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TradeStart here1 page
Start here: tradingFoundationWhere a trader stands in the house, which floors every order touches, what you use to trade, and a reading order from a first trade to professional practice.
TradeTrading fundamentals6 pages
Accounts, deposits and your first tradeFoundationTrading on Hyperliquid needs an EVM address, a deposit that lands on HyperCore and one gas-free signature; then every order is an on-chain transaction.Order types and time in forceFoundationEvery order on HyperCore is a limit order with one of three time-in-force rules, Gtc, Ioc or Alo; a market order is a limit order with a worst acceptable price.Take profit, stop loss, TWAP and scale ordersPractitionerTrigger orders wait for the mark price, then send an ordinary order with a worst price; TWAP and scale orders split one decision into many limit orders.Fees, tiers and rebatesFoundationEvery fill pays a maker or taker fee set by one 14-day volume tier, cut by staked HYPE and referral codes, with rebates for the largest makers.Entry price and PnLFoundationEntry price and PnL are display conventions computed from your fills; HyperCore itself margins cash and signed position size.Self-trade preventionPractitionerWhen an order would fill against the same address's resting order, HyperCore cancels the resting one: no fill, no fee, and the incoming order carries on.
TradePerpetuals9 pages
What a perpetual future isFoundationA perpetual future is a contract on an asset's price that never expires, kept close to that price by an hourly payment between longs and shorts.Contract specificationsPractitionerEvery Hyperliquid perp is a linear contract on 1 unit of its asset, defined by size decimals, maximum leverage, a margin table and a margin mode.FundingPractitionerFunding is an hourly payment between longs and shorts, set by how far the perp trades from the oracle price, that ties a contract with no expiry to its index.Margin: cross, isolated and margin tiersPractitionerMargin is the collateral behind a perp: initial margin to open, maintenance margin to stay open, shared in cross mode or ring-fenced in isolated mode.Leverage and liquidationPractitionerBelow maintenance margin, positions go to the order book as market orders; below two thirds of it, the liquidator vault takes them over.Auto-deleveragingExpertWhen an account goes below zero, auto-deleveraging closes the most profitable, most leveraged opposing positions at the previous mark price, leaving no bad debt.Hyperps and index perpetualsPractitionerHyperps fund against a moving average of their own mark price until spot trading exists; index perps track a formula the validators publish.AMM-priced perpetualsExpertSome perps price off a Uniswap V2 or V3 pool instead of exchange spot prices, and are isolated only, with margin locked in until the position closes.DelistingPractitionerWhen validators vote to delist a perp, positions settle at the 1-hour time-weighted oracle price before the vote and no new orders are accepted.
TradeSpot3 pages
Spot marketsFoundationA spot market on HyperCore swaps one token balance for another on an on-chain order book, fully funded, with no funding or liquidation, under pair names like @107.Native tokens for tradersFoundationA HIP-1 token is a capped-supply token native to HyperCore whose supply, genesis split, deployer and launch liquidity are public state a buyer can check.Hyperliquidity for tradersPractitionerHyperliquidity is a protocol-run ladder of post-only orders 0.3 per cent apart, refreshed at most every 3 seconds, that gives a new token two-sided liquidity without a market maker.
TradeOutcome markets4 pages
What an outcome market isFoundationAn outcome market trades fully collateralised contracts on an event: every Yes and No pair is backed by 1 unit of quote token and always redeems for exactly 1.Market shapes: binary, labelled, multi-outcome, price bucket, scalarPractitionerEvery HIP-4 market arranges the same Yes and No outcome into one of five shapes: price binary, labelled binary, multi-outcome question, price buckets or scalar.Split, merge, negatePractitionerFour conversions turn collateral into outcome positions and back at exactly 1 per complete set, which keeps related outcome books priced consistently.SettlementPractitionerSettlement posts one fraction per outcome, converts every Yes to it and every No to the rest in the quote token, then prunes the outcome from the live list.
TradeAccounts and credit5 pages
Account modes: standard, unified, portfolio marginPractitionerAn account's mode decides whether its spot and perp balances are one pool or several, which assets back perps, and whether a 50k daily action cap applies.Portfolio marginExpertPortfolio margin treats an account's cross perps and spot balances as one portfolio, borrows against HYPE and BTC, and liquidates when its ratio passes 0.95.Borrowing and lendingPractitionerHyperCore lends USDC and USDT against HYPE or BTC at a fixed loan-to-value, on a curve where suppliers earn the borrow rate times utilisation times 0.9.Sub-accountsPractitionerA sub-account is a separate HyperCore account with its own address, balances, margin and rate limits, signed for by a master account whose fee tier it shares.API wallets and agentsPractitionerAn API wallet is a key the master account approves to sign trades for it: it can place and cancel orders but cannot withdraw or send funds to another address.
TradeAdvanced trading4 pages
Market making on HyperliquidExpertMarket making on Hyperliquid is post-only quoting on an on-chain book with no special terms, where repricing, reconciliation, nonces and shutdown decide survival.Latency, priority and infrastructureExpertHyperliquid latency is set by distance to Tokyo, consensus and your own round trips, and the protocol sells read and write priority for fees that are burned.Carry: funding, basis and borrowExpertCarry on Hyperliquid is set by three published rates, hourly funding, the spot-perp basis and the borrow rate, each computable before a position is taken.Risk playbookPractitionerMost losses on Hyperliquid come from liquidation distance, shared margin, funding, auto-deleveraging and operational slips, each checkable before sizing up.
TradeIncentives2 pages
ReferralsFoundationA referrer earns 10% of a referred trader's fees for that trader's first $1B of volume, and the referred trader gets a 4% fee discount on their first $25M.Points (historical)FoundationHyperliquid ran two points programmes: 1M points a week from November 2023 to May 2024, then 700k a week in an L1 phase from May to November 2024.
LearnWhat Hyperliquid is and how it works
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First principles
Consensus and validators
HyperCore
Research
For the press
TradeMarkets, margin and risk
Start here
Trading fundamentals
Perpetuals
Spot
Outcome markets
Accounts and credit
Advanced trading
Incentives
BuildApps, bots and contracts
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Build on HyperCore
Build on the HyperEVM
DeployLaunch and run markets
Start here
The HIPs
Deploy markets
ReferenceEvery number, action and term
Look up
Protocol tables

Points (historical)

Foundation

Hyperliquid ran two points programmes: 1M points a week from November 2023 to May 2024, then 700k a week in an L1 phase from May to November 2024.

Points rewarded users for their activity, one week at a time. The docs say they were meant for users who contribute to the protocol’s success. Both programmes have ended, and the docs describe no current one.

Two programmes, scored weekly

Section titled “Two programmes, scored weekly”

The first programme followed points for the closed alpha. Its criteria were updated on a recurring basis and never published in the docs. Referrers, called affiliates in the docs, earned 1 point for every 4 their referred users earned: 25 per cent. If your referred users earned 400 points in a week, you earned 100.

The L1 phase followed. Activity in the gap before it received a multiplier whose size the docs do not state. The docs also reserve Hyperliquid’s right to modify previous point distributions at its sole discretion.

The numbers

Section titled “The numbers”
Period Dates Points per week
Closed alpha up to 31 October 2023 not stated
First programme 1 November 2023 to 1 May 2024 1,000,000
Gap 1 to 28 May 2024 not stated; this activity received a multiplier
L1 phase 29 May 2024 to November 2024 700,000
Rule Value
Weekly activity window ends Wednesday 00:00 UTC
Distribution day Thursday
Affiliate points 1 for every 4 earned by referred users

The first programme ran exactly 26 weeks (182 days, Wednesday to Wednesday), so its weekly figure implies about 26 million points. That total is arithmetic on the docs’ numbers, not a figure they state.

Referrals and fee discounts today

Section titled “Referrals and fee discounts today”

Today’s incentives are the fee schedule, referrals and staking discounts on fees. Referrers earned points then; now they earn a share of fees.

What the docs leave out

Section titled “What the docs leave out”
  • The docs give no total for either phase, and the L1 phase’s end only as a month, so its length is uncertain to within a month.
  • The docs do not say what points were later exchanged for, and neither does this page.

For the dates around both programmes, see the timeline; for the native token, see HYPE.