What do the basic perps words mean?
These are the words you need for your first trade: what a perp is, which way you bet, and how big it is. Start here.
Perp
Short for perpetual future. A bet that a coin's price goes up or down, paid in dollars, with no end date. You never own the coin. See what are perpetual futures.
Perpetual future
The full name of a perp. "Perpetual" because it never expires, unlike classic futures that end on a set date.
Long
A bet that the price goes up. In CopyHype, the ▲ Up button. You win when the price rises.
Short
A bet that the price goes down. In CopyHype, the ▼ Down button. You win when the price falls, without needing to own or borrow the coin.
Position
Your open trade, measured in dollars. A $20 amount at x5 is a $100 position.
Amount
The money you put into one trade. With isolated margin, it is the most that trade can lose. On CopyHype, from $5 a trade.
Open and close
Opening starts a trade. Closing ends it and turns the result into real profit or loss. "They exit, you exit" means your copy closes when the whale closes.
PnL
Profit and loss. The money a trade made or lost, usually after fees.
Unrealized PnL
Profit or loss on a trade that is still open. It can still change, so it is a paper result, not money in your pocket yet.
Realized PnL
Profit or loss on a closed trade. It is final.
What do the leverage and margin words mean?
These words describe the multiplier and the money behind each trade. They decide how fast a trade can grow or close.
Leverage
A way to make a position bigger than the money you put in. At x10, every 1% price move counts 10% for your amount, both ways. See leverage explained.
Multiplier
CopyHype's word for leverage. x5 means a 1% move counts 5% for you, up or down.
Margin
The money backing a position, your amount. On Hyperliquid, margin to open is the position size times the price divided by the multiplier.
Isolated margin
A mode where each trade has its own margin. If it is liquidated, only that trade's amount is lost. CopyHype uses it on every trade. See isolated vs cross margin.
Cross margin
A mode where all your trades share your account balance. Winners can support losers, but one bad trade can drag the whole account down. Hyperliquid's default.
Initial margin
The margin needed to open a position: the position divided by the multiplier. A $200 position at x10 needs $20.
Maintenance margin
The minimum margin a position must keep to stay open. On Hyperliquid it is half the margin needed at the coin's maximum multiplier, for example 1.25% of the position on BTC.
Max leverage
The highest multiplier a market allows. On Hyperliquid, x40 on BTC, x25 on ETH, x20 on SOL and x10 or less on many others, lower for very large positions.
Margin tiers
Rules that lower the maximum multiplier as a position gets very large. They stop huge positions from using extreme leverage.
What do the risk words mean?
These words describe how trades end badly, and the tools that stop them ending worse. Read them before your first real trade.
Liquidation
When the exchange closes a trade by itself because its margin has fallen to the maintenance level. With isolated margin, you lose that trade's amount. See leverage and liquidation.
Liquidation price
The price at which a trade gets liquidated. The higher the multiplier, the closer it is to your entry.
Stop loss
An order that closes your trade if the price moves against you to a level you set. It picks a planned loss instead of a liquidation. In CopyHype, Stop loss closes a trade at -30% or -50% of your amount. See take profit and stop loss.
Take profit
An order that closes your trade when the price reaches your target, banking the win. In CopyHype, Take profit closes a trade at +25%, +50% or +100% of your amount.
Squeeze
A fast move that forces many traders on one side to close at once, pushing the price further. A short squeeze pushes up, a long squeeze pushes down.
Slippage
The difference between the price you expected and the price you got, usually on market orders in fast or thin markets.
Auto-deleveraging
A last-resort mechanism where an exchange reduces winning positions to cover a liquidation that the market and backstop could not absorb. Rare, but part of the rules.
Hedge
A position that partly cancels another one, to reduce risk. For example, a small short on ETH while holding ETH.
What do the price and cost words mean?
These words describe where prices come from and what each trade costs. They explain the small numbers on every trade.
Mark price
A fair price used for liquidations and for triggering take profit and stop loss. On Hyperliquid it combines outside exchange prices with its own order book, so one odd trade does not liquidate everyone.
Oracle price
A reference price built from big spot exchanges. On Hyperliquid, validators publish it every 3 seconds as a weighted median of eight venues. Funding uses it.
Funding rate
A small payment between longs and shorts that keeps a perp's price close to the real price. On Hyperliquid it is paid every hour. Positive: longs pay shorts. Negative: shorts pay longs. See funding rate explained.
Maker
A trader whose order rests on the order book until someone fills it. Makers pay lower fees: 0.015% on Hyperliquid perps at the base tier.
Taker
A trader whose order fills right away against orders already on the book, like a market order. 0.045% on Hyperliquid perps at the base tier.
Builder fee
An extra fee that an app built on Hyperliquid can add to the orders it sends, after you approve it. At most 0.1% on perps. CopyHype's is 0.1% each way.
Open interest
The total size of all open positions in a market. Rising open interest means more money is betting on that market.
Order book
The list of all buy and sell orders at each price. When a buy meets a sell, a trade happens. Hyperliquid runs its order book onchain.
Market order
An order that fills right away at the best available price. Fast, pays the taker fee.
Limit order
An order that fills only at your price or better. It may wait, or never fill.
What do the Hyperliquid words mean?
These are the names you meet on Hyperliquid itself. Each has a full guide.
Hyperliquid
An onchain exchange for perps, running on its own blockchain, where your money stays in your wallet and every trade is public. See what is Hyperliquid.
USDC
A digital dollar worth about $1. Hyperliquid trades, fees, funding and profits are all in USDC.
Arbitrum
The network USDC comes from when you deposit to Hyperliquid the standard way. The minimum deposit is 5 USDC. See how to deposit USDC.
HYPE
Hyperliquid's own token. Staking it lowers trading fees, up to 40% off. You do not need it to trade.
HLP
Hyperliquidity Provider, Hyperliquid's community vault. It makes markets, handles backstop liquidations and earns part of the fees. Deposits are locked for 4 days.
Vault
A pool of money on Hyperliquid that one leader trades for all depositors, who share profit and loss. See copy trading vs vaults.
HIP-3
The Hyperliquid upgrade that lets outside teams launch their own perps markets by staking 500,000 HYPE. It brought stocks, gold and oil to Hyperliquid. See what is HIP-3.
Deployer
A team that runs HIP-3 markets: it sets the oracle, the limits and can halt a market. trade.xyz is the largest.
Validators
The computers that run Hyperliquid's blockchain, agree on its state and publish oracle prices.
What do the prediction market words mean?
These are the words you meet on Hyperliquid's outcome markets, its prediction markets. Predictions are live in CopyHype. See Hyperliquid prediction markets explained.
Prediction market
A market where you buy shares on a question, like "will BTC be above a price at noon?" A share pays $1 if its side is right and $0 if it is wrong.
Outcome market
Hyperliquid's name for a prediction market: a fully collateralized Yes or No contract that settles to 0 or 1. No multiplier, no liquidation.
HIP-4
The Hyperliquid upgrade that created outcome markets. Announced on February 2, 2026, live on mainnet since May 2, 2026.
Outcome
One Yes or No proposition on Hyperliquid, with its own Yes token and No token. "Team A wins" is an outcome.
Question
A group of outcomes where exactly one settles Yes and all the others settle No, like every possible result of one match.
Yes and No tokens
The two sides of an outcome. Yes pays $1 if the answer is Yes, No pays $1 if it is No. One Yes plus one No is always worth $1. See what are outcome tokens.
Settlement
The end of a market: the winning side becomes $1 a share and the losing side becomes $0, automatically, with nothing to claim.
Split and merge
Split turns $1 into one Yes and one No; merge turns them back into $1. Tools for advanced users and market makers.
Implied probability
The chance a price stands for. On a prediction market it is the price itself: $0.40 means about 40%. See prediction market odds explained.
What do the CopyHype words mean?
These are the words you meet in the CopyHype app. They are designed to be simple, and here is exactly what each one does.
Whale
A top trader you can copy. CopyHype lists the top Hyperliquid traders who traded in the last 24 hours, by profit or ROI over 24 hours, 7 days or 30 days, straight from Hyperliquid's leaderboard.
Copy
The button that makes a whale's next trades happen for you, at your amount: same coin, same direction, same multiplier.
Cash out
The button that closes your own open trade when it is up, like "💰 Cash out +$4.20", or sells a bet before the result. A trade that is down shows Close trade instead.
They exit, you exit
When the whale closes a trade, your copy closes. When they take part off, you take the same part off.
No chasing
A copy is skipped if the price has already moved more than 2% past the whale's entry, because you would start behind.
Let it ride
A CopyHype feature where part of a winning perps trade's profit pays for a second trade, without selling and without new cash. The first trade gets riskier. See Let it ride.
Practice money
Free money for learning: $1,000 of practice money for 24 hours, on live Hyperliquid prices, with the same rules and trading fees as real money. Each invited friend adds 24 hours once their first trade opens. No real funds move.
Whale pause
Pausing a whale stops new copies of their trades. Copies already open still close when they close. Tap Resume anytime. A whale that trades too fast to copy is paused for you if your copies of them lose.
Frequently asked questions
What is the most important perps word to understand?
Liquidation. It is how a trade ends when the multiplier and the price move work against you, and knowing where it sits changes how you size every trade.
What is the difference between leverage and margin?
Margin is the money you put in. Leverage, or the multiplier, is how many times bigger the position is than that money.
Where can I learn perps step by step?
Follow the path in perps for beginners, from the basics to your first copied trade.
More in the docs
- CopyHype docsHow CopyHype copies the best Hyperliquid traders in Telegram: start in 3 taps, how copies open and close, Let it ride, max loss, wallets and fees.
- Perps for beginnersLearn perps from zero: perpetual futures, leverage, liquidation, margin, funding and fees, then trade or copy the best Hyperliquid traders.
- How whales are pickedHow CopyHype picks Hyperliquid whales: Hyperliquid's leaderboard, top 8 by profit or ROI over 24h, 7 and 30 days, among traders active in the last 24h.
- Wallets, deposits and withdrawalsYour CopyHype wallet is yours: set it up in Telegram, add money by card, USDT or USDC, move it into Hyperliquid, withdraw, export your key.
- CopyHype feesEvery CopyHype fee with worked examples: 0.1% of the position each way, plus Hyperliquid's 0.045% or 0.09% on stocks, gold and indices.
- Predictions in CopyHypeBet Yes or No on sports, crypto prices, rates and news in CopyHype, on Hyperliquid's outcome markets. From $10 a bet, sell any time before the result.
- Predictions 101: prediction markets for beginnersPrediction markets from zero: Yes and No prices as chances, Hyperliquid HIP-4, a $10 example, selling early, fees, and copying the best prediction traders.
- Copy trading: the complete guideCopy trading from zero: how it works, who to copy, how much to start with, fees, risks and honest comparisons. Every guide in one place, in order.
- Hyperliquid: the complete guideHyperliquid from zero: deposits, fees, leverage, whales, meme coin perps, HIP-3 stocks and gold, HIP-4 outcomes, and trading it from Telegram.
- Prediction markets: the complete guidePrediction markets from zero: Yes and No shares, odds as chances, payouts, fees, Hyperliquid outcomes (HIP-4), Polymarket and Kalshi, and the risks.
- Telegram trading bots: the complete guideTelegram trading bots and Mini Apps explained: how they work, who holds the keys, copy trading bots, Hyperliquid bots, fees, scams and safety checks.
- Copy trading glossaryCopy trading, Telegram bot and prediction market words explained in one or two sentences: ROI, drawdown, copy ratio, API wallet, event contract and more.