HYPE LEARN TRADING, EXPLAINED
Get to know
perpetuals.
Understand the markets, the mechanics, and the decisions behind a trade. Practical guides to help you find your footing.
Explore Perps guidesNEW TO PERPS?
Start with the contract.
Then learn the controls.
Three short reads to make the order panel feel a little more familiar.
THE PERPS LIBRARY
Find your next step.
21 guides to explore
Start here
Your first steps, from understanding a contract to checking a fill.
Perps, from the beginning
What you trade, what you own, and why a perpetual contract has no expiry.
Read guideYour first Perps order on HYPE
A walkthrough from picking a market to checking what actually filled.
Read guideMove funds into and out of Perps
Understand the source wallet, transfer direction, and available collateral before confirming.
Read guideA five-minute pre-trade check
Build a repeatable review of exposure, execution, costs, and exits.
Read guideMargin & risk
Know your exposure, your collateral, and your exit.
Leverage changes exposure, not conviction
Read position value and margin as two separate numbers.
Read guideCross or isolated: where the collateral sits
Understand which funds can support a position and which funds can be exposed.
Read guideWhat your liquidation price really means
Why the exchange can close a position and why the threshold can move.
Read guideBuild an exit with stop loss and take profit
Understand triggers, execution prices, and the trade-off between market and limit exits.
Read guideOrder execution
Choose how your order reaches the market.
Market or limit: choose the execution trade-off
Decide whether the priority is immediacy or a price constraint.
Read guideRead the order book before sizing up
Bids, asks, spread, depth, and why your average fill can move.
Read guideClose a position without opening the opposite trade
Use reduce-only and verify the remaining size after every exit.
Read guideSplit an entry across a price range
How a scale batch distributes size and why each leg needs its own execution check.
Read guideSpread execution over time with TWAP
What a time-weighted order changes—and what it cannot promise.
Read guideChase, iceberg, and trailing stops
Understand what each automated instruction is trying to do before relying on it.
Read guideMarkets & costs
Understand what you trade and what it costs to hold.
Funding: the cost of keeping a perp open
Separate recurring funding payments from execution fees and price PnL.
Read guideThe full cost of a Perps trade
Account for fees, spread, slippage, funding, and funding-route costs.
Read guideHIP-3: understand the market behind the ticker
Why builder, oracle, and contract details matter for an expanded market list.
Read guideStock and commodity exposure without ownership
Distinguish price-linked derivatives from shares, bullion, and physical delivery.
Read guideDated futures versus perpetuals
Compare expiry, ongoing costs, and the contract—not just the asset name.
Read guidePosition management
Keep track of exposure and make sense of the result.
A FEW COMMON QUESTIONS
Before you dive in.
Do I need an account to read the guides?
No. Learn is public and free to read. Trading has separate account and eligibility requirements.
Do Perps give me ownership of the underlying asset?
No. A perpetual is a derivative. A crypto or stock name identifies price exposure, not ownership of a token or share.
Can I practice Perps with simulated money on HYPE?
These guides do not assume a Perps simulation is available. Perps orders use real funds. Any paper-trading controls elsewhere in HYPE should not be treated as a Perps practice account.
Where should I check live market details?
Use the current market list and order panel for available contracts and limits. Read the selected venue’s specifications for collateral, funding, and market rules.
KEEP LEARNING. TRADE DELIBERATELY.
Make sense of your next move.
Take the concepts with you when you open HYPE.
Educational content, not investment advice. Perpetuals involve leverage, liquidation, funding, and protocol risk. Availability depends on your location and the selected market. Read product disclosures.