Trades and pricing

To trade, you pick a market (BTC and ETH today), a direction (long or short), the margin you commit and the leverage on top of it, and press the button. The position opens at Hyperliquid’s mid in the block where your order executes. Closing works the same way: the Exchange reads the mid again and settles your result against the LP.

Who you’re trading against

The LP, on every trade. There is no order book here, no matching engine and no other trader on the other side: what you win comes out of the LP and what you lose goes into it. That is why there is no slippage and no funding to pay.

Where the price comes from

HyperEVM contracts can read HyperCore’s state in the same block. When your order executes, the Exchange reads the best bid and the best offer of the matching Hyperliquid perpetual and fills at their midpoint, rounded down. There is no separate price feed, no oracle committee and no price signer: the price is what Hyperliquid’s market makers quote in that block.

• One price per block. HyperCore exposes one snapshot per block, so every trade of a market in a block fills at the same price.
• The book must be usable. If either side of the book is empty, or the book is crossed, trades of that market revert until it is normal again. There is no fallback price.
• The ticker is not the fill. The app’s ticker shows a size-weighted microprice for display; fills always use the plain mid.

Fees, funding, slippage

No funding, no spread, no slippage, and no gas for you to pay: the relayer pays it. The protocol’s cut comes from winning closes, as the asymmetric impact scale and a win fee of 2%. Closing through a frontend that the owner approved as a builder also costs a builder fee of 0.5% of the gain; the app names no builder. A loss is never charged more than the loss itself.

Margin

Each trade is its own position, with its own margin, for its whole life. You cannot add margin to push a liquidation back or take margin out to use elsewhere; there is no cross margin and no leverage change after the open.

A position ends in one of two ways: you close it (whenever you like, always in full), or it is liquidated when the price crosses its bust price. To add to a direction, open a second position; to reduce risk, close this one and open a smaller one.

What’s available, what’s the cap

Markets	BTC and ETH
Maximum leverage	1000×
Minimum margin	$10
Minimum position (margin × leverage)	$500
Maximum position	$10,000,000
Open positions per account	64
Positions per close	25

Each market also has an open-interest cap per side, which a keeper moves with the market; while a side is at its cap, new opens on that side revert. During the launch stages the relayer also limits the size of a single order (Risk). New markets can be listed only if they exist on Hyperliquid’s book, and listing is an owner action through the timelock.

From your browser to the chain

1. Sign. The app builds the order as an EIP-712 message and your session key signs it in a separate browser worker. The message names your account, the market, the side, the margin, the leverage, a unique nonce and a deadline 1 hour ahead.
2. Queue. The relayer checks the signature and your balance, reserves the margin and queues the order.
3. Execute. The relayer packs queued orders into batches and sends them to the BatchExecutor, which forwards each one to the Exchange. The Exchange verifies the signature again, reads the price and opens the position.
4. Confirm. The indexer sees the result and pushes it to the app over a live stream.

An order that has not executed by its deadline expires and its reservation is released. A queued order can be cancelled with a signature until it is sent on-chain; revoking your session keys voids every order they signed that has not executed yet.