Hyperliquid: The 完整指南 to DeFi 最快的 DEX
$200B+ monthly volume, on-chain 订单簿, zero Gas 费s, sub-second 最终性. Everything you need to know about Hyperliquid — from 交易 to earning passive income with vaults. Get 4% off all fees with code TRADEOFF4.
什么是 Hyperliquid？
Hyperliquid is a 去中心化 永续合约 交易所 that has redefined what DEX 交易 can achieve. Unlike traditional 去中心化 交易所s that rely on automated market makers (AMMs), Hyperliquid operates a fully on-chain 订单簿 — the same model used by the world's top 中心化 交易所s like Binance, but with the transparency and self-custody benefits of decentralization.
Originally launched on Arbitrum, the platform migrated to its own Layer 1 区块链 called HyperBVM (now HyperEVM), purpose-built for high-frequency 交易. This custom chain processes up to 200,000 orders per second with sub-second 最终性 — performance that rivals 中心化 交易所s and far exceeds other DEX platforms.
With over $200 billion in monthly 交易量 as of early 2026, Hyperliquid has surpassed Binance in BTC 永续 流动性, making it the largest venue for 去中心化 衍生品 交易 globally. The platform charges zero Gas 费s for 交易, supports over 100 永续 pairs, and offers up to 50x 杠杆.
In 2025, Hyperliquid expanded into spot 交易 and introduced RWA (现实世界 Asset) 永续s for commodities like Gold, Silver, and Crude Oil, which generated over $20 billion in volume within just 10 days of launch. Notable figures including Arthur Hayes have predicted the HYPE 代币 could reach $150 in 2026.
非托管
Your funds stay in your 钱包. Trade without trusting a third party with your assets. Full self-custody at all times.
零 Gas 费s
No Gas 费s for 交易. Only pay minimal 交易手续费s (0.045% taker / 0.015% maker), further reduced with TRADEOFF4.
无需KYC验证
Start 交易 immediately. Connect your 钱包, 充值 funds, and trade without identity verification or waiting periods.
Hyperliquid 的工作原理
On-Chain 订单簿
Unlike AMM-based DEXs (Uniswap, GMX), Hyperliquid uses a central limit 订单簿 (CLOB) where every order is recorded on-chain. This provides the same 交易 experience as 中心化 交易所s — 限价单s, 市价单s, 止损es — but with full transparency. Every order placement, cancellation, and fill is verifiable on the 区块链.
HyperBFT 共识
Hyperliquid's custom 共识 mechanism, HyperBFT, is a modified version of HotStuff BFT optimized for high-throughput 交易. It achieves sub-second block 最终性 while maintaining Byzantine fault tolerance. The protocol can process 200,000 orders per second, making it one of the fastest 区块链s ever built — purpose-designed for financial applications.
专为交易而生的 L1 链
HyperEVM is Hyperliquid's EVM-compatible execution environment built atop its L1. This enables DeFi 可组合性 — third-party protocols can build on top of Hyperliquid's 流动性 and 订单簿. The chain handles settlement, margin calculations, and 清算s natively, eliminating the bottlenecks that plague DEXs built on general-purpose chains like Ethereum or Arbitrum.
手续费计算器 — 查看您的节省
手续费对比
杠杆 Position Calculator
仓位分析
简化计算。实际结果可能因资金费率、手续费和价格滑点而有所不同。
Start 交易 on Hyperliquid Today
Use 推荐码 TRADEOFF4 for a 4% lifetime discount on all 交易手续费s. Zero gas, zero KYC.
VIP 手续费等级
Hyperliquid rewards high-volume 交易者s with reduced fees through its VIP tier system. Combined with the 4% TRADEOFF4 推荐 discount, your effective fees are even lower than shown below.
| 等级 | 30 天交易量 | 挂单方 | 吃单方 | 挂单返佣 |
|---|---|---|---|---|
| Standard（从这里开始） | < $5M | 0.015% | 0.045% | - |
| VIP 1 | $5M+ | 0.012% | 0.040% | - |
| VIP 2 | $25M+ | 0.010% | 0.038% | 0.002% |
| VIP 3 | $100M+ | 0.008% | 0.035% | 0.003% |
| VIP 4 | $250M+ | 0.005% | 0.032% | 0.005% |
| VIP 5 | $500M+ | 0.002% | 0.030% | 0.008% |
使用 TRADEOFF4，您可以在这些费率基础上额外享受 4% 折扣。标准吃单费 0.045% 降至约 0.0432% — 每笔交易都在为您省钱。
交易 Features
永续合约
Hyperliquid's core product is 永续合约 交易. The platform supports over 100 永续 pairs including BTC, ETH, SOL, and many 山寨币s. Key features include up to 50x 杠杆, cross-margin and isolated margin modes, advanced order types (limit, market, 止损, 止盈, trailing stop), and deep 流动性 that has surpassed Binance for BTC 永续s.
现货交易
Launched in 2025, Hyperliquid's spot 交易 marketplace allows users to buy and sell 代币s directly on the HyperEVM chain. The spot orderbook shares the same high-performance matching engine as 永续s, ensuring fast execution and tight spreads. Spot 交易 supports native HyperEVM 代币s and bridged assets, expanding the platform beyond 衍生品.
RWA 永续s — Commodities
One of Hyperliquid's most innovative features is 现实世界 Asset (RWA) 永续s for commodities. Users can trade 永续合约 for Gold (XAU), Silver (XAG), and Crude Oil (WTI) directly on-chain. These RWA 永续s generated over $20 billion in 交易量 within just 10 days of launch — demonstrating massive demand for on-chain commodity exposure without traditional brokerage accounts.
HYPE 代币
HYPE is the native 治理 and utility 代币 of the Hyperliquid ecosystem. It plays a central role in the platform's decentralization roadmap and provides multiple benefits to holders. The 代币 was distributed through one of the largest 空投s in DeFi history, rewarding early users and 流动性 providers.
Arthur Hayes, co-founder of BitMEX and a prominent crypto figure, has publicly predicted that HYPE could reach $150 in 2026. His thesis centers on Hyperliquid's growing dominance in 去中心化 衍生品 and the platform's revenue-sharing model that accrues value to HYPE holders.
治理
HYPE holders vote on protocol upgrades, fee parameters, listing decisions, and treasury allocations. As the protocol decentralizes further, 治理 becomes increasingly important.
质押 Rewards
Stake HYPE to earn a share of platform 交易手续费s. 质押 also contributes to network security through the HyperBFT 共识 mechanism, aligning incentives between users and 验证者s.
手续费折扣s
Holding and 质押 HYPE provides additional 手续费折扣s on top of VIP tier benefits. Combined with TRADEOFF4, this creates the lowest possible fee structure on the platform.
生态实用性
HYPE serves as the gas 代币 for HyperEVM, is used in DeFi protocols built on the chain, and acts as 抵押品 across the ecosystem. Growing adoption drives utility-based demand.
金库系统 — 被动收入
Hyperliquid's vault system allows users to earn passive income by 充值ing USDC into automated 交易 vaults. Each vault is managed by a vault leader who executes 交易 strategies on behalf of 充值ors. The most popular is the HLP (Hyper流动性 Provider) vault, which provides 流动性 to the platform and earns a share of 交易手续费s.
Vaults operate transparently — users can view real-time performance, open positions, and historical returns before 充值ing. 提现s are processed quickly, and users can exit at any time. Vault returns vary based on market conditions and the vault leader's strategy, with historical APYs ranging from 8% on conservative strategies to 25%+ on aggressive ones.
HLP (Hyperliquidity Provider)
中等风险BTC Delta-Neutral
低风险ETH Momentum
高风险Stablecoin Yield
低风险金库收益计算器
预估收益
年化收益率是浮动的，基于历史表现。过去的收益不能保证未来的结果。金库策略存在亏损风险。
如何开始
Bridge Funds to Hyperliquid
Deposit USDC to your wallet on Arbitrum. You can buy USDC on Binance or OKX and withdraw to Arbitrum, then use the Hyperliquid bridge to move funds to the platform. The bridge process takes a few minutes.
Connect to Hyperliquid
Visit app.hyperliquid.xyz and connect your wallet. The platform will prompt you to sign a message to verify wallet ownership. No account creation or KYC is required.
Apply Referral Code TRADEOFF4
Use the referral link app.hyperliquid.xyz/join/TRADEOFF4 or enter code TRADEOFF4 during your first visit. This activates a permanent 4% fee discount on all your trades — both perpetuals and spot.
Start Trading
Deposit USDC as margin, select your trading pair, set leverage (1x to 50x), and place your first trade. Start with lower leverage (2-5x) if you're new to perpetual futures. Use limit orders for lower fees.
Hyperliquid 对比竞品
How does Hyperliquid stack up against the biggest names in crypto 交易? Here's a detailed comparison across key metrics.
| 交易所 | 类型 | 吃单方 | 挂单方 | 杠杆 | KYC 身份验证 | 托管 | 交易对 |
|---|---|---|---|---|---|---|---|
| Hyperliquid★ | DEX (L1) | 0.045% | 0.015% | 50x | 否 | Non-Custodial | 100+ |
| Binance | CEX | 0.050% | 0.020% | 125x | 是 | Custodial | 300+ |
| dYdX | DEX (Cosmos) | 0.050% | 0.020% | 20x | 否 | Non-Custodial | 70+ |
| GMX | DEX (Arbitrum) | 0.070% | 0.050% | 50x | 否 | Non-Custodial | 30+ |
| Aster | DEX (Multi) | 0.050% | 0.020% | 50x | 否 | Non-Custodial | 50+ |
评价: Hyperliquid offers the lowest taker fees among major DEXs, no KYC requirement, 非托管 交易, and performance that matches 中心化 交易所s. With TRADEOFF4, the effective fees become the lowest in the industry.
安全与风险
安全优势
- Non-custodial — your private keys, your funds
- On-chain settlement — every trade verifiable
- HyperBFT consensus — Byzantine fault tolerant
- No centralized honeypot for hackers
- $200B+ monthly volume without security incidents
需要考虑的风险
- Smart contract risk — protocol could have undiscovered bugs
- Leverage amplifies both gains and losses
- Liquidation risk with high leverage positions
- Bridge risk when moving funds cross-chain
- Relatively new protocol vs established exchanges
Best practices: Never trade with more than you can afford to lose. Start with low 杠杆 (2-5x) until you're comfortable. Use a 硬件钱包 for large holdings. Keep only 交易 capital on the platform. Enable all available security features in your 钱包.
移动端使用指南
Hyperliquid offers a full-featured mobile app that brings the complete 交易 experience to your phone. The mobile app provides the same performance as the desktop web interface, with the 订单簿, charting tools, and position management all optimized for smaller screens.
The app is available as a Progressive Web App (PWA) — simply visit app.hyperliquid.xyz on your mobile browser, tap "Add to Home Screen", and you'll have an app-like experience with 推送通知 for order fills, 清算 warnings, and 价格提醒.
所有 Hyperliquid 手续费享受 4% 折扣
Join Hyperliquid with 推荐码 TRADEOFF4 for a permanent 4% discount on every trade. Works on 永续s, spot, and RWA markets. No expiration.
常见问题
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阅读更多 →风险提示
加密货币 交易 carries significant risk. 永续 合约 with 杠杆 can result in rapid and substantial losses exceeding your initial 充值. The 50x 杠杆 available on Hyperliquid means a 2% adverse price movement can liquidate your entire position. Past performance of vaults and 交易 strategies does not guarantee future results.
This guide is for educational purposes only and does not constitute financial advice. Always do your own research (DYOR), never invest more than you can afford to lose, and consider consulting a qualified financial advisor before engaging in 杠杆d 交易.