Trading
How trading works on HyperLink, the prime broker for Hyperliquid: order types, leverage, margining, liquidation, and open order limits explained.
Trade spot and perpetual markets privately in the HyperLink web app at app.hyperlink.xyz. HyperLink is a prime broker for Hyperliquid: it routes your orders into Hyperliquid's liquidity while keeping your balances, positions, and orders off the public chain.
Trading mirrors Hyperliquid's, with the differences below. For order mechanics, margining, and liquidations not covered here, see Hyperliquid's docs (linked below).
How HyperLink differs from Hyperliquid
Privacy
Balances, positions, and orders stay private inside the enclave.
Wallet-linked balances, positions, and orders are public.
Order types
Limit (Gtc, Ioc, Alo), market, trigger, private TWAP, and scale orders. Cancel and replace to modify.
Native order types, TWAP, and order modification.
Max leverage
Per-asset caps with a safety buffer below Hyperliquid's max tier.
Per-asset max margin tiers.
Maintenance margin
Half the initial margin at max leverage.
Same maintenance-margin model.
Trading fees
Lowest protocol-available rates through pooled volume and staking. See Fees.
Based on account volume and staking.
API keys
Agent wallets with readOnly permissions and optional ipWhitelist allowlists.
Agent wallets.
Account structure
Pooled prime-broker account with OI/netting limits and a protocol-backed insurance fund.
Individual account exposure.
Leverage increases both gains and losses. A leveraged position can be liquidated, wiping out the margin backing it. Size positions conservatively.
Place an order
Select a market and Buy / Long or Sell / Short.
Pick an order type and enter size (and price for limit orders).
For perps, set leverage and review the shown margin mode before opening the position.
Review, submit, and sign the order in your wallet.
On Hyperliquid: order types, take-profit and stop-loss.
Margining & liquidation
Margining mirrors Hyperliquid, applied to your account inside the enclave.
Max leverage: HyperLink sets each asset's cap a step below Hyperliquid's: it trims a small safety buffer and rounds down to a multiple of 5. For example, BTC is 40x on Hyperliquid and 25x on HyperLink. The trade panel shows the exact cap.
Margin mode: each market uses the mode shown in the trade panel; open positions keep that mode until closed.
Liquidation: if your account value falls below the position's maintenance margin, the position is liquidated.
Auto-deleveraging: follows Hyperliquid's priority order — see the FAQ.
For mechanics, see Hyperliquid's margining and liquidations.
Open order limits
HyperLink limits how many resting orders an account can keep on the book at once. Standing limit orders count toward this limit; market and Ioc orders execute immediately and don't, and nothing caps how much you trade.
The limit grows with your trailing 14-day raw trading volume, from 5 resting orders up to 100. You earn one additional slot for each $50k traded:
Under $50k
5
$50k
6
$250k
10
$1M
25
$4.75M+
100
For most strategies this is ample headroom, and active traders reach the higher tiers automatically as volume accrues. Exceeding your current limit rejects the order with Too many open orders for this account right now; cancel or replace a resting order to free a slot.
Track your portfolio
Your portfolio shows spot balances, perpetual account value, unrealized PnL, margin used, withdrawable balance, open positions, open orders, and trade history. Everything is private: it is reconstructed from read queries that only your account can authorize. No third party, not even the operator, can see it.
To read the same data programmatically, query POST /exchange (clearinghouseState, spotClearinghouseState, openOrders, userFills) or stream it live over the WebSocket API. See Exchange Methods for schemas.
Next steps
Deposits & Withdrawals: fund or move funds.
API Quickstart: automate trading over the API.
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