Is it legit? Our verdict. Liquid is the most complete “everything app” built on Hyperliquid: crypto, US stocks, pre-IPO names, gold, FX and prediction markets from one non-custodial USDC balance, with iOS/Android apps, an Earn tab and an AI assistant (Co-Invest). It is a real company with $25.6M+ in funding, a Zellic audit, 70,000+ traders and 4.5 stars from 327 App Store ratings. You pay for the convenience: 0.095% taker / 0.065% maker on crypto perps against 0.045% / 0.015% direct. Our code JV2EN2CX takes 10% off Liquid's part. If you only trade crypto perps, app.hyperliquid.xyz with HOLYGRAIL is cheaper.
| Route | Liquid's charge | What you pay |
|---|---|---|
| Crypto perps (Hyperliquid order book) | Hyperliquid's fee + 0.05% on every fill | 0.095% taker / 0.065% maker; 0.090% / 0.060% with a Liquid code |
| Stocks, commodities, FX, indices, pre-IPO (builder-deployed perps) | The market's own tiered fee + 0.05% | Shown on the order ticket; the docs publish no per-market rates |
| Crypto spot | No Liquid fee | 0.070% taker / 0.040% maker |
| Prediction markets | 0.9% on every buy and every sell | 0.81% with a Liquid code; a buy plus a sell costs 1.8% |
| USDC withdrawal (Arbitrum) | Flat $1 | Minimum $5, usually within 10 minutes |
| Deposits | No Liquid fee | Card and payment providers may charge; shown before you pay |
Hyperliquid direct: 0.045% taker / 0.015% maker, 0.0432% taker with HOLYGRAIL. Funding is paid between traders, not to Liquid. The full volume-tier table and worked examples are in section 3.
Get both discounts: two steps, in this order
- Join Hyperliquid with our code first, using Rabby or MetaMask. That account keeps 4% off Hyperliquid's part of every fee for its first $25M, on Liquid's Hyperliquid orders too. Step 1: join Hyperliquid with HOLYGRAIL →
- Sign up on Liquid by connecting that same wallet through our link, which carries Liquid code
JV2EN2CX(10% off Liquid's fee). On iOS pick “Other options → Connect external wallet”, not email, Google or Apple: those create a new wallet, a different Hyperliquid account without the 4%. Step 2: connect it to Liquid →
Why this order: apps such as Phantom often set their own Hyperliquid referral code on accounts that have none, so enter a code on Hyperliquid before you start using an app. A code is set once per account (and only while it has traded $10,000 or less), and the referral discount also applies to orders placed through apps with a builder code (mainnet fills checked October 1, 2026). With both codes a base-tier taker order costs 0.0882% instead of 0.095%. More: Hyperliquid referral code HOLYGRAIL · Hyperliquid builder codes explained · best Hyperliquid apps.
We earn a commission when you sign up through our links on this page; it does not raise your fees. Liquid terms checked October 15, 2026.
| Liquid at a glance (October 15, 2026) | |
|---|---|
| Operator | LiquidX AI, Inc. (Delaware), founded 2025; $25.6M+ raised |
| Custody | Non-custodial: a wallet only you control, private key exportable; orders run through a trading key that cannot withdraw |
| KYC | None to sign up or trade; bank deposits and some card providers check once |
| Audit | Zellic smart-contract audit (liquid.trade/audits) |
| Ratings | App Store 4.5 (327) · Google Play 4.1 (130) · Trustpilot 3.4 (3) |
| Max multiplier | Crypto 40x, FX and indices 50x; stocks and commodities vary by market |
| Minimum trade | $10 (perps, spot, predictions); $15 via Co-Invest |
| Referral | 10% off Liquid's perps and prediction fees, entered at sign-up |
1. What is Liquid (and which Liquid)?
Search "Liquid trade" or "Liquid app" and you will meet several unrelated companies. This review covers Liquid at liquid.trade, the trading app on Hyperliquid: “Liquid: Trade Global Markets” on the App Store (“Liquid — Trade like the 1%” when we first checked in September 2026), “Liquid” on Google Play (package xyz.trade.rn) and app.liquid.trade on the web. Liquid's own docs say it is not affiliated with Liquid Brokers, liquidmarkets.org or the former Liquid exchange run by Quoine. It is also unrelated to Liquide, an Indian stock-trading app. The only official domains are liquid.trade and its subdomains (app.liquid.trade, docs.liquid.trade, coinvest.liquid.trade).
Liquid is operated by LiquidX AI, Inc., a Delaware corporation (the iOS listing's seller name is Hypersports, Inc.). Its docs say it was founded in 2025 by Franklyn Wang, formerly Chief AI Scientist of Macro at Two Sigma, with a team from Two Sigma, Bloomberg, D.E. Shaw and Gauntlet, and has raised $25.6M+ from Neo, Left Lane, Paradigm, General Catalyst and angels from Lighter, Cognition and Cursor. The homepage claims $5B+ in trades and 70,000+ traders.
Liquid is not an exchange. It is a front-end that “routes each market to deep on-chain liquidity” and moves funds between venues for you, behind one login and, on most accounts, one unified USDC balance:
- Crypto perps and spot trade on Hyperliquid; the terms describe the app as “a visual representation of the underlying smart contracts for the Hyperliquid protocol”.
- Stocks, commodities, FX, indices and pre-IPO are builder-deployed perps with their own fee schedules and funding formulas. The October 2026 docs do not say which venue runs them: accounts that are not unified see both a “Stocks” balance and an “HL Stocks” balance (the name points to Hyperliquid's HIP-3 markets), and Gauntlet vault withdrawals on iOS land in “Stocks”. Our September review described Ostium and Lighter routes; the October docs name neither venue.
- Prediction markets are Yes/No shares on a third-party venue whose rules govern resolution.
2. Is Liquid legit? Ratings, reviews and complaints
Short answer: Liquid is a real, venture-funded company and its app does not take custody of your money, which removes the biggest risk of a new trading app: that the operator disappears with deposits. Your account is a self-custodial wallet whose private key you can export from Settings, and Liquid's security page says it “can't move your funds”. What it cannot remove is trading risk, venue risk, deposit-route friction and the cost of its fee. Public ratings on October 15, 2026:
| Source | Rating | Notes |
|---|---|---|
| App Store (US) | 4.5 stars from 327 ratings | "Liquid: Trade Global Markets", version 2.29.0 (October 9, 2026); not in the Japanese or UK store |
| Google Play | 4.1 stars from 130 reviews | "Liquid" (xyz.trade.rn), 10K+ downloads; updated October 9, 2026 |
| Trustpilot | TrustScore 3.4 from 3 reviews | Two 5-star (May 14, 2026), one 1-star about unanswered support (October 6, 2026); too few to mean much |
The App Store average held at about 4.5 while the count grew from 308 ratings on October 4, 2026. Trustpilot fell from 3.8 (two reviews, September 27, 2026) to 3.4 after its first 1-star review; with three reviews it tells you almost nothing either way.
What we saw in the App Store reviews
- Praise: a clean interface, fast order entry, the leaderboard and quick cash-outs. One reviewer says turning USDC into cash takes about 10 minutes if you withdraw over Arbitrum to an exchange.
- Deposits held or stuck (new, late September 2026). One 1-star review (September 26) says a $21 USDT deposit led to the account being frozen for a compliance check; a 3-star review (October 1) describes a deposit glitch that had to be recovered from the blockchain; another (September 28) was alarmed at being asked for a Social Security number by a linked deposit provider. Liquid's docs say trading needs no identity check but bank deposits (through its partner Bridge) and some card providers do. We cannot verify the individual cases. Start with a small crypto deposit on a listed chain, above the minimum shown, and test a withdrawal early.
- Withdrawals are crypto only. Older 1-star reviews say the writer could not withdraw. The clearest ones describe the real limitation: Liquid pays out USDC to a wallet address, not to a bank, so you need your own wallet or an exchange account to reach cash.
- "Hidden fees". The costs are published (fee table above), but they are spread across the order ticket, the payment provider's screen and the $1 withdrawal, so small test deposits feel expensive. Prediction markets now charge on both the buy and the sell.
- Review quality. A run of short, generic 5-star reviews appeared between April 20 and 23, 2026, and three 1-star reviews (August 2025, March 2026 and April 29, 2026) allege that reviews were bought or that the company promised to pay for them. We cannot verify those claims; weigh the detailed reviews over the star count.
- Stability. A May 2026 review reports the app stuck on the opening screen after an update; Liquid has shipped frequent updates since (version 2.29.0 on October 9, 2026).
Our read: legit as a product and non-custodial by design, with honest (if scattered) fee disclosure. It is a young app with a young review base, so start small, test a withdrawal early, and keep only trading capital in it.
3. Liquid fees in full
Liquid's fee page states the structure plainly: a 0.05% base fee on every perps fill (market, limit, trigger and close), already included in the table below, and nothing of its own on spot. The right-hand column is Hyperliquid's schedule for comparison. Tiers use the same rolling 14-day weighted volume (spot counts double).
| Tier | 14-day volume | Liquid taker | Liquid maker | Hyperliquid direct (taker / maker) |
|---|---|---|---|---|
| 0 | — | 0.095% | 0.065% | 0.045% / 0.015% |
| 1 | > $5M | 0.090% | 0.062% | 0.040% / 0.012% |
| 2 | > $25M | 0.085% | 0.058% | 0.035% / 0.008% |
| 3 | > $100M | 0.080% | 0.054% | 0.030% / 0.004% |
| 4 | > $500M | 0.078% | 0.050% | 0.028% / 0.000% |
| 5 | > $2B | 0.076% | 0.050% | 0.026% / 0.000% |
| 6 | > $7B | 0.074% | 0.050% | 0.024% / 0.000% |
The fee is flat, so it hurts most where Hyperliquid is cheapest: at tier 0 a maker fill costs 0.065% on Liquid vs 0.015% on Hyperliquid, more than four times as much, and at tier 4+ Hyperliquid makers pay nothing while Liquid makers pay 0.050%. A Liquid referral code lowers every rate in the table by 0.005 percentage points (tier 0: 0.090% taker). Liquid's own example prints 0.0945%, but its rule (the 5 bps fee becomes 4.5 bps on top of Hyperliquid's 0.045%) gives 0.090%; the order ticket shows which one you get.
Worked example: $10,000 BTC position, opened and closed with market orders
- Liquid: 0.095% × 2 = $19.00 (with a Liquid code: 0.090% × 2 = $18.00)
- Liquid with both codes (Hyperliquid HOLYGRAIL + Liquid): 0.0882% × 2 = $17.64
- app.hyperliquid.xyz: 0.045% × 2 = $9.00
- app.hyperliquid.xyz with HOLYGRAIL (4% off your first $25M): 0.0432% × 2 = $8.64
Stocks and other builder-deployed perps pay the market's own tiered schedule plus the same 0.05%. Liquid's docs publish neither those per-market schedules nor the venue behind each market (October 15, 2026), so read the fee line on the order ticket before you trade. For reference, Hyperliquid's own HIP-3 stock perps (trade.xyz) in growth mode cost 0.009% taker at tier 0 on app.hyperliquid.xyz and 0.011% in total on Based, which cuts its own fee on those markets. Card and payment providers may charge on deposits, shown before you pay.
One more thing for Hyperliquid users: a Hyperliquid referral code still counts on Liquid. Liquid's Hyperliquid orders carry Liquid's builder code, but the referral discount also applies to orders placed through apps with a builder code (mainnet fills checked October 1, 2026). The 4% comes off Hyperliquid's part of the fee and Liquid's referral discount comes off Liquid's fee, so the two stack on the same fill. A Hyperliquid code can only be entered while your account has traded $10,000 or less, and apps such as Phantom often set their own Hyperliquid referral code on accounts that have none, so enter a code on Hyperliquid before you start using an app. Our Hyperliquid code is HOLYGRAIL. See our builder codes guide, Hyperliquid builder fee checker and Hyperliquid fees explained.
4. Markets and leverage
| Asset class | Examples | Max multiplier |
|---|---|---|
| Crypto perps | BTC, ETH, SOL, HYPE and hundreds of altcoins | up to 40x |
| Crypto spot | SOL, HYPE, ETH, BTC and other spot tokens (quoted in USDC) | none (spot) |
| US stocks | TSLA, AAPL, NVDA, GOOGL and more | varies by market |
| International stocks | SK Hynix, Samsung | varies by market |
| Pre-IPO | OpenAI, Anthropic (1 point = $1B of implied valuation) | varies by market |
| Commodities | Gold, silver, oil, copper | varies by market |
| Indices | S&P 500, Nasdaq 100 | up to 50x |
| FX | EUR/USD, GBP/USD, USD/JPY | up to 50x |
| Prediction markets | Elections, sports, economics, 15-minute "Up Down" markets | no leverage ($0–$1 shares) |
All perp markets trade 24/7, so you can short Nvidia on a Sunday or buy gold during Asian hours; liquidity is usually thinner outside the home exchange's hours. Order tools: market, limit and trigger orders, take profit / stop loss, TWAP, reduce-only and cross or isolated margin (some markets are isolated only). Positions start at $10. Liquid no longer publishes fixed caps for stocks and commodities; the order form shows the maximum for each market, and for Hyperliquid-routed crypto the caps follow Hyperliquid's (BTC 40x, ETH 25x, SOL 20x). If you want stock perps without an app fee, compare trade.xyz stocks on Hyperliquid.
5. Prediction markets
The Predict tab lists Yes/No shares on elections, sports, economics, crypto and stocks, plus rolling 15-minute “Up Down” markets. Each share trades between $0 and $1 and pays $1 if the outcome happens, so a 62¢ price reads as a roughly 62% implied probability. The minimum is $10. Liquid now charges 0.9% on every buy and every sell (0.81% with a referral code; docs read October 15, 2026); in September its docs charged exits only. Buying and later cashing out therefore costs 1.8% of the amount traded, before the spread. On most accounts predictions use the same unified USDC balance as perps.
6. Liquid Earn: the Gauntlet vault and HLP
Liquid Earn now has two programs, both under Home › For You › Earn:
- Gauntlet x Liquid LP Vault: a lending strategy on Arbitrum curated by the DeFi risk manager Gauntlet. Minimum $1; new deposits lock for 1 hour, then you can withdraw any time. The yield varies and is shown before you deposit.
- HLP: Hyperliquid's protocol vault, which makes markets and takes over liquidated positions. Minimum $5 to deposit and $10 to withdraw, with a 4 days lock after your latest deposit; it can lose money in sharp moves. It is the same vault as on Hyperliquid itself (see Hyperliquid vaults).
Neither is a savings account: Liquid's docs say Earn “is not a bank account and isn't insured”, and you can lose part or all of a deposit.
7. Co-Invest: Liquid's AI assistant
Co-Invest is a free AI analyst built into the app. It is also available as an MCP connector for ChatGPT, Claude, Grok, Meta Muse, Cursor, Codex, Gemini CLI and Windsurf, over iMessage and SMS, and as a Chrome extension that adds a Trade button to TradingView charts and tickers on X and Reddit. In these versions every order comes back for your confirmation, and connected apps cannot withdraw or move funds.
Co-Invest Computer is the exception: built for agents such as Claude Code, Codex, Hermes and Cursor, it runs in paper, on-request or automated mode. In automated mode it trades on its own within a maximum notional per order (a basket can reach 5× that) and switches off after an expiry of up to 7 days. It is free; trades pay normal fees. Liquid's own warning applies: start in paper mode and keep the limit small.
8. Liquid Points
Liquid points are live, update weekly and have no seasons (docs, October 15, 2026). You earn them from trading activity by a proprietary formula and see the total under Profile › Rewards › Points (web: the Referral page). In September the docs still described seasons (Season 0 with 600,000 points, Season 0.5 with 200,000 and a weekly Season 1 allocation of 100,000); that schedule is gone. No Liquid token or airdrop has been announced. Points are a possible upside, not a return you can count on: do not pay double fees on volume you would not otherwise trade just to farm them.
9. Liquid referral code: what you get and how to enter it
Our Liquid referral code is JV2EN2CX. Enter a referral code when you create your account and you get 10% off Liquid's eligible fees: perps go from 0.05% to 0.045% on Liquid's part (0.090% all-in taker at tier 0) and prediction markets from 0.9% to 0.81% (Liquid's referral docs, checked October 15, 2026). Spot and funding are not discounted, and neither is Hyperliquid's own fee.
- When: only at sign-up, under “Referral Code (Optional)”, and only if you do not already have a referrer. Our link liquid.trade/r/… opens the sign-up with the code attached (it redirects to app.liquid.trade/r/ plus the code, checked October 15, 2026).
- How it shows up: depending on the account, as a lower fee at order time or as a claimable rebate. Some affiliates offer their own discount instead; only one applies.
- What you don't need: no KYC, no password and no deposit to apply a code.
- Which code is "best": none. Every valid code gives the same 10%; “codes” such as SAVE, KICKBACK or REBATE on pages hosted on Spotify, Intercom or Amazon Music are not from Liquid and do not unlock a bigger discount.
- How we are paid: the referrer earns 10% of those eligible fees by default and up to 50% for some referrers, in USDC. Liquid also runs an affiliate program for creators (revenue share paid in real time, and “Liquid Select” deals). None of it raises your fee.
Open Liquid through our link, which carries the code, and if the sign-up screen asks for a referral code, enter it there.
10. Platforms: iOS, Android and web
- Web: full terminal at
app.liquid.tradewith TradingView charts, order book, watchlists, pop-out windows and paper trading. - iOS: “Liquid: Trade Global Markets” (App Store id 6744045653; seller Hypersports, Inc.), 4.5 stars from 327 US ratings, version 2.29.0, requires iOS 18, Face ID lock on by default. The app is in English, Japanese, Korean, Norwegian, Turkish and Chinese, but it was still absent from Apple's Japanese and UK storefronts on October 15, 2026.
- Android: “Liquid” by LiquidX AI, Inc. (package xyz.trade.rn), 4.1 stars from 130 reviews, 10K+ downloads, updated October 9, 2026.
- Languages: the web app offers English, Spanish, Japanese, Korean, Turkish and Chinese.
- Social: a Leaderboard and feed where you can follow traders and copy a trade in one tap, plus “Send Money” to another Liquid user; see Hyperliquid copy trading for the risks.
11. Safety and restrictions
- Custody: non-custodial. Every trade and transfer is signed from your wallet; Co-Invest and external-wallet sign-ins use a trading key (agent wallet) that can place orders but cannot withdraw. Export the private key from Settings and keep it offline; wallet recovery runs through recovery.liquid.trade or support.
- No KYC to trade. Wire, ACH and SEPA deposits need a one-time identity check with Liquid's banking partner Bridge; some card providers check too.
- Audit: liquid.trade/audits lists a Zellic smart-contract audit.
- Terms (updated September 17, 2026): users may not be residents or nationals of Crimea, Cuba, Iran, North Korea, Syria or other US/UK/EU-embargoed countries, or on sanctions lists; using a VPN to hide your location is prohibited. Disputes go to JAMS arbitration. The terms do not name the US or Japan, but eligibility at each underlying venue is governed by that venue's rules; Hyperliquid's own interface, for example, excludes US persons.
- Risks you still carry: smart-contract and operational risk at Hyperliquid, the builder-deployed markets and the Earn vaults; liquidation (cross margin shares collateral across positions); pre-IPO perps track an implied valuation, not a traded share; phishing clones of a generic name like “Liquid”. Liquid says it will never ask for your passkey, seed phrase or password.
12. How to start on Liquid
- First, the Hyperliquid code (optional, saves 4%). Join Hyperliquid with HOLYGRAIL using Rabby or MetaMask, then sign up on Liquid with that same wallet (not email, Google or Apple: those create a new wallet without the code).
- Use a referral code at sign-up. Open Liquid through our link: it carries our code
JV2EN2CX, and the code cannot be added later. - Sign up with email, Google, Apple or a crypto wallet (iOS: Other options → Connect external wallet), pick a username and approve trading once if you use an external wallet.
- Deposit: a card, Apple Pay (US), Cash App, wire, ACH, SEPA, Coinbase, Robinhood and 100+ other apps, or USDC and other tokens on Arbitrum, Base, Solana, Bitcoin, BNB Chain, Optimism, Polygon, Abstract or Hyperliquid (minimum $10; $50 on Ethereum). Send only the token and chain you selected.
- Practice first if you are new: paper trading uses live prices with simulated funds.
- Trade: pick a market, long or short, size and multiplier, add TP/SL, and check the fee line on the ticket.
- Test a withdrawal early: USDC to Arbitrum for a flat $1 (minimum $5).
13. When to use app.hyperliquid.xyz instead
| If you… | Use | Why |
|---|---|---|
| Trade only crypto perps | app.hyperliquid.xyz + HOLYGRAIL | 0.0432% vs 0.095% taker; same order book |
| Use limit orders a lot | app.hyperliquid.xyz | 0.015% maker vs 0.065%; maker fee reaches 0% at tier 4 |
| Trade high volume | app.hyperliquid.xyz | Liquid's 0.05% is the same at every volume tier |
| Trade stock perps often from a phone | Compare the fee line on the ticket: Liquid, Based or trade.xyz | Based charges 0.011% all-in on Hyperliquid's growth-mode stock markets; Liquid adds 0.05% to each market's own fee and publishes no per-market rates |
| Want stocks, FX, gold and predictions in one app | Liquid | One unified balance across every market |
| Are on iPhone and want a native app with card deposits | Liquid, Based or fomo | Hyperliquid has no official iOS app |
| Want an AI assistant that can stage trades | Liquid Co-Invest | Free MCP connector; chat orders need your confirmation |
Both routes end on the same Hyperliquid order book for crypto, so fills and liquidity are identical; you are choosing between convenience and cost. More on Hyperliquid's own options: Hyperliquid app guide · Hyperliquid referral code HOLYGRAIL · Hyperliquid review.
FAQ
Is Liquid trade legit?
Yes, in the sense that matters most: Liquid (liquid.trade) is run by a named, venture-funded US company, LiquidX AI, Inc., and the app is non-custodial, so Liquid never holds your money and cannot move it; every trade and withdrawal is signed from a wallet you control, and you can export its private key. It lists a Zellic audit. On October 15, 2026 it had 4.5 stars from 327 US App Store ratings and 4.1 stars from 130 Google Play reviews. The caveats: some reviewers allege paid reviews, a few recent ones describe deposits held for a compliance check or stuck after a glitch, and the costs are higher than trading on Hyperliquid directly.
What is the Liquid trading app?
Liquid ("Liquid: Trade Global Markets" on the App Store, "Liquid" on Google Play, app.liquid.trade on the web) is a non-custodial trading app founded in 2025 by Franklyn Wang, formerly Chief AI Scientist of Macro at Two Sigma, and backed by $25.6M+ from Paradigm, General Catalyst, Neo, Left Lane and others. One account and one USDC balance give you crypto perps and spot, US and international stock perps, pre-IPO names, commodities, indices, FX and prediction markets, open 24/7. Crypto perps trade on Hyperliquid's order book. It is not Liquid Brokers, liquidmarkets.org, the Indian stock app Liquide or the former Liquid exchange run by Quoine.
What are Liquid's trading fees?
Crypto perps cost Hyperliquid's fee plus Liquid's 0.05% on every fill: 0.095% taker and 0.065% maker at the base tier (0.090% / 0.060% with a referral code). Stock, commodity, FX and other builder-deployed perps pay that market's own fee plus the same 0.05%. Spot has no Liquid fee (0.070% taker). Prediction markets charge 0.9% on both buys and sells (0.81% with a code). USDC withdrawals to Arbitrum cost a flat $1. Checked October 15, 2026.
Is Liquid cheaper than trading on Hyperliquid directly?
No, not for crypto perps. A $10,000 round trip at the base tier costs $19.00 on Liquid ($18.00 with a Liquid code) versus $9.00 on app.hyperliquid.xyz and $8.64 with the HOLYGRAIL referral code. Limit orders widen the gap: Liquid's maker rate is 0.065% against Hyperliquid's 0.015%. Liquid matches Hyperliquid only on spot, where it adds nothing.
What is the Liquid referral code?
Our Liquid referral code is JV2EN2CX. Open Liquid through our link, which carries the code, or enter JV2EN2CX under "Referral Code (Optional)" when you create your account. The code can only be entered at sign-up, and only if you have no referrer yet. You then get 10% off Liquid's eligible fees: the 0.05% perps fee becomes 0.045% and prediction markets drop from 0.9% to 0.81%. Every valid code gives the same discount, so "codes" such as SAVE or REBATE on unrelated sites do not unlock anything extra. The referrer earns 10% of those fees by default (up to 50%); that is how we are paid.
Does a Hyperliquid referral code work on Liquid?
Yes, if it is on the wallet you trade from. The referral discount also applies to orders placed through apps with a builder code: the 4% comes off Hyperliquid's part of the fee (mainnet fills checked October 1, 2026), and Liquid's own 10% discount comes off Liquid's fee, so both apply to the same order (0.0882% taker at the base tier instead of 0.095%). Do it in this order: 1) join Hyperliquid with a code such as HOLYGRAIL using Rabby or MetaMask; 2) sign up on Liquid by connecting that same wallet ("Connect external wallet") through a Liquid referral link. An email, Google or Apple sign-in creates a new wallet, a different Hyperliquid account without the code, and apps such as Phantom often set their own Hyperliquid referral code on accounts that have none, so enter a code on Hyperliquid before you start using an app.
Does Liquid require KYC, and which countries can use it?
No KYC is needed to create an account or trade with crypto, and there is no password: you sign in with email, Google, Apple or a crypto wallet, and the iOS app locks with Face ID. Bank deposits (wire, ACH, SEPA) go through Liquid's banking partner Bridge and need a one-time identity check; some card providers check too. Liquid says it is available globally except where its Terms of Service (updated September 17, 2026) restrict it: Crimea, Cuba, Iran, North Korea, Syria and other US/UK/EU-embargoed places, with VPNs used to hide your location prohibited. Each underlying venue's own rules still apply. The iOS app was not in Apple's Japanese or UK storefronts on October 15, 2026; the web app does not depend on a store.
How do I withdraw from Liquid?
Withdraw USDC to an address on Arbitrum for a flat $1 (minimum $5); it usually arrives within 10 minutes and needs no approval. Some iOS accounts can pick another chain, with the network fee quoted first. There is no bank withdrawal: send the USDC to an exchange account to turn it into cash. Collateral backing open positions cannot be withdrawn.
What is the minimum trade on Liquid?
$10 on perps, spot and prediction markets; Co-Invest orders need at least $15 of collateral. Crypto deposits start at $10 on most chains ($50 on Ethereum), and the Gauntlet Earn vault starts at $1.
Does Liquid have an airdrop or points?
Liquid points are live, update weekly and have no seasons (docs, October 15, 2026): you earn them from trading activity by a proprietary formula and see them under Profile › Rewards › Points. No Liquid token or airdrop has been announced, so treat points as a possible bonus, not a reason to pay twice Hyperliquid's fee on extra volume.
Trade stocks, gold, FX and crypto from one app, with both discounts
- Join Hyperliquid with
HOLYGRAILusing Rabby or MetaMask: 4% off Hyperliquid's part of your fees for your first $25M, on Liquid orders too.
Step 1: join Hyperliquid → - Connect that same wallet to Liquid (not email, Google or Apple). Our link carries Liquid code
JV2EN2CX: 10% off Liquid's 0.05% and prediction fees.
Step 2: connect it to Liquid →
Crypto perps only? Hyperliquid direct with HOLYGRAIL costs 0.0432% taker instead of 0.095%: open app.hyperliquid.xyz.
Disclosure: we earn a commission when you sign up through our links on this page (HOLYGRAIL is our Hyperliquid referral code, JV2EN2CX our Liquid referral code); it does not raise your fees. Fees, referral terms, Earn, Co-Invest, markets, points, terms and app-store and Trustpilot figures were re-read from docs.liquid.trade, liquid.trade, the App Store, Google Play, Trustpilot and Hyperliquid's docs on October 15, 2026. The fee shown on Liquid's order ticket before you confirm is the one that applies. Not financial advice.