Hyperliquid questions, answered

No. There is no identity check anywhere in the flow: you connect a wallet or log in with an email code and start trading. Access is limited by region instead, and residents of the United States and Ontario are excluded by the Terms of Use.

No. The Terms of Use name residents of the United States and of Ontario, Canada as restricted persons, the interface is geofenced, and the terms prohibit masking your location. We do not publish workarounds.

HLP is the protocol-owned liquidity vault. It runs market-making strategies and absorbs backstop liquidations, and it passes its profits and losses straight to depositors without taking a profit share. Deposits unlock four days after your most recent one.

The upgrade that lets anyone with enough staked HYPE deploy their own perpetual market, choosing its oracle, collateral and fee capture. It is why equity, commodity, foreign exchange and event markets sit alongside the crypto pairs.

At the entry tier a perpetual taker order costs 0.045% of notional and a maker order 0.015%, falling with volume until maker fees reach zero. A referral code takes another 4% off, and staked HYPE up to 40% more. Trades pay no gas.

No. A referral code attaches only to a wallet that has never traded. After your first fill the 4% discount is unavailable on that address permanently, and there is no support process to change it.

No, and pages that say so are wrong. It covers your first $25M of trading volume. For most traders that is effectively the whole time they use the venue, but the cap is real.

No. Funding is a payment between long and short holders that keeps the perpetual price near the underlying. The exchange takes none of it, and it can pay you as easily as cost you.

There is no clearance fee, which is unusual and genuinely better than most venues. But in a backstop liquidation the maintenance margin is not returned to you, which functions as a cost in the worst case.

No. Orders execute on HyperCore, which is the chain's own exchange state machine rather than an EVM contract, so there is no gas on a trade. You pay gas on the source chain when depositing.

Trade as a maker rather than a taker, which cuts the rate by roughly two thirds at the entry tier. Then apply a referral code before your first trade for another 4% off. Those two are free; staking and volume tiers come after.

Yes. Spot volume contributes twice toward the rolling fourteen-day volume that sets your tier, which makes it the most efficient way to cross a threshold per dollar of risk taken.

A decentralised exchange. Trades settle on its own layer-1 chain and you keep custody, but the trading experience uses a central limit order book, which is why it feels like a centralised venue.

Send USDC from Arbitrum, Ethereum, Base or Polygon to the address in the deposit window, and it arrives as usable collateral. Native BTC, ETH, SOL, MON, XPL, AVAX and ZEC are also accepted, but they land as spot holdings you must sell for USDC first.

Usually a few minutes. The documentation does not publish a fixed figure, and destination chain congestion is the main variable. Depending on the chain and method there may be a small gas cost to process it.

Enough that fees and spread are not a large share of each trade, which in practice means a few hundred USDC rather than twenty. A TWAP order needs at least $100 of notional. Start smaller than feels interesting.

Any EVM wallet: Rabby, MetaMask, Coinbase Wallet, Trust and WalletConnect-compatible mobile wallets. Rabby previews what you are signing and switches networks for you, which prevents a class of mistake. Email login also works without a wallet.

Yes. You can log in with an email address and a six-digit code, and a wallet is created for you behind the scenes that you can export later. It is convenient for starting out and not a long-term custody plan for a large balance.

Your funds sit in your own account rather than a company's, and there has been no exploit that drained user balances. The risks that actually cost traders money, in order, are leverage and liquidation, your own operational mistakes, phishing, and bridge risk on the way in and out.

40x, on BTC alone, and it steps down to 20x once a BTC position exceeds $150M of notional. ETH allows 25x, SOL and XRP 20x, and most other markets 3x to 10x. Guides quoting 50x are repeating an older schedule.

Every hour, at one eighth of the computed eight-hour rate. That is more frequent than the eight-hour cycle most centralised venues use, so the cost accrues in smaller and more frequent increments.

In normal operation no, because liquidation closes the position while collateral remains and there is no clearance fee. In a violent move a position can close worse than the calculated liquidation price, which is why position sizing matters more than the theoretical floor.

For a liquidatable position above $100,000, only 20% is sent to the book as a market order, followed by a thirty-second cooldown. It exists so one large position does not crater the order book at once.

Isolated while you are learning, because it caps what one position can lose to the collateral you allocated. Cross is more capital-efficient but links every position, so a loss elsewhere moves this position's liquidation price closer.

Post-only, shown as ALO, rejects your order if it would execute immediately. That guarantees you pay the maker fee, which is about a third of the taker fee at the entry tier, at the cost of possibly not being filled.