Chapter · Master Hyperliquid
Review: Hyperliquid
The pro perps DEX, from first principles to your first stop-protected trade.
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What you get asked
What best describes Hyperliquid?
Hyperliquid is a non-custodial perps DEX built on its own chain, running a real on-chain order book rather than an AMM. That combination is its defining feature.
The gap between the best bid and the best ask in an order book is called the ___.
The spread is the distance between the highest buy order and the lowest sell order. Tight spreads mean a liquid, competitive market.
You post €400 of margin at 3x leverage. What position size (in €) do you control?
Position size is margin times leverage: 400 x 3 = 1200. The leverage magnifies gains and losses on that full amount.
Why does high leverage make liquidation so easy to hit?
At 10x a 10% move against you is a wipeout, and at 20x just 5%. Everyday crypto swings are large enough to trigger that, which is why size and stops matter.
Where do HLP vault returns come from, and what is the honest risk?
HLP earns fees and funding by market-making and absorbing liquidations. That is real risk-taking, so the vault's value can and sometimes does drop.
You are new and want to learn Hyperliquid safely. What is the smartest first move?
Learn free on testnet, size small, always use a stop, and keep leverage low. Discipline and survival come before any prediction. 🐜
The rest of this chapter
The pro perps DEX, from first principles to your first stop-protected trade.