Hyperliquid Perps and Spot

Hyperliquid is a trading venue that runs on its own chain, with its own order book and its own USDC balance. Before you fund it, it helps to know the three kinds of market you will find there.

What it is

• Perps are contracts that track a price without an expiry. You can go long or short and use leverage. You pay or receive a funding rate while the position is open.
• Spot is buying and selling the token itself, such as HYPE.
• HIP-3 markets are perps listed by independent deployers on Hyperliquid. This is where you find perps on stocks, indices, commodities, FX pairs and pre-IPO names. Their symbols carry a prefix, for example xyz:NVDA.

A perp is not the underlying asset. A stock perp gives you price exposure only, with no shareholder rights. HIP-3 markets are run by third-party deployers who set the price source and contract terms, so check a market before you trade it. As on every venue, each order needs your confirmation before it is sent, and nothing here is financial advice. Leverage can lose your whole margin.

Before you trade

Hyperliquid accepts USDC only, not USDT and not USDC.e, so funding comes down to getting USDC onto Arbitrum and depositing it.

Ask in the app

Once your balance shows up, try prompts like these in the chat:

• “What is my Hyperliquid balance and what positions do I have open?”
• “Which stock perps can I trade on Hyperliquid? Show today’s move for NVDA and TSLA.”
• “What are the five highest funding rates right now, with open interest?”
• “Long 0.1 ETH at 3x with a stop-loss 3% below entry. Show me the order first.”
• “Buy 50 dollars of HYPE on spot.”
• “Withdraw 200 USDC from Hyperliquid to Arbitrum.”

Good to know when you ask:

• Say the size in dollars or in units. The agent converts dollars to the right size for that market.
• Name a price for a resting limit order. Without a price, the agent treats “buy now” as an order that fills against the book.
• Say the leverage if you want to change it. Otherwise the market’s current setting is used.

Orders you can place

You describe the order in plain words. The table shows what to ask for in each case. You can also change leverage, switch between cross and isolated margin, add or remove isolated margin, and modify or cancel open orders.

From your own agent

From your own agent, the same trades go through the hyperliquid tool, where you pick an action. A typical flow is get_perp_categories or get_market_metas to find the market, get_account_summary for the balance, place_order to trade, get_open_orders and get_user_fills to follow up, withdraw_to_arbitrum to cash out. Request shapes have a few sharp edges, so read Hyperliquid tool first.

Limits

• USDC is the only deposit currency. A small number of HIP-3 markets use USDH as collateral; the agent tells you when one does, and you get USDH by swapping USDC on Hyperliquid spot.
• Withdrawals go to your own address on Arbitrum and take about 5 minutes.
• Hyperliquid rejects prices too far from the current market, and sizes that do not match a market’s size precision.
• There is no practice mode. Start small.

FAQ

Next