Hyperliquid exchange profile

Hyperliquid combines spot and perpetual order books within HyperCore, the trading component of its own blockchain. HyperEVM is the separate general-purpose smart-contract environment connected to that system. Orders, cancellations and liquidations are recorded by the chain; using an application built on HyperEVM can add another developer, contract and set of permissions to the route.[2]

Order capacity and precision are separate restrictions. The default ceiling is 1,000 open orders, rising by one per additional USDC5 million traded to a 5,000 maximum. At 1,000 existing orders, new reduce-only or trigger orders are rejected. Filling the ordinary-order allowance can therefore remove capacity needed for a protective instruction.[12]

The specification caps market orders at US$30 million, US$5 million, US$2 million or US$500,000 according to the instrument’s maximum-leverage band; limit-order ceilings are ten times those amounts. Price precision permits five significant figures subject to decimal limits, with an integer-price exception. Quantity precision comes from each asset’s szDecimals metadata.[8][36]

Tiers use rolling 14-day weighted volume, assessed daily in UTC: perpetual volume plus twice spot volume. The table shows base rates before modifiers.[4]

HYPE staking tiers discount fees by 5%–40%, beginning above 10 HYPE and reaching the maximum above 500,000 HYPE. HIP-3 deployer shares, growth mode, aligned quote assets and quote-token pairs change the effective rate; the base tariff is not universal.[4]

An application can also collect a separately approved builder fee, capped at 0.1% on perpetuals and 1% on spot. It applies to both perpetual sides but not the buying side of spot. The main wallet approves each builder’s maximum; revocation stops that approval. These charges are distinct from the deployer component of a HIP-3 market.[22]

Perpetual funding transfers value between long and short holders each hour; Hyperliquid takes no fee from that payment. The calculation combines a fixed interest component with the contract premium, and uses underlying oracle value rather than mark-price value for the payment base. The published absolute cap is 4% per hour, not a typical expected rate.[11]

For a hypothetical US$20,000 oracle-valued position and a positive 0.01% hourly funding rate, the long pays USDC2 for that interval. Holding it for six identical intervals would cost USDC12. Actual rates and notional change; this illustration excludes trading fees, price movements, builder charges and borrowing interest.[11]

Portfolio margin adds borrowing economics. Insufficient settlement-token balance can create a loan against eligible collateral; HYPE and BTC have published loan-to-value ratios of 0.65 and 0.50. Interest accrues continuously and is indexed hourly. The stablecoin rate depends on utilisation, while the protocol retains 10% of borrowed interest as a liquidation buffer. The displayed lending yield must not be treated as a fixed cash-account rate.[21]

USDC is now natively minted on Hyperliquid, with Circle’s HyperEVM contracts and CCTP transfer routes. The current documentation says the legacy Arbitrum bridge holds less than 10% of HyperCore’s USDC supply. Earlier accounts centred entirely on that bridge no longer describe the full USDC route.[15]

For an outstanding transfer, Portfolio → Deposits & Withdrawals distinguishes pending, completed and failed actions. A completed action has an explorer link for checking its recipient. A failed BTC, ETH or SOL route may require the independent Unit team. The current withdrawal guide uses the estimate in the withdrawal window, so no single fixed settlement deadline is established across networks.[25]

Account equity is not the same as removable margin. For a transfer out of a cross account or isolated position, remaining margin must meet both initial-margin requirements and 10% of total open-position notional. This restriction also covers moves to spot and isolated-margin transfers. A realised gain can therefore remain unavailable for withdrawal while exposure remains open.[9]

Self-custody means the signing key controls the address; it does not eliminate the contracts, consensus or collateral rules used by a trade. The audit page identifies Zellic work on the legacy bridge and separately points to Circle contract audits. These are defined technical reviews, not an audited balance sheet, a per-customer insurance policy or a guarantee against trading loss.[20]

The compromised-wallet guide treats an exposed address as permanently unsafe. It directs users to secure a new wallet, move remaining assets and revoke permissions; a support ticket cannot make an exposed signing key safe again. HyperEVM assets may need separate attention even when HyperCore access has been changed by an unauthorised multisig.[23]

The 15 June 2026 interface terms exclude US and Ontario persons/entities, relevant sanctioned territories and their citizens. Outcome markets have additional exclusions. Access must comply with local law; location-masking does not create eligibility.[1]

Subaccounts become available after US$100,000 volume: initially up to ten, with further US$100 million increments unlocking more to a fifty-account maximum. They share the master’s fee tier, but not referral discounts. This is an operational threshold rather than a separate retail or institutional regulatory classification.[17]

Portfolio margin requires a master account above US$5 million weighted volume or US$10,000 account value, with value below US$25 million. Asset-level supply and borrowing caps also apply; hitting a cap can cause fallback to non-portfolio behaviour. Eligibility for the mode does not ensure that every intended loan can be created.[21]

The reviewed schedules do not establish a periodic inactivity debit. Separately, an API agent can expire or be pruned after deregistration or when its registering account has no funds. That is an authorisation lifecycle, not a published account-wide dormancy charge.[13]

Support warns that a reply may take up to 48 hours, longer over weekends. This channel is not documented as an emergency dealing desk with authority to close a position. Queries about independently developed HyperEVM applications go to that application’s team.[14]

The status page separates frontend, blockchain and API. On 20 October it reported all operational; its 10 October network upgrade ran from 08:15 to a completion notice at 08:35 UTC. A working website alone does not establish that a blockchain order has been accepted.[38]

For API interruptions, the WebSocket documentation requires reconnection and reconciliation of missed data using the returned snapshot or an information request. An unconfirmed display should be checked against actual order status before another instruction is submitted.[37]

The terms require dispute notice within 30 days, including identity, issue and requested remedy. After 30 days without informal resolution, they specify individual LCIA arbitration in London, in English, subject to stated exceptions. Contractual liability is capped at US$100, subject to applicable law.[1]

Hyperliquid Corp.’s terms expressly disclaim governmental licensing or registration of the interface and Hyperliquid. This is the provider’s statement, not a firm-register verification.[1]

Permissionless market deployment is a technical permission within HyperCore. A deployer selects its contract, oracle and settlement operations; that ability does not establish regulatory permission to offer the product to every visitor. The same app can therefore surface markets with different operating responsibilities.[34]

Hyperliquid Corp. provides the reference interface; its incorporation jurisdiction was not established in the inspected terms.[1]

The contributor account identifies Hyperliquid Labs, led by Jeff and iliensinc, and traces the team from proprietary market making in 2020 to DeFi development in 2022. Labs says it is self-funded without external capital. This development-team account is distinct from identifying the interface contracting company or every application built on the chain.[3]

DefiLlama’s 20 October snapshot showed approximately US$208.6 billion in trailing 30-day perpetual notional and US$4.08 billion in spot turnover. These are different measures; the former includes leverage. Neither is a verified count of individual traders, and combined protocol statistics should not be attributed solely to one interface.[39]

Current documentation supports unified, portfolio and Standard modes and discontinues DEX abstraction. Older screenshots can therefore misrepresent the balance aggregation of a newly unified account.[16]

Operator

Hyperliquid Corp. — reference interface

Exchange model

Decentralised

Service scope

HyperCore order books, account modes and associated interfaces; independent builders have additional responsibilities.

Client types

Not established

Pricing publication

Public pricing

Pricing scope

14-day tiers with product, collateral and builder modifiers.

Funding scope

Crypto network-specific routes; Swapped.com supplies the separate fiat on-ramp.

Custody and asset handling

Wallet signing plus chain, collateral and independent application controls; no insured per-client balance established.

Client eligibility

US, Ontario and sanctions exclusions apply to the reference interface.

Support

Official ticket routes; independent application and payment support are separate.

Authorisation and registration scope

Interface terms disclaim governmental licensing or registration.

Exchange metadata checked 20 Oct 2026Source 2Source 1Source 20Source 26Source 14Source 4Source 5

The official history guide links an independently maintained Enigma exporter. Its market-data archive is approximately monthly, requester-paid and may have gaps; it is not a promise of complete tax-ready statements. Keep transaction and funding records together with the wallet addresses and networks needed to interpret them.[28]

API agents sign for a master account or its subaccounts; public account queries use the actual account address rather than the agent address. Replacing or expiring an agent changes signing authority. It does not itself reverse a filled position, so outstanding instructions and exposure require separate reconciliation. The guide cautions against reusing pruned agent addresses because signed actions can become replayable.[13]

The API provides an explicit scheduled cancel-all mechanism: its time must be at least five seconds ahead, with up to ten triggers per UTC day. It cancels open orders, not existing positions. This control has to be configured; merely closing the bot or browser does not request it.[19]

IP limits include 1,200 weighted REST units per minute and ten WebSocket connections. Address action allowances are separately volume-based. Unified and portfolio modes also impose 50,000 daily user actions. An algorithm must account for both classes of limit, including spare capacity for cancellation.[12][16]

The documentation uses “agent wallet” for delegated signing authority. That term does not establish an AI adviser or a managed strategy; the authority granted to an external tool must be assessed separately from whatever analysis it displays.[13]