What is Hyperliquid?
Hyperliquid is a PERP DEX that runs a full order book on its own Layer 1 chain, and it ranks #1 by volume. Orders, fills and liquidations all happen on-chain, yet there are no gas fees and trading feels as fast as a centralized exchange. It also offers HLP and user vaults, plus HIP-3, which lets anyone launch a market.
| Chain / settlement | Own L1 |
|---|---|
| Trading model | Order book — On-chain central limit order book (CLOB) |
| Base fees | Maker 0.015% · Taker 0.045% (Higher 14-day volume tiers bring 0% maker fees and rebates; staking HYPE adds a further 5–40% discount) |
| Referral benefit | 4% off fees (On your first $25M of volume) |
| Referral code | COTOBIT |
| Max leverage | Up to 40x |
| Markets | 178 perpetual futures + HIP-3 builder markets |
| Collateral | USDC |
| How to deposit | Deposit USDC on the Arbitrum network (email-login accounts can also use USDC on Ethereum, Base or Polygon; spot BTC, ETH and SOL go through the Unit bridge) |
| Identity verification (KYC) | You connect a wallet, so there is no identity verification at sign-up |
| Token | HYPE |
| Points / airdrop | Points season ended; HYPE token is live |
| Trading volume | 24h about $10.3B (#1), 30d about $208.1B (#1) — CoinGecko, DefiLlama, 2026-10-22 |
Features
- Fully on-chain order book with no gas fees on orders
- HLP and user vaults for providing liquidity or copy investing
- HIP-3 builder markets extend to stocks, commodities and more
- #1 by volume, so major coins have deep order books
Things to watch
- Small validator set; in the March 2025 JELLY incident validators force-closed a market, raising decentralization concerns
- USDC deposits and withdrawals go through the Arbitrum bridge
- Max 40x leverage is for BTC; altcoins are lower
How to get started on Hyperliquid
- Set up an EVM wallet such as MetaMask or Rabby, or use email login.
- Deposit USDC on the Arbitrum network (email-login accounts can also use USDC on Ethereum, Base or Polygon; spot BTC, ETH and SOL go through the Unit bridge)
- Click 'Sign up' on this page and connect your wallet. If you see a referral code field, paste COTOBIT.
- Once your deposit arrives, set low leverage and start trading with a stop-loss order.
Sources: Fees · Referral program · Deposits
Compare with other PERP DEXs
| Exchange | Chain | Maker | Taker | Referral benefit |
|---|---|---|---|---|
| Hyperliquid | Own L1 | 0.015% | 0.045% | 4% off · On your first $25M of volume |
| Lighter | Ethereum ZK rollup | 0% | 0% | 10% off · Weekly rebate on paid (Premium) account fees |
| Aster | Aster Chain | 0% | 0.04% | 5% off · Referral code fee rebate |
| GMX | Arbitrum, Avalanche | 0.04% | 0.06% | 5% off · Up to 10% depending on referrer tier |
| RISEx | RISE Chain | 0.01% | 0.03% | Invite access · Gated mainnet, invite required |
Hyperliquid FAQ
What are Hyperliquid's fees?
Hyperliquid's base-tier perpetual futures fees are maker 0.015% and taker 0.045%. Higher 14-day volume tiers bring 0% maker fees and rebates; staking HYPE adds a further 5–40% discount. Sign up with a referral code and you get 4% off, bringing fees to maker 0.0144% and taker 0.0432%.
What is the Hyperliquid referral code benefit?
4% off fees (On your first $25M of volume). It applies when you open the referral link and connect your wallet before your first deposit. Vault and sub-account trades are not discounted.
Does Hyperliquid require KYC (identity verification)?
You connect a wallet, so there is no identity verification at sign-up.
How do I deposit on Hyperliquid?
Deposit USDC on the Arbitrum network (email-login accounts can also use USDC on Ethereum, Base or Polygon; spot BTC, ETH and SOL go through the Unit bridge).