Overview
Hyperliquid isn't a broker in the usual sense. It's a decentralised exchange running on its own blockchain, where you connect a crypto wallet and trade perpetual futures and spot directly against an onchain order book. It suits experienced crypto traders who want centralised-exchange speed while keeping custody of their own funds. The flip side is regulation: Hyperliquid holds no licence anywhere, the FCA has published a warning that it isn't authorised in the UK, MAS has it on its Investor Alert List, and it doesn't serve US residents.
Accounts and costs
There's no account in the broker sense, just your wallet. You deposit USDC, and there's no enforced minimum beyond what it costs to bridge in, though a few dollars is the practical floor. Perps cost 0.045% taker and 0.015% maker at the base tier, and those rates fall with your 14-day volume and if you stake HYPE tokens. Leverage depends on the market: up to 40x on BTC, 25x on ETH and usually 3x to 10x on altcoins, with some third-party HIP-3 markets reaching 50x.
Platforms and markets
You trade through Hyperliquid's web app or mobile app, or through its API. TradingView now carries Hyperliquid price data for charting, and third-party tools can turn its alerts into orders. Markets cover hundreds of crypto perpetuals and spot pairs, plus perps on gold, silver, oil, the S&P 500 and FX, all open 24/7. You can also put USDC into vaults such as HLP, which earn or lose money from market making.
Money in and out
Deposits are USDC, sent mainly over Arbitrum, with other networks supported and a card on-ramp to buy USDC in the app. Hyperliquid doesn't charge for deposits, and withdrawals carry a flat fee of about 1 USDC.
Good
- Non-custodial, so funds stay under your own wallet's control
- Low perps fees from 0.015% maker and 0.045% taker
- Every order, trade and liquidation settles onchain and can be checked
- 300+ perpetual and spot markets, including oil, gold, indices and FX, open 24/7
- No gas fees on trades and a flat withdrawal fee of about 1 USDC
- Automation through its API and third-party TradingView alert tools
Watch for
- Not licensed anywhere; the FCA has issued a warning and MAS lists it on its Investor Alert List
- No investor protection, compensation scheme or formal dispute route
- Not available to US residents
- Needs a crypto wallet and USDC, with limited fiat on-ramps
- High leverage on perps makes liquidation a real risk
Accounts and costs
What each account needs to open and what you pay to trade on it.
| Account | Min deposit | Pricing | Max leverage |
|---|---|---|---|
| Wallet account (perps and spot) | — | Perps 0.045% taker and 0.015% maker at the base tier, lower with 14-day volume and HYPE staking; USDC margined | Up to 40x on BTC native perps, lower on most altcoins; some HIP-3 markets go to 50x |
Regulation
Which entity holds which licence. Your protection depends on the entity you open an account with.
No info found.
Investor protection: None: Hyperliquid holds no financial licence and offers no compensation scheme
Platforms and markets
Platforms
Markets
Deposits and withdrawals
- Methods
- Card, Crypto
- Minimum deposit
- —
- Not available in
- US
What traders say
Scores from the sites traders use, and our summary of what they're saying, checked 6 October 2026.
Hyperliquid is a decentralised exchange for perpetual futures and spot crypto, not a regulated broker, and there is very little formal review evidence about it. Its Trustpilot page shows 2.0 from just 15 reviews, and Trustpilot flags it as possibly associated with high-risk investments. Most discussion happens on Reddit, where traders are far more positive about the trading itself. Treat the picture as thin.
What traders like
Speed and feel. Reddit users in r/defi and r/CryptoCurrency say execution is instant and the interface feels close to a centralised exchange.
Low fees. Many mention low trading costs compared with other on-chain venues.
Self-custody. Some like that funds stay in their own wallet and can be withdrawn in USDC at any time.
Transparency. Several point to the fully on-chain order book and the lack of venture capital backing.
Common complaints
Frozen or flagged accounts. A few Trustpilot reviewers and Reddit users say the official interface blocked their address, citing links to a sanctioned exchange, a high-risk wallet or VPN use, and that support did not help. Some say this means it is not truly decentralised.
Little support. Reviewers say support only runs through Discord and email, and some say they were banned from those channels.
Funding costs. One Reddit trader says funding rates on popular contracts reached 30 to 50% a year, more than swap costs at a CFD broker for the same exposure.
Thin new listings. Some Trustpilot and Reddit reviewers raise concerns about price swings in newly listed coins and premarket contracts, including a 2025 episode where a large trader forced a cascade of liquidations.
Recently
No dated reviews from the last 90 days in our evidence.
Where this comes from
Trustpilot: the hyperliquid.xyz page, a very small sample.
Reddit: an r/defi thread on whether it is worth using, with more in r/CryptoCurrency and r/hyperliquid1.
Verified reviews
Reviews from traders who've connected an account at Hyperliquid to Chartnaut, so you know they actually traded there. Opening soon.