# Hyperliquid: perpetual futures, on-chain

Canonical URL: https://mrkts.gg/markets/hyperliquid
Last updated: Nov 11, 2026, 12:00 PM ET

Hyperliquid is an on-chain exchange for perpetual futures on crypto and more. Here's how it works, what it costs, who can use it, and the risks of leverage.

## At a glance

- Type: Perpetual futures exchange
- Who it's for: Non-USA
- What you trade: Perpetual futures (no expiry), with leverage

## 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.

## 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.

## 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.

## Our relationship

mrkts has a referral link with Hyperliquid and may earn a reward if a reader signs up and trades. It doesn't change what we write. Facts above come from Hyperliquid's own pages, checked 2026-11-11.

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