Trade Perps. Go Hyper. The #1 Perpetuals DEX on HyperEVM

HyperLiquid Perps is a decentralized perpetuals trading protocol built on HyperEVM. It allows traders to go long or short on 100+ crypto assets with up to 50× leverage, using USDC as collateral — all fully on-chain, non-custodial, and without KYC requirements.

HyperEVM is a high-performance EVM-compatible blockchain optimized for DeFi applications, particularly derivatives and perpetuals trading. It features sub-second block times, deep liquidity, and full compatibility with standard EVM wallets like MetaMask, Rabby, and WalletConnect.

HyperLiquid Perps offers up to 50× leverage on major markets (BTC/USDC, ETH/USDC), up to 25× on mid-cap assets (SOL, AVAX, ARB, OP), and up to 20× on smaller-cap perpetuals markets. Leverage can be adjusted in real-time using isolated or cross-margin modes.

HyperLiquid Perps charges 0.035% taker fees and offers a 0.02% maker rebate — meaning you earn fees by providing limit order liquidity. HYPE token stakers receive up to 50% fee discounts. There are no deposit or withdrawal fees beyond standard network gas costs on HyperEVM.

USDC is the primary collateral for all perpetuals positions. You can also use USDT and native HyperEVM assets as collateral in certain vault strategies. The bridge supports depositing from Ethereum, Arbitrum, Base, Optimism, BNB Chain, Polygon, and Solana.

The native bridge supports moving assets to and from HyperEVM from 10+ source chains including Ethereum, Arbitrum, Base, Optimism, BNB Chain, Polygon, Solana, and more. Bridge transfers typically complete in 15–45 seconds depending on the source chain's finality speed.

HYPE is the native governance and utility token of HyperLiquid Perps. HYPE holders can stake to earn a share of protocol trading fees (distributed in USDC weekly), vote on governance proposals, receive fee discounts, and participate in new market listing votes.

Stake HYPE tokens in the staking contract to earn 20% of all protocol trading fees, distributed weekly in USDC. Staking has a 7-day unstaking period. Stakers also receive tiered fee discounts: Tier 1 (1,000+ HYPE) = 10% off, Tier 2 (10,000+) = 25% off, Tier 3 (100,000+) = 50% off.

HyperLiquid Perps has an AMM-style liquidity pool where LPs provide USDC to earn trading fees. LP positions are tokenized as hlpUSDC, a transferable ERC-20 token. Current LP APY is approximately 24.8% (7-day average), paid in USDC from trading fees and funding rate revenue.

Liquidations follow a four-stage process: (1) Warning notification at 80% margin usage, (2) Partial liquidation at 85%, (3) Full liquidation at 100%, (4) Insurance fund coverage for any socialized losses. The $24M insurance fund ensures no counterparty risk to other traders.

Isolated margin caps your loss to the margin allocated for a specific position — protecting the rest of your account. Cross-margin uses your full account balance as collateral for all positions, allowing more efficient capital use but with greater liquidation risk if multiple positions move against you.

HyperLiquid Perps uses a decentralized oracle network aggregating prices from 5+ major centralized exchanges and 3+ on-chain DEX sources. Prices are updated every 500ms. Manipulation resistance mechanisms prevent single-source attacks from triggering false liquidations.

The funding rate is an 8-hourly payment between long and short holders that keeps perpetual prices anchored to spot. When longs dominate (positive funding), longs pay shorts. When shorts dominate (negative funding), shorts pay longs. Rates are displayed in real-time on each market's trading page.

No. HyperLiquid Perps is fully permissionless and requires no KYC, registration, or account creation. Simply connect your EVM-compatible wallet and start trading. All that is required is a wallet address and USDC collateral on HyperEVM.

Any EVM-compatible wallet works with HyperLiquid Perps, including MetaMask, Rabby Wallet, Coinbase Wallet, OKX Wallet, Trust Wallet, Zerion, and any WalletConnect-compatible wallet. Mobile and desktop wallets are both fully supported.

Yes. The HyperLiquid Perps referral program gives referrers 10% of the trading fees generated by their referred users, paid in USDC, with no cap. Referred users also get a 5% fee discount for their first 30 days. Generate your unique referral code in the app.

HyperEVM can be added to MetaMask or any EVM wallet manually: Network Name: HyperEVM, RPC URL: https://rpc.hyperliquid.xyz/evm, Chain ID: 999, Currency Symbol: HYPE, Block Explorer: https://explorer.hyperliquid.xyz. The app also auto-prompts network addition on first connection.

The minimum order size is $5 USDC notional value on most markets, making HyperLiquid Perps accessible for traders of all sizes. There is no maximum position size, though very large positions (>$10M notional) may have reduced maximum leverage tiers for risk management.

Yes. HyperLiquid Perps offers a comprehensive REST and WebSocket API for algorithmic traders and bots. The API supports order placement, cancellation, position queries, market data, and account management. Rate limits are 1,000 requests/minute for authenticated users. See docs.hyperliquid-perps.com for full API documentation.

HYPE token holders govern HyperLiquid Perps via on-chain proposals and voting. Any holder with 100,000+ HYPE can submit a governance proposal. Votes are weighted by staked HYPE balance. Current governable parameters include: fee rates, new market listings, leverage limits, insurance fund allocations, and protocol upgrades with a 48-hour timelock.

Join the official Discord server for real-time community support, or visit the documentation at docs.hyperliquid-perps.com. For security issues, submit through the Immunefi bug bounty program. The core team and community moderators are active across Discord, Telegram, and Twitter/X.