FAQ

From Hyperliquid's own lending pool. Traders borrow USDC against assets like HYPE and BTC and pay interest on it; suppliers split that interest by their share of the pool. Hyperliquid keeps 10% of borrow interest as a buffer for liquidations. Perps just keeps your idle USDC in that pool instead of sitting at zero.

No. Perps is a front-end, not a fund. Your USDC stays in your own Hyperliquid account the whole time, either supplied to the lending pool or backing a position. There is no Perps contract or vault to deposit into.

When you enable trading, your wallet approves an agent key that lives in your browser. It can place and cancel orders and supply or withdraw from lending. It cannot send funds anywhere: transfers and withdrawals need your wallet's own signature. You can revoke it any time in Hyperliquid's API settings.

Perps works out the margin the order needs, withdraws that much (plus a small buffer) from the lending pool, then sends the order, in one click. Everything else stays supplied. When you close, the freed margin and any profit go back to the pool.

Briefly, in an extreme case. If every dollar in the pool is lent out, suppliers can't withdraw until borrowers repay or new supply arrives, so Perps couldn't pull margin for a new trade. Hyperliquid's rate climbs steeply once more than 80% is borrowed, which pulls money back in quickly. Open positions are never affected.

Hyperliquid's native mode where spot and perps share one margin account. Idle USDC is supplied automatically and borrowed back when a trade needs it, so Perps doesn't have to move anything. It's open to accounts over $10,000 (or with over $5M in weighted volume) and can be switched on with no positions open. Perps offers it when you qualify.

Hyperliquid's normal trading fees and funding, exactly as on Hyperliquid. Perps adds nothing on top today. Supplying and withdrawing from the lending pool is free.

No. It floats with how much of the pool is borrowed, and it's shown live everywhere on this site. Interest accrues continuously and is indexed every hour, the same interval as funding.

Any EVM wallet in your browser, like Rabby or MetaMask. You can deposit native USDC from Arbitrum (at least 5 USDC) or trade with what's already in your Hyperliquid account.

Perps adds no smart contracts, so the risks are Hyperliquid's and the market's: leverage can liquidate a position, the lending pool depends on Hyperliquid's liquidation system, and Hyperliquid itself is a single chain. The Risks page lists them plainly. Only trade what you can afford to lose.