Trade HYPE on Hyperliquid
Hyperliquid's own token, on its own venue. The one perp where the oracle leans on Hyperliquid's spot book.
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).
Live market data
HYPE Hyperliquid core perp - Mark price
- $86.75
- 24h change
- +2.95%
- 24h volume
- $1.08B
- Open interest
- $1.93B
- Funding (1h)
- +0.0013%
- Funding (annualized)
- +10.9%
- Max leverage
- 10x
- 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 HYPE perp tracks
HYPE is a core Hyperliquid perp on HYPE, the token used for staking, gas on HyperEVM and fee discounts. Hyperliquid’s docs say HYPE-USD is one of only two perps (with PURR-USD) whose oracle is denominated in USDC rather than USDT, because HYPE’s most liquid spot market is Hyperliquid’s own. For assets like this, the oracle leaves out external exchanges until they have enough liquidity.
That has a practical consequence: the HYPE perp and HYPE spot on Hyperliquid are closely linked, and moves on the venue’s own spot book feed straight into the oracle.
Don’t trust a spot ticker called “HYPE”
Hyperliquid’s spot market lets anyone deploy a token, and as of November 2026 four spot pairs are named “HYPE”. Only the canonical token is real. Price trackers that grab the wrong pair show nonsense. The HYPE perp mark above is the reliable price.
Leverage
HYPE’s maximum leverage is lower than BTC’s or ETH’s (live figure above), reflecting a more volatile asset.
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 HYPE 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.
Staking HYPE itself is what earns those 5–40% fee discounts. Related: Bitcoin, Ethereum, and Hyperliquid Strategies Inc (Nasdaq: PURR), which trade.xyz lists as xyz:PURRDAT.
Contract specs
HYPE · Hyperliquid (validator-operated)
| Tracks | HYPE, Hyperliquid’s native token. HYPE-USD is one of the few perps whose oracle is quoted in USDC, because HYPE’s main spot market is on Hyperliquid itself. |
|---|---|
| Price source | Validator-published oracle. Assets whose main spot liquidity is on Hyperliquid (HYPE is the example the docs give) leave external exchanges out of the oracle until those venues have enough liquidity. |
| External hours | 24/7. Crypto spot never closes, so there is no internal-pricing session. |
| Outside those hours | Not applicable. |
| Max leverage | 10x (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
HYPEon 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
Where do I get the real HYPE price?
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.
Why is the HYPE oracle different from BTC or ETH?
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.
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.