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What is Hyperliquid, and how do perps work on Sparkling?
Hyperliquid is an onchain venue for perpetual futures (perps). Sparkling prepares Hyperliquid perps as a trade card that shows fees and risk before you confirm. Availability of individual features depends on the jurisdiction.
What is Hyperliquid?
Hyperliquid is an onchain trading venue where perpetual futures, or perps, are traded. Instead of an account with an intermediary, users trade with a balance they control themselves, and orders are matched on an order book run by the venue. Hyperliquid lists markets on crypto assets and on other underlying assets, which is why searches for "Hyperliquid", "Hyperliquid crypto" or "Hyperliquid app" usually point to this perp venue and its markets.
Hyperliquid is a third-party market. Sparkling is a self-custodial interface that prepares Hyperliquid perps and asks you to confirm them, and it never holds your funds. This page is informational: it explains what Hyperliquid is and how perps work. Availability of individual features depends on the jurisdiction.
What is a perp? Leverage, funding and liquidation explained
A perp (perpetual future) is a derivative with no expiry date. You take a position on whether the price of an underlying asset will rise or fall without owning the asset itself. Three terms decide how a perp behaves.
Leverage
Leverage lets you open a position larger than the balance you put up, which is called margin. Higher leverage magnifies gains and losses equally. Purely as an arithmetic example: with 100 units of margin and 5x leverage, you control a position of 500 units, and a 1 percent move against you costs 5 units.
Funding
Because a perp never expires, a funding mechanism keeps its price close to the price of the underlying asset. Depending on market conditions, long positions pay short positions or the other way round. Funding is therefore an ongoing cost or income that matters more the longer a position stays open.
Liquidation
If the margin behind a leveraged position falls too far, the venue closes the position by force. This is called liquidation. In the worst case the whole margin is lost. The higher the leverage, the closer the liquidation price sits to the entry price.
Perps versus spot: what is the difference?
Spot means buying the asset directly. Perps are derivatives. The table sets out the main differences, using Hyperliquid perps as the example.
| Feature | Spot | Perps (for example on Hyperliquid) |
|---|---|---|
| What you hold | The asset itself | A position on the price of the asset |
| Leverage | No | Yes, depending on the market |
| Direction | Usually only rising prices | Long (rising) or short (falling) |
| Ongoing costs | No holding costs | Funding, depending on market conditions |
| Worst case | Loss up to the value of the asset | Liquidation can cost the entire margin |
| Expiry | None | None, but a position needs monitoring |
How Sparkling prepares perps on Hyperliquid
Sparkling is the trading app that comes with an agent. For perps on Hyperliquid, the agent prepares the trade and you decide. The flow is always the same.
- You describe what you want to look at, for example a perp on a particular underlying asset.
- The agent prepares the trade and shows it as a trade card.
- You review the card: asset, size, venue, price, slippage, fees and risk check.
- You confirm. Only then does your key sign the trade.
- If something fails, nothing is executed.
The language-model agent never sees your keys and cannot sign. Keys are secured through Turnkey, and signing happens only on your side. Deposits and perp trading are gasless, so you do not need a separate balance to pay network fees. Availability of individual features depends on the jurisdiction. Nothing on this page invites readers in Ireland to trade perps.
The trade card at a glance
| Field | What it shows |
|---|---|
| Asset | Which market is being traded |
| Size | How much of your balance the trade uses |
| Venue | Where the trade is executed, here Hyperliquid |
| Price | The price the card is based on |
| Slippage | How far the fill price may differ from that price |
| Fees | All charges, shown before you confirm |
| Risk check | A summary of the main risks |
| Confirm | Your step. Without it nothing is executed |
What are the risks of perps?
Perps are not suitable for everyone. The main risks of Hyperliquid perps are:
- Liquidation risk: with leverage, even a small price move can use up the margin.
- Volatility: prices can move quickly and sharply, including between reviewing a card and confirming it.
- Slippage: the fill price can differ from the displayed price, especially in thin markets.
- Funding costs: they can add up when a position is held for a long time.
- Venue risk: Hyperliquid is a third-party market and can be affected by outages, market stress or technical faults.
- Scams: fake sites and messages use well-known names, so never share your seed phrase.
Trades prepared by the agent are not recommendations. The risk check on the card summarises risks but does not replace your own judgement.
Hyperliquid fees: what do you pay?
Hyperliquid perps involve several kinds of cost: trading fees charged by the venue, funding where it applies, and the cost of slippage. Actual rates change and depend on the market, so this page does not quote any. Sparkling adds a fee on trades, and every trade card shows the fees before you confirm, so you see the total cost before you sign.
Hyperliquid price: what to keep in mind
Prices move constantly, which is why this page quotes none and makes no forecasts. Market data sources show live prices, and the trade card in Sparkling shows the price a prepared trade is based on. Any forecast is an opinion, not a reliable prediction, and Sparkling does not issue price predictions.
Who holds the keys?
Anyone searching for a Hyperliquid wallet wants to know who controls the funds behind a position. In Sparkling the balance is self-custodial: keys are secured through Turnkey, you sign yourself, and the seed phrase can be exported. Sparkling is a self-custodial software interface and never holds user funds.
A checklist for understanding perps
- I understand what leverage, funding and liquidation mean.
- I know that the whole margin can be lost.
- I understand that fees, slippage and funding all reduce results.
- I would only ever use an amount whose complete loss I could bear.
- I have checked whether the feature is offered in my jurisdiction and under which rules.
This list is general orientation and not advice.
Frequently asked questions
What is Hyperliquid?
Hyperliquid is an onchain venue for perpetual futures. Users trade perps there with a balance they control themselves, and orders are matched on the venue’s order book.
How does the Hyperliquid app experience work with Sparkling?
The agent prepares a perp trade and shows it as a trade card with asset, size, venue, price, slippage, fees and risk check. You confirm, and only then is it signed. Perp trading is gasless.
What are the Hyperliquid fees?
There are venue fees, funding where it applies and slippage, plus a Sparkling fee on trades. Each card shows the fees before you confirm. This page does not quote rates.
Are perps available in Ireland?
Availability of individual features depends on the jurisdiction. Sparkling does not invite readers in Ireland to use perps, and this page is for information only. Check which features are offered where you are.
Can I lose more than I put in?
That depends on the market and the venue. What is certain is that with leverage the entire margin can be lost, so risk only what you can afford to lose.
Can the agent trade without me?
No. The agent prepares, but it never sees your keys and cannot sign. Nothing is executed without your confirmation.
Does Sparkling publish Hyperliquid price predictions?
No. Sparkling gives no price predictions. The card shows the price, fees and risks of a prepared trade.
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Author: George Kasparyants · Published: 13 October 2026
Updated: