HYPE perp on Hyperliquid: oracle, margin tiers and funding
By BLTZ · Published · market data from the Hyperliquid API, 2026-10-25 01:04 UTC · How we verify
Short answer. HYPE on Hyperliquid is a perpetual future on Hyperliquid's USDC-quoted oracle index of HYPE spot prices: you trade the price with USDC margin, you never own the asset. Up to 10x leverage (cross or isolated margin), fees 0.045% taker / 0.015% maker at the entry tier.
Trading hours: open 24/7 with no session breaks.
Who can use it: Hyperliquid’s Terms (§1.6, checked October 15, 2026) exclude the US, Ontario (Canada) and sanctioned jurisdictions (plus citizens of sanctioned jurisdictions).
Trading HYPE needs a Hyperliquid account: join with code HOLYGRAIL first.
Steps: open the join link, then make your first deposit and click Enable Trading in the same browser. The code only sticks before your account passes $10,000 of volume.
Build-time values from the Hyperliquid API, 2026-10-25 01:04 UTC.Price, 24h change and funding refreshed in your browser
How the HYPE perp is priced and margined
HYPE is the token of Hyperliquid itself, and its perp is one of the few markets on the exchange whose price is anchored mainly to Hyperliquid's own spot book. That makes it behave differently from BTC or ETH even though all three sit on the validator-operated dex with the standard fee schedule. This page covers the perp only. For what HYPE is, its supply and how to buy the token itself, see our HYPE token guide.
An oracle quoted in USDC, anchored to Hyperliquid spot
Most Hyperliquid perps use a weighted median of centralised exchange spot prices as their oracle, quoted in USDT. HYPE is an exception on both counts. PURR and HYPE are the only perps whose oracle is a USDC price, taken mainly from Hyperliquid spot, and the oracle rules add that for a market like HYPE, whose main spot liquidity is on Hyperliquid, external exchanges are left out of the oracle until their liquidity is sufficient. Per the docs, then, Hyperliquid's own HYPE/USDC spot book is the primary price source. The oracle the clearinghouse uses is then the stake-weighted median of every validator's submitted price. HYPE has since been listed for spot trading elsewhere, on Coinbase from February 5, 2026 and on Binance from September 24, 2026, but the documentation still names HYPE as its example of a Hyperliquid-anchored oracle and publishes no threshold, so we make no claim about which outside venues are in the index today.
The mark price, which decides liquidations, is wider: it is the median of the oracle plus a short average of the gap to the perp's mid, the perp book itself, and CEX perp prices (Binance (weight 3), OKX (2), Bybit (2), Gate (1) and MEXC (1)). Binance has listed a HYPE perpetual since May 30, 2025, so a liquidation on Hyperliquid's HYPE perp still has an outside reference even when the oracle leans on the home spot market.
Margin tiers and order limits
HYPE allows 10x on the first $20M of position value and 5x above it, the same table that applies to a group of large altcoins. At full leverage an isolated long is roughly 5.3% from liquidation. Over the last 30 complete UTC days, the average daily high-to-low range of HYPE was 4.7% and the widest day was 8.57%. The premium used for funding is measured with an impact size of 6,000 USDC per side, smaller than the size used for BTC and ETH, and a single market order is capped at $2M, a fraction of the BTC limit.
Funding, staking and the spot-plus-perp position
Funding is hourly, with the same interest-rate baseline and clamp as every validator-dex perp. Over the twelve months to September 30, 2026, HYPE funding summed to 9.786%, higher than BTC's 5.953% over the same window, with fewer negative hours (9% against 19%). The worst rolling week was also deeper, -0.229%. Holders who keep spot HYPE and short the perp against it receive funding in positive hours and pay it in negative ones; staked HYPE stays with its validator and is not collateral, while spot HYPE can back perp positions under portfolio margin at a loan-to-value of 65%. Staking does matter for costs in a different way: staked HYPE lowers trading fees on every market, which our Hyperliquid staking guide covers tier by tier.
Margin tiers and open-interest cap
Maximum 10x, cross or isolated margin; maintenance margin is half the initial margin at each tier’s maximum. Lot size: 0.01 HYPE.
Tier
Position size from
Max leverage
Maintenance margin
1
$0
10x
5%
2
$20,000,000
5x
10%
Open-interest cap. The validator-operated dex publishes no per-market cap in the API; when a market reaches its limit, new positions that add open interest are rejected.
Funding over the last 7 days
168 hourly funding payments from 2026-10-18 02:00 UTC to 2026-10-25 01:00 UTC (Hyperliquid fundingHistory). Positive = longs pay shorts.
Day (UTC)
Payments
Mean hourly rate
Paid by a long that day
2026-10-18
22
+0.00112%
+0.0246%
2026-10-19
24
+0.00107%
+0.0257%
2026-10-20
24
+0.00119%
+0.0285%
2026-10-21
24
+0.00052%
+0.0125%
2026-10-22
24
+0.00057%
+0.0136%
2026-10-23
24
+0.00113%
+0.027%
2026-10-24
24
+0.00038%
+0.009%
2026-10-25
2
+0.00125%
+0.0025%
Mean +0.00085% per hour (+7.48% annualised), positive in 86% of hours, range −0.0036% to +0.0013%.
Trading hours and the weekend oracle
Hours
24/7, no session breaks
Oracle
For a market like HYPE, whose main spot liquidity is on Hyperliquid, external exchanges are left out of the oracle until their liquidity is sufficient. Default sources and weights of the spot median: Binance (weight 3), OKX (2), Bybit (2), Kraken (1), KuCoin (1), Gate (1), MEXC (1) and Hyperliquid spot (1)
Oracle quote
PURR and HYPE are the only perps whose oracle is a USDC price, taken mainly from Hyperliquid spot
Funding
every 1 hour
Hyperliquid docs, checked October 20, 2026
Fees and growth mode
HYPE trades on the validator-operated dex, so it uses Hyperliquid’s standard perp fee schedule (no HIP-3 multiplier, no growth mode).
Taker
Maker
HYPE
0.045%
0.015%
HYPE · with HOLYGRAIL
0.0432%
0.0144%
$10,000 taker fill: $4.50 (with HOLYGRAIL $4.32)
Not available to persons in the US, Ontario (Canada) and sanctioned jurisdictions (plus citizens of sanctioned jurisdictions).
With HOLYGRAIL a taker saves $18.00 per $1M traded on this market, up to $450.00 over the first $25M of volume.
Isolated margin, Hyperliquid’s liquidation formula with this market’s margin table, entry-tier taker fee, no referral discount. An estimate, not the app’s exact number.
For information only: each venue runs its own oracle, hours and margin rules. We link our reviews here, not sign-up pages.
FAQ
Why does the HYPE perp oracle come from Hyperliquid spot instead of Binance?
For a market like HYPE, whose main spot liquidity is on Hyperliquid, external exchanges are left out of the oracle until their liquidity is sufficient. PURR and HYPE are the only perps whose oracle is a USDC price, taken mainly from Hyperliquid spot. Binance opened HYPE spot trading on September 24, 2026; the docs give no liquidity threshold and do not say whether it has been met, so check the docs' oracle page before assuming which venues are in the index.
When does HYPE leverage on Hyperliquid fall from 10x to 5x?
At $20M of position value. HYPE shares a two-tier margin table with a group of large altcoins: 10x on the first $20M and 5x on the part above it. Maintenance margin is half the initial margin at each tier's maximum, 5% in the first tier. An isolated long opened at 10x is liquidated after a move of roughly 5.3% against it.
Is HYPE funding usually positive on Hyperliquid?
In the twelve months to September 30, 2026, the summed hourly funding on HYPE was 9.786% (paid by longs to shorts), 9% of hours were negative, and the worst rolling week summed to -0.229%. In the 7 days before this build, 70% of hourly payments were exactly the 0.00125% interest-rate baseline. Past funding says nothing about the next hour; the 7-day table on this page updates with every build.
Why is the largest HYPE market order on Hyperliquid smaller than the BTC one?
Hyperliquid caps a single market order by the market's maximum leverage. With a maximum leverage between 10x and 20x, HYPE falls in the $2M class for market orders; limit orders can be 10 times that. BTC, for comparison, allows $30M per market order. The minimum order is $10 and sizes step in 0.01 HYPE.
Does staked HYPE count as margin for a HYPE perp?
No: HYPE moved into staking stays with its validator and is not a spot balance. Under portfolio margin, unstaked spot HYPE does count: spot HYPE is eligible collateral with a loan-to-value of 65%, and a spot HYPE balance can offset a short perp in the same account. The docs require an account value above $10,000 or $5M of weighted volume, and an account value under $25M (the support FAQ says under $5M).
Cite this page
You may quote this page or embed the spec table below with a link back.
“HYPE perp on Hyperliquid: market specifications.” Cipher Intelligence, October 20, 2026. https://cipher-intelligence.io/markets/hyperliquid/hype/
Spec table (HTML):
<table>
<caption><a href="https://cipher-intelligence.io/markets/hyperliquid/hype/">HYPE on Hyperliquid</a></caption>
<tr><th>Market</th><td>HYPE perpetual</td></tr>
<tr><th>Venue</th><td>Hyperliquid (validator-operated dex)</td></tr>
<tr><th>Underlying</th><td>Hyperliquid's USDC-quoted oracle index of HYPE spot prices</td></tr>
<tr><th>Max leverage</th><td>10x</td></tr>
<tr><th>Margin</th><td>cross or isolated margin</td></tr>
<tr><th>Fees (entry tier, taker / maker)</th><td>0.045% / 0.015%</td></tr>
<tr><th>Trading hours</th><td>open 24/7 with no session breaks</td></tr>
<tr><th>Data as of</th><td>2026-10-25 01:04 UTC</td></tr>
</table>
Before your first HYPE trade
Join Hyperliquid with code HOLYGRAIL before your first deposit: 4% off trading fees on your first $25M of volume, HIP-3 markets included. The code cannot be added after $10,000 of volume.
Not available to persons in the US, Ontario (Canada) and sanctioned jurisdictions (plus citizens of sanctioned jurisdictions).
Disclosure: HOLYGRAIL is our Hyperliquid referral code; we earn a share of referred accounts’ fees. Market data: Hyperliquid info API (metaAndAssetCtxs, perpDexs, fundingHistory), 2026-10-25 01:04 UTC. A perpetual future is a leveraged derivative that tracks a price; it is not the share or commodity itself (no dividends, no voting rights). Nothing here is investment advice.