How to start trading on Hyperliquid

1. Create an account

1. You can use app.hyperliquid.xyz with an EVM wallet (for example Rabby, MetaMask, WalletConnect or Coinbase Wallet) or log in with an email address and a 6-digit code sent to that email. source ↗
2. With a wallet, click Connect, approve the connection, then click Enable Trading and sign a gas-less message. The onboarding guide has no KYC step. source ↗

2. Deposit collateral

1. Wallet users deposit USDC on Arbitrum and need a little ETH on Arbitrum for gas. Enter the amount, click Deposit and confirm in your wallet. source ↗
2. Email-login users can send USDC on Arbitrum, Ethereum, Base or Polygon to the deposit address shown. Other assets such as BTC, ETH and SOL can be sent to their own addresses, but you then have to sell them for USDC (or the market's quote asset) before trading perps. source ↗
3. The minimum USDC deposit is 5 USDC. With a connected wallet, deposits below 5 USDC are lost. Bridge deposits are credited in under 1 minute. source ↗
4. If your USDC is on another chain, you can move it to Arbitrum with a bridge or withdraw it to Arbitrum from an exchange, then deposit it. source ↗

3. Open your first position

1. Pick a market with the token selector, choose long or short, set the size with the slider or by typing it, then click Place Order and confirm. source ↗
2. Order types include Market, Limit, Stop Market, Stop Limit, Take Market, Take Limit, Scale, TWAP, Trailing Stop and Chase. source ↗
3. Cross margin is the default and isolated margin is also available. Leverage can be any whole number from 1 to the asset's maximum, and some assets are strict isolated. source ↗

4. Know how liquidation works

1. Liquidation happens when account equity falls below maintenance margin, which is half of the initial margin at max leverage (1.25% to 16.7% depending on the asset). Liquidations use the mark price, which can differ from the order book price in volatile markets. source ↗
2. Mark price is also used for TP/SL triggers and unrealized PnL. It is a median of oracle-based, Hyperliquid book and external exchange prices, updated about every 3 seconds. source ↗

5. Withdraw

1. On app.hyperliquid.xyz/trade, click Withdraw in the bottom right and follow the steps. Depending on the chain and method, there may be small gas fees. source ↗
2. USDC withdrawals to Arbitrum need only a signature on Hyperliquid. The funds arrive in your wallet in 3-4 minutes. source ↗

6. Common mistakes

1. Use Withdraw, not Send, to move funds out. Send only moves funds to another Hyperliquid address, so sending to an exchange deposit address can leave the funds stuck. source ↗
2. Market TP/SL orders have a 10% slippage tolerance by default and trigger on mark price, so the fill can be worse than the trigger. Limit TP/SL orders let you set the exact price. source ↗
3. With open cross positions in loss, new deposits and Spot-to-Perps transfers go toward their margin, so your available balance can look smaller than the amount you deposited. source ↗

Before you trade

Perpetual futures use leverage: a small price move against you can liquidate your collateral. Start with a small amount and low leverage, and read the venue’s current fee and margin pages, which can change after this guide was checked.