Everything you need to understand Hyperliquid
Hyperliquidpedia is a plain-English encyclopedia for the fastest on-chain perpetuals exchange. Learn how it works, what it costs, and how to trade safely — with long-form, no-hype guides for beginners and experienced traders alike.
- Exchange type
- On-chain perpetuals & spot DEX
- Blockchain
- Hyperliquid L1 (HyperCore + HyperEVM)
- Consensus
- HyperBFT (HotStuff-derived DPoS)
- Base perp fees
- 0.045% taker / 0.015% maker
- Collateral asset
- USDC
- KYC required
- No — wallet-native
- Native token
- HYPE
- Referral discount
- 4% off fees with code PERPLIST
What is Hyperliquid?
Hyperliquid is a decentralized exchange for perpetual futures and spot crypto that runs on its own purpose-built Layer 1 blockchain. Unlike most decentralized platforms, it uses a fully on-chain central limit order book with sub-second finality — so the trading experience feels like a centralized exchange, while your funds stay in your own wallet.
It has become one of the highest-volume perpetuals venues in crypto by combining CEX-level performance with genuine self-custody, competitive fees, and a community-owned token, HYPE. Our guides break down each of these pieces in depth.
Read the complete overviewIn-depth Hyperliquid guides
Six long-form explainers covering the platform end to end — from first principles to fees, tokens, vaults, and how it compares to the competition.
What Is Hyperliquid? The Complete Guide
A deep dive into Hyperliquid — the high-performance on-chain perpetuals exchange, its custom L1, HyperCore, HyperEVM, the HYPE token, and how it compares to CEXs and other perp DEXs.
Read guideHow to Sign Up for Hyperliquid & Place Your First Trade
Step-by-step: connect a wallet, apply referral code PERPLIST for a 4% fee discount, deposit USDC, and place your first spot or perpetual trade safely.
Read guideOrder Types & Margin Modes on Hyperliquid
Market, limit, stop, take-profit, scale and TWAP orders, time-in-force flags, and the difference between cross and isolated margin — with worked examples.
Read guideFunding Rates on Hyperliquid Explained
How perpetual funding works, the exact hourly formula Hyperliquid uses, how to read and predict funding, and how traders farm or avoid it.
Read guideHyperliquid Fees Explained (and How to Pay Less)
Everything about Hyperliquid trading fees — maker/taker tiers, spot vs perps, funding, gas, staking discounts, and how a referral code lowers your costs.
Read guideLiquidations & Risk Management on Hyperliquid
How maintenance margin, mark price, backstop liquidations and auto-deleveraging (ADL) work — and a practical playbook to avoid getting liquidated.
Read guideStaying Safe on Hyperliquid: Self-Custody & Security
Wallet hygiene, phishing defense, API wallets, approvals, and the self-custody trade-offs every Hyperliquid user should understand before depositing.
Read guideHyperEVM & the Hyperliquid Ecosystem
The dual-block HyperEVM, how it reads HyperCore state, and a tour of the lending, liquid-staking, structured-product and analytics projects building on Hyperliquid.
Read guideHyperliquid vs Binance, Bybit & dYdX: A Detailed Comparison
How Hyperliquid stacks up against centralized exchanges and other perp DEXs on fees, custody, performance, listings, and risk — with side-by-side tables.
Read guideThe HYPE Token & Staking Guide
What the HYPE token is, how it launched, tokenomics, the staking fee-discount ladder, the unstaking queue, and how staking interacts with the referral discount.
Read guideHyperliquid Vaults Explained: HLP, Risk & How They Work
A complete guide to Hyperliquid vaults — the protocol HLP vault, user vaults, how profit-sharing works, the risks, and why referral discounts do not apply to vault trading.
Read guideQuick answers to get you started
What is Hyperliquid in simple terms?
A decentralized exchange for trading perpetual futures and spot crypto directly from your own wallet, running on its own high-performance blockchain with an on-chain order book — so it feels like a centralized exchange but you keep custody of your funds.
Do I need to complete KYC to use Hyperliquid?
No. Hyperliquid is wallet-native. You connect an EVM wallet and trade — there is no email signup or identity verification step to begin.
What does it cost to trade?
Base perpetual fees are around 0.045% taker and 0.015% maker, with no gas cost on the core order book. Volume tiers, HYPE staking, and a referral code can all lower this further.
Is there a Hyperliquid referral code?
Yes — the referral code PERPLIST gives you a 4% discount on trading fees. It is free and applies automatically when you sign up through the referral link.
Hyperliquid referral code: PERPLIST
New accounts that sign up with code PERPLIST get a 4% discount on trading fees — applied automatically, free, and permanent up to the volume cap. Read the full breakdown on our referral page.
https://app.hyperliquid.xyz/join/PERPLIST