Hyperliquid

Hyperliquid is a fully on-chain perpetual futures exchange. Unlike centralised venues, there is no API key to create — the terminal trades on your behalf using an agent wallet that you authorize once from your main wallet. After that, every order signs locally with zero popups.

Why Hyperliquid is different

• Self-custody — your collateral sits in your own Hyperliquid account, not on an exchange.
• No API key — authentication is a cryptographic signature from the agent wallet.
• Popup-free trading — once the agent wallet is authorized, order submission is instant.
• Limited-permission signer — the agent wallet can only place and cancel orders. It cannot withdraw, transfer, or change account settings.

Step 1 — Install an EVM wallet

You need an EVM browser wallet to hold funds on Hyperliquid.

• Recommended: Rabby (opens in a new tab) — reliable signing UX, well-maintained, supports Hyperliquid out of the box.
• Also supported: MetaMask, Coinbase Wallet, and any standard EIP-1193 injected provider.

Install the extension, create or import a wallet, and note the address.

Step 2 — Deposit USDC onto Hyperliquid

Hyperliquid's native collateral is USDC on its own L1.

1. Visit the Hyperliquid bridge (opens in a new tab) and connect your wallet
2. Click Deposit — the default path bridges USDC from Arbitrum
3. Approve the USDC spend (one-time) and confirm the bridge transaction
4. Wait for the deposit to finalise; balance appears in your Hyperliquid account within a minute or two

If you have USDC on a different chain, use the multichain deposit option inside the same interface, which routes via a cross-chain bridge.

Step 3 — Connect in CubeTerminal

1. Open Settings → Trading Accounts → Hyperliquid
2. The Connection Guide renders inline with a step-by-step checklist
3. Click Connect Wallet — your EVM wallet prompts you to connect the site
4. Confirm the requested address matches the one that holds your Hyperliquid balance

The guide tracks progress with green checkmarks so you can see exactly which step is pending.

Step 4 — Enable the agent wallet

This is a one-time setup that makes every future order silent.

1. In the Connection Guide, click Enable Agent Wallet
2. The terminal generates a fresh keypair locally — the agent wallet
3. Your main wallet prompts to sign a single on-chain ApproveAgent action
4. Confirm the signature; the agent wallet is now authorized to place and cancel orders on your account

After this:

• Order entry signs with the agent key — no wallet popup per trade
• Your main wallet stays locked and is no longer needed for trading
• The agent wallet has no withdrawal permission and no transfer permission

Trading quirks

Minimum order size

Hyperliquid enforces a $10 notional minimum per order. Smaller orders are rejected by the API, not by the terminal.

Tick sizes and lot sizes

Every market has a fixed tick size (price increment) and lot size (size increment). The terminal rounds inputs to the venue's precision automatically — if your price is off-tick, the order returns an error rather than silently rounding.

Isolated vs cross margin

Toggle per-symbol from the Trade Entry widget. Cross uses your entire account equity as collateral; isolated caps loss at the margin you allocate to that position.

Sub-accounts

Hyperliquid natively supports sub-accounts. Create them on the web UI, then authorize the same agent wallet (or a different one per sub-account) so the terminal can sign for each. Switch between them in the Accounts widget.

Liquidation price

Hyperliquid uses a maintenance-margin model with fixed tiers. The liquidation price shown in the Positions widget is the exchange's own computed value, not a local approximation.

Builder fee

CubeTerminal is free to use, funded by a small Hyperliquid builder fee attached to your fills. It starts at 1.5 bps and steps down as your 30-day volume grows:

Anyone who joins with a referral code is locked to the Tier-1 rate (1.2 bps) permanently — from their first trade, with no volume grind. If your own volume earns a lower tier, you keep the better rate.

Prediction markets

Hyperliquid's HIP-4 outcome markets (event/prediction markets) trade through the same agent wallet as perps. Browse and trade them in the Outcomes widget — positions, order entry and settlement all run on-chain, popup-free. Polymarket is available separately via the Polymarket widget.

Copy trading

Mirror trades from any Hyperliquid address using the Copy Trading widget. The agent wallet submits the mirrored orders so copy trades are just as popup-free as manual ones.

Known issues

Orders stuck in "pending"

Rare but possible during network reorgs. Cancel and re-submit — the agent wallet's nonce rolls forward automatically.

"Invalid agent" error

The agent approval expired or was revoked. Re-run Enable Agent Wallet from the Connection Guide.

Reconnect loops

If the terminal keeps prompting to reconnect:

1. Confirm your EVM wallet is unlocked
2. Confirm the wallet is on Arbitrum (or the correct signing chain — Hyperliquid uses typed-data signatures, not a chain switch)
3. Disconnect the wallet via Settings → Trading Accounts → Hyperliquid → Disconnect and redo Step 3

Agent wallet rotation

To rotate the agent key (e.g. suspected compromise):

1. Open the Hyperliquid web UI → API section
2. Revoke the old agent address
3. In the terminal, click Enable Agent Wallet again to generate a fresh one and sign a new approval