Perpetual futures

Trade 100+ markets — including BTC, ETH, and SOL — on a fully on-chain CLOB with up to 50x leverage, USDC margin, and sub-second matching.

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🎁 4% Perpetuals Fee Rebate via Referral
Leverage traders benefit most — higher turnover, higher rebate

Perpetuals traders turn over volume fast, so fees add up quickly. Enter the referral code below at signup and every perpetual trade earns a 4% rebate for the life of your account.

Referral Code EVENTCODE
💡 Already deposited? Not too late. Before your first trade, open the Referrals menu and enter EVENTCODE — the 4% rebate applies to every trade from that point onward.
Key features

Built for serious perpetuals traders

A fully on-chain matching engine with the speed, depth, and order-type coverage of a top-tier CEX.

Leverage

Up to 50x leverage

Configurable per market, with cross and isolated margin modes and full transparency on funding and fees.

Order types

Pro order types

Limit, market, stop, take-profit, scale, and native TWAP orders — all settled on-chain.

Latency

Sub-second matching

HyperBFT consensus delivers ~0.2s median latency and up to 200,000 orders per second.

Markets

100+ markets

Majors, alts, AI tokens, memes, and pre-launch perps — all USDC-margined.

Self-custody

Self-custody

You sign every order from your own wallet — no deposit addresses, no centralized custodian.

Funding

Transparent funding

Funding is calculated and settled hourly, with the full history publicly available on-chain.

CLOB

A real order book, fully on-chain

Unlike AMM-based perp DEXs, Hyperliquid uses a central limit order book (CLOB) where makers post liquidity and takers execute against the best available price.

  • True price-time priority matching
  • Tight spreads on majors (typically under 0.5bp)
  • Deep liquidity from HLP and professional market makers
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Margin

Cross & isolated margin

Use cross margin to let all positions share collateral, or switch to isolated margin to ring-fence risk on a specific market.

  • Per-position leverage controls
  • Real-time margin and liquidation-price display
  • Insurance fund and auto-deleveraging
USDC

USDC margin, on-chain settlement

All perpetuals are quoted and settled in USDC. P&L is applied in real time, and you can withdraw back to Arbitrum whenever you want.

  • Plain USDC — no wrapped or synthetic assets
  • Withdrawals settle in about 5 minutes
  • Insurance fund and liquidation history are fully public
Markets

Major perpetual markets

MarketMax leverageMin orderFunding intervalLiquidity
BTC-USD40x$101hVery deep
ETH-USD50x$101hVery deep
SOL-USD20x$101hVery deep
HYPE-USD10x$101hVery deep
DOGE-USD10x$101hModerate
PEPE-USD5x$101hModerate
Original Tool

Liquidation price calculator

Enter your entry price, leverage, and collateral to estimate where liquidation would occur. Maintenance margin is assumed at 0.5% for the estimate.

Notional position size—
Required margin—
Estimated liquidation price—

This estimate is for illustration only and does not include funding, fees, or dynamic maintenance-margin tiers. Actual liquidation prices may differ.

Comparison

Hyperliquid perpetuals vs. other DEXs

FeatureHyperliquiddYdX v4GMX v2
Matching engineCLOBCLOBOracle-based AMM
Max leverage50x20x50x
Markets100+60+~10
Latency~0.2s~1sBlock time
Gas per order$0$0Applies
FAQ

Perpetuals questions

What is the maximum leverage?
BTC and ETH go up to 50x. Other markets are capped between 5x and 40x depending on liquidity.
When does liquidation occur?
If account equity falls below the maintenance margin (typically 0.5%–1%), the protocol's keeper system automatically closes the position.
How often is funding settled?
Funding is computed continuously from the difference between the perp price and the underlying index, and settled every hour.
Can I trade with a hardware wallet?
Yes — Ledger and Trezor are supported via MetaMask or Rabby.

Open your first perpetual position

Up to 50x leverage, sub-second matching, fully on-chain.

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