Perps
Long or short with leverage on Hyperliquid, from crypto to stocks and gold.
A perp is a position on a price with no date to wait for. Your margin × leverage is the size of the position. It gains or loses as the price moves, and you close it when you choose.
What you can trade
Every coin Hyperliquid lists, plus stocks, indices and commodities (NVDA, TSLA, the S&P 500, gold, oil and more) from trade.xyz, a market run on Hyperliquid by a third party. All of them draw on the same balance.
HyperliquidA stock perp follows the stock's price. You don't own the share, and it can move sharply when the stock market opens.
Pick a market from its name in the header. The header shows the price, the day's move, the oracle price, the day's high, low and volume, open interest, funding and the time to the next funding.
An example
Long ETH 5×, $100 margin: a $500 position.
ETH| If | You |
|---|---|
| ETH rises 5% | make about +$25 |
| ETH falls 5% | lose about −$25 |
| ETH falls to the liquidation price | lose the $100 margin |
The ticket
- Isolated or Cross. Isolated, only the margin you put in is at risk, and the position is liquidated sooner. Cross, your whole Perps balance backs it: it's liquidated later, but a loss can take more than its margin. Your choice is remembered. A coin you already hold keeps its mode while it's open, and some markets (most stocks among them) are isolated only; the ticket says so.
- Long or Short.
- Market, Limit or TWAP. A market order fills now from the book. A limit order waits on the book at your price until it fills or you cancel it; pressing a level in the order book sets the limit price. A TWAP buys or sells the size in small market orders spread over 5 minutes to 4 hours (optionally at varied times), so a big order moves the price less; Hyperliquid runs it. Running TWAPs show in Open orders with how much has filled, and Stop ends one, keeping what filled. Set a take-profit or stop on the position once it's built.
- Leverage, up to the most Hyperliquid allows on each market (40× on BTC, 25× on ETH, less on smaller coins, up to 50× on some indices). Above 10× a small move against you closes the trade, and the ticket says how small.
- Margin, from $20.
- Take profit / Stop loss and a Trailing stop (below).
Under the button are the liquidation price, the order's value, the margin, the estimated entry and the fees, all before you place anything.
Liquidation
If losses eat your margin down to the maintenance level, Hyperliquid closes the position and the margin in it is gone. The liquidation price is on the ticket, and drawn on the chart once you hold the position. More leverage puts it closer. On cross margin the ticket's liquidation price is an estimate against your whole Perps balance (with a big enough balance there may be none at all), and a liquidation can take more than the position's margin.
Funding
Longs and shorts pay each other a small rate every hour, depending on which side is more crowded. The header shows the current hourly rate and the ticket's details show what it costs or pays per day.
Exits
- Take profit and stop loss. Set them with the order, or later. They rest on Hyperliquid and close the position for you at those prices. Moving one changes the resting order in place, so the position is never without it, even for a moment.
- Trailing stop. Follows the best price since you opened (the high for a long, the low for a short) and closes the position when the price comes back a set distance: anything from 0.1% to 50%, or one press for 1%, 2%, 5% or 10%. On a position you hold you can set it in percent or dollars, and from what price it starts following.
Managing everything from the chart
Once you hold a position or have orders resting, the chart becomes the control panel:
- Your limit orders are lines at their prices. Drag one to move the order there on Hyperliquid, or press Cancel beside it.
- Your entry line has Close (it asks once), and + TP or + SL when the position has none. These set an exit a few percent away for you to drag where you want it.
- Take-profit and stop lines can be dragged to move them; the × beside one takes it off.
- Liquidation is drawn too, so you can see how much room you have.
Each change is confirmed in a toast. Lines dragged off the visible range show as a marker at the chart's edge that brings them back.
The order book and trades
Hyperliquid's live book sits beside the chart: the best bids and asks, their sizes and the spread. The step above its columns groups levels into wider price steps ($1, $10, $100 on BTC) so you can see where size sits further out. Trades shows every fill as it happens; each row opens that trader's card. Book and trades hides or shows the column.
Under the chart: Positions, Open orders, and Traders on the market (everyone on noct holding it).
On a phone
A perp is a screen of its own: its price and chart, picked by range, read with a finger, then its traders and its numbers. Long and Short at the bottom bring up the ticket, and an order is placed by sliding to confirm. See On your phone.