Getting started with Perps
Most users get started with Hyperliquid via the flagship application, the Hyperliquid Perpetuals DEX. Mainnet alpha is live at https://app.hyperliquid.xyz/trade.
What do I need to trade perps on Hyperliquid?
You can trade on Hyperliquid with a normal defi wallet or by logging in with your email address.
If you choose to use a normal defi wallet, you need:
An EVM wallet
If you don’t already have an EVM wallet (e.g., Rabby, MetaMask, WalletConnect, Coinbase Wallet), you can set one up easily at https://metamask.io/.
After downloading MetaMask for your browser, create a new wallet.
Your wallet has a secret recovery phrase – anyone with access to your password or seed phrase can access your funds. Do not share your private key with anyone. Best practice is to record your seed phrase and store it in a safe physical location.
USDC and ETH on Arbitrum
USDC is used as collateral to trade
ETH is used as gas to deposit USDC
NOTE: Native Arbitrum USDC is not the same as USDC.e
How do I onboard to Hyperliquid?
If you choose to log in with email:
Click the "Connect" button and enter your email address. After you press "Submit," within a few seconds, a 6 digit code will be sent to your email. Type in the 6 digit code to login.
Now you're connected. All that's left is to deposit USDC. A new blockchain address is created for your email address. Send native USDC over the Arbitrum network to this address. It’s easy to do from a centralized exchange or from another defi wallet. NOTE: Do not send any asset other than native USDC.
If you choose to onboard with a defi wallet:
Once you have an EVM wallet and USDC and ETH on Arbitrum, go to https://app.hyperliquid.xyz/trade
Switch to the Arbitrum network
Click the “Connect” button and choose which wallet type to connect. A pop-up will appear in your EVM wallet extension asking you to connect to Hyperliquid. Press “Connect”
Click the “Enable Trading” button. A modal will appear with 2 steps:
Establish a connection on the Hyperliquid L1 – this transaction costs no gas. Sign the transaction in your EVM wallet
Deposit USDC onto Hyperliquid. Enter the amount of USDC you want to deposit and click “Deposit.” This transaction costs gas in ETH. Confirm the transaction in your EVM wallet
You're now ready to trade
As a reminder, the Hyperliquid bridge contract only accepts native Arbitrum USDC sent over Arbitrum. If you accidentally send the wrong asset to your defi wallet:
Make sure you are logged in with the same email address
Click "Export Email Wallet" in the settings dropdown in the navigation bar
Follow the steps in the pop-up to copy your private key
Import your private key into the wallet extension of your choice
How do I place a trade on Hyperliquid?
With perpetual contracts, you use USDC as collateral to long or short the token instead of buying the token itself, like in spot trading
Using the token selector, choose a token that you want to open a position in.
Decide if you want to long or short that token. If you expect the token price to go up, you want to long. If you expect the token price to go down, you want to short
Use the slider or type in the size of your position. Position size = your leverage amount x your USDC collateral
Lastly, click Place Order. Click Confirm in the modal that appears. You can check the “Don’t show this again” box so you don’t have to confirm each order in the future
How do I bridge USDC onto Hyperliquid?
First you need to get ETH and USDC onto the Arbitrum network, since Hyperliquid’s native bridge is between the Hyperliquid L1 and Arbitrum. ETH will only be used as gas for transactions to deposit USDC. Trading on Hyperliquid costs no gas.
You can use the Arbitrum bridge at https://bridge.arbitrum.io/
You can also bridge via Squid: https://app.squidrouter.com/
Alternatively, you can move funds directly to Arbitrum from a centralized exchange, if you’re already using one
NOTE: Native USDC on Arbitrum is NOT USDC.e.
Once you have ETH and USDC on Arbitrum, you can deposit from Arbitrum to the Hyperliquid L1 as part of the “Enable Trading” process or by clicking the “Deposit” button in the top right of https://app.hyperliquid.xyz/trade
How do I withdraw USDC from Hyperliquid?
On https://app.hyperliquid.xyz/trade, click the “Withdraw” button in the bottom right
Enter the amount of USDC you would like to withdraw and click “Withdraw from L1.” This transaction does not cost gas. There is a $1 withdrawal fee instead.
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