Hyperliquid
Hyperliquid is a unified-account route for a first perp round trip
Hyperliquid is a unified-account trading workflow where one USDC balance funds the entry, records the perpetual position, and remains available after the close. For a first round trip, connect an EVM wallet or sign in by email, deposit supported collateral, keep Unified selected, choose a USDC-margined market, set direction and size, place one market or limit order, verify the fill in Positions, then close the exact size with Reduce Only before withdrawing unused USDC to Arbitrum.
The short version: A deposit below 5 USDC is not credited, so the first account check belongs before the order ticket.
A complete round trip leaves no open size or resting order
A completed first perpetual round trip has five visible checkpoints. They are a funded balance, a filled entry, a nonzero position, a filled exit, and a zero position. That sequence gives a newcomer a concrete outcome. It also keeps spot transfers, multiple markets, and automated orders outside the test.
The order ticket offers two directions: Long and Short. A long adds positive price exposure; a short adds negative price exposure. Neither changes the account state until an order fills. Choose one familiar USDC-margined market, such as BTC or ETH, and keep the exercise to one entry plus one exit. The submitted order represents intent. Positions supplies proof.
Use the same market throughout. Switching tickers between entry and exit creates a second position rather than closing the first. Matching the market, direction, and displayed size turns the interface into a readable sequence: balance becomes margin, the fill becomes a position, and the closing fill releases that margin back into the account.
EVM wallet or email login changes the signing path
The connection path determines how account actions are authorized and recovered. On Hyperliquid, a normal EVM wallet and an email-created wallet reach the same unified interface, although their signing and backup procedures differ.
Rabby, MetaMask, and Coinbase Wallet connect directly, while WalletConnect relays compatible wallet sessions. An EVM account contains a 20-byte address, rendered as 40 hexadecimal characters after the 0x prefix and 42 characters in total. Email login uses Privy to deliver a six-digit code and creates an embedded blockchain address.
| Connection path | Trading authorization | Backup or recovery standard |
|---|---|---|
| EVM wallet | Connect the address, enable trading, and sign account actions | Wallet provider backup; BIP-39 recovery phrase where supported |
| Email login | Enter the six-digit Privy code for the embedded account | Recover email access; export the private key after login |
Changing wallet software does not move the trading state when the imported key produces the same address. A different address creates a separate account. Email users can export the embedded wallet's private key from Settings after authentication, which provides a route into compatible EVM wallet software.
USDC on Arbitrum is the shortest funding route
The Arbitrum USDC route supplies collateral without adding a spot conversion. The Hyperliquid bridge accepts native USDC sent on Arbitrum, while ETH in the sending wallet pays the Arbitrum transaction gas. Trading actions inside HyperCore do not consume that ETH.
Arbitrum One uses chain ID 42161. Circle-issued native USDC has six decimal places, and the bridge requires a deposit of at least 5 USDC. An amount below that minimum is not credited. Those fixed checks belong before submission: network, token, receiving account, and amount.
A successful Arbitrum transaction is only the first confirmation. Wait for the available USDC balance in the trading interface to increase before opening the ticket. Bitcoin, Ethereum, and Solana deposit paths support selected assets, but those assets require conversion into the quote collateral used by the chosen market. Native USDC avoids that additional state change for this round trip (see Hyperliquid fees ).
Market and limit orders create different confirmation states
A market order seeks immediate execution against the resting order book. A limit order fills only at its selected price or better, so it can remain open or fill partially. Market removes the waiting state from a first interface test; limit provides a firm price boundary.
Every perpetual order must represent at least $10 of notional value. The order engine defines eight types: Market, Limit, Stop Market, Stop Limit, Take Market, Take Limit, Scale, and TWAP. The first two cover a simple entry and exit. Limit orders also expose three common instructions: Good Til Cancel, Post Only, and Immediate or Cancel.
Perpetual prices accept up to five significant figures and no more than six minus the asset's size-decimal setting after the decimal point. Order size is rounded to the market's own size-decimal setting. A rejected tick or size does not create a position, so revise the input rather than treating the submission modal as confirmation.
TWAP belongs to a different workflow. It submits a suborder every 30 seconds, applies a 3% maximum slippage constraint to each slice, and limits catch-up slices to three times the normal suborder size. Those extra states obscure a first round trip. Use one market or limit action instead.
The Positions row confirms what actually filled
The Positions row confirms the entry because it reflects executed quantity rather than requested quantity. Read the market, direction, position size, entry price, and margin mode there. A nonzero size means at least part of the order traded.
Open Orders answers a different question. It shows quantity still waiting on the book. A partially filled GTC entry therefore creates two simultaneous states: a live position for the filled amount and a resting order for the remainder. Compare the position size with the fill record before placing the exit. Closing the original requested size without that check makes reconciliation needlessly difficult.
HyperCore commits orders and fills with one-block finality under HyperBFT. The interface's Transaction Delay Protection separately expires an action when the layer-one chain has not accepted it within 15 seconds. If that message appears, inspect Positions and Open Orders once before retrying. Repeated clicks are not a substitute for account-state confirmation.
Unified accounting keeps collateral and position state together
The unified account supplies one balance for each asset across supported trading functions. A single USDC balance backs cross-margin positions in validator-operated perps, USDC-collateralized builder-deployed perps, and spot markets quoted in USDC. The interface selects Unified by default for normal manual use.
Leverage accepts integer values from 1 to the market maximum. Initial margin equals position size multiplied by mark price, divided by leverage. At 1×, required initial margin equals the position value under that formula. Higher integers reduce the initial-margin amount without changing the contract quantity recorded in Positions.
Unified mode and Portfolio Margin each carry a protocol limit of 50,000 user actions per day. That ceiling is remote from a manual two-order test, yet it defines the account mode's operational boundary. Once the closing fill reaches zero size, released margin and realized profit or loss are reflected in the same USDC balance. No internal perp-to-spot transfer is needed.
Close the exact size, clear resting orders, then withdraw
A clean exit returns the position to zero and removes orders that could change it later. Use the position's Close control, or place an opposite-side order for the displayed size with Reduce Only enabled. Reduce Only permits the order to shrink the position but prevents it from opening the opposite direction.
Set the closing amount to 100% when the goal is a complete round trip. A market close seeks an immediate fill. A limit close can leave residual size, so revisit both Positions and Open Orders after submission. Cancel any remaining GTC entry, limit exit, or trigger order that does not belong beyond the test.
Withdrawal is optional after the trading state is clean. Select the available USDC balance, choose withdrawal to Arbitrum, and inspect the destination address before signing. The withdrawal action does not require ETH inside the trading account, although the receiving wallet needs ETH for later Arbitrum transactions. The round trip is finished when the position reads zero, no unintended order remains, and the account shows the expected available balance.
Hyperliquid: what people ask
Why did my Arbitrum deposit not appear in the unified balance?
An Arbitrum deposit appears only when the bridge receives supported USDC and the amount reaches the 5 USDC minimum. Confirm that the sending wallet used Arbitrum One, chain ID 42161, and native USDC rather than another token. A successful chain transaction does not prove that the trading account credited the asset; the available balance supplies the decisive confirmation.
How much USDC must the first perpetual order represent?
A perpetual order must have at least $10 of notional value. Notional equals contract size multiplied by order price, while required initial margin follows notional divided by the selected leverage. A 5 USDC bridge deposit meets the deposit threshold but does not automatically satisfy the $10 order minimum; order precision and available collateral must also be valid.
What happens after the interface reports Action already expired?
The action was not accepted by the layer-one chain within 15 seconds, so Transaction Delay Protection expired it. Check Positions and Open Orders once before submitting another instruction, particularly after a connection interruption. Keeping the protection enabled prevents an old request from arriving much later; disabling it changes that behavior and makes repeated manual submissions harder to distinguish.
When does a partially filled limit entry become a position?
A position exists as soon as any portion of the limit order fills. The filled quantity appears in Positions, while unmatched quantity remains in Open Orders under Good Til Cancel unless canceled or governed by Immediate or Cancel. Closing only the displayed position leaves the resting entry capable of filling later, so cancel the remainder before declaring the round trip complete.
Does moving from MetaMask to Rabby create another trading account?
Changing wallet software does not create another trading account when both wallets use the same private key and EVM address. The 42-character address identifies the onchain account state, not the browser extension. Importing or connecting a different address opens a separate balance, order history, and position state, even when the same person controls both wallets.
What happens when a Reduce Only close exceeds the open size?
A Reduce Only order cannot increase or reverse a position. Matching reduces the existing size; after the position reaches zero, any unmatched remainder no longer qualifies and is canceled or rejected instead of creating the opposite direction. Using the displayed size or the 100% close control keeps reconciliation simple, while Open Orders confirms whether any remainder remains.
Updated on August 2026