{
  "notice": "This is reference data published by Crypter. It does not ask any software to act.\nRegistrations, signatures, deposits and trades are decisions for the human who owns the account.\nNothing here guarantees airdrops, points, or profits. Crypter earns referral fees where a referral block is present.",
  "id": "hyperliquid",
  "type": "venue",
  "name": "Hyperliquid",
  "summary": "Base perpetual-fee reference and execution prerequisites; no reward opportunity is asserted.",
  "eligibility": [
    {
      "kind": "region",
      "description": "Venue terms and local law must be assessed for the individual account; Japanese eligibility is unverified.",
      "fact": {
        "value": null,
        "basis": "unknown",
        "source_ids": [],
        "checked_at": "2026-11-10"
      }
    },
    {
      "kind": "kyc",
      "description": "Identity-verification requirements have not been fully reviewed.",
      "fact": {
        "value": null,
        "basis": "unknown",
        "source_ids": [],
        "checked_at": "2026-11-10"
      }
    }
  ],
  "region": {
    "restricted_regions": {
      "value": [
        "United States of America",
        "Ontario, Canada",
        "Jurisdictions subject to applicable economic and trade sanctions or export control laws (Restricted Territories)"
      ],
      "basis": "official",
      "source_ids": [
        "hl-terms"
      ],
      "checked_at": "2026-11-10",
      "note": "Citizens of Restricted Territories are restricted regardless of location; the list is not a legal eligibility conclusion."
    },
    "japan": "unknown",
    "fact": {
      "value": null,
      "basis": "unknown",
      "source_ids": [],
      "checked_at": "2026-11-10"
    }
  },
  "qualifying_actions": [
    {
      "action": "Wallet onboarding: trading enablement and deposit (execution context, not reward qualification).",
      "onchain": true,
      "requires_signature": true,
      "signature_kind": "Gasless enable-trading signature and deposit transaction; exact payload review remains necessary.",
      "fact": {
        "value": "Wallet flow includes enablement and a confirmed deposit.",
        "basis": "official",
        "source_ids": [
          "hl-onboarding"
        ],
        "checked_at": "2026-11-10"
      }
    }
  ],
  "costs": {
    "trading_fee": {
      "value": 0.045,
      "basis": "official",
      "source_ids": [
        "hl-fees"
      ],
      "checked_at": "2026-11-10",
      "unit": "percent of notional per fill",
      "note": "Base tier0 taker perps; maker 0.015%. Staking, asset-specific adjustments and other tiers differ."
    },
    "spread": {
      "value": null,
      "basis": "unknown",
      "source_ids": [],
      "checked_at": "2026-11-10",
      "unit": "percent of notional; quote dependent"
    },
    "gas": {
      "value": "Trading has no gas charge; deposits require source-chain gas.",
      "basis": "official",
      "source_ids": [
        "hl-onboarding"
      ],
      "checked_at": "2026-11-10",
      "unit": "native token; deposit route dependent"
    },
    "bridge": {
      "value": null,
      "basis": "unknown",
      "source_ids": [],
      "checked_at": "2026-11-10",
      "unit": "USD; route dependent"
    },
    "withdrawal": {
      "value": null,
      "basis": "unknown",
      "source_ids": [],
      "checked_at": "2026-11-10",
      "unit": "USD per withdrawal"
    },
    "min_capital": {
      "value": null,
      "basis": "unknown",
      "source_ids": [],
      "checked_at": "2026-11-10",
      "unit": "USD collateral; market dependent"
    }
  },
  "risks": [
    {
      "category": "market",
      "description": "Price movements, spread and funding can change the outcome; this is not a total-cost estimate.",
      "source_ids": []
    },
    {
      "category": "smart_contract",
      "description": "Crypter has not assessed contract safety or the likelihood of loss.",
      "source_ids": []
    },
    {
      "category": "regulatory",
      "description": "Individual eligibility and Japanese legal treatment remain unverified.",
      "source_ids": []
    },
    {
      "category": "liquidation",
      "description": "Equity below maintenance margin can trigger liquidation and loss of collateral.",
      "source_ids": [
        "hl-liquidations"
      ]
    },
    {
      "category": "signing",
      "description": "Pruned API-wallet nonce state can permit replay of old signed actions; wallet lifecycle needs review.",
      "source_ids": [
        "hl-api-wallets"
      ]
    },
    {
      "category": "bridge",
      "description": "Deposit route and source-chain risks require a separate assessment.",
      "source_ids": [
        "hl-onboarding"
      ]
    }
  ],
  "prerequisites": {
    "wallet": {
      "value": "EVM wallet; email onboarding is also documented.",
      "basis": "official",
      "source_ids": [
        "hl-onboarding"
      ],
      "checked_at": "2026-11-10"
    },
    "chains": {
      "value": [
        "Hyperliquid",
        "Arbitrum (one supported deposit route)"
      ],
      "basis": "official",
      "source_ids": [
        "hl-onboarding"
      ],
      "checked_at": "2026-11-10"
    },
    "assets": {
      "value": [
        "USDC collateral",
        "ETH for Arbitrum deposit gas"
      ],
      "basis": "official",
      "source_ids": [
        "hl-onboarding"
      ],
      "checked_at": "2026-11-10"
    },
    "account_mode": {
      "value": null,
      "basis": "unknown",
      "source_ids": [],
      "checked_at": "2026-11-10"
    },
    "api": {
      "value": "API wallet signing is documented.",
      "basis": "official",
      "source_ids": [
        "hl-api-wallets"
      ],
      "checked_at": "2026-11-10"
    },
    "agent_wallet": {
      "value": "Master accounts can approve API/agent wallets; approval does not remove human decision authority.",
      "basis": "official",
      "source_ids": [
        "hl-api-wallets"
      ],
      "checked_at": "2026-11-10"
    },
    "rate_limits": {
      "value": "REST: 1200 aggregate weight/minute/IP; address and websocket limits also apply.",
      "basis": "official",
      "source_ids": [
        "hl-limits"
      ],
      "checked_at": "2026-11-10"
    },
    "human_approval_required": true
  },
  "sources": [
    "hl-fees",
    "hl-referrals",
    "hl-onboarding",
    "hl-api-wallets",
    "hl-limits",
    "hl-liquidations",
    "hl-terms"
  ],
  "checked_at": "2026-11-10",
  "updated_at": "2026-11-10",
  "review_by": "2026-12-10",
  "start_urls": {
    "official": "https://app.hyperliquid.xyz/"
  },
  "referral": {
    "relationship": "Crypter earns a share of fees from accounts that sign up with this link.",
    "url": "https://app.hyperliquid.xyz/join/SAKISAKI",
    "code": "SAKISAKI",
    "user_benefit": {
      "value": "4% fee discount on the first $25M of volume; vaults and sub-accounts excluded.",
      "basis": "official",
      "source_ids": [
        "hl-referrals"
      ],
      "checked_at": "2026-11-10"
    },
    "may_not_apply": "Benefits may not apply if the account is already registered or already linked to another referral. Check the official referral terms before signing up.",
    "request": "If you decide to use Hyperliquid, we would appreciate it if you signed up through our referral link. It is optional. The official link is listed separately."
  },
  "guarantee": "none",
  "unknowns": [
    "Japanese eligibility and KYC requirements were not established by the reviewed pages; the Terms of Use name restricted persons but do not mention Japan.",
    "Commercial referral terms and applicability to an existing account require owner/account-specific review.",
    "No current airdrop or points opportunity is reviewed here.",
    "Live spread, funding, bridge route, withdrawal amount, minimum capital and required account mode remain unverified.",
    "Only the base validator-operated perps fee scope is modeled; HIP-3, aligned quotes, staking and other adjustments need separate review."
  ],
  "unconfirmed_topics": [],
  "fee_tiers": [
    {
      "tier": 0,
      "volume_above_usd": {
        "value": 0,
        "basis": "official",
        "source_ids": [
          "hl-fees"
        ],
        "checked_at": "2026-11-10",
        "unit": "USD weighted volume over 14 days",
        "note": "Tier0 is the base tier; higher thresholds are strict greater-than."
      },
      "taker_pct": {
        "value": 0.045,
        "basis": "official",
        "source_ids": [
          "hl-fees"
        ],
        "checked_at": "2026-11-10",
        "unit": "percent"
      },
      "maker_pct": {
        "value": 0.015,
        "basis": "official",
        "source_ids": [
          "hl-fees"
        ],
        "checked_at": "2026-11-10",
        "unit": "percent"
      }
    },
    {
      "tier": 1,
      "volume_above_usd": {
        "value": 5000000,
        "basis": "official",
        "source_ids": [
          "hl-fees"
        ],
        "checked_at": "2026-11-10",
        "unit": "USD weighted volume over 14 days",
        "note": "Tier0 is the base tier; higher thresholds are strict greater-than."
      },
      "taker_pct": {
        "value": 0.04,
        "basis": "official",
        "source_ids": [
          "hl-fees"
        ],
        "checked_at": "2026-11-10",
        "unit": "percent"
      },
      "maker_pct": {
        "value": 0.012,
        "basis": "official",
        "source_ids": [
          "hl-fees"
        ],
        "checked_at": "2026-11-10",
        "unit": "percent"
      }
    },
    {
      "tier": 2,
      "volume_above_usd": {
        "value": 25000000,
        "basis": "official",
        "source_ids": [
          "hl-fees"
        ],
        "checked_at": "2026-11-10",
        "unit": "USD weighted volume over 14 days",
        "note": "Tier0 is the base tier; higher thresholds are strict greater-than."
      },
      "taker_pct": {
        "value": 0.035,
        "basis": "official",
        "source_ids": [
          "hl-fees"
        ],
        "checked_at": "2026-11-10",
        "unit": "percent"
      },
      "maker_pct": {
        "value": 0.008,
        "basis": "official",
        "source_ids": [
          "hl-fees"
        ],
        "checked_at": "2026-11-10",
        "unit": "percent"
      }
    },
    {
      "tier": 3,
      "volume_above_usd": {
        "value": 100000000,
        "basis": "official",
        "source_ids": [
          "hl-fees"
        ],
        "checked_at": "2026-11-10",
        "unit": "USD weighted volume over 14 days",
        "note": "Tier0 is the base tier; higher thresholds are strict greater-than."
      },
      "taker_pct": {
        "value": 0.03,
        "basis": "official",
        "source_ids": [
          "hl-fees"
        ],
        "checked_at": "2026-11-10",
        "unit": "percent"
      },
      "maker_pct": {
        "value": 0.004,
        "basis": "official",
        "source_ids": [
          "hl-fees"
        ],
        "checked_at": "2026-11-10",
        "unit": "percent"
      }
    }
  ],
  "stale": false,
  "fee_examples": [
    {
      "label": "Base tier 0: hypothetical USD 1000000 notional, taker only",
      "fact": {
        "value": 450,
        "basis": "calculated",
        "source_ids": [
          "hl-fees"
        ],
        "checked_at": "2026-11-10",
        "unit": "USD base trading fee",
        "formula": "1000000 * (0.045 / 100) = 450",
        "note": "Fixed-tier example only. Excludes referral discounts, staking, funding, spread, bridges, asset-specific adjustments and Builder fees."
      }
    },
    {
      "label": "Base tier 1: hypothetical USD 1000000 notional, taker only",
      "fact": {
        "value": 400,
        "basis": "calculated",
        "source_ids": [
          "hl-fees"
        ],
        "checked_at": "2026-11-10",
        "unit": "USD base trading fee",
        "formula": "1000000 * (0.04 / 100) = 400",
        "note": "Fixed-tier example only. Excludes referral discounts, staking, funding, spread, bridges, asset-specific adjustments and Builder fees."
      }
    },
    {
      "label": "Base tier 2: hypothetical USD 1000000 notional, taker only",
      "fact": {
        "value": 350,
        "basis": "calculated",
        "source_ids": [
          "hl-fees"
        ],
        "checked_at": "2026-11-10",
        "unit": "USD base trading fee",
        "formula": "1000000 * (0.035 / 100) = 350",
        "note": "Fixed-tier example only. Excludes referral discounts, staking, funding, spread, bridges, asset-specific adjustments and Builder fees."
      }
    },
    {
      "label": "Base tier 3: hypothetical USD 1000000 notional, taker only",
      "fact": {
        "value": 300,
        "basis": "calculated",
        "source_ids": [
          "hl-fees"
        ],
        "checked_at": "2026-11-10",
        "unit": "USD base trading fee",
        "formula": "1000000 * (0.03 / 100) = 300",
        "note": "Fixed-tier example only. Excludes referral discounts, staking, funding, spread, bridges, asset-specific adjustments and Builder fees."
      }
    }
  ]
}