Hyperliquid
Hyperliquid is where a funded wallet opens its first perpetual position
Hyperliquid is ready for a wallet trader once trading is enabled and collateral appears in the account. The shortest first-position path is to choose a perpetual market, select long or short, set margin mode and size, submit one market or limit order, then confirm the filled size in the Positions row. A resting limit order belongs in Open Orders until matched. Close with a reduce-only action, and withdraw idle USDC after the position reaches zero.
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A valid perpetual order starts at $10 notional, while an Arbitrum bridge deposit requires at least 5 USDC.
Arbitrum bridge or Hyperunit: choose the funding rail first
The native Arbitrum bridge is the direct route for depositing USDC from an EVM wallet. Hyperunit provides separate deposit routes for supported assets originating on networks such as Bitcoin, Ethereum, and Solana. The first route preserves a simple USDC workflow; the second introduces an asset conversion step when the selected perpetual uses another quote asset.
The native bridge requires at least 5 USDC and is designed to credit the sending address in under 1 minute. Keep ETH on Arbitrum for the deposit transaction. More than two-thirds of validator staking power must sign before the bridge credits a deposit. Every Hyperunit route accepts only the asset displayed for its source network.
| Funding route | What enters the account | Custody or control model |
|---|---|---|
| Native Arbitrum bridge | Native USDC sent from an EVM address | Validator-mediated bridge; the sending address controls the credited account |
| Hyperunit | A route-specific supported asset | Unit operates the transfer rail; the user controls the receiving trading address |
| HyperCore transfer | USDC or a supported spot balance from another account | The sender authorizes an onchain transfer to the recipient address |
A newly funded Hyperliquid address should show the deposit before an order is prepared. Match the displayed trading address against the wallet that sent the funds. A different connected address represents a different account, even when both addresses appear inside the same wallet application.
Bind the funded balance to the trading address
The trading authorization binds order actions to the funded EVM address. An EVM address contains 20 bytes, displayed as 40 hexadecimal digits after the 0x prefix, for 42 visible characters in total. Connect through MetaMask, Rabby, Coinbase Wallet, or a WalletConnect session. Then select Enable Trading and approve the single gasless signature.
The Hyperliquid trading signature does not move USDC or require Arbitrum gas. It authorizes later HyperCore actions from that address. The default Unified account mode maintains one balance for each asset across supported spot and cross-margin activity. Standard mode separates spot and perpetual balances, so an existing Standard account may require an internal transfer before the order form shows available collateral.
Set the contract, direction, and margin mode
The market selector determines which perpetual contract receives the order. BTC, ETH, and HYPE are separate instruments, each with its own order book, size precision, mark price, and maximum leverage. A validator-operated linear perpetual represents 1 unit of its underlying spot asset. It has no expiration date, and its funding process settles once every hour, which is covered in Hyperliquid fees.
Direction comes next. Long creates positive exposure to the contract price; short creates negative exposure. Leverage accepts whole numbers from 1 through the market-specific maximum. Cross and isolated are the 2 primary margin modes. Cross shares eligible collateral across cross-margin positions, while isolated assigns collateral to one position. Some contracts enforce isolated-only mode, so the selector may remove that choice.
Market or limit: make one primary action
A market order crosses the available order book immediately. A limit order specifies a price boundary and rests when unmatched. HyperCore matches resting orders by price-time priority, and every perpetual order must carry at least $10 of notional value. Size must also align with the market's lot precision; an otherwise valid amount is rejected when it falls between supported increments.
Perpetual prices accept up to 5 significant figures, while their decimal-place ceiling equals 6 minus the market's size-decimal setting. Whole-number prices remain valid even when they contain more than 5 digits. Limit orders expose 3 time-in-force instructions: Good Til Cancel remains open, Add Liquidity Only must rest, and Immediate or Cancel removes any unmatched remainder. Choose one order, review its side and size, then press Place Order once.
What confirmation proves that an order reached HyperCore?
HyperCore confirmation separates accepted orders from executed trades. A filled status proves that matching occurred. An open status means the limit order rests on the book and has not produced the full requested position. HyperBFT gives HyperCore order, cancel, and trade actions one-block finality, so the interface receives a definitive onchain result without an Ethereum-style multiblock confirmation sequence.
The confirmation modal repeats the market, direction, amount, and order type before submission. After approval, inspect the status notification and the lower account panel. A crossing order may fill against several resting orders, while a limit order may leave unmatched size in Open Orders. Rejection leaves no position; the displayed reason identifies issues such as insufficient margin, invalid precision, or a sub-$10 notional.
Verify the position row, not the order ticket
The Positions row is the account-level proof of an executed opening trade. Confirm the contract, direction, filled size, entry price, mark price, leverage, and margin mode. The filled size matters most. A partial fill creates exposure only for the executed amount, even when the original ticket requested more. Any remainder stays visible under Open Orders until filled, canceled, or expired by its instruction.
Entry price updates as a size-weighted average when another fill increases the same position. Unrealized PnL equals side multiplied by the difference between mark price and entry price, then multiplied by position size; the side value is +1 for a long and -1 for a short. Portfolio graphs cover 24-hour, 7-day, and 30-day windows with samples taken every 15 minutes, so they are not immediate order receipts.
Close the exposure without creating the opposite side
A reduce-only close decreases the selected position without enlarging it or opening the reverse side. Use the position's Close control or submit an opposite-side order with Reduce Only enabled. Enter 100% of the visible position size for a full exit. A smaller amount leaves a partial position, which remains in the Positions row with its original entry price.
Cancel any unused entry order before closing. Otherwise, its unmatched remainder remains eligible to fill after the position reaches zero. On Hyperliquid, transaction delay protection expires an action that the L1 has not accepted within 15 seconds. Wait for the returned status before submitting another close. The clean exit state shows a 0 position size and no unwanted resting orders.
Move idle USDC back to Arbitrum
The native USDC withdrawal sends available account balance to the selected Arbitrum address. It requires a wallet signature on HyperCore and 0 Arbitrum transactions from the user. Validators prepare the bridge transaction instead. The withdrawal deducts a fixed 1 USDC charge and is designed to reach the destination wallet in approximately 3-4 minutes.
Check the complete 42-character destination before signing. The Withdraw action moves USDC through the bridge, whereas Send transfers balance to another account on HyperCore. More than two-thirds of validator staking power signs the bridge withdrawal before finalization. When the position is flat, unused orders are canceled, the account balance has decreased, and USDC appears on Arbitrum, the first-position workflow is complete.
Everyday questions about Hyperliquid
Is HYPE required before placing a first Hyperliquid perpetual order?
HYPE is not required to place a standard USDC-margined perpetual order. An Arbitrum deposit instead needs USDC plus enough ETH in the sending wallet for network gas. Once USDC appears in the trading balance and the address has enabled trading, the market selector and order form provide the controls needed to submit the perpetual order.
Can a mobile wallet complete the same first-position flow?
A mobile wallet can complete the flow through a compatible interface or WalletConnect session. The steps remain connect, enable trading, confirm the funded address, select the perpetual, and place the order. MetaMask and Phantom provide mobile access, while Based and Dexari are mobile trading interfaces. The onchain account follows the connected address rather than the phone.
Why does funded USDC not appear as available collateral?
Four checks explain a funded balance that is absent from the order form: network, token, address, and account mode. The native bridge accepts USDC on Arbitrum with a 5 USDC minimum. Another token, network, or sending address does not populate the intended account. Standard mode separates spot and perpetual balances, while Unified mode uses one asset balance across supported activity.
When does hourly funding begin for a newly filled position?
Hourly funding applies while the perpetual position is open at the funding timestamp. Opening after one payment does not create a retroactive charge or credit for the preceding interval. A position that remains open through the next timestamp participates at that interval's rate. The rate and payer side move with the market, so the displayed funding field determines the direction and amount.
What happens if the first limit order fills only partly?
A partial fill creates a position only for the executed size, while the unmatched limit size remains in Open Orders under its time-in-force rule. The Positions row and Trade History reflect the completed portion; the original ticket is not proof of full execution. Cancel or modify the remainder when the smaller filled position is the intended final state.
Does disconnecting the wallet close an open position?
Disconnecting the wallet does not close, cancel, or transfer an onchain position. HyperCore keeps the account state under the same EVM address, including open positions and resting orders. Reconnect the identical address through a compatible interface to resume control. A different address displays a different account, even when both addresses sit inside the same wallet application.
Are HIP-3 perpetual markets usable from the same funded address?
A newly funded address can submit orders to a listed HIP-3 perpetual when it holds the required quote collateral and its account mode supports that DEX. Builder-deployed markets carry their own oracle, contract settings, leverage limit, and margin rules; some enforce isolated-only margin. Confirm the prefixed market name and collateral field before treating one like a validator-operated USDC market.