Hyperliquid: perpetual futures, on-chain

How it works

1
Connect a wallet
You trade from a crypto wallet, not a brokerage account.
2
Deposit collateral
Your deposit backs your positions. It's also what you can lose.
3
Open a position
Take either side of a market with the leverage you choose. Higher leverage means a smaller move can close you out.

What leverage does to a 5% move against you

Example

1x−5% of deposit

5x−25% of deposit

10x−50% of deposit

20xDeposit gone

Leverage multiplies losses as well as gains. At 20x, a move of about 5% the wrong way can close the position and take the whole deposit. Fees and funding come on top.

The quick facts

What you trade: Perpetual futures (no expiry), with leverage
Referral perk: 4% off fees on your first $25M of volume source

Who can use it

Hyperliquid's app doesn't serve the US and some other places. If you're in one, our link shows a notice instead of sending you there.

The risks

Perpetual futures use leverage. A small move against you can wipe out your whole deposit.
On-chain trading means you hold your own wallet keys. Lost keys can't be recovered.

Other markets

Kalshi (USA) →Polymarket (Non-USA) →Fomo (USA + Global) →

Ready to look at Hyperliquid?

With our link: 4% off trading fees on your first $25M of volume

Visit Hyperliquid →

mrkts earns a referral reward if you sign up and trade. Not available everywhere; our link checks your region.

Facts come from Hyperliquid's own pages and were checked 2026-11-11. Not investment advice. See our disclosures.