Hype

## Deposits and Withdrawals - Deposits only via Arbitrum — bridge USDC from Arbitrum to Hyperliquid - Native USDC only — not USDC.e or other bridged versions - Withdrawals back to Arbitrum — same bridge, takes a few minutes - No direct deposits from Ethereum mainnet — must bridge to Arbitrum first - Minimum deposit/withdrawal amounts apply — check current limits ## Account Model - Single margin account — all positions share collateral - Cross-margin by default — profits from one position offset losses in another - Isolated margin available per position — limits risk but reduces capital efficiency - Account value = deposits + unrealized PnL — real-time calculation ## Trading Perpetuals - Perpetual futures with up to 50x leverage — higher leverage = higher liquidation risk - Funding rates every hour — longs pay shorts or vice versa based on price vs index - Mark price for liquidations — not last traded price, reduces manipulation - Order types: limit, market, stop-loss, take-profit, trailing stop - Reduce-only orders to close without accidentally increasing position ## Liquidations - Liquidation price visible before opening position — calculate carefully with leverage - Partial liquidations happen first — position reduced before full liquidation - Insurance fund covers bad debt — but don't rely on it - Cross-margin means other positions' profits protect you — but losses can cascade - ADL (Auto-Deleveraging) in extreme cases — profitable traders may be force-closed ## Order Execution - On-chain order book — fully decentralized, verifiable - Sub-second block times — near-instant execution - No gas fees for trading — fees are trading fees only - API available for programmatic trading — rate limits apply - Cancellations are instant — no pending cancel state ## Vaults and Staking - HLP (Hyperliquid Provider) vault — earn fees from market making - Deposit USDC to earn yield — but exposed to vault performance - Vault performance varies — can be negative during high volatility - Staking HYPE token for governance — separate from trading ## HYPE Token - Native token of Hyperliquid L1 — used for gas on the L1 chain - Airdrop distributed to early users — based on trading volume and points - Staking for chain security — validators run on HYPE stake - Trading fees partially go to HYPE stakers — revenue sharing model ## Risk Management - Set stop-losses before entering positions — discipline prevents disasters - Monitor funding rates — paying high funding erodes profits - Check open interest and liquidity — low liquidity means higher slippage - Avoid max leverage — leaves no room for price movement - Understand cross-margin implications — one bad trade can affect all positions ## API and Automation - REST and WebSocket APIs available — full trading functionality - Rate limits per IP and account — respect limits to avoid bans - Testnet available — practice without real funds - SDK in Python — official and community libraries exist ## Common Issues - "Insufficient margin" — need more USDC or reduce position size - "Order would trigger liquidation" — leverage too high for position size - "Rate limited" — slow down API requests - Withdrawal delayed — network congestion, usually resolves quickly - Position not showing — refresh or check subaccounts ## Security - Non-custodial — funds secured by your wallet - Connect via wallet signature — no deposits to exchange address - Revoke connections when done — permissions persist until revoked - Verify site URL — phishing sites common for DEXs - No KYC required — but geo-restrictions may apply