Hyperliquid: Perp DEX Profile, Fees and Markets | DexPal

Hyperliquid

3/$10k

Trade

Hyperliquid

Supported DEX

Hyperliquid is a purpose-built layer-one blockchain hosting a fully on-chain perpetual futures and spot exchange, best known for perps volume in the billions daily, with over $1B of annualised fees di

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per $10k volume

Volume 24h: $4.8B▲25.04%
Open Interest: $12.2B
Fees 24h: $3.0M
Pairs: 178
Max Leverage: 40x

Asset Categories

Crypto
Indexes
Metals
Prediction Markets

Deposit Networks

Hyperliquid L1

Accepted Collateral

BTC

HYPE

USDC

USDT

Protocol Info

Launch Date

Nov 7, 2023

Raised

$0.0

Open Source

Partially

Last Audit

Nov 27, 2023

Supported Wallets

Coinbase Wallet

MetaMask

Rabby

WalletConnect

Supported Languages

EnglishFrenchChinese SimplifiedKoreanSpanish

Restricted Regions

No Restrictions

Trading and orders

Markets, leverage and the controls available before you enter a position.

Order Matching Model: On-chain Clob
Max Leverage: 40
Margin Modes: Isolated Cross
Supported Order Types: Market Orders, Limit Orders, Stop Orders, TWAP, Maker Rebates, Partial Close
Min Position Size: $10
Position Hedge Mode + Isolation Level: Yes

More about trading and orders

Subaccount Support: Yes
Reduce-Only Orders: Yes
TP/SL on Entry: Yes
Leverage by Asset Tier: Major assets: BTC 40x, ETH 25x, SOL 20x (tiered by position size)
Time In Force Options: Gtc
Portfolio Margin: Yes

Costs and funding

Trading charges, discounts and the cost of keeping a position open.

Trading fee model: Maker/Taker
Maker Fee (Base): 0.015%
Taker Fee (Base): 0.045%
Funding Rate Interval: 1 Hr
Liquidation Fee / Penalty: 0.0000%
Fee Discount Mechanism: Referral, Volume Tiers

More about costs and funding

Variable Pair-Fee Schedule: Yes
Funding Rate Calculation: Dynamic
Funding Rate Cap: 4.0000%
Gas Fees — Order Management: No per-order gas charge observed: placing/canceling orders on Hyperliquid's own L1 (HyperCore) showed no wallet gas prompt or fee line distinct from the trading fee itself in this session; gas is only relevant to bridging USDC to/from Arbitrum for deposits/withdrawals, not to order placement or cancellation.
Fee Inclusion Notes: HIP-3 deployers can set additional fee share 0-300% (0-100% in growth mode); share >100% also raises protocol fee to match deployer fee
Zero-Fee Promotion: No

Collateral and exits

What you can deposit, where funds are held and how you get them back.

Accepted Collateral Types: USDC, Native Token, BTC
Account Model: Wallet-Based
Withdrawal Fee: Other
Withdrawal Settlement Time Median: Chain Dependent
Cross-Chain Deposit Method: CCTP (Circle Cross-Chain Transfer Protocol) and various bridges including Across, deBridge, and others
Multi-Collateral Support: Yes

More about collateral and exits

Yield on Idle Collateral / Equity: Other

Security and risk

Audits, liquidation rules and who can change the system.

Audit Firms: Zellic
Most Recent Audit Date: Nov 27, 2023
Oracle Provider(s): Proprietary Oracle
Liquidation Mechanism: Partial chunking (20% of position) with backstop liquidation
Insurance Fund Mechanism: Liquidator vault (HLP) - community-owned and operates as component of HLP
Open Source Code: Partially

More about security and risk

Negative Balance Protection: Yes
Mark vs Last Price Liquidation: Mark Price

Token and rewards

Token utility, points and referral programmes available to traders.

Native token lifecycle: Launched
Ticker/Token Symbol: HYPE
Has Points Program: No
Points System Name: points
Points Earning Mechanism: weekly activity distributions (Wed-Thu); affiliates 1 point per 4 points earned by referred users; recurring criteria updates; closed-alpha points through 2023-10-31
Referral Program Exists: Yes

More about token and rewards

Referee Discount %: 4
Rewards Programs: Referrals, Token Staking
Token Use Cases: Fee Discount, Buyback Target

Access and experience

Regional restrictions, wallet requirements and ways to use the venue.

Native Chain: Hyperliquid L1
Mobile App: Browser App
Gas Abstraction: L2 Native No Gas
Trading surfaces and pre-trade views: Web App
Email/Social Login: Yes

Venue notes

development fully self-funded with no VCs or external capital Position Hedge Mode + Isolation Level: No per-pair hedge mode. The only position-mode control on the ticket is margin mode, and the 'BTC-USDC Margin Mode' dialog offers exactly two options, Cross and Isolated; the ticket tracks a single 'Current Position' per market and the Pro order-type menu (Chase, Scale, Stop Limit, Stop Market, Take Limit, Take Market, TWAP) contains no one-way/hedge switch. Risk isolation is available per-pair via Isolated margin and per-account via More > Sub-Accounts. Has Native Collateral: No native collateral asset (stablecoin or LST) observed live. CONFIRMED FACT: collateral is USDC, bridged in from Arbitrum; HYPE is the venue's staking/governance/gas token, not a deposit collateral. Zero-Fee Promotion: No sitewide zero-fee promotion observed live. However, the published fee ladder itself reaches 0% maker at higher volume: Base-rate maker fee is already 0.000% from Tier 4 (>500M 14d volume) onward, and is 0.0000% from Tier 2 (>25M) onward under the Diamond/Platinum staking columns.

Tier	14d Volume	Staked HYPE	Maker Fee	Taker Fee	Discount
1	<$5m	10+	0.0400%	0.0700%	5%
2	>$5m	100+	0.0300%	0.0600%	10%
3	>$25m	1,000+	0.0200%	0.0500%	15%
4	>$100m	10,000+	0.0100%	0.0400%	20%
5	>$500m	100,000+	0.0000%	0.0350%	30%
6	>$2b	500,000+	0.0000%	0.0300%	40%
7	>$7b	-	0.0000%	0.0250%	-

Hyperliquid

Trading and orders

Costs and funding

Collateral and exits

Security and risk

Token and rewards

Access and experience

Trading pairs

Fee tiers

Stake & Volume-Based Fee Tiers

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