hyperliquid venue review
Of 232 listed assets, 128 cap at 3x and 1 reaches 40x, so the advertised ceiling covers 0.4% of the venue.
Figures rebuilt 2026-08-27 by the MarketMoves editorial desk. Every number on this page is derived from the sources named in the methodology.
Hyperliquid sets a leverage ceiling per asset across 232 listed assets, and 128 of those 232 cap at 3x while 1 reaches 40x (venue asset metadata). That distribution is the strongest single number about the venue: the advertised ceiling of 40x applies to 0.4% of the list, and 82.3% of assets cap at 5x or below.
The fee is charged on notional, 0.045% taker and 0.015% maker at the base tier (fee schedule), less 4% with a referral, so opening cost scales linearly with leverage: a $100 margin position costs $0.09 at 2x and $1.73 at 40x, described throughout in the venue's own nouns: margin, position, side, leverage.
Open Hyperliquid with code NEWBONUS128 of 232 assets cap at 3x or lower
| Ceiling | Assets | Share of 232 | Maintenance margin at the ceiling | Room at the ceiling |
|---|---|---|---|---|
| 40x | 1 | 0.4% | 1.25% | 1.25% |
| 25x | 1 | 0.4% | 2.00% | 2.00% |
| 20x | 4 | 1.7% | 2.50% | 2.50% |
| 10x | 35 | 15.1% | 5.00% | 5.00% |
| 5x | 63 | 27.2% | 10.0% | 10.0% |
| 3x | 128 | 55.2% | 16.7% | 16.7% |
Counts cover 232 of the 232 assets in the venue's metadata, fetched from its own info endpoint. Maintenance margin is half the initial margin at the asset's ceiling, so the last two columns are equal at every ceiling by construction (liquidations).
maintenance margin returns half the room at the ceiling
Initial margin at leverage L is one part in L. Hyperliquid's maintenance requirement is half the initial margin at the asset's maximum leverage, which is a fixed fraction of notional for that asset rather than a function of the leverage selected. On an asset capped at 40x the requirement is 1.25%, so a position at the ceiling has 1.25% of room and a position at 20x on the same asset has 3.75% (margin tiers).
| Market | Asset | Ceiling | Maintenance margin | Room at the ceiling |
|---|---|---|---|---|
| Bitcoin | BTC | 40x | 1.25% | 1.25% |
| Ethereum | ETH | 25x | 2.00% | 2.00% |
| Solana | SOL | 20x | 2.50% | 2.50% |
| XRP | XRP | 20x | 2.50% | 2.50% |
| BNB | BNB | 10x | 5.00% | 5.00% |
| Cardano | ADA | 10x | 5.00% | 5.00% |
| Dogecoin | DOGE | 10x | 5.00% | 5.00% |
| Avalanche | AVAX | 10x | 5.00% | 5.00% |
| Chainlink | LINK | 10x | 5.00% | 5.00% |
| Litecoin | LTC | 10x | 5.00% | 5.00% |
| Bitcoin Cash | BCH | 10x | 5.00% | 5.00% |
| TRON | TRX | 10x | 5.00% | 5.00% |
| SUI | SUI | 10x | 5.00% | 5.00% |
| Zcash | ZEC | 10x | 5.00% | 5.00% |
| Hyperliquid | HYPE | 10x | 5.00% | 5.00% |
| Stellar | XLM | 5x | 10.0% | 10.0% |
| Hedera | HBAR | 5x | 10.0% | 10.0% |
| Gram | GRAM | 5x | 10.0% | 10.0% |
The 18 markets tracked here that Hyperliquid lists, with each asset's own ceiling. Every other tracked market is absent from the venue, which lists cryptocurrency only.
opening cost rises with leverage because the base is notional
| Leverage | Notional on $100 | Taker cost | Maker cost | Breakeven move, taker |
|---|---|---|---|---|
| 2x | $200 | $0.09 | $0.03 | 0.0432% |
| 3x | $300 | $0.13 | $0.04 | 0.0432% |
| 5x | $500 | $0.22 | $0.07 | 0.0432% |
| 10x | $1,000 | $0.43 | $0.14 | 0.0432% |
| 20x | $2,000 | $0.86 | $0.29 | 0.0432% |
| 25x | $2,500 | $1.08 | $0.36 | 0.0432% |
| 40x | $4,000 | $1.73 | $0.58 | 0.0432% |
Referral discount of 4% applied. Rungs shown are the venue's own ladder up to 40x; the rung available on any given asset is that asset's ceiling from the table above.
funding is hourly, published, and capped at 4% per hour
Funding is charged every 1 hour at one eighth of the eight hour rate, is market determined rather than set by the venue, is paid peer to peer with no venue cut, and is capped at 4% per hour. The interest component is 0.00125% per hour (funding). A published cap is what makes carry cost bounded rather than open ended: at that cap, funding equals the whole room to liquidation of a position at the 3x ceiling, which is 16.7%, after 4.17 hours.
liquidation costs no clearance fee, and cross margin has no loss cap
Hyperliquid documents no clearance fee on liquidations, which the registry records as 0% (liquidations). The loss cap is isolated margin and nothing wider: 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. A position taken in cross margin therefore has the account behind it rather than a fixed figure, which is a difference in kind from a wager-capped product and not a difference in degree.
the referral is worth 0.0018% of notional
The code gives 4% discount on trading fees for the first $25M of volume (referral programme), and 4% off 0.045% is 0.0018% of notional. On a $100 margin position at 40x that saves the difference between $1.80 and $1.73. Choosing maker over taker on the same position moves the figure to $0.58, which is 3.0 times smaller than the taker figure and therefore the larger of the two decisions.
Open Hyperliquid with code NEWBONUS
Venue registry 2026-08-27a, reviewed through 2026-11-27. Every figure on this page is computed from that registry at build time.