shown in the order form. Q: How does a Yes price relate to probability? A: A Yes price between 0 and 1 is often read as the market's implied probability, so 0.62 is roughly 62%. trade.xyz cautions that fees, spreads and thin liquidity mean this is only approximate. ## How to trade stocks on Hyperliquid URL: https://underhyper.com/guides/how-to-trade-stocks-on-hyperliquid/ Updated: 2026-11-04 Summary: Trade stock, index and commodity perps on Hyperliquid via trade.xyz (HIP-3): what you buy, hours, weekend price bands, leverage, fees and who can't. Answer: Stocks on Hyperliquid trade as perpetual contracts deployed by trade.xyz on its HIP-3 dex "xyz", margined in USDC, with leverage up to 50x on SP500 and 20x on stocks like TSLA and NVDA. You don't own shares or receive dividends, standard fees are 2x core perps (0.090% taker at tier 0), and trade.xyz says access is prohibited for US persons. Q: Can you trade stocks on Hyperliquid? A: Yes, as perpetual contracts. trade.xyz deploys stock, index, commodity and FX perps on Hyperliquid through HIP-3 under the dex name "xyz", covering markets such as SP500, XYZ100, TSLA, NVDA, GOLD and WTIOIL. They give price exposure only, not ownership of shares. Q: Do I get dividends on Hyperliquid stock perps? A: No. trade.xyz says perpetual holders don't receive dividends directly; a dividend's effect shows up in pricing and funding instead. Stock splits are handled by settling positions and reopening the market on the new share basis. Q: Can I trade Hyperliquid stocks on the weekend? A: The markets keep trading when stock exchanges are closed, but price moves are limited by discovery bounds of ±1/max leverage around a reference price (±5% for a 20x stock), which can re-anchor a set number of times until outside pricing resumes. Q: Can Americans trade stocks on trade.xyz? A: No. trade.xyz's disclaimer says access is prohibited to United States persons and in the United States. ICE and trade.xyz announced on 29 October 2026 a plan for a US market, ICE[XYZ], subject to CFTC approval, with no launch date disclosed. Q: Does the Hyperliquid referral code work on trade.xyz? A: Yes. trade.xyz markets run on Hyperliquid's engine and use Hyperliquid's referral system, and HIP-3 markets include the usual referral discount, so the 4% fee discount applies. ## How to use Hyperliquid vaults URL: https://underhyper.com/guides/how-to-use-hyperliquid-vaults/ Updated: 2026-11-04 Summary: How Hyperliquid user vaults work: the 10% leader profit share, 1-day lockup, how to judge a vault's record, and what happens when you withdraw. Answer: A Hyperliquid vault pools depositors' USDC under one trader, the leader, who keeps 10% of profits and must hold at least 5% of the vault. User vaults lock deposits for 1 day (HLP: 4 days). About 3,063 vaults were open on 4 Nov 2026, and only 79 held $100k or more. Q: How do Hyperliquid vaults make money? A: The vault leader trades the pooled USDC on Hyperliquid perps. Depositors share the profit or loss in proportion to their stake, and the leader takes 10% of profits. Q: What is the lockup on a Hyperliquid vault? A: User vaults have a 1-day lockup after your deposit. The protocol vault HLP has a 4-day lockup. Q: Can I lose money in a Hyperliquid vault? A: Yes. A vault is someone else's leveraged trading, and the docs warn that past performance is not a guarantee of future returns. You share losses exactly as you share gains. Q: Can vaults trade stocks or spot? A: No. Hyperliquid's legacy user vaults can trade validator-operated perps only, not spot or HIP-3 markets such as trade.xyz stock perps. ## How to use Hyperliquid on your phone URL: https://underhyper.com/guides/hyperliquid-mobile/ Updated: 2026-11-04 Summary: Hyperliquid Corp publishes an Android app; we found no iOS app from it. How to trade on a phone safely: the app, the browser, QR linking and wallet apps. Answer: Hyperliquid Corp publishes an Android app (xyz.hyperliquid.app) on Google Play, last updated September 9, 2026; Hyperliquid's support guide links to it as an official way to trade. An App Store search on November 4, 2026 found no iOS app from Hyperliquid Corp, so on iPhone use app.hyperliquid.xyz in the browser, link a desktop wallet by QR code, or use a wallet app such as MetaMask or Phantom (which may add its own fee). Q: Is there an official Hyperliquid app? A: Yes, on Android: Hyperliquid's support guide links to the Google Play app with package id xyz.hyperliquid.app, published by Hyperliquid Corp. We found no iOS app from Hyperliquid Corp in an App Store search on November 4, 2026. Q: Is there a Hyperliquid app for iPhone? A: Not from Hyperliquid Corp, as far as we could find on November 4, 2026. App Store results for "Hyperliquid" were third-party apps. On iPhone you can use app.hyperliquid.xyz in the browser, or wallet apps that Hyperliquid's docs list, such as MetaMask, Phantom or Dexari. Q: Can I use the same account on my phone and computer? A: Yes. Your account is your wallet address. Hyperliquid's "Link Desktop Wallet" option lets your phone trade for the wallet on your computer by scanning a QR code, without moving your seed phrase. Q: Do wallet apps charge extra to trade Hyperliquid? A: They can. Apps may add a builder fee of up to 0.1% on perps and up to 1% on spot, which you approve. The official Hyperliquid app adds none. ## Hyperliquid scams to avoid URL: https://underhyper.com/guides/hyperliquid-scams-to-avoid/ Updated: 2026-11-04 Summary: The scams that target Hyperliquid users: fake support, lookalike domains and apps, staking-link and multi-sig traps, fake referral offers. How to spot each. Answer: Hyperliquid support never DMs you first: tickets are opened only in the Discord "open-ticket" channel or the Zendesk form. Never share a seed phrase, never link your trading account to someone else's staking account (it lets them take everything), and check every URL: Hyperliquid's own example of a fake is "hyperliguid.xyz". An App Store search on 4 Nov 2026 found no iOS app published by Hyperliquid Corp. Q: Does Hyperliquid support contact you on Telegram or X? A: No. Hyperliquid's support guide says support only takes place in a ticket you open in the Discord open-ticket channel or via its email form, and that anyone who reaches out to you directly should be assumed to be a scammer. Q: Is there an official Hyperliquid app? A: On Android, Google Play lists an app called Hyperliquid published by Hyperliquid Corp, and Hyperliquid's support guide links to it. An App Store search on 4 Nov 2026 returned only third-party apps; none were published by Hyperliquid Corp. Q: What should I do if my Hyperliquid wallet was drained? A: Treat the address as permanently unsafe, create a new wallet, move anything left (including HyperEVM assets), revoke approvals at revoke.cash and find out how you were compromised. Nobody can reverse onchain transactions, so ignore anyone offering to recover funds for a fee. Q: Is there a Hyperliquid referral code with a bigger discount? A: No. Every valid code gives the same 4% fee discount on your first $25M of volume. Offers of a larger or lifetime discount aren't something Hyperliquid's program pays. ## Is Hyperliquid available in the US? URL: https://underhyper.com/guides/is-hyperliquid-available-in-the-us/ Updated: 2026-11-04 Summary: Hyperliquid's terms bar US persons and Ontario residents. The exact clause, what it means for other apps, and the US-regulated routes announced so far. Answer: No. Section 1.6 of the app.hyperliquid.xyz Terms of Use (last updated June 15, 2026) says the interface is not available to anyone who resides in, is located in or is incorporated in the United States or Ontario, Canada, or in sanctioned territories. A US-regulated route, ICE[XYZ] from ICE and trade.xyz, was announced on 29 Oct 2026 but is still subject to CFTC approval. Q: Can Americans use Hyperliquid? A: Not under the app's terms. Section 1.6 of the app.hyperliquid.xyz Terms of Use lists people who reside in, are located in or are incorporated in the United States as Restricted Persons who are strictly prohibited from using the interface. Q: Is Hyperliquid legal in the US? A: We're not lawyers and can't give legal advice. What we can say is that Hyperliquid Corp.'s terms exclude US persons, and trade.xyz's docs prohibit access to United States persons and anyone in the United States; §1.9 of the terms makes you responsible for checking your own local law. Q: Can people in Canada use Hyperliquid? A: The terms name Ontario specifically, alongside the US and sanctioned territories. Other Canadian provinces aren't named in §1.6, but you're still responsible under §1.9 for checking that derivatives trading is allowed where you live. Q: Can I use a VPN to access Hyperliquid from the US? A: No. Section 3.1.5 of the terms prohibits using VPNs, proxies or other methods to conceal your location, and misrepresenting where you live. We don't give workarounds. Q: When will Hyperliquid be available in the US? A: No date has been announced. ICE and trade.xyz said on 29 Oct 2026 they plan a US market called ICE[XYZ], subject to CFTC approval, without giving a launch date. ## Is Hyperliquid safe? URL: https://underhyper.com/guides/is-hyperliquid-safe/ Updated: 2026-11-04 Summary: The real risks of using Hyperliquid: self-custody, leverage and liquidation, validators and bridges, HIP-3 markets, front-end fees and phishing. Answer: Hyperliquid is non-custodial: no company holds your funds, so the biggest risks are losing your keys, getting phished and leverage. At the protocol level it runs on 35 validators (27 active on 4 Nov 2026), mints USDC natively through Circle, and pays bug bounties of up to 1M USDC. Leveraged perps can lose your whole margin quickly. Q: Is Hyperliquid legit? A: Hyperliquid is a working layer-1 blockchain whose order books, trades and liquidations are recorded onchain. The app at app.hyperliquid.xyz is operated by Hyperliquid Corp. under published terms. Legit is not the same as low-risk: leveraged trading and self-custody both carry real ways to lose money. Q: Can Hyperliquid freeze or take my funds? A: Hyperliquid's terms say the company has no custody or control over the contents of your wallet. Only someone holding your private key or seed phrase can sign transactions from your address, which is why protecting those matters most. Q: What happens if Hyperliquid's app goes down? A: The terms describe app.hyperliquid.xyz as one interface to the blockchain, not the only one. Other front ends and the public API connect to the same order books, though each has its own terms and fees. Q: Is my money insured on Hyperliquid? A: No deposit insurance is documented. Hyperliquid is not a bank or a regulated broker, and losses from trading, hacks of your own wallet or third-party bridges are yours. ## Leverage and margin on Hyperliquid URL: https://underhyper.com/guides/leverage-and-margin-on-hyperliquid/ Updated: 2026-11-04 Summary: How cross and isolated margin work on Hyperliquid, how liquidation price is set, and how far price can move at 2x, 5x, 10x or 20x before liquidation. Answer: Hyperliquid liquidates a position when its equity falls below the maintenance margin, which is half the initial margin at the asset's max leverage: 1.25% for BTC (40x max) up to 16.7% for 3x assets. An isolated 10x BTC long is liquidated after roughly an 8.9% drop; at 20x, roughly 3.8%. Q: What is the max leverage on Hyperliquid? A: It depends on the asset: 40x for BTC, 25x for ETH, 20x for SOL and 10x for HYPE (Hyperliquid API, 4 Nov 2026). Very large positions drop to lower limits under margin tiers, for example BTC above $150M notional is capped at 20x. Q: Should I use cross or isolated margin? A: Isolated caps your loss at the margin on that one position, which makes the worst case easy to see. Cross shares your whole balance across positions, which is more capital efficient but means one bad position can drain the account. Q: Does lowering leverage on a cross position move my liquidation price? A: No. Hyperliquid's docs say the liquidation price of a cross margin position doesn't depend on the leverage you set; lower leverage just ties up more collateral. To move it, add funds or reduce the position. Q: Why was I liquidated before the chart touched my liquidation price? A: Liquidations use the mark price, which combines outside exchange prices with Hyperliquid's order book, not the last trade on the chart. During volatile moves the two can differ significantly. ## How to move funds between HyperCore and HyperEVM URL: https://underhyper.com/guides/move-funds-between-hypercore-and-hyperevm/ Updated: 2026-11-04 Summary: Move HYPE, USDC and other tokens between HyperCore (trading) and the HyperEVM (apps): the buttons, gas in HYPE, chain ID 999, and fixes for common errors. Answer: Click Transfer to/from EVM in the Balances table (Trade or Portfolio page), or EVM <-> Core Transfer at the top of the Portfolio page. Moving from HyperCore to the HyperEVM costs gas in HYPE from your Spot balance; moving back costs gas in HYPE on the HyperEVM. To see funds in a wallet, add network chain ID 999, RPC https://rpc.hyperliquid.xyz/evm, currency HYPE. Q: What is the difference between HyperCore and HyperEVM? A: They're two parts of the same Hyperliquid blockchain. HyperCore holds the order books, perps, spot balances and staking; the HyperEVM is an Ethereum-style smart-contract environment where independent apps (lending, swaps, vaults) run. Your address is the same on both, but the balances are separate. Q: What is the HyperEVM chain ID? A: 999. Hyperliquid's docs give the network name Hyperliquid, RPC URL https://rpc.hyperliquid.xyz/evm and currency symbol HYPE. Block explorers include hyperevmscan.io and hyperscan.com. Q: I clicked Transfer to EVM by accident. Are my funds lost? A: No. They moved to the HyperEVM side of your address. Use Transfer to/from EVM again to bring them back; you'll need a little HYPE on the HyperEVM for gas. Q: Why does my wallet say I don't have enough ETH for gas on HyperEVM? A: Gas on the HyperEVM is paid in HYPE, not ETH. That error usually means the network wasn't added correctly; re-add it with chain ID 999 and currency HYPE, or use a wallet like Rabby that supports HyperEVM natively. ## Order types on Hyperliquid URL: https://underhyper.com/guides/order-types-on-hyperliquid/ Updated: 2026-11-04 Summary: Every Hyperliquid order type in plain English: market, limit, stop, take, chase, scale, trailing stop and TWAP, plus Reduce Only, Post Only and TP/SL. Answer: Hyperliquid offers market, limit, stop market, stop limit, take market, take limit, chase, scale, trailing stop and TWAP orders. TP/SL orders trigger on the mark price, and market TP/SL can slip up to 10%; TWAP splits an order into suborders at least 30 seconds apart, over 5 minutes to 7 days. Q: How do I set a stop loss on Hyperliquid? A: Open the TP/SL option on your position in the positions table, or attach a TP/SL in the order form when you place the order. Stops trigger on the mark price and execute as market orders by default (10% slippage tolerance), or as limit orders if you set a limit price. Q: Why did my take profit fill at a loss? A: TP/SL triggers on the mark price, then executes. A market TP can fill up to 10% away from the trigger in a thin or fast market. Hyperliquid suggests limit TP/SL, smaller chunks, or checking book depth first. Q: What is a TWAP order on Hyperliquid? A: A TWAP (time-weighted average price) order splits a large order into suborders sent at fixed intervals of at least 30 seconds, over 5 minutes to 7 days, with a $100 minimum total size and 3% max slippage per suborder. Q: What does Reduce Only do? A: A Reduce Only order can only shrink an existing position. It can't open a new one or flip you from long to short. ## How to withdraw from Hyperliquid URL: https://underhyper.com/guides/withdraw-from-hyperliquid/ Updated: 2026-11-04 Summary: Withdraw USDC from Hyperliquid to Arbitrum for a $1 fee in about 5 minutes, or BTC, ETH and SOL via Unit. Why Withdraw isn't Send, and fixes if it's late. Answer: Click Withdraw on app.hyperliquid.xyz, choose USDC, enter the amount and sign. It goes to your address on Arbitrum. Hyperliquid's API docs put the fee at $1 and the time at about 5 minutes, with no Arbitrum gas needed. BTC, ETH and SOL withdraw to their own chains through Unit. Never use Send to withdraw to an exchange. Q: How much does it cost to withdraw from Hyperliquid? A: A USDC withdrawal to Arbitrum costs $1, according to Hyperliquid's API docs ("at the time of this writing"). You don't pay Arbitrum gas; validators submit the transaction. BTC, ETH and SOL withdrawals through Unit show their own fee in the withdrawal window. Q: How long do Hyperliquid withdrawals take? A: About 5 minutes for USDC to Arbitrum (Hyperliquid's bridge docs say 3–4 minutes). If it's still Pending well past the estimate in the withdrawal window, the network is congested; the docs say it will still be processed. Q: Why can't I withdraw all my USDC? A: Open positions lock margin. With open positions, you can only withdraw if what's left is at least the initial margin requirement and at least 10% of your total open position value. Close or reduce positions to free more. Q: Can I withdraw from Hyperliquid to Coinbase or Binance? A: Withdraw USDC to an Arbitrum address. If your exchange accepts USDC on Arbitrum you can enter its deposit address, but sending to your own wallet first and then to the exchange is safer. Never use Send for this. # Learn ## Elysium: Kinetiq's layer-2 for Hyperliquid URL: https://underhyper.com/elysium/ Updated: 2026-11-04 Summary: Is Elysium live? Status, chain IDs (testnet 99801), the official bridge, lookalike sites and day-one apps for Kinetiq's Hyperliquid L2. Checked 2026-11-04. Answer: Elysium is a general-purpose, high-performance layer-2 chain for Hyperliquid, built by Kinetiq on Arbitrum Orbit, that settles to HyperEVM and uses HYPE as gas. Not live yet: as of November 4, 2026 only the testnet runs (chain ID 99801), mainnet is scheduled for November 9, 2026 per Kinetiq, and Kinetiq has not yet published a mainnet chain ID. The official site is elysium.kinetiq.xyz. Q: What is Elysium? A: Elysium is a general-purpose, high-performance layer-2 chain for Hyperliquid, built by Kinetiq on Arbitrum Orbit, that settles to HyperEVM and uses HYPE as gas. It offers 100 ms blocks and a 300 Mgas/s throughput target, roughly two orders of magnitude more gas per second than HyperEVM, aimed at high-frequency trading, prop AMMs and token launches. Q: What is the Elysium chain ID? A: Testnet: 99801 (RPC https://testnet-rpc.elysium.kinetiq.xyz). Mainnet: not yet published by Kinetiq as of November 4, 2026. Elysium settles to HyperEVM, whose chain ID is 999; don't confuse the two. Q: Is Elysium live? A: Not yet. As of November 4, 2026, Elysium mainnet is scheduled for November 9, 2026 (per Kinetiq); only the testnet (chain ID 99801) is live. The mainnet chain ID is not yet published by Kinetiq as of November 4, 2026. HyperCore read/write integration is planned for about four weeks after mainnet. Q: How do I bridge to Elysium? A: Start from the official site, elysium.kinetiq.xyz, and use its Bridge. HYPE moves 1:1 from HyperEVM as native gas; HyperEVM tokens such as USDC use the canonical bridge (locked on HyperEVM, minted 1:1 on Elysium). Funds on HyperCore must first be moved to HyperEVM. Mainnet bridge contract addresses are published by Kinetiq at launch. Q: Is there an Elysium token or airdrop? A: Elysium has no token of its own: gas is paid in HYPE. KNTQ is Kinetiq's governance token, and half of sequencer fees fund KNTQ buybacks. Bankless reported on 19 October 2026 that there is no Elysium token or official points program for now. Anyone selling an 'Elysium token' or 'Elysium airdrop' is not Kinetiq. Q: What is the official Elysium bridge? A: The bridge linked from elysium.kinetiq.xyz, run on Kinetiq's published contracts (see elysium.kinetiq.xyz/docs/contract-addresses). Community sites such as elysp.com (ElysPump) offer their own bridge front ends; they say they are not operated by Kinetiq, so treat them as third-party apps, not the official bridge. ## Learn Hyperliquid URL: https://underhyper.com/learn/ Updated: 2026-11-04 Summary: Plain-English explainers for Hyperliquid: HyperCore vs HyperEVM, HIP-1 to HIP-4, perps, funding, liquidation, builder codes, HLP and more. ## The Assistance Fund and HYPE buybacks URL: https://underhyper.com/learn/assistance-fund-and-hype-buybacks/ Updated: 2026-11-04 Summary: How Hyperliquid's Assistance Fund turns trading fees into HYPE automatically, what it held on 4 Nov 2026, and why it's treated as burned supply. Answer: The Assistance Fund is a Hyperliquid system address (0xfefe…fefe) that automatically converts trading fees into HYPE as part of the chain's own execution; Hyperliquid's docs say HYPE in the fund is burned. On 4 November 2026 the address held about 48.65M HYPE (roughly $4.1B at the $85.15 perp mark), about 4.9% of HYPE's 1B max supply. Q: What is the Hyperliquid Assistance Fund address? A: 0xfefefefefefefefefefefefefefefefefefefefe. It is a system address: nobody holds a private key to it, and its conversions of fees into HYPE run inside Hyperliquid's block execution. Q: Is HYPE in the Assistance Fund burned? A: Hyperliquid's fee documentation says HYPE in the Assistance Fund is burned, removing it permanently from circulating and total supply. Note that the info API still lists the fund's 48.65M HYPE as a non-circulating balance and its totalSupply field (998.8M on 4 November 2026) does not subtract it, so data sites may show different supply figures. Q: How much HYPE has Hyperliquid bought back? A: The Assistance Fund held about 48.65M HYPE on 4 November 2026, per the Hyperliquid API. That is the accumulated result of buybacks since the fund began; it is not a yearly figure. Q: Where does buyback money come from? A: Mainly trading fees on Hyperliquid. Fees in non-USDC spot quote tokens also go to the fund, as does AQAv2 stablecoin reserve-yield revenue. Some outside projects, like Kinetiq with KNTQ, also send their own buybacks to the same address. ## Builder codes, explained URL: https://underhyper.com/learn/builder-codes/ Updated: 2026-11-04 Summary: How Hyperliquid builder codes let wallets and apps add a fee to your trades (max 0.1% on perps, 1% on spot), what popular apps charge, and how to check. Answer: A builder code lets an app that sends your orders to Hyperliquid add its own fee on top of Hyperliquid's: at most 0.1% per perp trade and 1% on spot sells, and only after you approve a maximum. The official app adds 0; DefiLlama's 30-day data to 4 November 2026 shows MetaMask earning about $2.02M from builder fees, fomo $1.63M, Trust Wallet $1.52M and Phantom $1.44M. Q: What is a builder fee on Hyperliquid? A: An extra fee an app adds to trades it sends to Hyperliquid on your behalf, paid to the app's address. It's capped by the protocol at 0.1% on perps and 1% on spot, and it only applies after you sign an approval for that app's maximum. Q: Does the official Hyperliquid app charge a builder fee? A: No. Orders placed at app.hyperliquid.xyz pay only Hyperliquid's own trading fee (0.045% taker / 0.015% maker on perps at the entry tier). Q: Does a referral code cancel the builder fee? A: No. A referral code takes 4% off Hyperliquid's protocol fee for your first $25M of volume. The builder fee is a separate charge set by the app, and it's added on top. Q: How many apps can I approve? A: Each account can have up to 10 active builder approvals at once. Approvals set a maximum fee per builder and, per the docs, can be revoked at any time. Q: How do I check what an app charges me? A: Hyperliquid's info API answers a maxBuilderFee request for your address and the builder's address, showing the most you've allowed. The builder's actual fills, including the fee charged, are published daily as public files. Our front-end comparison lists typical rates. ## CoreWriter and precompiles URL: https://underhyper.com/learn/corewriter-and-precompiles/ Updated: 2026-11-04 Summary: How HyperEVM smart contracts read HyperCore prices and positions (precompiles at 0x...0800) and send orders to it (CoreWriter at 0x3333...3333). Answer: Precompiles and CoreWriter are the two built-in doors between Hyperliquid's smart-contract layer (HyperEVM) and its exchange engine (HyperCore). Read precompiles starting at address 0x…0800 let a contract read live prices, positions and balances; the CoreWriter contract at 0x3333…3333 lets it send actions such as orders, transfers and staking, for about 47,000 gas per basic call. Both are live on HyperEVM mainnet (chain ID 999), verified onchain on 4 November 2026. Q: What is CoreWriter on Hyperliquid? A: CoreWriter is a system contract at 0x3333333333333333333333333333333333333333 on the HyperEVM. A smart contract calls it to send an action to HyperCore, such as placing or cancelling an order, moving funds, staking or approving a builder fee. It burns about 25,000 gas, and a basic call uses about 47,000. Q: What are Hyperliquid precompiles? A: Read precompiles are built-in contracts at addresses starting 0x0000000000000000000000000000000000000800 that return HyperCore data to a HyperEVM contract: perp positions, spot balances, vault equity, staking delegations, oracle prices and the L1 block number. The values match HyperCore's state when the EVM block is built. Q: Is CoreWriter live on mainnet? A: Yes. On 4 November 2026 the HyperEVM mainnet RPC returned contract code at 0x3333...3333, and the developer docs list 16 action types. One older overview page in the docs still says write system contracts are not live on mainnet; that page is out of date. Q: How do I move HYPE from HyperCore to HyperEVM? A: Send HYPE to 0x2222222222222222222222222222222222222222 from your spot balance, or use the Transfer to/from EVM button in the app. The docs warn that this address only works for HYPE: other tokens sent there are lost, because each token has its own system address. ## Funding rates and margin on Hyperliquid URL: https://underhyper.com/learn/funding-rates/ Updated: 2026-11-04 Summary: How Hyperliquid's hourly funding rate is calculated, who pays whom, what it costs, and how cross, isolated, initial and maintenance margin work. Answer: Hyperliquid charges funding every hour: when a perp trades above its oracle price longs pay shorts, and when below, shorts pay longs. The baseline is 0.00125% per hour (about 11% a year, paid by longs), and on 4 November 2026 BTC, ETH and HYPE were all sitting exactly at that baseline. Funding is capped at 0.5% per hour and is paid peer to peer, with no fee taken. Q: How often is funding paid on Hyperliquid? A: Every hour. The formula produces an 8-hour rate, and Hyperliquid pays one eighth of it each hour, so a position held for a day sees 24 funding payments. Q: What is the normal funding rate on Hyperliquid? A: When a perp trades in line with its oracle, funding settles at the fixed interest component: 0.01% per 8 hours, which is 0.00125% per hour or roughly 11% a year, paid by longs to shorts. BTC, ETH and HYPE were all at exactly that rate on 4 November 2026. Q: Does Hyperliquid take a cut of funding? A: No. The docs describe funding as purely peer to peer: longs and shorts pay each other and no fee is collected on the payments. Q: Should I use cross or isolated margin? A: Cross shares your whole perps balance across positions, which is capital-efficient but means one bad trade can take the account. Isolated caps the risk at the margin you assign to that one position. Beginners trading one position at a time often find isolated easier to reason about. Q: Is funding calculated on my margin or my position size? A: On the full position: payment = position size x oracle price x funding rate. A 10x position pays ten times the funding of an unleveraged one with the same margin. ## HIP-1: Hyperliquid's native token standard URL: https://underhyper.com/learn/hip-1/ Updated: 2026-11-04 Summary: HIP-1 is how tokens are created on HyperCore: a 31-hour Dutch auction for the ticker (floor 500 HYPE), capped supply, and a built-in spot order book. Answer: HIP-1 is Hyperliquid's native token standard: it lets anyone create a capped-supply token on HyperCore that automatically gets a spot order book against USDC. The right to deploy is sold in a 31-hour Dutch auction whose price falls to a floor of 500 HYPE, and that fee is paid by the deployer, not by later traders. 511 tokens and 349 spot pairs were listed on 4 November 2026. Q: What is HIP-1 on Hyperliquid? A: HIP-1 is the standard for creating fungible tokens directly on HyperCore, Hyperliquid's exchange layer. Each HIP-1 token has a fixed maximum supply and automatically gets a spot order book quoted in USDC. Q: How much does it cost to list a token on Hyperliquid? A: The deployer pays gas set by a 31-hour Dutch auction. The price starts at twice the last winning price (or 500 HYPE if the last auction failed) and falls linearly to a floor of 500 HYPE. The fee cannot be refunded if the deployment gets stuck. Q: Is a HIP-1 ticker proof that a token is legitimate? A: No. Deployment is permissionless, the name field has no uniqueness constraint, and the docs note front ends may display a different name than the onchain ticker. Check the token index or contract address. Real HYPE, for example, is spot token index 150. Q: What happens to trading fees on a HIP-1 token? A: Fees collected in the base token go to the token's deployer by default. The deployer can lower that share (never raise it again), and the part not sent to the deployer is burned. ## HIP-2: Hyperliquidity URL: https://underhyper.com/learn/hip-2/ Updated: 2026-11-04 Summary: HIP-2 (Hyperliquidity) is a market maker built into Hyperliquid itself: a ladder of orders 0.3% apart, refreshed every 3 seconds, with no operator. Answer: HIP-2, called Hyperliquidity, is an automated market-making strategy written into Hyperliquid's block logic: it places a ladder of orders spaced 0.3% apart and refreshes them at most every 3 seconds, so a new HIP-1 token has two-sided liquidity from launch. There is no operator; validators run it as part of consensus, and it currently works only on spot pairs against USDC. Q: What is HIP-2 on Hyperliquid? A: HIP-2 is Hyperliquidity, a market-making strategy built into the Hyperliquid protocol. A token deployer configures it once at launch, and from then on it keeps a ladder of buy and sell orders on the token's USDC spot book, spaced 0.3% apart, with no human operator. Q: Who runs Hyperliquidity? A: Nobody, in the sense of a company or bot. The strategy is part of Hyperliquid's block transition logic, so the same validators that run the order book run it. It needs no user transactions to keep working. Q: Is HIP-2 like a Uniswap pool? A: It is inspired by Uniswap: liquidity spread across a price range that needs no maintenance. The difference is that Hyperliquidity's orders sit on a normal order book, so other traders and market makers can quote alongside it and tighten the market. Q: Does every new token use HIP-2? A: No. It's optional. The HIP-1 docs note that deployers of bridged assets usually turn it off with the noHyperliquidity setting, because those assets already have external liquidity. ## HIP-3: builder-deployed perpetuals URL: https://underhyper.com/learn/hip-3/ Updated: 2026-11-04 Summary: HIP-3 lets outside teams launch their own perp markets on Hyperliquid by staking 500k HYPE. How it works, the 10 deployed dexes, fees and the risks. Answer: HIP-3 lets any team that stakes 500,000 HYPE (locked for at least 183 days, and slashable) deploy its own perpetual-futures exchange on Hyperliquid, with its own markets, oracle and fee share. On 4 November 2026 ten HIP-3 dexes existed and did about $5.03B in 24-hour volume, 98% of it on trade.xyz, whose markets include the S&P 500, the Nasdaq-100 and crude oil. Q: What is HIP-3? A: HIP-3 is the Hyperliquid capability that lets outside teams deploy their own perpetual-futures markets. The deployer stakes 500k HYPE, defines each market and its price oracle, and keeps a share of fees; the markets run on Hyperliquid's own order books and margin engine. Q: How do I trade stocks on Hyperliquid? A: Stock, index and commodity exposure on Hyperliquid comes from HIP-3 perps, mostly on trade.xyz (for example xyz:SP500, xyz:NVDA, xyz:CL). You fund a Hyperliquid account with USDC and trade them from the Hyperliquid app or trade.xyz. They are synthetic perps, not shares. Step by step: how to trade stocks on Hyperliquid. Q: Are HIP-3 perps the same as owning the stock? A: No. A HIP-3 stock perp is a leveraged contract that tracks a price set by the deployer's oracle. You get no shares, votes or dividends, you pay or receive funding every hour, and you can be liquidated. Q: Who is responsible if a HIP-3 market breaks? A: The deployer operates the market: it sets oracle prices, leverage limits and can settle the market. Validators can slash the deployer's 500k HYPE stake for irregular inputs that harm the protocol, but slashed stake is burned, not paid to affected traders. Q: Does my Hyperliquid referral code work on HIP-3 markets? A: Yes. The fee docs say HIP-3 markets include the usual fee discounts, including staking discounts and referral rewards, so a referral code applies to trade.xyz markets too. ## HIP-4: outcome markets URL: https://underhyper.com/learn/hip-4-outcome-markets/ Updated: 2026-11-04 Summary: HIP-4 adds fully collateralized yes/no outcome markets to Hyperliquid: no leverage, no liquidations. How they work, what's live, and what the docs miss. Answer: HIP-4 adds outcome markets to Hyperliquid: fully collateralized yes/no contracts that settle between $0 and $1, with no leverage and no liquidations. They have been live on mainnet since May 2026, and on 4 November 2026 (07:27 UTC) the API listed 278 outcomes grouped into 25 questions across four venues plus a protocol-run daily BTC market. The official docs still describe only the initial release. Q: What is HIP-4 on Hyperliquid? A: HIP-4 is the Hyperliquid capability for outcome markets: contracts that pay between 0 and 1 unit of a quote asset (USDC so far) depending on how an event resolves. They're fully collateralized, so there is no leverage and nothing to liquidate. Q: Is HIP-4 live? A: Yes. Outcome markets have been on mainnet since May 2026. On 4 November 2026 the outcomeMeta endpoint listed 278 outcomes in 25 questions. The HIP-4 deployer actions page in the docs is still labelled testnet-only, and the HIP-4 overview still describes the initial release. Q: What can you bet on with HIP-4? A: On 4 November 2026: daily and short-dated crypto price binaries (BTC, ETH), price-touch markets such as crude oil hitting a level, football, NBA and NFL results, IPO markets such as Anthropic's first-day market cap, and a question on the December 2026 Federal Reserve rate decision. Q: What are the fees on Hyperliquid outcome markets? A: The fee docs say outcome trades are charged only when closing or settling, never when opening, and that outcome trading has no maker rebates. The HIP-4 overview page says fees are currently zero for initial testing. Check the fee shown in the app before trading, because the two pages disagree. Q: Can Americans use Hyperliquid outcome markets? A: Outcome markets are part of Hyperliquid, whose terms restrict the United States, Ontario and other jurisdictions. We don't advise on ways around that. ## HLP, explained URL: https://underhyper.com/learn/hlp-explained/ Updated: 2026-11-04 Summary: HLP is Hyperliquid's protocol vault: it makes markets, runs backstop liquidations and earns a share of fees. Size, returns, lockup and risks, as of Nov 2026. Answer: HLP (Hyperliquidity Provider) is a community-owned protocol vault that market-makes on Hyperliquid, takes over backstop liquidations and accrues part of trading fees; depositors share its profit and loss. On 4 November 2026 it held about $151.6M, with all-time PnL of about $138.6M, and deposits are locked for 4 days. Q: Is HLP safe? A: HLP has no fixed yield and can lose money. It is the counterparty in market making and backstop liquidations, so a sharp one-sided move or a manipulated market can produce losses. On 4 November 2026 its 7-day PnL was about -$356k while its all-time PnL was about +$138.6M. Q: What is the HLP lockup period? A: 4 days from your most recent deposit. If you deposit again, the 4-day clock restarts for withdrawal. Q: What is HLP's APR? A: It varies with market conditions and is reported live in the Vaults tab. The API's annualized figure was about -0.09% on 4 November 2026 after a weak week; the 30-day PnL was about +$94.5k on a ~$150M vault. Past returns don't predict future ones. Q: Does HLP get all of Hyperliquid's fees? A: No. Hyperliquid's docs say HLP accrues a portion of trading fees; most fees flow to the Assistance Fund, which converts them to HYPE, and to market deployers. HLP's returns come mainly from market making and liquidations. Q: How do I deposit into HLP? A: Open the Vaults page on app.hyperliquid.xyz, select Hyperliquidity Provider (HLP), and deposit USDC from your perps balance. Our HLP vault guide walks through it step by step. ## How Hyperliquid works URL: https://underhyper.com/learn/how-hyperliquid-works/ Updated: 2026-11-04 Summary: Follow one Hyperliquid trade from click to settlement: consensus, the onchain order book, oracle and mark prices, margin, funding and liquidation. Answer: When you place an order on Hyperliquid, it becomes a signed transaction that validators order with HyperBFT consensus, then HyperCore matches it on an onchain order book, checks your margin against an oracle-based mark price, and settles it in the same block. The docs give a median end-to-end latency of 0.2 seconds; funding is then paid hourly and margin is rechecked as prices update about every 3 seconds. Q: Where does Hyperliquid get its prices? A: Two places. The oracle price, published by validators about every 3 seconds, is a weighted median of spot prices on Binance, OKX, Bybit, Kraken, KuCoin, Gate, MEXC and Hyperliquid itself. The mark price, used for margin and liquidations, is a median that also includes Hyperliquid's own order book and other exchanges' perp prices. Q: Is the Hyperliquid order book really onchain? A: Yes. Every order, cancel, trade and liquidation is a transaction in a HyperBFT block. There is no off-chain matching engine. That is why anyone can replay the full history of the book. Q: How fast is a Hyperliquid trade? A: Hyperliquid's docs state a median end-to-end latency of 0.2 seconds and a 99th percentile of 0.9 seconds for a client located near the validators, with capacity of about 200,000 orders per second. Q: Why do cancels go before new orders? A: Within each block Hyperliquid sorts actions so that non-order actions run first, then cancels, then new orders. That lets market makers pull stale quotes before anyone can trade against them, which tends to keep spreads tighter. ## The HYPE token URL: https://underhyper.com/learn/hype-token/ Updated: 2026-11-04 Summary: What HYPE does, how much exists, who holds it, how unlocks and buybacks work, and what staking pays. Live supply figures from the Hyperliquid API, Nov 2026. Answer: HYPE is Hyperliquid's native token, with a 1 billion maximum supply, launched on 29 November 2024. On 4 November 2026 the Hyperliquid API counted about 301.7M HYPE as circulating, ~439M staked with validators, ~48.65M in the Assistance Fund and ~410M reserved for future emissions. HYPE secures the chain through staking, pays HyperEVM gas, cuts trading fees and backs HIP-3 market deployers. Q: What is the total supply of HYPE? A: The maximum supply is 1,000,000,000 HYPE. The Hyperliquid API's totalSupply field read about 998.8M on 4 November 2026, and its circulatingSupply field about 301.7M. Hyperliquid's docs treat HYPE in the Assistance Fund (~48.65M) as burned, which is why some sites show lower totals. Q: When do HYPE tokens unlock? A: Per Hyperliquid's genesis announcement as reported at launch, core-contributor tokens (23.8% of supply) were locked for one year after the 29 November 2024 genesis, then vest over time, with most schedules finishing in 2027 to 2028. Hyperliquid has not published an exact per-month schedule in its docs, so treat third-party unlock calendars as estimates. Q: How much do you earn staking HYPE? A: Staking rewards come from the future-emissions reserve and fall as more HYPE is staked; the docs give about 2.37% a year at 400M staked. With ~439M staked on 4 November 2026, validators' predicted APRs were about 2.1% to 2.2% after commission. Q: How do I buy HYPE? A: On Hyperliquid itself, deposit USDC and buy HYPE on the HYPE/USDC spot market. Several centralized exchanges also list HYPE, and US investors can get exposure through spot HYPE ETFs. Check the canonical HYPE token, since several spot pairs and many lookalike tickers exist. Q: What is the HYPE price? A: It changes every second. At 07:27 UTC on 4 November 2026 the HYPE perp mark price was about $85.15. We don't make price predictions; see our markets page for the live figure. ## HyperBFT: how Hyperliquid agrees on every trade URL: https://underhyper.com/learn/hyperbft-consensus/ Updated: 2026-11-04 Summary: HyperBFT is Hyperliquid's HotStuff-style consensus: validators with over 2/3 of stake finalize each block in one step, with ~0.2s median latency. Answer: HyperBFT is Hyperliquid's consensus protocol, a variant of HotStuff in which validators holding more than two-thirds of staked HYPE must sign each round before it's committed, giving one-block finality. The docs cite a median end-to-end order latency of 0.2 seconds (0.9s at the 99th percentile). On 4 November 2026, 27 active validators secured about 439.4M staked HYPE. Q: What is HyperBFT? A: HyperBFT is the consensus algorithm that secures Hyperliquid. It's a Byzantine-fault-tolerant protocol inspired by HotStuff: validators vote on each round of transactions, and once validators with more than two-thirds of the stake sign, the round is final. Q: How fast is Hyperliquid finality? A: Hyperliquid has one-block finality: a committed block cannot be reverted. The docs give a median end-to-end latency of 0.2 seconds and a 99th percentile of 0.9 seconds for an order sent from a co-located client. Q: How many validators does Hyperliquid have? A: On 4 November 2026 the validatorSummaries endpoint listed 35 validators, of which 27 were active and 6 were jailed. The docs say the active set is the top 27 validators by stake. Q: Can Hyperliquid be shut down by its validators? A: Validators holding more than one-third of stake could halt progress by refusing to sign, and more than two-thirds could in principle agree on invalid state. On 4 November 2026 the five Hyper Foundation validators held about 47% of all stake, so the Foundation alone was above the one-third threshold. ## HyperCore vs HyperEVM URL: https://underhyper.com/learn/hypercore-vs-hyperevm/ Updated: 2026-11-04 Summary: HyperCore is Hyperliquid's built-in exchange; HyperEVM is its Ethereum-style smart-contract layer. How they differ, how they connect, and how to move funds. Answer: HyperCore is the part of Hyperliquid that runs the exchange (order books, margin, liquidations, staking); HyperEVM is an Ethereum-compatible smart-contract environment (chain ID 999) where apps like lending markets and liquid staking live. Both are secured by the same HyperBFT consensus, so moving HYPE or a linked token between them is a transfer inside one chain, not a bridge. Q: What is the HyperEVM chain ID? A: HyperEVM mainnet is chain ID 999 (testnet 998). The public RPC is https://rpc.hyperliquid.xyz/evm and the gas token is HYPE. We confirmed 999 by querying the RPC on 4 November 2026. Q: Is HyperEVM a separate blockchain? A: No. Hyperliquid's docs are explicit that HyperEVM is not a separate chain: its blocks are built as part of Hyperliquid's execution and secured by the same HyperBFT consensus as HyperCore. Q: How do I move funds from HyperCore to HyperEVM? A: In the Hyperliquid app, use "Transfer to/from EVM" on the Balances table or "EVM Core Transfer" on the Portfolio page. For HYPE you can also send it to 0x2222222222222222222222222222222222222222. Never send any other token to that address; each token has its own system address. Q: I clicked Transfer to EVM and my funds disappeared. Where are they? A: They are on HyperEVM, under the same address. Add chain ID 999 to your wallet (for example via chainlist.org/chain/999) to see them, and transfer back the same way if you want them on HyperCore. Q: Can I send HYPE from HyperEVM to an exchange? A: Only if the exchange supports HyperEVM deposits. Some exchanges support HYPE on HyperCore spot but not HyperEVM. Check first and send a small test amount. ## How Hyperliquid's order book works URL: https://underhyper.com/learn/hyperliquid-order-book/ Updated: 2026-11-04 Summary: Hyperliquid's fully onchain order book: price-time priority, tick and lot sizes, order types, TP/SL, TWAP, mark vs oracle price, and how blocks order trades. Answer: Hyperliquid runs a fully onchain central limit order book for every market, matching orders by price, then time. Within each block it processes cancels before new orders that could fill, which protects people quoting prices; the docs give a median order latency of 0.2 seconds and capacity of about 200,000 orders per second. Q: Is Hyperliquid's order book really onchain? A: Yes. The docs say HyperCore doesn't use an off-chain order book: every order, cancel, trade and liquidation is a transaction ordered by HyperBFT consensus, with one-block finality. Anyone can read the full book and trade history. Q: What is the difference between mark price and oracle price? A: The oracle price is a weighted median of spot prices on major exchanges and is used for funding. The mark price blends that oracle with Hyperliquid's own book and other exchanges' perp prices; it's used for margin, liquidations, unrealized profit and loss, and triggering TP/SL. Both update about every 3 seconds. Q: Why did my order get rejected for price? A: Prices must fit the tick size: at most 5 significant figures, and no more than 6 decimal places minus the asset's size decimals on perps (8 minus on spot). Whole-number prices are always allowed. Sizes must also be a whole multiple of the lot size. Q: How does TWAP work on Hyperliquid? A: A TWAP splits a large order into suborders sent at least 30 seconds apart over 5 minutes to 7 days, with a $100 minimum. Each suborder has a 3% maximum slippage, and a TWAP that falls behind tries to catch up with suborders up to 3 times normal size. Q: Do stop-losses use the last traded price? A: No, TP/SL orders trigger on the mark price. Market TP/SL orders have a 10% slippage tolerance; setting a limit price instead controls slippage but risks not filling in a fast move. ## Hyperliquid Strategies (PURR) and the HYPE ETFs URL: https://underhyper.com/learn/hyperliquid-strategies-and-hype-etfs/ Updated: 2026-11-04 Summary: The listed ways to own HYPE exposure: Hyperliquid Strategies Inc (Nasdaq: PURR) and spot HYPE ETFs from 21Shares (THYP) and Bitwise (BHYP). What each holds. Answer: Hyperliquid Strategies Inc (Nasdaq: PURR) is a listed company that holds HYPE on its balance sheet; it reported a HYPE treasury of about $1.9B in August 2026. Two US spot HYPE ETFs launched in May 2026: 21Shares' THYP on Nasdaq (0.30% fee, launched 12 May) and Bitwise's BHYP on NYSE (0.34% fee, trading from 15 May), and both stake their HYPE. Q: Is there a Hyperliquid ETF? A: Yes. 21Shares launched the 21shares Hyperliquid ETF (THYP) on Nasdaq on 12 May 2026 with a 0.30% fee, alongside a 2x leveraged fund (TXXH, 1.89%). Bitwise's Bitwise Hyperliquid ETF (BHYP) began trading on NYSE on 15 May 2026 with a 0.34% sponsor fee, waived for the first month on the first $500M. Both hold spot HYPE and stake it. Q: What is Hyperliquid Strategies? A: Hyperliquid Strategies Inc is a Nasdaq-listed company (ticker PURR) whose main business is holding and staking HYPE, a so-called digital asset treasury company. It listed in December 2025 through a merger with Sonnet BioTherapeutics and reported a HYPE treasury of about $1.9B in August 2026. Q: Is PURR stock the same as the PURR token? A: No. PURR on Nasdaq is shares of Hyperliquid Strategies Inc. PURR on Hyperliquid is a separate meme token (spot token index 1, one of the chain's first HIP-1 tokens). Owning one gives you nothing in the other. Q: Is a HYPE ETF the same as owning HYPE? A: No. You own fund shares, not tokens: you can't stake them yourself, use them as collateral on Hyperliquid or move them onchain, and you pay an annual fee. Both issuers warn in their materials that the funds are not a direct investment in HYPE. ## Hyperliquid vs centralized exchanges URL: https://underhyper.com/learn/hyperliquid-vs-centralized-exchanges/ Updated: 2026-11-04 Summary: Hyperliquid compared with exchanges like Binance and Coinbase: custody, transparency, fees, sign-up, liquidations, listings, access rules and risks. Answer: The core difference is custody: on a centralized exchange the company holds your funds, while on Hyperliquid your balance sits in your own wallet's onchain account and every order, trade and liquidation is public. Hyperliquid's perp fees start at 0.045% taker and 0.015% maker, there is no liquidation clearance fee, and access is restricted from the United States, Ontario and other jurisdictions under its terms. Q: Is Hyperliquid a DEX? A: Yes, in the sense that matters most: there is no company holding user funds, and the order book, margin and liquidations run on Hyperliquid's own blockchain, validated by independent stakers. It feels like a centralized exchange because it uses an order book rather than liquidity pools. Q: Is Hyperliquid cheaper than Binance? A: We don't compare against a specific exchange's fee schedule here, because those change and vary by account. Hyperliquid's perp fees start at 0.045% taker and 0.015% maker, fall with 14-day volume and HYPE staking, and a referral code takes 4% off for the first $25M. Front-end apps can add their own builder fee on top. Q: Do I need KYC to use Hyperliquid? A: There is no sign-up form: an account is a wallet address (or an email login that creates a wallet). That doesn't change the legal position: Hyperliquid's terms restrict access from the United States, Ontario and other jurisdictions, and you are responsible for following your local rules. Q: What happens if Hyperliquid goes down? A: Trading pauses until the network recovers, as on any exchange. The difference is that your funds aren't held by a company that could freeze withdrawals or become insolvent; balances are part of the chain's state, recorded by validators. Q: Can a centralized exchange send crypto to Hyperliquid? A: Some can. Hyperliquid deposits normally arrive as USDC via Arbitrum or Circle's CCTP, or through Unit for BTC, ETH and SOL. Confirm the network with the exchange and send a small test first; sending on the wrong network can lose funds. ## Liquidation on Hyperliquid URL: https://underhyper.com/learn/liquidation/ Updated: 2026-11-04 Summary: When Hyperliquid liquidates a position, how the order book and HLP backstop handle it, partial liquidations, auto-deleveraging, and how to avoid it. Answer: Hyperliquid liquidates a position when your account value falls below the maintenance margin, which is 1.25% of position value on 40x markets and up to 16.7% on 3x markets. It first sends market orders to the order book (only 20% at a time for positions over $100,000); if equity falls below two thirds of maintenance, the HLP liquidator vault takes the position over and the remaining margin is lost. Q: Why was I liquidated on Hyperliquid? A: Your account value (deposit plus unrealized profit or loss, after funding) dropped below the maintenance margin for your positions, measured at the mark price. In cross margin, losses on other positions and funding payments count too, so a liquidation can arrive earlier than the price you saw when opening. Q: What price does Hyperliquid use for liquidations? A: The mark price, a median of three inputs: the oracle price adjusted by Hyperliquid's recent book, the median of Hyperliquid's best bid, best ask and last trade, and a weighted median of perp prices on Binance, OKX, Bybit, Gate and MEXC. It updates about every 3 seconds. Q: Do I keep anything after a liquidation? A: If the position is closed on the order book and margin is left over, yes, it stays with you. If it reaches a backstop liquidation, the position and its margin pass to the liquidator vault and the maintenance margin is not returned. In cross mode with no isolated positions, that leaves the account at zero. Q: Is there a liquidation fee? A: Hyperliquid's docs say there is no clearance fee on liquidations, unlike many centralized exchanges. Normal trading fees still apply to the market orders sent to the book. Q: What is auto-deleveraging (ADL)? A: A last-resort safety net. If an account or isolated position goes below zero, profitable traders on the opposite side are ranked by profit and leverage, and the top-ranked positions are closed at the previous mark price against the underwater account, so the exchange carries no bad debt. ## Perpetual futures, explained URL: https://underhyper.com/learn/perpetual-futures/ Updated: 2026-11-04 Summary: What a perpetual future is, how leverage, margin and hourly funding work on Hyperliquid, and what can go wrong. Plain English, with live numbers. Answer: A perpetual future (perp) is a contract that tracks an asset's price with no expiry date, so you can go long or short with leverage and hold as long as your margin lasts. On Hyperliquid, perps are margined in USDC, pay funding every hour, and allow up to 40x leverage on BTC; core perps traded about $6.99B in the 24 hours to 4 November 2026. Q: What is the difference between a perp and a normal futures contract? A: A normal futures contract expires on a set date and settles. A perp never expires; instead, an hourly funding payment between longs and shorts keeps its price close to the underlying asset. That means no rolling positions from one month to the next. Q: Do I own the coin when I buy a perp? A: No. A perp is a contract that pays you the price change, not the asset itself. Going long 1 BTC perp gives you the profit or loss of 1 BTC, but you hold USDC margin, not bitcoin. To own the token, buy it on the spot market. Q: What is the maximum leverage on Hyperliquid? A: It depends on the market. As of 4 November 2026, core markets offered 3x, 5x, 10x, 20x, 25x or 40x maximums, with 40x on BTC (for positions up to $150M) and 25x on ETH. Larger positions get lower caps through margin tiers. Q: How much does it cost to trade perps on Hyperliquid? A: At the entry fee tier, 0.045% of the trade value for taker orders and 0.015% for maker orders, plus or minus hourly funding while you hold. A $10,000 market order costs $4.50 in fees. A referral code takes 4% off fees on your first $25M of volume. Q: Can I lose more than I deposit? A: Losses are bounded by the collateral backing the position: liquidation closes positions as margin runs out, and if an account still ends up below zero, auto-deleveraging closes profitable positions on the other side to cover the gap rather than creating a debt. In a cross-margin account, though, a liquidation can take your entire cross balance, not just the margin for one trade. ## Portfolio margin on Hyperliquid URL: https://underhyper.com/learn/portfolio-margin/ Updated: 2026-11-04 Summary: How Hyperliquid portfolio margin unifies spot and perps, who qualifies, LTVs, borrow rates, the carry-trade example, and when it liquidates. Answer: Portfolio margin is an optional Hyperliquid account mode that margins spot holdings and perp positions together, automatically borrowing against eligible collateral (HYPE at a 0.65 loan-to-value, BTC at 0.5) and paying interest on idle balances. It requires more than $5M of weighted volume or more than $10,000 of account value, accounts above $25M are excluded, and the account is liquidated when its portfolio margin ratio passes 0.95. Q: Who can use portfolio margin on Hyperliquid? A: Per the docs, the master account needs more than $5M in weighted trading volume or more than $10,000 in account value, and account value must be under $25M. Supply and borrow caps also apply per asset; when they are hit, the account falls back to non-portfolio-margin behavior. Q: Which assets count as collateral? A: The docs list HYPE, BTC, USDC and USDT as the eligible portfolio-margin assets. HYPE has a loan-to-value of 0.65 and BTC 0.5, meaning you can borrow up to 65% or 50% of their value. Q: What interest do I pay on borrowing? A: Stablecoin borrow rates follow 5% + 4.75 x max(0, utilization − 80%) a year, compounded continuously and indexed hourly. At 80% utilization or less that's 5%; at 90% it's 52.5%; at 100% it's 100%. The protocol keeps 10% of interest as a liquidation buffer, and suppliers earn the rest. Q: What is the difference between unified account and portfolio margin? A: A unified account gives you one balance per asset, shared between spot and the cross-margin perps that use that asset as collateral. Portfolio margin goes further: all eligible assets are margined together, and you can borrow one against another. Q: Do sub-accounts share portfolio margin? A: No. The docs say sub-accounts are still treated separately under portfolio margin. ## USDH and aligned quote assets URL: https://underhyper.com/learn/usdh-and-aligned-quote-assets/ Updated: 2026-11-04 Summary: What a quote asset is, how Hyperliquid's aligned stablecoin rules (AQAv1, AQAv2) share yield with the protocol, and what happened to USDH in 2026. Answer: A quote asset is the currency a market is priced in; on Hyperliquid, USDC quoted 332 of 349 spot pairs on 4 November 2026, with USDH (11), USDT0 (5) and USDe (1) the others. Under the AQAv2 rules, an aligned stablecoin shares about 90% of its cost-adjusted reserve yield with the protocol; Coinbase and Circle took that role for USDC in May 2026, and Native Markets' USDH is being wound down. Q: What is USDH? A: USDH is a dollar stablecoin issued on Hyperliquid by Native Markets, which won a validator vote for the USDH ticker in September 2025; the token was deployed on 15 September 2025 per the Hyperliquid API. In May 2026 Native Markets agreed to let Coinbase buy the USDH brand assets, and USDH markets are being sunset, with fee-free redemption to USDC or fiat offered through Native Markets' dashboard. Q: Is USDH being discontinued? A: Yes, gradually. Coinbase's May 2026 announcement says USDH markets remain functional but will sunset over time, as Coinbase becomes the aligned deployer for USDC. On 4 November 2026, 11 spot pairs still quoted in USDH, while the three HIP-3 perp dexes that used USDH as collateral (Felix, Ventuals, Markets by Kinetiq's km dex) showed every market delisted. Q: What is an aligned quote asset? A: A stablecoin that agrees to share its reserve yield with the Hyperliquid protocol in exchange for protocol status. Under AQAv1 the issuer shares 50% of the reference rate and its pairs get 20% lower taker fees; under AQAv2 it shares about 90% of cost-adjusted reserve yield, with no fee benefit, and becomes eligible as a quote for validator-operated perps and HIP-4 in a future upgrade. Q: Who issues USDC on Hyperliquid? A: Circle mints USDC natively on Hyperliquid. Since May 2026 Circle is the technical deployer (mint, redemption and cross-chain transfers) and Coinbase the treasury deployer that shares reserve yield with the protocol under AQAv2. ## Validators and HYPE staking URL: https://underhyper.com/learn/validators-and-staking/ Updated: 2026-11-04 Summary: How HYPE staking works: ~2.2% rewards, a 1-day delegation lock, a 7-day unstaking queue, fee discounts up to 40%, and how to pick a validator. Answer: Staking HYPE means delegating it to one of Hyperliquid's validators to help secure the chain; on 4 November 2026 validators showed predicted rewards of about 2.1%–2.2% a year, with about 439.4M HYPE staked across 27 active validators. Delegations lock for 1 day, moving HYPE out of staking takes a 7-day queue, and staking also cuts your trading fees by 5% to 40%. Q: What is the HYPE staking APR? A: On 4 November 2026 the validatorSummaries endpoint showed predicted APRs between about 2.07% and 2.24% for active validators, after their commission. The docs set the base reward rate inversely proportional to the square root of total stake: about 2.37% a year at 400M HYPE staked, so rewards fall as more HYPE is staked. Q: How long does it take to unstake HYPE? A: Two steps. Undelegating from a validator is instant once the 1-day delegation lockup has passed. Moving HYPE from your staking account back to spot then takes 7 days, and each address can have at most 5 withdrawals pending. Q: Can I lose HYPE by staking? A: The docs say there is currently no automatic slashing. Validators that perform badly get jailed, and a jailed validator earns no rewards for its delegators. The main risks are the 7-day exit delay and HYPE's own price moves. Liquid-staking tokens add smart-contract risk on top. Q: Does staking HYPE lower my Hyperliquid trading fees? A: Yes. Staking more than 10 HYPE gives a 5% fee discount, rising to 40% above 500,000 HYPE. The discount stacks with a referral code discount. Q: Which validator should I stake with? A: Look at commission, uptime and whether the validator is jailed, and avoid concentrating further on the largest validators. The staking docs stress that delegating only to trusted validators is every staker's responsibility, because consensus assumes more than two-thirds of stake is honest. ## What is Hyperliquid? URL: https://underhyper.com/learn/what-is-hyperliquid/ Updated: 2026-11-04 Summary: Hyperliquid is a blockchain built to run an exchange: onchain order books for perps, spot, stocks and outcomes. What it is, how it works, and the risks. Answer: Hyperliquid is a layer-1 blockchain whose main job is running a trading venue: every order, trade and liquidation happens onchain. On 4 November 2026 its core perpetual futures did about $7.0B in 24-hour volume across 179 live markets, with another ~$5.0B on builder-deployed (HIP-3) markets such as stock and oil perps. Its token, HYPE, secures the chain and is bought back with trading fees. Q: Is Hyperliquid a crypto exchange or a blockchain? A: Both. Hyperliquid is a layer-1 blockchain, and the exchange (order books, margin, liquidations) is built into the chain itself rather than running as an app on top. That part is called HyperCore. A second part, the HyperEVM, runs ordinary smart contracts. Q: Is Hyperliquid safe? A: There is no company holding your funds: assets sit in your own wallet's account on the chain. The risks are different, not absent: leveraged positions can be liquidated, smart-contract and bridge bugs are possible, and markets can move violently. Treat it like any leveraged venue and only deposit what you can afford to lose. Q: Can Americans use Hyperliquid? A: Hyperliquid's terms restrict access from the United States, Ontario and other listed jurisdictions. Read the current terms for your country before signing up. We don't advise on ways around them. Q: Who owns Hyperliquid? A: Core development is led by Hyperliquid Labs. The docs say development was self-funded with no venture capital. The network itself is run by independent validators (27 active on 4 November 2026) who stake HYPE. Q: Does Hyperliquid have an app? A: The official interface is the web app at app.hyperliquid.xyz, which works in a mobile browser and can connect a phone wallet by QR code. Many third-party wallets and apps (Phantom, MetaMask, Based and others) also trade Hyperliquid markets, often adding their own fee through builder codes. # Markets ## Trade stocks, oil and indices on Hyperliquid URL: https://underhyper.com/markets/ Updated: 2026-11-04 Summary: Trade stocks on Hyperliquid: every live stock, index, commodity, FX and pre-IPO perp (HIP-3) plus crypto, with live volume, open interest, funding and… Answer: Yes, as perpetual futures, not shares. Through HIP-3, outside deployers list perps on stocks, indices, commodities, FX and pre-IPO companies that trade 24/7 on Hyperliquid, margined in USDC. As of 2026-11-04 10:16 UTC, 168 HIP-3 markets were live (113 stocks, 27 indices and ETFs, 9 commodities, 6 pre-IPO), trading $5.24B in 24 hours, 98% of it on trade.xyz. Hyperliquid's terms restrict the US. Q: Can I buy real stocks on Hyperliquid? A: No. Hyperliquid stock markets are perpetual futures that track a share price and settle in USDC. You get price exposure with leverage, but no shares, votes or dividends, and the perp can drift from the stock when the stock market is closed. Q: How do I trade stocks on Hyperliquid? A: Set up a Hyperliquid account, deposit USDC, then open a stock perp such as xyz:NVDA or xyz:SP500 on trade.xyz or the official Hyperliquid app. Our step-by-step guide covers the setup. Q: What hours do Hyperliquid stock perps trade? A: They trade 24/7. trade.xyz takes an external price for US stocks 24/5 (Sunday 8:05 PM to Friday 8:00 PM ET, including the Blue Ocean overnight session) and for indices and commodities 23/5. On weekends and holidays the price follows Hyperliquid's own order book inside discovery bounds, so it can gap when the real market reopens. Q: Is Hyperliquid stock trading available in the US? A: No. Hyperliquid's terms restrict the United States, Ontario and other places, and trade.xyz's terms bar US persons. On October 29, 2026 ICE said it is backing a US version of trade.xyz's markets, subject to CFTC approval; nothing is live for US users yet. Q: What is HIP-3? A: HIP-3 is the Hyperliquid upgrade that lets outside teams deploy their own perp markets on Hyperliquid's engine. A deployer stakes 500,000 HYPE (locked at least 183 days and slashable), defines the market and runs its oracle; Hyperliquid runs the order book, margin and liquidations. HIP-3 fees are core fees times a multiplier the deployer sets (2x at the standard setting nearly every live market uses), and growth mode cuts them by 90%. Q: Which stocks can I trade on Hyperliquid? A: As of November 4, 2026, 113 single-stock perps were live, including NVIDIA, Tesla, Apple, Alphabet, Microsoft, Amazon, Meta, AMD, Micron, Intel, SpaceX, SK hynix and Samsung. The table below lists every one, sorted by volume. ## Trade Amazon on Hyperliquid URL: https://underhyper.com/markets/amazon/ Updated: 2026-11-04 Summary: How to trade Amazon (AMZN) on Hyperliquid via trade.xyz's xyz:AMZN perp: what it tracks, live volume and funding, 24/7 hours, fees and risks. Answer: Yes, as a perpetual, not as shares. trade.xyz's xyz:AMZN references 1 share of Amazon.com, Inc. common stock (Nasdaq: AMZN), quoted in USD and settled in USDC; it trades 24/7 on Hyperliquid, with an external price 24/5 and internal pricing on weekends. In the 24 hours to 2026-11-04 10:16 UTC, xyz:AMZN traded $25.5M with $23.4M open interest at a mark of $258.49 (Hyperliquid API). Q: Can you trade Amazon stock on Hyperliquid? A: You can trade a perpetual that tracks it. trade.xyz's xyz:AMZN references 1 share of Amazon.com, Inc. common stock (Nasdaq: AMZN), margined and settled in USDC. You don't own shares, votes or dividends. Q: Can I trade Amazon on Hyperliquid on weekends? A: Yes. xyz:AMZN trades 24/7. From Friday 8:00 PM to Sunday 8:05 PM ET it runs on trade.xyz's internal pricing, limited to ±5% per band with 2 re-anchors per direction from the last external price. Q: Can I trade this on Hyperliquid from the US? A: No. Hyperliquid's terms restrict the United States (and Ontario, among others), and trade.xyz's terms bar US persons. ICE said on October 29, 2026 that it is backing a US version of trade.xyz's markets, subject to CFTC approval; nothing is live for US users yet. ## Trade AMD on Hyperliquid URL: https://underhyper.com/markets/amd/ Updated: 2026-11-04 Summary: How to trade AMD (AMD) on Hyperliquid via trade.xyz's xyz:AMD perp: what it tracks, live volume and funding, 24/7 hours, fees and risks. Answer: Yes, as a perpetual, not as shares. trade.xyz's xyz:AMD references 1 share of Advanced Micro Devices, Inc. common stock (Nasdaq: AMD), quoted in USD and settled in USDC; it trades 24/7 on Hyperliquid, with an external price 24/5 and internal pricing on weekends. In the 24 hours to 2026-11-04 10:16 UTC, xyz:AMD traded $132M with $19.4M open interest at a mark of $519.46 (Hyperliquid API). Q: Can you trade AMD stock on Hyperliquid? A: You can trade a perpetual that tracks it. trade.xyz's xyz:AMD references 1 share of Advanced Micro Devices, Inc. common stock (Nasdaq: AMD), margined and settled in USDC. You don't own shares, votes or dividends. Q: Can I trade AMD on Hyperliquid on weekends? A: Yes. xyz:AMD trades 24/7. From Friday 8:00 PM to Sunday 8:05 PM ET it runs on trade.xyz's internal pricing, limited to ±10% per band with 1 re-anchor per direction from the last external price. Q: Can I trade this on Hyperliquid from the US? A: No. Hyperliquid's terms restrict the United States (and Ontario, among others), and trade.xyz's terms bar US persons. ICE said on October 29, 2026 that it is backing a US version of trade.xyz's markets, subject to CFTC approval; nothing is live for US users yet. ## Trade Anthropic (pre-IPO) on Hyperliquid URL: https://underhyper.com/markets/anthropic/ Updated: 2026-11-04 Summary: Three Anthropic pre-IPO perps trade on Hyperliquid: trade.xyz's xyz:ANT, Entropy's io:ANTH and Paragon's para:ANTH. How each is priced, live volume, and… Answer: Yes, through pre-IPO perpetuals. trade.xyz's xyz:ANT and Paragon's para:ANTH track the expected price of one Anthropic share, while Entropy's io:ANTH is quoted in valuation: a price of $1 means a $1 billion fully diluted valuation, so 1,500 means $1.5 trillion. None gives you shares or IPO allocation. In the 24 hours to 2026-11-04 10:16 UTC, io:ANTH traded $54.0M with $113M open interest at a mark of $1,867.80 (Hyperliquid API). Q: Can you buy Anthropic stock on Hyperliquid? A: No. You can trade pre-IPO perpetuals that track where the market expects Anthropic to be valued or priced, but they are cash-settled derivatives: no shares, no IPO allocation and no claim on the company. Q: Why is io:ANTH priced so much higher than xyz:ANT? A: Different units. Entropy quotes io:ANTH in valuation ($1 = $1B fully diluted), so a price of 1,800 means $1.8 trillion. trade.xyz's xyz:ANT and Paragon's para:ANTH are quoted per expected share. Q: What happens to the Anthropic perp when Anthropic IPOs? A: trade.xyz expects to convert xyz:ANT into a normal stock perp on the listed share once regular trading starts. Entropy switches io:ANTH to share price × a fixed fully diluted share count ÷ 1 billion at the first opening trade. Paragon moves para:ANTH to Listed status and external pricing. Q: What if Anthropic never lists? A: Each deployer has fallback rules. trade.xyz can settle after a 60-day grace period past its anticipated listing date, by default to the market's full-life TWAP. Entropy cash-settles io:ANTH to a 6-month TWAP if there's no listing by August 18, 2028, or to a 30-day TWAP after an early-settlement notice. Q: When is the Anthropic IPO, according to trade.xyz? A: trade.xyz's pre-IPO spec lists an anticipated listing date of November 20, 2026 with a grace period to January 19, 2027, and says the date is for reference only and may differ significantly. Q: Can I trade this on Hyperliquid from the US? A: No. Hyperliquid's terms restrict the United States (and Ontario, among others), and trade.xyz's terms bar US persons. ICE said on October 29, 2026 that it is backing a US version of trade.xyz's markets, subject to CFTC approval; nothing is live for US users yet. ## Trade Apple on Hyperliquid URL: https://underhyper.com/markets/apple/ Updated: 2026-11-04 Summary: How to trade Apple (AAPL) on Hyperliquid via trade.xyz's xyz:AAPL perp: what it tracks, live volume and funding, 24/7 hours, fees and risks. Answer: Yes, as a perpetual, not as shares. trade.xyz's xyz:AAPL references 1 share of Apple Inc. common stock (Nasdaq: AAPL), quoted in USD and settled in USDC; it trades 24/7 on Hyperliquid, with an external price 24/5 and internal pricing on weekends. Entropy also lists io:AAPL. In the 24 hours to 2026-11-04 10:16 UTC, xyz:AAPL traded $68.4M with $61.9M open interest at a mark of $332.47 (Hyperliquid API). Q: Can you trade Apple stock on Hyperliquid? A: You can trade a perpetual that tracks it. trade.xyz's xyz:AAPL references 1 share of Apple Inc. common stock (Nasdaq: AAPL), margined and settled in USDC. You don't own shares, votes or dividends. Q: Can I trade Apple on Hyperliquid on weekends? A: Yes. xyz:AAPL trades 24/7. From Friday 8:00 PM to Sunday 8:05 PM ET it runs on trade.xyz's internal pricing, limited to ±5% per band with 1 re-anchor per direction (about ±10% at most from the last external price) from the last external price. Q: Can I trade this on Hyperliquid from the US? A: No. Hyperliquid's terms restrict the United States (and Ontario, among others), and trade.xyz's terms bar US persons. ICE said on October 29, 2026 that it is backing a US version of trade.xyz's markets, subject to CFTC approval; nothing is live for US users yet. ## Trade Bitcoin on Hyperliquid URL: https://underhyper.com/markets/bitcoin/ Updated: 2026-11-04 Summary: How to trade the Bitcoin (BTC) perp on Hyperliquid: oracle, max leverage, live volume, funding, fees and liquidation risk. Live data from the Hyperliquid API. Answer: Bitcoin's BTC perpetual is Hyperliquid's largest market: a validator-operated, USDC-margined linear perp on an oracle built from the weighted median of BTC spot prices on eight major exchanges, with funding paid every hour and tier-0 fees of 0.045% taker / 0.015% maker. In the 24 hours to 2026-11-04 10:16 UTC, BTC traded $3.45B with $3.09B open interest at a mark of $78,509.00 (Hyperliquid API). Q: What is the max leverage for BTC on Hyperliquid? A: BTC has the highest maximum leverage on Hyperliquid (40x as of November 4, 2026; the live card shows the current figure). Margin tiers lower it for large positions. Q: How often is funding paid on Hyperliquid? A: Every hour. Hyperliquid computes an 8-hour rate and charges one eighth of it each hour. The interest component alone is 0.00125% an hour, about 11.6% a year paid by longs to shorts. Q: Can Americans trade this on Hyperliquid? A: No. Hyperliquid's terms restrict the United States, Ontario and other places. We don't advise on ways around that. ## Trade Circle on Hyperliquid URL: https://underhyper.com/markets/circle/ Updated: 2026-11-04 Summary: How to trade Circle (CRCL) on Hyperliquid via trade.xyz's xyz:CRCL perp: what it tracks, live volume and funding, 24/7 hours, fees and risks. Answer: Yes, as a perpetual, not as shares. trade.xyz's xyz:CRCL references 1 share of Circle Internet Group, Inc. Class A common stock (NYSE: CRCL), quoted in USD and settled in USDC; it trades 24/7 on Hyperliquid, with an external price 24/5 and internal pricing on weekends. Entropy also lists io:CRCL. In the 24 hours to 2026-11-04 10:16 UTC, xyz:CRCL traded $34.2M with $68.8M open interest at a mark of $76.09 (Hyperliquid API). Q: Can you trade Circle stock on Hyperliquid? A: You can trade a perpetual that tracks it. trade.xyz's xyz:CRCL references 1 share of Circle Internet Group, Inc. Class A common stock (NYSE: CRCL), margined and settled in USDC. You don't own shares, votes or dividends. Q: Can I trade Circle on Hyperliquid on weekends? A: Yes. xyz:CRCL trades 24/7. From Friday 8:00 PM to Sunday 8:05 PM ET it runs on trade.xyz's internal pricing, limited to ±10% per band with 1 re-anchor per direction from the last external price. Q: Can I trade this on Hyperliquid from the US? A: No. Hyperliquid's terms restrict the United States (and Ontario, among others), and trade.xyz's terms bar US persons. ICE said on October 29, 2026 that it is backing a US version of trade.xyz's markets, subject to CFTC approval; nothing is live for US users yet. ## Trade copper on Hyperliquid URL: https://underhyper.com/markets/copper/ Updated: 2026-11-04 Summary: How to trade copper on Hyperliquid via trade.xyz's xyz:COPPER perp: what it tracks, futures roll months, live volume, funding, hours and risks. Answer: Yes. trade.xyz's xyz:COPPER perpetual tracks the USD price of one pound of high-grade copper, priced from a designated futures contract (March, May, July, September and December months), margined in USDC and isolated-margin only. In the 24 hours to 2026-11-04 10:16 UTC, xyz:COPPER traded $3.19M with $7.91M open interest at a mark of $6.462 (Hyperliquid API). Q: Can you trade copper on Hyperliquid? A: Yes. trade.xyz's xyz:COPPER tracks one pound of high-grade copper, priced from designated futures contracts. It is isolated-margin only and much smaller than the oil and precious-metal markets. Q: Can I trade copper on Hyperliquid on weekends? A: Yes, xyz:COPPER trades 24/7. From Friday 5:00 PM to Sunday 6:00 PM ET (and during the daily 5–6 PM ET futures break) the oracle follows Hyperliquid's own order book, limited to ±5% per band, one re-anchor per direction from the last external price. Q: Can I trade this on Hyperliquid from the US? A: No. Hyperliquid's terms restrict the United States (and Ontario, among others), and trade.xyz's terms bar US persons. ICE said on October 29, 2026 that it is backing a US version of trade.xyz's markets, subject to CFTC approval; nothing is live for US users yet. ## Trade Ethereum on Hyperliquid URL: https://underhyper.com/markets/ethereum/ Updated: 2026-11-04 Summary: How to trade the Ether (ETH) perp on Hyperliquid: oracle, leverage, live volume, funding, fees and liquidation risk, with live Hyperliquid API data. Answer: Ether's ETH perpetual is a validator-operated, USDC-margined linear perp on Hyperliquid, priced from a weighted median of ETH spot prices on eight exchanges, with hourly funding and tier-0 fees of 0.045% taker / 0.015% maker. In the 24 hours to 2026-11-04 10:16 UTC, ETH traded $1.15B with $2.40B open interest at a mark of $2,326.20 (Hyperliquid API). Q: Can you trade ETH on Hyperliquid? A: Yes. ETH is one of Hyperliquid's largest validator-operated perps, margined in USDC, trading 24/7 with hourly funding. Q: Can Americans trade this on Hyperliquid? A: No. Hyperliquid's terms restrict the United States, Ontario and other places. We don't advise on ways around that. ## Trade gold on Hyperliquid URL: https://underhyper.com/markets/gold/ Updated: 2026-11-04 Summary: Two ways to trade gold on Hyperliquid: trade.xyz's xyz:GOLD (spot XAU/USD) and the core PAXG perp. What each tracks, live volume, fees, hours and risks. Answer: Yes, two ways. trade.xyz's xyz:GOLD tracks the USD spot price of one troy ounce of gold (XAU/USD), and Hyperliquid's own PAXG perp tracks PAX Gold, a token backed by allocated gold. Gold is the one trade.xyz metal that is not in growth mode, so its fees are higher. In the 24 hours to 2026-11-04 10:16 UTC, xyz:GOLD traded $92.6M with $317M open interest at a mark of $4,047.70 (Hyperliquid API). Q: Can you trade gold on Hyperliquid? A: Yes. trade.xyz's xyz:GOLD tracks spot gold (XAU/USD) and Hyperliquid's core PAXG perp tracks the PAX Gold token. Both are USDC-margined perps; neither delivers metal. Q: Why are gold fees higher than silver on Hyperliquid? A: trade.xyz's fee docs exclude gold from growth mode because the PAXG market already tracks the gold price, and Hyperliquid only allows growth mode for markets that don't overlap existing validator-run perps. So xyz:GOLD pays standard HIP-3 fees (0.09% taker at tier 0) while silver pays about 0.009%. Q: Can I trade gold on Hyperliquid on weekends? A: Yes, xyz:GOLD trades 24/7. From Friday 5:00 PM to Sunday 6:00 PM ET (and during the daily 5–6 PM ET futures break) the oracle follows Hyperliquid's own order book, limited to ±4% per band, two re-anchors per direction from the last external price. Q: Can I trade this on Hyperliquid from the US? A: No. Hyperliquid's terms restrict the United States (and Ontario, among others), and trade.xyz's terms bar US persons. ICE said on October 29, 2026 that it is backing a US version of trade.xyz's markets, subject to CFTC approval; nothing is live for US users yet. ## Trade Google on Hyperliquid URL: https://underhyper.com/markets/google/ Updated: 2026-11-04 Summary: How to trade Alphabet (Google) (GOOGL) on Hyperliquid via trade.xyz's xyz:GOOGL perp: what it tracks, live volume and funding, 24/7 hours, fees and risks. Answer: Yes, as a perpetual, not as shares. trade.xyz's xyz:GOOGL references 1 share of Alphabet Inc. Class A common stock (Nasdaq: GOOGL), quoted in USD and settled in USDC; it trades 24/7 on Hyperliquid, with an external price 24/5 and internal pricing on weekends. In the 24 hours to 2026-11-04 10:16 UTC, xyz:GOOGL traded $98.2M with $281M open interest at a mark of $282.64 (Hyperliquid API). Q: Can you trade Google stock on Hyperliquid? A: You can trade a perpetual that tracks it. trade.xyz's xyz:GOOGL references 1 share of Alphabet Inc. Class A common stock (Nasdaq: GOOGL), margined and settled in USDC. You don't own shares, votes or dividends. Q: Can I trade Google on Hyperliquid on weekends? A: Yes. xyz:GOOGL trades 24/7. From Friday 8:00 PM to Sunday 8:05 PM ET it runs on trade.xyz's internal pricing, limited to ±5% per band with 2 re-anchors per direction from the last external price. Q: Can I trade this on Hyperliquid from the US? A: No. Hyperliquid's terms restrict the United States (and Ontario, among others), and trade.xyz's terms bar US persons. ICE said on October 29, 2026 that it is backing a US version of trade.xyz's markets, subject to CFTC approval; nothing is live for US users yet. ## Trade HYPE on Hyperliquid URL: https://underhyper.com/markets/hype/ Updated: 2026-11-04 Summary: How to trade the HYPE perp on Hyperliquid: why its oracle is USDC-denominated, leverage, live volume, funding, fees, and the fake 'HYPE' spot tickers to… Answer: HYPE, Hyperliquid's native token, trades as the HYPE perpetual: a validator-operated, USDC-margined perp whose oracle is one of the few quoted in USDC, because HYPE's main spot market is on Hyperliquid itself. Use the perp mark, not a spot ticker named HYPE, for the price. In the 24 hours to 2026-11-04 10:16 UTC, HYPE traded $1.08B with $1.93B open interest at a mark of $86.75 (Hyperliquid API). Q: Where do I get the real HYPE price? A: Use the HYPE perp mark price on Hyperliquid (shown live on this page). Several unrelated spot tokens on Hyperliquid are also named HYPE; only the canonical token is real. Q: Why is the HYPE oracle different from BTC or ETH? A: HYPE's main spot liquidity is on Hyperliquid, so its oracle is quoted in USDC and leaves out external exchanges until they have enough liquidity. BTC and ETH use a weighted median of eight exchanges' spot prices. Q: Can Americans trade this on Hyperliquid? A: No. Hyperliquid's terms restrict the United States, Ontario and other places. We don't advise on ways around that. ## Trade Intel on Hyperliquid URL: https://underhyper.com/markets/intel/ Updated: 2026-11-04 Summary: How to trade Intel (INTC) on Hyperliquid via trade.xyz's xyz:INTC perp: what it tracks, live volume and funding, 24/7 hours, fees and risks. Answer: Yes, as a perpetual, not as shares. trade.xyz's xyz:INTC references 1 share of Intel Corporation common stock (Nasdaq: INTC), quoted in USD and settled in USDC; it trades 24/7 on Hyperliquid, with an external price 24/5 and internal pricing on weekends. In the 24 hours to 2026-11-04 10:16 UTC, xyz:INTC traded $97.9M with $115M open interest at a mark of $60.71 (Hyperliquid API). Q: Can you trade Intel stock on Hyperliquid? A: You can trade a perpetual that tracks it. trade.xyz's xyz:INTC references 1 share of Intel Corporation common stock (Nasdaq: INTC), margined and settled in USDC. You don't own shares, votes or dividends. Q: Can I trade Intel on Hyperliquid on weekends? A: Yes. xyz:INTC trades 24/7. From Friday 8:00 PM to Sunday 8:05 PM ET it runs on trade.xyz's internal pricing, limited to ±10% per band with 1 re-anchor per direction from the last external price. Q: Can I trade this on Hyperliquid from the US? A: No. Hyperliquid's terms restrict the United States (and Ontario, among others), and trade.xyz's terms bar US persons. ICE said on October 29, 2026 that it is backing a US version of trade.xyz's markets, subject to CFTC approval; nothing is live for US users yet. ## Trade Meta on Hyperliquid URL: https://underhyper.com/markets/meta/ Updated: 2026-11-04 Summary: How to trade Meta (META) on Hyperliquid via trade.xyz's xyz:META perp: what it tracks, live volume and funding, 24/7 hours, fees and risks. Answer: Yes, as a perpetual, not as shares. trade.xyz's xyz:META references 1 share of Meta Platforms, Inc. Class A common stock (Nasdaq: META), quoted in USD and settled in USDC; it trades 24/7 on Hyperliquid, with an external price 24/5 and internal pricing on weekends. In the 24 hours to 2026-11-04 10:16 UTC, xyz:META traded $66.0M with $138M open interest at a mark of $635.38 (Hyperliquid API). Q: Can you trade Meta stock on Hyperliquid? A: You can trade a perpetual that tracks it. trade.xyz's xyz:META references 1 share of Meta Platforms, Inc. Class A common stock (Nasdaq: META), margined and settled in USDC. You don't own shares, votes or dividends. Q: Can I trade Meta on Hyperliquid on weekends? A: Yes. xyz:META trades 24/7. From Friday 8:00 PM to Sunday 8:05 PM ET it runs on trade.xyz's internal pricing, limited to ±5% per band with 2 re-anchors per direction from the last external price. Q: Can I trade this on Hyperliquid from the US? A: No. Hyperliquid's terms restrict the United States (and Ontario, among others), and trade.xyz's terms bar US persons. ICE said on October 29, 2026 that it is backing a US version of trade.xyz's markets, subject to CFTC approval; nothing is live for US users yet. ## Trade Micron on Hyperliquid URL: https://underhyper.com/markets/micron/ Updated: 2026-11-04 Summary: How to trade Micron (MU) on Hyperliquid via trade.xyz's xyz:MU perp: what it tracks, live volume and funding, 24/7 hours, fees and risks. Answer: Yes, as a perpetual, not as shares. trade.xyz's xyz:MU references 1 share of Micron Technology, Inc. common stock (Nasdaq: MU), quoted in USD and settled in USDC; it trades 24/7 on Hyperliquid, with an external price 24/5 and internal pricing on weekends. In the 24 hours to 2026-11-04 10:16 UTC, xyz:MU traded $136M with $118M open interest at a mark of $868.42 (Hyperliquid API). Q: Can you trade Micron stock on Hyperliquid? A: You can trade a perpetual that tracks it. trade.xyz's xyz:MU references 1 share of Micron Technology, Inc. common stock (Nasdaq: MU), margined and settled in USDC. You don't own shares, votes or dividends. Q: Can I trade Micron on Hyperliquid on weekends? A: Yes. xyz:MU trades 24/7. From Friday 8:00 PM to Sunday 8:05 PM ET it runs on trade.xyz's internal pricing, limited to ±10% per band with 1 re-anchor per direction from the last external price. Q: Can I trade this on Hyperliquid from the US? A: No. Hyperliquid's terms restrict the United States (and Ontario, among others), and trade.xyz's terms bar US persons. ICE said on October 29, 2026 that it is backing a US version of trade.xyz's markets, subject to CFTC approval; nothing is live for US users yet. ## Trade Microsoft on Hyperliquid URL: https://underhyper.com/markets/microsoft/ Updated: 2026-11-04 Summary: How to trade Microsoft (MSFT) on Hyperliquid via trade.xyz's xyz:MSFT perp: what it tracks, live volume and funding, 24/7 hours, fees and risks. Answer: Yes, as a perpetual, not as shares. trade.xyz's xyz:MSFT references 1 share of Microsoft Corporation common stock (Nasdaq: MSFT), quoted in USD and settled in USDC; it trades 24/7 on Hyperliquid, with an external price 24/5 and internal pricing on weekends. In the 24 hours to 2026-11-04 10:16 UTC, xyz:MSFT traded $25.1M with $25.3M open interest at a mark of $526.69 (Hyperliquid API). Q: Can you trade Microsoft stock on Hyperliquid? A: You can trade a perpetual that tracks it. trade.xyz's xyz:MSFT references 1 share of Microsoft Corporation common stock (Nasdaq: MSFT), margined and settled in USDC. You don't own shares, votes or dividends. Q: Can I trade Microsoft on Hyperliquid on weekends? A: Yes. xyz:MSFT trades 24/7. From Friday 8:00 PM to Sunday 8:05 PM ET it runs on trade.xyz's internal pricing, limited to ±5% per band with 2 re-anchors per direction from the last external price. Q: Can I trade this on Hyperliquid from the US? A: No. Hyperliquid's terms restrict the United States (and Ontario, among others), and trade.xyz's terms bar US persons. ICE said on October 29, 2026 that it is backing a US version of trade.xyz's markets, subject to CFTC approval; nothing is live for US users yet. ## Nasdaq-100 on Hyperliquid: the XYZ100 perp URL: https://underhyper.com/markets/nasdaq-100/ Updated: 2026-11-04 Summary: Hyperliquid has no licensed Nasdaq-100 perp. The closest is trade.xyz's XYZ100, a US 100 tech index. What it tracks, live volume, hours, fees and risks. Answer: Not under that name. Hyperliquid has no licensed Nasdaq-100 perp; the closest market is trade.xyz's xyz:XYZ100, which tracks the XYZ U.S. 100 Index, trade.xyz's own modified market-cap-weighted index of 100 large non-financial companies listed on a US exchange. In the 24 hours to 2026-11-04 10:16 UTC, xyz:XYZ100 traded $507M with $288M open interest at a mark of $28,436.00 (Hyperliquid API). Q: Can you trade the Nasdaq-100 on Hyperliquid? A: Not the licensed Nasdaq-100. trade.xyz's xyz:XYZ100 tracks its own XYZ U.S. 100 Index: 100 of the largest non-financial companies listed on a US exchange, weighted by modified market cap. It is designed as a tech-and-growth benchmark. Q: Is XYZ100 the same as the Nasdaq-100 or QQQ? A: No. Nasdaq's index and QQQ are Nasdaq products; XYZ100 is trade.xyz's own index with its own methodology. They are built for similar exposure, but returns can differ, and trade.xyz doesn't claim a licence from Nasdaq. Q: What hours does XYZ100 trade? A: It trades 24/7. The external price runs Sunday 6:00 PM to Friday 5:00 PM ET (spot index in the cash session, discounted index futures otherwise); weekends use internal pricing within ±3.5% bands, one re-anchor per direction. Q: Can I trade this on Hyperliquid from the US? A: No. Hyperliquid's terms restrict the United States (and Ontario, among others), and trade.xyz's terms bar US persons. ICE said on October 29, 2026 that it is backing a US version of trade.xyz's markets, subject to CFTC approval; nothing is live for US users yet. ## Trade natural gas on Hyperliquid URL: https://underhyper.com/markets/natural-gas/ Updated: 2026-11-04 Summary: How to trade Henry Hub natural gas on Hyperliquid via trade.xyz's xyz:NATGAS perp: what it tracks, futures roll, live volume, funding, hours and risks. Answer: Yes. trade.xyz's xyz:NATGAS perpetual tracks the USD price of one MMBtu of Henry Hub natural gas, priced from a designated futures contract that rolls monthly, margined in USDC and isolated-margin only. In the 24 hours to 2026-11-04 10:16 UTC, xyz:NATGAS traded $9.73M with $13.8M open interest at a mark of $2.907 (Hyperliquid API). Q: Can you trade natural gas on Hyperliquid? A: Yes. trade.xyz's xyz:NATGAS tracks one MMBtu of Henry Hub natural gas, priced from a designated futures contract. It is isolated-margin only. Q: Can I trade natural gas on Hyperliquid on weekends? A: Yes, xyz:NATGAS trades 24/7. From Friday 5:00 PM to Sunday 6:00 PM ET (and during the daily 5–6 PM ET futures break) the oracle follows Hyperliquid's own order book, limited to ±10% per band, one re-anchor per direction from the last external price. Q: Can I trade this on Hyperliquid from the US? A: No. Hyperliquid's terms restrict the United States (and Ontario, among others), and trade.xyz's terms bar US persons. ICE said on October 29, 2026 that it is backing a US version of trade.xyz's markets, subject to CFTC approval; nothing is live for US users yet. ## Trade NVIDIA on Hyperliquid URL: https://underhyper.com/markets/nvidia/ Updated: 2026-11-04 Summary: How to trade NVIDIA (NVDA) on Hyperliquid via trade.xyz's xyz:NVDA perp: what it tracks, live volume and funding, 24/7 hours, fees and risks. Answer: Yes, as a perpetual, not as shares. trade.xyz's xyz:NVDA references 1 share of NVIDIA Corporation common stock (Nasdaq: NVDA), quoted in USD and settled in USDC; it trades 24/7 on Hyperliquid, with an external price 24/5 and internal pricing on weekends. Entropy also lists io:NVDA. In the 24 hours to 2026-11-04 10:16 UTC, xyz:NVDA traded $256M with $73.6M open interest at a mark of $209.88 (Hyperliquid API). Q: Can you trade NVIDIA stock on Hyperliquid? A: You can trade a perpetual that tracks it. trade.xyz's xyz:NVDA references 1 share of NVIDIA Corporation common stock (Nasdaq: NVDA), margined and settled in USDC. You don't own shares, votes or dividends. Q: Can I trade NVIDIA on Hyperliquid on weekends? A: Yes. xyz:NVDA trades 24/7. From Friday 8:00 PM to Sunday 8:05 PM ET it runs on trade.xyz's internal pricing, limited to ±5% per band with 2 re-anchors per direction from the last external price. Q: Can I trade this on Hyperliquid from the US? A: No. Hyperliquid's terms restrict the United States (and Ontario, among others), and trade.xyz's terms bar US persons. ICE said on October 29, 2026 that it is backing a US version of trade.xyz's markets, subject to CFTC approval; nothing is live for US users yet. ## Trade oil on Hyperliquid URL: https://underhyper.com/markets/oil/ Updated: 2026-11-04 Summary: How to trade WTI and Brent crude on Hyperliquid through trade.xyz's xyz:CL and xyz:BRENTOIL perps: live volume, funding, fees, hours and the risks. Answer: Yes. trade.xyz lists two crude-oil perpetuals on Hyperliquid: xyz:CL tracks one barrel of WTI and xyz:BRENTOIL tracks one barrel of Brent, both priced from designated futures contracts, margined in USDC, with up to 20x leverage. In the 24 hours to 2026-11-04 10:16 UTC, xyz:CL traded $430M with $261M open interest at a mark of $95.13 (Hyperliquid API). Q: Can you trade oil on Hyperliquid? A: Yes. trade.xyz runs WTI (xyz:CL) and Brent (xyz:BRENTOIL) perpetuals on Hyperliquid through HIP-3. Both trade 24/7 with USDC margin and up to 20x leverage. Q: What is xyz:CL on Hyperliquid? A: It is trade.xyz's WTI crude oil perpetual. trade.xyz's docs call it WTIOIL; one contract tracks the USD price of one barrel of WTI light sweet crude, taken from a designated futures contract that rolls monthly. Q: Can I trade oil on Hyperliquid on weekends? A: Yes, the market never closes. From Friday 5 PM to Sunday 6 PM ET there is no futures price, so the oracle follows Hyperliquid's own order book within discovery bounds (±5% per band, at most about ±15.8% from Friday's close for WTI). Q: Is Hyperliquid oil available in the US? A: No. Hyperliquid's terms restrict the United States, and trade.xyz's terms bar US persons. ICE announced on October 29, 2026 that it is backing a US version of trade.xyz's markets, subject to CFTC approval; nothing is live for US users yet. ## Trade OpenAI (pre-IPO) on Hyperliquid URL: https://underhyper.com/markets/openai/ Updated: 2026-11-04 Summary: OpenAI isn't public, but Entropy's io:OAI pre-IPO perp trades on Hyperliquid, quoted in valuation ($1 = $1B). How it's priced, live volume, settlement… Answer: Yes, through one pre-IPO perpetual. Entropy's io:OAI is quoted in OpenAI's implied fully diluted valuation, where a price of $1 means $1 billion, so 1,000 means $1 trillion. It is isolated-margin only, has low leverage and gives no shares or IPO allocation. trade.xyz has no OpenAI market. In the 24 hours to 2026-11-04 10:16 UTC, io:OAI traded $1.11M with $6.68M open interest at a mark of $1,415.40 (Hyperliquid API). Q: Can you buy OpenAI stock on Hyperliquid? A: No. Entropy's io:OAI is a cash-settled perp on OpenAI's implied valuation. It gives no shares, no IPO allocation and no claim on OpenAI. Q: What does the io:OAI price mean? A: It's OpenAI's implied fully diluted valuation in billions of dollars: a price of 1,400 means the market is pricing OpenAI at about $1.4 trillion. Before listing, Entropy clips the published mark and oracle to 200–3,000 ($200B to $3T). Q: What happens if OpenAI never IPOs? A: Entropy settles io:OAI in cash to the 6-month TWAP of the mark if OpenAI hasn't listed by September 2, 2028, or to a 30-day TWAP if Entropy issues an early-settlement notice. A confirmed acquisition price would set settlement instead. Q: Is there an OpenAI market on trade.xyz? A: Not as of November 4, 2026. trade.xyz's pre-IPO index lists Anthropic (xyz:ANT) and others, but no OpenAI market. Ventuals ran one (vntl:OPENAI) and has delisted it. Q: Can Americans trade this on Hyperliquid? A: No. Hyperliquid's terms restrict the United States, Ontario and other places. We don't advise on ways around that. ## Trade Palantir on Hyperliquid URL: https://underhyper.com/markets/palantir/ Updated: 2026-11-04 Summary: How to trade Palantir (PLTR) on Hyperliquid via trade.xyz's xyz:PLTR perp: what it tracks, live volume and funding, 24/7 hours, fees and risks. Answer: Yes, as a perpetual, not as shares. trade.xyz's xyz:PLTR references 1 share of Palantir Technologies Inc. Class A common stock (Nasdaq: PLTR), quoted in USD and settled in USDC; it trades 24/7 on Hyperliquid, with an external price 24/5 and internal pricing on weekends. In the 24 hours to 2026-11-04 10:16 UTC, xyz:PLTR traded $25.2M with $6.22M open interest at a mark of $172.15 (Hyperliquid API). Q: Can you trade Palantir stock on Hyperliquid? A: You can trade a perpetual that tracks it. trade.xyz's xyz:PLTR references 1 share of Palantir Technologies Inc. Class A common stock (Nasdaq: PLTR), margined and settled in USDC. You don't own shares, votes or dividends. Q: Can I trade Palantir on Hyperliquid on weekends? A: Yes. xyz:PLTR trades 24/7. From Friday 8:00 PM to Sunday 8:05 PM ET it runs on trade.xyz's internal pricing, limited to ±10% per band with 1 re-anchor per direction from the last external price. Q: Can I trade this on Hyperliquid from the US? A: No. Hyperliquid's terms restrict the United States (and Ontario, among others), and trade.xyz's terms bar US persons. ICE said on October 29, 2026 that it is backing a US version of trade.xyz's markets, subject to CFTC approval; nothing is live for US users yet. ## Trade Samsung Electronics on Hyperliquid URL: https://underhyper.com/markets/samsung/ Updated: 2026-11-04 Summary: How to trade Samsung Electronics on Hyperliquid via trade.xyz's xyz:SMSN perp: KRX share converted to USD, Korean hours, live volume, fees and risks. Answer: Yes. trade.xyz's xyz:SMSN perpetual tracks one Samsung Electronics common share on the Korea Exchange (KRX: 005930), converted to US dollars at the live USD/KRW rate, margined in USDC and isolated-margin only. In the 24 hours to 2026-11-04 10:16 UTC, xyz:SMSN traded $56.7M with $41.7M open interest at a mark of $165.37 (Hyperliquid API). Q: Can you trade Samsung stock on Hyperliquid? A: Yes, as a perp. trade.xyz's xyz:SMSN tracks one KRX-listed Samsung Electronics common share (005930) in US dollars. You don't own shares or receive dividends. Q: When does the Samsung perp follow the Korean market? A: During KRX sessions, Korea time: 9:01 AM–3:20 PM and 4:05–8:00 PM. Outside those sessions, on weekends and Korean holidays it trades on trade.xyz's internal pricing. Q: Can I trade this on Hyperliquid from the US? A: No. Hyperliquid's terms restrict the United States (and Ontario, among others), and trade.xyz's terms bar US persons. ICE said on October 29, 2026 that it is backing a US version of trade.xyz's markets, subject to CFTC approval; nothing is live for US users yet. ## Trade Sandisk on Hyperliquid URL: https://underhyper.com/markets/sandisk/ Updated: 2026-11-04 Summary: How to trade Sandisk (SNDK) on Hyperliquid via trade.xyz's xyz:SNDK perp: what it tracks, live volume and funding, 24/7 hours, fees and risks. Answer: Yes, as a perpetual, not as shares. trade.xyz's xyz:SNDK references 1 share of Sandisk Corporation common stock (Nasdaq: SNDK), quoted in USD and settled in USDC; it trades 24/7 on Hyperliquid, with an external price 24/5 and internal pricing on weekends. Entropy also lists io:SNDK. In the 24 hours to 2026-11-04 10:16 UTC, xyz:SNDK traded $259M with $197M open interest at a mark of $1,143.50 (Hyperliquid API). Q: Can you trade Sandisk stock on Hyperliquid? A: You can trade a perpetual that tracks it. trade.xyz's xyz:SNDK references 1 share of Sandisk Corporation common stock (Nasdaq: SNDK), margined and settled in USDC. You don't own shares, votes or dividends. Q: Can I trade Sandisk on Hyperliquid on weekends? A: Yes. xyz:SNDK trades 24/7. From Friday 8:00 PM to Sunday 8:05 PM ET it runs on trade.xyz's internal pricing, limited to ±10% per band with 1 re-anchor per direction from the last external price. Q: Can I trade this on Hyperliquid from the US? A: No. Hyperliquid's terms restrict the United States (and Ontario, among others), and trade.xyz's terms bar US persons. ICE said on October 29, 2026 that it is backing a US version of trade.xyz's markets, subject to CFTC approval; nothing is live for US users yet. ## Trade silver on Hyperliquid URL: https://underhyper.com/markets/silver/ Updated: 2026-11-04 Summary: How to trade silver on Hyperliquid via trade.xyz's xyz:SILVER perp (spot XAG/USD): live volume, funding, growth-mode fees, 24/7 hours and risks. Answer: Yes. trade.xyz's xyz:SILVER perpetual tracks the USD spot price of one troy ounce of silver (XAG/USD), is margined and settled in USDC and trades 24/7 on Hyperliquid, with growth-mode fees of about 0.009% taker at the entry tier. In the 24 hours to 2026-11-04 10:16 UTC, xyz:SILVER traded $240M with $236M open interest at a mark of $52.20 (Hyperliquid API). Q: Can you trade silver on Hyperliquid? A: Yes. trade.xyz's xyz:SILVER tracks spot silver (XAG/USD), margined and settled in USDC. It is a perp, so no metal is delivered. Q: Can I trade silver on Hyperliquid on weekends? A: Yes, xyz:SILVER trades 24/7. From Friday 5:00 PM to Sunday 6:00 PM ET (and during the daily 5–6 PM ET futures break) the oracle follows Hyperliquid's own order book, limited to ±4% per band, two re-anchors per direction from the last external price. Q: What other metals can I trade on Hyperliquid? A: trade.xyz lists gold (xyz:GOLD), platinum (xyz:PLATINUM), palladium (xyz:PALLADIUM) and copper (xyz:COPPER); Hyperliquid's core perps include PAXG, a gold-backed token. Q: Can I trade this on Hyperliquid from the US? A: No. Hyperliquid's terms restrict the United States (and Ontario, among others), and trade.xyz's terms bar US persons. ICE said on October 29, 2026 that it is backing a US version of trade.xyz's markets, subject to CFTC approval; nothing is live for US users yet. ## Trade SK hynix on Hyperliquid URL: https://underhyper.com/markets/sk-hynix/ Updated: 2026-11-04 Summary: Two SK hynix perps trade on Hyperliquid: xyz:SKHX on the Seoul share (USD-converted) and xyz:SKHY on the Nasdaq ADS. Hours, pricing, live volume, fees and… Answer: Yes, two ways. trade.xyz's xyz:SKHX tracks one SK hynix common share on the Korea Exchange (KRX: 000660), converted to US dollars at the live USD/KRW rate, and xyz:SKHY tracks one Nasdaq-listed SK hynix ADS (Nasdaq: SKHY), which represents one-tenth of a common share. In the 24 hours to 2026-11-04 10:16 UTC, xyz:SKHX traded $390M with $306M open interest at a mark of $1,064.10 (Hyperliquid API). Q: Can you trade SK hynix on Hyperliquid? A: Yes. trade.xyz lists xyz:SKHX (the Seoul-listed common share, converted to USD) and xyz:SKHY (the Nasdaq ADS). Both are USDC-settled perps; you don't own shares. Q: What is the difference between SKHX and SKHY? A: xyz:SKHX follows one KRX common share divided by the USD/KRW rate, priced during Korean market hours. xyz:SKHY follows one Nasdaq ADS (one-tenth of a share), priced during US hours. They move together but can diverge on FX, timing and ADS premium or discount. Q: When does the SKHX price feed run? A: During KRX sessions, Korea time: 9:01 AM–3:20 PM and 4:05–8:00 PM. The rest of the day, weekends and Korean holidays, it runs on trade.xyz's internal pricing, and it also switches to internal pricing whenever the external feed pauses for more than 15 seconds. Q: Can I trade this on Hyperliquid from the US? A: No. Hyperliquid's terms restrict the United States (and Ontario, among others), and trade.xyz's terms bar US persons. ICE said on October 29, 2026 that it is backing a US version of trade.xyz's markets, subject to CFTC approval; nothing is live for US users yet. ## Trade Solana on Hyperliquid URL: https://underhyper.com/markets/solana/ Updated: 2026-11-04 Summary: How to trade the Solana (SOL) perp on Hyperliquid: oracle, leverage, live volume, funding, fees and liquidation risk, with live Hyperliquid API data. Answer: Solana's SOL perpetual is a validator-operated, USDC-margined linear perp on Hyperliquid, priced from a weighted median of SOL spot prices on major exchanges, with hourly funding and tier-0 fees of 0.045% taker / 0.015% maker. In the 24 hours to 2026-11-04 10:16 UTC, SOL traded $255M with $532M open interest at a mark of $93.41 (Hyperliquid API). Q: Can you trade SOL on Hyperliquid? A: Yes. SOL is a validator-operated Hyperliquid perp, margined in USDC, trading 24/7 with hourly funding. Q: Can Americans trade this on Hyperliquid? A: No. Hyperliquid's terms restrict the United States, Ontario and other places. We don't advise on ways around that. ## Trade the S&P 500 on Hyperliquid URL: https://underhyper.com/markets/sp500/ Updated: 2026-11-04 Summary: How to trade the S&P 500 on Hyperliquid via trade.xyz's licensed xyz:SP500 perp: what it tracks, live volume, funding, 24/7 hours, fees and risks. Answer: Yes. trade.xyz's xyz:SP500 perpetual references the S&P 500 Index under a licence from S&P Dow Jones Indices, is margined and settled in USDC and trades 24/7 on Hyperliquid. It is the highest-leverage equity market on the venue. In the 24 hours to 2026-11-04 10:16 UTC, xyz:SP500 traded $630M with $380M open interest at a mark of $7,634.50 (Hyperliquid API). Q: Can you trade the S&P 500 on Hyperliquid? A: Yes. trade.xyz's xyz:SP500 perp tracks the S&P 500 Index under a licence from S&P Dow Jones Indices. It is margined and settled in USDC and trades 24/7. Q: What hours does the Hyperliquid S&P 500 perp trade? A: It trades 24/7. Its external price runs Sunday 6:00 PM to Friday 5:00 PM ET (spot index in the 9:30 AM–4:00 PM cash session, discounted index futures otherwise); weekends and the daily 5–6 PM ET break use internal pricing within ±2% bands. Q: Is the Hyperliquid S&P 500 perp the real S&P 500? A: It is a licensed derivative on the index, not a fund or ETF. You get cash-settled price exposure in USDC; there are no dividends, and S&P Dow Jones Indices does not sponsor or endorse it. Q: Can I trade this on Hyperliquid from the US? A: No. Hyperliquid's terms restrict the United States (and Ontario, among others), and trade.xyz's terms bar US persons. ICE said on October 29, 2026 that it is backing a US version of trade.xyz's markets, subject to CFTC approval; nothing is live for US users yet. ## Trade SpaceX on Hyperliquid URL: https://underhyper.com/markets/spacex/ Updated: 2026-11-04 Summary: How to trade SpaceX (Nasdaq: SPCX) on Hyperliquid via trade.xyz's xyz:SPCX perp: from pre-IPO market to listed-stock perp, live volume, hours, fees and risks. Answer: Yes. trade.xyz's xyz:SPCX perpetual references one share of Space Exploration Technologies Corp. Class A common stock (Nasdaq: SPCX), quoted in USD and settled in USDC. It launched as a pre-IPO market and converted to a standard, externally priced stock perp after SpaceX listed on Nasdaq on June 12, 2026. In the 24 hours to 2026-11-04 10:16 UTC, xyz:SPCX traded $209M with $168M open interest at a mark of $136.86 (Hyperliquid API). Q: Can you trade SpaceX stock on Hyperliquid? A: You can trade a perpetual that tracks it. trade.xyz's xyz:SPCX references one SpaceX Class A share (Nasdaq: SPCX), margined and settled in USDC. You don't own shares. Q: Is the Hyperliquid SpaceX market still pre-IPO? A: No. trade.xyz launched SPCX as a pre-IPO perp from a $150 reference price, then converted it to a standard stock perp after SpaceX began trading on Nasdaq on June 12, 2026. It now follows the listed share price. Q: Why does another SpaceX market on Hyperliquid show a price near $2,000? A: That is Ventuals' vntl:SPACEX, a different contract on a different scale. Ventuals delisted its markets; a delisted HIP-3 market can keep publishing a price, but it can't be traded. Use xyz:SPCX. Q: Can I trade SpaceX on Hyperliquid on weekends? A: Yes. xyz:SPCX trades 24/7. From Friday 8:00 PM to Sunday 8:05 PM ET it runs on internal pricing, limited to 5% bands with up to five re-anchors per direction. Q: Can I trade this on Hyperliquid from the US? A: No. Hyperliquid's terms restrict the United States (and Ontario, among others), and trade.xyz's terms bar US persons. ICE said on October 29, 2026 that it is backing a US version of trade.xyz's markets, subject to CFTC approval; nothing is live for US users yet. ## Trade Tesla on Hyperliquid URL: https://underhyper.com/markets/tesla/ Updated: 2026-11-04 Summary: How to trade Tesla (TSLA) on Hyperliquid via trade.xyz's xyz:TSLA perp: what it tracks, live volume and funding, 24/7 hours, fees and risks. Answer: Yes, as a perpetual, not as shares. trade.xyz's xyz:TSLA references 1 share of Tesla, Inc. common stock (Nasdaq: TSLA), quoted in USD and settled in USDC; it trades 24/7 on Hyperliquid, with an external price 24/5 and internal pricing on weekends. In the 24 hours to 2026-11-04 10:16 UTC, xyz:TSLA traded $99.2M with $46.6M open interest at a mark of $383.44 (Hyperliquid API). Q: Can you trade Tesla stock on Hyperliquid? A: You can trade a perpetual that tracks it. trade.xyz's xyz:TSLA references 1 share of Tesla, Inc. common stock (Nasdaq: TSLA), margined and settled in USDC. You don't own shares, votes or dividends. Q: Can I trade Tesla on Hyperliquid on weekends? A: Yes. xyz:TSLA trades 24/7. From Friday 8:00 PM to Sunday 8:05 PM ET it runs on trade.xyz's internal pricing, limited to ±5% per band with 2 re-anchors per direction from the last external price. Q: Can I trade this on Hyperliquid from the US? A: No. Hyperliquid's terms restrict the United States (and Ontario, among others), and trade.xyz's terms bar US persons. ICE said on October 29, 2026 that it is backing a US version of trade.xyz's markets, subject to CFTC approval; nothing is live for US users yet. ## Trade Zcash on Hyperliquid URL: https://underhyper.com/markets/zcash/ Updated: 2026-11-04 Summary: How to trade the Zcash (ZEC) perp on Hyperliquid: oracle, leverage, live volume, funding, fees and liquidation risk, with live Hyperliquid API data. Answer: Zcash's ZEC perpetual is a validator-operated, USDC-margined linear perp on Hyperliquid, priced from a weighted median of ZEC spot prices on major exchanges, with hourly funding and tier-0 fees of 0.045% taker / 0.015% maker. In the 24 hours to 2026-11-04 10:16 UTC, ZEC traded $517M with $666M open interest at a mark of $1,310.50 (Hyperliquid API). Q: Can you trade Zcash on Hyperliquid? A: Yes. ZEC is a validator-operated Hyperliquid perp, margined in USDC, trading 24/7 with hourly funding. Q: Can Americans trade this on Hyperliquid? A: No. Hyperliquid's terms restrict the United States, Ontario and other places. We don't advise on ways around that. # Ecosystem and comparisons ## Best Hyperliquid trading terminals, compared by fee URL: https://underhyper.com/compare/best-hyperliquid-trading-terminals/ Updated: 2026-11-04 Summary: The official Hyperliquid app adds no builder fee; Insilico and Axiom add 1 bp, HyperDash 1.5, Based 2.5, Dexari up to 10. Features and who each suits. Answer: The cheapest place to trade Hyperliquid is the official app, which adds no builder fee. Among third-party terminals, Insilico Terminal and Axiom add the least, 1 bp (0.01%) per fill, followed by HyperDash (1.5 bps), Based (2.5 bps), pvp.trade (up to 4 bps), Pear Protocol (6 bps to open and 6 to close) and Dexari (10 bps listed at its entry tier), per their docs checked November 4, 2026. Q: What is the cheapest Hyperliquid trading terminal? A: The official app at app.hyperliquid.xyz adds no builder fee. Among third-party terminals, Insilico Terminal and Axiom both charge 1 bp (0.01%), and on November 2, 2026, 100% of their core-perp and HIP-3 builder volume paid exactly that. Q: What is a builder fee on Hyperliquid? A: An extra fee a front end adds to each fill through Hyperliquid's builder codes, on top of Hyperliquid's own fee. You approve it once and can revoke it. Hyperliquid caps it at 0.1% on perps and 1% on spot sells. Q: Which Hyperliquid terminals work on a phone? A: Based has iOS and Android apps, Dexari is a mobile app for iOS and Android, and pvp.trade runs inside Telegram. Insilico Terminal can be used from a phone's browser. The official Hyperliquid app has a Google Play app. Q: Which terminal is best for copy trading on Hyperliquid? A: HyperDash and pvp.trade both offer copy trading and counter-trading. HyperDash's copy-trading builder fee can reach 0.05%, against 1.5 bps on its normal perps trades. Q: Do these terminals hold my funds? A: Orders fill on Hyperliquid's order book in every case. Pear says your collateral stays in your own HyperCore account and Based says it never takes custody. Axiom, Dexari and pvp.trade create wallets with keys held by Turnkey, a wallet-infrastructure provider; Dexari and pvp.trade document how to export your key. ## Best wallets for Hyperliquid, compared by fee URL: https://underhyper.com/compare/best-hyperliquid-wallets/ Updated: 2026-11-04 Summary: Connecting any EVM wallet to app.hyperliquid.xyz adds no builder fee. In-wallet perps add 2.5 bps (Based) to 10 bps (MetaMask, Trust Wallet). Full table. Answer: The cheapest way to trade Hyperliquid with a wallet is to connect any EVM wallet to app.hyperliquid.xyz, which adds no builder fee. Wallets and apps with their own perps tab add one on top of Hyperliquid's fee: 2.5 bps at Based, 4 bps at Rabby, 5 bps at Phantom and fomo, and 10 bps (the maximum) at MetaMask and Trust Wallet, per published rates and Hyperliquid's builder-fill data for November 2, 2026. Q: What is the cheapest wallet for Hyperliquid? A: Any EVM wallet connected to the official app at app.hyperliquid.xyz, because the official app adds no builder fee. You pay only Hyperliquid's own fee, 0.045% taker and 0.015% maker at the entry tier. Phantom's help center documents connecting this way, and other EVM wallets such as Rabby and MetaMask connect the same way. Q: How much does MetaMask charge to trade Hyperliquid perps? A: MetaMask's support page lists 0.1432% taker and 0.1144% maker all-in, which is Hyperliquid's entry-tier fee with a 4% referral discount plus a 0.1% builder fee. On November 2, 2026, every MetaMask builder fill paid 10 bps, Hyperliquid's maximum. Q: Is Phantom or Rabby cheaper for Hyperliquid perps? A: Rabby. Rabby documents a 0.04% builder fee and Phantom documents 0.05%, so $10,000 of entry-tier taker volume costs about $8.50 through Rabby and $9.50 through Phantom, against $4.50 on the official app. Q: Does Trust Wallet charge a fee on Hyperliquid perps? A: Yes. Hyperliquid's builder-fill archive showed 100% of Trust Wallet's core-perp and HIP-3 builder volume paying 10 bps (0.1%) on November 2, 2026, the maximum Hyperliquid allows on perps. Q: Can I trade Hyperliquid perps from a wallet in the US? A: Hyperliquid's terms restrict the US and Ontario whichever interface you use. MetaMask, Phantom, fomo and Dexari also say their perps are not available in the United States. ## HyperLend vs Felix: which HyperEVM lender fits URL: https://underhyper.com/compare/hyperlend-vs-felix/ Updated: 2026-11-04 Summary: HyperLend is a pooled Aave v3.6 fork; Felix mints feUSD via a Liquity v2 CDP and runs Morpho markets. Collateral, liquidations, fees, audits and TVL. Answer: HyperLend is a pooled, Aave v3.6-fork money market with about $327M in its pools (DefiLlama, November 4, 2026). Felix offers a Liquity v2-style feUSD CDP, where you mint a stablecoin at an interest rate you choose (2,000 feUSD minimum), plus isolated Morpho-based Vanilla Markets supplied by its vaults, with about $30.0M in vaults and $21.0M in the CDP on the same date. Q: What is the main difference between HyperLend and Felix? A: HyperLend is one shared, Aave-style pool where you borrow existing assets such as USDC or HYPE at a floating rate. Felix's main product is a CDP: you lock collateral and mint its feUSD stablecoin at an interest rate you set, and it also runs isolated Morpho-based markets for borrowing existing assets. Q: Which is bigger, HyperLend or Felix? A: HyperLend. DefiLlama showed about $327M in HyperLend's pooled markets on November 4, 2026, against about $30.0M in Felix's vaults and $21.0M in its CDP. Q: When do HyperLend and Felix liquidate a loan? A: Both at a health factor below 1. HyperLend can liquidate positions with under $2,000 of debt, or a health factor below 0.95, in full and larger ones by half. Felix's CDP pays a 5% penalty to Stability Pool depositors, and its Vanilla Markets give liquidators a discount, for example 12.67% on WHYPE markets. Q: What is a feUSD redemption? A: When feUSD trades below $1, anyone can redeem it for $1 of collateral minus a fee of at least 0.5%, starting with the borrowers paying the lowest interest rates. Those borrowers keep the dollar value but lose their collateral exposure, with no penalty. Q: Can I use kHYPE or wstHYPE as collateral? A: Yes on both. HyperLend's Core Pools list kHYPE, wstHYPE and beHYPE, and Felix lists kHYPE and wstHYPE among its CDP branches and Vanilla Markets collateral. ## Hyperliquid front ends compared URL: https://underhyper.com/compare/hyperliquid-front-ends/ Updated: 2026-11-04 Summary: Every order fills on Hyperliquid's order book; the front end decides the extra fee. Builder fees from 0 (official app) to 10 bps (MetaMask, Trust), compared. Answer: Every Hyperliquid front end fills on the same order book, so the real difference is the builder fee added on top of Hyperliquid's own fee. The official app (app.hyperliquid.xyz) adds none; terminals such as Axiom and Insilico add 1 bp (0.01%), Based 2.5 bps, Rabby 4, Phantom 5, and MetaMask and Trust Wallet the 10 bp maximum. On $10,000 of entry-tier taker volume that is $4.50 on the official app against $14.50 on MetaMask (published rates and Hyperliquid's builder-fill data, November 2, 2026). Q: What is the cheapest way to trade on Hyperliquid? A: The official app at app.hyperliquid.xyz, because it adds no builder fee: you pay only Hyperliquid's fee, 0.045% taker and 0.015% maker on perps at the entry tier. A referral code takes 4% off that for your first $25M of volume, and staking HYPE takes 5% to 40% off. Q: What is a Hyperliquid builder fee? A: A fee a front end adds to each order it sends to Hyperliquid for you. You approve a maximum once per front end (and can revoke it); Hyperliquid caps it at 0.1% on perps and 1% on spot, and on spot it only applies when you sell. Q: Which Hyperliquid front end has the lowest fees? A: Apart from the official app (no builder fee), Axiom and Insilico Terminal publish 1 bp (0.01%) and HyperDash 1.5 bps. Based charges 2.5 bps on crypto perps but only 0.2 bps on growth-mode HIP-3 perps such as most trade.xyz stock markets. Q: Is Phantom or MetaMask cheaper for Hyperliquid perps? A: Phantom. Phantom documents a 0.05% builder fee and MetaMask's all-in rates include 0.1%, so $10,000 of entry-tier taker volume costs about $9.50 through Phantom and $14.50 through MetaMask ($14.32 with MetaMask's own referral discount). Q: Is there an official Hyperliquid mobile app? A: Hyperliquid's support guide lists an official Android app (xyz.hyperliquid.app); the web app also works in a mobile browser. Most iPhone users trade through third-party apps such as Phantom, MetaMask, Based, fomo or Dexari, which add builder fees. Q: Can Americans use Hyperliquid front ends? A: Hyperliquid's terms restrict the US and Ontario, and front ends add their own limits: MetaMask, Phantom, fomo and Dexari say their perps aren't available in the US. A different interface doesn't change those rules. ## kHYPE vs stHYPE: Kinetiq and Valantis compared URL: https://underhyper.com/compare/khype-vs-sthype/ Updated: 2026-11-04 Summary: kHYPE vs stHYPE: both take 10% of staking rewards. kHYPE unstakes in about 8-9 days, stHYPE targets about 7. Token model, validators, TVL and risks. Answer: Both Kinetiq's kHYPE and Valantis's stHYPE take a 10% fee on staking rewards. kHYPE is larger (about $882M against $193M, DefiLlama, November 4, 2026) and unstakes in about 8 to 9 days with no validator choice; stHYPE targets about 7 days, lets you pick a validator, and puts part of its stake behind a HIP-3 deployer module. Q: Which is bigger, kHYPE or stHYPE? A: kHYPE. DefiLlama showed about $882M in Kinetiq kHYPE and about $193M in Valantis stHYPE on November 4, 2026. Q: Do kHYPE and stHYPE charge the same fee? A: Yes, both take 10% of staking rewards. Kinetiq sends 70% of its cut to KNTQ buybacks and 30% to its treasury; Valantis says its 10% is already reflected in the APY its app shows and charges no deposit or withdrawal fee. Q: Which unstakes faster, kHYPE or stHYPE? A: stHYPE targets about 7 days and can be faster when new deposits cover queued withdrawals. A queued kHYPE unstake takes about 8 to 9 days (a 1-day delegation lockup plus Hyperliquid's 7-day queue) and cannot be cancelled. In a very large stHYPE unwind, the part that depends on deployer stake can take 30 to 183 days. Q: Is stHYPE a rebasing token? A: On HyperEVM, yes: 1 stHYPE always equals 1 HYPE and your balance grows. wstHYPE is the yield-bearing view of the same balance, worth more than 1 HYPE over time. kHYPE never rebases; its exchange rate to HYPE rises, updated daily. Q: Can I choose my validator? A: With stHYPE, yes: minting with a validator's Community Code assigns your whole balance to that validator, and no validator may hold more than 50% of stHYPE's delegation. With kHYPE, no: Kinetiq's StakeHub scores and selects validators for you. Q: What is beHYPE? A: beHYPE is Hyperbeat's HYPE liquid staking token, built with ether.fi. A normal withdrawal takes 7 days with no fee, or 0.5% for an instant one when liquidity allows. DefiLlama showed about $13.2M in it on November 4, 2026. ## The Hyperliquid ecosystem URL: https://underhyper.com/ecosystem/ Updated: 2026-11-04 Summary: Every Hyperliquid ecosystem project with more than $1M TVL, by category, with live DefiLlama TVL: liquid staking, lending, DEXs, HIP-3 dexes, wallets and… Answer: Hyperliquid's ecosystem has three layers: HyperCore (the onchain order book for perps, spot and HIP-3 markets), HyperEVM (an Ethereum-compatible chain, id 999, where DeFi apps live) and front ends that trade on HyperCore for you. DefiLlama tracks $2.61B of TVL on Hyperliquid L1 across 181 protocols (November 4, 2026); the largest third-party projects are Kinetiq ($987M), HyperLend ($334M), Valantis ($209M). ## Axiom Perpetuals (Hyperliquid) URL: https://underhyper.com/ecosystem/axiom/ Updated: 2026-11-04 Summary: Axiom's Perpetuals tab trades Hyperliquid perps for a 0.01% Axiom fee, about $5.50 per $10,000 taker all-in. How to fund it, what it costs, and the risks. Answer: Axiom (axiom.trade) is a Solana-first memecoin trading terminal whose Perpetuals tab is powered by Hyperliquid. Axiom's docs say it takes 0.01% per transaction on perps, on top of Hyperliquid's fee, and on November 2, 2026 all of its core-perp and HIP-3 builder volume paid exactly 1 bp. That is about $5.50 per $10,000 of taker volume against $4.50 on the official app. Q: What does Axiom charge on Hyperliquid perps? A: Axiom's docs say it takes a 0.01% fee per transaction on perps, on top of Hyperliquid's own fees. On November 2, 2026, 100% of Axiom's core-perp and HIP-3 builder volume paid exactly 1 bp (0.01%). Q: How do I fund Axiom perps? A: Axiom's docs say to convert SOL to USDC on Hyperliquid from the Axiom website: click the SOL-USDC button at the top right, choose Swap, then Convert SOL to USDC on Hyperliquid. Q: How much leverage does Axiom offer on perps? A: Axiom's docs say up to 50x, and warn that many traders lose everything by overleveraging. Q: Is Axiom custodial? A: Axiom's FAQ says it uses non-custodial wallet infrastructure through its partner Turnkey. A wallet is created for you when you sign up. Q: Does Axiom have a mobile app? A: We found no official Axiom mobile app linked from Axiom's docs; axiom.trade is a web app. An App Store app called 'Axiom - Social Trading' by Carret Labs LLC is a stock paper-trading app that appears unrelated. ## Based (Hyperliquid trading app) URL: https://underhyper.com/ecosystem/based/ Updated: 2026-11-04 Summary: Based adds a 0.025% builder fee to Hyperliquid perps (0.070% taker all-in), 0.002% on growth-mode perps and 0.1% on spot sells. Fees, features, risks. Answer: Based (based.one) is a trading terminal and mobile app built on Hyperliquid for perps, spot and HIP-3 markets. Its docs list a 0.025% builder fee on perps, so a taker trade costs 0.070% at Hyperliquid's entry tier, against 0.045% on the official app. Growth-mode perps carry 0.002% and spot sells 0.1%; staking $BASED cuts the builder fee by 30% to 100%. Q: What does Based charge on top of Hyperliquid? A: Based's docs list a 0.025% builder fee on perps, 0.002% on growth-mode perps, nothing on spot buys and 0.1% on spot sells. Hyperliquid's own fee comes on top, so a perps taker trade costs 0.070% at the entry tier before $BASED staking discounts. Q: Does staking $BASED lower fees? A: Yes. Based says staking 60,000+ $BASED cuts its builder fee by 30%, 300,000+ by 60%, and 600,000+ (Diamond) by 100%. Hyperliquid's part of the fee is unchanged. Q: Is Based self-custodial? A: Based says it never takes custody of your funds. Accounts made with email or Google use an embedded wallet, and Based documents how to export its private key from the profile menu. Q: What is the difference between Based and Hyperliquid? A: Based's FAQ says Hyperliquid is the core engine and Based is a trading terminal and app built on top of it. Orders fill on Hyperliquid's order book. Q: Which wallets work with Based? A: Based's FAQ says Phantom can't sign HyperEVM transactions on Based and recommends Rabby or MetaMask instead. ## Dexari (Hyperliquid mobile app) URL: https://underhyper.com/ecosystem/dexari/ Updated: 2026-11-04 Summary: Dexari lists a 0.10% perps fee at its entry tier, falling to 0.01% above $10M a month; on Nov 2, 2026 most core-perp fills paid 0.03%. Fees, setup, risks. Answer: Dexari is a self-custodial mobile app from DEXARI INC. that places orders on Hyperliquid's order book for perps, HIP-3 stock and commodity markets, and spot. Its fee page lists 0.10% on perps under $500k of 30-day volume, falling to 0.01% above $10M, with Hyperliquid's fee on top. On November 2, 2026, 97% of Dexari's core-perp builder volume actually paid 3 bps (0.03%), while HIP-3 fills paid 10 bps. Q: What are Dexari's trading fees? A: Dexari's fee page lists perps fees of 0.10% under $500k of 30-day volume, 0.08%, 0.06% and 0.03% in the middle tiers, and 0.01% above $10M, and says additional Hyperliquid fees may apply. On November 2, 2026, 97% of its core-perp builder volume paid 3 bps (0.03%) and HIP-3 fills paid 10 bps. Q: Is Dexari self-custodial? A: Yes. Dexari says only you control your private key, held in Turnkey's secure enclaves, and you can export your seed phrase or private key under Me > Settings > Export keys. Q: Is Dexari available in the US? A: Dexari says perps trading is available in all supported regions except the United States, and other features may be geo-restricted. Q: Has Dexari been audited? A: Dexari's FAQ says it has not done a third-party audit, but that its key partners, such as its wallet and exchange infrastructure, are audited. Q: What does it cost to move money into Dexari perps? A: Dexari says moving funds from Main to Perps costs a flat $1 on Ethereum mainnet and is free on Arbitrum, Optimism, Base and BNB Chain. Moving from Perps back to Main incurs Hyperliquid's $1 withdrawal fee. ## Entropy (HIP-3 dex 'io') URL: https://underhyper.com/ecosystem/entropyio/ Updated: 2026-11-04 Summary: Entropy's 'io' HIP-3 dex lists pre-IPO perps on OpenAI (io:OAI) and Anthropic (io:ANTH). How they're priced with no public market, fees, settlement and risks. Answer: Entropy runs the 'io' HIP-3 dex on Hyperliquid, with 14 live markets on November 4, 2026, including pre-IPO perps on OpenAI (io:OAI) and Anthropic (io:ANTH). Because those companies have no public share price, the oracle blends the io order book's own price with private-market data, and the book can carry up to 95% of the weight. If there is no IPO, each market cash-settles at its scheduled end (Anthropic: August 18, 2028). Q: How does Entropy price OpenAI and Anthropic perps when they aren't public? A: The io oracle, published about every 3 seconds, blends a 5-minute-half-life EMA of the io order book's mid price with an internal aggregate of private-market sources such as funding rounds, secondary trades and other derivatives. The more two-sided depth the book has, the more weight it gets, up to 95%. The scoring and aggregation method is not public. Q: What happens to io:ANTH or io:OAI if Anthropic or OpenAI never IPO? A: Each pre-IPO market has a scheduled end two years after announcement: August 18, 2028 for ANTH and September 2, 2028 for OAI. With no listing by then, it cash-settles to the 6-month trailing TWAP of the mark price. Entropy can also issue an early-settlement notice, which settles to a 30-day TWAP. Q: Does an Entropy pre-IPO perp give me shares? A: No. Pre-IPO perps are cash-settled contracts on Hyperliquid. They confer no shares, allocation or claim on the company. Q: What does trading on Entropy cost? A: io markets use the standard HIP-3 schedule: 0.090% taker and 0.030% maker at tier 0, split 50/50 between Hyperliquid and Entropy. On November 4, 2026, growth mode was on for all 14 live io markets, cutting those fees by 90%. Entropy also pays rebates and referral rewards out of its own half. Q: Who can't use Entropy? A: Entropy's Terms list the United States, Canada, Panama and the United Kingdom as Restricted Jurisdictions. Hyperliquid's own terms restrict the US and Ontario. ## Felix Exchange (HIP-3 dex 'flx'), sunset URL: https://underhyper.com/ecosystem/felix-exchange/ Updated: 2026-11-04 Summary: Felix Exchange, the 'flx' HIP-3 perp dex, is shut: all 16 flx markets were delisted onchain as of Nov 4, 2026, settled per Felix's sunset guide. Answer: Felix Exchange is shut down. Felix's FLX HIP-3 Sunset Guide settled its markets one hour apart from 5:30 PM ET on Friday, June 19, with prices locked by RedStone, and on November 4, 2026 Hyperliquid's API showed all 16 'flx' markets delisted with zero open interest. Felix's lending products are separate and covered in our Felix dossier. Q: Is Felix Exchange (flx) still live? A: No. Felix's FLX HIP-3 Sunset Guide settled the flx markets sequentially from 5:30 PM ET on Friday, June 19, and on November 4, 2026 Hyperliquid's info API showed all 16 flx markets delisted with zero open interest and zero volume. Q: How were Felix Exchange positions settled? A: Per Felix's sunset guide, RedStone locked the prices: commodities to the Friday 1 PM ET close, equities to the Thursday 4 PM ET close, and crypto to a 10-minute EMA ending Friday 4 PM ET. Markets then settled one hour apart, commodities first, then equities, then crypto. Q: Is Felix itself shutting down? A: No. Only the flx perp dex was sunset. Felix's lending products on HyperEVM (the feUSD CDP, Vanilla Markets and Felix Vaults) are separate. Felix has also said it is sunsetting its USDhl stablecoin. Q: What collateral did Felix Exchange use? A: Hyperliquid's API lists USDH as the collateral token for the flx dex. USDH is itself being wound down, with its issuer Bridge redeeming it at par after KYC. ## Felix Protocol URL: https://underhyper.com/ecosystem/felix/ Updated: 2026-11-04 Summary: Felix runs a Liquity v2-style feUSD CDP and Morpho-based lending vaults on HyperEVM. Its flx perp dex and USDhl stablecoin are sunset. Fees and risks. Answer: Felix is a HyperEVM lending venue with two models: a feUSD CDP built on Liquity v2, where you mint the feUSD stablecoin at an interest rate you choose (2,000 feUSD minimum), and Vanilla Markets on Morpho, supplied by Felix-curated vaults with a 10% performance fee. Its flx HIP-3 perp dex is sunset: all 16 flx markets were flagged delisted on Nov 4, 2026. Q: Is Felix Exchange (flx) still live? A: No. Felix published an FLX HIP-3 sunset guide under which its markets settled one per hour from 5:30 PM ET on Friday, June 19, at prices locked by RedStone. Hyperliquid's API showed all 16 flx markets flagged delisted on November 4, 2026. Q: How does feUSD keep its $1 peg? A: Through Liquity v2 mechanics. When feUSD trades below $1, anyone can redeem it for $1 of collateral minus a fee, starting with the borrowers paying the lowest interest rates. When it trades above $1, borrowers can lower their rates. Q: What is the difference between the Felix CDP and Vanilla Markets? A: The CDP mints feUSD at an interest rate you set and carries redemption risk. Vanilla Markets run on Morpho: you borrow an existing asset such as USDC or HYPE at a floating rate, with typical loan-to-values of 75 to 80% and no redemptions. Q: Is USDhl still supported? A: Felix says it is fully sunsetting USDhl. The last rewards distribution was on December 20; the contracts stay usable but are no longer actively maintained, and Felix tells holders to switch to USDH. Q: What does Felix charge lenders? A: Felix-curated Morpho vaults on HyperEVM charge a 10% performance fee, per the Morpho API on November 4, 2026. Stability Pool depositors earn borrower interest and liquidation gains rather than paying a fee. ## fomo (perps on Hyperliquid) URL: https://underhyper.com/ecosystem/fomo/ Updated: 2026-11-04 Summary: fomo's social trading app routes perps to Hyperliquid. It publishes no fee number; onchain on Nov 2, 2026 most fills paid a 0.05% builder fee. Costs, risks. Answer: fomo is a social crypto trading app from FOMO Labs Inc. that added perps powered by Hyperliquid and Trade[XYZ] on June 11, 2026. fomo doesn't publish a perps fee rate; its terms say the fee is shown before you confirm. Onchain on November 2, 2026, about 90% of fomo's core-perp builder volume paid 5 bps (0.05%), roughly $9.50 per $10,000 traded including Hyperliquid's 0.045%. Q: How much does fomo charge on perps? A: fomo doesn't publish a perps fee rate. Its terms say the fee depends on the trade and is shown before you confirm. Onchain on November 2, 2026, about 90% of fomo's core-perp builder volume paid 5 bps (0.05%), on top of Hyperliquid's own fee. Q: Who powers perps on fomo? A: fomo's blog says its perps are powered by Hyperliquid and Trade[XYZ]. Orders fill on Hyperliquid's order book, and Trade[XYZ] runs the HIP-3 stock, index and commodity markets. Q: Can I trade perps on fomo in the US? A: No. fomo says perps are not available to U.S. Persons or anyone located in the United States. Q: Does fomo hold my funds? A: fomo's terms say it doesn't custody user assets. Wallets run on Privy, a third-party wallet provider, and fomo says key export and recovery depend on Privy. Q: Will fomo support Elysium? A: fomo said on October 28, 2026 that it will support Kinetiq's Elysium from day one, November 9, 2026. That is an announcement, not a live feature as of November 4, 2026. ## Hyperbeat URL: https://underhyper.com/ecosystem/hyperbeat/ Updated: 2026-11-04 Summary: Hyperbeat runs Earn vaults and beHYPE, a HYPE liquid staking token built with ether.fi: 7-day free unstake or 0.5% instant. Fees, audits and risks. Answer: Hyperbeat is a Hyperliquid yield stack: Earn vaults that deploy assets across HyperEVM and HyperCore, and beHYPE, a HYPE liquid staking token built with ether.fi. A normal beHYPE withdrawal takes 7 days with no fee, or 0.5% for an instant one when liquidity allows. The Ultra HYPE vault charges a 15% performance fee and takes three working days to withdraw. Q: What is beHYPE? A: beHYPE is Hyperbeat's HYPE liquid staking token, built with ether.fi. It stakes HYPE on HyperCore through CoreWriter; by default the stake is split equally across active-set validators other than Hyperliquid Foundation nodes, or you can pick a validator from the beHYPE set. Q: How long does it take to unstake beHYPE? A: A normal withdrawal takes 7 days with no fee. An instant withdrawal costs 0.5% and only works when enough unstaked liquidity is available. Q: What does the Hyperbeat Ultra HYPE vault charge? A: The Ultra HYPE vault (hbHYPE) charges a 15% performance fee and has a withdrawal period of three working days. Its strategist is Edge UltraYield, with August as infrastructure provider. Q: Who audited Hyperbeat? A: beHYPE was audited by Nethermind, Certora and Pashov. Hyperbeat cites Zellic, Sigma Prime and ChainSecurity audits of August's infrastructure for the Ultra HYPE vault. Reports are listed at docs.hyperbeat.org/resources/audits. Q: Does Hyperbeat have points? A: Yes. Hearts are distributed weekly from a total supply of 51 million. Hyperbeat does not publish the formula and penalizes sybil activity. ## HyperDash (hyperdash.com) URL: https://underhyper.com/ecosystem/hyperdash/ Updated: 2026-11-04 Summary: HyperDash is a Hyperliquid analytics and trading terminal at hyperdash.com. Builder fee: 1.5 bps on perps, 3 bps on spot, up to 5 bps on copy trading. Answer: HyperDash is an analytics and trading terminal for Hyperliquid at hyperdash.com (hyperdash.info was its old domain). Trading through it adds a documented builder fee of 1.5 bps (0.015%) on perps and 3 bps on spot and prediction markets, plus up to 5 bps on copy trading, on top of Hyperliquid's own fees. Q: What does HyperDash charge? A: HyperDash adds a Hyperliquid builder fee of 1.5 bps (0.015%) on perps, including HIP-3 markets, and 3 bps (0.03%) on spot and prediction markets, on top of Hyperliquid's own fees. Copy trading carries a builder fee of up to 0.05%. Q: Is hyperdash.info the same as hyperdash.com? A: hyperdash.info was HyperDash's earlier domain; Wayback captures show it redirecting to hyperdash.com by February 2026. Hyperliquid's docs now link legacy.hyperdash.com, which also redirects to hyperdash.com. Bookmark hyperdash.com. Q: Is HyperDash run by Hyperliquid? A: No. HyperDash is an independent analytics and trading company. Hyperliquid's docs list it among HyperCore analytics tools, but it charges its own builder fee and has its own terms. Q: Does HyperDash have a referral discount? A: Yes. Traders who sign up with a HyperDash referral code pay 10% less in HyperDash builder fees; it doesn't stack with promotional discounts. Referrers earn 20% to 35% of their direct referrals' HyperDash builder fees, tiered by 30-day referred volume. Q: Can I trade stock perps on HyperDash? A: Yes. HyperDash routes orders to HIP-3 markets, including trade[XYZ]'s xyz stock and index perps. Growth mode on eligible xyz markets cuts the exchange fee by 90%, but HyperDash's 1.5 bps builder fee still applies. ## HyperLend URL: https://underhyper.com/ecosystem/hyperlend/ Updated: 2026-11-04 Summary: HyperLend is an Aave v3.6 fork on HyperEVM with no deposit or withdrawal fees and a 20% reserve factor on most assets. How it works, audits and risks. Answer: HyperLend is a lending market on HyperEVM built as a friendly fork of Aave v3.6, with about $327M in its pooled markets on DefiLlama on Nov 4, 2026. Deposits and withdrawals are free; the protocol keeps a reserve factor of about 20% of borrower interest on most assets and charges 0.04% on flash loans. Q: Is HyperLend an Aave fork? A: Yes. HyperLend's docs describe it as a friendly fork of Aave v3.6, recognized by Aave governance, with its code published at github.com/hyperlendx/hyperlend-core. Q: What fees does HyperLend charge? A: There are no deposit or withdrawal fees. The protocol keeps a reserve factor on borrower interest (20% for most assets), takes a share of liquidation bonuses, and charges 0.04% on flash loans. Q: When does a HyperLend position get liquidated? A: When its health factor drops below 1. Positions with under $2,000 of debt, or with a health factor below 0.95, can be fully liquidated; larger positions between 0.95 and 1 can be 50% liquidated. The penalty depends on the collateral asset. Q: Why can't I withdraw from HyperLend? A: The app blocks withdrawals that would push your health factor below 1.25 (1.06 in E-mode). Withdrawals can also wait if an asset is fully borrowed, because the cash is out on loan. Q: Are HyperLend points still running? A: No. HyperLend's official points season ran from March 24, 2025 to October 22, 2025. ## HyperSwap URL: https://underhyper.com/ecosystem/hyperswap/ Updated: 2026-11-04 Summary: HyperSwap is a HyperEVM AMM: V2 swaps cost 0.3% (60% to LPs, 32% to SWAP buyback-and-burn, 8% treasury); V3 pools set their own tier. Audits, risks. Answer: HyperSwap calls itself the first native DEX for HyperEVM. A V2 swap costs 0.3%, split 60% to liquidity providers, 32% to SWAP buyback-and-burn and 8% to the treasury; V3 concentrated pools set their own fee tier and send 84% of fees to liquidity providers. PeckShield audited V2, V3 and its locked-position vault. Q: What does a HyperSwap swap cost? A: A V2 swap costs 0.3%: 60% goes to liquidity providers, 32% to SWAP buyback-and-burn and 8% to the treasury. V3 concentrated pools each have their own fee tier, with 84% of fees to liquidity providers, 12% to buyback-and-burn and 4% to the treasury. Q: Who audited HyperSwap? A: PeckShield audited HyperSwap V2, HyperSwap V3 and the DelegatedPositionVault behind its Burn and Delegate feature. The reports are linked from HyperSwap's audits page. Q: Is the HyperSwap points program still running? A: No. HyperSwap's docs say the points program has ended. The last distribution was on July 28, 2025: 7.2 million points of a 25 million total. Q: What is xSWAP? A: xSWAP is HyperSwap's escrowed liquidity-mining token. It vests into SWAP, and choosing a longer vesting period gives a better conversion ratio. Q: How long does it take to unstake SWAP? A: HyperSwap's docs give a 24-hour unlock period after you request to unstake SWAP. ## HypurrFi URL: https://underhyper.com/ecosystem/hypurrfi/ Updated: 2026-11-04 Summary: HypurrFi runs Aave V3-fork Pooled Markets and Euler V2-based isolated markets on HyperEVM, plus the USDXL synthetic dollar. How it works, costs and risks. Answer: HypurrFi is a lending protocol on HyperEVM, Hyperliquid's smart-contract chain. Its Pooled Markets are an Aave V3.0.2 fork, and its isolated HypurrFi Markets (Prime, Yield and Scale) run on Euler V2. In Pooled Markets, a liquidation repays up to 50% of a loan per event with a penalty of about 5-10%. It also issues USDXL, which HypurrFi calls a synthetic dollar, not a stablecoin. Q: What is the difference between HypurrFi Pooled Markets and HypurrFi Markets? A: Pooled Markets is an Aave V3 fork where all your deposits count as combined collateral against one shared pool. HypurrFi Markets (community name Mewler) is a Euler V2 deployment with three isolated clusters, Prime, Yield and Scale, that ring-fence risk between assets. Q: Is USDXL a stablecoin? A: HypurrFi says no. USDXL is a GHO-fork 'CDP-hybrid synthetic dollar' backed by Pooled Markets debt plus a partial USDT0 reserve. Direct redemptions are not yet enabled, so it can trade away from $1. Q: Does HypurrFi have a token? A: Not a live one. HypurrFi's docs say it bought the HYFI ticker in Hyperliquid's spot auction in December 2024, but on November 4, 2026 Hyperliquid's API showed no deployed HYFI token. Q: How do liquidations work on HypurrFi? A: In Pooled Markets, a position below health factor 1.0 is partially liquidated: up to 50% of the debt per event, with a penalty of about 5-10% depending on the asset. HypurrFi Markets on Euler V2 use Dutch-auction liquidations, where the discount grows over time. Q: Is the HypurrFi points program still running? A: No current program is documented. HypurrFi's docs say Season 2 has ended; Season 1 ran from mainnet launch until September 4, 2025. ## HypurrScan (hypurrscan.io) URL: https://underhyper.com/ecosystem/hypurrscan/ Updated: 2026-11-04 Summary: HypurrScan is a free community explorer for Hyperliquid's HyperCore and HyperEVM, listed in Hyperliquid's docs beside the official explorer. How to use it. Answer: HypurrScan (hypurrscan.io) is an independent, community-run block explorer for Hyperliquid, covering both HyperCore (the trading chain) and HyperEVM (the smart-contract chain). Hyperliquid's docs list it under explorers alongside the official explorer at app.hyperliquid.xyz/explorer and Flowscan. It charges no trading fee because it doesn't route orders. Q: Is HypurrScan official? A: No. HypurrScan is an independent explorer. Hyperliquid's docs list it under explorers next to Hyperliquid's own explorer at app.hyperliquid.xyz/explorer and Flowscan. Q: Does HypurrScan cover HyperEVM? A: Yes. Besides HyperCore addresses, blocks and transactions, it has /evm pages for HyperEVM transactions, addresses, contracts, tokens and NFTs, plus transaction simulation and tracing. Q: Does HypurrScan cost anything? A: Browsing is free and HypurrScan adds no trading fee, because it doesn't route orders. Its site mentions premium API rates and API tiers, but no prices are published. Q: Who runs HypurrScan? A: HypurrScan doesn't name its team or operating entity on its site. Treat it as third-party data and cross-check anything critical against Hyperliquid's official explorer. Q: Is there a HypurrScan testnet explorer? A: Yes, at test.hypurrscan.io. HypurrScan also runs api.hypurrscan.io and trace.hypurrscan.io. ## Insilico Terminal (Hyperliquid) URL: https://underhyper.com/ecosystem/insilico-terminal/ Updated: 2026-11-04 Summary: Insilico Terminal is a free pro trading terminal that adds a 1 bps builder fee on Hyperliquid, about $5.50 per $10,000 taker all-in. Setup, tools and risks. Answer: Insilico Terminal is a free, browser-based professional trading terminal that connects to many exchanges, including Hyperliquid perps and spot. Its docs say the builder fee on Hyperliquid is 1 bps (0.01%), and on November 2, 2026 all of its core-perp and HIP-3 builder volume paid exactly that. On $10,000 of taker volume that is about $5.50 against $4.50 on the official app. Q: Is Insilico Terminal free? A: Insilico says the terminal is free to use and earns from brokerage deals with exchanges. On Hyperliquid it charges a 1 bps (0.01%) builder fee on top of Hyperliquid's own fees. Q: How do I connect Hyperliquid to Insilico Terminal? A: Add a Hyperliquid account in Insilico, connect your browser wallet and sign the builder-fee approval at least once. After that you can add a Hyperliquid API agent key for key-based trading. Q: Can I use Insilico Terminal on mobile? A: Yes. Insilico says you can log in from your phone's browser, but you must re-enter API keys on each new device unless sync is enabled. Q: Does Insilico Terminal staff contact users? A: No. Insilico says its staff never DM or email users, and warns about impersonating Discord bots with names like 'Inisilico Whitelist'. Its only web address is insilicoterminal.com. ## Kinetiq (kHYPE, Markets.xyz, Elysium) URL: https://underhyper.com/ecosystem/kinetiq/ Updated: 2026-11-04 Summary: Kinetiq's kHYPE takes 10% of staking rewards and unstaking takes about 8 to 9 days. kHYPE, Earn, kmHYPE, Markets.xyz, KNTQ and Elysium explained. Answer: Kinetiq is a HYPE liquid-staking protocol: you stake HYPE and get kHYPE, which held about $882M on DefiLlama on Nov 4, 2026. Kinetiq takes 10% of staking rewards (70% buys back KNTQ, 30% goes to its treasury), and a queued unstake takes about 8 to 9 days. Q: How long does it take to unstake kHYPE? A: About 8 to 9 days: a 1-day delegation lockup plus Hyperliquid's 7-day unstaking queue. An unstake cannot be cancelled once started, and the kHYPE stops earning rewards while it waits. Selling kHYPE on a DEX is instant but can be below the redemption rate. Q: What does Kinetiq charge for kHYPE? A: 10% of staking rewards. Of that, 70% buys KNTQ on the open market and 30% goes to the Kinetiq treasury. The minimum direct stake is 5 HYPE, and Kinetiq's docs list no fee for a queued unstake. Q: Is kHYPE a rebasing token? A: No. Your kHYPE balance stays the same and the kHYPE-to-HYPE exchange rate rises as rewards accrue. Kinetiq's FAQ says the rate updates once a day. Q: Why are Kinetiq's km and mkts markets delisted? A: On November 4, 2026, Hyperliquid's API flagged all 23 km markets and 23 of 24 mkts markets as delisted; only mkts:BVIV, a Bitcoin implied-volatility perp, was active. Kinetiq has not published an explanation. Q: What is Elysium's chain ID? A: The Elysium testnet uses chain ID 99801. Kinetiq's blog schedules mainnet for November 9, 2026; the mainnet chain ID had not been published as of November 4, 2026. Q: Who audited Kinetiq? A: kHYPE was audited by Pashov Audit Group, Zenith, Code4rena and Spearbit; kmHYPE by Zenith and Spearbit; sKNTQ by Spearbit; Launch by Zero Cool and Cantina. The reports are linked from kinetiq.xyz/docs/contracts-and-audits and audits.kinetiq.xyz. ## Liminal (liminal.money) URL: https://underhyper.com/ecosystem/liminal/ Updated: 2026-11-04 Summary: Liminal earns Hyperliquid funding with long-spot, short-perp hedges. Fees: 10% performance and 1% management on xTokens, 1 bp builder fee on Customized. Answer: Liminal runs automated delta-neutral strategies on Hyperliquid: it holds an asset in spot and shorts the same amount in perps to collect funding, either in your own account (Customized) or through tokenized xTokens and limUSD. Customized takes 10% of gross funding profits plus a 1 bp builder fee; xTokens charge a 10% performance fee and a 1% management fee. Q: What fees does Liminal charge? A: Customized strategies pay 10% of gross funding profits, only when profitable after execution costs, plus a 1 basis point builder fee per trade. xTokens charge a 10% performance fee and a 1% management fee, and limUSD adds its own 10% performance fee on top. Q: Can Liminal withdraw my funds in Self-Custody Mode? A: No. In Self-Custody Mode Liminal is approved only as a trade-only API agent on your Hyperliquid sub-account, and you can revoke it at any time from Hyperliquid's API page. Q: Can xToken value go down? A: Yes. xTokens are not pegged stablecoins. Liminal's docs say their value can fall temporarily during long stretches of negative funding or when costs exceed returns. Q: Who audited Liminal? A: Liminal's xToken contracts were audited by Spearbit and Pashov Audit Group. The reports are listed at docs.liminal.money/more/audits. Q: How do I get support from Liminal? A: Only through a ticket in Liminal's Discord. Liminal's docs say the team never sends the first direct message, so treat any unsolicited DM as a scam. ## MetaMask Perps (Hyperliquid) URL: https://underhyper.com/ecosystem/metamask/ Updated: 2026-11-04 Summary: MetaMask Perps runs on Hyperliquid at 0.1432% taker / 0.1144% maker all-in, including a 0.1% builder fee. What it costs, where it works, and the risks. Answer: MetaMask Perps is the perpetual-futures tab in MetaMask Mobile and the MetaMask extension, and MetaMask says all of it is powered by Hyperliquid. Its support page lists 0.1432% taker and 0.1144% maker on each open and close. On November 2, 2026, every MetaMask builder fill paid 10 bps (0.1%), the maximum Hyperliquid allows on perps. Q: How much does MetaMask charge on perps? A: MetaMask's support page lists 0.1432% taker and 0.1144% maker, charged on both open and close. That is Hyperliquid's entry-tier fee with a 4% referral discount plus 0.1%, and onchain fills on November 2, 2026 all paid a 10 bps (0.1%) builder fee. Q: Who runs MetaMask Perps? A: MetaMask's help center says all perp trading in MetaMask is powered by Hyperliquid. Orders fill on Hyperliquid's order book; MetaMask is the interface and adds its own fee. Q: Is MetaMask Perps available in the US? A: No. MetaMask says perps aren't available in the USA, the UK, Ontario (Canada), Belgium or US-sanctioned countries. Q: Are there fees on MetaMask Perps withdrawals? A: Yes. MetaMask lists a variable Relay provider fee on every withdrawal and a 0.875% MetaMask fee on withdrawals to most tokens. The 0.875% doesn't apply to the Money Account, mUSD or USDC on Arbitrum. Q: Is there a MetaMask token for perps rewards? A: MetaMask's Rewards FAQ says there are currently no plans for a $MASK token. ## Morpho on HyperEVM URL: https://underhyper.com/ecosystem/morpho-on-hyperliquid/ Updated: 2026-11-04 Summary: Morpho Blue's isolated lending markets run on HyperEVM. Felix, Gauntlet, MEV Capital and K3 Capital curate vaults, most at a 10% performance fee. Answer: Morpho Blue, Morpho's immutable isolated-lending contract, is deployed on HyperEVM at 0x68e37dE8d93d3496ae143F2E900490f6280C57cD, with about $135M on DefiLlama on Nov 4, 2026. Curators led by Felix, then Gauntlet, K3 Capital and MEV Capital, run vaults on top of it, mostly charging a 10% performance fee. Q: What is the Morpho contract address on HyperEVM? A: 0x68e37dE8d93d3496ae143F2E900490f6280C57cD, according to Morpho's contract-addresses page. Felix's and Hyperbeat's docs list the same address. Q: Who curates Morpho vaults on HyperEVM? A: By size on November 4, 2026 (Morpho API), Felix is by far the largest curator, followed by Gauntlet, K3 Capital and MEV Capital, with smaller vaults from Hyperithm, Re7 and Hyperstable. Q: How much do Morpho vaults on HyperEVM charge? A: The curator sets the fee. Felix, Gauntlet and MEV Capital vaults on HyperEVM take a 10% performance fee and Re7 takes 20%. Morpho caps performance fees at 50%, and Vault V2 management fees at 5% a year. Q: Can I lose money lending on Morpho? A: Yes. If a market a vault lends into ends up with bad debt, that loss is shared by the vault's depositors. Withdrawals can also wait when a market is fully borrowed. ## Native Markets / USDH, sunset URL: https://underhyper.com/ecosystem/native-markets-usdh/ Updated: 2026-11-04 Summary: USDH is being wound down: Coinbase bought the USDH brand on May 14, 2026 and Bridge stopped issuing on May 19. How to redeem at par via redeem.bridge.xyz. Answer: USDH is being wound down. On May 14, 2026 Coinbase became Hyperliquid's official USDC treasury deployer and agreed to buy the USDH ticker and brand from Native Markets, and issuer Bridge stopped minting new USDH on May 19, 2026. Holders can redeem at par, free, through redeem.bridge.xyz after KYC. Q: Is USDH still being issued? A: No. Bridge, USDH's issuer, said it would stop issuing new USDH on May 19, 2026, except in limited cases to keep liquidity during the migration to USDC. Q: Who bought USDH? A: Coinbase. On May 14, 2026, when Coinbase became Hyperliquid's official USDC treasury deployer, it agreed with Native Markets to purchase the USDH ticker and brand assets, according to Bridge's announcement. The price was not disclosed. Q: How do I redeem USDH for dollars? A: Go to redeem.bridge.xyz (usdh.com redirects there), choose USDH and follow 'Redeem directly with Bridge'. Redemption is free but needs KYC/KYB; Bridge's portal quotes up to a week for verification, then 3-5 business days for payout. Q: Can I just sell USDH on Hyperliquid instead? A: Yes, on the Hyperliquid spot USDH/USDC book, but check the price first. On November 4, 2026 the best bid was about 0.9857 USDC, roughly 1.4% below par, with near-zero daily volume. Q: How much USDH is left? A: DefiLlama showed about $6.26M of USDH circulating on November 4, 2026, down from about $95.6M on March 18, 2026. ## nest (usenest.xyz) URL: https://underhyper.com/ecosystem/nest/ Updated: 2026-11-04 Summary: nest is a ve(3,3)-style MetaDEX on HyperEVM: LPs earn NEST emissions (20M/week at epoch 1) and 100% of swap fees go to veNEST voters. Fees, risks. Answer: nest is a ve(3,3)-style MetaDEX on HyperEVM, Hyperliquid's smart-contract chain. Liquidity providers earn NEST emissions (20M NEST a week at epoch 1), while 100% of swap fees go to veNEST lockers who vote on where emissions flow. It is live on HyperEVM; a day-one launch on Kinetiq's Elysium L2 has been announced, not yet delivered. Q: Do nest liquidity providers earn trading fees? A: No. On nest, LPs earn NEST emissions, and 100% of swap fees and bribes go to veNEST holders, who vote on which pools receive emissions. nest's docs call this the core MetaDEX mechanic. Q: How many NEST tokens are emitted? A: 20,000,000 NEST per week at epoch 1, rising 1.5% per epoch for the first 12 epochs and then falling 1% per epoch, split across pools by veNEST vote share. Total supply is 1,000,000,000 NEST. Q: Is nest live on Elysium? A: Not yet. Bankless reported on October 19, 2026 that Kinetiq's Elysium ecosystem page lists nest as live from Elysium's first mainnet block, with mainnet scheduled for November 9, 2026. On November 4, 2026 nest was live on HyperEVM only. Q: Who controls the nest contracts? A: nest's docs say core protocol functions are controlled by a 3-of-5 team multisig, with a separate treasury multisig, and the contracts are upgradeable behind a proxy admin. Q: Where does nest come from? A: nest descends from Fenix Finance on Blast; veFNX holders received 5% of NEST supply. Its voting contracts are Thena-derived, and its concentrated-liquidity engine is Algebra Integral. ## Paragon (HIP-3 dex 'para') URL: https://underhyper.com/ecosystem/paragon/ Updated: 2026-11-04 Summary: Paragon's 'para' HIP-3 dex had 33 live perps on Nov 4, 2026: TOTAL2, BTC.D, Treasury yields, stocks, pre-IPO ANTH. Fees, oracle, bounds and risks. Answer: Paragon deploys the 'para' HIP-3 dex on Hyperliquid: on November 4, 2026 it had 33 live markets, including crypto indices (TOTAL2, OTHERS, BTC.D), 2Y/10Y/30Y US Treasury yield perps, US stocks and a pre-IPO Anthropic perp. Fees follow Hyperliquid's HIP-3 schedule split 50/50 with Paragon, and growth mode (90% lower fees) was on for 27 of the 33. Q: Do I need a separate Paragon account? A: No. Paragon markets are HIP-3 perps listed natively on Hyperliquid, so you trade them from your Hyperliquid account on app.hyperliquid.xyz or a builder front end, using USDC as margin. Q: What are TOTAL2, OTHERS and BTC.D on Paragon? A: They are Paragon crypto-index perps: TOTAL2 tracks total crypto market cap excluding Bitcoin, OTHERS tracks total market cap excluding the top 10, and BTC.D tracks Bitcoin's share of the total crypto market. Q: What does trading on Paragon cost? A: Paragon uses Hyperliquid's HIP-3 fee schedule (0.090% taker / 0.030% maker at tier 0), with fees split 50% to Paragon and 50% to Hyperliquid. Growth mode, which cuts fees by 90%, was on for 27 of 33 live markets on November 4, 2026; crypto-linked markets such as TOTAL2 and BTC.D are not eligible. Q: Can Paragon re-price a pre-IPO market suddenly? A: Yes. Paragon's docs say it may manually re-anchor a pre-listing market's oracle to an offering price in one step, outside the current bounds, which can liquidate positions immediately and without prior notice. Q: Who runs Paragon? A: Paragon's about page names Taha El-Magbri as CEO and Ben Henry as CTO, and its docs link the GitHub organization N8V-Labs. ## Pear Protocol (pair trading on Hyperliquid) URL: https://underhyper.com/ecosystem/pear-protocol/ Updated: 2026-11-04 Summary: Pear opens a long and a short perp as one pair trade on Hyperliquid for 0.06% to open and 0.06% to close, plus Hyperliquid taker fees. How it works, risks. Answer: Pear Protocol is a non-custodial front end that turns a view such as long SOL / short ETH into one pair or basket position, opening each leg as a normal perp on Hyperliquid. Pear's docs list 0.06% of total position size to open and 0.06% to close, charged once across all legs, plus Hyperliquid's taker fee, since Pear always fills as a taker. On $10,000 that is about $10.50 each way. Q: How much does Pear charge on top of Hyperliquid fees? A: Pear's docs list 0.06% (6 bps) of total position size to open and 0.06% to close, charged once across all legs rather than per leg. You also pay Hyperliquid's taker fee, because Pear always executes as a taker on Hyperliquid. Q: Does Pear hold my funds? A: No. On Hyperliquid your collateral stays in your own HyperCore account. Pear formats, signs and routes orders with its builder code attached, after you approve its builder fee once. Q: Do I need the PEAR token to use Pear? A: No. Staking PEAR as stPEAR only adds fee discounts (5% at 10,000 stPEAR up to 50% at 2.5 million or more), vault priority and governance weight. Q: Can I trade baskets, not just pairs? A: Yes. Pear's docs say a basket can hold up to 15 legs, longs and shorts combined, as one position, and all legs must be listed on the same venue. Q: Why does Pear's token show as PAIR on Hyperliquid? A: Pear's docs link HyperCore spot token 0xa29869e9df2d282afa5e2c1a6ca091ba, which Hyperliquid lists under the ticker PAIR. A different, unrelated token named PEAR also exists on HyperCore, so check the token id before buying. ## Phantom Perps (Hyperliquid) URL: https://underhyper.com/ecosystem/phantom/ Updated: 2026-11-04 Summary: Phantom's perps tab trades on Hyperliquid for 0.095% per trade (0.05% Phantom + 0.045% Hyperliquid). How it works, where funds sit, and what to watch. Answer: Phantom Perps is Phantom's in-wallet perpetual-futures feature, powered by Hyperliquid since July 2025. Phantom's help center lists 0.095% per position operation (0.05% Phantom builder fee plus Hyperliquid's 0.045% taker fee), so it costs about twice the official app at the entry fee tier. Your perps balance is USDC on Hyperliquid, tied to your Phantom Ethereum address. Q: How much does Phantom charge on perps? A: Phantom's help center lists 0.095% per position operation: 0.05% to Phantom plus 0.045% to Hyperliquid. On November 2, 2026, 99.6% of Phantom's core-perp builder volume paid exactly 5 basis points (0.05%). HIP-3 markets such as stock perps can cost more. Q: Is Phantom Perps the same as Hyperliquid? A: Your orders fill on Hyperliquid's order book, so prices, liquidity and liquidation rules are Hyperliquid's. Phantom is the interface: it holds no separate exchange and adds its own builder fee on top. Q: Where are my Phantom perps funds held? A: In a separate perps balance on Hyperliquid, in USDC, tied to your Phantom Ethereum address. It is not in your Solana wallet, and you can look the address up on Hyperliquid's explorer or HypurrScan. Q: Can I use Phantom Perps in the US or UK? A: No. Phantom says perps aren't available in the United States, the United Kingdom and some other territories. Q: Can I connect Phantom to the official Hyperliquid app instead? A: Yes. Phantom's help center says you can connect your Phantom wallet at app.hyperliquid.xyz, where no builder fee is added. ## Project X (prjx.com) URL: https://underhyper.com/ecosystem/project-x/ Updated: 2026-11-04 Summary: Project X (prjx.com) is a concentrated-liquidity DEX on HyperEVM with about $35.2M TVL on Nov 4, 2026. It publishes no docs, audits or fee split. Answer: Project X is a concentrated-liquidity DEX on HyperEVM at prjx.com, with about $35.2M TVL on DefiLlama on Nov 4, 2026. It publishes no documentation, audit list or fee schedule; its app code supports pool fee tiers from 0.01% to 2%. Q: Does Project X have documentation? A: No public documentation site could be found on November 4, 2026; docs.prjx.com did not resolve. The confirmed official channels are the app at prjx.com and the X account @prjx_hl. Q: What fees does Project X charge? A: Project X publishes no fee schedule. Its app code supports pool fee tiers of 0.01%, 0.02%, 0.03%, 0.04%, 0.05%, 0.10%, 0.15%, 0.20%, 0.30%, 1% and 2%, and each pool uses one tier. The split between liquidity providers and the protocol is not documented. Q: Is Project X audited? A: Project X has not published an audit list or contract addresses, so its contracts, admin keys and upgradeability cannot be checked from official sources. Q: Is Project X the same as DefiLlama's 'projectx'? A: No. DefiLlama's project-x (with a hyphen) is the HyperEVM DEX at prjx.com. The 'projectx' listing without a hyphen is an unrelated project on Avalanche. ## pump.fun Perps (Hyperliquid) URL: https://underhyper.com/ecosystem/pump-fun/ Updated: 2026-11-04 Summary: pump.fun added Hyperliquid-routed perps in October 2026. Its fee page could not be checked, so read the fee in the app. Elysium trading announced for Nov 9. Answer: pump.fun, the Solana memecoin launchpad, added leveraged perpetual futures that route orders to Hyperliquid in mid-October 2026, according to Bankless and Bitcoin.com. We could not check pump.fun's own fee page, so read the fee shown in the app before you trade. pump.fun has announced trading on Kinetiq's Elysium starting November 9, 2026; that is not live yet. Q: How much does pump.fun charge on perps? A: We could not verify it. pump.fun's fee page blocked our checks on November 4, 2026, secondary reports disagree, and pump.fun's builder address isn't public, so we couldn't measure it onchain either. Read the fee shown in the app before you confirm; Hyperliquid's own fee (0.045% taker at the entry tier) comes on top. Q: Does pump.fun run its own perps exchange? A: No. Reports say pump.fun routes perps orders to Hyperliquid through builder codes, so Hyperliquid's order book handles matching, margin and liquidations. Q: Is pump.fun trading on Elysium live? A: Not as of November 4, 2026. pump.fun posted on October 28, 2026 that trading on Elysium, Kinetiq's new chain, starts November 9, 2026. Q: Can US users trade pump.fun perps? A: Reports say users in the US and Ontario are excluded. Hyperliquid's own terms also restrict the US and Ontario. ## pvp.trade (Telegram bot for Hyperliquid) URL: https://underhyper.com/ecosystem/pvp-trade/ Updated: 2026-11-04 Summary: pvp.trade is a Telegram bot for Hyperliquid perps with a 0.025% to 0.04% builder fee at level 1; onchain fills paid 3.5 to 4 bps on Nov 2, 2026. Fees, risks. Answer: pvp.trade is a Telegram bot (@pvptrade_bot) that places Hyperliquid perp orders from DMs or group chats, with copy-trading and leaderboards. Its Fee Tiers page sets a base builder fee of 0.025% to 0.040% at level 1, falling with XP level, volume and leverage; on November 2, 2026 its core-perp fills paid 3.5 to 4 bps. At the 4 bps ceiling, $10,000 of taker volume costs about $8.50 including Hyperliquid's 0.045%. Q: What fees does pvp.trade charge? A: pvp.trade's Fee Tiers page sets a base perps builder fee of 0.025% to 0.040% at level 1, falling to 0.010% to 0.025% at level 98, with extra discounts for volume and leverage. Spot sells cost twice your perp rate and spot buys are free; Hyperliquid's own fee comes on top. Q: Where are my pvp.trade private keys stored? A: pvp.trade says keys for bot-created wallets are encrypted and held in Turnkey's secure enclaves, and you can export your private key from /settings. Q: Can I use my existing Hyperliquid account with pvp.trade? A: Yes. Use /accounts and 'Add New Hyperliquid Account' with your wallet address and a Hyperliquid API (agent) key you generate. Q: What is the minimum deposit on pvp.trade? A: 10 USDC. pvp.trade accepts USDC on Hyperliquid, Arbitrum or Solana, and bridging starts once the minimum arrives. ## Rabby Perps (Hyperliquid) URL: https://underhyper.com/ecosystem/rabby/ Updated: 2026-11-04 Summary: Rabby Wallet's Perps feature trades on Hyperliquid with a documented 0.04% builder fee, about $8.50 per $10,000 taker all-in. Fees, setup and risks. Answer: Rabby Perps is the perpetual-futures feature inside Rabby Wallet, and Rabby's help center says it is powered by Hyperliquid. Rabby documents a 0.04% builder fee on top of Hyperliquid's own fees, so a taker trade costs 0.085% at the entry tier. On November 2, 2026, 92% of Rabby's core-perp builder volume and 99.6% of its HIP-3 volume paid exactly 4 bps. Q: What does Rabby charge on perps? A: Rabby's help center says its builder fee on Hyperliquid perpetuals is 0.04%, charged on top of Hyperliquid's own trading fees. At Hyperliquid's entry tier that makes a taker trade 0.085% all-in, or about $8.50 per $10,000. Q: Who powers Rabby Perps? A: Rabby's help center says the Perps feature is powered by Hyperliquid. Orders fill on Hyperliquid's order book, and margin and liquidations follow Hyperliquid's rules. Q: Can I avoid Rabby's builder fee? A: Yes. You can connect Rabby to the official Hyperliquid app at app.hyperliquid.xyz and sign trades there, where no builder fee is added. You then pay only Hyperliquid's fee schedule. Q: Does Rabby have a perps referral program? A: We found no Rabby referral or affiliate program for perps in its help center. Rabby's fee article only mentions Hyperliquid's own referral rewards, which are separate. ## Rysk Finance (Rysk V12) URL: https://underhyper.com/ecosystem/rysk/ Updated: 2026-11-04 Summary: Rysk V12 lets you sell covered calls and cash-secured puts on HyperEVM for an upfront premium. Expiry is 08:00 UTC and positions can't close early yet. Answer: Rysk V12 lets you sell fully collateralized covered calls and cash-secured puts on HyperEVM and receive the option premium upfront in stablecoins. Positions settle automatically at 08:00 UTC on expiry and cannot be closed early yet; Rysk's docs publish no protocol fee on V12 trades. Q: Where does Rysk's yield come from? A: From the premium that market makers pay when you sell them a covered call or cash-secured put through Rysk's request-for-quote auction. The APR Rysk shows is that upfront premium annualized to the expiry date. Q: Can I close a Rysk position before expiry? A: Not yet. Rysk's docs say collateral stays locked until expiry, and a secondary market for buying positions back is planned but not live. Q: When do Rysk options settle? A: At 08:00 UTC on the expiry date, automatically. Rysk says funds usually reach your wallet within about two hours. Q: Does it matter if the price touches my strike before expiry? A: No. Rysk's options are European-style, so only the oracle price at 08:00 UTC on expiry decides whether the option is exercised. Q: Who audited Rysk? A: Rysk's security page links PDF audit reports for Rysk V12 (mk0 to mk3 and Lean Gamma), the Lean Gamma upgrade procedure and Rysk Premium, but does not name the auditor. ## trade[XYZ] (trade.xyz) URL: https://underhyper.com/ecosystem/trade-xyz/ Updated: 2026-11-04 Summary: trade[XYZ] runs the 'xyz' HIP-3 dex: 120 live stock, index, FX and commodity perps on Hyperliquid, most at 0.009% taker in growth mode. Fees, ICE deal, risks. Answer: trade[XYZ] deploys the 'xyz' HIP-3 dex on Hyperliquid: on November 4, 2026 it listed 120 live perps on stocks, indices, commodities and FX, and carried about 98% of HIP-3 24-hour volume in our snapshot. Standard fees are twice Hyperliquid's validator-perp fees (0.090% taker at tier 0), but growth mode on 115 of those markets cuts that to 0.009% taker. Q: How much does trading on trade.xyz cost? A: Standard HIP-3 fees on xyz are twice Hyperliquid's validator-perp fees: 0.090% taker and 0.030% maker at tier 0, split 50/50 between Hyperliquid and trade[XYZ]. Growth mode, on 115 of 120 live xyz markets on November 4, 2026, cuts all-in fees by at least 90%, to 0.009% taker and 0.003% maker at tier 0. Q: What did ICE announce with trade[XYZ]? A: On October 29, 2026, ICE and Trade[XYZ] announced a definitive agreement to bring Trade[XYZ]'s perpetual markets onshore in the United States, subject to regulatory approvals. ICE is to be the exclusive operator of the regulated markets and is making a minority strategic investment. Nothing onshore is live yet. Q: Can people in the US use trade.xyz? A: No. trade.xyz's Terms of Use bar Restricted Persons, including people located in or subject to the laws of the United States, Canada and the United Kingdom. Hyperliquid's own terms also restrict the US and Ontario. Q: How are xyz stock perps priced on weekends? A: When the underlying market is closed, the xyz oracle switches to an internal 30-minute EMA driven by the xyz order book, and discovery bounds limit how far the mark can move. It returns to the external price when the market reopens, so prices can gap at the open. Q: Do I need a separate account for trade.xyz? A: No. xyz markets are HIP-3 perps on Hyperliquid, margined in USDC from your Hyperliquid account. trade[XYZ]'s docs say app.trade.xyz is not the only way in: the same markets appear on app.hyperliquid.xyz as 'xyz:' tickers. Q: Does the Hyperliquid referral discount apply on trade.xyz? A: Yes. A trade.xyz referral link sets an ordinary Hyperliquid referral on your account, so Hyperliquid's 4% fee discount on your first $25M of volume applies, the same as on the official app. ## Unit (hyperunit.xyz) URL: https://underhyper.com/ecosystem/unit/ Updated: 2026-11-04 Summary: Unit puts native BTC, ETH, SOL and more on Hyperliquid as UBTC, UETH and USOL, secured by a 2-of-3 MPC guardian network. No protocol fee; network fees only. Answer: Unit is the bridge behind native BTC, ETH, SOL and other non-USDC spot assets on Hyperliquid: you send coins to a permanent Unit deposit address and receive UBTC, UETH or USOL on Hyperliquid spot. The coins are held by a 2-of-3 MPC Guardian network (initially Unit, Hyperliquid and Infinite Field). Unit takes no fee of its own; you pay only network fees. Q: Does Unit charge a fee? A: Unit says it takes no revenue from deposits or withdrawals. You pay only the native-network fees for the source and destination transactions. On November 4, 2026 Unit's fee API quoted 2,663 sats for a BTC deposit and 858 sats for a BTC withdrawal. Q: What is the minimum BTC deposit on Unit? A: 0.0003 BTC, per Unit's Supported Assets page as archived on July 14, 2026. Other archived minimums include 0.007 ETH and 0.12 SOL. Deposits below the minimum are not processed. Q: Who holds the Bitcoin behind UBTC? A: Unit's Guardian network. Each Guardian runs its own chain indexers and they sign with a 2-of-3 MPC threshold scheme inside secure enclaves. Unit's docs name the initial Guardians as Unit, Hyperliquid and Infinite Field. Q: Is my Unit deposit address permanent? A: Yes. Unit's docs say each deposit address is generated by the Guardian network and permanently tied to your Hyperliquid address, and you can verify it against the Guardians' signatures. Q: How long does a Bitcoin deposit through Unit take? A: Unit's API docs require 3 or more Bitcoin confirmations, which is usually 30 minutes or more and sometimes longer. Unit's fee API estimated about 31 minutes for a BTC deposit on November 4, 2026. ## Valantis (stHYPE, wstHYPE, STEX) URL: https://underhyper.com/ecosystem/valantis/ Updated: 2026-11-04 Summary: Valantis stHYPE takes 10% of staking rewards, has no deposit or withdrawal fee and targets about 7-day withdrawals. stHYPE vs wstHYPE, STEX and risks. Answer: Valantis runs stHYPE, which it calls the first liquid staking token on Hyperliquid, with about $193M on DefiLlama on Nov 4, 2026. It takes a 10% protocol fee on staking rewards, charges nothing to deposit or withdraw, and targets withdrawals in about 7 days. Q: What is the difference between stHYPE and wstHYPE? A: They are two views of the same stake. On HyperEVM, stHYPE rebases so that 1 stHYPE always equals 1 HYPE, while wstHYPE is the yield-bearing version worth more than 1 HYPE; no wrapping step is needed between them. On HyperCore, stHYPE behaves like wstHYPE. Q: How long does it take to unstake stHYPE? A: Valantis targets about 7 days with no withdrawal fee, and it can be faster because new deposits settle queued withdrawals first. In very large unwinds, the part that depends on deployer-committed stake can take 30 to 183 days. Q: What fee does stHYPE charge? A: A 10% protocol fee on staking rewards, already reflected in the APY the app shows. There are no deposit or withdrawal fees beyond network gas. Q: Can I choose a validator with stHYPE? A: Yes. Minting with a validator's Community Code assigns your whole stHYPE and wstHYPE balance to that validator. No validator may hold more than 50% of stHYPE's delegation. Q: What is Valantis STEX? A: STEX is Valantis's AMM for liquid staking tokens, with stHYPE/WHYPE and kHYPE/WHYPE pools. It can redeem staking tokens at 1:1 through their withdrawal queues and charges dynamic fees starting at 1 basis point. ## Ventuals (HIP-3 dex 'vntl'), sunset URL: https://underhyper.com/ecosystem/ventuals/ Updated: 2026-11-04 Summary: Ventuals began sunsetting on June 15, 2026: OpenAI settled at $1,341.80, Anthropic at $1,618.90, and all 15 vntl markets are delisted. What to do now. Answer: Ventuals is shut down. It announced its sunset on June 15, 2026, settled its OpenAI and Anthropic perps at 24-hour mark TWAPs of $1,341.80 and $1,618.90, and halted the rest by June 18. On November 4, 2026, Hyperliquid's API showed all 15 'vntl' markets delisted. Ventuals says there will be no Ventuals token. Q: Is Ventuals still live? A: No. Ventuals announced its sunset on June 15, 2026, halted its markets between June 15 and June 18, 2026, and on November 4, 2026 Hyperliquid's info API showed all 15 vntl markets as delisted. New trading is not possible. Q: What prices did Ventuals' OpenAI and Anthropic perps settle at? A: OPENAI settled at a 24-hour mark TWAP of $1,341.80 and ANTHROPIC at $1,618.90, both halted on June 15, 2026 (10:30am and 11:30am ET). The TWAPs used 5-minute mark samples from 9:30am ET June 14 to 9:30am ET June 15. Q: Will there be a Ventuals token or airdrop? A: No. Ventuals' sunset guide says points have no monetary value and 'There will be no Ventuals token.' Any site offering a Ventuals token claim or airdrop contradicts Ventuals' own statement. Q: How do I get my HYPE back from vHYPE? A: Ventuals began processing vHYPE withdrawals at 1:1 plus staking yield in batches from June 19, 2026, claimable after about 7.5 days, at app.ventuals.com/vhype. The HYPE returns to your HyperCore spot account. Ventuals only promised the sunset page until at least September 15, 2026. Q: What do I do with leftover USDH from Ventuals? A: Ventuals markets were margined in USDH, which is itself being wound down. Ventuals points users to sell USDH for USDC on the HyperCore USDH/USDC book or use the Across bridge; Bridge, the issuer, also redeems USDH at par after KYC through redeem.bridge.xyz. ## Official Hyperliquid links URL: https://underhyper.com/official-links/ Updated: 2026-11-04 Summary: Verified official URLs for Hyperliquid (app, docs, X, Discord, explorer, RPC) and 30 ecosystem projects, plus phishing warnings. Checked November 4, 2026. Answer: The official Hyperliquid trading app is app.hyperliquid.xyz (plus an Android app, xyz.hyperliquid.app), the docs are hyperliquid.gitbook.io/hyperliquid-docs, and the official X accounts are @HyperliquidX and @HyperFND. Hyperliquid says support happens only in its Discord's open-ticket channel; anyone who DMs you first is not support. All links below were checked on November 4, 2026. Q: What is the official Hyperliquid website? A: The trading app is app.hyperliquid.xyz, the main site is hyperliquid.xyz and the docs are at hyperliquid.gitbook.io/hyperliquid-docs. The Hyper Foundation's site is hyperfoundation.org. Hyperliquid's support guide lists these plus @HyperliquidX and @HyperFND on X. Q: Is there an official Hyperliquid mobile app? A: Hyperliquid's support guide lists an official Android app on Google Play (app id xyz.hyperliquid.app). It lists no iOS app, so treat any App Store app claiming to be "Hyperliquid" with care and check the developer. Q: What is the Hyperliquid Discord? A: discord.gg/hyperliquid, linked from hyperliquid.xyz. Hyperliquid says support only happens through the open-ticket channel there, and that you should not answer DMs, which come from impersonators. Q: What is the HyperEVM RPC and chain id? A: Mainnet RPC https://rpc.hyperliquid.xyz/evm, chain id 999, gas token HYPE. Testnet is https://rpc.hyperliquid-testnet.xyz/evm with chain id 998. Q: Does Hyperliquid have an official ecosystem list? A: Yes: hyperliquid.xyz/apps lists apps by category (exchanges, mobile apps, lending, earn, bridges, builder tools). Being listed there or here is not an audit or endorsement. Q: Is elysp.com the official Elysium bridge? A: No. elysp.com (ElysPump, registered October 26, 2026) is a community-built bridge and swap tool that describes itself as an independent project not affiliated with Kinetiq, Elysium or Conduit. Kinetiq's own Elysium site, with its official bridge, is elysium.kinetiq.xyz. # Data and tools ## Hyperliquid data URL: https://underhyper.com/data/ Updated: 2026-11-04 Summary: Free, dated Hyperliquid datasets built from Hyperliquid's own API: trade.xyz (xyz) handled 98.1% of HIP-3 volume in the 24 hours to 2026-11-04 10:16 UTC:… ## Hyperliquid fees and builder-code revenue by front end URL: https://underhyper.com/data/fees/ Updated: 2026-11-04 Summary: Protocols on Hyperliquid L1 generated $162M in fees in the 30 days to 2026-11-03 (DefiLlama); front ends earned $10.1M of builder-code revenue, led by… Answer: Protocols on Hyperliquid L1 generated $162M in fees in the 30 days to 2026-11-03 (DefiLlama); front ends earned $10.1M of builder-code revenue, led by MetaMask Perps with $2.02M (20.0%). Data as of 2026-11-04 10:16 UTC Source: DefiLlama fees API CSVJSON CC BY 4.0 Q: How much do Hyperliquid front ends earn from builder codes? A: $10.1M across 137 front ends in the 30 days to 2026-11-03, per DefiLlama. MetaMask Perps led with $2.02M. Q: What is a builder code? A: A builder code lets an app that sends your order to Hyperliquid add its own fee on top of Hyperliquid's (capped at 0.1% on perps). You approve the maximum once and can revoke it. The official Hyperliquid app charges no builder fee. Q: How much in fees does Hyperliquid make? A: DefiLlama counts $162M of fees on Hyperliquid L1 in the 30 days to 2026-11-03, of which $82.6M is Hyperliquid Perps. That total also counts staking rewards and app fees, so it is broader than exchange revenue. ## Hyperliquid funding rates vs Binance and Bybit URL: https://underhyper.com/data/funding/ Updated: 2026-11-04 Summary: At 2026-11-04 10:16 UTC, BTC's predicted funding was 10.95% a year on Hyperliquid vs 10.95% on Binance and 10.95% on Bybit; across the 172 perps listed on… Answer: At 2026-11-04 10:16 UTC, BTC's predicted funding was 10.95% a year on Hyperliquid vs 10.95% on Binance and 10.95% on Bybit; across the 172 perps listed on both, Hyperliquid's rate was below Binance's on 19 and above it on 21. Data as of 2026-11-04 10:16 UTC Source: Hyperliquid info API predictedFundings CSVJSON CC BY 4.0 Q: How often is funding paid on Hyperliquid? A: Every hour. Binance and Bybit pay every 4 or 8 hours depending on the contract, so this page divides their rates by the interval to compare like for like. Q: What is the Hyperliquid funding rate for BTC right now? A: At 10:16 UTC on 2026-11-04, BTC's predicted funding on Hyperliquid was 0.0013% per hour, or 10.95% annualized (Binance 10.95%, Bybit 10.95%). Q: Is funding on Hyperliquid higher than on Binance? A: It depends on the market. Of the 172 perps listed on both venues at 10:16 UTC, Hyperliquid's predicted rate was lower than Binance's on 19, higher on 21 and equal on 132. Most quiet markets sit at the same 0.01%-per-8-hours baseline on both. Q: Who pays funding, longs or shorts? A: When the rate is positive, longs pay shorts; when it is negative, shorts pay longs. Payments are a percentage of position size, so leverage magnifies them relative to your margin. ## HIP-3 dexes: registry, volume and market share URL: https://underhyper.com/data/hip-3/ Updated: 2026-11-04 Summary: trade.xyz (xyz) handled 98.1% of HIP-3 volume in the 24 hours to 2026-11-04 10:16 UTC: $5.14B of $5.24B across the 10 HIP-3 dexes, of which 4 had live… Answer: trade.xyz (xyz) handled 98.1% of HIP-3 volume in the 24 hours to 2026-11-04 10:16 UTC: $5.14B of $5.24B across the 10 HIP-3 dexes, of which 4 had live markets. Data as of 2026-11-04 10:16 UTC Source: Hyperliquid info API perpDexs + metaAndAssetCtxs CSVJSON CC BY 4.0 Q: What is HIP-3? A: HIP-3 lets builders deploy their own perpetual futures markets on Hyperliquid's order book by staking HYPE. Each deployer runs a separate "dex" with its own markets, oracle and fee settings, while trading, margin and settlement run on HyperCore. Q: Which HIP-3 dex has the most volume? A: trade.xyz (xyz): $5.14B in the 24 hours to 2026-11-04 10:16 UTC, 98.1% of the $5.24B traded across all 10 HIP-3 dexes. Next was EntropyIO at 1.8%. Q: How many HIP-3 dexes are live? A: 10 dexes are deployed; 4 had at least one live (not delisted) market at the snapshot, with 168 live markets in total out of 322 ever listed. Q: Can I trade stocks on Hyperliquid? A: Yes, through HIP-3 perps: perpetual contracts that track stocks, indices and commodities, not the shares themselves. At the snapshot, single stocks made up 47.2% of HIP-3 volume. See the markets guide. ## Hyperliquid leaderboard: top traders by 30-day volume and PnL URL: https://underhyper.com/data/leaderboard/ Updated: 2026-11-04 Summary: The most active account on Hyperliquid's leaderboard traded $38.7B in the 30 days to 2026-11-04 10:16 UTC, and the top 30-day PnL was $128M; 8,926 of… Answer: The most active account on Hyperliquid's leaderboard traded $38.7B in the 30 days to 2026-11-04 10:16 UTC, and the top 30-day PnL was $128M; 8,926 of 48,508 listed accounts were up over 30 days. Data as of 2026-11-04 10:16 UTC Source: stats-data.hyperliquid.xyz/Mainnet/leaderboard CSVJSON CC BY 4.0 Q: Who is the biggest trader on Hyperliquid? A: By 30-day volume, the top account on Hyperliquid's leaderboard (0xf5d8…ad53) traded $38.7B in the 30 days to 2026-11-04. Leaderboard accounts are pseudonymous addresses; one person or firm can run many. Q: How many Hyperliquid traders are profitable? A: Of the 48,508 accounts on Hyperliquid's leaderboard, 8,926 (18.4%) were up over the last 30 days. The leaderboard only lists accounts above an activity threshold, so this is not a rate for all users. ## Hyperliquid perp markets: volume, open interest and liquidity URL: https://underhyper.com/data/markets/ Updated: 2026-11-04 Summary: Hyperliquid's core venue listed 235 perp markets at 2026-11-04 10:16 UTC (179 live): 65 traded more than $1M in the prior 24 hours and 20 more than $10M,… Answer: Hyperliquid's core venue listed 235 perp markets at 2026-11-04 10:16 UTC (179 live): 65 traded more than $1M in the prior 24 hours and 20 more than $10M, and BTC, ETH and HYPE made up 77.9% of core volume. Data as of 2026-11-04 10:16 UTC Source: Hyperliquid info API CSVJSON CC BY 4.0 Q: How many markets does Hyperliquid have? A: At the snapshot, Hyperliquid's core venue listed 235 perps (179 live) and HIP-3 dexes listed 322 more (168 live). Q: Which Hyperliquid perps are liquid? A: 20 core markets traded more than $10M in the prior 24 hours and 65 more than $1M. The rest of the 179 live core markets traded less; thin markets mean wider spreads and more slippage. Q: What is the most traded market on Hyperliquid? A: BTC with $3.45B in 24 hours, then ETH ($1.15B) and HYPE ($1.08B). Together BTC, ETH and HYPE were 77.9% of core volume. ## HIP-4 outcome markets on Hyperliquid URL: https://underhyper.com/data/outcomes/ Updated: 2026-11-04 Summary: Hyperliquid's HIP-4 board listed 317 outcomes at 2026-11-04 10:16 UTC (31 multi-outcome questions plus 174 standalone markets); outcome markets traded… Answer: Hyperliquid's HIP-4 board listed 317 outcomes at 2026-11-04 10:16 UTC (31 multi-outcome questions plus 174 standalone markets); outcome markets traded $7.69M in the prior 24 hours, 98.9% of it on venue "out". Data as of 2026-11-04 10:16 UTC Source: Hyperliquid info API outcomeMeta + spotMetaAndAssetCtxs CSVJSON CC BY 4.0 Q: What are HIP-4 outcome markets? A: HIP-4 adds outcome (prediction) markets to Hyperliquid: each outcome has a Yes and a No side that trade between 0 and 1 USDC and settle to 1 or 0 when the result is known. Prices can be read as the market-implied probability. Q: How much volume do Hyperliquid outcome markets do? A: $7.69M across both sides in the 24 hours to 2026-11-04 10:16 UTC, on 317 listed outcomes. Venue "out" carried 98.9% of it. Q: What can you bet on with HIP-4? A: At the snapshot the board had 31 multi-outcome questions (sports results, tournament winners, central-bank decisions, daily price buckets) and 174 standalone markets (price thresholds on crypto, stocks and commodities, IPO questions). See the tables below. ## Hyperliquid spot (HIP-1): tokens, pairs and name collisions URL: https://underhyper.com/data/spot/ Updated: 2026-11-04 Summary: Hyperliquid spot traded $222M in the 24 hours to 2026-11-04 10:16 UTC across 115 active pairs; HYPE/USDC was 49.5% of it, and HYPE trades in 4 pairs that… Answer: Hyperliquid spot traded $222M in the 24 hours to 2026-11-04 10:16 UTC across 115 active pairs; HYPE/USDC was 49.5% of it, and HYPE trades in 4 pairs that are all the same token. Data as of 2026-11-04 10:16 UTC Source: Hyperliquid info API spotMetaAndAssetCtxs + deploy auctions CSVJSON CC BY 4.0 Q: Why are there several HYPE pairs on Hyperliquid spot? A: HYPE trades against 4 quote assets (USDC, USDT0, USDH, USDE). They are all the same HYPE token (index 150); only the quote currency differs. For the HYPE price, the HYPE perp mark ($86.75) and HYPE/USDC spot ($86.75) are the references. Q: How do HIP-1 ticker auctions work? A: New spot tickers are sold in a Dutch auction: the price starts high and falls over the auction window until someone deploys. At the snapshot the current HIP-1 auction price was 500 HYPE, over a 31-hour window. ## Hyperliquid staking: validators, stake and commission URL: https://underhyper.com/data/staking/ Updated: 2026-11-04 Summary: 439.4M HYPE was staked across 35 Hyperliquid validators at 2026-11-04 10:16 UTC (27 active, 6 jailed); the largest, Hyper Foundation 2, held 12.4% of… Answer: 439.4M HYPE was staked across 35 Hyperliquid validators at 2026-11-04 10:16 UTC (27 active, 6 jailed); the largest, Hyper Foundation 2, held 12.4% of stake and the top three 36.1%. Data as of 2026-11-04 10:16 UTC Source: Hyperliquid info API validatorSummaries CSVJSON CC BY 4.0 Q: How much HYPE is staked? A: 439.4M HYPE was delegated to 35 validators at the snapshot (2026-11-04 10:16 UTC). Q: What is the HYPE staking APR? A: Hyperliquid's API predicted about 2.17% a year for active validators before commission. Your net rate is that minus the validator's commission (median 3%). Q: What happens if my validator is jailed? A: A jailed validator earns no rewards until it is unjailed, so delegators to it earn nothing in the meantime. You can move your stake to another validator; unstaking takes time to complete. ## Hyperliquid vaults: HLP and every open vault over $100k URL: https://underhyper.com/data/vaults/ Updated: 2026-11-04 Summary: HLP, Hyperliquid's protocol vault, held $152M at 2026-11-04 10:16 UTC; 72 other open vaults held at least $100k each ($88.0M combined), led by Growi HF at… Answer: HLP, Hyperliquid's protocol vault, held $152M at 2026-11-04 10:16 UTC; 72 other open vaults held at least $100k each ($88.0M combined), led by Growi HF at $12.6M. Data as of 2026-11-04 10:16 UTC Source: stats-data.hyperliquid.xyz/Mainnet/vaults CSVJSON CC BY 4.0 Q: What is HLP on Hyperliquid? A: HLP (Hyperliquidity Provider) is Hyperliquid's protocol vault: it market-makes and takes over liquidations, and depositors share its PnL. It held $152M at 2026-11-04. Q: What APR do Hyperliquid vaults pay? A: Vaults do not pay a fixed rate. The APR shown is backward-looking performance as Hyperliquid reports it; it can be negative and changes daily. Depositors can lose money. Q: How many vaults are there on Hyperliquid? A: 9,478 have been created; 3,063 were open at the snapshot and 72 of those (besides HLP) held at least $100k. ## Hyperliquid fee calculator URL: https://underhyper.com/tools/fee-calculator/ Updated: 2026-11-04 Summary: Work out Hyperliquid fees per trade and per $1M: 14-day volume tier, maker or taker, HIP-3 growth mode, HYPE staking, referral discount and each front… Answer: At the entry tier Hyperliquid charges 0.045% taker / 0.015% maker on perps and 0.070% / 0.040% on spot, so a $10,000 market order on a crypto perp costs $4.50 on the official app ($4.32 with a referral code). Wallets and apps add a builder fee on top, from 1 bp (Axiom, Insilico) to the 0.1% maximum (MetaMask, Trust Wallet). Fee schedule checked November 4, 2026. Q: What are Hyperliquid trading fees? A: At the entry tier (under $5M of 14-day volume) Hyperliquid charges 0.045% taker and 0.015% maker on perps, and 0.070% taker and 0.040% maker on spot. Fees fall across seven volume tiers to 0.024% taker and 0% maker on perps above $7B. Q: How much does a $10,000 trade cost on Hyperliquid? A: A $10,000 market (taker) order on a crypto perp costs $4.50 at the entry tier on the official app, or $4.32 with a referral code. Front ends add their builder fee on top: $1.00 more at 1 bp (Axiom, Insilico), $5.00 more at 5 bps (Phantom) and $10.00 more at the 0.1% maximum (MetaMask, Trust Wallet). Q: How does the 14-day volume tier work? A: Hyperliquid adds your last 14 days of perps volume to twice your spot volume, assesses it at the end of each UTC day, and applies one fee tier to all perps, HIP-3 and spot trades. Sub-account volume counts toward the master account; vaults are separate. Q: Does staking HYPE lower fees? A: Yes. Staking more than 10 HYPE gives 5% off, rising to 10%, 15%, 20%, 30% and 40% off at more than 100, 1,000, 10,000, 100,000 and 500,000 HYPE staked. Q: Why are HIP-3 stock perps fees different? A: HIP-3 markets charge the deployer's fee share on top: at the usual deployer fee scale of 1.0 the fee is 2x a validator perp (0.090% taker at tier 0). Deployers can turn on growth mode, which cuts all-in fees by at least 90%; on November 4, 2026, 115 of trade.xyz's 120 live markets had growth mode on (0.009% taker at tier 0). Q: What is a builder fee? A: A builder fee is an extra fee a front end (wallet, app or terminal) adds to each order it sends to Hyperliquid for you. You approve a maximum once; Hyperliquid caps it at 0.1% on perps and 1% on spot, and spot builder fees only apply when selling. The official app charges none. # News ## Hyperliquid news URL: https://underhyper.com/news/ Updated: 2026-11-04 Summary: Verified Hyperliquid ecosystem news: new HIP-3 markets, trade.xyz, Kinetiq and Elysium, regulation and US access, each checked against a primary source. ## Hyperliquid Strategies (PURR) raises buyback to $100M, sets Nov. 5 results webcast URL: https://underhyper.com/news/2026-10-23-hyperliquid-strategies-raises-buyback-to-100m/ Updated: 2026-11-04 Summary: Nasdaq-listed HYPE treasury company Hyperliquid Strategies lifted its share buyback to up to $100M and will present September-quarter results on 5 November. Answer: Hyperliquid Strategies Inc (NASDAQ: PURR) said on 23 October 2026 that its board raised the company's stock repurchase program from $30 million to up to $100 million, with about $72 million still available, and extended it to 31 October 2027. The company will present results for the quarter ended 30 September 2026 on a webcast on Thursday 5 November at 5:15 p.m. ET (22:15 UTC). ## Kraken parent Payward to be first CFTC-regulated deployer on HIP-3* markets URL: https://underhyper.com/news/2026-10-26-payward-plans-first-cftc-regulated-hip-3-markets/ Updated: 2026-11-04 Summary: Hyperliquid is testing permissioned HIP-3* markets on testnet. Payward plans regulated US perps on them, pending approval and with no launch date. Answer: Hyperliquid said on 26 October 2026 that Payward, the parent company of Kraken, intends to be the first CFTC-regulated deployer on HIP-3* markets, a new optional version of builder-deployed perps with an onchain allowlist so only approved accounts can trade. HIP-3* is on testnet only, and Payward's listings need regulatory approval. ## trade.xyz lists an Anthropic pre-IPO perp on Hyperliquid URL: https://underhyper.com/news/2026-10-26-trade-xyz-lists-anthropic-pre-ipo-perp/ Updated: 2026-11-04 Summary: xyz:ANT tracks the expected price of one Anthropic Class A share before any IPO. Up to 10x leverage, settled in USDC, closed to US, Canada and UK residents. Answer: trade.xyz opened a pre-IPO perpetual market for Anthropic on Hyperliquid on 26 October 2026, ticker xyz:ANT, referencing one share of Anthropic, PBC Class A common stock with up to 10x leverage. trade.xyz's docs give an anticipated listing date of 20 November 2026, which it says is for reference only. ## Hyperliquid lists XTEN perp URL: https://underhyper.com/news/2026-10-27-hyperliquid-lists-xten-perp/ Updated: 2026-11-04 Summary: Hyperliquid listed a new XTEN perp on its core exchange, per Hyperliquid's API: up to 3x leverage. Answer: Hyperliquid listed a new perpetual market, XTEN, on its core perp exchange, first trading on 27 October 2026, according to its public API. It offers up to 3x leverage. ## trade.xyz lists India's Nifty 50 as a 24/7 perp on Hyperliquid URL: https://underhyper.com/news/2026-10-27-trade-xyz-lists-nifty-50-perp/ Updated: 2026-11-04 Summary: xyz:NIFTY tracks India's Nifty 50 index in rupees, settles in USDC and offers up to 20x leverage, isolated margin only. Not available to US residents. Answer: trade.xyz opened a perpetual market on India's Nifty 50 stock index on Hyperliquid on 27 October 2026, ticker xyz:NIFTY. It offers up to 20x leverage on isolated margin, trades around the clock and settles gains and losses in USDC. ## Pump.fun app adds 300+ Hyperliquid perp markets, including stocks URL: https://underhyper.com/news/2026-10-28-pump-fun-adds-hyperliquid-perps-to-its-app/ Updated: 2026-11-04 Summary: Pump.fun now routes perps orders to Hyperliquid, adding up to 0.05% per trade on top of Hyperliquid's fee. Perps are closed to US and Ontario users. Answer: Pump.fun said on 28 October 2026 that Hyperliquid perpetuals are live in the Pump.fun app, with more than 300 Hyperliquid markets across crypto, stocks and commodities, funded in USDC or SOL from a Pump.fun wallet. Pump.fun charges 0.05% per trade, or 0.04% with a referral code, on top of Hyperliquid's standard fee. ## Pump.fun app to add trading on Kinetiq's Elysium from November 9 URL: https://underhyper.com/news/2026-10-28-pump-fun-to-add-elysium-trading-from-nov-9/ Updated: 2026-11-04 Summary: Pump.fun says Elysium trading starts in its app on 9 November, Elysium's scheduled mainnet date. Fees and supported tokens are not yet published. Answer: Pump.fun said on 28 October 2026 that trading on Elysium, the Layer 2 network Kinetiq is building on top of HyperEVM, will start in the Pump.fun app on 9 November, the date Kinetiq has set for Elysium's mainnet. Pump.fun has not said which tokens, fees or funding routes will apply. ## ICE and trade.xyz plan US-regulated Hyperliquid perps, pending approval URL: https://underhyper.com/news/2026-10-29-ice-and-trade-xyz-plan-us-regulated-hyperliquid-perps/ Updated: 2026-11-04 Summary: NYSE owner ICE agreed to run regulated US versions of trade.xyz's Hyperliquid-based perp markets. Nothing is live for US traders and there is no launch date. Answer: Intercontinental Exchange (ICE), owner of the New York Stock Exchange, and trade.xyz announced on 29 October 2026 a definitive agreement to bring trade.xyz's Hyperliquid-based perpetual markets onshore in the United States, subject to regulatory approvals. ICE becomes the exclusive operator of the regulated markets and is taking a strategic stake; no launch date or stake size was given. ## trade.xyz adds JIO, RELIANCE and ICE perps on Hyperliquid URL: https://underhyper.com/news/2026-10-29-trade-xyz-adds-jio-reliance-ice-perps/ Updated: 2026-11-04 Summary: trade.xyz added JIO, RELIANCE and ICE perps to its HIP-3 market on Hyperliquid, per Hyperliquid's API: up to 10x leverage. Answer: trade.xyz started trading 3 new perpetual markets (xyz:JIO, xyz:RELIANCE, xyz:ICE) on its HIP-3 market on Hyperliquid (dex xyz), first trading between 23 October and 29 October 2026, according to Hyperliquid's public API. They offer up to 10x leverage. ## Gemini Predictions adds hourly and daily price contracts on HYPE URL: https://underhyper.com/news/2026-11-02-gemini-adds-hourly-and-daily-hype-prediction-contracts/ Updated: 2026-11-04 Summary: US Gemini customers can trade short-dated contracts on the price of Hyperliquid's HYPE token. These are event contracts on Gemini, not access to Hyperliquid. Answer: Gemini said on 2 November 2026 that Hyperliquid's HYPE token and Zcash (ZEC) now have their own markets on Gemini Predictions, with contracts that expire every hour and every day. Each contract has a $1.00 notional size and resolves Yes or No against a HYPE price index; they do not give access to Hyperliquid itself. ## CFTC clears perpetual futures on single US stocks for registered exchanges URL: https://underhyper.com/news/2026-11-03-cftc-clears-perpetual-futures-on-single-us-stocks/ Updated: 2026-11-04 Summary: The CFTC says equity perps can trade on CFTC-registered exchanges that are also SEC notice-registered. It named no exchange, and Hyperliquid is not covered. Answer: CFTC Chairman Michael Selig said on 3 November 2026 that perpetual futures on individual equity securities can begin trading for the first time on CFTC-registered exchanges, after the contracts were deemed approved under Commission Regulation 40.3 as security futures products. The statement named no exchange or contracts, and it does not change anything for Hyperliquid, whose terms still restrict US persons. ## EntropyIO adds NVDA, AAPL and CRCL perps on Hyperliquid URL: https://underhyper.com/news/2026-11-03-entropyio-adds-nvda-aapl-crcl-perps/ Updated: 2026-11-04 Summary: EntropyIO added NVDA, AAPL and CRCL perps to its HIP-3 market on Hyperliquid, per Hyperliquid's API: maximum leverage from 15x to 25x. Answer: EntropyIO started trading 3 new perpetual markets (io:NVDA, io:AAPL, io:CRCL) on its HIP-3 market on Hyperliquid (dex io), first trading between 27 October and 3 November 2026, according to Hyperliquid's public API. They offer maximum leverage from 15x to 25x. ## Kinetiq's Elysium L2 sets mainnet launch for November 9 URL: https://underhyper.com/news/2026-11-09-elysium-mainnet-scheduled/ Updated: 2026-11-04 Summary: Elysium, Kinetiq's Arbitrum Orbit L2 that settles to HyperEVM and uses HYPE for gas, is set to launch mainnet on 9 November 2026. Its docs still say… Answer: Elysium, a Layer 2 network built by Kinetiq that settles to HyperEVM and uses HYPE for gas, is scheduled to launch its mainnet on 9 November 2026, according to a Kinetiq blog post of 20 October. As of 3 November its documentation still described Elysium as pre-launch, with the mainnet chain ID to be published at launch. ## Hyperliquid news URL: https://underhyper.com/news/topic/hyperliquid/ Updated: 2026-11-04 Summary: 13 verified stories about Hyperliquid on Hyperliquid, latest Nov 4, 2026: Kinetiq's Elysium L2 sets mainnet launch for November 9. Answer: Kinetiq's Elysium L2 sets mainnet launch for November 9. Elysium, a Layer 2 network built by Kinetiq that settles to HyperEVM and uses HYPE for gas, is scheduled to launch its mainnet on 9 November 2026, according to a Kinetiq blog post of 20 October. As of 3 November its documentation still described Elysium as pre-launch, with the mainnet chain ID to be published at launch.