How trading on Hyperliquid actually works
These 24 guides cover the machinery: what each order type does, what leverage is really available, how a liquidation is calculated, and what it costs to hold a position overnight.
Order types
Nine order types and four flags. Post-only is the one that saves you the most money.
Leverage
The real ceiling is 40x, on BTC, and it steps down with position size.
Liquidation
The formula, the partial liquidation rules, and why there is no clearance fee but a backstop still costs you.
Funding rates
Charged hourly, computed from the premium plus a clamped interest term, capped at four percent an hour.
Isolated vs cross margin
One line of the liquidation formula changes, and it decides whether your positions can take each other down.
Every market
Price, funding, open interest and leverage limits per market, refreshed from the API.
Where the liquidity is right now
Depth decides your slippage more than the fee schedule does. Across all 178 markets, $3.8B traded in the last 24 hours and $10.94B sits in open positions.
| Market | Price | 24h | 24h volume | Open interest | Funding / 1h | Max leverage |
|---|---|---|---|---|---|---|
| BTC | $79,991.00 | -1.12% | $1.83B | $3.34B | 0.00093% | 40x |
| ETH | $2,314.70 | -2.27% | $742.29M | $2.56B | -0.00012% | 25x |
| ZEC | $1,199.60 | -1.67% | $288.34M | $574.47M | 0.00125% | 10x |
| HYPE | $75.499 | -1.62% | $279.14M | $1.57B | 0.00125% | 10x |
| NEAR | $4.504 | +0.10% | $131.28M | $266.73M | 0.00125% | 10x |
| SOL | $101.034 | -1.55% | $106.75M | $557.05M | 0.00125% | 20x |
| PUMP | $0.004176 | -3.24% | $46.15M | $110.35M | -0.00014% | 10x |
| ENA | $0.20469 | +4.47% | $40.81M | $96.74M | 0.00125% | 10x |
| XRP | $1.287 | -1.89% | $40.48M | $222.2M | 0.00125% | 20x |
| WLD | $0.44162 | -6.16% | $36.65M | $63.48M | 0.00041% | 10x |
| XMR | $591.432 | -3.32% | $30.5M | $102.43M | 0.00125% | 5x |
| kPEPE | $0.00436 | -2.98% | $20.23M | $38.28M | 0.00125% | 10x |
All trading guides
- Copy trading on Hyperliquid: vaults and the alternatives reviewed 10 Sept 2026
- Funding rate arbitrage on Hyperliquid reviewed 10 Sept 2026
- Getting started with the Hyperliquid Python SDK reviewed 10 Sept 2026
- How liquidation works on Hyperliquid, and how to stay away from it reviewed 8 Sept 2026
- How to close a position on Hyperliquid reviewed 10 Sept 2026
- How to export Hyperliquid trade history for taxes reviewed 10 Sept 2026
- How to set stop-loss and take-profit on Hyperliquid reviewed 10 Sept 2026
- How to short on Hyperliquid reviewed 10 Sept 2026
- Hyperliquid account modes: unified, portfolio margin and standard reviewed 10 Sept 2026
- Hyperliquid charts on TradingView reviewed 10 Sept 2026
- Hyperliquid funding rates: the formula and the real cost reviewed 8 Sept 2026
- Hyperliquid leverage: the real maximum, per market reviewed 8 Sept 2026
- Hyperliquid order types explained, and which to use when reviewed 8 Sept 2026
- Hyperliquid PnL, the leaderboard and public profiles reviewed 10 Sept 2026
- Hyperliquid scale orders explained reviewed 10 Sept 2026
- Hyperliquid spot trading guide reviewed 10 Sept 2026
- Hyperliquid TWAP orders explained reviewed 10 Sept 2026
- Isolated vs cross margin on Hyperliquid: which to use reviewed 8 Sept 2026
- Running a trading bot on Hyperliquid reviewed 10 Sept 2026
- Slippage on Hyperliquid and how to minimise it reviewed 10 Sept 2026
- The Hyperliquid API: what it does and how access works reviewed 10 Sept 2026
- Trading gold, oil and commodities on Hyperliquid reviewed 10 Sept 2026
- Trading stocks on Hyperliquid: equity perps explained reviewed 10 Sept 2026
- What price does Hyperliquid use to liquidate you? reviewed 16 Sept 2026