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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.
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Advanced trading
Incentives
BuildApps, bots and contracts
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Build on HyperCore
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Start here
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Protocol tables

What an outcome market is

Foundation

An 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.

An outcome market is a dated contract on an event, with no leverage and no liquidation. BTC above a level at 06:00 UTC, a match winner, the range a price ends in: each pays in one step on a date. HIP-4 requires the whole payout up front, so HyperCore already holds the money and settlement can’t fail for lack of funds (HIP-4).

Say you buy 100 Yes at 0.62. You pay 62 USDC, with no fee on an opening trade.

  • The event happens → your Yes pay 100 USDC, a 38 USDC gain before the settlement fee.
  • It doesn’t → they pay nothing and you lose the 62 USDC.

Split, trade, settle

Section titled “Split, trade, settle”

An outcome has two sides, each a token, usually Yes and No; labels come from sideSpecs in outcomeMeta and can differ, such as Over and Under.

  1. Split. Lock 1 USDC, receive 1 Yes and 1 No; the USDC stays on HyperCore as collateral (all conversions).
  2. Trade. Yes and No share one order book: buying Yes at 0.62 is selling No at 0.38.
  3. Settle. A fraction f from 0 to 1 is posted; every Yes converts to f and every No to 1 - f in the quote token, automatically (settlement).

Before settlement a Yes and a No merge back into 1 USDC; at settlement they pay f + (1 - f) = 1. A pair is always worth exactly 1.

1 USDC held by HyperCore split merge 1 Yes side 0, trades on the book 1 No side 1, same book at 1 - p settlement settlement pays f 1 if the event happened pays 1 - f 1 if it did not TOGETHER ALWAYS 1
One USDC in, one Yes and one No out; together they always pay 1.

A Yes is like a betting slip paying 1 dollar if the event happens, except that traders mint it with its No, an order book prices it, and a standalone outcome may pay a fraction such as 0.66.

The numbers

Section titled “The numbers”
Item Value
Collateral behind one Yes and No pair 1 unit of quote token
Quote token USDC, unless the outcome names another in quoteToken
Payout per Yes f, between 0 and 1
Payout per No 1 - f
Binary settlement f = 1 (Yes wins) or 0 (No wins)
Price range 0.00001 to 0.99999, in steps of 0.00001
Order size whole contracts only
Leverage and liquidation none
Trading fee none on opening trades; charged on closing trades and at settlement (fees)

Reading a price and closing a position

Section titled “Reading a price and closing a position”

A Yes at 0.62 reads, loosely, as a 62 per cent market-implied probability.

  • Fees are one-sided. Over 7,256 mainnet fills measured by a production deployer, buys were billed nothing and sells were charged.
  • Empty books report a mid of 0.5: a placeholder, not a forecast.
  • Mids and marks land on half ticks about a third of the time, so trade against the best bid and ask.
  • Not every market is a probability. A scalar price is an expected payout fraction, and some templates settle a draw or a void at 0.5 (market shapes).
  • There’s no margin to top up. You close by selling, by merging with the opposite side or by holding to settlement.

Where outcome positions live in the API

Section titled “Where outcome positions live in the API”

Outcome positions live in spot balances: spotClearinghouseState lists them, the perp clearinghouseState shows nothing. Each side has one encoding written three ways (asset ids):

encoding = 10 * outcome + side     side 0 = first sideSpecs entry, side 1 = second


outcome 1, side 0   ->  encoding 10
coin    #10             info, WebSocket and fills
token   +10             balances in spotClearinghouseState
asset   100000010       order asset id (100000000 + encoding)

Outcome coins are not in meta.universe; their contexts come from spotMetaAndAssetCtxs, keyed by the # coin.

What has changed since launch

Section titled “What has changed since launch”
  • The quote asset changed once: outcomes launched in USDH and switched to USDC around 2026-06-06. Read quoteToken.
  • New recurring markets open with an empty book and no contracts, until a maker splits collateral and offers both sides.

For the five ways outcomes are arranged, see Market shapes.