Frequently asked questions

Hyperliquid is non-custodial, so you always hold your own funds — there is no exchange account that can freeze withdrawals. The main risks are self-custody mistakes (losing your keys, signing a phishing transaction) and market risk from leverage. Use a hardware wallet, bookmark the official URL, and never share your seed phrase.

No. Hyperliquid is wallet-native and does not require identity verification to trade. You connect a self-custodial wallet and deposit USDC. You are responsible for complying with the laws of your own jurisdiction.

An EVM-compatible wallet (such as MetaMask or Rabby), some USDC to use as collateral, and a small amount of ETH or a supported asset for the bridge deposit. Applying a referral code at sign-up is optional but permanently lowers your fees.

There is no fixed protocol minimum, but you should account for the bridge deposit and a small buffer so you can open a position and still hold margin. Many traders start with a modest amount while they learn the interface.

PERPLIST. Entering it at sign-up applies a 4% discount to your trading fees. The code binds to your wallet the first time you register, so apply it before you place your first trade.

The referral discount takes 4% off your trading fees for the life of the account. It stacks multiplicatively with staking and VIP volume discounts, so active traders and those staking HYPE save meaningfully more over time.

No. The referral relationship is set when your wallet first registers on Hyperliquid. If you have never traded, you can still apply PERPLIST; if you already registered without a code, it cannot be added retroactively.

Base perpetual fees start around 0.045% for takers and 0.015% for makers, then decrease with your 14-day rolling volume. Staking HYPE and using a referral code reduce them further.

Maximum leverage varies by market — major assets support higher leverage than smaller or more volatile ones. Higher leverage means a smaller initial margin and a liquidation price much closer to your entry, so it magnifies both gains and losses.

Hyperliquid settles funding hourly, unlike many venues that use eight-hour intervals. The rate is based on the spread between the perpetual mark price and the oracle price and is capped per hour.

Cross margin shares one collateral pool across all positions and is more capital-efficient but riskier. Isolated margin locks a fixed amount of collateral to a single position, capping the loss on that trade to the assigned margin.

When equity falls below maintenance margin, the position is closed at mark price via market orders. If it cannot be filled, the liquidator vault takes it over, and auto-deleveraging is the final backstop. Liquidation almost always costs more than closing early yourself.

HYPE is used for staking (which secures the network and unlocks fee discounts), governance, and as gas on HyperEVM. It launched through a large community airdrop rather than a sale to insiders.

Yes. Staking unlocks a six-tier discount ladder from 5% (Wood) up to 40% (Diamond) depending on how much HYPE you stake. These discounts stack multiplicatively with referral and volume discounts.

HyperEVM is the Ethereum-compatible smart-contract layer of the Hyperliquid L1. Because it can read HyperCore state directly, apps can build lending, liquid staking and structured products on top of live exchange data without external oracles or bridges.

No. Hyperliquidpedia is an independent educational resource. It is not affiliated with, endorsed by, or sponsored by Hyperliquid or the Hyper Foundation, and nothing on the site is financial advice.