Trade Ethereum on Hyperliquid
Hyperliquid's second-largest market by volume. What the ETH perp tracks and what it costs.
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).
Live market data
ETH Hyperliquid core perp - Mark price
- $2,326.20
- 24h change
- +2.70%
- 24h volume
- $1.15B
- Open interest
- $2.40B
- Funding (1h)
- +0.0013%
- Funding (annualized)
- +10.9%
- Max leverage
- 25x
- 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 ETH perp tracks
ETH is a core Hyperliquid perp. One contract is one unit of the Hyperliquid oracle index of ether spot: a weighted median of spot prices on Binance, OKX, Bybit, Kraken, KuCoin, Gate, MEXC and Hyperliquid, published by validators every 3 seconds and combined as a stake-weighted median. Margin and profit and loss are in USDC.
Leverage
ETH’s maximum leverage is lower than BTC’s (live figure above), and margin tiers cut it further for large positions. At 25x, a 4% move against you is your whole margin; liquidation comes before that, because maintenance margin is half of the initial margin at maximum leverage.
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 ETH 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.
Related
Bitcoin and HYPE are the other two markets that, together with ETH, make up most of Hyperliquid’s core volume.
Contract specs
ETH · Hyperliquid (validator-operated)
| Tracks | The Hyperliquid oracle index of ether (ETH) 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. |
| External hours | 24/7. Crypto spot never closes, so there is no internal-pricing session. |
| Outside those hours | Not applicable. |
| Max leverage | 25x (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
ETHon 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
Can you trade ETH on Hyperliquid?
Yes. ETH is one of Hyperliquid's largest validator-operated perps, margined in USDC, trading 24/7 with hourly funding.
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.