How trading on Hyperliquid actually works
These five guides cover the machinery: what each order type does, what leverage is really available, how a liquidation is calculated, and what it costs to hold a position overnight.
Order types
Nine order types and four flags. Post-only is the one that saves you the most money.
Leverage
The real ceiling is 40x, on BTC, and it steps down with position size.
Liquidation
The formula, the partial liquidation rules, and why there is no clearance fee but a backstop still costs you.
Funding rates
Charged hourly, computed from the premium plus a clamped interest term, capped at four percent an hour.
Isolated vs cross margin
One line of the liquidation formula changes, and it decides whether your positions can take each other down.
Every market
Price, funding, open interest and leverage limits per market, refreshed from the API.
Where the liquidity is right now
Depth decides your slippage more than the fee schedule does. Across all 178 markets, $5.11B traded in the last 24 hours and $11B sits in open positions.
| Market | Price | 24h | 24h volume | Open interest | Funding / 1h | Max leverage |
|---|---|---|---|---|---|---|
| BTC | $78,709.00 | -0.53% | $2.24B | $2.7B | 0.00125% | 40x |
| ETH | $2,499.50 | +0.23% | $975.83M | $2.48B | 0.00125% | 25x |
| HYPE | $84.345 | -0.92% | $399.66M | $1.97B | -0.00069% | 10x |
| ZEC | $1,180.80 | +1.76% | $319.06M | $704.18M | 0.00125% | 10x |
| SOL | $104.24 | +0.40% | $143.92M | $585.65M | 0.00078% | 20x |
| PONS | $0.81549 | +12.47% | $116.19M | $122.5M | 0.00125% | 3x |
| PUMP | $0.004419 | +2.36% | $108.62M | $229.74M | 0.00125% | 10x |
| VVV | $23.01 | +30.10% | $77.42M | $53.95M | 0.00881% | 3x |
| XRP | $1.438 | +2.92% | $57.81M | $237.84M | 0.00125% | 20x |
| LIT | $4.88 | +7.10% | $57.27M | $217.43M | 0.00125% | 5x |
| NEAR | $2.378 | +3.06% | $44.26M | $150.48M | 0.00125% | 10x |
| WLD | $0.48074 | +3.62% | $39.4M | $57.73M | 0.00125% | 10x |
All trading guides
- How liquidation works on Hyperliquid, and how to stay away from itreviewed 8 Sept 2026
- Hyperliquid funding rates: the formula and the real costreviewed 8 Sept 2026
- Hyperliquid leverage: the real maximum, per marketreviewed 8 Sept 2026
- Hyperliquid order types explained, and which to use whenreviewed 8 Sept 2026
- Isolated vs cross margin on Hyperliquid: which to usereviewed 8 Sept 2026