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Perps are perpetual futures on Hyperliquid. A perp tracks the price of an asset, such as Bitcoin, a stock, an index, or gold, and never expires or resolves. You take a side:
  • LONG gains when the price rises.
  • SHORT gains when the price falls.
Perps are not prediction markets. They have no YES or NO side, their prices are in dollars, and leverage can multiply both gains and losses. A leveraged position can be closed by the exchange (liquidated) before your strategy’s exit is reached. Use Simulate before Run Live.

Find a perp

Open Market in the left panel, then choose Perps. Perps tab with the category chips and BTC and ETH cards, each with LONG and SHORT buttons
  • Use Search perps to search by ticker or name.
  • Use the category chips to narrow the list: Crypto, Stocks, Indices, Commodities, FX, Rates, Pre-IPO, and Other. Only categories that currently have perps appear.
Each card shows:
  • The ticker, such as BTC or NVDA.
  • Perpetual · up to Nx, the most leverage the asset allows.
  • The live price in dollars. A card that shows unavailable cannot be added until a price is available.
  • A green LONG and a red SHORT button.
Select View market details on a card for its price history, its 24-hour move, Funding / h, Open interest, Max leverage, and a link to Open on Hyperliquid.

Crypto perps and other assets

Crypto perps, such as BTC, ETH, and SOL, trade on Hyperliquid’s own market. Stocks, indices, commodities, FX, rates, and pre-IPO names are listed on Hyperliquid by other providers. Their cards carry a small badge with the provider’s name, such as xyz, para, io, or mkts. Hover over the badge for the provider’s full name. Check what one of these perps tracks before you trade it; for example, a rates perp follows an interest rate. Stocks category of the Perps tab with TSLA and NVDA perps, each carrying an xyz provider badge

Add a perp to a strategy

  • Click or drag the card to add a LONG action.
  • Click or drag the SHORT button to add a SHORT action, or the LONG button for a long.
You can switch sides later with the LONG and SHORT buttons on the action node.

Set the leverage

The action node has a leverage button next to its amount. It starts at 1x, which means no leverage. Click it and type or drag a whole number up to the asset’s maximum. The panel shows Up to Nx on this asset. ETH perp action with its leverage control open, set to 3x on a slider from 1x to 25x Leverage multiplies the size of the position, not the amount you put in. The amount the action receives is its margin. For example, $100 at 3x opens a $300 position: a 10% move in the price changes its value by about $30.

Exit a perp position

A strategy closes a perp position in one of three ways:
  • An Exit node after a condition closes the position and returns the margin, plus or minus your profit or loss, to the strategy.
  • Hold keeps the position open while the strategy waits for a later condition.
  • When the strategy finishes, any perp position still open is closed automatically.
A strategy cannot hold a long and a short on the same perp at the same time. Close one side before opening the other.

Watch a perp with a condition

Use a Price Condition and choose the perp as the market to watch. The threshold is a price in dollars, such as “if BTC is less than $80,000.” The condition watches Hyperliquid’s price for the perp. A perp has no close time and never resolves, so a Time Condition or Resolution cannot watch one. For a short, a stop-loss is a price above where you entered. For a long, it is a price below.

Costs and risks

  • Minimum order. Each perp order needs at least $10 of position size: the amount times the leverage. A branch that would open less than that is skipped and no order is placed. Raise the allocation or the leverage. Closing a whole position is exempt.
  • Funding. While a position is open, it pays or receives funding every hour. When the funding rate is positive, longs pay shorts; when negative, shorts pay longs. On a position held for days, funding can add up to more than the price move.
  • Liquidation. If the price moves too far against a position, the exchange closes it and the margin backing it is lost. A stop-loss set beyond the liquidation price never runs. How far the price can move depends on the kind of perp:
    • A stock, index, commodity, FX, rates, or pre-IPO perp is backed only by its own margin. It is liquidated after a move of roughly 1 ÷ leverage against you: about 33% at 3x, 10% at 10x.
    • A crypto perp shares its margin with the rest of your Hyperliquid balance and your other open crypto perp positions. Its liquidation price depends on all of them, not on leverage alone, so the 1 ÷ leverage estimate does not apply. A losing crypto position can also draw on that shared balance, not just its own margin. The CLI’s perps positions command reports each position’s actual liquidation price.

Money and your Cash

You do not need to move money to Hyperliquid yourself. When a strategy needs funds for a perp, Miramarket moves USDC there for you; this can take up to about ten minutes. Your free balance on Hyperliquid counts as Cash in the account menu. A withdrawal draws on it automatically, with a small transfer fee taken from the amount. Margin backing an open position is not available until the position is closed.

Simulation and Run Live

Simulate supports perps. A simulated perp order fills at the midpoint price, with no spread, trading fees, or funding, so a live run can do worse than its simulation. Live perp trading is not available in some regions, including the United States. Where live trading is unavailable, the run menu shows Run Live as disabled and Simulation remains available. Hyperliquid spot trading and Hyperliquid’s own outcome markets are not supported.

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