Hyperliquid guides
How the exchange actually works, written for people who will act on it. No affiliate links, no trading signals.
Understanding Hyperliquid
- How Hyperliquid funding worksHyperliquid settles funding every hour, not every eight. What that changes for a position held more than a day, and how to size the cost.
- What is HyperliquidA perpetuals exchange running on its own L1, with an on-chain order book and unusually public data. What that means for anyone analysing it.
- Hyperliquid fees versus fundingHyperliquid taker and maker fees, volume tiers and builder fees, and why fees are usually the smaller half of what a position really costs.
- What Hyperliquid data is publicThe API exposes the last 10,000 fills per address and complete portfolio history. What that makes possible, and what it makes impossible.
Risk
- How liquidation prices are setMaintenance margin on Hyperliquid depends on the market, not on a flat rate. Why the same leverage is far more dangerous on a thin market.
- Leverage and effective leverageThe number in the order ticket is not your risk. Effective leverage, correlation between positions, and how to read both.
- Cross versus isolated marginWhat each Hyperliquid margin mode actually risks, and when the flexibility of cross margin quietly becomes a single point of failure.
- Reading a drawdown correctlyWhy drawdown must be computed on PnL rather than account value, and how a withdrawal gets mistaken for a catastrophic loss.
Tools that go with them
Liquidation calculator · Funding cost · Position size · Wallet tracker · Methodology