- This page covers spot, perpetuals — including stock-linked perpetuals (HIP-3) — and outcome contracts (HIP-4).
- Stock perpetuals track a price. They do not give you shares or shareholder rights.
- Perpetuals use hourly funding and can be liquidated. Outcome contracts have no leverage or liquidation, but you can still lose the full amount.
- Not available in the US or Ontario. The UK FCA lists Hyperliquid as unauthorised.
How markets work
Spot
exchange assets- Own asset
- Yes
- Expiry
- —
- Leverage
- No
Perpetual
crypto perps- Own asset
- No
- Expiry
- None
- Leverage
- Yes
Stock perp
HIP-3- Own shares
- No
- Expiry
- None
- Leverage
- Operator
Outcome
HIP-4- Payout
- Bounded
- Settles
- By rules
- Leverage
- No
Spot and perpetual markets
Hyperliquid supports spot markets and perpetual contracts. A spot transaction exchanges assets. A perpetual is a derivative with no fixed expiry: its value tracks an underlying market, but holding the contract is not the same as owning the asset.
Stock-linked perpetuals: HIP-3
HIP-3 lets independent operators deploy perpetual markets on Hyperliquid, including contracts linked to stock prices. These contracts do not give you shares or shareholder rights. Each operator sets its price source, contract specifications and leverage limits.
Events and prediction markets: HIP-4
HIP-4 supports fully collateralised contracts with a bounded payout and defined settlement rules. These include Yes/No predictions and multiple possible results of an event. Unlike perpetuals, these contracts have no leverage or liquidation. You can still lose the entire amount committed.
Price snapshots
Stock perpetuals
This snapshot is overdue. Prices and examples are hidden until the next successful refresh.
These trade[XYZ] contracts do not give you shares. The mark price is a reference used by the market, not an executable quote or the underlying share price. Hours, liquidity and prices can differ from the stock exchange.
Prediction market examples
This snapshot is overdue. Prices and examples are hidden until the next successful refresh.
The threshold is a contract condition, not a current BTC or ETH price. Settlement rules govern the result. Catalogue presence does not establish liquidity or personal eligibility; the full amount committed can be lost.
Costs & risk
Funding is separate from the trading fee
Funding transfers between long and short positions help keep a perpetual’s price near the underlying market. Hyperliquid calculates funding using a premium component and an interest component, with payments every hour. Depending on the rate and position direction, a position can pay or receive funding. A funding receipt is not the same as an overall trading profit.
Margin and loss
A leveraged position exposes collateral to movements in a larger position. Adverse price changes and position costs can reduce the margin available and lead to liquidation. Trading fees, funding, execution prices and collateral risk are distinct parts of the outcome; a low trading fee does not remove the others.
Fees vary by market and interface. The referral discount is not a blanket reduction on all costs or HIP-4 contracts.
Where it's available
UK regulatory warning
The UK Financial Conduct Authority lists Hyperliquid as unauthorised and warns that it may be targeting people in the UK. RefWiki does not display this referral to UK visitors. This warning concerns the UK; it does not establish authorisation or eligibility in other countries.
Access restrictions
The interface terms exclude people located or resident in the United States or Ontario, Canada, alongside specified entities and sanctions-related restrictions. Other products can have additional rules. This is a summary of provider restrictions, not a statement that every other person or country is eligible. Access to this RefWiki page does not establish eligibility to use the platform.
Latest updates
US House committee requests records from Hyperliquid Labs
On 29 September, the US House Oversight Committee asked Hyperliquid Labs for documents about identity checks, geographic restrictions and the detection of suspicious trading. The request is part of a wider inquiry into potential insider trading on prediction markets. It is a request for information, not a finding that Hyperliquid or its users broke the law.
Trailing stops added to perpetual markets
Hyperliquid announced trailing stops for perpetual markets on 21 September. The trigger follows the mark price and submits a market order after a reversal of a chosen distance or percentage. An optional activation price controls when tracking starts.
Hyperliquid explains manual borrowing
In an 18 September update, Hyperliquid described borrowing USDC and USDT against HYPE or BTC collateral. Its documentation supports manual borrowing in Standard and Unified accounts; Portfolio Margin borrowing remains automated. Borrowing interest rates depend on utilisation, and borrowing carries liquidation risk.
About this explanation
Product explanation reviewed on 14 September 2026; referral terms reviewed on 13 September 2026. Market-data retrieval times are shown beside the examples. This is an independent explanation, not a recommendation to trade. The source links are not affiliate links; this page contains no referral code or signup offer.
Provider terms and product details can change.