Hyperliquid

Overview of Hyperliquid

Hyperliquid is a decentralized, non-custodial trading platform built on a purpose-designed Layer 1 blockchain. Rather than holding funds inside a conventional centralized exchange account, users connect a compatible DeFi wallet or create an email-based wallet and interact with Hyperliquid through an on-chain trading interface.

The platform is divided into two main components. HyperCore contains the native spot and perpetual futures order books, while HyperEVM provides an Ethereum-compatible smart contract environment. Orders, cancellations, trades, funding events, and liquidations are processed transparently through the Hyperliquid blockchain.

Hyperliquid is primarily known for perpetual futures trading, but it also supports native spot markets. Its interface advertises more than 300 spot and perpetual markets covering cryptocurrencies, commodities, indices, and other underlying assets. Markets linked to commodities or indices are generally perpetual derivative contracts rather than direct ownership of the underlying instrument.

Perpetual futures use a volume-based maker and taker fee schedule. At the base tier, perpetual fees are 0.015% for makers and 0.045% for takers. Base spot fees are 0.040% for makers and 0.070% for takers. Fee levels can fall as a user’s rolling 14-day trading volume increases. HYPE staking, aligned quote assets, maker participation, growth-mode markets, and other platform rules can also affect the final fee.

Users can trade through the official web interface or connect through supported wallets and third-party mobile applications. Hyperliquid also provides a public API, WebSocket access, SDK resources, API wallets, and a testnet environment for development and practice.

The platform does not use a standard KYC process for ordinary wallet-based access. However, geographic restrictions apply, and users remain responsible for complying with local laws and the platform’s current Terms of Use. The official interface restricts access by US persons, users in the United States, users in Ontario, Canada, and other restricted or sanctioned persons and jurisdictions.

Through HighFxRebates, eligible users receive two separate benefits. Hyperliquid provides an official 4% trading-fee discount for the user’s first $25 million in volume when the HFR referral link is used. HighFxRebates separately returns 5% of eligible fees actually paid, with cashback credited weekly to the user’s HFR account.

How to Get Hyperliquid Rebates?

1. Create a HighFxRebates account and log in to your HFR dashboard.
2. Open Hyperliquid through the HFR referral link.
3. Connect your main DeFi wallet or create an email-based Hyperliquid wallet.
4. Complete the referral connection before beginning eligible trading activity.
5. In your HighFxRebates dashboard, open the Crypto Accounts section and enter your main Hyperliquid wallet address as the account number.
6. Submit the wallet address for review. Once approved, eligible fees can begin generating 5% HFR cashback.

Note: The official 4% Hyperliquid fee discount is applied inside Hyperliquid for the first $25 million in eligible volume. HFR cashback is calculated separately and credited weekly to your HFR account.

Already Have a Hyperliquid Account?

If you already use Hyperliquid but have not applied another referral code,

1. visit the Hyperliquid Referrals page. 
2. Enter our referral code: HFR
3. After the HFR code has been accepted, enter your main wallet address in the Crypto Accounts section of the HFR dashboard and submit it for review.

Note:

• If the wallet is already connected to another referral code or Hyperliquid does not accept the HFR code, the account may not qualify for HFR cashback. You should open a new account through the HFR link.
• Cashback is not retroactive. Only eligible fees generated after successful referral tracking and HFR approval can qualify.

• What are Hyperliquid cashback and rebates?
  Hyperliquid users who join through HighFxRebates can receive an official 4% fee discount on their first $25 million in eligible volume, plus 5% HFR cashback on eligible fees actually paid.
• How does Hyperliquid cashback work?
  Hyperliquid first applies the official referral discount to eligible fees. HighFxRebates then calculates 5% cashback from the eligible fee actually charged and reported by Hyperliquid.
• Is the total benefit 9%?
  Not exactly. Because the 5% HFR cashback is calculated after Hyperliquid applies its 4% discount, the combined effective reduction is approximately 8.8% compared with the original undiscounted fee.
• How do I sign up?
  Open Hyperliquid through the HFR referral link, connect your main wallet, and submit the wallet address under Crypto Accounts in your HFR dashboard.
• Which address should I enter in HFR?
  Enter the public address of the main wallet used to trade on Hyperliquid. Do not enter a deposit address, API wallet, sub-account address, or vault address unless HFR specifically requests it.
• I already use Hyperliquid. Can I still receive cashback?
  Possibly. Your wallet must be able to apply the HFR referral code and must not already be tied to an incompatible referral relationship. Submit the wallet address for review after applying the HFR code.
• Which trades qualify?
  Eligible positive trading fees generated through the main referred Hyperliquid account may qualify. Spot, perpetual, and qualifying HIP-3 activity may be included where reported by Hyperliquid.
• Do vaults and sub-accounts receive the 4% discount?
  No. Hyperliquid states that referral discounts do not apply to vaults or sub-accounts because they are treated as independent accounts.
• Does funding qualify for cashback?
  No. Funding is paid directly between long and short traders. Hyperliquid does not collect a trading commission on funding payments.
• When are rebates paid?
  HFR cashback is calculated and credited weekly to the user’s HighFxRebates account.
• Is cashback paid to my Hyperliquid wallet?
  No. Hyperliquid applies its 4% discount directly within the platform, while the additional 5% HFR cashback is credited weekly to your HFR account.
• Can cashback stack with other Hyperliquid discounts?
  Yes, where the platform allows it. However, HFR cashback is always calculated on the final eligible fee actually paid after fee tiers, staking discounts, referral discounts, maker rebates, or other reductions.
• Is there a fee to join the HFR program?
  No. HighFxRebates does not charge a registration fee to join the Hyperliquid cashback program.

• What is Hyperliquid?
  Hyperliquid is a decentralized, non-custodial trading platform built on its own Layer 1 blockchain. It supports fully on-chain perpetual futures and spot order books.
• Is Hyperliquid centralized or decentralized?
  Hyperliquid is decentralized in market structure and non-custodial wallet access. It is not a traditional centralized exchange.
• Does Hyperliquid require KYC?
  No standard KYC process is required for normal wallet-based trading. However, users are still responsible for complying with their local laws and Hyperliquid’s access restrictions.
• What can I trade on Hyperliquid?
  Hyperliquid supports crypto spot markets, perpetual futures, and selected markets linked to crypto, commodities, indices, and other assets. The official app describes 300+ perpetual and spot markets.
• What are Hyperliquid’s trading fees?
  The base perpetual fee tier is 0.045% taker and 0.015% maker. The base spot fee tier is 0.070% taker and 0.040% maker. Fees vary by 14-day trading volume, asset type, and fee tier.
• Does Hyperliquid support leverage?
  Yes. Hyperliquid supports leveraged perpetual trading, with max leverage varying by asset. Official documentation states leverage generally ranges from 3x to 40x.
• How do deposits work on Hyperliquid?
  Users can deposit supported assets through the Hyperliquid bridge and supported networks. For USDC deposits through Arbitrum, Hyperliquid’s docs state that only USDC on Arbitrum is supported and the minimum deposit is 5 USDC.
• Does Hyperliquid offer API trading?
  Yes. Hyperliquid provides public API documentation, including REST, WebSocket, exchange, and info endpoints.
• Does Hyperliquid have Proof of Reserves?
  Not in the same way as a centralized exchange. Hyperliquid is on-chain by design, so orders, trades, funding, and liquidations are transparent on the Hyperliquid L1.
• Is Hyperliquid available in all countries?
  No. Hyperliquid’s interface is not available to restricted persons. Official search snippets from the Terms mention the United States and Ontario, Canada, and also refer to sanctions and export-control restrictions.