Decentralized Perpetual Futures Trading — Fast, Capital Efficient, Permissionless

Trade perpetual futures with deep liquidity and automated risk controls. Hyperliquid combines an on-chain order matching engine with off-chain aggregation to deliver low-slippage entries, predictable funding, and objective liquidation mechanics — all executed in a gas-optimized, permissionless environment.

Why traders choose Hyperliquid

Capital efficiency

Cross-margin and isolated positions minimize capital waste. Use deep synthetic liquidity pools and variable leverage up to protocol-set limits to maximize exposure without over-collateralizing.

Transparent risk

All margin math, funding rate calculations, and insurance parameters are published on-chain. Open-source smart contracts and audit reports give traders visibility into core risk primitives.

Permissionless

No KYC, no custodial wallets — connect any supported wallet and begin trading. Smart contract settlement ensures non-custodial custody and immediate on-chain settlement of profits and losses.

How it works

  1. Connect a wallet: Use any compatible EVM wallet to enable trading.
  2. Open position: Choose pair, size, and leverage. The engine routes orders to the best available on-chain liquidity and aggregated off-chain pools for low slippage.
  3. Funding & settlement: Funding is calculated per epoch and settled on-chain — traders pay or receive funding depending on market direction.
  4. Risk management: Automated liquidations and an insurance fund protect counterparties and maintain solvency.

Safety & audits

Hyperliquid employs multi-stage audits, formal verification of critical components, and continuous monitoring. Explore published audit reports and on-chain dashboards for real-time protocol health metrics.

Smart contracts are immutable after governance-approved upgrades; emergency pause and upgrade mechanisms are controlled transparently by decentralized governance.

Roadmap & governance

Hyperliquid’s roadmap focuses on multi-chain expansion, improved capital routing, and modular collateral support. Governance token holders vote on listing pairs, insurance fund parameters, and upgrade proposals through on-chain governance modules.