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Security

Non-custodial, by construction

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

What the agent key can do

When you enable trading, your wallet approves an agent key that lives in this browser. Hyperliquid itself limits what an agent key can sign.
Place and cancel ordersCan
Supply and withdraw from lendingCan
Send funds to anyoneCan't
Withdraw to a walletCan't

Revoke it any time

Transfers and withdrawals need your wallet's own signature; the agent key can't make them. To cancel the key, remove it in Hyperliquid's API settings.

Anyone with access to this browser could trade with the key, so revoke it if you lose the device. Your wallet's key is the only thing that can move funds out.

No contracts to trust

Perps deploys no smart contracts. It signs Hyperliquid actions and nothing else, so there is nothing of ours to audit.

The front-end itself hasn't been independently reviewed. Hyperliquid's own risks still apply.

What can still go wrong

Read the risks

Perps adds no contracts, so the risks are Hyperliquid's and the market's.

The market
A small move can liquidate a position.

Hyperliquid runs liquidations; Perps can't stop or reverse one.

Leverage
Utilization
Fully borrowed, it can't pay out at once.

Suppliers wait for repayments or new supply. Open positions are unaffected.

The lending pool
The chain
One chain, its own validators and bridge.

A failure there affects every account on it, yours included.

Hyperliquid