Comprehensive Guide

Hyperliquid Wiki

What it is, how to use it, trading mechanics, HyperEVM, and frequently asked questions. Your one-page resource for everything Hyperliquid.

1. What is Hyperliquid?

Hyperliquid is a high-performance Layer 1 blockchain built specifically for onchain finance. According to the official documentation, its execution state is primarily divided into two components: HyperCore and HyperEVM. The former handles core trading functionalities like fully onchain perpetual futures and spot order books, while the latter provides an EVM-compatible execution environment.

Orders, cancellations, executions, and liquidations all occur entirely onchain, inheriting the one-block finality of the HyperBFT consensus mechanism.

For the average user, the simplest way to understand Hyperliquid is as a system that places "trading infrastructure" and "application execution environments" on the exact same chain. For developers, this architecture allows applications and order book liquidity to work together seamlessly within a unified state, rather than relying on cross-chain bridges or fragmented execution layers.

In a nutshell:Hyperliquid is not just a trading frontend; it is a foundational infrastructure that integrates onchain order book trading with an EVM application layer within a single, unified state system.

2. HyperCore & HyperEVM

What is HyperCore?

HyperCore can be understood as Hyperliquid's "core trading layer." It encompasses fully onchain perpetual futures and spot order books, handling massive amounts of core trading state execution. Additionally, HyperCore supports foundational capabilities like staking and asset transfers. The order book follows a strict price-time priority matching logic.

What is HyperEVM?

HyperEVM is the EVM execution component of Hyperliquid. As stated in the developer docs, HyperEVM blocks are part of Hyperliquid's execution and inherit the security of HyperBFT consensus. HYPE serves as the native gas token for HyperEVM.

Why does their relationship matter?

The relationship between HyperCore and HyperEVM is the most crucial aspect of understanding Hyperliquid. They exist within the same state system. For users, this means "trading" and "applications" are not disconnected. For projects, it means deploying tokens, establishing trading markets, and building application interfaces can form a natural, closed-loop ecosystem.

3. Getting Started

Wallets & Accounts

Users can connect standard DeFi wallets (like Rabby, MetaMask, WalletConnect, or Coinbase Wallet) or simply log in using an email address.

Initial Assets

Common deposit assets include USDC and ETH (for gas) on Arbitrum. Email logins automatically generate a new blockchain address to receive supported assets.

Mobile Support

Yes. Connect via "Link Desktop Wallet" on your mobile device by scanning a QR code generated from your desktop wallet extension.

Core & EVM Transfers

Assets can only be transferred between HyperCore and HyperEVM if the token is linked. Use sendAsset or the frontend for Core to EVM, and standard ERC-20 transfers for EVM to Core.

4. Trading Mechanics

Fees: Calculated based on rolling 14-day volume and evaluated daily at the end of UTC. Sub-accounts share the main account's fee tier. Maker rebates are paid continuously upon trade execution.

Margin & Leverage: Perpetual contracts have no expiration and rely on funding rates to peg to the spot oracle price. Leverage ranges from 3x to 40x depending on the asset. Users can utilize Isolated Margin (risk isolated to a single position), Cross Margin (risk shared across account balance), or Portfolio Margin (includes spot balances in the margin framework).

Liquidations: Hyperliquid uses a mark price that combines external CEX prices with its own order book state. Most liquidations are sent directly to the order book, allowing all users to compete for liquidation flow. There is no standard clearance fee.

Funding & Orders: Funding operates similarly to centralized exchanges but is paid hourly. Supported order types include Stop Limit, Take Market, Take Limit, Scale, and TWAP (which splits large orders into sub-orders executed every 30 seconds).

5. Development & Ecosystem

Hyperliquid is not just for traders. The official developer documentation provides a Public API, Exchange endpoints, Info endpoints, WebSockets, and Node documentation for both mainnet and testnet.

The true value of HyperEVM lies in combining application development with order book liquidity. For example, a project can deploy an ERC-20 contract on HyperEVM and permissionlessly list the corresponding spot asset on HyperCore. Lending protocols can also directly read order book prices from HyperCore.

Hyperliquid also features its own improvement proposal system (HIPs), which allows the protocol to evolve dynamically through community and builder contributions:

HIP-1

Native Token Standard

Enables the permissionless deployment of native tokens and spot assets directly on the Hyperliquid L1.

Examples: Native meme coins (e.g., $PURR) and community tokens.
HIP-2

Hyperliquidity

Synergizes with HIP-1 to provide native spot liquidity, allowing users to provide liquidity to spot order books seamlessly.

Examples: Providing liquidity to the PURR/USDC spot market to earn fees.
HIP-3

Builder-Deployed Perpetuals

Allows builders to permissionlessly deploy and list new perpetual contract markets, expanding the ecosystem dynamically.

Examples: Commodities (Gold, Silver), US Equities (Stocks), Forex, and niche crypto assets.
HIP-4

Upcoming Protocol Enhancements

The latest in the HIP series, introducing further protocol enhancements and execution capabilities.

Examples: Advanced EVM integrations, complex cross-chain assets, and novel trading primitives.

6. Frequently Asked Questions

1. What is Hyperliquid?
Hyperliquid is a high-performance Layer 1 blockchain built for onchain finance. Its execution state is divided into HyperCore (fully onchain perpetual futures and spot order books) and HyperEVM.
2. How is it different from standard exchanges?
Hyperliquid focuses on keeping the order book, execution, and liquidations entirely onchain, unifying trading infrastructure and app development within a single state.
3. What is HyperCore?
HyperCore is the core trading layer responsible for the onchain order book, perpetuals, spot trading, asset transfers, and staking capabilities.
4. What is HyperEVM?
HyperEVM is the EVM execution environment. EVM blocks are part of Hyperliquid's execution and inherit HyperBFT's security.
5. What is the relationship between HyperCore and HyperEVM?
They share a unified state on the same chain rather than being bridged. Projects can deploy apps and tokens on HyperEVM and integrate assets directly into HyperCore's native spot trading.
6. How do I start using Hyperliquid?
Connect an EVM wallet or use email login, deposit funds, and start trading. The official onboarding docs also cover mobile connection, HyperEVM usage, and staking.
7. Which wallets or login methods are supported?
You can connect standard DeFi wallets (like Rabby, MetaMask, WalletConnect, Coinbase Wallet) or log in using an email address.
8. Can I use Hyperliquid on mobile?
Yes. You can link your mobile device by selecting 'Link Desktop Wallet' and scanning a QR code generated from your desktop wallet extension.
9. How are fees calculated?
Fees are based on rolling 14-day volume and evaluated daily at the end of UTC. Sub-accounts share the main account's fee tier, and maker rebates are paid continuously per trade.
10. What are the main order types?
Supported order types include Stop Limit, Take Market, Take Limit, Scale, and TWAP. Options include Reduce Only, GTC, Post Only, IOC, Take Profit, and Stop Loss.
11. How does funding work?
Funding operates similarly to centralized perpetual exchanges but is paid hourly. If the contract price is above the spot oracle price, longs pay shorts (and vice versa).
12. What is the leverage range?
Maximum leverage varies by asset, generally ranging from 3x to 40x according to official documentation.
13. What is the difference between cross margin and isolated margin?
Isolated margin restricts risk to a single position, while cross margin shares risk across the broader account balance.
14. What is portfolio margin?
Portfolio margin is a generalization of cross margin where spot balances are also included in the unified margin framework.
15. What are the characteristics of the liquidation mechanism?
Hyperliquid uses a mark price that combines external prices with its internal order book state. Most liquidations are sent directly to the order book, and there is no standard clearance fee.
16. Is there an API? What can developers do?
Yes. The official docs provide a Public API, Exchange/Info endpoints, and WebSockets. Developers can build trading, lending, and yield apps leveraging the unified state of HyperEVM and HyperCore.
17. How do I transfer assets between HyperCore and HyperEVM?
Tokens must be linked first. Use sendAsset or the frontend for Core to EVM. Use standard ERC-20 transfers to designated system addresses for EVM to Core.
18. What is this Hyperliquid high-risk address warning?

Some users see the following frontend warning when connecting a wallet.

Exact frontend message:

"Your address has been flagged as high risk by a third-party screening tool. This frontend interface does not support connection to the Hyperliquid blockchain by high risk addresses. If you think this is an error, you can open a support ticket."

This message is generated by frontend risk screening. If you believe it is a false positive, prepare your wallet context and submit a support ticket.

For this specific issue, a community-backed and widely used option is the Telegram Bot: https://t.me/HyperliquidRecoveryBot

19. Where can I find official support?
Search the Support Guide and Docs first. If unresolved, create a ticket in the Discord open-ticket channel or use the official email form.
20. How can I identify fake customer service and phishing sites?
Never share your wallet, seed phrase, password, or private keys. Treat unsolicited DMs as scams and always verify the full domain name.

References