Trade USD/JPY on Hyperliquid

Live market data

Hyperliquid API snapshot, 2026-11-05 12:21 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 one side (longs, which equal shorts) in USD at the mark price; the Hyperliquid app shows both sides added together, twice this figure. Every HIP-3 market's volume and open interest: HIP-3 data.

Contract specs

How to trade it

1. Check you're allowed to. Hyperliquid's terms restrict the United States, Ontario and other places, and trade.xyz's terms bar US persons. If you're in a restricted place, stop here.
2. 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.
3. Deposit USDC. Every market here is margined and settled in USDC. See how to deposit USDC to Hyperliquid.
4. Open the market. Use trade.xyz (its link applies the same Hyperliquid referral) or the official Hyperliquid app, which lists HIP-3 markets alongside core perps. Search for xyz:JPY. Each HIP-3 dex keeps its own margin, separate from core perps, so the app may ask you to move USDC into that dex first.
5. Choose margin mode and leverage. Some HIP-3 markets are isolated-only (the margin mode row above says which). Leverage is a ceiling, not a target: at 10x, a 10% move against you wipes out your margin, and liquidation comes earlier than that.
6. 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

• It's a perp, not the currency. You get cash-settled price exposure in USDC. No currency changes hands and there is no bank or FX account, and the price you trade can drift from the underlying, especially when its home market is closed.
• The deployer runs the oracle. trade.xyz publishes the price that drives funding and liquidations, sets leverage limits and can halt and settle a market. Each HIP-3 deployer stakes 500,000 HYPE that validators can vote to slash if the deployer's actions harm the protocol, which is an incentive, not insurance for your position.
• Outside market hours the price is set by traders here. When the underlying market is shut, the oracle follows this order book within discovery bounds. When the real market reopens, the price can jump to wherever it opens, and stops can fill far from where you set them.
• 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.