Hyperliquid’s vibe is simple: don’t make traders choose between “onchain transparency” and “exchange-grade tools.” It tries to deliver both—order books, advanced orders, margin, and a serious API—while keeping the critical parts of trading verifiable onchain.
The platform is built around two connected pieces:
- HyperCore: the financial engine, with fully onchain perpetual and spot order books. The docs state that every order, cancel, trade, and liquidation happens transparently.
- HyperEVM: an EVM environment that is not a separate chain and is secured by the same consensus, enabling smart contracts to interact with core trading components.
If you like the feel of a centralized exchange but want the settlement model and transparency of DeFi, Hyperliquid is designed for exactly that lane.
Quick platform snapshot
| Category | Hyperliquid at a glance |
|---|---|
| What it is | Decentralized Layer-1 optimized for trading with fully onchain order books (perps + spot) |
| Core architecture | HyperCore (onchain order books) + HyperEVM (EVM environment secured by the same consensus) |
| Main markets | Perpetual futures + spot trading |
| Margin | Cross margin and isolated margin |
| Leverage | Max leverage varies by asset; documentation references 3x–40x ranges depending on the market |
| Base fees (Tier 0) | Perps: 0.045% taker / 0.015% maker • Spot: 0.070% taker / 0.040% maker |
| Volume tiering | Rolling 14-day weighted volume, assessed daily (spot volume counts double toward tiers) |
| Discounts | HYPE staking tiers (up to 40% fee discount) + referral discount (4% on first $25M volume) |
| Earn products | Protocol vaults (notably HLP) that provide liquidity and participate in liquidations |
| Developer tools | REST + WebSocket API, API wallets, exchange endpoint, info endpoint |
| KYC | Not required for normal onchain trading flows in the public docs; certain Foundation programs require KYC/KYB |
| Restrictions | Foundation materials list restricted jurisdictions for some programs; interface access is subject to restrictions under Terms |
1) Background: what Hyperliquid is (and who runs it)
Hyperliquid is described in its official documentation as a trading-focused blockchain and exchange ecosystem rather than a typical company-led platform. Public documentation emphasizes protocol components (HyperCore/HyperEVM), trading rules, fees, and developer endpoints more than executive structure.
A significant part of ecosystem operations and programs is associated with the Hyper Foundation (referenced across official materials and programs).
2) Full list of Hyperliquid products and services (complete catalog)
A) Perpetual futures (Perps)
- Perpetual markets with wallet-based trading
- Cross margin and isolated margin support
- Funding and liquidation mechanics typical of perp venues, with risk parameters varying by market
B) Spot trading
- Spot order books (not AMM pools)
- Spot markets integrate with the same fee-tier system as perps (with different fee schedules)
C) Advanced order types
Hyperliquid documents multiple order types, including:
- Market
- Limit
- Stop Market (triggered when price reaches a chosen trigger level)
- Take Profit / Stop Loss (TP/SL) orders (triggered using mark price)
- TWAP orders (target execution over time with periodic suborders)
D) Margin system (cross vs isolated)
- Cross margin: collateral is shared; unrealized PnL can automatically become available as margin for new positions
- Isolated margin: margin is scoped to a specific position; users can add/remove margin after opening
E) Liquidations and backstop mechanisms
Hyperliquid documents liquidation events when equity falls below maintenance requirements. It also describes a backstop liquidation pathway that can route positions through a liquidator vault when book liquidation isn’t successful quickly enough.
F) Protocol vaults and “Earn”
Hyperliquid supports protocol vaults; the flagship example is:
Hyperliquidity Provider (HLP)
- A protocol vault that provides liquidity through market making strategies
- Performs liquidations, supplies USDC into Earn-related flows, and accrues a portion of trading fees
- Deposit users share in the vault’s PnL (profits and losses)
G) HYPE staking
- Staking is documented at the protocol level, with a reward-rate formula that varies with total HYPE staked
- Staking is also linked to trading perks via fee-discount tiers (see Fees section)
H) Referrals
- Referral codes provide a 4% fee discount for a new trader’s first $25M in volume (referral rewards and discount limits are documented)
- Referral rewards and discounts have defined applicability rules (for example, vaults are treated separately)
I) Builder programs (for integrators)
Hyperliquid also documents “builder” tooling, such as:
- Builder codes that allow builders to receive a fee on fills they submit on behalf of users (with user-approved caps)
J) Developer API and automation stack
Hyperliquid’s official developer docs include:
- REST endpoints (notably info and exchange endpoints)
- WebSocket feeds
- API wallets and nonce/rate-limit guidance
K) Bridging and deposits
Hyperliquid documents a bridge deposit flow:
- Native USDC deposits are credited in under 1 minute (as described)
- Minimum deposit is 5 USDC; sending less than the minimum is documented as not credited and lost
3) Fees and costs (exact numbers)
Hyperliquid publishes fee schedules and tier mechanics.
A) How fee tiers work
- Fees are based on rolling 14-day volume and assessed daily (UTC end-of-day)
- There is a single tier across assets, and spot volume counts double toward fee tiers
- Maker rebates are paid continuously to the trading wallet
B) Base trading fees (Tier 0)
Perpetuals (Tier 0):
- Taker: 0.045%
- Maker: 0.015%
Spot (Tier 0):
- Taker: 0.070%
- Maker: 0.040%
Higher volume tiers reduce these fees (and in some tiers maker can reach 0.000% in the published schedule).
C) HYPE staking fee discounts (tiered)
Hyperliquid documents trading fee discounts based on HYPE staked:
- Wood (>10): 5%
- Bronze (>100): 10%
- Silver (>1,000): 15%
- Gold (>10,000): 20%
- Platinum (>100,000): 30%
- Diamond (>500,000): 40%
D) Referral discount
- Using a referral code gives a 4% discount on fees for the trader’s first $25M in volume.
E) Network costs
Trading occurs on Hyperliquid’s chain design; users still pay costs associated with actions like deposits/withdrawals and other onchain interactions where applicable (for example, bridging and smart-contract actions on HyperEVM).
4) KYC and AML
Hyperliquid’s public trading documentation focuses on wallet-based access and does not present a standard “identity verification onboarding” flow for normal trading.
However, official Foundation programs explicitly state KYC/KYB requirements for certain activities (for example, the Foundation’s delegation program and bug bounty eligibility rules require successful KYC/KYB completion).
5) Availability and restricted jurisdictions
Hyperliquid’s interface is governed by Terms and restrictions. Additionally, Hyper Foundation materials for certain programs explicitly mention restricted jurisdictions “including, but not limited to”:
- Ontario, the United States, Cuba, Iran, Myanmar, North Korea, Syria, and certain Russian-occupied regions of Ukraine.
In practice, availability can differ by product (trading vs Foundation programs vs validator/delegation participation), and restrictions may be enforced at the interface level.
Who Hyperliquid is best for
- Traders who want order-book perps and spot without custodial accounts
- Power users who need cross/isolated margin, advanced orders (TP/SL, TWAP), and a serious API
- Builders running automated strategies via REST/WebSockets and API wallets
- Users who understand that “exchange-like UX” doesn’t remove smart contract, liquidation, and protocol risks
FAQ
- What is Hyperliquid?
A decentralized Layer-1 trading ecosystem with fully onchain order books for perpetual futures and spot markets. - Does Hyperliquid use AMMs?
No—Hyperliquid emphasizes order books (HyperCore), where orders and trades are recorded onchain. - What are Hyperliquid’s base fees?
At Tier 0, perps are 0.045% taker / 0.015% maker, and spot is 0.070% taker / 0.040% maker (with lower fees at higher volume tiers). - How do fee tiers work?
Fees are based on rolling 14-day weighted volume, assessed daily. Spot volume counts double toward tier progression. - Can I reduce fees?
Yes. Hyperliquid documents HYPE staking discounts up to 40%, and a 4% referral discount for the first $25M of a trader’s volume. - What is HLP?
HLP is a protocol vault that provides liquidity via market-making strategies, participates in liquidations, and accrues a portion of trading fees—depositors share the vault’s PnL. - Does Hyperliquid support cross and isolated margin?
Yes. Both are documented, with different behavior for margin usage and how unrealized PnL is applied. - What order types are supported?
Hyperliquid documents market, limit, stop market, TP/SL, and TWAP orders. - How do deposits work?
A documented bridge flow credits native USDC deposits in under a minute, with a 5 USDC minimum (smaller deposits are not credited). - Does Hyperliquid require KYC?
Normal trading docs don’t describe a standard KYC onboarding flow, but official Foundation programs (like delegation and bug bounty eligibility) explicitly require KYC/KYB. - Which countries are restricted?
Foundation materials list restricted jurisdictions for some programs including Ontario, the U.S., Cuba, Iran, Myanmar, North Korea, Syria, and certain Russian-occupied regions of Ukraine; interface access is subject to restrictions under Terms.