Spot Trading on Hyperliquid: A Complete Guide
Everything you need to know about buying and selling tokens on Hyperliquid spot markets. Compare spot vs perps, explore available tokens, and learn on-chain settlement.
Spot vs. Perpetual Trading
Understanding the difference between spot and perpetual trading is fundamental to choosing the right approach for your goals.
| Feature | Spot | Perpetuals |
|---|---|---|
| Ownership | You own the actual token | You hold a price contract |
| Leverage | 1:1 (no leverage) | Up to 50x |
| Shorting | Sell only what you hold | Short freely with margin |
| Funding Rates | None | Periodic payments (long/short) |
| Liquidation Risk | None — you own the asset | Possible if margin depleted |
| Settlement | Instant on-chain transfer | Mark-to-market, no delivery |
| Best For | Holding, accumulating tokens | Speculation, hedging, leverage |
Available Tokens
Hyperliquid spot markets feature native ecosystem tokens and select assets. Key tokens include:
HYPE
The native gas and governance token of Hyperliquid L1. Used for transaction fees, staking, and protocol governance.
PURR
The first community meme token launched via Hyperliquid's HIP-1 token standard. A cultural cornerstone of the ecosystem.
JEFF
A community-driven ecosystem token that gained traction through Hyperliquid's native token launch mechanisms.
Growing Selection
Step-by-Step: Buying & Selling
Buying spot tokens on Dexly follows the same familiar trading interface:
Navigate to Spot
Open the Markets page and select the Spot tab to browse available tokens.
Select a Token
Click on the token you want to trade. The chart, orderbook, and trade form will load.
Choose Order Type
Select Market for instant execution or Limit to set your desired price.
Enter Amount
Specify how much USDC you want to spend (buy) or how many tokens to sell.
Confirm & Execute
Review the order details and confirm. Your tokens arrive in your wallet instantly on fill.
On-Chain Settlement
Every spot trade on Hyperliquid settles directly on the L1 blockchain. When you buy HYPE, you receive actual HYPE tokens in your on-chain wallet — not an IOU or a synthetic representation.
- Instant Finality: Trades settle within Hyperliquid's sub-second block time.
- Full Ownership: Tokens are yours to hold, transfer, stake, or use in ecosystem applications.
- Transparent: Every trade is verifiable on-chain — no hidden order routing or internalization.
Risk Management in Spot
While spot trading eliminates liquidation risk, price risk remains. Here's how to manage it:
Dollar-Cost Average
Buy in portions over time rather than all at once to smooth out volatility.
Set Limit Sells
Place limit sell orders at your target price so profits are locked in automatically.
Portfolio Balance
Don't put all capital into a single token — diversify across assets.
Research the Project
Understand the token's utility, team, and community before buying.
When to Trade Spot vs. Perps
Both spot and perpetuals have their place. The right choice depends on your goals:
Choose Spot When
- • You want to hold and own the actual token
- • You're accumulating for a longer timeframe
- • You want zero liquidation risk
- • You plan to use tokens in the ecosystem (staking, governance)
Choose Perps When
- • You want leveraged exposure to price movements
- • You want to short (profit from price drops)
- • You're hedging an existing spot position
- • You want to trade assets not available on spot
Keep Learning
Risk Warning: Trading perpetual futures involves significant risk of loss. Only trade with capital you can afford to lose. Dexly is a non-custodial interface; you are responsible for your own funds and trading decisions.