Hyperliquid is a decentralized perpetual futures exchange built on its own L1 blockchain. It offers up to 50x leverage on crypto perps with a CEX-like experience and on-chain settlement. It became the dominant decentralized perp exchange by trading volume in 2024, surpassing dYdX and GMX. The HYPE token airdrop in November 2024 distributed billions in value to early users.
Can you lose more than you invest on Hyperliquid?
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On Hyperliquid perpetual futures, your maximum loss per trade is your margin (the collateral you post). Liquidation occurs before your account goes negative — the exchange's insurance fund covers any gap. However, in volatile markets, cascading liquidations and slippage can result in your entire margin being lost in seconds. High-leverage trading (20x, 50x) amplifies small adverse moves into total position losses.
