What it does
Hyperliquid runs spot and perpetual order books in HyperCore, with a separate HyperEVM environment for smart contracts. Traders can connect a wallet or use email onboarding. The exchange includes limit, conditional, TWAP and other order controls.
Hyperliquid offers more than an immediate market order. TWAP divides a total size over a chosen duration, from five minutes to seven days, with a US$100 minimum. Suborders are at least 30 seconds apart and have a 3% maximum slippage allowance. Thin liquidity or a wide spread can leave part of the total unfilled.
Chase repeatedly reprices a maker-only limit order near the best bid or ask. It runs in the browser tab where it was created, with up to five active orders. That browser dependency matters if you expect an order to keep adjusting after leaving the page. Reduce Only is a separate option for decreasing an existing position.
To enter through the web app with an EVM wallet, use Connect, Enable Trading and the wallet signature, then Deposit. Email login is also available. Check the selected asset and network carefully: some deposit routes deliver a spot asset that must be sold for the appropriate trading collateral. A perpetual contract creates price exposure, while a spot purchase delivers the asset.
Base tier fees are 0.015% maker and 0.045% taker for perps, and 0.04% maker and 0.07% taker for spot. Weighted 14-day volume and qualifying HYPE staking affect the tier. Certain quote assets and deployer markets use additional adjustments. HyperCore trading has no separate gas charge, but deposits and withdrawals can incur network costs.
Strengths
- TWAP exposes duration and execution constraints
- Chase and reduce-only controls serve different order needs
- Onchain spot and perpetual order books
Watch out for
- TWAP may finish with part of the order unfilled
- Chase depends on its originating browser tab
- Deployer and quote-asset rules can change the base fee
Best for
- Experienced wallet traders selecting execution controls for spot or perpetual markets
Sources
- HyperCore and HyperEVM overview (Oct 27, 2026)
- Hyperliquid wallet, email and collateral onboarding (Oct 27, 2026)
- Hyperliquid order controls and TWAP limits (Oct 27, 2026)
- Hyperliquid spot and perpetual fee schedules (Oct 27, 2026)
