Protocol Explainers

Bridge USDC to Hyperliquid via Arbitrum One in under a minute. Minimum 5 USDC deposit, 1 USDC withdrawal fee. Step-by-step guide to funding your account.

Hyperliquid portfolio margin unifies spot holdings and perpetual positions under a single account, letting traders use shared collateral across all positions. Instead of posting separate margin for each trade, the system calculates net risk across your entire portfolio — reducing capital requirements by over 30% for hedged positions and enabling strategies like cash-and-carry arbitrage directly on-chain.

Anthropic builds Claude, one of the most capable AI model families in the world. After a $30 billion Series G at a $380 billion valuation and revenue hitting $19 billion annualized, the pANTHRO perpetual lets you trade its valuation as the AI safety-focused company scales rapidly.

OpenAI is the company behind ChatGPT. After raising $110 billion at a $730 billion valuation in February 2026, it is now the most valuable private company in AI. Hyperliquid's pOPENAI perpetual contract gives you synthetic exposure to its valuation — no accredited investor status required.

SpaceX is the world's most valuable private company, with a potential mid-2026 IPO targeting a $1.75 trillion valuation. Hyperliquid's pSPACEX perpetual contract lets you trade synthetic exposure — no accredited investor status required.

Trade WTI, Brent, and natural gas futures 24/7 on Hyperliquid with up to 20x leverage. How OIL, BRENTOIL, CL, USOIL, and NATGAS differ — and which to trade.

Hyperliquid runs two execution layers on one L1: HyperCore for gasless high-speed trading and HyperEVM for permissionless smart contracts. Here is how they differ, where your funds live, and when to use each.

Hyperliquid offers perpetual futures contracts that track real stock prices via oracle feeds — not actual equities. Here is how equity perps work, what is available through Trade[XYZ], and what you need to know before trading.

Hyperliquid now supports fiat deposits via credit card and bank transfer, powered by swapped.com — letting new users fund accounts without existing crypto holdings.

S&P Dow Jones Indices has officially licensed the S&P 500 to Trade[XYZ] for perpetual futures on Hyperliquid — the first and only licensed S&P 500 perp contract, trading 24/7 in USDC.

Bridge USDC to Hyperliquid in under 60 seconds via Arbitrum, Circle CCTP, or 22+ supported chains. Step-by-step guide to deposits, withdrawals, and fees.

Hyperliquid charges 0.045% taker and 0.015% maker fees per trade. Full 2026 fee schedule, volume-tier discounts, and how to lower costs.

Funding rates decide if you pay or earn holding a perp position. How Hyperliquid's hourly funding works, reading rate signals, and cash-and-carry arbitrage.

Go from zero to your first leveraged trade in under 5 minutes. This guide covers wallet setup, USDC deposits, your first order, margin modes, order types, and fee-saving strategies — no KYC required.

Trade gold, silver, and oil perps 24/7 — even when COMEX is closed. No KYC, start from $10, fees as low as 0.005%. Commodity trading guide for Hyperliquid.

HYPE is the native token of Hyperliquid, the largest on-chain perpetual futures exchange. Used for staking, gas, governance, and fee discounts, HYPE has a unique economic model: zero VC allocation, protocol-level buybacks exceeding $1 billion, and dual burn mechanisms that have made it net deflationary.

Use a Hyperliquid referral code to get a 4% discount on trading fees. Learn how the referral system works, how to create your own code, and how discounts stack with staking tiers.

Market, limit, stop-loss, take-profit, TWAP, and scale orders on Hyperliquid — when to use each, key settings, and execution tips for fills.

21 validators secure Hyperliquid via HyperBFT. How governance works, the JELLY incident's impact on voting, and the decentralization roadmap.

L1 blockchains are shifting from volatile trading fees to stable, recurring revenue by issuing their own stablecoins. Hyperliquid's USDH leads the charge — here's why it matters.

USDH is Hyperliquid's native dollar-pegged stablecoin backed by US Treasuries. It channels reserve yield back into the ecosystem through HYPE buybacks — turning idle collateral into protocol revenue.

Hyperliquid's 2024 airdrop distributed 310M HYPE — worth $1.2B at launch — to 94k users with zero VC allocation. Points system and eligibility breakdown.

How Hyperliquid liquidations work, how to calculate your liquidation price, and risk management strategies for cross-margin and isolated-margin trading.

Delegate HYPE to validators to earn staking rewards with automatic compounding on Hyperliquid. Step-by-step setup, validator selection, trading fee discounts, and how unstaking works.

Everything you need to build on Hyperliquid — SDKs in Python, Rust, TypeScript, and more. API endpoints, block explorers, analytics dashboards, and a curated list of community tools and resources.

HIP-1 defines how tokens are created and launched on Hyperliquid through a Dutch auction system. HIP-2 provides automatic liquidity for every listed token. Together, they power a fully on-chain spot exchange.

Hyperliquid Vaults let anyone deposit capital to earn yield from automated trading strategies. The flagship HLP vault has generated over $122 million in lifetime profits through market making and liquidation backstop.

Trade synthetic exposure to private companies like SpaceX, OpenAI, and Anthropic before they go public. Hyperliquid is the first decentralized exchange to offer pre-IPO perpetual contracts with real price discovery.

Trade stocks, gold, silver, and oil 24/7 — even when Wall Street and COMEX are closed. How Hyperliquid handles off-hours trading, price discovery, and risk management.

Lower fees, self-custody, full transparency, no KYC — how Hyperliquid compares to Binance, Bybit, and OKX across every metric that matters.

HyperEVM is the Ethereum-compatible smart contract layer on Hyperliquid — with native access to the deepest on-chain order book through CoreWriter and precompiles.

Run AI trading bots on Hyperliquid: API endpoints, Python and TypeScript SDKs, agent wallet setup, and zero-gas execution.

Meet the builders launching perpetual markets on Hyperliquid. From pre-IPO stocks to commodities and yield-bearing collateral, each HIP-3 deployer brings something different to the table.

HIP-4 brings fully collateralized outcome contracts to Hyperliquid — enabling prediction markets, options-style payoffs, and event-driven trading with no leverage and no liquidations.

HIP-3 lets anyone deploy a perpetual futures market on Hyperliquid — no approval needed. How builders launch markets, post stake, and earn fees.