Hyperliquid guides and questions
Practical guides to Hyperliquid trading, perpetuals, HIP-3, HIP-4, liquidity and reading public onchain data.
Start with the tape guide, then explore a market or wallet. Each guide explains what the data can tell you and where its coverage ends.
- How to use Hyperliquid Live
Read the tapes, follow wallets and understand what the terminal measures.
- What are perpetual futures?
Understand perpetual exposure, leverage and the difference between a buy and a new long.
- What are HIP-3 markets?
Understand builder-deployed perpetuals, venue names and separate market identities.
- How to read HIP-4 outcome trades
Understand outcome sides, trade direction and market identifiers in HIP4 Tape.
- How to read Hyperliquid spot trades
Read token pairs, quote amounts and spot balances without assuming every amount is USDC.
- How to read an order book and liquidity heatmap
Compare visible resting liquidity with the trades actually executed at each price.
- How to read market flow and CVD
Separate aggressive buying pressure from long and short position exposure.
- How do Hyperliquid liquidations work?
Understand maintenance margin, liquidation flow and the limits of the liquidation tape.
- How to read a Hyperliquid wallet profile
Inspect public positions, balances by venue and bounded account activity.
- How does perpetual funding work?
Understand funding direction and why holding a perpetual has costs beyond execution fees.
- How to interpret TP/SL orders and TWAPs
Distinguish planned orders, current account context and confirmed executions.
- Where does the terminal get its data?
Understand public streams, missing data, builder labels and browser collection limits.