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Spot vs Perpetuals (brief overview of the difference between spot and perpetuals) Spot
  • You buy or sell the actual asset (like HYPE, BTC, ETH).
  • You own it directly, and can transfer it out of the exchange to external wallets.
  • Profit only when price goes up (unless you sell what you already hold).
Perpetual Futures (Perps)
  • You don’t own the asset, you trade a contract tied to its price.
  • You can go long (bet price goes up) or short (bet price goes down).
  • No expiry date — you can hold as long as you want, but will earn or incur funding rate payments.
  • Uses leverage: trade bigger size with smaller capital (Up to 40x Leverage).
  • Funding rates keep perp prices in line with the spot market.
Cross vs Isolated Margin options Cross positions are liquidated when the account value (including unrealized profit and loss) is less than the maintenance margin times the total open notional position. The maintenance margin is currently set to half of the initial margin at max leverage. Isolated positions are liquidated by the same maintenance margin logic, but the only inputs to the computation are the isolated margin and the notional value of the isolated position. Leverage options Each pair has an associated leverage options, which you can adjust using the slider.
Long vs Short Trades can be toggled to be taken as a long or a short. Trading interface features
  • View as: Select an available trader or enter an address to display their trade opens and closes overlayed onto the chart.
  • Plus sign menu - By clicking the plus icon on the chart axis, options to Limit short, stop long or view as are available.
    • Limit short: quickly set up a limit order for a short at the price.
    • Stop long: quickly set up a limit long order at the price.

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Order Types

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Market vs Limit order

  • Market: An order that executes immediately at the current market price
  • Limit: An order that executes at the selected limit price or better

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Take Profit and Stop Loss

  • Take Profit: A limit order that is activated to take profits when the price reaches the selected price
  • Stop loss: A limit order that is activated to minimize losses when the price reaches the selected stop price

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Reverse

  • Closes the selected trade and opens an equal trade in the opposite direction (flips longs into shorts and shorts into longs).

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Advanced Order Types

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TWAP (Time Weighted Average Price)

Executes an order proportionally over a set time period. Stealth: Executes your TWAP through our infrastructure instead of on-chain for more private execution. Randomize time and or size (Optional): If Randomize is enabled, the size and timing of each sub-trade will be automatically adjusted within a certain range, typically up to 20% higher or lower than the original trade size and executed 20% earlier or later.

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Scale Orders

Auto-place orders across a price range. Includes parameters for number of orders and skew amount (Ratio between end and start prices. For example if size skew is 2.0 then a limit order for end price will be placed with twice the size of the start price. A size skew of 1.0 creates equally sized orders.

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Stop Limit

Becomes a limit order at the set trigger price.

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Stop Market

Becomes a market order at the set trigger price.

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Chase Orders

Places a limit order at the best bid/ask and continuously update until filled. Chase to: sets the price to chase to until price exceeds this limit. Stalk Distance: Order price stays a fixed distance from best bid.

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Swarm Orders

Splits your order into smaller suborders and places them over time to reduce market impact. The total order can be split into up to 200 sub-orders (minimum $10 size per sub-order)

Select an ‘Agression Level’ between 1-5, higher aggression places orders more frequently for faster fills.