Everything you need to understand Hyperliquid
Hyperliquidpedia is a plain-English encyclopedia for the fastest on-chain perpetuals exchange. Learn how it works, what it costs, and how to trade safely — with long-form, no-hype guides for beginners and experienced traders alike.
- Exchange type
- On-chain perpetuals & spot DEX
- Blockchain
- Hyperliquid L1 (HyperCore + HyperEVM)
- Base perp fees
- 0.045% taker / 0.015% maker
- Collateral asset
- USDC
- KYC required
- No — wallet-native
- Native token
- HYPE
- USDC withdrawal
- Flat 1 USDC to Arbitrum
- Referral discount
- 4% off fees with code PERPLIST
What is Hyperliquid?
Hyperliquid is a decentralized exchange for perpetual futures and spot crypto that runs on its own purpose-built Layer 1 blockchain. Unlike most decentralized platforms, it uses a fully on-chain central limit order book with sub-second finality — so the trading experience feels like a centralized exchange, while your funds stay in your own wallet.
It has become one of the highest-volume perpetuals venues in crypto by combining CEX-level performance with genuine self-custody, competitive fees, and a community-owned token, HYPE. Our guides break down each of these pieces in depth.
Read the complete overviewIn-depth Hyperliquid guides
Six long-form explainers covering the platform end to end — from first principles to fees, tokens, vaults, and how it compares to the competition.
What Is Hyperliquid? The Complete Guide
A deep dive into Hyperliquid — the high-performance on-chain perpetuals exchange, its custom L1, HyperCore, HyperEVM, the HYPE token, and how it compares to CEXs and other perp DEXs.
Read guideHow to Sign Up for Hyperliquid & Place Your First Trade
Step-by-step: connect a wallet, apply referral code PERPLIST for a 4% fee discount, deposit USDC, and place your first spot or perpetual trade safely.
Read guideHyperliquid Fees Explained (and How to Pay Less)
Everything about Hyperliquid trading fees — maker/taker tiers, spot vs perps, funding, gas, staking discounts, and how a referral code lowers your costs.
Read guideHyperliquid vs Binance, Bybit & dYdX: A Detailed Comparison
How Hyperliquid stacks up against centralized exchanges and other perp DEXs on fees, custody, performance, listings, and risk — with side-by-side tables.
Read guideThe HYPE Token & Staking Guide
What the HYPE token is, how it launched, tokenomics, the staking fee-discount ladder, the unstaking queue, and how staking interacts with the referral discount.
Read guideHyperliquid Vaults Explained: HLP, Risk & How They Work
A complete guide to Hyperliquid vaults — the protocol HLP vault, user vaults, how profit-sharing works, the risks, and why referral discounts do not apply to vault trading.
Read guideQuick answers to get you started
What is Hyperliquid in simple terms?
A decentralized exchange for trading perpetual futures and spot crypto directly from your own wallet, running on its own high-performance blockchain with an on-chain order book — so it feels like a centralized exchange but you keep custody of your funds.
Do I need to complete KYC to use Hyperliquid?
No. Hyperliquid is wallet-native. You connect an EVM wallet and trade — there is no email signup or identity verification step to begin.
What does it cost to trade?
Base perpetual fees are around 0.045% taker and 0.015% maker, with no gas cost on the core order book. Volume tiers, HYPE staking, and a referral code can all lower this further.
Is there a Hyperliquid referral code?
Yes — the referral code PERPLIST gives you a 4% discount on trading fees. It is free and applies automatically when you sign up through the referral link.
Hyperliquid referral code: PERPLIST
New accounts that sign up with code PERPLIST get a 4% discount on trading fees — applied automatically, free, and permanent up to the volume cap. Read the full breakdown on our referral page.
https://app.hyperliquid.xyz/join/PERPLIST