HYPE-PERPCrypto · DeFiTrade Hyperliquid (HYPE) Perpetual Futures
Go long or short on Hyperliquid with up to 100x leverage. No KYC, no sign-up: connect your wallet and trade 24/7.
- No KYC
- No sign-up
- Self-custody
- Up to 100x leverage
- Mark price
- 88.004
- 24h high
- 88.751
- 24h low
- 86.406
- 24h volume
- 972.5K USDT
Hyperliquid is a layer-1 blockchain built primarily to run a fully on-chain order book exchange, best known for perpetual futures trading. It is developed by Hyperliquid Labs, co-founded by Jeff Yan, and the project did not raise outside venture capital. HYPE is the native token, used for staking, gas and governance.
The chain runs its own consensus protocol, HyperBFT, and is split into two parts that share the same state. HyperCore handles the order books, margining and liquidations for perpetual and spot markets, with orders, cancellations and trades recorded on-chain. HyperEVM is an Ethereum-compatible environment where developers can deploy smart contracts that interact with HyperCore's liquidity. The protocol also runs a community vault that provides liquidity and an assistance fund that uses trading fees to buy HYPE on the open market.
HYPE launched in late 2024 with a large airdrop to users of the exchange. Traders follow it because its value is closely linked to activity on one of the largest decentralized derivatives venues.
HYPE's price is tied to trading activity on Hyperliquid. Higher volume generates more fees, and a large share of those fees goes toward buying HYPE on the market, so volume, open interest and fee revenue are closely watched. Growth in HyperEVM applications and in stablecoin deposits on the chain also signal demand.
On the supply side, scheduled unlocks of tokens allocated to core contributors add selling pressure. Competition from other decentralized and centralized derivatives exchanges, incidents involving manipulation of thinly traded markets on the platform, and regulatory attitudes toward offshore derivatives trading all affect sentiment, alongside the overall direction of the crypto market.
The HYPE perpetual is a futures contract on the price of Hyperliquid with no expiry date. You never own Hyperliquid itself: you go long if you expect the price to rise or short if you expect it to fall, and settle profit and loss in USDT.
You choose your leverage, up to 100x. Margin is cross: your whole perpetual balance backs every open position. Positions are valued at a mark price taken from market data, which can differ from the last trade, and an order more than 20% away from the mark price is rejected.
- 1Connect a wallet. Connect MetaMask, or log in with email or Google, and sign the login message.
- 2Deposit USDT. Deposit USDT and move it to your perpetual account to use as margin.
- 3Choose long or short and your leverage. Open the HYPE market, pick a direction and leverage, and place a market or limit order.
- 4Manage the position. Set a take-profit or stop-loss, add margin, or close the position whenever you like.
| Topic | Max Orion | Centralized exchange |
|---|---|---|
| Sign-up | No KYC: connect a wallet and sign a message | Email, password and identity checks |
| Your account | Your wallet address is your account | A username held by the exchange |
| Orders | Every order is signed by your wallet | Orders sent under a logged-in session |
| Hours | Crypto, gold and oil, 24/7 | Commodities often follow market hours |
Leverage multiplies losses as well as gains. If the Hyperliquid price moves against your position far enough that your perpetual balance, including unrealized losses, falls below the maintenance margin, positions are closed automatically at the prevailing price and you can lose your whole balance. A stop-loss becomes a market order when triggered and is not guaranteed to fill at its price. Only trade with money you can afford to lose. Hyperliquid's token is generally more volatile than bitcoin and ether, reflecting its shorter history and sensitivity to activity on a single platform.
Frequently asked questions
A HYPE perpetual is a futures contract on the price of Hyperliquid with no expiry date. You go long if you expect the price to rise or short if you expect it to fall, post margin in USDT, and keep the position open for as long as your margin covers it.
You can trade Hyperliquid perpetuals with up to 100x leverage. The higher the leverage, the smaller the price move against you that liquidates the position.
No. There is no KYC and no sign-up form. You connect a wallet and sign a message to log in — self-custody wallet sign-in, with no password — then deposit USDT to start trading.
Every market settles in USDT, with cross margin: your whole perpetual balance backs all of your open positions, so a profit on one adds margin to the others and a loss on one reduces the margin left for all of them.
A perpetual has no expiry, so a periodic funding payment between longs and shorts keeps its price close to the underlying market. When the perpetual trades above the underlying, longs pay shorts; when it trades below, shorts pay longs.
A maker order, which waits in the order book, pays 0.02% of its value. A taker order, which fills immediately, pays 0.06%.
Leverage multiplies losses as well as gains. If the price moves against your position far enough that your margin no longer covers it, the position is liquidated and the margin is lost. Only trade with money you can afford to lose.
