How to Start Trading on Hyperliquid: Step-by-Step Guide

If you have been looking into decentralized exchanges and want to trade on Hyperliquid, you are in the right place. Hyperliquid is one of the fastest-growing perpetual futures DEXs, offering sub-second execution, deep liquidity, and a fully on-chain order book, all without the custody risks of a centralized exchange. This guide walks you through every step of trading on Hyperliquid, from creating a wallet to placing your first order and withdrawing your profits. Whether you are completely new to DeFi or migrating from a centralized platform, follow along and you will be live in minutes.

For a deeper look at the protocol itself, check out our companion piece: What Is Hyperliquid?

What You Need Before You Start Trading on Hyperliquid

Before you place a single trade, make sure you have the following ready:

An EVM-compatible wallet: MetaMask, Rabby, Coinbase Wallet, or any wallet that supports Arbitrum and custom chains.
USDC on Arbitrum: Hyperliquid accepts deposits in USDC bridged through the Arbitrum network.
A small amount of ETH on Arbitrum: You will need a tiny amount of ETH to cover the gas fee for your initial deposit transaction. After that, trading on Hyperliquid itself is gasless.

If you already have these, skip ahead to the deposit step. If not, read on.

Step 1: Setting Up Your Wallet

Install an EVM Wallet

If you do not already have one, download and install an EVM-compatible wallet. MetaMask is the most widely used option, but Rabby offers a smoother multi-chain experience. Install the browser extension or mobile app, create a new wallet, and write down your seed phrase on paper and never store it digitally.

Connect to Hyperliquid

Navigate to the Hyperliquid app (or to Based, which provides an enhanced trading frontend built on top of Hyperliquid). Click "Connect Wallet" and approve the connection request in your wallet. Hyperliquid will ask you to sign a message. This does not cost gas and simply links your wallet to the platform. Once signed, your account is created and ready for a deposit.

Step 2: Depositing Funds

Option A: Bridge USDC to Arbitrum, Then Deposit

Get USDC on Arbitrum. If your USDC is on Ethereum mainnet or another chain, use a bridge like the official Arbitrum Bridge or a third-party service to move it to Arbitrum. For a detailed walkthrough, see our guide on depositing from Arbitrum.
Deposit USDC into Hyperliquid. On the Hyperliquid interface, click "Deposit," enter the amount of USDC you want to transfer, and confirm the transaction in your wallet. This is the only step that requires a gas fee (a few cents of ETH on Arbitrum). Your funds will appear in your Hyperliquid account within seconds.

Option B: Deposit via Based

If you use Based as your trading frontend, you can deposit directly through the Based interface. Based streamlines the process so you can go from zero to trading in fewer clicks, and it supports the same Arbitrum USDC deposit flow under the hood.

Step 3: Navigating the Trading Interface

Once your funds are deposited, you will see the trading dashboard. Here is a quick orientation of the key areas:

Market selector: Located at the top or in the sidebar. Use this to switch between different perpetual markets (BTC-PERP, ETH-PERP, SOL-PERP, and many more). Hyperliquid lists over 100 assets.
Price chart: The central candlestick chart showing price history. You can adjust the time frame (1m, 5m, 1h, 4h, 1D, etc.) and add technical indicators.
Order book: A live view of resting buy and sell orders at each price level. This helps you gauge liquidity and spot support/resistance zones.
Order entry panel: Where you configure and submit your trades. We will cover this in detail next.
Positions and orders tab: Displays your open positions, pending orders, trade history, and realized PnL.

If you are new to perpetual futures, take a moment to familiarize yourself with these panels before placing a trade.

Step 4: Placing Your First Trade on Hyperliquid

Market Orders

A market order executes immediately at the best available price. This is the simplest way to enter a position:

Select your market (for example, BTC-PERP).
Choose Buy/Long if you think the price will go up, or Sell/Short if you think it will go down.
Set your order type to Market.
Enter the size of your position in USD or in the asset's unit.
Choose your leverage (more on this in the margin section below).
Click Place Order and confirm.

Your position will open instantly. You can see it in the Positions tab at the bottom of the screen.

Limit Orders

A limit order lets you specify the exact price at which you want to enter. It will only fill when the market reaches your target price:

Set the order type to Limit.
Enter your desired entry price.
Enter your position size.
Click Place Order.

The order will sit in the order book until it is filled or you cancel it. Limit orders are useful when you want to buy at a lower price or sell at a higher price than the current market level, and they often receive lower fees.

Advanced Order Types with Based

If you are using Based as your Hyperliquid frontend, you also get access to order types not available on the default interface, including TWAP orders (Time-Weighted Average Price) that spread your execution over a set time window and scale orders that distribute multiple limit orders across a price range. These tools are especially valuable for larger positions where minimizing slippage matters.

Step 5: Understanding Margin (Cross vs. Isolated)

Before you start trading on Hyperliquid with leverage, it is critical to understand the two margin modes:

Cross Margin

Your entire account balance acts as collateral for all open positions. If one position moves against you, the rest of your balance cushions the loss. This lowers your liquidation risk but means a catastrophic loss on one trade could drain your whole account.

Isolated Margin

Only the margin you assign to a specific position is at risk. If that position gets liquidated, your remaining account balance stays untouched. This is generally recommended for newer traders because it caps your downside on any single trade.

You can toggle between cross and isolated margin on a per-position basis in the order entry panel. If you are just starting out, use isolated margin and keep your leverage low (2x to 5x) until you are comfortable with how liquidations work.

Step 6: Setting Stop Losses and Take Profits

Risk management is what separates consistently profitable traders from those who blow up their accounts. Hyperliquid supports stop-loss and take-profit orders natively.

How to Set a Stop Loss

After opening a position, click on the position row or navigate to the TP/SL section.
Set a Stop Loss price. This is the price at which your position will automatically close to limit your loss.
Confirm the order.

How to Set a Take Profit

In the same TP/SL section, enter a Take Profit price. This is the price at which your position will automatically close to lock in gains.
Confirm the order.

Best practice: Always set a stop loss before you walk away from a trade. A general rule of thumb is to risk no more than 1-2% of your total account on a single trade. Calculate your stop-loss distance accordingly.

Step 7: Withdrawing Funds

When you are ready to take profits off the platform:

Navigate to the Portfolio or Account section.
Click Withdraw.
Enter the amount of USDC you want to withdraw.
Confirm the transaction.

Your USDC will be sent back to your wallet on Arbitrum. From there, you can bridge to another chain, swap to a different asset, or send it to a centralized exchange for off-ramping to fiat.

Spend Your Profits with the Based Visa Card

If you trade through Based, there is an even easier way to use your profits in the real world. The Based Visa card lets you spend your trading balance directly, with no off-ramp needed. Just load your card and use it anywhere Visa is accepted.

Tips for New Traders on Hyperliquid

Here are a few practical tips to keep in mind as you get started:

Start small. Fund your account with an amount you are comfortable losing while you learn the interface and mechanics.
Use isolated margin. As mentioned above, this protects the rest of your balance from a single bad trade.
Always use stop losses. No trade plan is complete without a defined exit for when the market moves against you.
Keep leverage low. Higher leverage amplifies gains but also amplifies losses and brings your liquidation price closer. Stick to 2x-5x while you learn.
Track your trades. Write down why you entered each trade and what happened. Reviewing your journal is the fastest way to improve.
Watch funding rates. Perpetual futures use funding rates to keep the contract price in line with the spot price. If you hold positions for hours or days, funding can add up. Check the current funding rate before entering a trade.

How Based Makes Trading on Hyperliquid Easier

While Hyperliquid's native interface is functional, Based is built to give you a professional-grade experience on top of the same protocol. Here is what Based adds:

Advanced charting: Full TradingView integration with drawing tools, custom indicators, and multi-chart layouts.
TWAP and scale orders: Execution tools typically found only on institutional platforms, available to every trader.
Streamlined deposits: A simpler flow to get your USDC from Arbitrum into your trading account.
Portfolio dashboard: A clear overview of your positions, PnL history, and account health in one place.
Based Visa card: Spend your profits anywhere Visa is accepted without the hassle of bridging, swapping, and off-ramping through a centralized exchange. Learn more on the cards page.

Based does not add an extra layer of custody. Your funds remain on Hyperliquid, secured by the same on-chain infrastructure. Based is simply a better window into the protocol.

Start Trading on Hyperliquid with Based

You now have everything you need to go from zero to your first trade. Set up your wallet, deposit USDC, and start exploring the markets. If you want the best possible trading experience on Hyperliquid, with advanced order types, professional charting, and a Visa card for spending your gains, give Based a try.

Start trading on Hyperliquid with Based