What is Hyperliquid?
HYPE is the native token of the Hyperliquid blockchain, a layer 1 network built around an onchain order book for trading. HYPE pays gas on HyperEVM, the chain's smart contract layer, and is staked by validators and delegators to secure the network. The token launched in late 2024 through a large airdrop to early users.
The HYPE perpetual tracks the price of Hyperliquid, settles in USDC and never expires. It trades on Hyperliquid's main exchange. You can go long or short with up to 10× leverage, around the clock.
Contract details
- Market
HYPE, main exchange- Tracks
- The price of Hyperliquid
- Settlement
- USDC, no expiry
- Leverage
- 10× up to $20.00M, 5× above $20.00M
- Margin
- Cross or isolated
- Size step
- 0.01 HYPE
- Funding
- Paid every hour
- Fees on Hypurr Desk
- 0.07% market, 0.04% limit
- Trading hours
- Around the clock, every day
Size a HYPE trade from its stop
Hypurr Desk asks where your stop goes and how much of your account you are willing to lose there, then works out the size. An example at 88.001, from when this page was built:
- Account
- $1,000.00
- Risk
- 1% = $10.00
- Stop
- 2% below entry, at 86.241
- Size
- 5.31 HYPE ($467.28)
- Loss at the stop, fees included
- $9.99
- Leverage
- 10× cross, $46.73 margin
The stop sets the loss, not the leverage: leverage only decides how much margin the position ties up. Move the stop and the size follows, so a wider stop means a smaller position and the same loss. The stop is placed on the exchange with the entry. How risk sizing works.
Questions about HYPE
What is the maximum leverage on HYPE?
10×. Larger positions get less: above $20.00M the maximum is 5×. Hypurr Desk sizes each order from your stop, so the leverage follows from how much you choose to risk.
How often is funding paid on HYPE?
Every hour. When the rate is positive, longs pay shorts; when it is negative, shorts pay longs. The current rate is shown at the top of this page.
What does it cost to trade HYPE on Hypurr Desk?
At the exchange's base tier, 0.07% of the position value for market orders and 0.04% for limit orders that rest on the book, including the 0.025% Hypurr Desk fee. There is no subscription and no sign-up.
Do I own HYPE when I trade this market?
No. A perpetual tracks the price of Hyperliquid and settles gains and losses in USDC. You never hold the coins, and positions can be closed out if losses use up their margin.
