Independent guides to Hyperliquid

Trade the S&P, gold and NVIDIA
at 3am on a Sunday

Hyperliquid is an on-chain exchange for perpetual futures. Alongside crypto it lists stocks, indices, commodities and even SpaceX — and unlike every stock broker, those markets never close. We explain what each one actually is, what it costs to hold, and when the ordinary route is the better idea.

Start here: what is Hyperliquid?Browse markets
115Liquid markets
$5.9B24h volume
4%Fee discount
24/7Including weekends

What is Hyperliquid, in thirty seconds

An exchange for perpetual futures — contracts that track a price without ever expiring — running on its own blockchain. You connect a wallet, deposit USDC, and can go long or short in any size. There is no account application and no identity check.

What is differentThe markets do not closeStock exchanges shut for 65 hours every weekend. These contracts keep trading through nights, weekends and holidays — which is useful, and riskier than it sounds.
What you getOne account, any sizeA gold future is 100 oz. An E-mini S&P is about $400,000. Here the same exposure works at any size, in USDC, without a separate broker for each market.
What you give upNo shares, and no safety netYou hold a contract, not the asset — no dividends, no votes, no IPO allocation. It is unregulated, uninsured, and mistakes cannot be reversed.

Read the full explanation →

Markets worth understanding first

Each guide covers what the contract actually tracks, every alternative route and what it costs, and the cases where the ordinary route is simply better. We only cover markets clearing $1M of daily volume.

SKHXSK HynixSeoul trades 6.5 hours a day. This one trades 24$399M 24h · up to 10xSPCXSpaceXPrivate. The listed proxies have traded far above net asset value$302M 24h · up to 20xCLCrude oil1,000 barrels a contract (~$82,000), with no expiry to roll$235M 24h · up to 20xSP500S&P 500Trades weekends; the E-mini future is ~$400,000 a contract$194M 24h · up to 50xDRAMDRAM indexNo DRAM ETF or futures contract exists — the chipmakers are a loose proxy$166M 24h · up to 20xSILVERSilver5,000 oz a contract (~$330,000), and it moves about twice as hard as gold$121M 24h · up to 25xGOLDGoldA COMEX contract is 100 oz (~$443,000). This trades in any size$89M 24h · up to 25xSMSNSamsungSeoul-listed; the ETF route is three-quarters other companies$73M 24h · up to 10xNVDANVIDIAKeeps trading after 16:00 New York — when earnings actually land$35M 24h · up to 20x

Before you deposit anything

A perpetual is not the asset it tracks. These pages cover what you are actually buying, whether you can access the venue at all, and what it costs to hold a position.

Read firstWhat a perpetual actually gives youNo shares, no dividends, no IPO allocation. When this instrument fits your view, and the cases where it is simply wrong.AccessWhere Hyperliquid is availableHow the geoblocking works, why there is no KYC to warn you, and what you give up trading somewhere unregulated.CostsFees, and how to pay 4% lessThe full fee schedule. Taker and maker fees are the small number — funding is the one that decides whether a held position works.

Free tools

Live data from the public Hyperliquid API. Free to embed on your own site, no attribution required.

ToolFunding rates, annualisedHourly funding looks trivial until you annualise it. Ranked across every liquid market, with an embeddable widget.Updated 2026-08-11GuideWeekend and after-hours tradingWhat actually trades when exchanges are shut, how prices form with no shares changing hands, and why the Monday gap defeats stop orders.

Get 4% off your Hyperliquid trading fees

Hyperliquid applies a 4% fee discount to accounts opened through a referral link, for your first $25M of volume. Sign up directly and you pay full price. We receive a share of the fees you pay — you still pay less than you otherwise would.

Claim the 4% discount