How do I trade on Hyperliquid?

Here's a practical walkthrough for trading on Hyperliquid. It's a Layer 1 blockchain + a perp/spot DEX — the biggest one by fee revenue right now ($4.1M daily fees, $3.3M daily protocol revenue, per DefiLlama, far ahead of the next derivatives DEX).

Getting started

1. Go to the app — app.hyperliquid.xyz

2. Deposit funds. Hyperliquid is non-custodial but uses an on-chain perp engine where your collateral is held in the protocol. To fund it:

• Open the Deposit panel, choose a source chain (Ethereum, Arbitrum, Base, etc.), and send USDC.
• Use Arbitrum if you can — deposits are cheap and fast.
• USDC is the main collateral; you can also deposit USDT or native gas tokens, which get auto-converted.

3. Trade. Once funded, you can:

• Perps (futures) — go to the Trade tab, pick a market (BTC, ETH, SOL, plus many alts and memes), choose Cross (shared collateral) or Isolated margin, set leverage, and place a market / limit / stop order.
• Spot — the Spot tab for spot trading with similar order types.

Key things to know

• Fee schedule: maker orders are 0.01%, taker 0.045% on perps (spot is 0.01%/0.045% too), and the taker fee drops to 0.035% with the HLP vault. That's cheaper than almost any CEX.
• No KYC — just connect a wallet (or email login for the newer account system). No gas fees for trading itself since it's a dedicated L1 with its own L1 USDC.
• Onboarding trades (first 30 days / up to $2k): if you sign up via a referral code, you get a maker rebate — fees are effectively covered.
• Risk: leverage magnifies losses as well as gains. A perpetual is a derivative — you're trading on margin, not buying the coin. Set stop losses and size positions you can fully lose.
• Withdrawals are free and settle near-instantly on Arbitrum (or a small fee for other chains).

One caveat on the tool

Hyperliquid isn't in our curated trading-app directory, so I don't have a verified referral link for it — the link above is the official app. If you'd prefer a curated perp DEX I can point you to directly, alternatives include Lighter (orderbook-based, #3 by fees) and edgeX.

Want me to break down perp trading mechanics (cross vs. isolated margin, funding rates, liquidation) or compare Hyperliquid's fees against a couple of the curated perp DEXs?

Also tracked: FomoDownload App, LighterTrade Now, AsterTrade Now, GMTradeTrade Now, edgeXTrade Now, GMXTrade Now.