Hyperliquid platform review

Hyperliquid costs you $0.43 to open $100 of margin at 10x and tops out at 40x, where the move that closes you out is set by its published table.

who stands behind Hyperliquid

You cannot find out who stands behind Hyperliquid. It publishes no incorporation record, no licence statement and no list of countries it refuses, so the question of who holds your margin has no published answer. What it does publish is commercial, and every commercial figure below is traced to a Hyperliquid document.

the Hyperliquid ceiling is 40x

Hyperliquid applies one ceiling to everything it lists, 40x, with 7 published leverage levels from 2x to 40x and no floor on that list.

Hyperliquid charges 0.045% of notional to open

You pay 0.045 per cent of notional, which is margin multiplied by leverage, when you open, with no closing charge documented either way (Hyperliquid fee documentation). On $100 of margin at 10x that is $0.43. Change your mind about the side and you pay the 0.045 per cent again on the new one. Get filled as a maker and you pay 0.015% against 0.045% as a taker, which takes the same 10x entry down to $0.14. A referral takes 4% off that rate, worth 0.0018% of notional to you.

what $100 of margin costs you at each level

Your exposure is the margin multiplied by the leverage, so $100 at 40x controls $4,000. Breakeven is the move that just covers what you paid to open, and room is how far Hyperliquid lets the market go against you before the position ends.

At every one of the 7 leverage levels: round trip not documented, breakeven move 0.0432%.

Entry cost is 0.045% of notional, referral discount applied where one is published. Room is computed from the Hyperliquid maintenance rule. Where a rate varies by asset class both ends of the schedule are shown. Holding costs are excluded, so every figure is a floor.

what it costs you to hold a position open

You pay the funding for as long as you hold, every hour, capped at 4% per hour, interest component 0.00125% per hour (Hyperliquid on holding costs). It comes out of the collateral your room to liquidation is measured against, so at 2x on Hyperliquid the 48.750% you start with narrows for as long as you stay in.

the move that closes you out on Hyperliquid

A move of 8.750% against you ends a 10x position on Hyperliquid, and 1.250% ends one at 40x. The distance is one part in the leverage less the 1.25% it holds back as a maintenance requirement (Hyperliquid on liquidation).

At every one of the 7 leverage levels: maintenance requirement 1.25%.

the 1 asset class Hyperliquid lists, and how many instruments

Hyperliquid names 1 asset class (cryptocurrency) and never says how many instruments that comes to, so you cannot count what is tradeable before you open an account. Of the 45 markets simulated here, 17 are matched to a named instrument on Hyperliquid.

getting money in and out of Hyperliquid

You cannot find out how money reaches or leaves a Hyperliquid account. It documents no settlement currency, no deposit route and no withdrawal route, which is worth weighing against a 0.045 per cent entry cost you can compute to the cent, and it runs no practice mode, so your first position is a funded one.

whether a loss can exceed the margin

You cannot lose more than the isolated margin on Hyperliquid (Hyperliquid terms on loss). At 40x that ceiling is reached by a 1.250% move against you, on $4,000 of exposure funded by $100. A liquidation costs you a further 0% as a clearance fee.

what the Hyperliquid referral gives you

The referral gives 4 per cent discount on trading fees for the first $25M of volume, confirmed against Hyperliquid's own documents (Hyperliquid referral documentation). It binds by code, and it is the smaller of the two decisions in front of you: the leverage you pick moves your entry cost on a $100 margin between $0.43 and $1.73.

The Hyperliquid promo code page carries the eligibility and the exclusions in full.

verdict

Use Hyperliquid if you are sizing at or below 5x, where 0.045% on notional keeps your entry cost on a $100 margin at $0.43. Look elsewhere if you want a ceiling above 40x, because Hyperliquid prices nothing above it. Before you size anything, check what the margin is against what you can lose: $100 at 40x puts $4,000 of exposure on a loss that stops at the isolated margin.

Open Hyperliquid with codeNEWBONUS

what Hyperliquid says in its own words

Three terms are quoted or paraphrased from Hyperliquid documentation rather than computed, and kept separate for that reason.

• On carry. Funding every hour at one eighth of the 8-hour rate, market-set, capped at 4 per cent per hour, paid peer to peer.
• On liquidation. No clearance fee on liquidations.
• On loss. Isolated margin confines loss to that position. Cross margin does not, and a backstop liquidation below two thirds of maintenance margin does not return the maintenance margin.

Platform registry 2026-08-28a, reviewed through 2026-11-28. Every figure below is computed from each platform's own published terms.

Figures on this page were rebuilt 2026-08-28 by the MarketMoves editorial desk, from the sources named in the methodology. Nothing here is a forecast, and none of it is advice.