# Hyperliquid Academy

> Independent, sourced technical education about Hyperliquid for traders, builders, researchers, and institutions.

Canonical: https://www.uddalak.xyz/hyperliquid-academy

## Core indexes
- [Academy](https://www.uddalak.xyz/hyperliquid-academy)
- [Glossary](https://www.uddalak.xyz/hyperliquid-academy/glossary)
- [Recently updated](https://www.uddalak.xyz/hyperliquid-academy/recently-updated)
- [Methodology & corrections](https://www.uddalak.xyz/hyperliquid-academy/methodology)
- [XML sitemap](https://www.uddalak.xyz/sitemap.xml)

## Articles
- [What Is Hyperliquid? How HyperCore, HyperEVM, and HyperBFT Work](https://www.uddalak.xyz/hyperliquid-academy/article/01-what-is-hyperliquid): Learn how Hyperliquid works as a layer one blockchain, how HyperCore handles native markets, how HyperEVM adds smart contracts, and how HyperBFT secures both.
- [HyperCore Explained](https://www.uddalak.xyz/hyperliquid-academy/article/02-hypercore-explained): How Hyperliquid's native financial execution environment handles markets, margin, matching, and state.
- [HyperEVM Explained](https://www.uddalak.xyz/hyperliquid-academy/article/03-hyperevm-explained): What HyperEVM is, why it exists, and how smart contracts connect to HyperCore.
- [HyperBFT Explained](https://www.uddalak.xyz/hyperliquid-academy/article/04-hyperbft-explained): How Hyperliquid's consensus system orders transactions and secures HyperCore and HyperEVM.
- [What Happens When You Place a Trade on Hyperliquid?](https://www.uddalak.xyz/hyperliquid-academy/article/05-trade-lifecycle): Follow an order from the trading interface through consensus, matching, margin checks, and account updates.
- [How an Onchain Order Book Works](https://www.uddalak.xyz/hyperliquid-academy/article/06-order-book): Bids, asks, spreads, price-time priority, and what makes Hyperliquid's native order book different from an AMM.
- [AMMs vs Order Books](https://www.uddalak.xyz/hyperliquid-academy/article/07-amm-vs-clob): Two ways DeFi markets discover prices, with HyperCore CLOBs and HyperEVM AMMs as concrete examples.
- [Spot vs Perpetual Futures](https://www.uddalak.xyz/hyperliquid-academy/article/08-spot-vs-perps): How owning an asset differs from trading perpetual exposure, including leverage, funding, and liquidation risk.
- [What Is a Perpetual Futures Contract?](https://www.uddalak.xyz/hyperliquid-academy/article/09-perpetual-futures): Why perps have no expiry, how funding anchors them to spot, and where their risks come from.
- [Long, Short, Leverage, and Margin](https://www.uddalak.xyz/hyperliquid-academy/article/10-leverage-margin-long-short): The four concepts that determine how a leveraged trading position behaves.
- [Standard, Unified, and Portfolio Margin Accounts](https://www.uddalak.xyz/hyperliquid-academy/article/11-account-modes): How Hyperliquid's account modes decide which balances can support which positions.
- [Cross Margin vs Isolated Margin](https://www.uddalak.xyz/hyperliquid-academy/article/12-cross-vs-isolated-margin): How shared and ring-fenced collateral change liquidation risk on Hyperliquid.
- [How Liquidations Work on Hyperliquid](https://www.uddalak.xyz/hyperliquid-academy/article/13-liquidations): Maintenance margin, market liquidations, backstop liquidations, and what happens to remaining collateral.
- [Funding Rates on Hyperliquid](https://www.uddalak.xyz/hyperliquid-academy/article/14-funding-rates): Why funding exists, who pays whom, and how Hyperliquid calculates the rate.
- [Mark Price vs Oracle Price vs Last Price](https://www.uddalak.xyz/hyperliquid-academy/article/15-mark-oracle-last-price): Why Hyperliquid uses multiple prices for trading, funding, PnL, and liquidation.
- [Open Interest, Volume, and Funding](https://www.uddalak.xyz/hyperliquid-academy/article/16-open-interest-volume-funding): How three market metrics reveal different parts of a perpetual market's positioning and activity.
- [Hyperliquid Order Types Explained](https://www.uddalak.xyz/hyperliquid-academy/article/17-order-types): Market, limit, stop, take-profit, scale, TWAP, post-only, and IOC orders without the trading jargon.
- [Hyperliquid Fees, Makers, and Takers](https://www.uddalak.xyz/hyperliquid-academy/article/18-fees-maker-taker): How fee tiers, maker rebates, staking discounts, spot weighting, and HIP-3 deployer fees fit together.
- [What Are Builder Codes?](https://www.uddalak.xyz/hyperliquid-academy/article/19-builder-codes): How Hyperliquid frontends and applications can charge per-order fees without taking custody of user funds.
- [Subaccounts and API Wallets](https://www.uddalak.xyz/hyperliquid-academy/article/20-subaccounts-api-wallets): How professional users separate strategies and authorize automated trading on Hyperliquid.
- [Portfolio Margin on Hyperliquid](https://www.uddalak.xyz/hyperliquid-academy/article/21-portfolio-margin): How Hyperliquid unifies eligible spot balances and perpetual positions into one risk-managed portfolio.
- [Lending, Borrowing, and Carry Trades on HyperCore](https://www.uddalak.xyz/hyperliquid-academy/article/22-lending-borrowing-carry): How Portfolio Margin creates borrowing demand, supply yield, and spot-perp carry strategies.
- [Portfolio Margin Risk and Liquidations](https://www.uddalak.xyz/hyperliquid-academy/article/23-portfolio-margin-risk): How Hyperliquid evaluates a whole Portfolio Margin account and why liquidation order can be non-deterministic.
- [HIP-1: Hyperliquid's Native Token Standard](https://www.uddalak.xyz/hyperliquid-academy/article/24-hip-1-native-token-standard): How native spot assets are created and indexed inside HyperCore.
- [HIP-2 Hyperliquidity Explained](https://www.uddalak.xyz/hyperliquid-academy/article/25-hip-2-hyperliquidity): How Hyperliquid bootstraps native spot liquidity with a protocol-level automated order-book strategy.
- [How a Token Launches on HyperCore](https://www.uddalak.xyz/hyperliquid-academy/article/26-how-a-token-launches-on-hypercore): From HIP-1 deployment auction to genesis balances, spot pair creation, and Hyperliquidity.
- [HIP-3: Builder-Deployed Perpetual Markets](https://www.uddalak.xyz/hyperliquid-academy/article/27-hip-3-builder-perps): How builders deploy independent perpetual DEXs while inheriting HyperCore's order books and margin engine.
- [HIP-3 Oracles and Market Pricing](https://www.uddalak.xyz/hyperliquid-academy/article/28-hip-3-oracles): Why a builder-deployed perpetual is only as credible as its reference price and market operations.
- [HIP-4 Outcome Markets Explained](https://www.uddalak.xyz/hyperliquid-academy/article/29-hip-4-outcome-markets): How Hyperliquid's fully collateralized outcome contracts price discrete events without perpetual leverage.
- [Outcome Markets vs Perps vs Options](https://www.uddalak.xyz/hyperliquid-academy/article/30-outcomes-vs-perps-options): Three ways to express market views with different payoff shapes, margin systems, and settlement rules.
- [How HyperCore and HyperEVM Communicate](https://www.uddalak.xyz/hyperliquid-academy/article/31-hypercore-hyperevm-precompiles): How HyperEVM smart contracts read HyperCore state through precompiles, and why that matters for DeFi composability.
- [CoreWriter Explained](https://www.uddalak.xyz/hyperliquid-academy/article/32-corewriter-explained): How HyperEVM contracts can send supported actions to HyperCore and what this enables for onchain applications.
- [HLP and HyperCore Vaults Explained](https://www.uddalak.xyz/hyperliquid-academy/article/33-hlp-vaults): How Hyperliquid vaults pool capital, how HLP differs from user-created vaults, and what depositors are exposed to.
- [HYPE Staking and Validators Explained](https://www.uddalak.xyz/hyperliquid-academy/article/34-hype-staking-validators): How HYPE delegation connects token holders to HyperBFT validators, rewards, lockups, and network security.
- [How the Hyperliquid Bridge Works](https://www.uddalak.xyz/hyperliquid-academy/article/35-hyperliquid-bridge): How assets move between external chains and Hyperliquid, and why bridging risk is separate from trading risk.
- [Robust Price Indices and Oracles on Hyperliquid](https://www.uddalak.xyz/hyperliquid-academy/article/36-robust-price-indices-oracles): How Hyperliquid separates traded prices from oracle and mark prices used for funding, margin, and liquidation.
- [Auto-Deleveraging and Platform Solvency](https://www.uddalak.xyz/hyperliquid-academy/article/37-adl-platform-solvency): What happens when a liquidation cannot be closed normally, and how Hyperliquid's ADL mechanism contains residual risk.
- [Building With the Hyperliquid API](https://www.uddalak.xyz/hyperliquid-academy/article/38-building-with-hyperliquid-api): A practical map of the Info API, Exchange actions, signing, and the minimum architecture for a Hyperliquid application.
- [WebSockets and Real-Time Hyperliquid Data](https://www.uddalak.xyz/hyperliquid-academy/article/39-websockets-realtime-data): How to stream books, trades, candles, fills, and account updates without polling the API for every change.
- [Hyperliquid Protocol Economics and Fee Flow](https://www.uddalak.xyz/hyperliquid-academy/article/40-protocol-economics-fee-flow): Where trading fees come from, how different market types allocate them, and why protocol economics should be separated from token price narratives.
- [Kinetiq: Liquid Staking and Productive HYPE](https://www.uddalak.xyz/hyperliquid-academy/article/41-kinetiq): How kHYPE turns native HYPE staking into a liquid DeFi asset, and how Kinetiq extends it through automated strategies.
- [HyperLend: The HyperEVM Money Market](https://www.uddalak.xyz/hyperliquid-academy/article/42-hyperlend): How HyperLend brings pooled lending, borrowing, and leverage to HyperEVM and connects credit back to HyperCore users.
- [Morpho Blue on Hyperliquid: Isolated Lending Markets](https://www.uddalak.xyz/hyperliquid-academy/article/43-morpho-blue): How Morpho's permissionless isolated markets differ from pooled lending and HyperCore Portfolio Margin.
- [Valantis: stHYPE and a Purpose-Built AMM for Staked Assets](https://www.uddalak.xyz/hyperliquid-academy/article/44-valantis): How Valantis combines liquid staking with STEX, an AMM designed around assets that can be redeemed for an underlying token.
- [Felix: CDPs, feUSD, and Stablecoin Credit on Hyperliquid](https://www.uddalak.xyz/hyperliquid-academy/article/45-felix): How Felix lets users borrow feUSD against overcollateralized positions and uses redemptions and stability pools to manage solvency.
- [Veda: The Vault Infrastructure Behind DeFi Yield Products](https://www.uddalak.xyz/hyperliquid-academy/article/46-veda): How Veda separates vault infrastructure, strategy curation, and user-facing applications across Hyperliquid DeFi.
- [Derive V2: Options Access From HyperEVM](https://www.uddalak.xyz/hyperliquid-academy/article/47-derive-v2): How Derive connects HyperEVM collateral to an external derivatives venue for options, perps, and structured strategies.
- [Rysk: Fully Collateralized Options on HyperEVM](https://www.uddalak.xyz/hyperliquid-academy/article/48-rysk-finance): How Rysk uses covered calls, cash-secured puts, and RFQ auctions to bring volatility yield directly onchain.
- [Project X: Concentrated Liquidity on HyperEVM](https://www.uddalak.xyz/hyperliquid-academy/article/49-project-x): Why an AMM can remain useful beside HyperCore's order books, and how concentrated liquidity changes capital efficiency for spot markets.
- [Hyperbeat: From DeFi Yield to a User-Facing Financial Account](https://www.uddalak.xyz/hyperliquid-academy/article/50-hyperbeat): How Hyperbeat packages Hyperliquid trading, yield, credit, and payment workflows into a higher-level financial product.
- [How Hyperliquid Differs From a DEX on Ethereum](https://www.uddalak.xyz/hyperliquid-academy/article/51-hyperliquid-vs-ethereum-dex): Hyperliquid moves exchange-critical logic into the blockchain itself, while most Ethereum DEXs express trading logic through smart contracts on a general-purpose execution layer.
- [Hyperliquid vs Centralized Exchanges: What Actually Changes?](https://www.uddalak.xyz/hyperliquid-academy/article/52-hyperliquid-vs-centralized-exchanges): Hyperliquid can feel like a centralized exchange at the interface level, but custody, state transparency, settlement, and market operation work differently.
- [HyperCore vs HyperEVM: Which Layer Does What?](https://www.uddalak.xyz/hyperliquid-academy/article/53-hypercore-vs-hyperevm): HyperCore is Hyperliquid's native financial engine; HyperEVM is the programmable EVM environment beside it. They share one L1 but serve different workloads.
- [Understanding Hyperliquid State: What Lives Where?](https://www.uddalak.xyz/hyperliquid-academy/article/54-hyperliquid-state-what-lives-where): Hyperliquid state is split by function across HyperCore and HyperEVM, with explicit interfaces connecting native market state to EVM applications.
- [Blocks, Finality, Throughput, and Latency on Hyperliquid](https://www.uddalak.xyz/hyperliquid-academy/article/55-hyperliquid-blocks-finality-throughput-latency): Hyperliquid's performance should be understood as a pipeline: consensus orders state transitions, block production advances state, and user-visible latency includes network and client effects.
- [How Gas Works on HyperEVM vs Trading on HyperCore](https://www.uddalak.xyz/hyperliquid-academy/article/56-hyperevm-gas-vs-hypercore-trading): HyperEVM contract calls pay HYPE gas under EVM fee mechanics; native HyperCore trading actions use Hyperliquid's trading fee and action model instead of EVM gas.
- [What Is HYPE and What Is It Used For?](https://www.uddalak.xyz/hyperliquid-academy/article/57-what-is-hype-and-what-is-it-used-for): HYPE is Hyperliquid's native asset, used across staking, validator security, HyperEVM gas, and several protocol-level deployment or alignment mechanisms.
- [How Spot, Perps, DeFi, and Applications Fit Into One Hyperliquid Stack](https://www.uddalak.xyz/hyperliquid-academy/article/58-hyperliquid-stack-spot-perps-defi-applications): Hyperliquid combines native financial markets in HyperCore with a programmable HyperEVM application layer, allowing capital and information to move between trading and DeFi surfaces.
- [Hyperliquid Mainnet vs Testnet](https://www.uddalak.xyz/hyperliquid-academy/article/59-hyperliquid-mainnet-vs-testnet): Hyperliquid mainnet carries real assets and production market state, while testnet is the safer environment for integration work, contract testing, and API experiments.
- [Hyperliquid Glossary: The Terms You Need to Know](https://www.uddalak.xyz/hyperliquid-academy/article/60-hyperliquid-glossary): A living glossary of Hyperliquid concepts, market terms, protocol components, and developer primitives, with each definition connected to deeper Academy references.
- [Hyperliquid Margin Tiers Explained](https://www.uddalak.xyz/hyperliquid-academy/article/61-hyperliquid-margin-tiers): Margin tiers make leverage decrease as a position becomes larger, limiting how much concentrated risk one account can place on a market.
- [Initial Margin vs Maintenance Margin on Hyperliquid](https://www.uddalak.xyz/hyperliquid-academy/article/62-initial-margin-vs-maintenance-margin): Initial margin determines whether a leveraged position can be opened; maintenance margin determines how much equity must remain before liquidation becomes possible.
- [Take Profit and Stop Loss Orders on Hyperliquid](https://www.uddalak.xyz/hyperliquid-academy/article/63-take-profit-stop-loss-orders): Hyperliquid TP and SL orders are trigger orders: a mark-price condition activates an order that then attempts to execute according to its configured market or limit behavior.
- [Entry Price, Unrealized PnL, and Realized PnL on Hyperliquid](https://www.uddalak.xyz/hyperliquid-academy/article/64-entry-price-unrealized-realized-pnl): Entry price summarizes the cost basis of an open position, unrealized PnL marks that open exposure, and realized PnL records value crystallized through closes and other settled flows.
- [Self-Trade Prevention on Hyperliquid](https://www.uddalak.xyz/hyperliquid-academy/article/65-self-trade-prevention): Self-trade prevention stops orders from the same address from trading against each other, reducing accidental wash-like fills and unnecessary fees in multi-order strategies.
- [What Are Hyperps?](https://www.uddalak.xyz/hyperliquid-academy/article/66-hyperps): Hyperps are perpetual markets designed for assets that do not yet have a conventional spot-oracle setup, using a market-derived marking framework until they can transition to standard perps.
- [What Happens When Hyperliquid Delists a Market?](https://www.uddalak.xyz/hyperliquid-academy/article/67-hyperliquid-market-delisting): Delisting is a protocol process for winding down a market, and traders need to understand the timeline because open positions and outstanding orders cannot be treated as normal indefinitely.
- [Market Making on Hyperliquid](https://www.uddalak.xyz/hyperliquid-academy/article/68-market-making-on-hyperliquid): Market making on Hyperliquid means continuously managing limit orders, inventory, adverse selection, fees, latency, and risk rather than simply placing bids and asks around a midpoint.
- [Spread, Slippage, Depth, and Market Impact on Hyperliquid](https://www.uddalak.xyz/hyperliquid-academy/article/69-spread-slippage-depth-market-impact): Spread measures the gap between best bid and ask, depth measures available liquidity, slippage describes execution versus a reference price, and market impact is the price movement associated with consuming or revealing demand.
- [Hyperliquid Risk Checklist Before Using Leverage](https://www.uddalak.xyz/hyperliquid-academy/article/70-hyperliquid-leverage-risk-checklist): A leverage checklist should test liquidation distance, liquidity, reference prices, funding, fees, account mode, key security, and failure scenarios before position size is chosen.
- [How Interest Rates Work in Hyperliquid Portfolio Margin](https://www.uddalak.xyz/hyperliquid-academy/article/71-portfolio-margin-interest-rates): Portfolio Margin turns eligible idle assets into a lending pool and prices borrowing primarily from utilization, so rates rise as available liquidity becomes scarce.
- [Supply Caps and Borrow Caps in Hyperliquid Portfolio Margin](https://www.uddalak.xyz/hyperliquid-academy/article/72-portfolio-margin-supply-borrow-caps): Supply and borrow caps limit how much of an asset can enter Portfolio Margin lending and how much can be borrowed, containing concentration and liquidity risk at the asset level.
- [HYPE as Collateral in Hyperliquid Portfolio Margin](https://www.uddalak.xyz/hyperliquid-academy/article/73-hype-as-collateral-in-portfolio-margin): HYPE can support Portfolio Margin exposure subject to an asset-specific collateral factor, so its collateral value is deliberately lower than its spot market value.
- [The Spot Long + Perp Short Carry Trade on Hyperliquid](https://www.uddalak.xyz/hyperliquid-academy/article/74-spot-long-perp-short-carry-trade): A spot-long, perp-short carry trade tries to neutralize directional price exposure while earning a spread such as positive funding, but basis, borrowing, execution, and liquidation risks remain.
- [Basis Trading on Hyperliquid](https://www.uddalak.xyz/hyperliquid-academy/article/75-basis-trading-on-hyperliquid): Basis trading focuses on the price relationship between spot and derivatives rather than outright direction, but the spread can widen, funding can change, and execution can dominate expected convergence.
- [User-Created Vaults vs HLP on Hyperliquid](https://www.uddalak.xyz/hyperliquid-academy/article/76-user-created-vaults-vs-hlp): HLP is a protocol vault with defined system roles, while user-created vaults are strategy vehicles run by individual leaders; they share a vault interface but not the same mandate or risk.
- [Vault Leader Risk, Lockups, and Withdrawals on Hyperliquid](https://www.uddalak.xyz/hyperliquid-academy/article/77-vault-leader-risk-lockups-withdrawals): A vault depositor delegates economic exposure to a strategy they do not control trade by trade, so leader behavior and withdrawal constraints are core risks rather than operational details.
- [HIP-3 Collateral and Capital Fragmentation](https://www.uddalak.xyz/hyperliquid-academy/article/78-hip3-collateral-capital-fragmentation): HIP-3 lets builders create independent perpetual market groups, but independent collateral choices and margin domains can fragment capital that would otherwise net across one shared risk pool.
- [How HyperEVM Lending Composes With HyperCore Portfolio Margin](https://www.uddalak.xyz/hyperliquid-academy/article/79-hyperevm-lending-hypercore-portfolio-margin): HyperEVM lending and HyperCore Portfolio Margin are separate credit systems that can be combined through asset transfers and strategy design, but their collateral rules and liquidation engines do not automatically become one.
- [Hyperliquid L1 Read Precompiles: Complete Guide](https://www.uddalak.xyz/hyperliquid-academy/article/80-hyperliquid-l1-read-precompiles-complete-guide): Hyperliquid L1 read precompiles let HyperEVM contracts query selected HyperCore state directly at protocol-defined addresses, avoiding a separate offchain oracle for supported data.
- [CoreWriter Actions: Complete Reference](https://www.uddalak.xyz/hyperliquid-academy/article/81-corewriter-actions-complete-reference): CoreWriter is Hyperliquid's system contract for sending supported HyperEVM-originated actions into HyperCore, using versioned action IDs and ABI-encoded payloads.
- [Placing HyperCore Orders From HyperEVM Smart Contracts](https://www.uddalak.xyz/hyperliquid-academy/article/82-hypercore-orders-from-hyperevm-smart-contracts): HyperEVM contracts can submit supported HyperCore order actions through CoreWriter, but the path is deliberately slower than the native order route and should be used for composable application logic rather than latency-sensitive trading.
- [Vault Transfers Through CoreWriter](https://www.uddalak.xyz/hyperliquid-academy/article/83-vault-transfers-through-corewriter): CoreWriter can initiate supported vault transfers from HyperEVM, allowing contracts to move value into or out of HyperCore vault relationships under protocol-defined rules.
- [Staking Through CoreWriter](https://www.uddalak.xyz/hyperliquid-academy/article/84-staking-through-corewriter): CoreWriter exposes supported staking actions so HyperEVM contracts can coordinate native HYPE staking operations with smart-contract logic.
- [Borrow and Lend Actions Through CoreWriter](https://www.uddalak.xyz/hyperliquid-academy/article/85-borrow-lend-through-corewriter): CoreWriter can submit Portfolio Margin supply and withdraw operations from HyperEVM contracts, making native lending state programmable from the EVM while preserving HyperCore's own risk engine.
- [HyperCore to HyperEVM Asset Transfers](https://www.uddalak.xyz/hyperliquid-academy/article/86-hypercore-to-hyperevm-asset-transfers): HyperCore and HyperEVM share one L1 but maintain different asset accounting, so supported transfers use protocol-defined system paths rather than an external crosschain bridge.
- [How Hyperliquid API Signing Works](https://www.uddalak.xyz/hyperliquid-academy/article/87-how-hyperliquid-api-signing-works): How Hyperliquid API signatures are constructed, why valid-looking signatures fail, and how to debug signing against the official SDK.
- [Hyperliquid Nonces and Replay Protection](https://www.uddalak.xyz/hyperliquid-academy/article/88-hyperliquid-nonces-replay-protection): Hyperliquid uses nonces to make signed actions single-use and time-bounded, preventing a valid signed request from being replayed indefinitely.
- [Designing API Wallets for Hyperliquid Trading Systems](https://www.uddalak.xyz/hyperliquid-academy/article/89-designing-api-wallets-for-trading-systems): API wallets isolate automated signing from the master account, letting a trading system operate without storing the account's highest-authority private key.
- [Hyperliquid API Rate Limits Explained](https://www.uddalak.xyz/hyperliquid-academy/article/90-hyperliquid-api-rate-limits): Hyperliquid applies both IP-based request weights and address-based action limits, so production clients need batching, caching, WebSockets, and deliberate retry logic rather than brute-force polling.
- [REST vs WebSocket on Hyperliquid](https://www.uddalak.xyz/hyperliquid-academy/article/91-rest-vs-websocket-on-hyperliquid): Use REST for snapshots, metadata, and action submission where appropriate; use WebSockets for continuously changing market and account state that would be wasteful or slow to poll.
- [Hyperliquid Info Endpoint Guide](https://www.uddalak.xyz/hyperliquid-academy/article/92-hyperliquid-info-endpoint-guide): The Info endpoint is Hyperliquid's read API for market, account, staking, portfolio, and historical state; correct integrations query the economic account, use the right asset identifiers, and respect endpoint-specific weights.
- [Hyperliquid Exchange Endpoint Guide](https://www.uddalak.xyz/hyperliquid-academy/article/93-hyperliquid-exchange-endpoint-guide): The Exchange endpoint submits signed HyperCore actions such as orders, cancels, transfers, staking, vault operations, API-wallet approvals, and account configuration.
- [How to Build a Production-Grade Hyperliquid Trading Bot](https://www.uddalak.xyz/hyperliquid-academy/article/94-production-grade-hyperliquid-trading-bot): A production Hyperliquid bot is a state-reconciliation and risk system first and an order-generation strategy second.
- [How Hyperliquid Market Data Is Structured](https://www.uddalak.xyz/hyperliquid-academy/article/95-how-hyperliquid-market-data-is-structured): Hyperliquid market data is split across metadata, order books, trades, candles, prices, funding, open interest, and account-specific state; each dataset answers a different question.
- [Hyperliquid Perpetual Contract Specifications](https://www.uddalak.xyz/hyperliquid-academy/article/96-hyperliquid-perpetual-contract-specifications): Hyperliquid perpetuals are linear derivative markets with market-specific asset metadata, leverage, size precision, oracle inputs, and risk parameters that should be read before trading or integrating a symbol.
- [Tick Size, Lot Size, and szDecimals on Hyperliquid](https://www.uddalak.xyz/hyperliquid-academy/article/97-tick-size-lot-size-and-szdecimals): Hyperliquid order validity depends on price precision and size precision; `szDecimals` determines quantity granularity while price rules constrain significant figures and decimal places.
- [Price-Time Priority on HyperCore](https://www.uddalak.xyz/hyperliquid-academy/article/98-price-time-priority-on-hypercore): HyperCore's central limit order books reward better prices first and earlier resting liquidity at the same price, making queue position a real part of execution quality.
- [How Hyperliquid Calculates Mark Prices](https://www.uddalak.xyz/hyperliquid-academy/article/99-how-hyperliquid-calculates-mark-prices): Hyperliquid mark price is a robust risk price built from multiple candidates rather than simply the latest trade, reducing the ability of a brief local price move to force liquidations.
- [How Oracle Prices Feed Hyperliquid's Risk Engine](https://www.uddalak.xyz/hyperliquid-academy/article/100-how-oracle-prices-feed-hyperliquid-risk-engine): Oracle prices anchor Hyperliquid's derivatives to external reference markets and feed mark, funding, margin, and liquidation logic without serving as the only executable trading price.
- [How Robust Price Indices Handle Bad or Manipulated Prices](https://www.uddalak.xyz/hyperliquid-academy/article/101-robust-price-indices-bad-manipulated-prices): Hyperliquid's robust price design uses multiple source and candidate prices so one bad exchange print, local trade, or model input is less likely to control the risk engine.
- [Why Funding Rates Turn Positive or Negative on Hyperliquid](https://www.uddalak.xyz/hyperliquid-academy/article/102-why-funding-rates-turn-positive-or-negative): Funding becomes positive when perp demand pushes the market rich relative to its reference and negative when it trades cheap, transferring value between longs and shorts to encourage convergence.
- [Open Interest vs Volume vs TVL vs Stablecoin Balances](https://www.uddalak.xyz/hyperliquid-academy/article/103-open-interest-volume-tvl-stablecoin-balances): Open interest measures outstanding derivatives exposure, volume measures trading activity, TVL measures capital deposited in selected protocols, and stablecoin balances measure settlement liquidity; none is a substitute for the others.
- [How to Read Hyperliquid's L2 Order Book](https://www.uddalak.xyz/hyperliquid-academy/article/104-how-to-read-hyperliquid-l2-order-book): An L2 order book groups resting liquidity by price level, letting you inspect spread, depth, imbalance, and expected execution without exposing every individual order.
- [How to Measure Liquidity on Hyperliquid](https://www.uddalak.xyz/hyperliquid-academy/article/105-how-to-measure-liquidity-on-hyperliquid): Liquidity should be measured through spread, depth at multiple price bands, executable size, resilience after trades, and consistency across market regimes.
- [How to Measure Slippage and Market Impact on Hyperliquid](https://www.uddalak.xyz/hyperliquid-academy/article/106-how-to-measure-slippage-and-market-impact): Execution analysis compares decision price, pre-trade midpoint, realized VWAP, and post-trade prices so spread cost, slippage, and lasting impact can be separated.
- [How Market Makers Earn on Hyperliquid](https://www.uddalak.xyz/hyperliquid-academy/article/107-how-market-makers-earn-on-hyperliquid): Market makers try to earn spread, rebates, and inventory-aware pricing edge, while losses come from adverse selection, inventory moves, hedging costs, fees, and operational failures.
- [What Happens to Hyperliquid Markets During Extreme Volatility?](https://www.uddalak.xyz/hyperliquid-academy/article/108-extreme-volatility-on-hyperliquid): Extreme volatility compresses the time available for margin, liquidity, and oracle systems to react, causing spreads to widen, depth to disappear, liquidations to accelerate, and backstop mechanisms to matter.
- [How Hyperliquid's ADL Queue Works](https://www.uddalak.xyz/hyperliquid-academy/article/109-how-hyperliquid-adl-queue-works): Auto-deleveraging is a last-resort solvency mechanism that reduces profitable opposing positions when liquidation and backstop processes cannot resolve an account deficit normally.
- [How to Use Hyperliquid's Public Data for Market Research](https://www.uddalak.xyz/hyperliquid-academy/article/110-hyperliquid-public-data-market-research): Hyperliquid's public books, trades, funding, open interest, account state, and protocol metadata can support reproducible market research if definitions, timestamps, and survivorship are handled carefully.
- [The HyperEVM Ecosystem Map](https://www.uddalak.xyz/hyperliquid-academy/article/111-hyperevm-ecosystem-map): HyperEVM applications cluster around lending, liquid staking, AMMs, vaults, options, structured products, data, wallets, and infrastructure, with many of them using HyperCore liquidity or HYPE as an underlying primitive.
- [The HIP-3 DEX Landscape](https://www.uddalak.xyz/hyperliquid-academy/article/112-hip3-dex-landscape): HIP-3 turns HyperCore into shared infrastructure for independently operated perpetual DEXs, so the ecosystem competes on market selection, oracles, collateral, liquidity, fees, and distribution while sharing core execution primitives.
- [HyperEVM Lending Protocols Compared](https://www.uddalak.xyz/hyperliquid-academy/article/113-hyperevm-lending-protocols-compared): HyperEVM lending protocols differ mainly in pool structure, collateral isolation, interest-rate design, oracle dependencies, liquidation mechanics, and how closely they integrate with HyperCore.
- [Liquid Staking on Hyperliquid Compared](https://www.uddalak.xyz/hyperliquid-academy/article/114-liquid-staking-on-hyperliquid-compared): Liquid staking separates native validator delegation from the liquidity of a receipt token, so protocols should be compared on redemption mechanics, validator policy, liquidity, smart-contract controls, and DeFi integrations rather than APY alone.
- [Options and Structured Products on Hyperliquid](https://www.uddalak.xyz/hyperliquid-academy/article/115-options-structured-products-on-hyperliquid): Options and structured products add nonlinear payoffs to Hyperliquid's spot, perp, lending, and staking stack, allowing users to trade volatility or package yield while introducing model, liquidity, and contract risk.
- [Bridges and Crosschain Routes Into HyperEVM](https://www.uddalak.xyz/hyperliquid-academy/article/116-bridges-crosschain-routes-hyperevm): Getting assets into HyperEVM can involve Hyperliquid's native bridge paths, issuer-native transfer systems, or third-party bridges; each route has a different trust model and destination asset representation.
- [Wallets, RPCs, and Explorers for HyperEVM](https://www.uddalak.xyz/hyperliquid-academy/article/117-wallets-rpcs-explorers-hyperevm): HyperEVM uses standard EVM wallet and JSON-RPC concepts, but users still need Hyperliquid-specific chain settings, reliable RPC infrastructure, and explorers that understand system transactions and cross-environment state.
- [Hyperliquid Data and Analytics Tools](https://www.uddalak.xyz/hyperliquid-academy/article/118-hyperliquid-data-analytics-tools): Hyperliquid analytics spans official APIs, block and EVM explorers, protocol dashboards, market-data terminals, portfolio trackers, and independent research datasets; the right tool depends on whether you need execution truth, interpretation, or convenience.
- [Tokenized Real-World Assets on Hyperliquid](https://www.uddalak.xyz/hyperliquid-academy/article/119-tokenized-real-world-assets-hyperliquid): Tokenized real-world assets can appear on Hyperliquid as spot assets, HyperEVM tokens, or derivative underlyings, but each structure carries different issuer, custody, redemption, oracle, market-hours, and regulatory dependencies.
- [How HyperEVM Applications Use HyperCore Liquidity](https://www.uddalak.xyz/hyperliquid-academy/article/120-how-hyperevm-applications-use-hypercore-liquidity): HyperEVM applications can read native market state, move assets, and trigger supported HyperCore actions, letting smart contracts build around HyperCore liquidity without recreating the order book inside the EVM.
- [Hyperliquid for Institutions: Complete Guide](https://www.uddalak.xyz/hyperliquid-academy/article/121-hyperliquid-for-institutions-complete-guide): Institutions can access Hyperliquid through a stack of custody, signing, trading, staking, data, risk, and compliance controls; the protocol is only one layer of the operating model.
- [Institutional Custody for HYPE](https://www.uddalak.xyz/hyperliquid-academy/article/122-institutional-custody-for-hype): Institutional HYPE custody can use regulated cold-storage providers, self-custody policy infrastructure, or hybrid models, but native HyperCore and staking workflows can determine whether assets must leave conventional custody.
- [Institutional HYPE Staking](https://www.uddalak.xyz/hyperliquid-academy/article/123-institutional-hype-staking): Institutional HYPE staking combines native Hyperliquid delegation with custody, validator, reporting, and governance controls required by funds and treasuries.
- [Qualified Custody vs Self-Custody for HYPE](https://www.uddalak.xyz/hyperliquid-academy/article/124-qualified-custody-vs-self-custody-hype): Qualified or regulated custody transfers key-control responsibilities to a regulated provider; self-custody preserves direct control but moves operational security and governance onto the institution.
- [How Funds Can Structure Hyperliquid Subaccounts and API Wallets](https://www.uddalak.xyz/hyperliquid-academy/article/125-funds-subaccounts-api-wallets): Funds can use subaccounts to isolate strategies and API wallets to isolate signing authority, creating a cleaner mapping between mandate, risk limit, execution process, and audit trail.
- [Operational Controls for Institutional Hyperliquid Trading](https://www.uddalak.xyz/hyperliquid-academy/article/126-operational-controls-institutional-hyperliquid-trading): Institutional Hyperliquid trading needs independent limits, signer governance, reconciliation, monitoring, incident response, and fail-safe cancellation around the trading strategy itself.
- [Counterparty Risk vs Smart Contract Risk vs Protocol Risk on Hyperliquid](https://www.uddalak.xyz/hyperliquid-academy/article/127-counterparty-risk-vs-smart-contract-risk-vs-protocol-risk): Hyperliquid exposure can contain counterparty, smart-contract, protocol, oracle, market, custody, and operational risk at the same time; identifying the layer prevents one control from being mistaken for protection against all of them.
- [Using Onchain Transparency for Hyperliquid Due Diligence](https://www.uddalak.xyz/hyperliquid-academy/article/128-onchain-transparency-hyperliquid-due-diligence): Hyperliquid's public account and market state can strengthen due diligence by making exposures, flows, liquidity, vault behavior, and protocol activity observable, but labels and interpretations still need verification.
- [Hyperliquid and the SEC/CFTC Crypto Framework](https://www.uddalak.xyz/hyperliquid-academy/article/129-sec-cftc-crypto-framework-hyperliquid): The March 2026 SEC/CFTC interpretation creates a federal taxonomy for crypto assets and transactions, but a protocol token, native perp, regulated futures contract, and investment arrangement can still fall under different legal analyses.
- [How U.S. Regulation Treats HYPE](https://www.uddalak.xyz/hyperliquid-academy/article/130-us-regulation-hype): U.S. treatment of HYPE should be analyzed separately across the token itself, staking, custody, derivatives referencing HYPE, and investment products that hold or offer exposure to it.
- [How Perpetual Futures Regulation Applies to DeFi](https://www.uddalak.xyz/hyperliquid-academy/article/131-perpetual-futures-regulation-defi): A perpetual future remains a derivative because its execution is decentralized; regulation turns on the product and activities around it, while jurisdiction determines which rules, intermediaries, and client protections apply.
- [Equity Perpetuals and the Securities-Regulation Boundary](https://www.uddalak.xyz/hyperliquid-academy/article/132-equity-perpetuals-securities-regulation-boundary): An equity-referencing perpetual gives derivative exposure to a security or equity index without transferring the underlying shares, which brings both derivatives law and securities-market concerns into the product design.
- [Outcome Markets, Prediction Markets, and Regulation](https://www.uddalak.xyz/hyperliquid-academy/article/133-outcome-markets-prediction-markets-regulation): Outcome markets price discrete events, but regulatory treatment depends on whether the contract is viewed as a derivative, event contract, gambling product, or another regulated instrument in the relevant jurisdiction.
- [Stablecoin Regulation and Hyperliquid](https://www.uddalak.xyz/hyperliquid-academy/article/134-stablecoin-regulation-and-hyperliquid): Stablecoin rules can affect Hyperliquid through quote assets, issuers, reserves, redemption, custody, and settlement even when the underlying trading engine is decentralized.
- [HYPE Futures, ETPs, and Regulated Market Exposure](https://www.uddalak.xyz/hyperliquid-academy/article/135-hype-futures-etps-regulated-market-exposure): Investors can gain HYPE exposure through the token itself or regulated wrappers such as futures, and each route creates a different mix of custody, leverage, tracking, counterparty, and regulatory risk.
- [Hyperliquid Regulation in the United States](https://www.uddalak.xyz/hyperliquid-academy/article/136-hyperliquid-regulation-united-states): U.S. Hyperliquid activity sits across securities, commodities and derivatives, custody, tax, sanctions, and state or federal intermediary rules; native protocol access does not create one unified regulatory answer.
- [Hyperliquid Regulation in the European Union](https://www.uddalak.xyz/hyperliquid-academy/article/137-hyperliquid-regulation-eu): EU treatment separates MiCA crypto-asset services from MiFID financial instruments, and ESMA has emphasized that perpetual products can fall under derivatives and CFD-style investor-protection rules.
- [Hyperliquid Regulation in the United Kingdom](https://www.uddalak.xyz/hyperliquid-academy/article/138-hyperliquid-regulation-uk): UK rules continue to prohibit firms from selling, distributing, or marketing cryptoasset derivatives to retail clients even though retail access to certain crypto ETNs was reopened in October 2025.
- [Hyperliquid Regulation in Singapore and Hong Kong](https://www.uddalak.xyz/hyperliquid-academy/article/139-hyperliquid-regulation-singapore-hong-kong): Singapore and Hong Kong both regulate digital-asset businesses but use different licensing and product frameworks; derivatives, spot token services, custody, and professional-investor access need separate analysis.
- [Hyperliquid Regulation and Tax in India](https://www.uddalak.xyz/hyperliquid-academy/article/140-hyperliquid-regulation-tax-india): A current map of Indian VDA tax and TDS rules, the April 2026 Income-tax Act transition, and why Hyperliquid perpetuals need separate classification.
- [What Are Aligned Quote Assets on Hyperliquid?](https://www.uddalak.xyz/hyperliquid-academy/article/141-what-are-aligned-quote-assets): Aligned Quote Assets connect stablecoin infrastructure and reserve economics to Hyperliquid. AQAv2 is the current framework used by USDC.
- [Why USDC Became Hyperliquid's Aligned Quote Asset](https://www.uddalak.xyz/hyperliquid-academy/article/142-why-usdc-became-hyperliquids-aligned-quote-asset): Why USDC became Hyperliquid's AQAv2 stablecoin, with Coinbase as treasury deployer and Circle as technical deployer.
- [Coinbase's Role as USDC Treasury Deployer on Hyperliquid](https://www.uddalak.xyz/hyperliquid-academy/article/143-coinbase-usdc-treasury-deployer): What Coinbase does as USDC's AQAv2 treasury deployer, including staking, treasury balances, and reserve-yield sharing.
- [Circle's Role as USDC Technical Deployer on Hyperliquid](https://www.uddalak.xyz/hyperliquid-academy/article/144-circle-usdc-technical-deployer): What Circle does as USDC's AQAv2 technical deployer, including minting, redemption, crosschain infrastructure, and HYPE staking.
- [How Stablecoin Reserve Yield Flows Back to Hyperliquid](https://www.uddalak.xyz/hyperliquid-academy/article/145-stablecoin-reserve-yield-hyperliquid): How AQAv2 routes roughly 90% of cost-adjusted reserve yield from aligned USDC supply to Hyperliquid's Assistance Fund.
- [Requirements for Becoming an Aligned Quote Asset](https://www.uddalak.xyz/hyperliquid-academy/article/146-requirements-aligned-quote-asset): AQAv2 requirements for aligned stablecoins, including technical and treasury deployers, HYPE staking, reserve sharing, and validator activation.
- [Permissionless Quote Assets on Hyperliquid](https://www.uddalak.xyz/hyperliquid-academy/article/147-permissionless-quote-assets-on-hyperliquid): How eligible stable assets become Hyperliquid spot quote tokens through precision, stake, peg, liquidity, and deployer requirements.
- [Aligned vs Permissionless Quote Assets on Hyperliquid](https://www.uddalak.xyz/hyperliquid-academy/article/148-aligned-vs-permissionless-quote-assets): How permissionless quote assets differ from AQAv2 aligned stablecoins in staking, reserve economics, roles, and market eligibility.
- [USDC vs USDT vs Other Quote Assets on Hyperliquid](https://www.uddalak.xyz/hyperliquid-academy/article/149-usdc-vs-usdt-other-quote-assets): Compare USDC, USDT, and other Hyperliquid quote assets by liquidity, redemption, protocol status, portability, and market eligibility.
- [AQAv1 Fee Benefits vs AQAv2: What Changed](https://www.uddalak.xyz/hyperliquid-academy/article/150-aligned-quote-fee-maker-rebate-benefits): AQAv1 offered fee and volume incentives. AQAv2 removes those benefits and focuses on reserve-yield sharing and deployer obligations.
- [The History of USDH on Hyperliquid](https://www.uddalak.xyz/hyperliquid-academy/article/151-history-of-usdh): USDH was created as a Hyperliquid-aligned stablecoin initiative by Native Markets, helped establish the aligned-stablecoin model, then entered a transition toward USDC in May 2026 before USDH.com sunset in July.
- [Why USDH Sunset](https://www.uddalak.xyz/hyperliquid-academy/article/152-why-usdh-sunset): USDH sunset as Hyperliquid consolidated its stablecoin strategy around aligned USDC, combining an already dominant network balance with Circle's issuer infrastructure and Coinbase's treasury and distribution role.
- [Migrating From USDH to USDC](https://www.uddalak.xyz/hyperliquid-academy/article/153-migrating-from-usdh-to-usdc): USDH users should treat migration as an asset-conversion and operational process: verify the current official redemption route, convert or redeem, then update any markets, collateral, contracts, or accounting that still assume USDH.
- [Native USDC on HyperEVM](https://www.uddalak.xyz/hyperliquid-academy/article/154-native-usdc-on-hyperevm): Native USDC on HyperEVM is issuer-backed USDC minted for the chain by Circle's infrastructure, avoiding the additional bridge-wrapper claim created by a third-party wrapped stablecoin.
- [CCTP on Hyperliquid](https://www.uddalak.xyz/hyperliquid-academy/article/155-cctp-on-hyperliquid): Circle's Cross-Chain Transfer Protocol moves native USDC between supported chains through issuer-controlled burn-and-mint infrastructure rather than creating a wrapped bridge token.
- [Moving USDC Between HyperEVM and HyperCore](https://www.uddalak.xyz/hyperliquid-academy/article/156-moving-usdc-between-hyperevm-and-hypercore): USDC can serve EVM applications on HyperEVM and trading/collateral functions on HyperCore, but moving it between the environments is an explicit native transfer with timing and balance-state considerations.
- [Stablecoin Fragmentation and Liquidity on Hyperliquid](https://www.uddalak.xyz/hyperliquid-academy/article/157-stablecoin-fragmentation-liquidity-hyperliquid): Multiple stablecoins can increase issuer choice but split order books, collateral, lending pools, and market-maker inventory, so Hyperliquid's quote-asset incentives are partly an attempt to concentrate liquidity without banning alternatives.
- [Stablecoin Depeg Risk on Hyperliquid](https://www.uddalak.xyz/hyperliquid-academy/article/158-stablecoin-depeg-risk-hyperliquid): A stablecoin depeg can hit Hyperliquid through collateral value, quote-market pricing, liquidity, lending, margin, and cross-stable basis even when the trading engine itself operates correctly.
- [Quote-Asset Risk for HIP-3 Deployers](https://www.uddalak.xyz/hyperliquid-academy/article/159-quote-asset-risk-for-hip-3-deployers): A HIP-3 deployer choosing collateral or quote assets takes on stablecoin liquidity, issuer, oracle, redemption, fragmentation, and market-maker inventory risk in addition to the underlying perp market risk.
- [Stablecoin Economics, Protocol Revenue, and HYPE](https://www.uddalak.xyz/hyperliquid-academy/article/160-stablecoin-economics-protocol-revenue-and-hype): How AQAv2 reserve-yield sharing adds a balance-driven revenue source to Hyperliquid alongside trading fees and the Assistance Fund.