Glossary
Slippage
The difference between the price you expected and the price you got. It comes from order book depth, not from fees, and on thin markets it dwarfs the fee.
Checked against the Hyperliquid documentation 8 Sept 2026 · how we check
Related terms
- Market order An order to trade immediately at whatever price the book offers. Certain to fill, uncertain in price, and always charged the taker fee.
- TWAP order An order split into suborders released at intervals, to reduce the market impact of size. On Hyperliquid it needs at least $100 of notional and runs from five minutes to seven days.
- Order book The list of resting buy and sell orders at each price. On Hyperliquid the book is the blockchain's own state rather than a smart contract or an off-chain database.