Chapter · Master Hyperliquid
The on-chain order book
A central limit order book (CLOB) is just two stacked lists: bids (people willing to buy) and asks (people willing to sell). The highest bid and lowest ask sit face to face, and the gap between them is the spread. A maker posts an order and waits, adding liquidity. A taker hits an existing order and removes it. Hyperliquid runs this whole book on its own chain with fast finality, so a match settles in well under a second.
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What you get asked
In an order book, what is the 'spread'?
The spread is the gap between the best bid and the best ask. A tight spread means a liquid, competitive market; a wide one means it costs more to get in and out.
Match each order-book term to what it means
Makers post and wait; takers cross the spread and trade now. Most venues, Hyperliquid included, charge takers a bit more because makers provide the liquidity everyone else uses.
A trader who posts a resting order and waits for someone to trade against it is acting as a ___.
Posting liquidity into the book makes you a maker. Crossing the spread to trade immediately makes you a taker. The book is simply all of those resting maker orders.
What does Hyperliquid's 'fast finality' give a trader in practice?
Fast finality means the chain confirms your order quickly, so trading feels responsive like a centralized exchange. It does not change the market's direction or remove costs.
What is HyperEVM, in one line?
HyperEVM is the general-purpose smart-contract environment on Hyperliquid, letting developers deploy apps next to the exchange. The exchange and the EVM share one network. 🐜
The rest of this chapter
The pro perps DEX, from first principles to your first stop-protected trade.