Hyperliquid Perpetual · HYPE
Trade the HYPE perpetual on Lighter DEX — zero-fee, USDC-margined, up to 20x leverage on a fully verifiable ZK order book.
Live HYPE candles from Lighter's public API. For trading, verify on app.lighter.xyz.
About Hyperliquid (HYPE)
HYPE is the native token of Hyperliquid, a competing perp DEX. Trade the HYPE perp zero-fee on Lighter — then compare the two exchanges directly.
Trading Hyperliquid Perpetuals on Lighter
On Lighter, Hyperliquid trades as the HYPE perpetual — no expiry, with collateral and PnL settled in USDC. Standard accounts pay 0% maker and taker fees, and Lighter offers up to 20x leverage on this market. Every fill is matched on a fully verifiable ZK order book, so matching and liquidations are proven rather than trusted — see what Lighter DEX is for how that works.
HYPE is the native token of Hyperliquid, a competing perpetuals DEX. If you trade both, see our exchange comparisons to weigh Lighter's zero-fee, verifiable model against the alternatives.
How is the HYPE perp different from owning Hyperliquid?
Buying Hyperliquid spot means holding the asset, with custody and self-storage as your problem and your upside limited to price appreciation. The HYPE perpetual is a different trade: you post USDC as margin, you take the price exposure without ever holding HYPE, and you can go short as easily as long. There is no expiry to roll, which is what makes it perpetual, and funding payments between longs and shorts are what keep the contract tethered to spot. The trade-off is that leverage cuts both ways and a position can be liquidated, which never happens to spot you actually own.
What should you know before trading HYPE?
The numbers that decide whether a HYPE position survives are the margin ones, not the fee ones. Trading is free at 0% maker and 0% taker on a standard account, so the cost of being wrong is entirely margin and funding. 20x is this market's ceiling, which means you post at least 5.0% of notional as initial margin; go to the ceiling and a move of roughly that size against you wipes the position. Liquidation carries a 1% fee on top of the forced exit, so planning your own exit is materially cheaper than being closed out. The minimum order is $10 of notional, which makes it cheap to size a first position small.
HYPE perps on Lighter are zero-fee for standard accounts, USDC-margined, and matched on a verifiable ZK order book with up to 20x leverage. Sign up with referral code LIGHTERPEDIA to attach the code at sign-up.
How to Trade Hyperliquid on Lighter in 4 Steps
- 1Connect a wallet — open app.lighter.xyz and connect MetaMask, Rabby, or any Web3 wallet. No KYC required.
- 2Deposit USDC — fund your account with USDC to use as margin collateral. See our getting-started guide.
- 3Open the HYPE market — select Hyperliquid, choose your leverage (up to 20x on this market), and set your margin mode.
- 4Place your order — market or limit, all zero-fee for standard accounts. Manage risk with stop-loss and take-profit.
Hyperliquid Perpetual — Contract Specs
| Market | HYPE (Perpetual) |
|---|---|
| Margin asset | USDC |
| Maker / taker fee | 0% / 0% (standard account) |
| Max leverage | 20x (5.0% initial margin) |
| Minimum order | $10 notional |
| Liquidation fee | 1% of position value |
| Order matching | Verifiable ZK order book, settles to Ethereum |
| Settlement | Settled in USDC |
| Sign-up bonus | One-week Premium fee rebate with code LIGHTERPEDIA |
Frequently Asked Questions
What does it cost to trade the Hyperliquid perpetual on Lighter?
Standard accounts on Lighter trade the HYPE perpetual at 0% maker and 0% taker fees — it is a zero-fee market. Premium tiers with LIT staked can unlock rebated rates. You still pay network gas on deposits and withdrawals.
What is the maximum leverage for Hyperliquid on Lighter?
The HYPE market caps out at 20x. That is a per-market limit rather than a platform-wide one: only BTC and ETH reach Lighter's 50x maximum, most alts sit between 10x and 25x, and the pre-IPO markets are capped at 5x because they are internally priced with no price caps. Collateral is USDC either way, and 20x means an initial margin requirement of 5.0% of notional.
Is the Hyperliquid market on Lighter verifiable?
Yes. Lighter is a fully verifiable ZK order-book DEX — order matching and liquidations are proven with zero-knowledge proofs and settle to Ethereum, so the HYPE market is trust-minimized rather than relying on an opaque matching engine.
Do I need KYC to trade Hyperliquid on Lighter?
No. Lighter is a self-custody DEX — connect a Web3 wallet and trade directly, with no identity verification required. Signing up with referral code LIGHTERPEDIA attaches the code at account creation; see /referral for what Lighter documents that it does.
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Ready to trade Hyperliquid on Lighter?
Trade the HYPE perpetual zero-fee on a standard account, USDC-margined, up to 20x leverage on a verifiable ZK order book. Code LIGHTERPEDIA is applied automatically through the link.
Trade HYPE on Lighter