Hyperliquid.Review

Ultimate Guide to Hyperliquid Perpetuals

Mastering On-Chain Futures with Zero Gas and High Leverage

Cryptocurrency derivatives have long been divided between CEXs (fast but custodial) and DEXs (secure but slow). Hyperliquid breaks this dichotomy by building a custom Layer 1 optimized purely for trading, delivering CEX-grade speed with non-custodial security.

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The Hyperliquid Advantage: Why Trade Here?

Before diving into the "how-to", understand the technical edge that makes Hyperliquid unique:

📊

On-Chain CLOB

Central Limit Order Book model like NASDAQ or Binance. See market depth, place precise limit orders, and avoid slippage.

⚡

Sub-Second Finality

20,000 orders per second with <0.2s latency. Perfect for scalping and high-frequency strategies.

💨

Zero Gas Fees

Place orders, cancel, modify positions—all completely free. Only pay Arbitrum gas on deposits/withdrawals.

Available Assets: 100+ Trading Pairs

Trade everything from majors to emerging tokens:

Majors

BTC, ETH, SOL, BNB, AVAX

DeFi Blue Chips

UNI, AAVE, MKR, CRV

Meme Coins

PEPE, WIF, DOGE, SHIB

Pre-Launch/Points

Unreleased token perps via Hyperliquid's Pre-Launch markets

Margin & Leverage Mechanics

All trading on Hyperliquid is settled in USDC. You don't need to hold the underlying asset (e.g., no BTC needed to trade BTC-USD).

Specifications

Max Leverage

Up to 50x on majors; 10x-20x on altcoins

Collateral

USDC (Bridged from Arbitrum One)

Settlement

USDC

Liquidation

Occurs when Margin Ratio falls below Maintenance Margin

Cross vs. Isolated Margin

✓ Cross Margin

Uses entire account balance as collateral. Useful for hedging or managing a portfolio.

Risk: One bad trade can liquidate entire account

⚠️ Isolated Margin

Assigns specific collateral to each trade. Loss is limited to allocated amount.

Risk: Higher liquidation on wicks if not managed

Professional-Grade Order Types

Hyperliquid supports all the order types you'd find on top-tier CEXs:

1

Market Order

Executes immediately at the best available price

2

Limit Order

Executes only at your specified price (or better)

3

Stop Loss / Take Profit

Triggers a market order when a price condition is met

4

Reduce-Only

Ensures an order only decreases a position, never opens opposite

5

Post-Only

Ensures Limit order is added to book (Maker), not executed immediately

Fee Structure: 3x-10x Cheaper Than Most DEXs

Hyperliquid's fees are designed to be competitive with top-tier CEX VIP levels. Most DEXs charge 0.1% per trade; Hyperliquid is significantly cheaper.

User TierMaker Fee (Limit)Taker Fee (Market)Notes
Standard0.01%0.035%Most competitive for casual traders
VIP (High Volume)0.00%0.02%Passive income potential for market makers
Referral Bonus-4% DiscountAdditional discount on taker fees

💰 Funding Rates

Since these are perpetual contracts (no expiry), price is tethered to spot via Funding Rates:

  • • Positive Funding: Longs pay Shorts (Bullish sentiment)
  • • Negative Funding: Shorts pay Longs (Bearish sentiment)
  • • Frequency: Paid hourly. Check the top bar of trading terminal for current rates.
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Advanced Features for Power Traders

Sub-Accounts

Create multiple sub-accounts under one wallet. Isolate risk, separate long-term trades from scalping bots.

Use Cases:

  • •Separate portfolio strategies
  • •Risk isolation
  • •Account management

API Trading

Robust Python and Rust SDK with generous rate limits. Full L1 data access via websocket.

Use Cases:

  • •Algorithmic trading
  • •Bot development
  • •Secure API agents without withdraw access

Vaults & Copy Trading

Deposit into User Vaults created by top traders. Your funds automatically copy their trades.

Use Cases:

  • •Passive income
  • •Copy top traders
  • •Performance-fee based profit sharing

Risk Management & Liquidation

📉 Liquidation Formula

Liquidation Price = Entry Price × (1 ± 1/Leverage)

Note: Simplified formula. Actual price depends on Maintenance Margin.

⚠️ Important

  • • Liquidation Fee: A portion of remaining collateral goes to Insurance Fund and HLP stakers
  • • Liquidation Engine: Sells position into order book (CLOB model)
  • • Best Practice: Always use Stop Losses. Never rely on liquidation as a stop mechanism.

Step-by-Step: Opening Your First Trade

1

Enter the Terminal

Navigate to the 'Trade' tab

2

Select Pair

Click the ticker (e.g., ETH-USD) in the top left

3

Choose Side

Click 'Buy' for long or 'Sell' for short

4

Set Size

Enter amount in USDC or asset quantity. Adjust leverage with slider

5

Confirm

Click 'Place Order' (Enable Trading on first use)

6

Monitor

Track PnL in real-time in the Positions tab

7

Close

Click 'Market' or 'Limit' to close your trade

Key Takeaways

  • ✓CLOB model ensures fair price discovery with minimal slippage
  • ✓20,000 TPS with <0.2s finality perfect for high-frequency trading
  • ✓Zero gas fees on all trading actions
  • ✓50x leverage available on major pairs with robust liquidation engine
  • ✓Maker fees as low as 0.00% for high-volume traders
  • ✓Professional order types: Market, Limit, Stop, Reduce-Only, Post-Only
  • ✓Sub-accounts for portfolio isolation and risk management
  • ✓API trading with generous rate limits for algorithmic traders
  • ✓Copy trading via User Vaults for passive income
  • ✓Always use stop losses—never rely on liquidation as a stop mechanism

The Future of Derivatives Trading

Hyperliquid represents the convergence of DeFi and TradFi. It offers the autonomy of a DEX with the performance of a high-frequency trading engine. For traders tired of CEX opacity and DEX latency, it is the only logical destination.

Whether you're a casual trader, market maker, or algorithmic bot developer, Hyperliquid provides the tools, speed, and security you need to thrive.

Ready to start trading?

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