Hyperliquid shows every account to everyone. Anyone can see a trader's size, entry and liquidation price, and follow their wallet from one trade to the next. Large positions get hunted.
You send USDC to a one-time deposit address. It moves straight into a shared pool. After a random delay, the pool pays the same amount, minus the fee, into a brand new Hyperliquid account made just for you. You trade that account with a private note.
When you withdraw, the account sends its balance back into the pool, and after another random delay the pool pays any address you choose.
On-chain, your wallet only ever pays a deposit address, and your trading account is only ever paid by the pool. There is no transfer between the two. The pool only pays out money that has already arrived, so it never runs dry.
The trading account itself is a normal Hyperliquid account, so its positions are visible. What is hidden is who owns it. Amounts and timing are public, so round numbers and quick round trips are easier to match. Random delays and a busy pool make matching harder.
| Deposit | USDC on Hyperliquid, sent to a one-time address. Minimum $5. |
| Fee in | 0.5% of the deposit, kept by the pool. |
| Fee out | 0.5% of the withdrawal, kept by the pool. |
| Funding delay | Random, 1 to 10 minutes, after the deposit reaches the pool. |
| Payout delay | Random, 1 to 10 minutes, after a withdrawal request. |
| Margin | Isolated, per position. |
| Orders | Market orders, 1% price protection, minimum $10 position. |
| Leverage | Up to 20x, or the market's own limit if lower. |
| Access | Your private note. It is stored only as a hash on our side. |
| Unfunded notes | Expire after 24 hours. |
| Withdrawals | Everything at once, after all positions are closed, to any address. |