Glossary
Order book
Also called CLOB
The list of resting buy and sell orders at each price. On Hyperliquid the book is the blockchain's own state rather than a smart contract or an off-chain database.
Checked against the Hyperliquid documentation 8 Sept 2026 · how we check
Related terms
- HyperCore Hyperliquid's exchange state machine: the order books, margin engine, liquidation logic and oracle prices. Trades here pay no gas because they are not EVM transactions.
- Slippage The difference between the price you expected and the price you got. It comes from order book depth, not from fees, and on thin markets it dwarfs the fee.