How to Use Hyperliquid

Hyperliquid is a self-custody decentralized exchange built on its own HyperBFT Layer-1, designed for traders who want centralized-exchange-style performance without handing over custody or completing identity verification. The practical use case is straightforward: connect a wallet, fund it with USDC, and trade an on-chain order book with gasless signatures. KYC is optional, so onboarding is measured in minutes rather than days, which suits traders moving between venues or those who prefer to keep keys in their own hands.

Supported products cover spot trading across 296 markets and perpetual futures across 271 markets, with leverage up to 40x depending on the contract. Spot fees are 0.04% maker and 0.07% taker, while perpetuals run at 0.015% maker and 0.045% taker, with an available fee discount of 4%. The platform also supports copy trading through vaults and a demo/testnet environment, which is useful for practicing the order panel (Market, Limit, Stop-Loss, Take-Profit, TWAP, and Laddered orders) before risking live funds.

Before signing up, confirm you are not in a restricted jurisdiction. Hyperliquid’s Terms of Use prohibit residents and citizens of the United States and Canada, along with sanctioned regions such as Cuba, Iran, North Korea, Syria, and the Crimea, Donetsk, and Luhansk regions. Because no identity check is enforced at the wallet level, eligibility is the user’s responsibility, so review the current Terms inside the app before depositing. USDC is the base collateral for all markets, and the minimum native bridge deposit is 5 USDC, which is worth verifying inside the deposit screen since limits and fees can change.

Hyperliquid Compatible Wallets

Hyperliquid is a decentralized crypto exchage, so recommended access path is a self custodial wallet, rather than an email and password account. Access is granted by connecting a self-custodial wallet, and you can choose between an existing EVM wallet or an email-based wallet provisioned inside the app. The walkthrough below covers both paths and shows where identity checks fit in.

Option A: Connect an existing EVM wallet

Install a supported wallet: MetaMask, Rabby (which displays HyperEVM balances natively), or a hardware wallet such as Ledger or Trezor paired through MetaMask.
Switch the wallet network to Arbitrum One. This is required before depositing through the native bridge.
Open app.hyperliquid.xyz and click Connect.
Select your wallet from the list and approve the connection request inside the wallet popup.
Sign the gasless approval message that enables trading permissions on the Hyperliquid L1. This signature does not move funds and does not cost gas.
Confirm the wallet address shown in the top-right corner of the app matches the address in your wallet extension.

Security setup for an EVM wallet

Use a dedicated trading wallet. Do not connect the wallet that holds long-term savings or NFTs.
Store your seed phrase offline. Hyperliquid cannot recover a wallet you control yourself.
For larger balances, connect a hardware wallet so trade signatures must be confirmed on the device.
Bookmark the official app URL to avoid phishing clones, and check the address bar before signing any message.

Option B: Create an email wallet inside the app

Go to app.hyperliquid.xyz and click Connect, then choose the Email option.
Enter your email address and submit it.
Open your inbox, copy the one-time verification code, and paste it back into the app.
The app provisions a Privy-powered self-custodial wallet instantly. You do not need a browser extension or a seed phrase to begin.
Approve the in-app signature to enable trading.

Security setup for the email wallet

Treat the email account as part of your wallet security: enable a strong, unique password on the email itself and turn on two-factor authentication at the email provider.
Inside the app’s wallet settings, locate the Export private key option and back the key up offline once you intend to hold meaningful balances. This lets you import the same wallet into MetaMask or Rabby later.
If you want a phone-based login flow, use the email wallet through the official mobile dApp browser rather than entering credentials on unknown sites.

Mobile and hardware options

On mobile, open the app inside MetaMask Mobile’s dApp browser, or use the QR code connection flow from a desktop session.
For hardware security, pair Ledger or Trezor through MetaMask before clicking Connect, so every trade signature is confirmed on the device screen.

Where KYC fits

Hyperliquid does not run a KYC step during wallet connection or before your first trade. You can connect, deposit, and trade without uploading identity documents. The trade-off is that compliance with local law is your responsibility.

Review the current Terms of Use, in particular Sections 1.5 and 3.1.5, before depositing. Restricted jurisdictions include the United States, Ontario (Canada), Cuba, Iran, North Korea, Syria, Crimea, Donetsk, and Luhansk.
If you use the email-wallet path through a third-party fiat on-ramp, that on-ramp provider may run its own identity checks. Those checks are separate from Hyperliquid and apply only to the fiat conversion step.
Verify whether derivatives trading is permitted in your country before opening perpetual positions across the 271 available markets.

Verify your setup before funding

Confirm the connected address inside the Hyperliquid app matches your wallet.
Switch the wallet to Arbitrum One so deposits route through the native bridge correctly.
Try the demo or testnet environment first if you want to click through the order panel before committing real USDC.
Only after these checks, move on to depositing funds.

Which networks does Hyperliquid support?

Hyperliquid runs on its own HyperBFT Layer-1, but the funding rail most users interact with is the native bridge to Arbitrum One. Before you move funds, confirm which network your wallet is connected to and which internal balance bucket on Hyperliquid will receive them.

Primary funding network: Arbitrum One (USDC)

The default deposit path is the native Arbitrum bridge using USDC. To use it:

Switch your EVM wallet to the Arbitrum One network.
Open app.hyperliquid.xyz and click Deposit.
On a first deposit, approve USDC spend for the bridge contract. This Arbitrum transaction needs a small amount of ETH for gas.
Confirm the deposit. Funds typically credit in 1 to 3 minutes.

Send at least 5 USDC. Amounts below the minimum are lost permanently. If your USDC currently sits on a centralized exchange, withdraw it to your own Arbitrum wallet address first, then bridge into Hyperliquid from there.

Other supported chains via third-party bridges

Ethereum mainnet, Solana, Base, Polygon, and 20+ other chains can route in through bridges such as Across Protocol, which convert and deliver USDC to your Arbitrum address.
Hyperunit supports native BTC, ETH, and SOL deposits without first converting to USDC.
If you choose any non-native route, double check the destination chain shown in the bridge UI before signing.

Fiat funding paths

Hyperliquid itself does not take fiat directly. To turn fiat into tradable balance you need to buy USDC (or another supported asset) on a fiat on-ramp and then bridge it to your Arbitrum wallet. The CEM snapshot lists payment methods commonly available through partner on-ramps and connected apps, including card, Mastercard, Visa, Apple Pay, Google Pay, Revolut, Skrill, bank transfer, Paysafecard, PayPal, and Neteller. Inside the app, check the current on-ramp partner and confirm which methods, currencies, and limits apply in your country before paying.

Internal balance buckets to verify

Once funds arrive, they live in one of three internal areas. Confirm where your balance is before trading or withdrawing:

Perps collateral on HyperCore for futures positions.
Spot balance on HyperCore for spot pairs.
HyperEVM balance for smart-contract apps and HYPE gas.

Use the in-app Transfer controls (for example, Transfer to Spot, or Transfer to/from EVM) to move funds into the correct bucket. Funds in HyperEVM cannot be withdrawn directly back to Arbitrum until you move them into HyperCore.

Withdrawal setup

In the app, click Withdraw and enter the USDC amount.
Sign the gasless request on Hyperliquid. You do not need ETH on Arbitrum to initiate this.
A small flat USDC fee on the L1 covers validator costs. Verify the current fee shown in the withdrawal modal.
Your L1 balance is debited immediately; validators then sign and finalize the on-chain release after a dispute period. Funds usually arrive in your Arbitrum wallet within 3 to 4 minutes.

Address and safety checks

Confirm the network selector in your wallet shows Arbitrum One for any deposit or withdrawal involving the native bridge.
Verify the destination address is an EVM address you control on Arbitrum. Do not send to exchange deposit addresses that only support Ethereum mainnet USDC.
Send a small test amount above the 5 USDC minimum before moving larger size on a new wallet.
Bookmark app.hyperliquid.xyz and only initiate deposits from that bookmark to avoid phishing clones.
Review every signature prompt: a deposit approval should reference USDC and the bridge contract, while trading approvals are gasless signatures scoped to the L1.
Use a dedicated trading wallet rather than the wallet that holds long-term savings.
Check the geographic restrictions in the current Terms of Use before funding, since access from prohibited jurisdictions can affect withdrawals.

If any specific method, fee, or supported chain is not visible where you expect it, open the Deposit and Withdraw panels in the app and confirm the active routes, minimums, and flat USDC withdrawal fee currently displayed there before sending funds.

Hyperliquid Fiat Deposit Methods

Once your USDC is funded into your Hyperliquid Spot balance, you can place your first trade directly from the trading interface. The flow below keeps things beginner-safe by sticking to spot orders before touching leverage.

1. Find the market

Open the app and click the market selector at the top of the trading screen. Switch to the Spot tab to filter for spot pairs (Hyperliquid lists 296 spot assets, all denominated in USDC). Type the ticker you want, for example PURR or HYPE, and select it to load the order book and TradingView chart.

2. Confirm you are on Spot, not Perps

The same interface is used for perpetual futures, so check the header label before placing an order. A spot pair will show no leverage selector, no margin-mode toggle, and no funding rate field. If you see those, you are on the perps market and should switch back to Spot.

3. Choose an order type

Market: fills immediately at the best available price. Easiest for a first trade, but you pay the taker fee and can suffer slippage on thin books.
Limit: you set the price; the order rests until matched. If it adds liquidity, you pay the maker fee.
Stop-Loss / Take-Profit: conditional orders that trigger once the market hits your level. Useful for protecting an open spot position.
TWAP or Laddered: split a large order into smaller pieces over time or across price levels.

4. Review the fees before confirming

Hyperliquid charges 0.04% for spot makers and 0.07% for spot takers. High-volume traders can qualify for a 4% reduction. The order ticket shows an estimated cost; check the fee row and the total USDC required before you click. Spot trades on Hyperliquid do not charge gas, so the fee shown is what you pay.

5. Place the order

Enter the size in USDC or in the base asset.
For limit orders, set your price and choose a time-in-force (GTC, IOC, or ALO for post-only).
Click Buy or Sell.
Approve the wallet signature prompt. No on-chain transaction is broadcast for the trade itself.

6. Check your balances and fills

After the order fills, verify the result in two places:

Balances panel: confirm the base asset (the coin you bought) now appears under your Spot balance, and that USDC decreased by the expected amount including fees.
Order history / Fills tab: review the executed price, size, fee paid, and timestamp. For partial fills on a limit order, the remaining size stays open until cancelled.

Remember the internal balance buckets: trading happens against your Spot balance on HyperCore. If you want to move the asset to HyperEVM apps or withdraw it, use the Transfer button to shift it to the correct bucket first.

Moving on to futures (optional)

Hyperliquid also supports perpetual futures across 271 markets, with maker fees of 0.015% and taker fees of 0.045%, and leverage up to 40x. A demo environment is available so you can practice perps with test funds before risking real collateral. Treat futures as a separate skill: pick your margin mode (Cross or Isolated), start at low leverage, and watch the liquidation price field on every order.

Beginner tips before using Hyperliquid

Hyperliquid moves fast and assumes you understand self-custody, perpetual futures mechanics, and basic on-chain hygiene. The tips below are aimed at avoiding the most common mistakes people make in their first sessions.

Confirm eligibility before you deposit

Hyperliquid’s Terms of Use restrict access for users in the United States, Ontario (Canada), and sanctioned jurisdictions including Cuba, Iran, North Korea, Syria, Crimea, Donetsk, and Luhansk. KYC is not enforced technically, but compliance is your responsibility. Read the current Terms before sending funds, since the restricted list can be updated.

Use a dedicated trading wallet

Connect a wallet you create specifically for trading, not the wallet that holds your long-term savings. If you use the email login path, a Privy-based self-custodial wallet is generated for you and the private key can be exported later, but the same rule applies: keep it isolated from other balances.

Practice on testnet or demo first

Hyperliquid offers a demo and testnet environment. Use it to learn the order panel, margin modes, and liquidation behavior before risking real USDC. Place at least one of each order type (Market, Limit, Stop-Loss, Take-Profit, TWAP, Laddered) so you recognize the inputs.

Mind the internal balance buckets

Funds on Hyperliquid sit in one of three places: Perps collateral, Spot balance, or HyperEVM balance. Before placing a trade or initiating a withdrawal, check which bucket holds your USDC. If it is in the wrong area, use the in-app “Transfer” controls (for example, Transfer to Spot or Transfer to/from EVM) to move it before doing anything else.

Respect deposit minimums and bridge rules

The native Arbitrum bridge has a 5 USDC minimum. Sending less can permanently lose those funds.
On a first deposit you must approve USDC spend on Arbitrum, which requires a small amount of ETH for gas.
If your funds are on a CEX, withdraw to your Arbitrum wallet address first, then deposit through the native bridge.
Withdrawals back to Arbitrum carry a small fixed USDC fee for validator costs and typically settle in a few minutes after the dispute window.

Set margin mode and leverage deliberately

Choose Cross or Isolated margin before sizing your position. Cross margin uses your entire account as shared collateral, so a single bad trade can affect every open position. Isolated margin caps the loss to the collateral assigned to that trade. Leverage goes up to 40x, but per-market limits vary; verify the cap shown in the UI for the asset you are trading. Beginners should start far below the maximum.

Watch liquidation price and funding

After entering size, check the estimated liquidation price before confirming. Once the position is open, attach Stop-Loss and Take-Profit orders rather than relying on manual exits. For perpetuals, check the hourly funding rate before holding overnight, since longs and shorts pay each other to keep the perp anchored to spot.

Know the fee structure you are trading against

Spot trades use a maker fee of 0.04% and a taker fee of 0.07%. Perpetual futures use 0.015% for makers (a rebate) and 0.045% for takers. A volume-based discount of up to 4% is available; verify the current schedule and your tier inside the fee page of the app. With 296 spot markets and 271 perpetual markets, liquidity varies sharply by pair, so check order book depth before sizing up.

Common mistakes to avoid

Depositing under the 5 USDC minimum or sending USDC on the wrong network.
Trying to withdraw while funds are still in the Perps or HyperEVM bucket.
Using high leverage on illiquid perp markets where slippage moves the liquidation price quickly.
Forgetting that Cross margin shares collateral across all positions.
Holding leveraged perps through funding events without checking the rate.
Connecting a wallet that holds long-term assets instead of a dedicated trading wallet.
Assuming no-KYC means no legal obligations in your own jurisdiction.

How to sign up on Hyperliquid