Risks

1. 01

   Leverage and liquidation

   Perpetual futures are leveraged. A small move against a position can liquidate it and lose all of its margin. Hyperliquid runs the liquidation; Perps can't stop or reverse one.

2. 02

   The lending pool

   Idle USDC is supplied to Hyperliquid's native USDC lending pool. Borrowers post collateral (such as HYPE and BTC) that Hyperliquid liquidates if it falls; if a liquidation can't cover a debt, suppliers could take a loss. Hyperliquid keeps 10% of borrow interest as a buffer against this.

3. 03

   Withdrawing from the pool

   When every dollar in the pool is borrowed, suppliers can't withdraw until borrowers repay or new supply arrives. During that time Perps can't pull margin for a new trade. Existing positions are unaffected.

4. 04

   A floating rate

   The rate shown is today's, read live from Hyperliquid. It changes with how much of the pool is borrowed and can fall to zero.

5. 05

   Hyperliquid itself

   Your funds live on Hyperliquid, a single blockchain with its own validators and bridge. Any failure there affects every account on it, including yours.

6. 06

   Your agent key and your wallet

   The agent key Perps creates lives in this browser. It can trade and move money between your account and the lending pool, but it can't send funds out. Anyone with access to your browser could trade with it; revoke it in Hyperliquid's API settings if you lose the device. Your wallet's own key is the only thing that can move funds out.

7. 07

   No audit

   Perps deploys no contracts, so there is nothing of ours to audit. The front-end itself has not been independently reviewed.

Nothing here is financial advice. Questions? See the FAQ.