Hyperliquid Perps

Perpetual futures on TradeXYZ

You can access hundreds of Hyperliquid perpetual markets using trade[XYZ]. When you trade these markets on trade[XYZ], you are trading directly on Hypercore markets.

Hyperliquid perpetuals are derivatives products without an expiry and instead rely on funding payments to ensure convergence to the underlying spot price over time. Hyperliquid has one main style of margining for perpetual contracts: USDC margining, USDT denominated linear contracts. This means the oracle price is denominated in USDT, but the collateral is USDC. Note that no conversions with the USDC/USDT exchange rate are applied, so these contracts are technically quanto contracts where USDT PnL is denominated in USDC.

You can read more about Hyperliquid perps, their mechanics including funding rates, contract specifications, and general market dynamics around Hyperliquid perps in the Trading section of the Hyperliquid documentation. Please check their documents frequently if you are trading Hyperliquid perps markets, as things are subject to change from time to time.