Trading
Markets, order types, leverage, liquidation and the fee schedule for perpetual futures.
Markets
Five perpetual markets, all quoted in USD and settled in USDC. Maximum leverage is per market.
| Market | Max leverage | Price decimals |
|---|---|---|
| BBTC-USD40x | 40x | 1 |
| EETH-USD40x | 40x | 2 |
| SSOL-USD20x | 20x | 2 |
| HHYPE-USD10x | 10x | 3 |
| PPURR-USD5x | 5x | 4 |
The market bar shows mark price, oracle price, 24h change, 24h volume, open interest and the current funding rate with a countdown to the next payment.
Market and limit orders
Market orders fill immediately at the mark price and pay the taker fee. Limit orders rest in the book at your price, pay the maker fee, and become a position the moment the mark price crosses them. Resting orders are listed under Open Orders on Trade and Portfolio and can be cancelled one at a time or all at once.
The order panel quotes every order before you send it:
| Field | Type | Description |
|---|---|---|
| size | USD | Notional size of the position. The base amount (e.g. 0.4167 BTC) is shown underneath. |
| payment | USDC | Margin required, equal to size divided by leverage. Max fills size from your free balance times leverage. |
| leverage | 1x – max = 8x | Slider with marks at 1x, 10x, 20x, 30x and 40x. Risk badge: low up to 5x, medium up to 15x, high above. |
| price | USD | Limit orders only. The order rests until the mark price reaches it. |
Leverage and liquidation
Margin is size / leverage. Each market has a maintenance margin ratio of half the initial margin at its maximum leverage (mmr = 1 / (2 × max leverage)), and the estimated liquidation price uses it:
long: liq = entry × (1 − 1/lev + mmr)
short: liq = entry × (1 + 1/lev − mmr)On a 40x market (mmr = 1.25%), a 10x long entered at 63,840.0 gives 63,840 × (1 − 0.1 + 0.0125) = 58,254. Higher leverage moves the liquidation price closer to entry; the Account card shows the cross margin ratio across all positions. Hyperliquid runs the liquidation itself.
Fees
Orders execute on Hyperliquid, so you pay Hyperliquid's trading fee for your account plus a Purrpetual builder fee on top.
- Taker (market orders)
- 0.095%
- Hyperliquid 0.045% + builder 0.05%, at Hyperliquid's base tier. Charged on notional at open and at close.
- Maker (limit orders)
- 0.065%
- Hyperliquid 0.015% + builder 0.05%. Charged when the resting order fills.
- Funding
- hourly
- Paid or received at the displayed rate on position notional. Goes between traders, not to us.
Hyperliquid lowers its part with trading volume, HYPE staking and referral discounts; the order panel reads your account's actual rate and shows the exact fee in USDC before you confirm. The builder fee is fixed.