How to trade spot on Hyperliquid
Spot trading on Hyperliquid means buying and selling the actual tokens on an on-chain order book, without leverage. Search for a pair such as HYPE/USDC, place a market or limit buy, and the tokens land in your spot balance.
Quick steps
- Make sure USDC is available for spot. In unified account mode your USDC is shared between spot and perps. In standard mode, transfer USDC from your perps balance to spot first.
- Find the pair. Open the token selector, switch to Spot and search, e.g. HYPE/USDC.
- Choose order type and size. Use a limit order for price control or a market order for speed. The minimum order value is 10 units of the quote token.
- Buy or sell. Click Buy or Sell and confirm. There is no leverage and no liquidation on spot.
- Check your balances. The token appears under Balances. You can hold it, sell it, stake HYPE or move tokens to HyperEVM.
Spot vs. perps
| Spot | Perps | |
|---|---|---|
| What you hold | The token itself | A contract on its price |
| Leverage | None | Up to the asset's maximum |
| Liquidation | No | Yes |
| Funding | No | Paid hourly |
| Base fees (tier 0) | 0.070% taker / 0.040% maker | 0.045% taker / 0.015% maker |
Spot is the simpler choice if you just want to own a token such as HYPE. The worst case is that the token falls in value. You cannot be liquidated.
Quote assets
Most spot pairs are quoted in USDC, and some in USDT. Becoming a quote asset is permissionless, but the token has to meet strict staking, peg and liquidity conditions. Trading against aligned quote assets gives 20% lower taker fees and 50% better maker rebates. Before trading a pair, check which quote asset it uses. For example, a token quoted in a stablecoin you do not hold means you need to buy that stablecoin first.
Spot and perps balances
How your balances behave depends on your account mode:
- Unified account (recommended by Hyperliquid for most users): each asset has one balance, shared between spot and cross-margin perps. USDC you deposit can be used for both.
- Standard (manual): spot and perps balances are separate, so you move USDC between them with the transfer option in the app. This mode is aimed at market makers and API users.
- Portfolio margin: eligible assets (currently HYPE, BTC, USDC and USDT) count together as collateral. It is more capital-efficient and riskier.
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Open HyperliquidWhere spot tokens come from
Anyone can deploy a spot token on Hyperliquid, and many listed tokens are small, illiquid and volatile. A token being tradable on Hyperliquid is not an endorsement. Check the order book depth and spread before buying, and be careful with newly deployed tokens that have little trading history.
Leftover "dust" you cannot sell
Each spot deployer sets a minimum lot size. If you hold less than one lot of a token, you cannot sell it on the order book. Hyperliquid's docs suggest alternatives, such as moving the token to HyperEVM and swapping it there, depending on the token.
Moving tokens to HyperEVM
Spot tokens on HyperCore can be transferred to the HyperEVM, the chain's smart contract layer, to use in apps there. Make sure the destination address can receive the token, and keep a little HYPE for HyperEVM gas. Sending to the wrong layer is a common mistake. See HyperEVM.
Buying and staking HYPE
Buying HYPE on the HYPE/USDC spot market is the most direct way to get the token on Hyperliquid. Staking it with a validator earns rewards and unlocks fee discounts from 5% (more than 10 HYPE) to 40% (more than 500,000 HYPE). Staked HYPE is subject to an unstaking period. Read staking HYPE first.
Frequently asked questions
Is there leverage on Hyperliquid spot?
No. Spot trades are fully paid for. If you want leverage you need perps, which carry liquidation risk.
Why can't I sell my small token balance?
Each spot token has a minimum lot size and the minimum order value is 10 units of the quote token. Amounts below that cannot be sold on the order book.
Are spot fees higher than perp fees?
Yes. At the entry tier, spot costs 0.070% taker and 0.040% maker, compared with 0.045% and 0.015% on perps. Spot volume counts double towards your fee tier.