Trade Bitcoin on Hyperliquid
Hyperliquid's largest market. What the BTC perp tracks, what it costs and how it liquidates.
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).
Live market data
BTC Hyperliquid core perp - Mark price
- $78,509.00
- 24h change
- +1.96%
- 24h volume
- $3.45B
- Open interest
- $3.09B
- Funding (1h)
- +0.0013%
- Funding (annualized)
- +10.9%
- Max leverage
- 40x
- Taker / maker fee
- 0.045% / 0.015%
Validator-operated market. Fees are tier 0 before staking or referral discounts.
Hyperliquid API snapshot, 2026-11-04 10:16 UTC. Positive funding means longs pay shorts; it is charged every hour, and the annualized figure is the current hourly rate × 8,760 (it changes every hour). Open interest is in USD at the mark price.
What the BTC perp tracks
BTC is one of Hyperliquid’s own validator-operated perps (not a HIP-3 market). One contract is one unit of the Hyperliquid oracle index of bitcoin spot. Validators publish the oracle every 3 seconds as a weighted median of spot prices on Binance (weight 3), OKX and Bybit (2 each), and Kraken, KuCoin, Gate and MEXC (1 each). For BTC, Hyperliquid’s own spot price is left out because bitcoin’s main spot liquidity is elsewhere. The final oracle is the stake-weighted median of the validators’ submissions.
Technically it’s a quanto contract: the oracle is in USDT terms and margin is USDC, with no conversion between the two.
Leverage and margin tiers
BTC has the highest maximum leverage on Hyperliquid (live figure above). Large positions get less: Hyperliquid’s margin tiers cut the maximum leverage as position size grows. Maintenance margin is half the initial margin at maximum leverage; if your equity falls below it, the position is liquidated, first by market orders on the book and then by the liquidator vault if that fails.
Funding
Funding is paid every hour, peer to peer. Its interest component is fixed at 0.00125% an hour (0.01% per 8 hours, about 11.6% a year paid by longs to shorts) and the premium component follows the gap between the perp and the oracle. The live card shows the current hourly rate for BTC and the same rate annualized. A rate at the baseline means the perp is trading close to its oracle; a much higher rate means longs are crowded and are paying for it.
Fees
Core perps pay Hyperliquid’s base schedule: 0.045% taker / 0.015% maker at tier 0, falling with your 14-day volume. HYPE staking takes 5% to 40% off, and a referral code takes 4% off on your first $25M of volume (ours). On a $10,000 market order that’s $4.50 at tier 0 before discounts. Some wallets and apps that route orders to Hyperliquid add their own builder fee on top; the official app adds none.
Other ways to trade bitcoin here
Paragon lists Bitcoin dominance (para:BTCD) and crypto market-cap indices (para:TOTAL2, para:OTHERS); Kinetiq lists a bitcoin volatility index (mkts:BVIV). Spot BTC trades on Hyperliquid too, as a bridged token. See Ethereum and HYPE for the next-largest markets.
Contract specs
BTC · Hyperliquid (validator-operated)
| Tracks | The Hyperliquid oracle index of bitcoin (BTC) spot, quoted in USDT terms and margined in USDC (a quanto contract). |
|---|---|
| Price source | Validators publish the oracle every 3 seconds as a weighted median of spot prices on Binance, OKX, Bybit, Kraken, KuCoin, Gate, MEXC and Hyperliquid. Hyperliquid’s own spot price is excluded for BTC because its main spot liquidity is elsewhere. |
| External hours | 24/7. Crypto spot never closes, so there is no internal-pricing session. |
| Outside those hours | Not applicable. |
| Max leverage | 40x (live from the API) |
| Margin mode | Cross or isolated (your choice); live from the API |
| Settlement | Cash-settled in USDC; no shares, coins or barrels change hands. |
| Spec source | Hyperliquid Docs: Contract specifications (reviewed November 4, 2026) |
How to trade it
- Check you're allowed to. Hyperliquid's terms restrict the United States, Ontario and other places. If you're in a restricted place, stop here.
- Set up a Hyperliquid account with a fee discount. Connect a wallet at app.hyperliquid.xyz and set a referral code before your first trade: our code gives 4% off fees on your first $25M of volume. Full walkthrough: how to start trading on Hyperliquid.
- Deposit USDC. Every market here is margined and settled in USDC. See how to deposit USDC to Hyperliquid.
- Open the market. Search for
BTCon app.hyperliquid.xyz. It sits with the other core perps. - Choose margin mode and leverage. Cross margin shares collateral across positions; isolated ring-fences it. Leverage is a ceiling, not a target: at 10x, a 10% move against you wipes out your margin, and liquidation comes earlier than that.
- Place a small first order and set a stop. Limit orders pay the lower maker fee. Watch the funding rate: you pay or receive it every hour you hold the position.
Risks
- The oracle is a blend of exchange prices. A sharp move or outage on the big spot exchanges feeds straight into the mark price that triggers liquidations.
- Liquidation. If your equity falls below maintenance margin (half the initial margin at max leverage), the position is closed at market. With cross margin, a loss here can take collateral from your other cross positions.
- Funding cuts both ways. Rates change every hour. A positive rate costs longs money every hour the position is open; over weeks that adds up.
- Thin books. Smaller markets can have wide spreads; big orders and liquidations move the price.
Nothing here is investment advice or a price forecast. Leveraged perps can lose more than you expect, fast.
Questions people ask
What is the max leverage for BTC on Hyperliquid?
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.
How often is funding paid on Hyperliquid?
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.
Can Americans trade this on Hyperliquid?
No. Hyperliquid's terms restrict the United States, Ontario and other places. We don't advise on ways around that.