Trading terms
| Term | Meaning |
|---|---|
| Basis point | One hundredth of one percent. 100 basis points is 1% |
| Bonding curve | A pool that sells a new token at a price that rises as more is bought |
| Cross margin | All your positions share one pool of collateral |
| Funding rate | A periodic payment between long and short holders of a perp that keeps its price near the underlying price |
| Graduation | The point where a launched token leaves its bonding curve and its liquidity moves to a regular exchange pool |
| HIP-3 | Hyperliquid’s framework for perps listed by independent deployers. Stock, index, commodity, FX and pre-IPO perps are HIP-3 markets |
| HIP-4 | Hyperliquid’s outcome markets: shares in Yes or No outcomes, priced between 0 and 1 |
| Isolated margin | Collateral is set aside for one position only |
| Leverage | Trading a position larger than your collateral. It magnifies gains and losses |
| Limit order | An order to buy or sell at a price you name, or better |
| Liquidation | The venue closing a leveraged position because its collateral is no longer enough |
| Liquidity | How much can be bought or sold without moving the price much |
| Market order | An order that fills now at the prices on offer |
| Perp | A perpetual future: a contract that tracks a price with no expiry |
| Post-only | A limit order that is cancelled if it would fill immediately |
| Prediction market | A market where shares pay out depending on the outcome of an event |
| Reduce-only | An order that can only shrink a position, never open or flip one |
| Slippage | The gap between the price you expected and the price you got |
| Spot | Buying or selling the asset itself, with no leverage |
| Stop-loss, take-profit | Orders that trigger when the price reaches a level you set |
| Tick size | The smallest price step a market allows |
| TWAP | A large order split into slices and worked over a set time |
Order lifetimes
| Term | Meaning |
|---|---|
| GTC | Good till cancelled. Rests until it fills or you cancel it |
| GTD | Good till date. Rests until a time you set |
| IOC | Immediate or cancel. Fills what it can now and cancels the rest |
| FOK | Fill or kill. Fills completely now, or not at all |
| FAK | Fill and kill. Fills what it can now and cancels the rest |
| ALO | Add liquidity only. Another name for post-only |
Wallet and chain terms
| Term | Meaning |
|---|---|
| Bridge | Moving value from one blockchain to another |
| Deposit wallet (Polymarket) | A separate smart-contract wallet for your account that holds the funds Polymarket trades from |
| Embedded wallet | A wallet created for you inside the app when you sign up. Yours is self-custodial, and you can export its keys |
| EVM | The family of chains that share Ethereum’s address format, such as Ethereum, Base, Arbitrum and Polygon |
| Gas | What a network charges to process a transaction, paid in the chain’s native coin |
| Onramp | Buying crypto with a card or bank transfer |
| pUSD | The dollar token Polymarket settles in |
| Robinhood Chain | An EVM chain (chain id 4663) where OpenFinance token launches and tokenized-stock pairs live |
| Smallest unit | A token amount written as a whole number with no decimal point. 1 USDC is 1000000 because USDC has 6 decimals |
| Tokenized stock | A token that tracks the price of a share. It is not the share itself |
| USDC | A dollar stablecoin. The only currency Hyperliquid accepts |
| USDC.e | A bridged form of USDC on Polygon. Some Polymarket winnings arrive in it and must be converted to pUSD |
| USDH | A dollar token used as collateral by a small number of HIP-3 markets on Hyperliquid |
Agent and API terms
| Term | Meaning |
|---|---|
| Action | The operation you pick inside a multi-purpose tool, such as place_order inside hyperliquid |
| AI credits | The balance that pays for model usage in the chat and the inference API |
| API key | A secret that starts with open_ and acts as your account |
| Asset index | The number Hyperliquid uses to identify a market in an order |
| Inference API | An OpenAI-compatible endpoint for calling AI models from your own code |
| MCP | Model Context Protocol, a standard way for AI clients to call external tools |
| OAuth | Signing in through a browser page so your client receives a token instead of a pasted key |
| Skills | Playbooks that teach a coding agent how to use the OpenFinance tools well |
| Streamable HTTP | The transport the OpenFinance MCP server uses |
| Tool | One capability an MCP server offers to an AI client |
Next
Markets overview
See the terms in context.
MCP overview
How agents connect.