Chapter · Master Hyperliquid
Placing your first trade
A market order fills right now at the best available price. A limit order sets your price and waits, which can save you the spread but may never fill. Going long means you profit if price rises; going short means you profit if it falls. Perps have no expiry, so a mechanism called funding keeps their price tracking the real (index) price of the asset. Start tiny while the buttons are still unfamiliar.
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What you get asked
What is the key difference between a market order and a limit order?
Market orders trade immediately and take whatever price is there. Limit orders let you name your price and wait, but they only fill if the market reaches it.
If you expect the price to fall and want to profit from that, you open a ___ position.
Short profits when price drops; long profits when price rises. Perps let you take either side directly from your wallet.
Put the steps of placing your first trade in order
Notice the last step: before you walk away, always read your liquidation price. Knowing where the position dies is part of placing it, not an afterthought.
Why does a perpetual's price stay close to the real spot (index) price?
Funding is a small recurring payment between longs and shorts. When the perp trades above the index, longs pay shorts, which pulls it back toward spot.
You put up €500 of margin at 5x leverage. What position size (in €) does that control?
Position size is margin times leverage: 500 x 5 = 2500. Leverage magnifies both your gains and your losses on that larger amount, so treat it with respect. 🐜
The rest of this chapter
The pro perps DEX, from first principles to your first stop-protected trade.