# CopyHype documentation > CopyHype is a Telegram app for Hyperliquid: copy the best perps traders in one tap or trade yourself, on crypto, stocks, gold, indices and meme coins, in practice money or real money, from $5 a trade. Predictions on Hyperliquid's outcome markets (HIP-4) are live too, from $10 a bet. --- # CopyHype docs Source: https://copyhype.family/docs Updated: 2026-10-26 Everything CopyHype does, in plain words: how a copy opens and closes, how whales are picked, what the numbers on a whale mean, what you can lose, where your money sits and what it costs. ## What is CopyHype? **CopyHype is a Telegram app that copies the best Hyperliquid traders in one tap, on Perps and Predictions.** You pick a trader, tap **Copy**, and their next trades happen for you at the amount you chose, from $5 a trade. They exit, you exit. Your amount is the most you can lose on a trade. Perps, in plain words: you bet a coin goes up or down. The multiplier makes the move bigger, both ways. Your amount is the most you can lose. New to perps? Start with [perps for beginners](https://copyhype.family/docs/perps-for-beginners) and keep the [glossary](https://copyhype.family/docs/glossary) open. | | CopyHype | |---|---| | What you copy | Bets that a coin goes up or down, with a multiplier | | Money | USDC | | Where trades run | Hyperliquid | | Markets | Crypto, stocks, gold, indices and meme coins on Hyperliquid, plus predictions from $10 | | Minimum | $5 a trade | We call the traders you can copy **whales**. For Perps, CopyHype lists them straight from Hyperliquid's leaderboard: the top 8 by profit or by ROI over 24 hours, 7 days and 30 days, among traders who traded in the last 24 hours, without market makers. For Predictions, CopyHype adds up each trader's public bets, with the same 24-hour activity rule. You can also search any other trader, or trade on your own. You start in **Practice**, with $1,000 of practice money on live prices: a free 24-hour trial, plus 24 hours for each invited friend whose first trade opens. When you are ready, you switch to **Real money**, in a wallet that only you can withdraw from. CopyHype runs inside Telegram, through one bot: [@copyhypefamilybot](https://t.me/copyhypefamilybot?start=seo_docs). Real money lives there too. [Predictions](#predictions) too. New to the topic? Each one has a guide in plain words: [copy trading](https://copyhype.family/docs/copy-trading), [Hyperliquid](https://copyhype.family/docs/hyperliquid), [perps for beginners](https://copyhype.family/docs/perps-for-beginners), [prediction markets](https://copyhype.family/docs/prediction-markets), [Predictions 101](https://copyhype.family/docs/predictions-101) and [Telegram trading bots](https://copyhype.family/docs/telegram-trading-bots), plus the [perps glossary](https://copyhype.family/docs/glossary) and the [copy trading glossary](https://copyhype.family/docs/copy-trading-glossary). It works on your phone, on Telegram Desktop and on the web, with the same account. There is nothing to install. ## How do I start? **Open @copyhypefamilybot, tap Open the app, pick a whale and tap Copy.** That is the whole setup in practice mode. No wallet, no deposit, no form. **Start copying a whale on CopyHype** 1. **Open the bot in Telegram.** Open @copyhypefamilybot and tap Start. You get $1,000 of practice money. 2. **Open the app.** Tap Open the app. The Whales tab shows Hyperliquid's top traders by profit or ROI over 24 hours, 7 days and 30 days, and when they last traded. 3. **Tap Copy on a whale.** Their next trades happen for you at your amount per trade. At least $5 a trade. When they exit, you exit. You can stop the copy anytime. Want one trade only? Tap **Join** on a whale's open trade instead of Copy. Join takes that single trade with your amount, and you exit when the whale exits. ## How does a copy happen? **CopyHype watches each whale's account. When the whale opens a trade, the same trade opens for you at your amount. When the whale takes part or all of it off, you take the same part off.** ### Entry When a whale you copy opens a trade, CopyHype opens it for you: same coin, same direction (up or down) and the whale's own multiplier. The multiplier is raised only when needed to meet Hyperliquid's $10 order minimum, and never goes above x50 or the coin's maximum. Your amount is the margin of the trade, in isolated margin. A copy always lands after the whale's trade, never at the same moment. So a copy can never get the exact same price as the whale. That is why CopyHype checks the price before it buys. ### Smart entry: no chasing A copy that starts far behind the whale is a bad copy. So if the price has already moved more than 2% in the whale's direction since they got in, the copy is skipped. The bot tells you: "The price already moved 2.4% since they got in, so you would start behind." At x10, a 2% head start would already be 20% of your amount. ### Exits are mirrored - **They exit, you exit.** When the whale closes, your copy closes. - **They take part off, you take the same part off.** If a whale takes half off, you take half off. - **You can always close yourself.** Any open trade has a close button in the app. ### Optional exits you control | Setting | What it does | |---|---| | Stop loss | Closes a trade by itself at -30% or -50% of your amount. Off by default | | Take profit | Takes your win at +25%, +50% or +100%. Off by default | | When they add | Add too: when the whale adds to a trade, your copy grows by the same share. Don't: your copy stays the same size | You set them in the copy sheet ("Amount, take profit, stop loss") when you copy, and change them later with ⚙️ Edit on the whale's page. Take profit and stop loss sit in the order book for each copied trade. More on stops and targets in [take profit and stop loss](https://copyhype.family/blog/take-profit-stop-loss-explained). ### When is a copy skipped? **Only for a clear reason, and the bot tells you which one** ("2 trades skipped: the price had already moved"). | Reason | What it means | |---|---| | The price had already moved | The whale's entry is gone, see smart entry above | | You already hold this coin | You hold at most one copy of a coin at a time | | Your trades share is full | Perps copies already use their share of your money, see [safety limits](#safety-limits) | | Not enough money | Your free money is too low for your amount | | The amount was too small | A trade needs at least $5, and Hyperliquid needs $10 of position per order | | The copy was paused | You paused that whale, or CopyHype paused a whale that trades too fast to copy | ## What is Let it ride? **A winning perps trade can pay for a second trade, without selling it and without new cash. Part of the win becomes the second trade's amount.** Be honest with yourself about the cost: the first trade keeps less cushion, so it closes sooner if the price turns. - **Perps only,** and only from a trade that is winning by enough to fund a second one after fees. - **One per winning trade.** A trade opened with Let it ride cannot itself be let ride. - **If the second trade loses, it eats that win.** If both run out together, both close. When the winning trade closes, the second one closes too. - **Your cash and your other trades are never touched.** The bot warns you when the pair runs low and offers to close the second trade. Full explanation with a worked example: [Let it ride](https://copyhype.family/blog/let-it-ride-explained). ## How are whales picked? **For Perps, CopyHype mirrors Hyperliquid's public leaderboard: a top 8 for each window, 24 hours, 7 days and 30 days, ranked by Profit $ or ROI %. There is no hidden score.** | Window | Ranked by | |---|---| | 24h | Profit $ or ROI % over the last 24 hours | | 7 days | Profit $ or ROI % over the last 7 days | | 30 days | Profit $ or ROI % over the last 30 days | Only traders in profit who traded in the last 24 hours make the list. Market makers and empty accounts are left out, because a copy cannot follow them. Whales who open and close in seconds are marked "Too fast": copies would lose on fees. The Perps lists are read again about every 10 minutes. A whale who leaves the top 8 drops off the list, but copies you already have keep running until you stop them. Predictions have no Hyperliquid leaderboard. CopyHype adds up each trader's public bets after fees, from sells and settled results, and ranks the top 8 the same way. Prediction lists are read again about every 15 minutes. The full method is in [How whales are picked](https://copyhype.family/docs/whale-picks). ## What do the numbers on a whale mean? **For Perps, every number is Hyperliquid's own: the profit and ROI from Hyperliquid's leaderboard, for 24 hours, 7 days and 30 days. Profit includes open trades.** Here is every line of a perps whale's page, with example numbers. | You see | What it means | |---|---| | ⚡ Perps · Top #2 | Their place in CopyHype's top list | | 24h +$8.2K · 7 days +$41K · 30 days +$152K | Hyperliquid's leaderboard profit for each window. Open trades count, so it moves with the price | | +12% ROI | Hyperliquid's ROI for that window | | 👥 Copiers, 14 days · 9 copies · 6 won · +4% avg each | What CopyHype copies of this whale made. "Not enough copies yet" below 3 copies | | 30-day profit · touch the chart to see any day | Their profit day by day over 30 days | | Trades open now · traded 2h ago | Their open trades: coin, ▲ Long or ▼ Short, multiplier, when they opened, how much is in, and where it stands now. Tap Join to take one | | Last results · 30 days | Their closed trades: 🐋 how many won and lost, and what each one made. Your own copies of them show on top | On the whales list, each row shows the rank, the name, when they last traded, the profit and the ROI for the window you picked, and a Copy button. Predictions whales show the same tiles, with profit from their bets after fees (sells and settled results) and ROI as that profit divided by what they spent buying. Their page lists "Bets open now" and their last results. The numbers above are examples of the format, not real traders. Profit is past profit. It shows what a whale did, not what they will do next. ## How much can I lose? **The amount you set per trade is the most that trade can lose.** Every trade stands alone. A losing trade cannot pull money from your other trades or from the rest of your wallet. - **Your amount** is set once (at least $5 a trade) and used for every copy. You can change it per whale on the whale's page. - **Your amount is the margin.** The multiplier makes the position bigger. At x10, a $20 trade controls a $200 position, and a move of a bit less than 10% against it wipes out roughly the whole $20. You never lose more than the $20. See [leverage explained](https://copyhype.family/blog/leverage-explained) and [leverage and liquidation](https://copyhype.family/blog/hyperliquid-leverage-liquidation). - **Hyperliquid needs $10 of position per order.** If your amount times the whale's multiplier is under that, CopyHype raises the multiplier just enough, within the coin's limit, and the message says so ("x3 instead of x1: Hyperliquid needs $10 per order"). At $5 a trade, that means at least x3. - **Every trade is isolated.** A liquidation costs that trade's amount and never touches your other trades. See [isolated vs cross margin](https://copyhype.family/blog/isolated-vs-cross-margin). Losing many trades in a row still adds up. Pick an amount you can lose many times, set a stop loss, and pause or stop a whale anytime. ## Practice or real money? **Practice uses free practice money on live prices, with the same rules and trading fees as real money. Real money uses your own wallet.** The Practice | Real switch sits at the top of the app. Once you trade real money, Practice turns off for good. | | Practice | Real money | |---|---|---| | Money | $1,000 of practice money, free 24-hour trial, plus 24 hours per invited friend whose first trade opens | Your own USDC | | Prices | Live market prices | Live market prices | | Fees | Same trading fees, paid in practice money | Real fees | | Copies | Same whales, same rules | Same whales, same rules | | Wallet | None needed | Your own wallet, secured by Privy | | Reset | /reset in the bot, back to $1,000 | Not applicable | | Level and XP | Shared with Real | Shared with Practice | | Messages | One summary for copies | Every real trade is notified | Practice copies use the same skip rules and trading fees as real money, so practice results are not flattered. More in [Hyperliquid demo account](https://copyhype.family/blog/hyperliquid-demo-account). Real money lives in @copyhypefamilybot: switch to **Real** at the top of the app. From $5 a trade, in practice and in real money. ## Where is my money? **With real money, your funds sit in your own wallet, created in one tap with your Telegram account and secured by Privy. Only you can withdraw or export the key. CopyHype gets a trading key that opens and closes trades and can never withdraw.** | | Your perps wallet | |---|---| | Coin | USDC | | Add money | Card, Apple Pay or Google Pay in the app, from $20 (US, EU), USDT or USDC on BNB Chain, Base, Polygon or Arbitrum, or USDC on the Arbitrum One network to your own wallet address. Then one tap moves it into Hyperliquid | | Minimum to move in | 5 USDC | | Withdraw to | Any address that takes USDC on Arbitrum One | | Withdrawal cost | $1, taken by Hyperliquid to pay the network | Sending the wrong coin or the wrong network loses the money, and nobody can get it back. The app shows the right coin and network above every deposit address, and makes you tick a box confirming the network before every withdrawal. Step by step guide: [Wallets, deposits and withdrawals](https://copyhype.family/docs/wallets), and the general version in [how to deposit USDC to Hyperliquid](https://copyhype.family/blog/how-to-deposit-usdc-to-hyperliquid). ## What does it cost? **Practice is free. With real money, CopyHype takes 0.1% of the position each way.** Hyperliquid adds its own trading fee and funding. Your results are always shown after fees. | | CopyHype fee | With a friend's link | Others | |---|---|---|---| | Each trade | 0.1% of the position, when you open and when you close | 0.09% | Hyperliquid trading fee (0.045% taker at the base tier), funding | | Moving USDC into Hyperliquid | Free, we pay the network fee | | | | Withdrawing USDC | Nothing | | $1, taken by Hyperliquid | Worked examples: [CopyHype fees](https://copyhype.family/docs/fees). Every Hyperliquid cost layer: [Hyperliquid fees explained](https://copyhype.family/blog/hyperliquid-fees-explained). ## What safety limits apply? **Every trade is capped at your amount, a copy that starts too far behind is skipped, and whales too fast to copy are left out.** | Limit | Rule | |---|---| | Max loss per trade | Your amount | | Minimum per trade | $5 a trade, practice and real | | One copy per coin | You hold at most one copy of a coin at a time | | Perps and Predictions split | When Predictions are on, perps copies use up to 80% of your money by default and prediction copies the rest. You can change the split in the bot settings | | Too fast | Whales who open and close in seconds are not copied, because copies would lose on fees | | Pause and stop | ⏸ pauses a whale, ⏹ stops it. "⏸ Pause all" and "⏹ Stop all" act on every whale. Open trades keep running | | Multiplier | The whale's own, capped at x50 and at the coin's maximum | | No chasing | A copy is skipped if the price already moved more than 2% in the whale's direction | | Margin | Isolated on every trade | ## What messages will I get? **Messages about your own trades come when they happen. The rest is capped.** You choose what you get in the app under ⚙️ Settings, or with /notifications in the bot. | Message | When | |---|---| | 📣 Trade news | When a trade opens, closes, or needs you | | ☕ Daily recap | Morning coffee at 8 am and evening recap at 9 pm, your local time | | 💸 Big cash-outs | A top whale cashes out big. 1 a day at most | | 🐋 Whale moves | A top whale opens a big trade. 2 a day at most | | 💡 Tips and offers | 1 a day at most | Real money trades always come through. When you trade real money, practice messages are switched off unless you turn them back on. ## How does the referral work? **Share your link: you earn 15% to 35% of CopyHype's fees on your friends' real money trades, for life, plus 5% and 3% on the next two levels. Your friends get 10% off fees.** - Type /invite in the bot to get your link. - Your share starts at 15% and grows with your level, up to 35%. - Earnings count only on real money trades placed through CopyHype. - You can withdraw from $10, paid to your CopyHype wallet in USDC. ## Which bot commands are there? **Everything is in the app, and the bot has shortcuts for the main screens.** Type them in the chat with @copyhypefamilybot. | Command | What it does | |---|---| | /start | Welcome and the button to open the app | | /whales | Top whales over 24 hours, 7 days and 30 days | | /trades | Your trades and results | | /top | Top traders this week | | /amount | Your amount per trade | | /real | Real money | | /invite | Your referral link | | /notifications | Choose your messages | | /reset | Reset practice money | | /help | How it works, fees, website | ## What about predictions? **Predictions are live in CopyHype.** They bring Hyperliquid's outcome markets (HIP-4) to the app: Yes or No questions on sports, esports, crypto prices, rates and news, shown as a chance and a payout. - **Practice or real money,** from $10 a bet. Sell any time before the result, once the bet is worth $10 or more. - **Single bets, clear fees:** 1% when you buy, 1% if you sell before the result, nothing from CopyHype at the result. - **You can lose the amount you put in.** No multiplier, no liquidation. How it works: [Predictions in CopyHype](https://copyhype.family/docs/predictions). From zero: [Predictions 101](https://copyhype.family/docs/predictions-101) and [Hyperliquid prediction markets, explained simply](https://copyhype.family/blog/hyperliquid-prediction-markets). ## Frequently asked questions ### Is CopyHype free? Practice is free. With real money you pay a fee per trade: 0.1% of the position each way, plus Hyperliquid's own trading fee and funding. ### Can I lose more than I put in? No. Every trade stands alone, and the amount you put in is the most it can lose. Each trade uses only its own isolated margin, so a liquidation costs that trade's amount and nothing else. ### Do I need a crypto wallet to start? No. You start in Practice with practice money and no wallet. When you switch to real money, you get your own wallet in one tap with your Telegram account, secured by Privy. No seed phrase. ### Can CopyHype withdraw my money? No. CopyHype's trading key can open and close trades. It can never withdraw. Only you can withdraw or export your key, and you can revoke the trading key anytime. ### What is the minimum amount? $5 a trade, in practice and real money. At $5, a copy uses at least x3 so the position meets Hyperliquid's $10 order minimum. To move USDC into Hyperliquid, the minimum is 5 USDC. ### How often are the top whales updated? About every 10 minutes for Perps. CopyHype reads Hyperliquid's leaderboard again and keeps the top 8 by profit or ROI over 24 hours, 7 days and 30 days, among traders who traded in the last 24 hours, without market makers. Prediction lists refresh about every 15 minutes. ### What does the profit on a whale mean? For Perps, it is Hyperliquid's own leaderboard profit for that window, and the ROI is Hyperliquid's ROI for that window. Open trades count, so the number moves with the price. For Predictions, it is the trader's profit from bets they sold or that settled, after fees. ### Do I get the same price as the whale? No, and no copy service can promise that. A copy lands after the whale's trade, so the price is usually a little different. CopyHype skips a copy when the price has already moved more than 2% in the whale's direction. ### What happens when the whale sells? You sell too. If they sell part, you sell the same part. If they close, your copy closes. You can also close yourself at any time. ### Can I copy any Hyperliquid trader? Yes. Search a name or paste an address in the Whales tab. If a perps trader is not in our list yet, tap "➕ Add this trader" (up to 5 adds a day). Traders outside the top list can still be copied. CopyHype tracks in real time the top whales, every whale someone copies and wallets someone just added, so a whale you copy is always watched live. ### What is Let it ride? A way for a winning perps trade to pay for a second trade, without selling it and without new cash. The first trade gets riskier, because it keeps less cushion. See [Let it ride](https://copyhype.family/blog/let-it-ride-explained). ### Are predictions available? Yes. Predictions on Hyperliquid's outcome markets are live in CopyHype, in practice money or real money, from $10 a bet. See [Predictions in CopyHype](https://copyhype.family/docs/predictions). ### Which bot should I open? @copyhypefamilybot. It opens the CopyHype app, and real money lives there. You may also see @CopyHyperliquidapp_bot in ads: it opens the same app and the same account. ### Is CopyHype affiliated with Hyperliquid? No. CopyHype is independent and not affiliated with Hyperliquid or the traders shown. ### Is copy trading safe? No trading is safe. Leverage can wipe out a trade in minutes. Whales lose too, and profit last month says nothing certain about next month. CopyHype caps each trade at your amount and adds limits, but you can still lose what you put in. Start in practice, then start small. More in [is copy trading profitable](https://copyhype.family/blog/is-copy-trading-profitable). --- # Perps for beginners Source: https://copyhype.family/docs/perps-for-beginners Updated: 2026-10-23 Everything you need to go from "what is a perp?" to your first copied trade on Hyperliquid, in plain words, in the right order. Read the 60-second version, then follow the path. ## What are perps, in 60 seconds? **A perp is a bet that a coin goes up or down, paid in dollars, that stays open until you close it. The multiplier makes the move bigger, both ways. Your amount is the most you can lose.** That is the whole idea. The rest of this page is detail, in order. - **Up or down.** Long (▲ Up in the app) wins when the price rises. Short (▼ Down) wins when it falls. - **The multiplier.** At x5, a 1% move counts 5% for your money, up or down. - **The worst case.** With isolated margin, a trade can lose its own amount and nothing more. If the price goes too far against you, the trade closes by itself. That is a liquidation. - **The costs.** A small fee when you open and close, and a small hourly payment between longs and shorts called funding. - **No end date.** Hold for a minute or a month. New words? Keep the [perps glossary](https://copyhype.family/docs/glossary) open in another tab. Every term on this page is defined there in one or two sentences. Other topics have their own guides: [copy trading](https://copyhype.family/docs/copy-trading), [Hyperliquid](https://copyhype.family/docs/hyperliquid), [prediction markets](https://copyhype.family/docs/prediction-markets) and [Telegram trading bots](https://copyhype.family/docs/telegram-trading-bots). ## Where should I start? **With the three basics: what a perp is, long vs short, and the multiplier.** Read these first, in this order. 1. [What are perpetual futures? Perps explained like you're ten](https://copyhype.family/blog/what-are-perpetual-futures). The whole idea with small dollar examples. Then see how perps differ from [futures and spot](https://copyhype.family/blog/perpetual-futures-vs-futures-vs-spot). 2. [Long vs short: how to bet a coin goes up or down](https://copyhype.family/blog/long-vs-short-crypto). How shorting works without owning the coin. 3. [Leverage explained: what x5, x10 and x50 really do to your money](https://copyhype.family/blog/leverage-explained). The table to keep: how far price can move before liquidation at each multiplier. ## How do I avoid losing everything? **By understanding liquidation, using isolated margin, and setting a stop loss before you enter.** These four pages are the survival kit. 4. [Leverage and liquidation on Hyperliquid, explained for copiers](https://copyhype.family/blog/hyperliquid-leverage-liquidation). When and why a trade closes by itself. To work it out by hand, use the [liquidation price formula](https://copyhype.family/blog/liquidation-price-formula). 5. [Isolated vs cross margin: which one protects your money?](https://copyhype.family/blog/isolated-vs-cross-margin). The setting that decides whether one bad trade can drain your account. 6. [Take profit and stop loss: how to make a perps trade close itself](https://copyhype.family/blog/take-profit-stop-loss-explained). Where to put them, with a simple recipe. 7. [12 perps mistakes beginners make, and how to avoid each one](https://copyhype.family/blog/perps-beginner-mistakes). The ways almost everyone loses money at first. ## What does a perps trade cost? **Two things: trading fees on the full position, and hourly funding between longs and shorts.** Both are small per trade and add up over many. 8. [Funding rate explained: the small hourly payment between longs and shorts](https://copyhype.family/blog/funding-rate-explained). Who pays whom, and what it costs in cents. 9. [Hyperliquid fees explained: every cost of a trade, in cents](https://copyhype.family/blog/hyperliquid-fees-explained). Maker, taker, tiers, builder fees and the $1 withdrawal. ## What is Hyperliquid, and how do I use it? **Hyperliquid is an onchain perps exchange where your money stays in your wallet and every trade is public.** These pages take you from what it is to your first deposit. 10. [What is Hyperliquid? The perps exchange where every trade is public](https://copyhype.family/blog/what-is-hyperliquid). How it works, HYPE, HLP and HIP-3. 11. [Hyperliquid for beginners: your first perps trade, step by step](https://copyhype.family/blog/hyperliquid-for-beginners). The exact settings to pick. 12. [How to deposit USDC to Hyperliquid without losing it](https://copyhype.family/blog/how-to-deposit-usdc-to-hyperliquid). The 5 USDC minimum and the network traps. All the small rules are in [Hyperliquid minimums](https://copyhype.family/blog/hyperliquid-minimum-order-size). 13. [Is Hyperliquid safe? An honest look at what can go wrong](https://copyhype.family/blog/is-hyperliquid-safe). The JELLY incident, HLP and what you can do. 14. [Stocks, gold and oil on Hyperliquid: how these perps work](https://copyhype.family/blog/hyperliquid-stocks-gold-perps). Trading Tesla or gold on a Sunday, and the weekend gap. PEPE, WIF and POPCAT have their own guide: [meme coin perps on Hyperliquid](https://copyhype.family/blog/hyperliquid-meme-coin-perps). 15. [What is HIP-3? Hyperliquid's builder-deployed perps, explained](https://copyhype.family/blog/what-is-hip-3). Who runs those markets and what they control. ## How do I copy the best traders? **Pick a whale with a checked record, tap Copy, and their next trades happen for you at your amount. They exit, you exit.** These pages show how to choose and what to expect. 16. [How to copy trade on Hyperliquid, step by step](https://copyhype.family/blog/how-to-copy-trade-hyperliquid). The four ways, and the setup in Telegram. Or trade from chat with a [Hyperliquid Telegram bot](https://copyhype.family/blog/hyperliquid-telegram-bot). 17. [How to find the best Hyperliquid traders to copy](https://copyhype.family/blog/best-hyperliquid-traders-to-copy). What makes a trader copyable. 18. [How to read a whale's PnL before you copy them](https://copyhype.family/blog/how-to-read-a-whale-pnl). What each number on a whale means. 19. [Let it ride: how a winning perps trade can pay for a second one](https://copyhype.family/blog/let-it-ride-explained). Using a win without selling it, and the honest catch. 20. [Copy trading vs Hyperliquid vaults](https://copyhype.family/blog/copy-trading-vs-hyperliquid-vaults). Pooled money or your own trades. Every copy trading guide is in the [copy trading guide](https://copyhype.family/docs/copy-trading). ## Where else could I trade perps? **On big company-run exchanges, or on other onchain exchanges.** Two honest comparisons. 21. [Hyperliquid vs Binance vs Bybit for a perps beginner](https://copyhype.family/blog/hyperliquid-vs-binance-bybit). Custody, fees, sign-up and copy trading. 22. [Hyperliquid vs dYdX vs GMX](https://copyhype.family/blog/hyperliquid-vs-dydx-gmx). Order book vs pool, fees and markets. ## What is the fastest safe way to try perps? **Practice money. On CopyHype you get $1,000 of practice money on live Hyperliquid prices, copy a top trader in one tap, and learn how perps feel before any real money moves.** Same rules and same trading fees as real money. **Try perps for free in Telegram** 1. **Open @copyhypefamilybot.** Tap Start. $1,000 of practice money lands in your account, free for 24 hours, plus 24 hours for each friend you invite whose first trade opens. 2. **Open the app and pick a whale.** Each whale shows their profit and ROI over 24h, 7 days or 30 days. 3. **Tap Copy.** Their next trades happen for you, from $5 a trade. Same coin, same side, same multiplier. 4. **Watch them close.** They exit, you exit. Every result is shown in dollars, after fees. When you are ready, switch to Real at the top of the app. Your own wallet is created in one tap and secured by Privy. Only you can withdraw. ## Frequently asked questions ### What is the best way to learn perps? Read the basics on this page in order, then practice with free money on live prices until the buttons feel boring. Copying a trader with a checked record in practice shows you how real trades open and close. ### How much money do I need to start perps? On Hyperliquid, the minimum deposit is 5 USDC and the minimum order is $10 of position. On CopyHype you can start from $5 a trade, and practice is a free 24-hour trial. ### Are perps good for beginners? They are simple to understand and easy to misuse. With isolated margin, a low multiplier and small amounts, a beginner can learn safely. With high multipliers, most beginners lose quickly. ### What multiplier should I use as a beginner? x2 to x5. It gives a trade room to move before liquidation and keeps fees small. ### Can I lose more than I put in? Not with isolated margin. Each trade can lose its own amount and nothing else. CopyHype uses isolated margin on every trade. --- # How whales are picked Source: https://copyhype.family/docs/whale-picks Updated: 2026-10-23 CopyHype does not invent a score. Its whale list mirrors Hyperliquid's public leaderboard: the biggest profits over 24 hours, 7 days and 30 days, without the accounts nobody can copy. ## What is the whale list? **For Perps, the whale list mirrors Hyperliquid's public leaderboard: the top 8 traders over 24 hours, over 7 days and over 30 days, ranked by Profit $ or by ROI %. It is not a paid placement and not a hand-picked list.** A trader gets in on numbers and drops out on numbers. | Window | Ranked by | |---|---| | 24h | Profit $ or ROI % over the last 24 hours | | 7 days | Profit $ or ROI % over the last 7 days | | 30 days | Profit $ or ROI % over the last 30 days | Only traders in profit who traded in the last 24 hours make a list. The ROI list takes the traders from the profit lists and sorts them by Hyperliquid's ROI for that window. The Whales tab in the app has all three windows, with a "Rank by" switch: Profit $ or ROI %. It shows 4 whales, and "See all" shows up to 8. The home page shows the 30-day list, with the whales that are still trading. Any trader outside the lists is one search away in the app, by name or by wallet address. ## Where does the data come from? **From Hyperliquid's public leaderboard.** Everything on Hyperliquid is public: anyone can look up any address, its positions and its trades. The leaderboard gives each account's profit, return and volume over a day, a week, a month and all time. Profit there includes open positions at the current price, so it can still move until those trades close. CopyHype reads the leaderboard, keeps the copyable accounts and sorts them by profit or by ROI. The profit and ROI you see are Hyperliquid's own numbers. Nothing is added on top. ## Why rank by profit? **Because it is the number Hyperliquid itself shows, and anyone can check it.** There is no hidden score to trust. Profit rewards size: a very large account can top the board with a modest return. That is what the ROI % switch is for: it ranks the same traders by return on their money. Before you copy, open the whale's page in the app. It shows profit and ROI over 24 hours, 7 days and 30 days, what CopyHype copiers made, the trades open now and the last results, so you can see how the profit was made. ## Who is left out? **Empty accounts, market makers and traders too fast to copy, because a copy cannot follow them.** - **Market makers** post buy and sell orders all day and earn the gap between them. CopyHype treats an account as a market maker when its 30-day trading volume is more than 3,000 times its account value. A copy would get thousands of small fills without their edge. - **Empty accounts** have nothing left to trade, so there is nothing to copy. - **Traders who open and close in seconds** are marked "Too fast". Copies land after them and would lose on fees. - **Traders whose copies lose.** When at least 12 CopyHype copies of a trader over 14 days lost money on average, the trader leaves the list. All of them can sit high on a profit leaderboard. More on why some profits cannot be copied: [smart money copy trading](https://copyhype.family/blog/smart-money-copy-trading). ## Why does the home page show the 30-day list? **Because a month says more than a day.** One lucky trade can top the 24-hour list. Staying at the top over 30 days takes many trades. The home page shows the 30-day leaders that are still trading, with their 7-day and 24-hour profit when there is one. ## How are prediction whales picked? **Hyperliquid has no leaderboard for Predictions, so CopyHype adds up each trader's public bets.** Profit is what their bets made after fees, from bets they sold and bets that settled. ROI is that profit divided by the money they spent buying. A prediction whale must be in profit for the window and have traded in the last 24 hours, the same rule as Perps. Market makers, who bet both sides or trade all day, are left out. The ROI list only counts traders with enough volume: $200 over 24 hours, $1,000 over 7 days, $3,000 over 30 days. ## How often does the list change? **About every 10 minutes for Perps, each time CopyHype reads the leaderboard again, and about every 15 minutes for Predictions.** A trader who falls out of the top 8 leaves the list; a trader who climbs in joins it. Copies you already have are not stopped when a whale leaves the list. You decide when to stop. ## What does this not promise? **It does not predict the future.** Every list looks at the past. A whale at the top this month can have a terrible next week, and profit that includes open trades can shrink before they close. Copying moves decisions to someone else; it does not remove risk. What helps on your side: copy two or three whales rather than one, keep each trade small (from $5), and practice first with $1,000 of practice money, free for 24 hours plus 24 hours for each invited friend whose first trade opens. ## Frequently asked questions ### Can a trader pay to be in the whale list? No. The lists come from Hyperliquid's public leaderboard. There is no paid placement. ### Why is a famous trader missing from the list? Usually because they are not in the top 8 for 24 hours, 7 days or 30 days right now, did not trade in the last 24 hours, or trade in a way a copy cannot follow. You can still search them and copy them. ### Does the profit include open trades? Yes. Hyperliquid's leaderboard counts open positions at the current price, so the profit can go up or down until those trades close. ### Do whales know they are copied? No. You follow a public Hyperliquid account. Whales do not opt in and are not paid. ### Can I copy a trader who is not on the list? Yes. Search a name or paste an address in the Whales tab. If a perps trader is not in our list yet, tap "➕ Add this trader" (up to 5 adds a day). The lists are a starting point, not a limit. [Back to the docs](https://copyhype.family/docs) --- # Wallets, deposits and withdrawals Source: https://copyhype.family/docs/wallets Updated: 2026-10-26 With real money, CopyHype trades from a wallet that belongs to you. This page covers setup, the network, deposits, withdrawals, your key, and what CopyHype can and cannot do with it. ## Who holds my money? **You do. Real money sits in your own wallet, created with Privy and signed in with your Telegram account. Only you can withdraw or export its key.** CopyHype never holds your funds. CopyHype gets a separate **trading key**. It can open and close trades for you, even while you sleep, so copies happen on time. It can never withdraw. Only your own wallet can approve it or remove it. | Action | You | CopyHype's trading key | |---|---|---| | Open and close trades | Yes | Yes | | Withdraw | Yes | No | | Export the wallet key | Yes | No | | Revoke the trading key | Yes | No | Privy is a wallet provider used by many crypto apps, and it was acquired by Stripe. There is no seed phrase to write down: your Telegram account signs you in. ## Which coin and network does the wallet use? **USDC on the Arbitrum One network.** USDC is a digital dollar, 1 USDC is about $1. Whether you pay by card in the app, send USDT or send USDC yourself, it lands in your wallet as USDC on Arbitrum. From there, one tap moves it into Hyperliquid, where your perps trades run. | | Your perps wallet | |---|---| | Coin | USDC | | Add money | Card, Apple Pay or Google Pay in the app (US, EU), USDT or USDC on BNB Chain, Base, Polygon or Arbitrum, or USDC sent on Arbitrum One | | Used for | Hyperliquid perps | | Minimum to move into Hyperliquid | 5 USDC | | Withdraw to | Any address that accepts USDC on Arbitrum One | | Withdrawal cost | $1, taken by Hyperliquid | Predictions use the same wallet and the same USDC. Hyperliquid's outcome markets settle in USDC. ## How do I set up real money? **In the app, switch to Real at the top and follow three steps: create your wallet, allow CopyHype to trade, add money.** It takes a couple of minutes. **Set up a real money wallet on CopyHype** 1. **Create your wallet.** Sign in with Telegram. Your own wallet is created on the spot. Only you can take money out. 2. **Allow CopyHype to trade.** Two signatures: one lets CopyHype open and close trades for you, one approves the 0.1% fee per trade. Neither can withdraw. 3. **Add money.** Tap Add money and pay by card, Apple Pay or Google Pay, from $20 (US, EU), pick USDT to send USDT or USDC on BNB Chain, Base, Polygon or Arbitrum, or send USDC on the Arbitrum One network to your wallet address. Tap Move it in when it lands. Switch to **Real** at the top of the app to start. You can trade from $5 a trade. ## How do I add USDC? **The easiest way: tap Add money, pick an amount from $20 and pay by card, Apple Pay or Google Pay.** It works in the United States and the 27 EU countries, processed by Link by Stripe inside the app, with a quick ID check the first time only. The USDC lands in your own wallet on Arbitrum in a few minutes. Then tap Move it in to put it in your trading balance on Hyperliquid. CopyHype pays the network fee for that move, and takes nothing. **No card? Send USDT or USDC.** Tap Add money, pick USDT (or USDC), copy the deposit address and send USDT or USDC from Binance or any wallet on BNB Chain, Base, Polygon or Arbitrum. It arrives as USDC in your own wallet in minutes, and CopyHype pays the network fee of that deposit. Then tap Move it in. Step by step: [fund Hyperliquid with USDT from Binance](https://copyhype.family/blog/fund-hyperliquid-usdt-binance). Or use the USDC tab: send USDC on the Arbitrum One network to your wallet address the app shows, then tap Move it in. For that address: - **From an exchange or a wallet:** USDC is a digital dollar, 1 USDC = $1. Send it from Revolut, Coinbase, Binance or any wallet, on Arbitrum One. Step by step: [fund Hyperliquid with a card](https://copyhype.family/blog/fund-hyperliquid-card-apple-pay). - **The network matters:** on your exchange's withdrawal page, pick **USDC** and the **Arbitrum One** network. Not Ethereum, not Base, not Polygon, not Solana. Coming from BNB Chain, Base or Polygon, or holding USDT? Use the USDT tab instead. - **Minimum:** Hyperliquid needs at least **5 USDC** to move in. If less arrives, send a bit more and move it all in one go. - **First time:** send a small amount first. When it lands, send the rest. The address comes with a QR code, the labels "USDC" and "Arbitrum One" and a warning: "Only USDC on Arbitrum One. Another coin or network can be lost." ## How do I withdraw? **On Home, tap ↗ Withdraw, enter the amount, paste an 0x address and tick the box "This address takes USDC on the Arbitrum network."** Then sign in your wallet. The money goes straight from your wallet to that address. | | USDC withdrawal | |---|---| | Goes out on | Arbitrum One | | Minimum | $2 | | Send to | Your own wallet, or your exchange's Deposit USDC page with network Arbitrum One | | Time | A few minutes | | Cost | $1, taken by Hyperliquid to pay the network. CopyHype takes nothing | You do not need a Hyperliquid account to get your money out. The app only accepts an 0x address, and stops you if you paste your own trading wallet. A transfer cannot be undone. ## Can I export my key? **Yes. Settings, Wallet key, Export.** It is your wallet. With the key you can open it in another wallet app at any time, without CopyHype. Keep the key secret: anyone who has it can take the money. ## What are the golden rules? **Right coin, right network, a small test first, and nobody but you can withdraw.** Four habits cover almost every way people lose money moving crypto. - **Right coin, right network, every time.** USDC with Arbitrum One. - **Wrong network means money lost.** Nobody can get it back: not CopyHype, not the exchange. - **Only you can withdraw.** The trading key only trades. - **Send a small amount first,** see it land, then the rest. The app has a short Real money school mission that covers all of this before your first real trade. ## Frequently asked questions ### Can CopyHype move my money out of my wallet? No. CopyHype's trading key can only open and close trades. Withdrawals need you. ### What happens to my money if CopyHype stops working? It stays in your wallet. You can export your key and use the wallet anywhere. Open Hyperliquid positions stay on Hyperliquid under your address. ### Which network do I use to send USDC? Arbitrum One. Any other network, including Ethereum, Base, Polygon or Solana, can lose the money. Paying by card in the app skips this step. The general guide: [how to deposit USDC to Hyperliquid](https://copyhype.family/blog/how-to-deposit-usdc-to-hyperliquid). ### Is there a deposit fee? CopyHype charges nothing to deposit, and pays the network fee to move your USDC into Hyperliquid. Your exchange may charge its own withdrawal fee, and the card payment provider may charge its own fee. ### How long does a USDC withdrawal take? A few minutes. Hyperliquid takes $1 to pay the network. [Back to the docs](https://copyhype.family/docs) --- # Perps glossary Source: https://copyhype.family/docs/glossary Updated: 2026-10-23 Every word you meet in perps, explained so a ten year old would get it. Grouped by theme. Each term has its own link, so you can share exactly the one you need. ## 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](https://copyhype.family/blog/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](https://copyhype.family/blog/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](https://copyhype.family/blog/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](https://copyhype.family/blog/hyperliquid-leverage-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](https://copyhype.family/blog/take-profit-stop-loss-explained). ### 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](https://copyhype.family/blog/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](https://copyhype.family/blog/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](https://copyhype.family/blog/how-to-deposit-usdc-to-hyperliquid). ### 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](https://copyhype.family/blog/copy-trading-vs-hyperliquid-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](https://copyhype.family/blog/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](https://copyhype.family/blog/hyperliquid-prediction-markets). ### 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](https://copyhype.family/blog/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](https://copyhype.family/blog/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](https://copyhype.family/blog/let-it-ride-explained). ### 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](https://copyhype.family/docs/perps-for-beginners), from the basics to your first copied trade. --- # CopyHype fees Source: https://copyhype.family/docs/fees Updated: 2026-10-23 What you pay on each trade, what Hyperliquid adds on top, and what is free. With worked examples on a $20 trade. ## How much does CopyHype cost? **Practice is free. With real money, CopyHype takes 0.1% of the trade size each way.** Hyperliquid charges its own fee on top: 0.045% on main markets, 0.09% on stocks, gold and indices. With a friend's link, CopyHype's part is 10% lower. The rate is the same on every trade, and your results are always shown after fees. | | CopyHype fee | With a friend's link | Charged | |---|---|---|---| | ⚡ Perps trade (Hyperliquid) | 0.1% of trade size | 0.09% | When you open and when you close | | Practice | Free 24-hour trial, plus 24 hours per invited friend whose first trade opens | Free | Practice trades show the same trading fees, in practice money | | Moving USDC into Hyperliquid | Free, CopyHype pays the network fee | | Once per move | | Withdrawing USDC | Nothing from CopyHype | | Hyperliquid takes $1 | | Subscription | None | | | There is no monthly plan, no deposit fee from CopyHype and no fee on profits. ## What does "trade size" mean on Perps? **Trade size is the full position: your amount times the multiplier.** A $20 trade at x5 is a $100 position, so the CopyHype fee is 0.1% of $100, which is 10 cents, when you open, and again when you close. The Perps fee is collected through Hyperliquid's builder code system: it shows up on Hyperliquid as part of the fill, next to Hyperliquid's own fee. The approval for it is one of the two signatures when you set up real money. CopyHype's builder address on Hyperliquid is `0x119d168548b882164897d52e786f6699ae4cdb8b`, so anyone can check the fees it collects on chain. ## What does Hyperliquid charge? **Hyperliquid charges a trading fee on each fill and runs funding on open positions.** CopyHype does not set or keep any of these. | | What it charges | |---|---| | Hyperliquid trading fee, main markets including meme coins | 0.045% of the position at the base taker tier ([Hyperliquid docs](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees)) | | Funding | Open positions pay or receive a small amount every hour, depending on direction and market, straight between traders ([Hyperliquid docs](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/funding)) | | Stocks, gold and indices (HIP-3 markets) | 0.09% of the position per side, twice the main-market fee. HIP-3 markets in growth mode charge 0.009% ([trade.xyz docs](https://docs.trade.xyz/trading/fees)) | | Arbitrum | The network fee to move USDC into Hyperliquid, paid by CopyHype | Every layer, with examples: [Hyperliquid fees explained](https://copyhype.family/blog/hyperliquid-fees-explained) and [funding rate explained](https://copyhype.family/blog/funding-rate-explained). ## What does a $20 Perps copy cost? **About 29 cents for the round trip at x5: 20 cents to CopyHype and 9 cents to Hyperliquid, plus or minus funding.** Here is the detail. The whale opens a trade at x5. Your amount is $20, so your position is $100. The price ends up flat, and you close with the whale. | Step | CopyHype | Hyperliquid (base tier) | |---|---|---| | Open, $100 position | $0.10 | $0.045 | | Close, $100 position | $0.10 | $0.045 | | Total | $0.20 | $0.09 | Round trip, about 29 cents on a $20 trade, plus or minus funding while the trade is open. With a friend's link, the CopyHype part is 18 cents instead of 20. A bigger multiplier means a bigger position, so fees grow with it. At x20, the same $20 is a $400 position and each side costs four times more. ## What does a $5 trade cost? **About 4 cents for the round trip: at $5, the copy uses at least x3, so the position is at least $15.** Fees follow the position, not your amount. Hyperliquid needs $10 of position per order, so a $5 copy of a trader at x1 is raised to x3, a $15 position. Opening and closing it costs about 3 cents to CopyHype and about 1.4 cents to Hyperliquid. That is about 0.9% of your $5, which a small move covers. A $5 copy of a trader at x20 is a $100 position, and costs about 29 cents round trip, close to 6% of the $5. Small amounts and high multipliers are an expensive mix. ## What do predictions cost? **1% when you buy and 1% if you sell before the result, with nothing from CopyHype at the result.** Hyperliquid adds its own fee of about 0.07% when you sell or when the market settles. On a $10 bet, you pay $10.10, and 10% off applies with a friend's link. Details: [Predictions in CopyHype](https://copyhype.family/docs/predictions). ## What does a $20 trade on gold or a stock cost? **About 38 cents for the round trip at x5: 20 cents to CopyHype and 18 cents to Hyperliquid.** Hyperliquid's fee on stocks, gold and indices is 0.09% per side, twice its main-market fee. | Step, $100 position | CopyHype | Hyperliquid (0.09%) | |---|---|---| | Open | $0.10 | $0.09 | | Close | $0.10 | $0.09 | | Total | $0.20 | $0.18 | ## Why does practice charge fees? **So that practice results are honest.** A practice trade pays the same trading fees as a real one, in practice money. If practice ignored fees, a strategy that loses in real life could look like a winner. ## How does the friend discount work? **If you joined with a friend's link, every CopyHype fee is 10% lower for you: 0.09% instead of 0.1%.** Your friend earns a share of what CopyHype makes on your real money trades. See [referral](https://copyhype.family/docs#referral). ## Frequently asked questions ### Does CopyHype take a cut of my profits? No. CopyHype charges a fee per trade, not a share of profits. A winning trade and a losing trade of the same size pay the same fee. ### Is there a fee to deposit or withdraw? CopyHype charges nothing. Moving USDC into Hyperliquid is free, CopyHype pays the network fee. Withdrawing USDC costs $1, taken by Hyperliquid to pay the network. ### Are trading fees the same in practice and real money? Yes. Practice trades are charged the same trading fees, in practice money, so the results you see are realistic. ### Where do I see the fees I paid? In the app. Your results and your 📜 History are shown after fees. Under 📜 Money in and out, "Trading result" includes fees, funding and open trades. The rate itself never changes from one trade to the next. [Back to the docs](https://copyhype.family/docs) --- # Predictions in CopyHype Source: https://copyhype.family/docs/predictions Updated: 2026-10-23 Hyperliquid's prediction markets, made as simple as a tap. How a bet works, what it costs, when you can sell, and how to copy the best prediction traders. ## What are Predictions in CopyHype? **Predictions let you pick Yes or No on sports, crypto prices, rates and news from Telegram, with the chance and the payout shown before you bet.** From $10 a bet, in practice money or real money. Hyperliquid runs prediction markets under the name outcome markets, created by its HIP-4 upgrade. Each market is a Yes or No question. A share pays $1 if its side wins and $0 if it loses, so its price is the market's chance ([Hyperliquid docs, HIP-4](https://hyperliquid.gitbook.io/hyperliquid-docs/hyperliquid-improvement-proposals-hips/hip-4-outcome-markets)). The full explainer is [Hyperliquid prediction markets, explained simply](https://copyhype.family/blog/hyperliquid-prediction-markets). New to prediction markets? Start with [Predictions 101](https://copyhype.family/docs/predictions-101). ## How do I place a bet? **Open [@copyhypefamilybot](https://t.me/copyhypefamilybot?start=seo_predict_docs), tap Open the app, open the Trade tab, then 🔮 Predictions.** Pick a market, tap Yes or No (or a team), pick your bet from $10, and hold to bet. Practice comes first: free practice money on live Hyperliquid prices, with the same $10 minimum and the same trading fees as real money. Real money bets come from your own wallet, the same one you use for perps. More in [wallets](https://copyhype.family/docs/wallets). ## What does a prediction look like? **One question, two buttons, and the numbers that matter in plain words.** For example, a market where Yes trades at $0.40. | You see | What it means | |---|---| | pays ×2.5 | In the market list: what each dollar becomes if Yes wins | | 🔮 crypto · 18h left | The category and the time left before the result | | BTC above $108K tomorrow 08:00? | The question | | Yes 40% · No 60% | The two sides and the market's chance for each. Yes costs $0.40 a share | | Your bet: $10 · $20 · $50 · $100 · Other | Your amount, from $10. Our 1% fee comes on top: you pay $10.10 | | If Yes wins $24.98 | 25 shares pay $1 each, minus Hyperliquid's 0.07%: a profit of about $14.88 | | If it loses, you lose your bet: $10.00, never more | The most the bet can lose. You can sell any time before the end | | Sell when at · Sell if down to | Optional: sell by itself when the chance climbs to a level you pick, like 50%, 60% or 70%, or falls to 30% or 20% | | Hold to bet $10 on Yes | Press and hold to place the bet | The numbers above are an example of the format, not a live market. ## Can I sell before the result? **Yes, any time before the result, at the live price.** Your open bet shows what you get now, with a Cash out button and a Cash out half button. Hyperliquid only accepts a sale worth $10 or more. A $10 bet is worth a little less than $10 right after you buy it, so it can be sold early once its chance has gone up. Keep it and it pays at the result. A bet of $20 or more leaves more room to sell early. ## Can I copy prediction traders? **Yes.** CopyHype ranks the best prediction traders on Hyperliquid who traded in the last 24 hours, by profit or ROI over 24 hours, 7 days or 30 days. Profit is what their public bets made after fees, from sales and settlements. ROI is that profit divided by what they spent buying. Copy one and their next bets become yours, at your amount, from $10. Or join a single bet they hold in one tap. Their past results do not predict their next ones. Read [can you copy trade prediction markets](https://copyhype.family/blog/copy-trading-prediction-markets) before you copy. ## Which markets are there? **Markets from Hyperliquid's own list of outcome markets.** On October 18, 2026, that list covered the NFL, the NBA, soccer such as Ligue 1, League of Legends esports, and crypto and index prices. The list changes daily, and we do not promise any specific market. Some markets may not be shown in some countries. Guides: [sports predictions](https://copyhype.family/blog/hyperliquid-sports-predictions) and [crypto price predictions explained](https://copyhype.family/blog/crypto-price-predictions-explained). ## What does it cost? **Practice money is free, and it carries the same trading fees as real money, so the results match. CopyHype's fee: 1% when you buy, 1% if you sell before the result, and nothing from CopyHype at the result.** On $10, that is $0.10 when you buy. Hyperliquid takes nothing to open and about 0.07% when you sell or when the market settles. A friend's link takes 10% off our fee. Apps can add a builder fee on Hyperliquid outcome markets, as in spot trading, where the cap is 1% ([Hyperliquid docs, builder codes](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/builder-codes)). Every platform's fee rule: [prediction market fees compared](https://copyhype.family/blog/prediction-market-fees-compared). ## Which rules do we hold ourselves to? **Plain numbers and no promises of wins.** - **Chance and payout before you tap.** Never just a price. - **No sure things.** A 90% favourite still loses 1 time in 10, and we say so. - **Single bets.** No parlays or combos: each prediction stands on its own. - **Your country.** Prediction markets are regulated differently around the world. See [are prediction markets legal](https://copyhype.family/blog/are-prediction-markets-legal). ## Frequently asked questions ### Are Predictions live in CopyHype? Yes. Open @copyhypefamilybot, tap Open the app, open the Trade tab, then 🔮 Predictions. From $10 a bet. ### Can I practice predictions for free? Yes. Practice money works on live Hyperliquid outcome prices, from $10 a bet like real money, with the same trading fees. ### Can I sell a prediction before the result? Yes, any time before the result. Hyperliquid only accepts a sale worth $10 or more, so a $10 bet can be sold early once its chance has gone up. ### What are Hyperliquid outcome markets? Yes or No markets created by Hyperliquid's HIP-4 upgrade, live on mainnet since May 2, 2026. A share pays $1 if its side wins and $0 if it loses. ### Can I lose more than I put in on a prediction? No. Outcome markets have no multiplier and no liquidation. If your side settles at 0, you lose the amount you put in. ### Are there parlays or combos? No. Each prediction is a single bet. CopyHype offers no parlays or combos. --- # Predictions 101: prediction markets for beginners Source: https://copyhype.family/docs/predictions-101 Updated: 2026-10-23 Hyperliquid's prediction markets in plain words. What a Yes share is, why its price is a chance, how a $10 bet plays out, what it costs, and how to copy the best prediction traders in CopyHype. ## What is a prediction market, in 60 seconds? **A prediction market turns a real question into Yes and No shares. A share pays $1 if its side is right and $0 if it is wrong, so its price is the market's chance.** Yes at $0.40 means the market gives Yes a 40% chance, and each dollar you put on it becomes $2.50 if Yes wins. - **One question, two sides.** Will BTC be above a price tomorrow morning? Will this team win tonight? You pick Yes or No. - **Price is probability.** A share at $0.40 is a 40% chance in the eyes of the market. - **The multiplier is 1 divided by the price.** At $0.40, x2.5. At $0.80, x1.25. - **The price moves until the result.** You can sell before the end, at the live price. - **No multiplier on your money, no liquidation.** A bet costs what you paid for it, nothing more. ## How does the price become a chance? **Because a share pays exactly $1 when its side is right, its price in cents reads as a percentage.** Buyers and sellers set it. When more people think Yes, Yes gets more expensive. | Yes price | Market's chance of Yes | Multiplier if Yes wins | $10 on Yes pays | |---|---|---|---| | $0.20 | 20% | x5 | $50 | | $0.40 | 40% | x2.5 | $25 | | $0.50 | 50% | x2 | $20 | | $0.80 | 80% | x1.25 | $12.50 | Payouts are before fees. A cheap side pays more because the market thinks it is less likely. A favourite pays less and still loses some of the time: an 80% side loses about 1 time in 5. More on reading prices: [prediction market odds explained](https://copyhype.family/blog/prediction-market-odds-explained). ## What are Hyperliquid outcome markets (HIP-4)? **They are Hyperliquid's own prediction markets, called outcome markets, added by its HIP-4 upgrade and live on mainnet since May 2, 2026.** Each outcome is a fully backed Yes or No share that settles at $1 or $0 in USDC ([Hyperliquid docs, HIP-4](https://hyperliquid.gitbook.io/hyperliquid-docs/hyperliquid-improvement-proposals-hips/hip-4-outcome-markets)). Yes and No share one order book: buying Yes at $0.40 is the same trade as selling No at $0.60. A question can group several outcomes where exactly one ends Yes, like the winner of a match. When the result is known, the market settles and winning shares are paid automatically. The full explainer: [Hyperliquid prediction markets, explained simply](https://copyhype.family/blog/hyperliquid-prediction-markets). ## How does a $10 prediction work? **Here is one bet from start to finish: $10 on Yes at $0.40, in CopyHype.** | Step | What happens | |---|---| | You buy | $10 buys 25 Yes shares at $0.40. You pay $10.10 with CopyHype's 1% fee | | Yes wins | The 25 shares pay $1 each: $25, about $24.98 after Hyperliquid's 0.07%. Profit: about $14.88 | | No wins | The shares pay $0. The bet is over and the $10.10 is spent | | You sell early at $0.60 | The 25 shares sell for $15. After our 1% and Hyperliquid's fee you get about $14.84, a profit of about $4.74 | The numbers are an example of the format, not a live market. Every bet shows what it pays if it wins before you bet. ## Can I sell before the result? **Yes, any time before the result, at the live price.** Your open bet shows what you get now, with a Cash out button and a Cash out half button. Hyperliquid only accepts a sale worth $10 or more. A $10 bet is worth a little less than $10 right after you buy it, so it can be sold early once its chance has gone up. Keep it and it pays at the result. A bet of $20 or more leaves more room to sell early. ## How do I place my first prediction? **Five taps, starting with free practice money.** **How to place a prediction in CopyHype** 1. **Open the bot.** Open [@copyhypefamilybot](https://t.me/copyhypefamilybot?start=seo_predict_101) in Telegram and tap Open the app. 2. **Go to Predictions.** Open the Trade tab, then 🔮 Predictions. Pick a market: sports, crypto, politics and more. Each one shows the chance and what it pays, like pays ×2.5. 3. **Pick a side.** Tap Yes or No. You see the chance and the time left before the result. 4. **Set your bet.** From $10. The sheet shows what you get if you are right. Our 1% fee comes on top: $10.10 for a $10 bet. 5. **Hold to bet.** Start in practice money on live prices, then use real money from your own wallet when you are ready. Practice uses the same $10 minimum and the same trading fees as real money, so the results match. Real money bets come from the same wallet you use for perps, and only you can withdraw from it. More in [Predictions in CopyHype](https://copyhype.family/docs/predictions). ## How does copying a prediction trader work? **CopyHype ranks the best prediction traders on Hyperliquid by profit or ROI, from their public Hyperliquid bets. Tap Copy and their next bets become yours, at your amount, from $10.** - **Pick a trader.** The list shows traders active in the last 24 hours, with their profit after fees from sales and settlements over 24 hours, 7 days or 30 days, and their ROI: that profit divided by what they spent buying. - **Set your amount per bet.** From $10. You can pause the copy at any time. - **Or join one bet.** Open a bet they hold and tap Join, without copying everything. A trader who won last month can lose next month. Read [can you copy trade prediction markets](https://copyhype.family/blog/copy-trading-prediction-markets) before you copy. ## What does it cost? **CopyHype takes 1% when you buy, 1% if you sell before the result, and nothing at the result. The minimum is $10 a bet.** On $10, that is $0.10 when you buy. Hyperliquid takes nothing to open and about 0.07% when you sell or when the market settles. A friend's link takes 10% off our fee. Practice money is free and carries the same trading fees, so practice results match real ones. Compare platforms: [prediction market fees compared](https://copyhype.family/blog/prediction-market-fees-compared). ## Which mistakes do beginners make? **Most come from reading the price as a sure thing, or skipping the rules.** - **Treating 90% as certain.** A 90% side still loses about 1 time in 10. - **Not reading the rules.** Each market says what counts as Yes, when, and from which source. - **Betting on the cheapest side for the multiplier.** A x5 side is cheap because it usually loses. - **Chasing a loss.** Each market is a new question. The last result does not change the next one. - **Expecting combos.** CopyHype has no parlays: each prediction stands on its own. ## Where do I go next? **Pick the guide that matches your next question.** - [Prediction markets: the complete guide](https://copyhype.family/docs/prediction-markets), from shares to Polymarket and Kalshi. - [What are outcome tokens?](https://copyhype.family/blog/what-are-outcome-tokens) Yes and No shares, split and merge. - [Hyperliquid sports predictions](https://copyhype.family/blog/hyperliquid-sports-predictions) and [crypto price predictions explained](https://copyhype.family/blog/crypto-price-predictions-explained). - [Are prediction markets legal?](https://copyhype.family/blog/are-prediction-markets-legal) Rules differ from country to country. - The [glossary](https://copyhype.family/docs/glossary#predictions) for every term on this page. ## Frequently asked questions ### What is the minimum bet on a prediction? $10 a bet, in practice money and in real money. It is Hyperliquid's minimum per order. ### Is a prediction market the same as a bookmaker? No. You buy and sell shares with other people at a price the market sets, not against a house that sets the odds. The price moves as people trade. ### Is there leverage on predictions? No. There is no multiplier and no liquidation. A bet costs what you paid for it. ### How is a winning prediction paid? When the market settles, each winning share pays $1, automatically, into your balance. Losing shares pay $0. ### What fees does CopyHype charge on predictions? 1% when you buy, 1% if you sell before the result, nothing at the result. Hyperliquid takes about 0.07% when you sell or at settlement. ### Can I practice predictions for free? Yes. Practice money works on live Hyperliquid prices, with the same $10 minimum and the same trading fees as real money. --- # Copy trading: the complete guide Source: https://copyhype.family/docs/copy-trading Updated: 2026-10-23 Copy trading, copytrading, mirror trading, social trading, whale copying, smart money: one idea under many names. This page explains it in 60 seconds, then lists every guide in the order that makes sense. ## What is copy trading, in 60 seconds? **Copy trading means your account automatically repeats the trades of a trader you choose, at an amount you set. They open, you open. They exit, you exit.** Your money stays in your account, and your result is your own. - **You choose the trader.** Ideally from a public record, picked on rules, not on one lucky week. - **You choose the amount.** For example $10 a trade. That amount is the most a single trade can lose with isolated margin. - **The copy lands seconds later.** That small delay, plus fees, is why your result is usually a little worse than the trader's. - **You pay fees.** Per trade, as a share of profits, or as a subscription, depending on the service. - **You can lose money.** Copying moves decisions to someone else. It does not remove risk. A worked example: you copy a trader with $10 at x5, a $50 position. Bitcoin rises 4% and they close. Your copy makes $2.00 gross, about $1.85 after CopyHype's 0.1% and Hyperliquid's 0.045% per side. If Bitcoin falls 4% instead, you lose about $2.15. Full explainer: [what is copy trading?](https://copyhype.family/blog/what-is-copy-trading). ## Where should I start? **With the definition, the words, and a practice plan.** Read these three first. 1. [What is copy trading? How it works, with real numbers](https://copyhype.family/blog/what-is-copy-trading). The mechanics from zero. 2. [Copy trading vs mirror trading vs social trading](https://copyhype.family/blog/copy-vs-mirror-vs-social-trading). What each term really means. 3. [Copy trading for beginners: start with practice money](https://copyhype.family/blog/copy-trading-for-beginners). Your first week, step by step. Keep the [copy trading glossary](https://copyhype.family/docs/copy-trading-glossary) open for any word you do not know. ## How do I choose who to copy? **Look for recent activity, positive returns over a week and a month, a style slow enough to copy, and copy results that hold up after delay and fees.** These guides show how. 4. [Smart money copy trading: how to follow the best wallets on Hyperliquid](https://copyhype.family/blog/smart-money-copy-trading). Whales vs smart money, and which ones you can actually copy. 5. [How to find the best Hyperliquid traders to copy](https://copyhype.family/blog/best-hyperliquid-traders-to-copy). Seven checks and the red flags. 6. [How to read a whale's PnL before you copy them](https://copyhype.family/blog/how-to-read-a-whale-pnl). What each number on a trader card means. 7. [The Hyperliquid leaderboard, explained for copiers](https://copyhype.family/blog/hyperliquid-leaderboard-explained). PnL, ROI, volume, and why number one is often a trap. 8. [Hyperliquid top traders this week](https://copyhype.family/blog/hyperliquid-top-traders-this-week). Who leads Hyperliquid's leaderboard, and how to read it. 9. [Hyperliquid whale tracker: how to follow whale wallets](https://copyhype.family/blog/hyperliquid-whale-tracker). Tracking tools, and how to act on an alert. CopyHype's own method is in [how whales are picked](https://copyhype.family/docs/whale-picks): the top 8 traders by profit or ROI over 24 hours, 7 days and 30 days on Hyperliquid's leaderboard, among traders who traded in the last 24 hours, without market makers. ## How much money do I need? **$5 a trade on CopyHype, $0 to practice, and a sensible budget is one you could lose entirely, split into small pieces.** These pages do the math. 10. [How much money do you need to start copy trading?](https://copyhype.family/blog/how-much-money-to-start-copy-trading). Budgets of $20, $100 and $1,000. 11. [Copy trading with small amounts: why CopyHype starts at $5](https://copyhype.family/blog/copy-trading-with-2-dollars). The smallest size, honestly. 12. [Copy trading with $10: what ten dollars really does](https://copyhype.family/blog/copy-trading-with-10-dollars). Fees, liquidation and growth at $10. 13. [Copy trading position sizing: fixed amount, proportional or copy ratio?](https://copyhype.family/blog/copy-trading-position-sizing). How a copy tool turns a whale's size into yours. ## What does copy trading cost? **The service's fee, the exchange's fee and, on perps, funding.** The model matters as much as the rate. 14. [Copy trading fees explained: per trade, profit share or subscription?](https://copyhype.family/blog/copy-trading-fees). Which model is cheapest for which account. 15. [Hyperliquid fees explained: every cost of a trade, in cents](https://copyhype.family/blog/hyperliquid-fees-explained). Maker, taker, HIP-3, builder fees. | Model | Example | Good month | Bad month | |---|---|---|---| | Per trade | CopyHype: 0.1% of the position each way | Same fee | Same fee | | Profit share | BitMEX's Hyperliquid leaders: 15% of net profit | Bigger fee | No share | | Subscription | A fixed monthly price | Same fee | Same fee | ## Is copy trading safe? **Copy trading is risky, but most of the damage people suffer is avoidable: keep custody, cap each trade, spread across traders, practice first.** 16. [Is copy trading safe? The six real risks, and how to cut each one](https://copyhype.family/blog/is-copy-trading-safe). 17. [Is copy trading profitable? An honest answer](https://copyhype.family/blog/is-copy-trading-profitable). 18. [Telegram copy trading bots: 10 things to check before you connect money](https://copyhype.family/blog/telegram-copy-trading-bot). 19. [Is CopyHype safe? How the wallet, keys, fees and whale picks work](https://copyhype.family/blog/is-copyhype-safe). ## How do I copy trade on Hyperliquid? **Pick a whale, set your amount, tap Copy. Their trades happen in your own wallet.** These pages cover Hyperliquid specifically. 20. [How to copy trade on Hyperliquid, step by step](https://copyhype.family/blog/how-to-copy-trade-hyperliquid). 21. [Copy a whale or trade solo on Hyperliquid](https://copyhype.family/blog/copy-or-trade-solo-hyperliquid). How each mode works, with $1,000 examples. 22. [Let it ride: how a winning perps trade can pay for a second one](https://copyhype.family/blog/let-it-ride-explained). 23. [Hyperliquid leverage and liquidation, explained for copiers](https://copyhype.family/blog/hyperliquid-leverage-liquidation). On CopyHype, copies and solo trades cover every Hyperliquid perps market: crypto, stocks, gold, indices and [meme coins](https://copyhype.family/blog/hyperliquid-meme-coin-perps), plus predictions: Yes or No bets on sports, crypto prices and news. The full Hyperliquid map is in the [Hyperliquid guide](https://copyhype.family/docs/hyperliquid). ## How does copy trading compare with other options? **Exchanges, vaults, signal groups and bots each trade custody, control and cost differently.** Honest comparisons: 24. [Exchange copy trading vs onchain copy trading](https://copyhype.family/blog/exchange-vs-onchain-copy-trading). Binance, Bitget and BitMEX vs your own wallet. 25. [Best Hyperliquid copy trading bots and apps, compared](https://copyhype.family/blog/hyperliquid-copy-trading-options). Vaults, BitMEX, Hyperbot, DIY bots and CopyHype. 26. [Copy trading vs Hyperliquid vaults](https://copyhype.family/blog/copy-trading-vs-hyperliquid-vaults). Pooled money or your own trades. 27. [Copy trading vs signal groups](https://copyhype.family/blog/copy-trading-vs-signal-groups). Why a right call can still lose a signal member money. 28. [CopyHype vs copyfomo](https://copyhype.family/blog/copyhype-vs-copyfomo). Two copy tools for different traders. ## Can I copy prediction market traders? **On public platforms, yes, but it is harder than copying perps because prices jump on news and many markets are thin.** In CopyHype, you can copy the best prediction traders on Hyperliquid, from $10 a bet. 29. [Copy trading prediction markets: can you copy Polymarket or Hyperliquid traders?](https://copyhype.family/blog/copy-trading-prediction-markets). The rest is in the [prediction markets guide](https://copyhype.family/docs/prediction-markets). ## What is the fastest way to try copy trading? **Practice money on live prices.** On CopyHype you get $1,000 of practice money as a free 24-hour trial, and each friend you invite adds 24 hours once their first trade opens. **Try copy trading for free in Telegram** 1. **Open @copyhypefamilybot.** Tap Start, then Open the app. 2. **Pick a whale.** The lists show the top traders by profit or ROI over 24 hours, 7 days and 30 days. 3. **Tap Copy and set your amount.** From $5 a trade. Same coin, same direction, same multiplier. 4. **Watch them exit.** They exit, you exit. Results are shown after fees. 5. **Go real when ready.** Your own non-custodial wallet: only you can withdraw, and CopyHype's trading key cannot. ## Frequently asked questions ### What is the best copy trading platform? The one that keeps your money in a wallet only you can withdraw from, shows a checkable record for each trader, states every fee before you trade, and lets you practice first. Compare options in [exchange vs onchain copy trading](https://copyhype.family/blog/exchange-vs-onchain-copy-trading). ### Is copy trading good for beginners? It can be, if you start with practice money and small amounts. It teaches you how real trades open and close. It does not remove the risk of losing money. ### What is the difference between copy trading and copytrading? None. Copy trading, copytrading, copy trade and copy trader all refer to the same idea. ### Can I copy trade on Telegram? Yes. CopyHype is a Telegram Mini App and bot for copying Hyperliquid traders on Perps and Predictions. See the [Telegram trading bots guide](https://copyhype.family/docs/telegram-trading-bots). ### How much does CopyHype charge? 0.1% of the position when a trade opens and 0.1% when it closes, plus Hyperliquid's fee: 0.045% on main markets, 0.09% on stocks, gold and indices. Practice is free. See [CopyHype fees](https://copyhype.family/docs/fees). --- # Hyperliquid: the complete guide Source: https://copyhype.family/docs/hyperliquid Updated: 2026-10-26 Hyperliquid, HL, HYPE, HIP-3, HIP-4: everything about the onchain perps exchange where every trade is public, in plain words, in the order you need it. ## What is Hyperliquid, in 60 seconds? **Hyperliquid is an onchain exchange, built on its own blockchain, best known for perps: bets that a price goes up or down, with a multiplier. Your money stays in your own wallet, and every account and trade is public.** - **Perps first.** BTC, ETH, SOL and many more coins, meme coins like PEPE, WIF and POPCAT, plus stocks, gold and indices through HIP-3 markets. - **USDC in, USDC out.** Deposits arrive as USDC from the Arbitrum One network. At least 5 USDC per deposit. - **Low fees.** 0.045% of the position per side at the base taker tier on main markets, meme coins included, 0.09% on stocks, gold and indices. - **Everything is public.** That is why you can track and copy Hyperliquid whales. - **HYPE** is Hyperliquid's token. **HL** is a common short name for Hyperliquid. - **HIP-4** added prediction markets, called outcomes, in 2026. Start with [what is Hyperliquid?](https://copyhype.family/blog/what-is-hyperliquid). Every term is in the [perps glossary](https://copyhype.family/docs/glossary). ## How do I start on Hyperliquid? **Get USDC on Arbitrum One, deposit at least 5 USDC, and place a first small trade with isolated margin and a low multiplier.** 1. [What is Hyperliquid? The perps exchange where every trade is public](https://copyhype.family/blog/what-is-hyperliquid). 2. [Hyperliquid for beginners: your first perps trade, step by step](https://copyhype.family/blog/hyperliquid-for-beginners). 3. [How to deposit USDC to Hyperliquid without losing it](https://copyhype.family/blog/how-to-deposit-usdc-to-hyperliquid). 4. [Hyperliquid minimums: $10 per order, 5 USDC to deposit, and $5 trades](https://copyhype.family/blog/hyperliquid-minimum-order-size). 5. [Hyperliquid demo account: practice perps with $1,000 of practice money](https://copyhype.family/blog/hyperliquid-demo-account). ## What does Hyperliquid cost? **A small fee on each side of a trade, hourly funding on open perps, and $1 per USDC withdrawal.** 6. [Hyperliquid fees explained: every cost of a trade, in cents](https://copyhype.family/blog/hyperliquid-fees-explained). 7. [Funding rate explained: the small hourly payment between longs and shorts](https://copyhype.family/blog/funding-rate-explained). | | Per side, base tier | |---|---| | Main perps and meme coins, taker | 0.045% | | Main perps, maker | 0.015% | | Stocks, gold and indices (HIP-3) | 0.09% taker | | App builder fee, maximum on perps | 0.1% (CopyHype's fee) | | USDC withdrawal | $1 flat | ## How do leverage and liquidation work on Hyperliquid? **Your amount times the multiplier is your position; if the price moves too far against you, the trade closes and you lose the amount.** Maintenance margin is half the margin needed at the coin's maximum multiplier. 8. [Leverage and liquidation on Hyperliquid, explained for copiers](https://copyhype.family/blog/hyperliquid-leverage-liquidation). 9. [How to calculate liquidation price, with worked examples](https://copyhype.family/blog/liquidation-price-formula). 10. [Isolated vs cross margin: which one protects your money?](https://copyhype.family/blog/isolated-vs-cross-margin). ## Who are the Hyperliquid whales, and how do I follow them? **Large, active accounts whose every trade is public. You can track them, and copy the ones whose style survives a short delay.** 11. [The Hyperliquid leaderboard, explained for copiers](https://copyhype.family/blog/hyperliquid-leaderboard-explained). 12. [Hyperliquid whale tracker: how to follow whale wallets](https://copyhype.family/blog/hyperliquid-whale-tracker). 13. [Hyperliquid top traders this week: cashed-out profit vs paper profit](https://copyhype.family/blog/hyperliquid-top-traders-this-week). 14. [How to find the best Hyperliquid traders to copy](https://copyhype.family/blog/best-hyperliquid-traders-to-copy). 15. [Smart money copy trading on Hyperliquid](https://copyhype.family/blog/smart-money-copy-trading). 16. [How to copy trade on Hyperliquid, step by step](https://copyhype.family/blog/how-to-copy-trade-hyperliquid). ## What else can I trade on Hyperliquid? **Meme coin perps on the main list, stocks, gold, oil and indices through HIP-3 perps, and prediction markets through HIP-4 outcomes.** 17. [What is HIP-3? Hyperliquid's builder-deployed perps](https://copyhype.family/blog/what-is-hip-3). 18. [Stocks, gold and oil on Hyperliquid: how these perps work](https://copyhype.family/blog/hyperliquid-stocks-gold-perps). 19. [Trade meme coin perps on Hyperliquid (PEPE, WIF, POPCAT and more)](https://copyhype.family/blog/hyperliquid-meme-coin-perps). The k prefix, low multipliers and a $10 liquidation example. 20. [Hyperliquid prediction markets (HIP-4 outcomes), explained simply](https://copyhype.family/blog/hyperliquid-prediction-markets). Live in CopyHype. 21. [How to trade Hyperliquid outcomes, step by step](https://copyhype.family/blog/how-to-trade-hyperliquid-outcomes). ## How do I trade Hyperliquid from Telegram? **With a Telegram bot that places Hyperliquid trades from your own wallet, using a trading key that cannot withdraw.** 22. [Hyperliquid Telegram bot: how to copy whales and trade perps from Telegram](https://copyhype.family/blog/hyperliquid-telegram-bot). 23. [Hyperliquid API wallets: how a bot can trade for you but never withdraw](https://copyhype.family/blog/hyperliquid-api-wallets-explained). 24. [Best Hyperliquid copy trading bots and apps, compared](https://copyhype.family/blog/hyperliquid-copy-trading-options). ## Is Hyperliquid safe, and how does it compare? **Hyperliquid removes some risks of company-run exchanges and adds others, like smart contract and market risks.** Honest looks: 25. [Is Hyperliquid safe? An honest look at what can go wrong](https://copyhype.family/blog/is-hyperliquid-safe). 26. [Hyperliquid vs Binance vs Bybit for a perps beginner](https://copyhype.family/blog/hyperliquid-vs-binance-bybit). 27. [Hyperliquid vs dYdX vs GMX](https://copyhype.family/blog/hyperliquid-vs-dydx-gmx). 28. [Copy trading vs Hyperliquid vaults](https://copyhype.family/blog/copy-trading-vs-hyperliquid-vaults). ## What is the easiest way to try Hyperliquid? **Practice money on live Hyperliquid prices, inside Telegram.** CopyHype gives you $1,000 of practice money as a free 24-hour trial, plus 24 hours for each invited friend whose first trade opens. **Try Hyperliquid perps from Telegram** 1. **Open @copyhypefamilybot.** Tap Start, then Open the app. 2. **Copy a whale or trade solo.** Crypto, stocks, gold, indices and meme coins, from $5 a trade. 3. **Read the result after fees.** Same rules and trading fees as real money, in practice money. 4. **Switch to Real when ready.** Your own non-custodial wallet; only you can withdraw. 5. **Add money.** By card, Apple Pay or Google Pay from $20 (US, EU), USDT or USDC on BNB Chain, Base, Polygon or Arbitrum, or USDC on Arbitrum One. Then move it to Hyperliquid in one tap. ## Frequently asked questions ### What does HL mean in crypto? HL is a common short name for Hyperliquid, the onchain perps exchange. HYPE is its token. ### What is the difference between HIP-3 and HIP-4? HIP-3 lets outside teams deploy perps markets on Hyperliquid, such as stocks and gold. HIP-4 added outcome markets, Hyperliquid's prediction markets. ### What is the minimum to trade on Hyperliquid? $10 of position per order and 5 USDC per deposit. On CopyHype you can trade from $5, because $5 at x3 is a $15 position, above the $10 minimum. ### Can I copy trade on Hyperliquid? Yes. Every Hyperliquid account is public, so copy tools can follow any trader. CopyHype copies Hyperliquid perps and prediction traders from Telegram. ### Is CopyHype part of Hyperliquid? No. CopyHype is an independent app built on Hyperliquid, not affiliated with it. --- # Prediction markets: the complete guide Source: https://copyhype.family/docs/prediction-markets Updated: 2026-10-23 Prediction markets, outcomes, event contracts, binary markets: one simple share under many names. Learn it here in order. Predictions are live in CopyHype, from $10 a bet. ## What are prediction markets, in 60 seconds? **A prediction market sells Yes and No shares on a real question. A share pays $1 if its side is right and $0 if wrong, so its price reads as the market's chance.** Buying Yes at $0.40 means paying 40 cents for a share that pays $1 if right: a x2.5 multiplier. - **Price is probability.** $0.40 means the market thinks 40%. - **Multiplier is 1 divided by the price.** $0.25 pays x4, $0.50 pays x2. - **You can sell before the end,** at the current price. - **Every market has written rules** saying what counts as Yes, when, and who decides. - **You can lose the full amount** you put in. People call them prediction markets, outcomes, event contracts, binary markets, or compare them to Polymarket and Kalshi. Full basics: [what are prediction markets?](https://copyhype.family/blog/what-are-prediction-markets). ## Are predictions live in CopyHype? **Yes. Predictions on Hyperliquid's outcome markets (HIP-4) are live in CopyHype.** Pick Yes or No from $10 a bet, sell any time before the result once the bet is worth $10 or more, or copy the best prediction traders. How it works: [Predictions in CopyHype](https://copyhype.family/docs/predictions). The step by step beginner guide: [Predictions 101](https://copyhype.family/docs/predictions-101). ## Where should I start? **With the share itself, then the price, then how Hyperliquid runs it.** 1. [What are prediction markets? How they work, explained simply](https://copyhype.family/blog/what-are-prediction-markets). 2. [Prediction market odds explained: price is probability](https://copyhype.family/blog/prediction-market-odds-explained). 3. [What are outcome tokens? Yes and No, split and merge](https://copyhype.family/blog/what-are-outcome-tokens). 4. [Event contracts vs binary options vs sports betting](https://copyhype.family/blog/event-contracts-vs-binary-options). ## How do Hyperliquid outcome markets work? **Hyperliquid's HIP-4 upgrade runs outcome markets on its own onchain order book, settled in USDC, live on mainnet since May 2, 2026.** Yes and No share one order book, and the minimum order is $10. 5. [Hyperliquid prediction markets (HIP-4 outcomes), explained simply](https://copyhype.family/blog/hyperliquid-prediction-markets). 6. [How to trade Hyperliquid outcomes, step by step](https://copyhype.family/blog/how-to-trade-hyperliquid-outcomes). 7. [Crypto price predictions on Hyperliquid](https://copyhype.family/blog/crypto-price-predictions-explained). 8. [Sports predictions on Hyperliquid: NFL, NBA, soccer and esports](https://copyhype.family/blog/hyperliquid-sports-predictions). 9. [Can you parlay on Hyperliquid? Combos on HIP-4, explained](https://copyhype.family/blog/prediction-market-parlays-combos). Short answer: no. ## How do Polymarket, Kalshi and Hyperliquid compare? **They sell the same kind of share but differ on who runs the order book, who decides results, fees and who can use them.** 10. [HIP-4 vs Polymarket vs Kalshi: the facts, side by side](https://copyhype.family/blog/hip-4-vs-polymarket-vs-kalshi). 11. [Prediction market fees compared: Hyperliquid, Polymarket and Kalshi](https://copyhype.family/blog/prediction-market-fees-compared). 12. [Are prediction markets legal? A neutral guide](https://copyhype.family/blog/are-prediction-markets-legal). | | Hyperliquid HIP-4 | Polymarket | Kalshi | |---|---|---|---| | Model | Onchain order book | Crypto platform | US exchange regulated by the CFTC | | Settles in | USDC | USDC | US dollars | | Results decided by | An authorized oracle | UMA Optimistic Oracle | Kalshi, under its rules | ## Can I copy prediction market traders? **On public platforms, yes, but late copies cost more than on perps, because prices jump on news and many books are thin.** 13. [Copy trading prediction markets: can you copy Polymarket or Hyperliquid traders?](https://copyhype.family/blog/copy-trading-prediction-markets). ## How does a $10 prediction work? **You pay the price per share and get $1 per share if right.** With Yes at $0.40: | | | |---|---| | You put in | $10 | | Shares | 25 | | If Yes | $25 back, +$15 | | If No | $0, -$10 | | Sell early at $0.60 | $15 back, +$5 | Fees vary by platform and are left out here. Hyperliquid's minimum is $10 per order. ## Frequently asked questions ### What is an outcome on Hyperliquid? Hyperliquid's name for a prediction market contract, created by HIP-4. It settles to 0 or 1 in USDC. ### Are prediction markets the same as betting? The payout looks similar, but a prediction market is an exchange between traders where you can sell before the end. Some countries still regulate it as gambling. ### Is there a Polymarket alternative on Hyperliquid? Hyperliquid's HIP-4 outcome markets sell the same kind of Yes or No share, on Hyperliquid's own chain, settled in USDC. See [HIP-4 vs Polymarket vs Kalshi](https://copyhype.family/blog/hip-4-vs-polymarket-vs-kalshi). ### Where can I bet on predictions in CopyHype? They are live now. Open @copyhypefamilybot, tap Open the app, go to Trade, then 🔮 Predictions. To copy prediction traders, go to Whales, then 🔮 Predictions. ### Can I lose money on prediction markets? Yes. A share on the wrong side settles at $0, so you can lose the full amount you put in. --- # Telegram trading bots: the complete guide Source: https://copyhype.family/docs/telegram-trading-bots Updated: 2026-10-26 Telegram bot, TG bot, Telegram Mini App, copy trading bot, whale alert bot: what they are, how they handle your money, and how to pick a safe one. Every guide, in order. ## What is a Telegram trading bot, in 60 seconds? **A Telegram trading bot is a program you control from a Telegram chat that places trades on an exchange for you.** Telegram carries the messages; the trading happens on the exchange, signed with a wallet key. - **Chat bot or Mini App.** A chat bot works with messages and buttons. A Mini App opens a full app screen inside Telegram. - **The key decides the risk.** A bot can hold your money, hold your private key, or get a limited key that can trade but not withdraw. - **Copy trading bots** repeat a chosen trader's trades. **Alert bots** only message you. **Signal bots** post ideas. - **Fees** are usually a percentage of each trade. - **Scams** target Telegram traders constantly: lookalike bots, fake support, drainer links. Full explainer: [how Telegram trading bots work](https://copyhype.family/blog/how-telegram-trading-bots-work). ## How do Telegram trading bots work? **Your tap goes to the bot's server, which signs an order with a key and sends it to the exchange.** These pages explain the chain and the key. 1. [How Telegram trading bots work: chat bots, Mini Apps and who holds the keys](https://copyhype.family/blog/how-telegram-trading-bots-work). 2. [Hyperliquid API wallets: how a bot can trade for you but never withdraw](https://copyhype.family/blog/hyperliquid-api-wallets-explained). | Wallet model | Bot can withdraw? | If the bot is hacked | |---|---|---| | Bot holds your money | Yes | Funds at risk | | Bot holds your private key | Yes | Funds at risk | | Your wallet, bot gets a trading-only key | No | Attacker can trade, not withdraw | ## How do I pick a safe Telegram trading bot? **Check the exact username, who can withdraw, the full fee, whether exits are mirrored, and whether you can practice.** 3. [Telegram copy trading bots: 10 things to check before you connect money](https://copyhype.family/blog/telegram-copy-trading-bot). 4. [Telegram trading bot scams: nine tricks and how to spot each one](https://copyhype.family/blog/telegram-trading-bot-scams). 5. [Is copy trading safe? The six real risks](https://copyhype.family/blog/is-copy-trading-safe). 6. [Is CopyHype safe? How the wallet, keys, fees and whale picks work](https://copyhype.family/blog/is-copyhype-safe). ## Which Telegram bots trade Hyperliquid? **Several independent teams build Telegram bots for Hyperliquid: trading terminals, copy trading bots and whale alert bots.** CopyHype is a Mini App and bot that copies Hyperliquid traders on Perps and Predictions, or lets you trade solo. 7. [Hyperliquid Telegram bot: how to copy whales and trade perps from Telegram](https://copyhype.family/blog/hyperliquid-telegram-bot). 8. [Best Hyperliquid copy trading bots and apps, compared](https://copyhype.family/blog/hyperliquid-copy-trading-options). 9. [Hyperliquid whale tracker: how to follow whale wallets](https://copyhype.family/blog/hyperliquid-whale-tracker). 10. [CopyHype vs copyfomo: two copy trading tools](https://copyhype.family/blog/copyhype-vs-copyfomo). ## Bots, signals or copy trading? **Signals tell you what to do, bots do what rules say, copy trading does what a chosen trader does.** 11. [Copy trading vs signal groups](https://copyhype.family/blog/copy-trading-vs-signal-groups). 12. [Copy trading vs mirror trading vs social trading](https://copyhype.family/blog/copy-vs-mirror-vs-social-trading). ## How do I start with a Telegram trading bot safely? **Open it from the official site, practice with practice money, then use a non-custodial wallet with small amounts.** **Start with CopyHype in Telegram** 1. **Open @copyhypefamilybot.** Compare the username letter by letter. @CopyHyperliquidapp_bot is also official and opens the same app. 2. **Tap Start, then Open the app.** $1,000 of practice money is ready: a free 24-hour trial, plus 24 hours per friend you invite whose first trade opens. 3. **Copy a whale or trade solo.** Hyperliquid perps on crypto, stocks, gold, indices and meme coins, from $5 a trade, and predictions from $10 a bet. 4. **Switch to Real when ready.** Two signatures: a trading key that cannot withdraw, and the 0.1% fee per side. 5. **Add money.** By card, Apple Pay or Google Pay from $20 (US, EU), USDT or USDC on BNB Chain, Base, Polygon or Arbitrum, or USDC on Arbitrum One. Trades start at $5. ## Frequently asked questions ### What is a TG bot? TG is short for Telegram. A TG bot is a Telegram bot, a program you talk to in a Telegram chat. ### What is a Telegram Mini App? A full app screen that opens inside Telegram, built with web technology. Nothing to install. ### Are Telegram trading bots legal? Using a bot to trade from your own account is legal in most places, but rules on crypto and leverage differ by country. Check where you live. ### Which Telegram bot is best for copy trading? One where only you can withdraw, exits are mirrored, each trade can lose only its amount, fees are clear and you can practice first. Use the [10 checks](https://copyhype.family/blog/telegram-copy-trading-bot). ### Does CopyHype work on Telegram Desktop? Yes. The bot and the Mini App work the same on phone and desktop, and the same app also opens on the web with "Log in with Telegram". --- # Copy trading glossary Source: https://copyhype.family/docs/copy-trading-glossary Updated: 2026-10-23 Every word you meet when copying traders, using a Telegram trading bot or reading a prediction market, in plain English. For perps words like leverage, margin and funding, see the perps glossary. Use the links to jump to a section. Perps words (long, short, leverage, liquidation, funding, margin) live in the [perps glossary](https://copyhype.family/docs/glossary). Guides for each topic: [copy trading](https://copyhype.family/docs/copy-trading), [Telegram trading bots](https://copyhype.family/docs/telegram-trading-bots), [prediction markets](https://copyhype.family/docs/prediction-markets). ## What do the copy trading words mean? **These are the terms you meet when choosing and following a trader.** Each one is explained in one or two sentences, with an example where it helps. ### Copy trading Your account automatically repeats the trades of a trader you choose, at an amount you set. Also written copytrading or copy trade. Guide: [what is copy trading?](https://copyhype.family/blog/what-is-copy-trading). ### Copy trader Either the person who copies (the follower) or, on some platforms, the person being copied. On CopyHype, you are the copier and the trader you follow is a whale. ### Lead trader On exchange copy trading platforms, a trader who signs up to be copied, usually in exchange for a share of followers' profits. ### Mirror trading Originally, copying an automated strategy rather than a person. Today many apps use it as another word for copy trading. See [copy vs mirror vs social trading](https://copyhype.family/blog/copy-vs-mirror-vs-social-trading). ### Social trading Seeing, discussing and following other traders in a feed or community, with or without automatic copying. ### Whale A trader with a very large account. On CopyHype, the ⚡ Perps whale lists show the top 8 traders by profit over 24 hours, 7 days and 30 days on Hyperliquid's leaderboard, among those who traded in the last 24 hours. The 🔮 Predictions lists rank traders by the profit of their public bets, after fees. ### Smart money Wallets with a strong, repeated record, as opposed to wallets that are merely big. See [smart money copy trading](https://copyhype.family/blog/smart-money-copy-trading). ### Whale tracker A tool or bot that watches large wallets and shows or alerts their trades. It informs; it does not trade for you. See [Hyperliquid whale tracker](https://copyhype.family/blog/hyperliquid-whale-tracker). ### Leaderboard A ranking of traders by profit, ROI or volume over a period. Hyperliquid publishes one for a day, a week, a month and all time. See [the Hyperliquid leaderboard, explained](https://copyhype.family/blog/hyperliquid-leaderboard-explained). ### ROI Return on investment: profit divided by the money behind it. Making $5,000 on a $50,000 account is a 10% ROI. ROI compares traders of different sizes fairly; raw profit does not. ### Win rate The share of trades that closed in profit. 6 winners out of 10 is 60%. A high win rate with small wins and big losses can still lose money. ### Drawdown How far an account fell from its peak before recovering. An account that went from $100,000 to $70,000 had a 30% drawdown. ### Scalper A trader who opens and closes in seconds or minutes. Copies of scalpers usually arrive after the move, so they rarely copy well. ### Market maker A trader who posts buy and sell orders all day to earn the gap between them and exchange rebates. Their profit comes from order flow a copy cannot reproduce. ### Copy delay The time between the trader's trade and your copy, usually seconds. Also called latency. The longer the trader holds, the less the delay matters. ### Slippage The difference between the price you expected and the price you got. A copy that fills at $100,040 when the trader got $100,000 has 0.04% slippage. ### Chasing Entering after the price already moved a lot in the trader's direction, which makes your trade worse than theirs. Good copy tools skip trades that would chase. ### Fixed amount A sizing method where every copy uses the same amount, for example $10, whatever size the trader uses. CopyHype works this way, from $5 a trade. See [position sizing](https://copyhype.family/blog/copy-trading-position-sizing). ### Proportional sizing A sizing method where your copy takes the same share of your account as the trader's trade takes of theirs. ### Copy ratio A sizing method where your copy is a fixed fraction of the trader's size, for example 1/10,000. ### Profit share A fee taken as a percentage of your net profit, often paid to the lead trader. For example, BitMEX's Hyperliquid leaders charge 15%. See [copy trading fees](https://copyhype.family/blog/copy-trading-fees). ### High-water mark A rule that charges profit share only on new highs, so you do not pay twice for winning back a loss. ### Per-trade fee A fee charged on each trade, win or lose. CopyHype charges 0.1% of the position when a trade opens and 0.1% when it closes, plus Hyperliquid's fee. ### Vault A pool of money that one leader trades for all depositors. On Hyperliquid's original vaults, the leader takes 10% of profits. See [copy trading vs vaults](https://copyhype.family/blog/copy-trading-vs-hyperliquid-vaults). ### Signal group A channel where someone posts trade ideas for members to place by hand. See [copy trading vs signal groups](https://copyhype.family/blog/copy-trading-vs-signal-groups). ### Paper trading Trading with practice money on real prices to learn without risk. Also called a demo account or practice. CopyHype gives $1,000 of practice money as a free 24-hour trial, plus 24 hours for each invited friend whose first trade opens. ### Copy simulation Replaying a trader's past trades the way a copier would have received them, with delay and fees, to see whether copies would have made money. CopyHype shows real copies instead: the Copiers line on each whale's page says how many copies closed, how many won and the average result. ## What do the wallet and bot words mean? **These are the terms behind Telegram trading bots and who controls your money.** ### Telegram bot A program you talk to in a Telegram chat. A trading bot places orders on an exchange for you. TG bot is the short form. ### Telegram Mini App A full app screen that opens inside Telegram, with nothing to install. CopyHype is a Mini App opened from @copyhypefamilybot. ### Custodial A setup where a company holds your money. If it is hacked, frozen or dishonest, your funds are at risk. ### Non-custodial A setup where you hold your own wallet and only you can withdraw. CopyHype's real money wallet is non-custodial. ### Private key The secret that controls a wallet. Whoever has it can move the money. Never share it. ### Seed phrase A list of words that can rebuild a wallet's private key. No real bot or support agent will ever ask for it. ### API wallet On Hyperliquid, a separate key your wallet authorizes to sign trades for your account. It cannot withdraw or transfer funds. Also called an agent wallet. See [Hyperliquid API wallets explained](https://copyhype.family/blog/hyperliquid-api-wallets-explained). ### Builder fee A fee an app adds to the Hyperliquid orders it sends for you, approved by your wallet in advance. Capped at 0.1% on perps. ### Revoke To cancel a permission you gave, such as an app's trading key. After revoking, the app can no longer trade for you. ### Drainer A scam link that asks you to sign a message which gives the scammer permission to move your funds. See [Telegram trading bot scams](https://copyhype.family/blog/telegram-trading-bot-scams). ### USDC on Arbitrum One The coin and network used to fund Hyperliquid. Sending another coin or network to a Hyperliquid deposit address can lose the money. ## What do the prediction market words mean? **These are the terms you meet on Polymarket, Kalshi and Hyperliquid's outcome markets.** Predictions are live in CopyHype. ### Prediction market A market of Yes and No shares on real questions that pay $1 if right and $0 if wrong. See [what are prediction markets?](https://copyhype.family/blog/what-are-prediction-markets). ### Event contract The formal name, common in the United States, for a share that pays a fixed amount if an event happens. Kalshi lists event contracts. ### Binary option A contract that pays a fixed amount if a price ends above or below a level. Retail versions were often sold by brokers who took the other side. See [event contracts vs binary options](https://copyhype.family/blog/event-contracts-vs-binary-options). ### Outcome Hyperliquid's name for a prediction market contract, created by HIP-4. It settles to 0 or 1 in USDC. ### Implied probability The chance a price implies. A Yes share at $0.40 implies 40%. ### Payout multiplier What a winning share returns per dollar: 1 divided by the price. Yes at $0.40 pays x2.5. ### Resolution The moment a market's result is decided and shares become worth $1 or $0. Also called settlement. ### Oracle The source or system that posts a market's result. Polymarket uses the UMA Optimistic Oracle; Hyperliquid uses an authorized oracle and, for price markets, its own mark price. ### Order book depth How much can be bought or sold near the current price. On a thin book, your own order moves the price. ### Parlay Several picks combined into one bet that wins only if all win. Hyperliquid's outcome markets do not offer parlays. See [can you parlay on Hyperliquid?](https://copyhype.family/blog/prediction-market-parlays-combos). ## Frequently asked questions ### What is the most important copy trading word to understand? ROI, together with drawdown. ROI tells you how well a trader uses their money; drawdown tells you how bad the bad weeks get. ### Where are leverage and liquidation explained? In the [perps glossary](https://copyhype.family/docs/glossary), along with margin, funding and the other perps words. ### What is the difference between custodial and non-custodial? Custodial means a company holds your money. Non-custodial means you hold your own wallet and only you can withdraw. --- # How to calculate liquidation price on perps, with worked examples Source: https://copyhype.family/blog/liquidation-price-formula Updated: 2026-10-23 For an isolated long, liquidation price is roughly entry x (1 - (1/leverage - m) / (1 - m)); for a short, entry x (1 + (1/leverage - m) / (1 + m)), where m is the maintenance margin rate. On Hyperliquid, m is half the margin needed at the coin's maximum leverage, so 1.25% for Bitcoin (max x40). A $100,000 BTC long at x10 liquidates near $91,139, a short near $108,642. Fees and funding move it slightly closer. Liquidation is the one number every perps trader should know before entering, and most do not. Exchanges show it on the order screen, but understanding where it comes from tells you why x20 feels so different from x5, and why small coins liquidate sooner than Bitcoin at the same multiplier. This page gives the formula, then works it through. Part of our [perps for beginners guide](https://copyhype.family/docs/perps-for-beginners). ## What is a liquidation price? **It is the price at which the exchange closes your trade because the money left in it has fallen to the minimum required.** With isolated margin, you lose about the whole amount you put on that trade, and nothing more. The minimum required is called maintenance margin. The exchange closes the trade a little before your amount hits zero, so that the position can be closed without the exchange taking a loss. Words you need: amount (margin), multiplier (leverage), position (amount x multiplier). All are in the [perps glossary](https://copyhype.family/docs/glossary). ## What is the liquidation price formula? **For an isolated trade: long liquidation = entry x (1 - (1/L - m) / (1 - m)); short liquidation = entry x (1 + (1/L - m) / (1 + m)).** L is your multiplier and m is the maintenance margin rate. A simpler approximation, good enough for a quick check: the price can move against you by about 1/L minus m. | Multiplier | 1/L | Rough move before liquidation (m = 1.25%) | |---|---|---| | x2 | 50% | about 49% | | x5 | 20% | about 19% | | x10 | 10% | about 9% | | x20 | 5% | about 4% | | x40 | 2.5% | about 1.3% | Hyperliquid's own docs give the same idea in a more general form: liquidation price = price - side x margin available / position size / (1 - l x side), where l is the maintenance margin rate and side is 1 for long, -1 for short ([Hyperliquid docs, liquidations](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/liquidations)). ## How does Hyperliquid set the maintenance margin? **On Hyperliquid, maintenance margin is half of the initial margin at the coin's maximum leverage.** So m = 1 / (2 x max leverage). | Coin's max multiplier | Maintenance margin rate m | |---|---| | x40 (Bitcoin) | 1.25% | | x25 (Ether) | 2% | | x20 | 2.5% | | x10 | 5% | | x5 | 10% | That is why the same x10 trade liquidates sooner on a small coin: its maintenance margin is bigger. Source: [Hyperliquid docs, margining](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/margining). Maximum multipliers change over time, so check the coin before you trade. ## What does a $10 Bitcoin long at x10 look like? **Entry $100,000, liquidation near $91,139: Bitcoin can fall about 8.9% before the trade closes.** Here is the math step by step. | Step | Value | |---|---| | Your amount (margin) | $10 | | Multiplier | x10 | | Position | $100 = 0.001 BTC | | Maintenance margin rate (BTC, max x40) | 1.25% | | 1/L - m | 10% - 1.25% = 8.75% | | Divide by (1 - m) | 8.75% / 98.75% = 8.86% | | Liquidation price | $100,000 x (1 - 8.86%) = about $91,139 | Check: at $91,139, the trade has lost about $8.86. The $1.14 left equals 1.25% of the position at that price. That is exactly the maintenance margin, so the trade closes. ## What does the same trade look like as a short? **Entry $100,000, liquidation near $108,642: Bitcoin can rise about 8.6% before the short closes.** For a short, divide by (1 + m) instead: 8.75% / 101.25% = 8.64%. Liquidation = $100,000 x 1.0864 = about $108,642. Shorts liquidate a little sooner in percentage terms because, as the price rises, the position grows and so does the maintenance margin. ## What are the liquidation prices from x2 to x40? **Here is a full table for Bitcoin at $100,000, maintenance margin 1.25%, before fees.** | Multiplier | Long liquidates near | Move down | Short liquidates near | Move up | |---|---|---|---|---| | x2 | $50,633 | 49.4% | $148,148 | 48.1% | | x5 | $81,013 | 19.0% | $118,519 | 18.5% | | x10 | $91,139 | 8.9% | $108,642 | 8.6% | | x20 | $96,203 | 3.8% | $103,704 | 3.7% | | x40 | $98,734 | 1.3% | $101,235 | 1.2% | And for a coin whose maximum is x10 (maintenance 5%), entry $100: | Multiplier | Long liquidates near | Move down | Short liquidates near | Move up | |---|---|---|---|---| | x2 | $52.63 | 47.4% | $142.86 | 42.9% | | x5 | $84.21 | 15.8% | $114.29 | 14.3% | | x10 | $94.74 | 5.3% | $104.76 | 4.8% | At its maximum x10, a small coin closes on a 5% move. Small coins move 5% in an hour all the time. ## What moves the liquidation price after I open? **Fees, funding and adding or removing margin.** All three change how much money is left in the trade. - **Fees.** Opening fees come out of what you put in, so the liquidation price starts a hair closer than the formula says. - **Funding.** Paying funding every hour slowly moves it closer; receiving funding moves it away. See [funding rate explained](https://copyhype.family/blog/funding-rate-explained). - **Adding margin.** On an isolated trade, adding money moves the liquidation price further away. The exchange uses the mark price, not the last trade, to decide liquidation. That protects you from a single odd trade on a thin book. ## Why do big positions liquidate sooner? **Because Hyperliquid uses margin tiers: above a certain position size, the maximum multiplier falls and the maintenance margin rises.** For small traders this rarely matters; for whales it does. If a coin's maximum drops from x40 to x20 above a size threshold, the maintenance margin for that part rises from 1.25% to 2.5%, and the liquidation price moves closer. That is one reason a whale's liquidation price can sit closer than the simple formula suggests, and why your small copy of the same trade may have a slightly different liquidation price from theirs. Tiers per coin are listed in [Hyperliquid's margin tier docs](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/margin-tiers). ## How do I use this before a trade? **Decide how far the price could reasonably move against you, then choose a multiplier whose liquidation sits well beyond that.** **Pick a multiplier using the liquidation price** 1. **Estimate a normal bad move.** For example, Bitcoin can easily drop 5% in a day. 2. **Find the move each multiplier allows.** Roughly 1/L minus the maintenance margin. 3. **Keep a buffer.** If a normal bad move is 5%, x10 (about 9%) is tight and x5 (about 19%) has room. 4. **Set a stop loss before liquidation.** A planned exit beats a forced one. See [take profit and stop loss](https://copyhype.family/blog/take-profit-stop-loss-explained). 5. **Practice with practice money.** CopyHype gives $1,000 of practice money free for 24 hours, so you can watch liquidation math play out on live prices. When you copy a whale on CopyHype, your copy uses the whale's multiplier (raised only if needed to reach Hyperliquid's $10 order minimum), and every trade uses isolated margin, so your amount is the most a trade can lose. ## Frequently asked questions ### Can I lose more than my margin when liquidated? Not with isolated margin. The trade closes and you lose about its amount. With cross margin, losses can draw on the rest of your account. ### Why did I get liquidated before the price I calculated? Usually fees and funding, or a different maintenance margin than you assumed. Big positions also face higher maintenance margins in tiers. ### Is liquidation price the same as a stop loss? No. A stop loss is an exit you choose. Liquidation is a forced exit when your margin runs out, and it loses almost everything you put on the trade. ### Does lower leverage always mean safer? It means the price can move further before liquidation, and fees are lower. It does not make a bad trade good. ### How do I calculate liquidation with cross margin? With cross margin, all your free balance counts as margin, so the formula uses your whole account. That is why one bad cross trade can drain everything. See [isolated vs cross margin](https://copyhype.family/blog/isolated-vs-cross-margin). --- # Perpetual futures vs futures vs spot: what is the difference? Source: https://copyhype.family/blog/perpetual-futures-vs-futures-vs-spot Updated: 2026-10-23 Spot trading means buying the coin itself, with no multiplier and no liquidation. Traditional futures are contracts on a price with a fixed expiry date. Perpetual futures (perps) are like futures without an expiry: you can hold them as long as you want, and a funding payment between longs and shorts keeps their price close to spot. Futures and perps let you go long or short with a multiplier, which makes gains and losses bigger and adds liquidation risk. People use "futures", "perps" and "leverage trading" as if they were the same thing, and "spot" as the opposite. That is roughly right, but the details decide what you pay, how long you can hold, and how you can lose. This page compares all three on the same Bitcoin move. Part of our [perps for beginners guide](https://copyhype.family/docs/perps-for-beginners). ## What is spot trading? **Spot trading means buying or selling the coin itself, paid in full, right now.** If you buy $10 of Bitcoin on spot, you own $10 of Bitcoin. - **Direction:** you profit only if the price goes up (unless you already own coins to sell). - **Multiplier:** none. A 5% move is 5% for you. - **Liquidation:** none. The coin can fall, but your position cannot be closed by force. - **Holding cost:** none, apart from trading fees. Spot is the simplest form of trading. It is also the slowest: to make $5 on a 5% move, you need $100 in. ## What are futures? **A futures contract is an agreement on a price for a future date.** Traditional futures have an expiry, for example the end of the quarter, when the contract settles. - **Direction:** long (up) or short (down). - **Multiplier:** yes. You put up margin and control a bigger position. - **Liquidation:** yes, if the price moves too far against your margin. - **Expiry:** yes. To keep a position, you close it and open the next contract, called rolling. Before expiry, a futures price can sit above or below spot, depending on demand and interest rates. At expiry it converges to spot. ## What are perpetual futures? **Perpetual futures, or perps, are futures with no expiry date.** You can hold a perp for a minute or a year. Without an expiry to pull the price toward spot, perps use funding: a small payment every so often between longs and shorts. When the perp trades above spot, longs pay shorts, and the other way around. That nudges the perp's price back toward the real price. On Hyperliquid, funding is paid every hour. More: [funding rate explained](https://copyhype.family/blog/funding-rate-explained). Perps are the most traded crypto product. Hyperliquid is built around them. Full beginner explainer: [what are perpetual futures?](https://copyhype.family/blog/what-are-perpetual-futures). ## How do they compare side by side? **Spot owns the coin; futures and perps bet on its price, with a multiplier, and differ on expiry and funding.** | | Spot | Futures | Perpetual futures (perps) | |---|---|---|---| | You own the coin | Yes | No | No | | Go short | Only if you hold coins | Yes | Yes | | Multiplier | No | Yes | Yes | | Liquidation | No | Yes | Yes | | Expiry | None | Fixed date | None | | Holding cost | None | Built into the price, plus rolling | Funding, usually hourly | | Typical use | Long-term holding | Hedging, dated bets | Trading, copy trading | ## What does the same 5% Bitcoin move do in each? **Spot makes 5%, a x5 perp makes about 25% before costs, and both multiply losses the same way.** Here it is with $10. | $10 in | Position | BTC +5% | BTC -5% | BTC -20% | |---|---|---|---|---| | Spot | $10 of BTC | +$0.50 | -$0.50 | -$2.00 | | Perp x5 (long) | $50 | +$2.50 | -$2.50 | Liquidated, about -$10 | | Perp x10 (long) | $100 | +$5.00 | -$5.00 | Liquidated, about -$10 | On a x10 Bitcoin perp, liquidation happens after a drop of about 9%. On spot, a 20% drop is painful but you still own the coin and can wait. See [how to calculate liquidation price](https://copyhype.family/blog/liquidation-price-formula). ## What does each one cost? **Spot pays a trading fee on what you buy. Perps pay a fee on the full position, plus funding.** Futures pay fees and the cost of rolling. On Hyperliquid, perps cost 0.045% of the position per side at the base tier on main markets, and 0.09% on stocks, gold and indices. Through CopyHype, add 0.1% per side. | $10 at x5 on BTC perps (position $50) | Per side | Round trip | |---|---|---| | Hyperliquid | about $0.0225 | about $0.045 | | CopyHype | $0.05 | $0.10 | | Total | | about $0.15 | Funding comes on top: a few cents a day on a $50 position in normal markets, paid or received. ## Why do traders use perps instead of spot? **For three reasons: going short, using a multiplier, and trading many markets from one balance.** On Hyperliquid, one USDC balance trades crypto, and through HIP-3, stocks, gold and indices. - **Short.** Bet on a price falling without owning anything. See [long vs short](https://copyhype.family/blog/long-vs-short-crypto). - **Multiplier.** Smaller amounts move bigger positions. This is the dangerous part. - **One balance.** No need to buy each asset. - **Copyable.** On Hyperliquid every perp trade is public, so traders' records can be checked and copied. ## What about margin trading and leverage tokens? **They are two more ways to get a multiplier, each with its own catch.** Margin trading borrows money to buy spot; leverage tokens package a multiplier into a token. | | How the multiplier works | Main catch | |---|---|---| | Spot margin trading | You borrow to buy more of the coin | Interest on the loan, and liquidation | | Leverage tokens | A token that tracks, say, 3x the daily move | Daily rebalancing erodes value in choppy markets | | Perps | The contract itself is leveraged | Funding, and liquidation | On Hyperliquid, the main product is perps. Leverage trading, futures trading and margin trading are words people often use loosely for the same thing: a position bigger than the money behind it. ## How do I hedge with perps? **By opening a short perp against coins you hold on spot, so a fall in price is offset by the short's gain.** This is how many funds use perps. Example: you hold $500 of ETH on spot and worry about a drop this week. You open a $500 short ETH perp at x2, with $250 of margin. If ETH falls 10%, your spot loses $50 and the short gains about $50, minus fees and funding. If ETH rises 10%, the spot gains $50 and the short loses about $50. You have parked your exposure without selling. Hedging is not free: fees, funding and the risk of liquidation on the short if the price rises sharply all apply. ## Which should a beginner choose? **For holding a coin long term, spot. For learning to trade up and down, perps at a low multiplier, with practice money first.** Traditional futures are rarely the right first step. **Try perps without risking money** 1. **Open @copyhypefamilybot in Telegram.** Tap Start, then Open the app. 2. **Use the free practice money.** $1,000 of practice money on live Hyperliquid prices for 24 hours, plus 24 hours per invited friend whose first trade opens. 3. **Trade solo at x2 to x5.** Pick BTC, up or down, from $5 a trade. 4. **Or copy a whale.** Watch how an experienced trader uses perps. 5. **Compare with spot.** Note what the same move would have done without a multiplier. ## Frequently asked questions ### Are perps the same as futures? They are a type of futures contract without an expiry date, using funding instead. People often say "futures" when they mean perps. ### Is spot safer than perps? Spot has no multiplier and no liquidation, so a single bad move cannot wipe out the position. That makes it lower risk, not risk-free. ### Do I own Bitcoin when I trade a Bitcoin perp? No. You hold a contract that tracks Bitcoin's price. You cannot send it to a wallet as Bitcoin. ### What is a perpetual swap? Another name for a perpetual future. Same product. ### Can I trade stocks as perps? Yes, on Hyperliquid through HIP-3 markets. See [stocks, gold and oil on Hyperliquid](https://copyhype.family/blog/hyperliquid-stocks-gold-perps). --- # What are prediction markets? How they work, explained simply Source: https://copyhype.family/blog/what-are-prediction-markets Updated: 2026-10-23 A prediction market is a market where you buy Yes or No shares on a real event. A share pays $1 if its side turns out right and $0 if wrong, so its price, between 0 and 1, reads as the market's chance. Buying Yes at $0.40 means paying 40 cents for a share that pays $1 if right: a x2.5 multiplier. Polymarket, Kalshi and Hyperliquid's outcome markets (HIP-4) all work this way. Predictions are live in CopyHype. Prediction markets went from a niche idea to one of the biggest stories in crypto and finance. People trade on elections, sports, Bitcoin's price and interest rates. Under the headlines, the mechanism is surprisingly simple. Once you understand one share, you understand them all. A note before we start: predictions are live in CopyHype. This page teaches the topic itself. Part of our [prediction markets guide](https://copyhype.family/docs/prediction-markets). ## What is a prediction market, in one sentence? **A prediction market is a place to buy and sell shares that pay $1 if an event happens and $0 if it does not.** Because the payout is fixed, the price of a share works as a probability. People search for them under many names: prediction markets, event contracts, outcomes, event trading, binary markets, "Polymarket-like" or "Kalshi-like" apps. They all describe the same basic share. ## How does a Yes share work? **You pay the current price, and receive $1 per share if Yes turns out right.** If Yes is wrong, the share is worth $0. Example: "Will BTC be above $100,000 on Friday at 08:00 UTC?" Yes trades at $0.40. | You buy | Cost | If Yes | If No | |---|---|---|---| | 25 Yes shares at $0.40 | $10.00 | 25 x $1 = $25.00 | $0 | | Profit | | +$15.00 | -$10.00 | That is a x2.5 multiplier on your $10 if you are right, and a total loss if you are wrong. Fees are left out here; we add them below. ## Why is the price a probability? **Because a share that pays $1 is worth, on average, its chance of paying.** If people think Yes has a 40% chance, they will pay about 40 cents for it. | Yes price | Market's chance | Multiplier if right (1 / price) | |---|---|---| | $0.10 | 10% | x10 | | $0.25 | 25% | x4 | | $0.40 | 40% | x2.5 | | $0.50 | 50% | x2 | | $0.80 | 80% | x1.25 | | $0.95 | 95% | about x1.05 | Yes and No add up to about $1. If Yes is $0.40, No is about $0.60. More on reading prices: [prediction market odds explained](https://copyhype.family/blog/prediction-market-odds-explained). ## Who sets the price? **Other traders, through an order book.** Buyers post the prices they will pay, sellers post the prices they will accept, and trades happen where they meet. Nobody "sets the odds" like a bookmaker. If you think the market's 40% is too low, you buy Yes, which pushes the price up. If someone thinks it is too high, they sell. The price moves as news arrives, which is why prediction markets are often watched as live forecasts. ## Can I sell before the result? **Yes. You can sell your shares at the current price any time before the market closes.** You do not have to wait for the event. Example: you bought 25 Yes at $0.40 ($10). Bitcoin rallies on Wednesday and Yes rises to $0.70. Selling now gives about $17.50: a profit of $7.50 without waiting for Friday. If Yes falls to $0.20 instead, selling gives $5, a $5 loss rather than a possible $10 one. ## How is the result decided? **Each market has written rules saying exactly what counts as Yes, when, and which source decides.** After the event, the result is posted and shares pay $1 or $0. Who posts the result differs by platform. On Hyperliquid's outcome markets, an authorized oracle posts it, and price markets use Hyperliquid's own mark price. Polymarket uses the UMA Optimistic Oracle. Kalshi settles under its own rules as a regulated exchange. Always read the rules: "above $100,000" at which minute, measured where. ## Where can you trade prediction markets? **The three biggest models are Polymarket, Kalshi and Hyperliquid's HIP-4 outcome markets.** They sell the same kind of share but differ on who runs them and who can use them. | | Polymarket | Kalshi | Hyperliquid HIP-4 | |---|---|---|---| | What it is | Crypto prediction platform | US exchange regulated by the CFTC | Outcome markets on Hyperliquid's own chain | | Settles in | USDC | US dollars | USDC | | Who can use it | Depends on country | Depends on country | Depends on country | Hyperliquid's outcome markets went live on mainnet on May 2, 2026. The detailed comparison, with sources and fees, is [HIP-4 vs Polymarket vs Kalshi](https://copyhype.family/blog/hip-4-vs-polymarket-vs-kalshi). Our Hyperliquid explainer is [Hyperliquid prediction markets, explained simply](https://copyhype.family/blog/hyperliquid-prediction-markets). ## What do prediction markets cost? **Each platform charges differently, and fees usually matter most around a 50% price.** On a $10 trade the difference is cents, but it adds up. At the time of our last check (October 18, 2026), Hyperliquid charged nothing to buy an outcome and about 0.07% when selling or at settlement. Polymarket charges takers a fee on some categories and never charges makers. Kalshi publishes a fee formula. Hyperliquid also requires at least $10 per order. Full breakdown: [prediction market fees compared](https://copyhype.family/blog/prediction-market-fees-compared). ## What kinds of questions do prediction markets list? **Sports, crypto prices, politics, economics, entertainment and more, depending on the platform.** Each question has a deadline and written rules. | Category | Example question | |---|---| | Crypto prices | Will BTC be above $100,000 on Friday at 08:00 UTC? | | Sports | Will this team win Sunday's match? | | Economics | Will the central bank cut rates at its next meeting? | | Entertainment | Will this film win the award? | Some questions have more than two answers, like "Who will win the league?". Those are groups of Yes or No shares, one per answer, where exactly one settles Yes. On Hyperliquid, such a group is called a question. Explainer: [what are outcome tokens?](https://copyhype.family/blog/what-are-outcome-tokens). ## Are prediction markets accurate? **Often well calibrated on liquid questions, much less so on thin ones.** A price of 70% does not mean the event will happen; it means it should happen about 7 times out of 10 if the market is well calibrated. Thin markets with few traders can sit far from the true chance for a long time. ## What are the risks? **You can lose the whole amount you put in, and markets can be thin, confusing or not allowed where you live.** - **Total loss.** A share on the wrong side settles at $0. - **Long shots lose most of the time.** A x10 multiplier means a 10% chance, as judged by the market. - **Rules risk.** A market can settle differently from what you expected if you did not read the rules. - **Liquidity.** On small markets, buying or selling can move the price against you. - **Legal status.** Prediction markets are regulated differently in each country, and some block them. See [are prediction markets legal?](https://copyhype.family/blog/are-prediction-markets-legal). ## Does CopyHype offer prediction markets? **Yes, predictions on Hyperliquid's outcome markets (HIP-4) are live in CopyHype.** Pick Yes or No from $10, next to Hyperliquid perps, or copy the best prediction traders. You can open @copyhypefamilybot now and practice perps and predictions with $1,000 of practice money, free for 24 hours. ## Frequently asked questions ### Are prediction markets gambling? Some countries treat them as gambling, others as financial products, others not at all. Mechanically, you buy a share whose value depends on an event, and you can lose all of it. ### What is the difference between a prediction market and a sportsbook? A sportsbook sets odds and takes the other side of your bet. A prediction market is an exchange: other traders take the other side, and you can sell before the end. ### What is an outcome on Hyperliquid? Hyperliquid's name for a prediction market contract, created by its HIP-4 upgrade. Each outcome settles to 0 or 1 in USDC. ### What is the minimum on Hyperliquid prediction markets? Hyperliquid requires at least $10 per order. CopyHype's minimum is also $10 a bet. ### Can I trade predictions on CopyHype today? Yes. Predictions are live, next to perps. --- # Event contracts vs binary options vs sports betting: what is the difference? Source: https://copyhype.family/blog/event-contracts-vs-binary-options Updated: 2026-10-23 An event contract (the share sold on prediction markets like Kalshi, Polymarket or Hyperliquid's outcome markets) pays a fixed $1 if an event happens, trades on an exchange between traders, and can be sold before the result. A binary option pays a fixed amount if a price ends above or below a level, and retail versions are often sold by a broker that takes the other side. A sports bet is placed with a bookmaker that sets the odds and keeps a margin. You can lose the full amount in all three. "Binary options style", "like Polymarket", "like Kalshi", "event trading", "sports betting with crypto": people describe the same idea many ways. Behind the words are three different setups. The difference that matters most is who is on the other side of your trade, because that decides who profits when you lose. Predictions are live in CopyHype; this page explains the topic. Part of our [prediction markets guide](https://copyhype.family/docs/prediction-markets). ## What is an event contract? **An event contract is a share that pays a fixed amount, usually $1, if a stated event happens, and nothing if it does not.** It trades on an exchange, between traders. The term is common in the United States, where the CFTC regulates event contracts listed on designated exchanges such as Kalshi. Polymarket shares and Hyperliquid's outcomes (HIP-4) are the same kind of contract. The price, between $0 and $1, reads as the market's chance. Full basics: [what are prediction markets?](https://copyhype.family/blog/what-are-prediction-markets). ## What is a binary option? **A binary option pays a fixed amount if a price is above (or below) a level at a set time, and nothing otherwise.** The classic example: "EUR/USD above 1.10 at 15:00?" Binary options exist on regulated exchanges too, but the retail versions sold online for years were often run by brokers that took the other side of every trade. Several regulators restricted or banned their sale to retail clients. ESMA, the EU markets authority, prohibited marketing binary options to retail investors in 2018, and that measure was then made permanent by national regulators. The payout structure resembles a crypto price prediction ("BTC above $100,000 on Friday?"). The setup is what differs. ## What is a sports bet? **A sports bet is a wager placed with a bookmaker, who sets the odds, takes the other side and builds a margin into the prices.** You usually cannot sell the bet back at a market price, though some books offer a cash-out. Bookmaker odds add up to more than 100% across all outcomes. That extra share, often a few percent, is the bookmaker's margin. On an exchange, prices from many traders tend to sum close to 100%, and the platform earns a fee instead. ## How do the three compare side by side? **The key differences are who you trade against, who sets the price, and whether you can exit early at a market price.** | | Event contract (prediction market) | Retail binary option | Sports bet | |---|---|---|---| | Other side of your trade | Other traders | Often the broker | The bookmaker | | Who sets the price | Buyers and sellers | The broker | The bookmaker | | Platform earns from | Fees | Your losses, often | Margin in the odds | | Exit before the result | Yes, sell at market | Sometimes | Sometimes, via cash-out | | Price reads as | A probability | A payout ratio | Odds with margin | | Topics | Any stated event | Mostly prices | Sports | ## Why does "who is on the other side" matter? **Because when the platform itself is your counterparty, your loss is its profit, and it controls the price.** On an exchange, the platform earns the same fee whoever wins. Picture the same yes or no question priced in two places: - **Exchange:** Yes at $0.50, No at $0.50. You buy 20 Yes for $10. If right, 20 x $1 = $20. The exchange took a small fee. - **Bookmaker:** both sides at decimal odds of 1.91. You bet $10. If right, $19.10. The 4.5% gap between $20 and $19.10 is the bookmaker's margin, on every bet. On a single bet, the gap is under a dollar. Over hundreds of bets, it is the difference between a fair game and a slowly losing one. ## How does a crypto price prediction compare with a perp? **A price prediction pays a fixed amount on a yes or no question; a perp pays in proportion to how far the price moves.** Both can lose your full amount. Example on Bitcoin at $100,000, $10 in: | | BTC ends at $101,000 | BTC ends at $99,000 | |---|---|---| | "BTC above $100,000?" Yes at $0.50 | 20 shares pay $20: +$10 | $0: -$10 | | Perp long x5 ($50 position) | +$0.50 | -$0.50 | The prediction is all or nothing around one line. The perp is gradual. More: [crypto price predictions on Hyperliquid](https://copyhype.family/blog/crypto-price-predictions-explained). ## How do you convert odds between the three? **Turn everything into an implied chance: a share price is already one, decimal odds become 1 divided by the odds, and a binary option payout ratio becomes stake divided by total return.** | Format | Example | Implied chance | |---|---|---| | Prediction market price | Yes at $0.40 | 40% | | Decimal odds (sportsbook) | 2.50 | 1 / 2.50 = 40% | | American odds | +150 | 100 / 250 = 40% | | Binary option paying 80% on a win | Stake $10, return $18 | 10 / 18 = 55.6% | The binary option line shows the catch: a payout of 80% means you need to be right more than 55.6% of the time just to break even. A prediction share at $0.50 pays about x2 before fees, so the break-even is about 50% plus fees. Converting to chances is the fastest way to compare a "great payout" across platforms. More: [prediction market odds explained](https://copyhype.family/blog/prediction-market-odds-explained). ## Are event contracts legal? **It depends on the country and the platform.** Kalshi is regulated in the United States by the CFTC as a designated contract market. Other countries treat prediction markets as gambling, as financial products, or block them. France, for example, has blocked access to Polymarket. Our neutral overview, without legal advice: [are prediction markets legal?](https://copyhype.family/blog/are-prediction-markets-legal). ## What are the risks of each? **In all three you can lose the full amount. The extra risks differ.** - **Event contracts:** thin markets with wide prices, and rules you must read carefully. - **Retail binary options:** a broker on the other side and, in many places, an unregulated seller. - **Sports bets:** the bookmaker's margin on every bet, and limits on winning accounts at some books. ## Does CopyHype offer event contracts? **Yes, predictions on Hyperliquid's outcome markets (HIP-4) are live in CopyHype.** They are single Yes or No picks, with the chance and the payout shown before you bet. The minimum is $10 a bet. CopyHype also offers Hyperliquid perps: copy the best active traders or trade solo, with $1,000 of free practice money for 24 hours. ## Frequently asked questions ### Is a prediction market the same as binary options? The payout shape is similar: a fixed amount or nothing. The difference is the setup. Prediction markets are exchanges between traders; many retail binary options were sold by brokers who took the other side. ### Are event contracts gambling? Some regulators treat them as financial contracts, others as gambling. The answer depends on where you live. ### Can I sell an event contract before the result? Yes, on exchange-based prediction markets you can sell at the current price any time before the market closes. ### Why are bookmaker odds worse? Because the bookmaker builds a margin into the odds. Across all outcomes, the implied chances add up to more than 100%. ### What does "Kalshi-like" mean? An app that sells event contracts on real-world outcomes, like Kalshi does. Hyperliquid's outcome markets are another example. ### What is the break-even chance on a prediction share? Roughly its price, plus fees. Buying Yes at $0.40 breaks even if Yes wins a bit more than 40% of the time, once the platform's fees are counted. --- # Copy trading prediction markets: can you copy Polymarket or Hyperliquid traders? Source: https://copyhype.family/blog/copy-trading-prediction-markets Updated: 2026-10-23 Yes, prediction market traders can be followed, because Polymarket and Hyperliquid outcome accounts are public, and some bots copy their trades. It is harder than copying perps: prices jump on news, many markets are thin so copies pay a worse price, a share's upside is capped at $1, and a top trader's edge may be information you cannot copy in time. Check a trader's record across many markets, copy small, and avoid chasing a price that already moved. Predictions are live in CopyHype. Copy trading started with currency and crypto traders. Prediction markets are the new frontier: platforms like Polymarket and Hyperliquid's outcome markets show every account's bets, so the idea of following the best predictors comes naturally. This page explains how it works, why it behaves differently from copying perps, and what to check before trying. Predictions are live in CopyHype. This page teaches the topic. Part of our [prediction markets guide](https://copyhype.family/docs/prediction-markets) and [copy trading guide](https://copyhype.family/docs/copy-trading). ## Can you copy trade prediction markets? **Yes. On public platforms, a tool can watch a trader's account and buy the same Yes or No shares in yours.** Several bots on Telegram already do this for Polymarket. The mechanics mirror perps copy trading: the trader buys, your account buys; the trader sells, your account sells. The differences are in the product, and they matter a lot. ## How is copying a prediction different from copying a perp? **A prediction share has a fixed payout and often trades in thin, news-driven markets, so timing and price matter much more.** | | Copying a perps trader | Copying a prediction trader | |---|---|---| | Payout | Grows with the price move | Fixed: $1 or $0 per share | | Price moves | Mostly gradual | Jumps on news | | Liquidity | Deep on main markets | Often thin | | Cost of being late | A small slice of the move | Can be most of the edge | | Why the trader wins | Timing, direction, risk control | Often knowing or judging news first | ## Why does being late cost so much? **Because a prediction trader's edge is often a price that is wrong for only a few minutes.** By the time a copy arrives, other traders may have moved it. Example: a sharp trader buys Yes at $0.40, thinking the true chance is 60%. Their expected profit is 20 cents per share. | | Price paid | Value if the 60% is right | Expected profit per share | |---|---|---|---| | The trader | $0.40 | $0.60 | +$0.20 | | Copy at $0.45 | $0.45 | $0.60 | +$0.15 | | Copy at $0.55 | $0.55 | $0.60 | +$0.05 | | Copy at $0.62 | $0.62 | $0.60 | -$0.02 | The trader is right and you still lose on average if you pay $0.62. On perps, a late copy usually gives up a small slice. On a prediction, it can give up everything. ## Why does market depth matter? **On a thin market, your own buy pushes the price up, so you pay more than the price on screen.** Copies of the same trader by many people make it worse. If 500 people copy a trader into a small market at once, the last copies pay far more than the first. Hyperliquid requires at least $10 per order, and many outcome books are small. Read the depth, not just the last price. ## What makes a prediction trader worth following? **A long record across many independent markets, steady returns, and entries that leave room for a copy.** One big win on one event says almost nothing. Checks that help: - **Many markets.** Twenty winning markets mean more than one huge one. - **Different topics.** A trader who wins on sports, crypto prices and rates is less likely to be lucky in one niche. - **Holding time.** Traders who hold for days give copies time. Traders who buy and sell within minutes do not. - **Typical entry price.** A trader who buys long shots at $0.05 will lose most bets; check that the wins pay for the losses. - **Size versus depth.** If they trade far bigger than the market can absorb, their own buys move the price. Comparing a trader's entries with the price a copy would have paid tells you whether an edge survives the delay. On perps, CopyHype lists the top 8 traders by profit over 24 hours, 7 days and 30 days on Hyperliquid's leaderboard, among those who traded in the last 24 hours, and each whale's page shows their open trades and their closed trades of the last 30 days. See [how whales are picked](https://copyhype.family/docs/whale-picks). ## What does a $10 copied prediction look like? **The trader buys Yes at $0.40; your copy lands at $0.42 with $10.** Here are both outcomes. | | Shares | If Yes | If No | |---|---|---|---| | Your $10 at $0.42 | about 23.8 | about $23.81 back: +$13.81 | $0: -$10 | | The trader at $0.40, same $10 | 25 | $25 back: +$15 | $0: -$10 | The loss is the same; the win is smaller. Over many copied bets, that gap decides whether copying pays. Fees come on top, and they differ by platform: see [prediction market fees compared](https://copyhype.family/blog/prediction-market-fees-compared). ## When does copying a prediction trader work best? **On liquid markets, with traders who hold positions for days, and with entries that are not news-driven.** These three conditions shrink the copy gap. | Situation | Copy gap | Why | |---|---|---| | Deep market, trader holds for days | Small | Price barely moves between their buy and yours | | Thin market, trader holds for days | Medium | Your own buy moves the price | | Any market, trade right after news | Large | The price reprices in seconds | | Market close to its deadline | Large | Prices swing hard as the result nears | A useful habit: set a maximum price you are willing to pay above the trader's entry, for example 2 cents. If the price is already beyond it, skip. CopyHype applies the same principle to perps copies: no chasing a price that already ran. ## How should I size copied predictions? **Small and many.** Each prediction can go to zero, so spreading $10 picks across many markets and traders is safer than one big bet. Hyperliquid's $10 minimum per order sets the floor there. ## What are the risks? **Total loss on each wrong pick, late entries, thin markets, and rules that settle differently than you assumed.** Plus legal limits in some countries. - **Each share can go to $0.** Copying does not change that. - **Following into the unknown.** You may copy a bet whose rules you have not read. - **Information edges.** A trader may know something you cannot see. By the time you copy, the price shows it. - **Legal status.** Prediction markets are blocked or regulated differently by country. See [are prediction markets legal?](https://copyhype.family/blog/are-prediction-markets-legal). ## Can I copy prediction traders in CopyHype? **Yes. CopyHype ranks the best prediction traders on Hyperliquid's outcome markets (HIP-4) by profit or ROI over 24 hours, 7 days or 30 days, among those who traded in the last 24 hours.** Profit adds up each trader's public bets after fees, counting sells and settled results. Copy one and their next bets become yours, at your amount ($10 by default). Or join a single bet they hold in one tap. If you want to learn copy trading first, start with perps: copy the best active Hyperliquid traders or trade solo, with $1,000 of practice money free for 24 hours, plus 24 hours for each invited friend whose first trade opens. ## Frequently asked questions ### Is there a Polymarket copy trading bot? Several third-party bots offer it on Telegram. Check custody, fees and how they handle late entries before using one. ### Can I see what Hyperliquid prediction traders buy? Yes. Hyperliquid accounts are public, including outcome positions. ### Is copying predictions more profitable than copying perps? Not necessarily. The fixed payout and thin markets make late copies more costly. ### Should I copy a trader who won one huge bet? One win says little. Look for many markets, steady results and entries a copy could match. ### Does CopyHype copy Polymarket? No. CopyHype is built on Hyperliquid. Predictions on Hyperliquid's outcome markets are live in it. ### How much do I need to copy predictions on Hyperliquid? At least $10 per order, Hyperliquid's minimum on outcome markets. There is no multiplier, so that $10 is the amount at risk. --- # Copy a whale or trade solo on Hyperliquid: how each works, with $1,000 examples Source: https://copyhype.family/blog/copy-or-trade-solo-hyperliquid Updated: 2026-10-23 On CopyHype you can trade Hyperliquid perps two ways. Copy a whale: tap Copy and their next trades happen for you at your amount, and when they exit, you exit. Trade solo: pick a coin, up or down, and your multiplier. Both start at $5 a trade, use the same fees (0.1% of the position each way plus Hyperliquid's fee) and the same rule: your amount is the most a trade can lose. Practice first with $1,000 of practice money. Most people meet perps through someone else's trades: a screenshot, a leaderboard, a friend who got lucky. Copying is the easy start. Sooner or later, many want to make their own call. CopyHype does both from the same app in Telegram, on Hyperliquid, with the same practice money and the same wallet. This guide explains each mode, runs the same $1,000 example through both, and says honestly where each one goes wrong. ## What is the difference between copying and trading solo? **Copying means a top trader decides and you follow automatically. Trading solo means you decide every trade yourself.** Everything else is the same: the coins, the fees, the wallet and the risk rules. | | Copy a whale | Trade solo | |---|---|---| | Who picks the coin and the direction | The whale | You | | Who picks the multiplier | The whale, raised only to meet Hyperliquid's minimum and never above x50 | You, up to the coin's maximum | | When the trade closes | When the whale exits, or at your Stop loss or Take profit | When you cash out, or at your Stop loss or Take profit | | Minimum | $5 a trade | $5 a trade, with a $10 position or more | | Fees | 0.1% of the position each way, plus Hyperliquid's fee | The same | | Most you can lose | Your amount | Your amount | ## How does copying a whale work? **Pick a whale, tap Copy and choose your amount per trade. Their next trades open for you with the same coin, the same direction and their multiplier.** When they exit, you exit. When they take part of a trade off, you take the same part off. Whales are the top Hyperliquid traders by profit over 24 hours, 7 days and 30 days, straight from Hyperliquid's leaderboard, among those who traded in the last 24 hours. Accounts that churn huge volume and traders too fast to copy are left out. A copy never chases: if the price already moved more than 2% in the whale's direction since they got in, CopyHype skips that trade. At $5 a trade, the multiplier is raised to at least x3 so the position meets Hyperliquid's $10 minimum. The full walkthrough is in [how to copy trade on Hyperliquid](https://copyhype.family/blog/how-to-copy-trade-hyperliquid). ## How does trading solo work? **Pick a coin, choose up or down, set your amount and your multiplier, then tap. The trade stays open until you cash out or one of your protections closes it.** You can trade BTC, ETH, SOL and 100+ other coins listed on Hyperliquid. Up means you win when the price rises; down means you win when it falls. The multiplier makes the move bigger in both directions, up to the coin's maximum. Hyperliquid's minimum is $10 of position, so at $5 pick x5 or more: x2 sits right on the line and can be refused. New to these words? Start with [perps for beginners](https://copyhype.family/docs/perps-for-beginners). ## What does $1,000 look like in each mode? **The math is identical: $1,000 at x5 is a $5,000 position, and a 5% move is +$250 (+25%) before fees.** Only the person who chose the trade changes. | $1,000 at x5 on BTC | Copying a whale | Trading solo | |---|---|---| | Who opened it | The whale went up, so you went up | You chose up | | BTC +5% | +$250 (+25%) | +$250 (+25%) | | Who decides the exit | The whale, or your protections | You, or your protections | Fees on top: CopyHype takes 0.1% of the position each way, so $5 to open and about $5 to close here, and Hyperliquid adds its own fee, about $4.50. After all fees, the 5% move is about +$235 (+23.5%), before funding. Copying does not cost more than trading solo, and trading solo does not cost more than copying. ## What protects a trade in both modes? **Stop loss, Take profit and cashing out yourself at any time.** Each trade also stands alone, so a bad one never touches the rest of your money. - **Stop loss** closes a trade by itself at -30% or -50% of your amount, so a bad trade costs part of it instead of all of it. - **Take profit** takes your win by itself at +25%, +50% or +100%. - **Cash out anytime** with one tap, in profit or not. - **Isolated margin** means each trade risks only its own amount. Copying adds guards of its own: a whale whose copies keep losing drops off the list, a whale too fast to copy shows "Too fast" and cannot be copied, and a copy skips a trade when the price already ran. ## What is Let it ride, and does it work in both modes? **Yes, it works in both. When a perps trade is winning, Let it ride uses part of that win to open a second trade, without selling the first and without new cash.** Take $1,000 at x5 again. BTC rises 5% and you are up +$250 (+25%). Let it ride can put up to about $190 of that win into a second trade, say ETH at x5. If ETH then rises 4%, that is about +$38 more, a total of about +$288 (+29%) on your $1,000 before fees. The catch is real: the first trade keeps less cushion, so it closes sooner if BTC turns back, and if the second trade loses, it eats that win. Full rules and numbers: [Let it ride explained](https://copyhype.family/blog/let-it-ride-explained). ## Which one should a beginner pick? **Start by copying with practice money, then try a few solo trades in practice once you can explain why the whale's trades won or lost.** There is no prize for going solo early. - **Copy first** if you are new, short on time, or want to learn by watching real trades happen. - **Go solo** when you can say the reason for a trade in one sentence and you know where you will exit. - **Mix both:** many people copy one or two whales and keep a small amount for their own calls. - **Stay small with real money:** a trade you can lose without stress is a trade you can think clearly about. Whichever you pick, judge it over many trades, not one. A single win proves little, and so does a single loss. ## Should I use practice money or real money? **Practice first: you get $1,000 of practice money for 24 hours on live Hyperliquid prices, with the same rules and trading fees as real money.** Practice money is not USDC and cannot be withdrawn. It is there for learning. Real money runs in your own wallet, created with your Telegram account and secured by Privy. Only you can withdraw or export the key. CopyHype gets a trading key that can open and close trades but can never withdraw. Real money starts at $5 a trade, in copies and solo trades alike. More in the [wallets](https://copyhype.family/docs/wallets) docs. ## What about predictions? **Predictions on Hyperliquid's outcome markets are live in CopyHype.** They are single bets on one outcome, settled in USDC, from $10 a bet. They do not replace perps; they sit next to them. A perps win can fund a prediction, and each market shows the chance, what it pays and the time left before you tap. How they work: [Hyperliquid prediction markets, explained simply](https://copyhype.family/blog/hyperliquid-prediction-markets). ## Frequently asked questions ### Can I copy a whale and trade solo at the same time? Yes. Copies and solo trades run side by side from the same balance, in practice money or real money. Each trade stands alone. ### Is trading solo more expensive than copying? No. The fees are the same: 0.1% of the position each way (0.09% with a friend's link), plus Hyperliquid's own fee and hourly funding. ### What is the minimum for a solo trade? $5. Hyperliquid's minimum is $10 of position, so at $5 pick a multiplier of x5 or more. At x2, a $5 trade sits right on the $10 line and can be refused. ### Can I lose more than my amount? No. Every trade uses its own isolated margin, so the most it can lose is the amount you put in. ### Does a whale know when I copy them? No. CopyHype reads public Hyperliquid records. Copying does not touch the whale's account in any way. --- # Hyperliquid prediction markets (HIP-4 outcomes), explained simply Source: https://copyhype.family/blog/hyperliquid-prediction-markets Updated: 2026-10-19 Hyperliquid prediction markets are HIP-4 outcome markets: fully collateralized Yes or No contracts that settle to 0 or 1, in USDC. The price of Yes is the market's chance, so Yes at $0.40 means about 40%. If you hold Yes and the event happens, each share pays $1. If it does not, each share pays $0 and you lose what you put in. HIP-4 went live on mainnet on May 2, 2026. The minimum is $10 per order, opening a position has no Hyperliquid fee, and in our check on October 18, 2026, Hyperliquid took about 0.07% when selling or at settlement. Hyperliquid is best known for perps, the up or down bets with a multiplier. Since May 2026 it also runs prediction markets, which it calls outcome markets. They are a different game: no multiplier, no liquidation, just a question with a Yes and a No, and a price between 0 and 1. This guide explains the whole thing from zero, with dated facts and links to Hyperliquid's own docs. ## What are Hyperliquid prediction markets in 30 seconds? **They are Yes or No contracts on real events, traded on Hyperliquid's order book, that pay $1 per share if you are right and $0 if you are wrong.** The price you pay is the market's chance that the answer is Yes. The 30-second version: - **One question, two sides.** "Will BTC be above a price at a set time?" You buy Yes or you buy No. - **Price = chance.** Yes at $0.40 means the market gives it about a 40% chance. - **Pays $1 or $0.** At the end, the right side pays $1 a share, the wrong side pays nothing. - **No multiplier.** What you put in is the most you can lose. There is no liquidation. - **You can exit early.** Sell before the end at the current price, with a profit or a loss. Hyperliquid calls them outcome markets, and the upgrade that created them is HIP-4 ([Hyperliquid docs, HIP-4](https://hyperliquid.gitbook.io/hyperliquid-docs/hyperliquid-improvement-proposals-hips/hip-4-outcome-markets)). ## What does HIP-4 mean? **HIP-4 is Hyperliquid Improvement Proposal 4, the upgrade that added outcome markets: "fully collateralized contracts that settle within a fixed range."** It was announced on February 2, 2026 and went live on mainnet on May 2, 2026. Hyperliquid describes HIP-4 as a general building block, useful for prediction markets and for bounded, options-like products. The first market was a recurring Bitcoin contract that settles daily at 06:00 UTC to the BTC mark price ([Hyperliquid docs, HIP-4](https://hyperliquid.gitbook.io/hyperliquid-docs/hyperliquid-improvement-proposals-hips/hip-4-outcome-markets)). The launch and announcement dates come from developer write-ups of the launch ([Dwellir](https://www.dwellir.com/blog/hyperliquid-hip-4-mainnet-outcomes), [Chainstack](https://chainstack.com/hyperliquid-hip4-vs-polymarket-2026/)). "Fully collateralized" is the key phrase. Every share that can pay $1 is backed by $1 locked when the trade happens. Nobody borrows, so nobody gets liquidated. Its sibling upgrade, [HIP-3](https://copyhype.family/blog/what-is-hip-3), did something different: it let outside teams launch their own perps. ## How does a Yes or No price become a chance? **A Yes share pays $1 if the answer is Yes. So its price, in dollars, is the market's chance of Yes.** Yes at $0.40 is a 40% chance; No on the same market costs about $0.60. Think of it as cents on the dollar. If people think something happens 4 times out of 10, they will pay about 40 cents for a ticket that pays $1 when it happens. Prices on Hyperliquid outcome markets move between 0.001 and 0.999 ([Chainstack developer guide](https://docs.chainstack.com/docs/hyperliquid-hip4-outcome-markets-trading)). | Yes price | Market's chance of Yes | No price | You get back per $1 on Yes, if Yes wins | |---|---|---|---| | $0.10 | 10% | $0.90 | $10 | | $0.25 | 25% | $0.75 | $4 | | $0.50 | 50% | $0.50 | $2 | | $0.80 | 80% | $0.20 | $1.25 | The cheaper the side, the bigger the payout and the less likely it is. A cheap side is not a bargain by default. It is cheap because the market thinks it probably will not happen. Our full guide to the math is [prediction market odds explained](https://copyhype.family/blog/prediction-market-odds-explained). ## How does a $10 prediction work, step by step? **$10 on Yes at $0.40 buys 25 Yes shares. If Yes wins, they pay $25, a $15 profit.** You can also sell before the end. | Step | What happens | |---|---| | The market | "Will BTC be above the target at the deadline?" Yes costs $0.40 | | You put in $10 on Yes | $10 divided by $0.40 = 25 Yes shares | | Yes wins | 25 shares x $1 = $25 back. Profit: $15 | | You sell early at $0.55 | 25 shares x $0.55 = $13.75 back. Profit: $3.75 | We use $10 because it is Hyperliquid's minimum per order on outcome markets: the price times the number of shares must reach 10 USDC ([QuickNode guide](https://www.quicknode.com/guides/hyperliquid/trade-hip-4-prediction-markets-on-hyperliquid)). What you get back if you win is your amount divided by the price, so x2.5 at $0.40. Fees are left out here; they are small and covered below. ## How does settlement work? **When the market ends, the right side settles to 1 and the wrong side settles to 0, automatically.** There is nothing to claim: winning shares turn into dollars and losing shares disappear. In Hyperliquid's terms, each market has two tokens, usually labelled Yes and No. Yes settles to a fraction called settleFraction, and No settles to 1 minus that fraction. For a simple Yes or No market the fraction is 1 or 0 ([Hyperliquid docs, HIP-4](https://hyperliquid.gitbook.io/hyperliquid-docs/hyperliquid-improvement-proposals-hips/hip-4-outcome-markets)). For price markets, the answer comes from Hyperliquid's own mark price. For the daily Bitcoin market, a developer guide explains that the result uses the two mark price updates on either side of the deadline, and that settlement happens with no claim or redeem step ([Chainstack developer guide](https://docs.chainstack.com/docs/hyperliquid-hip4-outcome-markets-trading)). For sports or esports, the result is posted for the market after the game. Always read the market's own rules before you trade: which price, which time, which official result. ## Why are Yes and No one order book? **Because buying Yes at a price p is the same as selling No at 1 minus p.** Hyperliquid merges the two books so both sides share the same liquidity. Hyperliquid's docs say it plainly: "The order books of Yes and No tokens for the same outcome are merged to share liquidity." A buy of Yes at $0.40 is the same trade as a sell of No at $0.60 ([Hyperliquid docs, HIP-4](https://hyperliquid.gitbook.io/hyperliquid-docs/hyperliquid-improvement-proposals-hips/hip-4-outcome-markets)). For you, this means one price to read, and a tighter market than two thin books would give. The tokens themselves are explained in [what are outcome tokens](https://copyhype.family/blog/what-are-outcome-tokens). ## What is a question on Hyperliquid? **A question groups several outcomes where exactly one settles Yes and all the others settle No.** "Who wins the match?" is a question; each possible winner is an outcome with its own Yes and No. Each outcome in a question trades on its own book, and Hyperliquid links them so that holders of No on every outcome can turn them back into dollars before settlement ([Hyperliquid docs, HIP-4](https://hyperliquid.gitbook.io/hyperliquid-docs/hyperliquid-improvement-proposals-hips/hip-4-outcome-markets)). The Yes prices of all outcomes in a question should add up to about $1, since exactly one of them will pay. ## What can you predict on Hyperliquid today? **At the time of writing, sports, esports and crypto prices.** On October 18, 2026, Hyperliquid's public list of outcome markets showed about 365 outcomes. They covered the NFL, the NBA, soccer (for example Ligue 1), League of Legends esports, and crypto and index price markets. The price markets ask whether a coin will be above a target, or touch it, by a deadline that is usually hours or days away. The list changes every day as markets settle and new ones open, so treat this as a snapshot. More detail: [sports predictions on Hyperliquid](https://copyhype.family/blog/hyperliquid-sports-predictions) and [crypto price predictions explained](https://copyhype.family/blog/crypto-price-predictions-explained). ## What does it cost to trade outcomes? **Opening a position has no Hyperliquid fee. In our check of fills on October 18, 2026, Hyperliquid took about 0.07% when a position was sold or settled.** At launch, Hyperliquid's docs said fees were zero for initial testing, so check the fee shown before you trade. Markets are quoted and settled in USDC. Hyperliquid moved outcome collateral from USDH, its own stablecoin at launch, to USDC, so no swap is needed ([QuickNode guide](https://www.quicknode.com/guides/hyperliquid/trade-hip-4-prediction-markets-on-hyperliquid), [Unchained](https://unchainedcrypto.com/coinbase-becomes-hyperliquids-official-usdc-treasury-deployer-as-usdh-sunsets/)). Apps can also add their own fee through builder codes, which work for outcomes as they do in spot trading, where the cap is 1% ([Hyperliquid docs, builder codes](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/builder-codes)). How this compares with Polymarket and Kalshi: [prediction market fees compared](https://copyhype.family/blog/prediction-market-fees-compared). ## What are the risks? **You can lose the amount you put in.** If your side settles at 0, the whole stake is gone. The other risks are quieter but real. - **Prices are not promises.** A 90% favourite still loses 1 time in 10. - **Close calls are close to a coin flip.** Near the deadline, with the price near the target, it can land on either side. - **Thin books.** On a small market, your order can move the price, and selling early can cost you. - **Rules matter.** Which price, which time, which official result decides the market. Read them. - **Information edges.** In sports, some traders know about injuries or line-ups before you do. - **Legal status varies.** Prediction markets are treated differently from country to country. See [are prediction markets legal](https://copyhype.family/blog/are-prediction-markets-legal). ## How is this different from perps? **Perps have a multiplier and can be liquidated. Outcomes have no multiplier, a fixed end, and a payout of exactly $1 or $0 a share.** Your worst case on an outcome is known the moment you buy. | | Perps | Outcome markets | |---|---|---| | What you bet on | A coin goes up or down | A Yes or No question | | Multiplier | Yes, up to the coin's maximum | No | | Can be liquidated | Yes | No, fully collateralized | | Ends | When you close | At a set time, or when you sell | | Most you can lose | Your amount | Your amount | New to perps? Read [what are perpetual futures](https://copyhype.family/blog/what-are-perpetual-futures). ## Are predictions in CopyHype? **Yes. Predictions are live in CopyHype.** Practice money or real money, single bets only, from $10 a bet in both. Each market shows the question, the chance, what it pays (pays ×2.5 at a 40% chance) and the time left, and the bet sheet shows what you get back if you win, all before you tap. CopyHype's fee: 1% when you buy, 1% when you sell before the result, and nothing from CopyHype at the result. On $10, you pay $10.10. Hyperliquid's own fee, about 0.07%, applies when you sell or get paid. Details: [Predictions in CopyHype](https://copyhype.family/docs/predictions). ## Frequently asked questions ### Are Hyperliquid prediction markets the same as HIP-4? Yes. HIP-4 is the upgrade that created outcome markets on Hyperliquid, and outcome markets are Hyperliquid's name for prediction markets. ### Can I lose more than I put in on a Hyperliquid outcome? No. Outcomes are fully collateralized and have no multiplier. If your side settles at 0, you lose the amount you put in, and nothing more. ### What does Yes at $0.40 mean? The market gives Yes about a 40% chance. Each Yes share costs $0.40 and pays $1 if Yes wins, or $0 if it loses. ### When did Hyperliquid outcome markets launch? HIP-4 was announced on February 2, 2026 and went live on mainnet on May 2, 2026, starting with a daily Bitcoin market. ### Are Hyperliquid outcome markets free? Not quite. Opening a position has no Hyperliquid fee, and in our check on October 18, 2026, Hyperliquid took about 0.07% when selling or at settlement. Apps can add a builder fee, and fees can change, so check before you trade. ### Can I trade predictions in CopyHype? Yes. Open the bot, tap Open the app, go to Trade, then 🔮 Predictions: practice money or real money. ## Where do these facts come from? **From Hyperliquid's official docs, developer guides written at launch, and our own check of Hyperliquid's public market list on October 18, 2026.** Sources: - [Hyperliquid docs: HIP-4 outcome markets](https://hyperliquid.gitbook.io/hyperliquid-docs/hyperliquid-improvement-proposals-hips/hip-4-outcome-markets) - [Hyperliquid docs: builder codes](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/builder-codes) - [Chainstack developer guide: HIP-4 outcome markets trading](https://docs.chainstack.com/docs/hyperliquid-hip4-outcome-markets-trading) - [Chainstack: HIP-4 vs Polymarket](https://chainstack.com/hyperliquid-hip4-vs-polymarket-2026/) - [Dwellir: HIP-4 on mainnet](https://www.dwellir.com/blog/hyperliquid-hip-4-mainnet-outcomes) - [QuickNode guide: trade HIP-4 prediction markets](https://www.quicknode.com/guides/hyperliquid/trade-hip-4-prediction-markets-on-hyperliquid) - [Unchained: USDH sunsets as Hyperliquid moves to USDC](https://unchainedcrypto.com/coinbase-becomes-hyperliquids-official-usdc-treasury-deployer-as-usdh-sunsets/) - [BlockEden: HIP-4 goes live, May 8, 2026](https://blockeden.xyz/blog/2026/05/08/hyperliquid-hip-4-zero-fee-prediction-markets-polymarket-kalshi/) Market counts and categories change daily. Words like outcome, question and settlement are defined in the [glossary](https://copyhype.family/docs/glossary#predictions). --- # How to trade Hyperliquid outcomes, step by step Source: https://copyhype.family/blog/how-to-trade-hyperliquid-outcomes Updated: 2026-10-23 To trade a Hyperliquid outcome, put USDC on Hyperliquid, open an app that lists HIP-4 outcome markets, pick a market and read its rules (what is measured, when, and against which target), then buy Yes or No for at least $10, Hyperliquid's minimum per order. The price is the chance, and each share pays $1 if your side wins. You can sell early at the current price or hold until settlement, which happens automatically in USDC. You can lose the amount you put in. You do not need to be a trader to use a prediction market. You need to know three things: what the market asks, what the price means, and when it ends. This guide walks through a Hyperliquid outcome trade from start to finish, without jargon, and points to Hyperliquid's own docs for every rule. ## What do you need before your first outcome trade? **A Hyperliquid account with at least $10 of USDC, an app that shows outcome markets, and a few minutes to read the market's rules.** No multiplier settings, no margin mode, no liquidation price to watch. - **USDC on Hyperliquid.** Our guide: [how to deposit USDC to Hyperliquid](https://copyhype.family/blog/how-to-deposit-usdc-to-hyperliquid). - **At least $10 per order.** That is Hyperliquid's minimum on outcome markets. See the next section. - **An app that lists outcomes.** Outcome markets run on Hyperliquid's engine, called HyperCore, and apps show them in their own way. - **An amount you can afford to lose.** You can lose the amount you put in. ## Which stablecoin do outcome markets use? **USDC. Hyperliquid moved outcome markets from USDH, its own stablecoin at launch, to USDC, so no swap is needed.** Each order must be worth at least 10 USDC: the price times the number of shares. At launch, developer guides said HIP-4 markets were quoted and settled in USDH ([Chainstack developer guide](https://docs.chainstack.com/docs/hyperliquid-hip4-outcome-markets-trading)). In May 2026, USDH began to be phased out as Hyperliquid consolidated around USDC ([Unchained](https://unchainedcrypto.com/coinbase-becomes-hyperliquids-official-usdc-treasury-deployer-as-usdh-sunsets/)), and a current developer guide states that HIP-4 collateral moved from USDH to USDC and that the minimum order is 10 USDC ([QuickNode guide](https://www.quicknode.com/guides/hyperliquid/trade-hip-4-prediction-markets-on-hyperliquid)). Guides that still mention USDH are out of date. ## How do you read an outcome market's rules? **Every market has a short description: what is measured, the deadline, and the target.** Read it before you look at the price. For price markets, Hyperliquid's market list gives each outcome a description made of short fields. The developer guide shows this real example for the first Bitcoin market: class:priceBinary, underlying:BTC, expiry:20260504-0600, targetPrice:78213, period:1d ([Chainstack developer guide](https://docs.chainstack.com/docs/hyperliquid-hip4-outcome-markets-trading)). | Field | Example | What it means for you | |---|---|---| | class | priceBinary | A Yes or No market on a price | | underlying | BTC | The coin being measured | | expiry | 20260504-0600 | The deadline, in UTC: May 4, 2026 at 06:00 | | targetPrice | 78213 | Yes wins if BTC is at or above this price | | period | 1d | A new market of this type opens every day | Apps turn this into a sentence like "Will BTC be above $78,213 at 06:00 UTC?" For sports and esports markets, the question names the match and the outcome, and the result comes from the official outcome of the game. ## How do you trade a Hyperliquid outcome, step by step? **Pick the market, pick Yes or No, check the price as a chance, enter your amount and place the order.** Then either sell before the end or let it settle. **Trade a Hyperliquid outcome market** 1. **Fund your account.** Move at least $10 of USDC to Hyperliquid. No swap is needed. 2. **Open an outcome market.** Choose one in an app that lists HIP-4 markets, and read its description: what, when, which target. 3. **Pick a side.** Buy Yes if you think the answer is Yes, or No if you think it is No. 4. **Read the price as a chance.** Yes at $0.40 means the market gives it about 40%. Ask yourself if you really think it is more likely than that. 5. **Enter your amount.** At least $10. Your amount divided by the price is your number of shares. Each share pays $1 if your side wins. 6. **Place the order.** A limit order sets your price. A market order takes the best price now. 7. **Hold or sell.** Sell early at the current price, or wait for settlement, which happens by itself. ## Should you use a limit order or a market order? **On a busy market, a market order is fine for a small amount. On a thin market, use a limit order so you do not pay far above the last price.** Either way, each order must be worth at least $10. Outcome markets trade on an order book, like Hyperliquid's perps and spot. A market order fills right away against the best offers. If there are few offers, it can climb the book and fill at a worse average price. A limit order waits at your price, and may not fill at all. Shares are whole numbers, and the price times the number of shares must reach $10 ([QuickNode guide](https://www.quicknode.com/guides/hyperliquid/trade-hip-4-prediction-markets-on-hyperliquid)). Remember that Yes and No share one merged book. Buying Yes at $0.40 is the same as selling No at $0.60 ([Hyperliquid docs, HIP-4](https://hyperliquid.gitbook.io/hyperliquid-docs/hyperliquid-improvement-proposals-hips/hip-4-outcome-markets)). The book you see already includes both sides. ## Should you sell early or hold to the end? **Sell early if the price already gives you most of the win, or if you changed your mind. Hold if you still think the market is wrong.** There is no single right answer. Say you bought 25 Yes shares at $0.40, so $10 in. The price rises to $0.85 an hour before the end. Selling now gives about $21.25 back, a profit of $11.25. Holding to the end gives $25 if Yes wins, or $0 if it loses. You are trading the last $3.75 of upside against the risk of losing it all. Many traders take most of a win when the price is already high, because the last stretch carries the most risk for the least reward. ## What happens at settlement? **At the deadline, the winning side becomes 1 USDC per share and the losing side becomes 0, with nothing for you to do.** Your balance updates by itself. Hyperliquid's docs define it this way: Yes settles to a fraction called settleFraction and No to 1 minus that fraction, which for a simple market means 1 or 0 ([Hyperliquid docs, HIP-4](https://hyperliquid.gitbook.io/hyperliquid-docs/hyperliquid-improvement-proposals-hips/hip-4-outcome-markets)). The developer guide adds that there is no claim, redeem or settle call to make ([Chainstack developer guide](https://docs.chainstack.com/docs/hyperliquid-hip4-outcome-markets-trading)). ## What mistakes do beginners make with outcomes? **Buying the cheap side because it pays more, ignoring the deadline, and putting in more than they can lose.** All three are easy to avoid. - **Cheap is not a deal.** A side at $0.05 pays 20 times, but it wins about 1 time in 20. - **Misreading the rules.** "Above" and "at or above", the time zone, the exact deadline: read them. - **Ordering under $10.** Hyperliquid refuses orders below its $10 minimum. - **Chasing a lost market.** Doubling up after a loss does not change the odds of the next one. - **Too much on one result.** Spread small amounts, or do not trade at all. ## How does this work in CopyHype? **Predictions are live in CopyHype.** One sheet: the question, the time left, Yes or No with the chance, your bet and what you get if it wins, then you hold to bet. Practice money or real money, from $10 a bet in both. It works like perps in CopyHype: USDC from your own wallet, no order types to pick, and the payout shown before you bet. You can sell any time before the result, once the bet is worth $10 or more. CopyHype's fee: 1% when you buy and 1% when you sell before the result, nothing at the result, plus Hyperliquid's own fee. See [Predictions in CopyHype](https://copyhype.family/docs/predictions). ## Frequently asked questions ### Do I need USDH to trade Hyperliquid outcomes? No. Outcome markets now use USDC. They used USDH, Hyperliquid's own stablecoin, at launch, and older guides still say so. ### What is the minimum order on a Hyperliquid outcome? $10 per order: the price times the number of shares must reach 10 USDC. Shares are whole numbers. ### Do I have to claim my winnings? No. Settlement is automatic. Winning shares become USDC in your account and losing shares go to zero. ### Can I sell a Yes share before the end? Yes. You sell at the current price on the order book, with a profit or a loss compared with what you paid. ### Can I lose more than I put in? No. Outcome markets are fully collateralized and have no multiplier. The most you can lose is your amount. ## Where do these facts come from? **From Hyperliquid's HIP-4 docs, developer guides and a news report on the move to USDC.** Sources: - [Hyperliquid docs: HIP-4 outcome markets](https://hyperliquid.gitbook.io/hyperliquid-docs/hyperliquid-improvement-proposals-hips/hip-4-outcome-markets) - [Chainstack developer guide: HIP-4 outcome markets trading](https://docs.chainstack.com/docs/hyperliquid-hip4-outcome-markets-trading) - [Dwellir: HIP-4 on mainnet](https://www.dwellir.com/blog/hyperliquid-hip-4-mainnet-outcomes) - [QuickNode guide: trade HIP-4 prediction markets](https://www.quicknode.com/guides/hyperliquid/trade-hip-4-prediction-markets-on-hyperliquid) - [Unchained: USDH sunsets as Hyperliquid moves to USDC](https://unchainedcrypto.com/coinbase-becomes-hyperliquids-official-usdc-treasury-deployer-as-usdh-sunsets/) The example uses round numbers and leaves out fees: nothing to open, and about 0.07% when you sell or at settlement in our check on October 18, 2026. --- # HIP-4 vs Polymarket vs Kalshi: the facts, side by side Source: https://copyhype.family/blog/hip-4-vs-polymarket-vs-kalshi Updated: 2026-10-19 All three sell Yes or No shares that pay $1 if right. Hyperliquid's HIP-4 runs them on its own on-chain order book in USDC, live since May 2, 2026: free to open and, in our check on October 18, 2026, about 0.07% when you sell or settle. Polymarket matches orders off-chain and settles on Polygon, with a taker fee on some categories and none for makers. Kalshi is a US exchange regulated by the CFTC as a Designated Contract Market, with a fee formula published in its fee schedule. Who can use each depends on where you live. Prediction markets used to mean one or two names. In 2026 there are three big models side by side: a crypto exchange's native order book (Hyperliquid), a crypto-native platform (Polymarket) and a regulated US exchange (Kalshi). This page compares them on facts only, with the date and the source of each one. It is not a ranking, and it is not advice on which to use. ## What is the short difference between HIP-4, Polymarket and Kalshi? **HIP-4 is Hyperliquid's own on-chain order book for outcomes. Polymarket is a crypto platform with off-chain matching and on-chain settlement. Kalshi is a CFTC-regulated US exchange.** All three sell shares that pay $1 when right and $0 when wrong. The share works the same everywhere: the price is the market's chance, and the payout is fixed. What changes is who runs the order book, who decides the result, what it costs and who is allowed in. Our [explainer on Hyperliquid prediction markets](https://copyhype.family/blog/hyperliquid-prediction-markets) covers the share itself from zero. ## How do the three compare side by side? **Here is the summary, as of October 18, 2026.** Every line is sourced below the table and in the source list at the end. | | Hyperliquid HIP-4 | Polymarket | Kalshi | |---|---|---|---| | What it is | Outcome markets on Hyperliquid's own chain | Crypto prediction platform | US exchange for event contracts | | Order book | On-chain, on HyperCore | Matched off-chain, settled on Polygon | Run by Kalshi | | Regulated as | Not stated in its docs | International platform not US-regulated | Designated Contract Market, CFTC | | Results decided by | An authorized oracle posts 0 or 1 | UMA Optimistic Oracle | Kalshi, under its market rules | | Taker fee | Nothing to open, about 0.07% to sell or settle | Some categories, formula below | Formula in its fee schedule | | Maker fee | No maker rebates | Never charged | Lower formula, below | | Started | Mainnet on May 2, 2026 | Founded in 2020 | | Sources for the table: Hyperliquid's HIP-4 docs, Polymarket's fee docs, Kalshi's help center and fee schedule, and a May 2026 comparison by Chainstack ([Chainstack](https://chainstack.com/hyperliquid-hip4-vs-polymarket-2026/)). ## How does trading work on each? **All three use an order book: buyers and sellers post prices, and trades happen where they meet.** The difference is where that book lives. - **Hyperliquid HIP-4.** The order book is part of HyperCore, the same engine that runs Hyperliquid's perps and spot. Yes and No books for the same outcome are merged, so buying Yes at p is selling No at 1 minus p ([Hyperliquid docs, HIP-4](https://hyperliquid.gitbook.io/hyperliquid-docs/hyperliquid-improvement-proposals-hips/hip-4-outcome-markets)). - **Polymarket.** Chainstack describes its order book as matched off-chain by Polymarket, with settlement and token transfers on-chain on Polygon ([Chainstack](https://chainstack.com/hyperliquid-hip4-vs-polymarket-2026/)). - **Kalshi.** Kalshi runs its own exchange and says it "is regulated as a Designated Contract Market (DCM)" by the CFTC, a US government agency ([Kalshi help center](https://help.kalshi.com/en/articles/13823765-how-is-kalshi-regulated)). ## How are results decided? **On HIP-4, an authorized oracle posts the result, and price markets use Hyperliquid's own mark price. Polymarket uses the UMA Optimistic Oracle. Kalshi settles under its own rules.** Always read who decides before you trade. For Hyperliquid's daily Bitcoin market, the result comes from HyperCore's BTC mark price ([Hyperliquid docs, HIP-4](https://hyperliquid.gitbook.io/hyperliquid-docs/hyperliquid-improvement-proposals-hips/hip-4-outcome-markets)). Dwellir's launch write-up describes an authorized oracle posting the binary result, with an optional dispute window ([Dwellir](https://www.dwellir.com/blog/hyperliquid-hip-4-mainnet-outcomes)). Chainstack reports that every Polymarket event resolves through the UMA Optimistic Oracle, with Chainlink data used for fast crypto markets ([Chainstack](https://chainstack.com/hyperliquid-hip4-vs-polymarket-2026/)). ## What do the fees look like? **HIP-4 is free to open and, in our check on October 18, 2026, took about 0.07% when selling or settling. Polymarket and Kalshi both use a formula that charges most around a 50% price.** On 100 shares at $0.50, that is $0 to buy on HIP-4, $1.25 on a Polymarket sports market and $1.75 for a Kalshi taker. | 100 shares at $0.50 | Fee | |---|---| | Hyperliquid HIP-4, today | $0 to buy, about $0.04 to sell at $0.50 | | Polymarket, sports, taker | $1.25 | | Polymarket, crypto, taker | $1.75 | | Polymarket, any maker | $0 | | Kalshi, general taker formula | $1.75 | | Kalshi, general maker formula | About $0.44 | Polymarket's formula is C x feeRate x p x (1 - p), with feeRate 0.07 for crypto, 0.05 for sports, 0.04 for finance, politics and tech, and 0 for geopolitics ([Polymarket docs, fees](https://docs.polymarket.com/trading/fees)). Kalshi's general taker fee is 0.07 x C x P x (1 - P), rounded up, and its maker fee uses 0.0175, in a schedule effective July 7, 2026 ([Kalshi fee schedule](https://kalshi.com/docs/kalshi-fee-schedule.pdf)). The full breakdown, including Hyperliquid's builder fees, is in [prediction market fees compared](https://copyhype.family/blog/prediction-market-fees-compared). ## What can you trade on each? **At the time of writing, HIP-4 lists sports, esports and crypto price markets. Polymarket covers politics, sports, geopolitics, macro and pop culture.** Kalshi lists event contracts under its rules. On October 18, 2026, Hyperliquid's public market list showed about 365 outcomes: the NFL, the NBA, soccer such as Ligue 1, League of Legends esports, and crypto and index prices, with deadlines from hours to months away. Polymarket's categories come from Chainstack's May 2026 comparison ([Chainstack](https://chainstack.com/hyperliquid-hip4-vs-polymarket-2026/)). The menu on each platform changes constantly. ## Who can use each one? **It depends on where you live, and the rules change.** Chainstack's May 2026 comparison said US traders are geo-blocked from HIP-4 and from Polymarket's international platform. Kalshi is a US-regulated exchange. In France, the gaming regulator ANJ banned financial transactions with Polymarket in November 2024 and announced a block of its website on July 17, 2026 ([eNCA, AFP](https://www.enca.com/business/france-blocks-access-polymarket)). Other countries treat prediction markets as gambling, as financial products, or not at all. We cover this, without legal advice, in [are prediction markets legal](https://copyhype.family/blog/are-prediction-markets-legal). ## Why does HIP-4 matter, and how does Kalshi fit in? **HIP-4 puts prediction markets on the same engine and the same account as Hyperliquid's perps and spot.** BlockEden also reported a Hyperliquid and Kalshi partnership announced in March 2026, and that HIP-4 was co-authored by Kalshi's head of crypto. That report comes from a May 2026 BlockEden article ([BlockEden](https://blockeden.xyz/blog/2026/05/08/hyperliquid-hip-4-zero-fee-prediction-markets-polymarket-kalshi/)). For traders, the practical point is simpler: on Hyperliquid, an outcome trade sits next to your perps in one place. Permissionless deployment, where outside teams could launch their own outcome markets by staking 500,000 HYPE, was announced on July 20, 2026 as preliminary, with no dates ([The Block](https://theblock.co/news/defi/2026-07-20-hyperliquid-hip-4-permissionless-deployment-408875)). ## Which one should a beginner pick? **The one that is legal where you live, that lists the market you care about, and whose rules you have read.** After that, compare fees on your actual trade size. We build CopyHype on Hyperliquid, so we are not neutral on the platform we chose. That is why this page sticks to sourced facts. Predictions are live in CopyHype, with practice money first, so you can learn how these markets move without real money. You can lose the amount you put in. ## Frequently asked questions ### Is HIP-4 cheaper than Polymarket? Today, yes on fees: opening a HIP-4 position is free and Hyperliquid took about 0.07% when selling or settling in our October 18, 2026 check, while Polymarket charges takers a fee on some categories. That can change, so check both. ### Is Hyperliquid regulated like Kalshi? Kalshi says it is regulated by the CFTC as a Designated Contract Market. Hyperliquid's HIP-4 docs do not describe it as a regulated exchange. ### Does Polymarket charge makers? No. Polymarket's fee docs say makers are never charged fees. Only takers pay, and only on some categories. ### Which has more markets? It changes daily. At the time of writing, HIP-4 listed about 365 outcomes across sports, esports and crypto prices. Polymarket covers more categories, including politics. ### Can I use all three from any country? No. Access depends on where you live. For example, US traders are geo-blocked from HIP-4 and from Polymarket's international platform, according to Chainstack, and France blocks Polymarket. ## Where do these facts come from? **From each platform's own docs, plus dated reports for the facts the docs do not cover.** Sources: - [Hyperliquid docs: HIP-4 outcome markets](https://hyperliquid.gitbook.io/hyperliquid-docs/hyperliquid-improvement-proposals-hips/hip-4-outcome-markets) - [Polymarket docs: fees](https://docs.polymarket.com/trading/fees) - [Kalshi help center: how is Kalshi regulated](https://help.kalshi.com/en/articles/13823765-how-is-kalshi-regulated) - [Kalshi fee schedule](https://kalshi.com/docs/kalshi-fee-schedule.pdf) - [Chainstack: HIP-4 vs Polymarket](https://chainstack.com/hyperliquid-hip4-vs-polymarket-2026/) - [Dwellir: HIP-4 on mainnet](https://www.dwellir.com/blog/hyperliquid-hip-4-mainnet-outcomes) - [BlockEden: HIP-4 goes live, May 8, 2026](https://blockeden.xyz/blog/2026/05/08/hyperliquid-hip-4-zero-fee-prediction-markets-polymarket-kalshi/) - [The Block: HIP-4 permissionless deployment, July 20, 2026](https://theblock.co/news/defi/2026-07-20-hyperliquid-hip-4-permissionless-deployment-408875) - [eNCA, AFP: France blocks access to Polymarket](https://www.enca.com/business/france-blocks-access-polymarket) Fees and access were checked on October 18, 2026. Kalshi's maker figure is rounded. --- # Sports predictions on Hyperliquid: NFL, NBA, soccer and esports Source: https://copyhype.family/blog/hyperliquid-sports-predictions Updated: 2026-10-19 Hyperliquid lists sports outcome markets through HIP-4. At the time of writing, its public market list covered the NFL, the NBA, soccer such as Ligue 1, and League of Legends esports. A match is a question, each possible result is an outcome, and exactly one outcome settles Yes. A Yes share pays $1 if that result happens and $0 if not, so its price is the market's chance. You trade with other people on an order book and can sell during the game. You can lose the amount you put in. Sports are the oldest prediction market there is. What is new is doing it on Hyperliquid's order book, in the same account as perps, with prices shown as chances instead of bookmaker odds. This guide explains how a match turns into a Hyperliquid market, how to read it, and what to watch out for. It does not tip any team. ## Can you bet on sports on Hyperliquid? **Yes, through HIP-4 outcome markets.** At the time of writing, Hyperliquid's public market list covered the NFL, the NBA, soccer such as Ligue 1, and League of Legends esports. On October 18, 2026, that list showed about 365 outcomes in total, sports and crypto prices together. The menu changes every day as games finish and new ones open. Hyperliquid calls these outcome markets rather than bets: you buy shares that pay $1 if a result happens, and you can sell them before the end ([Hyperliquid docs, HIP-4](https://hyperliquid.gitbook.io/hyperliquid-docs/hyperliquid-improvement-proposals-hips/hip-4-outcome-markets)). New to the idea? Start with [Hyperliquid prediction markets explained](https://copyhype.family/blog/hyperliquid-prediction-markets). ## How does a sports outcome market work? **A match is a question, each possible result is an outcome, and exactly one outcome settles Yes.** Every outcome has its own Yes and No shares. Hyperliquid's docs define a question as a set of outcomes "where exactly one outcome will settle to Yes, and all others will settle to No" ([Hyperliquid docs, HIP-4](https://hyperliquid.gitbook.io/hyperliquid-docs/hyperliquid-improvement-proposals-hips/hip-4-outcome-markets)). A soccer match has three possible results: a home win, a draw or an away win. As a question, that is three outcomes. When the final whistle blows, the real result settles Yes at $1 and the other two settle at $0. ## How do you read the prices on a match? **Each outcome's Yes price is the market's chance of that result. Across one match, the Yes prices add up to about $1.** Here is an example with made-up prices. | Outcome | Yes price | Market's chance | Paid per $1 on Yes, if it happens | |---|---|---|---| | Home win | $0.45 | 45% | About $2.22 | | Draw | $0.27 | 27% | About $3.70 | | Away win | $0.30 | 30% | About $3.33 | | Total | $1.02 | | | The total is a little over $1 because buyers pay a bit more than the fair price to get filled now. That gap is the spread, and it is part of your cost. Prices here are an example, not a real match. The full math, with decimal odds, is in [prediction market odds explained](https://copyhype.family/blog/prediction-market-odds-explained). ## How do NFL and NBA markets differ from soccer? **In the NBA a game cannot end in a draw, so a winner market only needs two outcomes. In the NFL, regular season ties are possible but rare, so read how the market handles one.** In soccer, the draw is a real result. This matters for what your share pays. If you buy Yes on a soccer team to win and the match ends in a draw, your Yes settles at $0. Some markets also ask other questions than the winner, for example a total or a margin. Always read the exact question and the rules for overtime, extra time and postponed games before you trade. ## What about esports like League of Legends? **Esports markets work the same way: a match is a question with one outcome per possible winner.** The catch is the format. Read whether the market is on one game or on the whole series. League of Legends matches are often played as a series of games. A market on the series winner and a market on game one are different bets with different prices. Rules about technical pauses, remakes or a forfeit also decide what settles Yes, so check them in the market description. ## When do sports markets settle? **After the official result, when the market's authorized oracle posts which outcome won.** Winning shares then become $1 each, automatically. Hyperliquid's HIP-4 docs describe settlement as the Yes side settling to 1 or 0 ([Hyperliquid docs, HIP-4](https://hyperliquid.gitbook.io/hyperliquid-docs/hyperliquid-improvement-proposals-hips/hip-4-outcome-markets)). Dwellir's launch write-up describes an authorized oracle posting the result, with an optional dispute window ([Dwellir](https://www.dwellir.com/blog/hyperliquid-hip-4-mainnet-outcomes)). So a market can settle a little after the final whistle, not the second it ends. ## Can you trade during the game? **Yes, as long as someone on the order book takes the other side.** Prices move with every goal, basket or touchdown, and you can sell your shares mid-game at the current price. That is the big difference from a classic bet slip. If you bought the home win at $0.45 and the home team scores first, the price may jump, and you can sell to lock in part of the gain. It also works the other way: a goal against you can cut your shares' value in seconds. During a game, prices can move faster than you can react, and traders watching quicker feeds will often beat you to the new price. ## How is this different from a sportsbook? **A sportsbook sets the odds and takes the other side of your bet. On an order book, other traders set the price and you can sell before the end.** The math converts easily. | | Sportsbook | Hyperliquid outcome market | |---|---|---| | Who sets the price | The bookmaker | Traders, on the order book | | Who is on the other side | The bookmaker | Another trader | | Price shown as | Odds, like 2.50 | A chance, like $0.40 | | Exit before the end | Sometimes, with cash out | Sell at the current price | | Most you can lose | Your stake | Your amount | A Yes price of $0.40 is the same as decimal odds of 2.50: $1 divided by $0.40. We are not saying one is better. They are different structures, with different costs and different rules where you live. ## What are the risks of sports predictions? **You can lose the amount you put in. Sports add their own traps on top.** - **Betting with your heart.** Your favourite team is not more likely to win because you love it. - **Information edges.** Injury news and line-ups reach some traders before others. - **Thin markets.** A small match may have few buyers, so selling mid-game can cost you. - **Rules surprises.** Draws, overtime and postponed games can settle differently from what you expected. - **Legal status.** Sports betting is regulated in many countries. See [are prediction markets legal](https://copyhype.family/blog/are-prediction-markets-legal). ## Does CopyHype have sports predictions? **Predictions are live in CopyHype.** Practice money or real money. Single bets only: CopyHype does not offer parlays. For sports, that means one sheet per match: each result with its chance, your bet and what you get if it wins, then you hold to bet. How it works: [Predictions in CopyHype](https://copyhype.family/docs/predictions). ## Frequently asked questions ### Which sports can I trade on Hyperliquid? At the time of writing, the NFL, the NBA, soccer such as Ligue 1, and League of Legends esports. The list changes daily as games end and new markets open. ### What happens to my Yes on a team if the match is a draw? If the draw is its own outcome, your Yes on a team to win settles at $0. Read each market's rules for draws, ties and overtime. ### Can I sell my position before the game ends? Yes, if there is a buyer on the order book. You sell at the current price, which moves with the game. ### How do I turn a Yes price into odds? Divide $1 by the price. Yes at $0.40 equals decimal odds of 2.50. ### Is betting on sports with crypto legal? It depends on the country, and sometimes the state or region. Check the rules where you live. This is not legal advice. ## Where do these facts come from? **From Hyperliquid's HIP-4 docs, a launch write-up, and our check of Hyperliquid's public market list on October 18, 2026.** Sources: - [Hyperliquid docs: HIP-4 outcome markets](https://hyperliquid.gitbook.io/hyperliquid-docs/hyperliquid-improvement-proposals-hips/hip-4-outcome-markets) - [Dwellir: HIP-4 on mainnet](https://www.dwellir.com/blog/hyperliquid-hip-4-mainnet-outcomes) The match prices on this page are an example, not real markets. Terms like question and settlement are in the [glossary](https://copyhype.family/docs/glossary#predictions). --- # Crypto price predictions on Hyperliquid: how they work, honestly Source: https://copyhype.family/blog/crypto-price-predictions-explained Updated: 2026-10-19 Hyperliquid's crypto price markets ask a Yes or No question, like "will ZEC be above $1,057 at 08:00 UTC on October 23?" Yes pays $1 a share if the rule is met at the deadline and $0 if not. The rule names the price source and a short window, for example the Pyth price over the last 90 seconds before the deadline. That window is how the result is measured, not how long the market lasts. You can lose the amount you put in. Crypto price markets are the simplest predictions to read: a coin, a target and a deadline. The details still matter. Which price decides, at what moment, and over how many seconds? This guide explains how Hyperliquid's crypto markets are written, how the result is decided, and where the costs hide. ## What is a crypto price prediction on Hyperliquid? **It is a Yes or No outcome market on a coin's price at a deadline: will it be above a target, or will it touch a target before the deadline?** Yes pays $1 a share if the rule is met, No pays $1 if it is not. On October 18, 2026, our check of Hyperliquid's public list of outcome markets counted 110 markets of the "price above a target" kind, 12 "touch" markets and 4 daily recurring markets, next to sports and other events. Hyperliquid's very first outcome market, at the May 2026 launch, was a daily Bitcoin market that settles at 06:00 UTC ([Hyperliquid docs, HIP-4](https://hyperliquid.gitbook.io/hyperliquid-docs/hyperliquid-improvement-proposals-hips/hip-4-outcome-markets)). The basics of outcomes are in [Hyperliquid prediction markets explained](https://copyhype.family/blog/hyperliquid-prediction-markets). ## How does a "price above X" market work? **The market sets a coin, a target price, a deadline and a price source. You buy Yes if you think the price will be above the target at the deadline, or No if you think it will not.** At the deadline, one side pays $1 a share and the other pays $0. Each market carries its rule in short fields. One we read on October 18 said: the coin ZEC, the source "the Pyth ZEC/USD price", a window of 90 seconds, a target of 1,057 and a deadline of 08:00 UTC on October 23. In plain words: Yes if ZEC is above $1,057 at 08:00 UTC on October 23, measured on the Pyth price over the last 90 seconds. The daily recurring markets use the same idea with a fixed daily deadline ([Chainstack developer guide](https://docs.chainstack.com/docs/hyperliquid-hip4-outcome-markets-trading)). ## What does the seconds field mean? **It is the measuring window, not the length of the market.** A market with a 90-second window can run for days: the 90 seconds are the last moments before the deadline, the ones that decide the result. Measuring over a short window instead of one single tick makes the result harder to push with one trade at the last second. It also means a market is not "90 seconds long". When an app shows such a market, the useful numbers are the deadline and the time left, for example "Result in 4d 21h". Check each market's rule: the window and the source are written in it. ## What is a "touch" market? **A touch market asks whether the price reaches a target at any moment before the deadline, and stays there for a few seconds.** One we read on October 18: HYPE, a target of $75, the HYPE-USDC perp mark as the source, a hold of 3 seconds, and a deadline on November 1. Touch markets read differently from "above at the deadline". The price can touch the target on day one and fall back, and Yes still wins. So a touch market usually trades at a higher chance than an "above at the deadline" market with the same target. The few seconds of hold mean a single spike of one tick does not count. ## How is the result decided? **On the price source named in the rule, not on another exchange's chart.** For a daily Bitcoin market, the developer guide explains that the result uses Hyperliquid's mark price around the deadline. In detail, the guide says a daily price market settles Yes "if and only if" the price, interpolated between the mark price just before and just after the deadline, meets the target, and that it does not use candles or other snapshots ([Chainstack developer guide](https://docs.chainstack.com/docs/hyperliquid-hip4-outcome-markets-trading)). Newer markets name their own source, like a Pyth price. Two practical points follow. Read the rule of each market. And the chart in your usual app may show a slightly different price from the one that decides the market. ## What does a $10 pick look like? **At $0.50, $10 buys 20 Yes shares: $20 back if right.** Over many picks, small costs decide the result. | Situation | What happens to $10 on Yes | |---|---| | You buy at $0.50 | 20 shares | | Yes wins at the deadline | 20 x $1 = $20 back, profit $10 | | You buy at $0.52 because the best offer is 2 cents above fair | 20 shares cost $10.40 | | Fair chance is still 50% | Average value $10, so about $0.40 lost per pick on average | That last line is the important one. A 2-cent spread does not look like much on one pick. Repeated 50 times, it adds up to about $20 lost on average, from costs alone, on $10 picks. We use $10 because a developer guide lists $10 of value as the minimum per order ([Chainstack developer guide](https://docs.chainstack.com/docs/hyperliquid-hip4-outcome-markets-trading)), and shares are whole, so the cost is rounded to the next share. ## How far away is the deadline? **Usually hours or days, sometimes weeks.** A deadline far away leaves room for news and trends, so prices can move far from 50%. A market on "BTC above a target by a date" can trade at $0.15 or $0.85, because a lot can happen before the deadline. You can have a real view on it, right or wrong. When the deadline gets close and the price sits near the target, the market gets close to a coin flip again: in the last minutes, small moves decide. Neither case is safe, but it helps to know which one you are in. ## How is this different from a perps trade on the same coin? **A perp has no end and a multiplier, and can be liquidated. A price outcome has a fixed deadline, no multiplier, and pays exactly $1 or $0 a share.** The worst case on the outcome is known before you start. | | BTC perp, up | BTC above X at a deadline, Yes | |---|---|---| | Ends | When you close | At the deadline | | Multiplier | Yes | No | | Small move in your favour | Small gain | Full $1 a share at the deadline | | Small move against you | Small loss | $0 a share at the deadline | | Most you can lose | Your amount | Your amount | The outcome turns a small move at the deadline into all or nothing. A perp turns the same move into a small gain or loss. Perps from zero: [what are perpetual futures](https://copyhype.family/blog/what-are-perpetual-futures). ## What are the risks? **You can lose the amount you put in.** Price markets look simple, and that makes them easy to repeat. - **Close calls near the deadline.** When the price sits near the target, the result is close to a coin flip. - **Costs decide the long run.** Spreads and fees take a little on every pick. - **Faster players.** Bots react to price feeds in milliseconds. - **Thin books.** On October 18 we saw a ZEC market with a best bid of $0.0157 and a best offer of $0.9899: buying there would cost far more than the fair price. - **The loop.** New markets open every day. Set a limit before you start. ## Does CopyHype have crypto predictions? **Yes, crypto predictions are live in CopyHype.** Practice first, with $1,000 of free practice money for 24 hours. Bets start at $10, with the same minimum and the same trading fees as real money. CopyHype shows each market with the time left, the chance and what it pays, and the bet sheet shows what you get back if you win, before you tap. CopyHype's fee: 1% when you buy, 1% if you sell before the result, and nothing when you hold to the result. On $10, that is $0.10 when you buy. Hyperliquid adds about 0.07% when you sell or get paid. Markets where $10 cannot be bought near a fair price are not shown. How it works: [Predictions in CopyHype](https://copyhype.family/docs/predictions). ## Frequently asked questions ### Is a 90-second market 90 seconds long? No. The 90 seconds are the window used to measure the price just before the deadline. The market itself can run for days, and the deadline is what to watch. ### Which price decides a Hyperliquid price market? The source named in the market's rule: Hyperliquid's mark price for the daily Bitcoin market, or another named price, like a Pyth price, for newer markets. ### What is the difference between "above" and "touch"? "Above" looks at the price at the deadline. "Touch" wins if the price reaches the target and holds for a few seconds at any time before the deadline. ### Can I predict Bitcoin's price? Nobody can do it reliably. Far from the deadline, you can have a view. Close to it, with the price near the target, it gets close to a coin flip. ### Why do I lose money on a 50/50 market over time? Because you usually buy slightly above the fair price, through the spread and any fees. On a fair coin flip, those small costs add up. ## Where do these facts come from? **From Hyperliquid's HIP-4 docs, a developer guide, and our check of Hyperliquid's public market list and books on October 18, 2026.** Sources: - [Hyperliquid docs: HIP-4 outcome markets](https://hyperliquid.gitbook.io/hyperliquid-docs/hyperliquid-improvement-proposals-hips/hip-4-outcome-markets) - [Chainstack developer guide: HIP-4 outcome markets trading](https://docs.chainstack.com/docs/hyperliquid-hip4-outcome-markets-trading) The $10 example uses round numbers and leaves out fees. Hyperliquid's docs say outcome fees are currently zero for initial testing; in our check of fills on October 18, settlement carried a protocol fee of about 0.07%. --- # What are outcome tokens? Yes and No, split and merge, for beginners Source: https://copyhype.family/blog/what-are-outcome-tokens Updated: 2026-10-19 Outcome tokens are the two sides of a prediction market. On Hyperliquid's HIP-4 markets, each outcome has a Yes token and a No token. At settlement, the right one pays 1 dollar of stablecoin per token and the wrong one pays 0. Because exactly one of them pays, 1 Yes plus 1 No is always worth $1, so their prices add up to about $1. Splitting turns $1 into 1 Yes and 1 No; merging turns them back into $1. When you buy Yes on a prediction market, you are not placing a bet slip. You are buying a token that will be worth $1 or $0. Once you see the two tokens and how they fit together, the prices, the order book and the payout all follow. This guide explains outcome tokens on Hyperliquid, from the simplest idea to the technical names. ## What is an outcome token? **An outcome token is a share in one side of a question. It is worth $1 at the end if that side is right, and $0 if it is wrong.** In between, it trades at a price that reflects the chance. Hyperliquid's HIP-4 docs describe outcome markets as "fully collateralized contracts that settle within a fixed range", and say each market has two tokens, labelled by its side specs, often Yes and No ([Hyperliquid docs, HIP-4](https://hyperliquid.gitbook.io/hyperliquid-docs/hyperliquid-improvement-proposals-hips/hip-4-outcome-markets)). Fully collateralized means each pair of tokens is backed by $1 locked in the system, so the payout is always there. ## What are Yes and No tokens? **The Yes token pays if the event happens. The No token pays if it does not.** They are mirror images: when one is worth more, the other is worth less. | | Yes token | No token | |---|---|---| | Pays $1 when | The answer is Yes | The answer is No | | Pays $0 when | The answer is No | The answer is Yes | | Example price | $0.40 | $0.60 | | Market's chance it pays | About 40% | About 60% | In Hyperliquid's terms, Yes settles to a value called settleFraction and No settles to 1 minus it. For a simple Yes or No market, that value is 1 or 0 ([Hyperliquid docs, HIP-4](https://hyperliquid.gitbook.io/hyperliquid-docs/hyperliquid-improvement-proposals-hips/hip-4-outcome-markets)). ## Where do Yes and No tokens come from? **They are created in pairs. When a buyer of Yes and a buyer of No meet at prices that add up to $1, their money is locked and one Yes and one No are minted.** When the pair is sold back, it is burned. Say Ana buys Yes at $0.40 and Ben buys No at $0.60. Together they put in $1. The system locks that $1 and creates one Yes for Ana and one No for Ben. At the end, one of them gets the $1. A developer guide explains that on Hyperliquid this minting and burning happens inside the matching engine during fills, so you never press a mint button yourself ([Chainstack developer guide](https://docs.chainstack.com/docs/hyperliquid-hip4-outcome-markets-trading)). ## Why does 1 Yes plus 1 No always equal $1? **Because exactly one of them will pay $1 and the other $0.** Holding both is the same as holding $1, whatever happens. That simple fact keeps prices honest. If Yes costs $0.40 and No costs $0.50, someone can buy both for $0.90 and collect $1 for sure, so they buy until the gap closes. If they cost $0.55 and $0.55, someone can sell both for $1.10 and owe only $1. In practice, the best Yes and No prices add up to a little more than $1 for buyers, and the difference is the spread. It is also why Hyperliquid merges the two order books: "The order books of Yes and No tokens for the same outcome are merged to share liquidity." Buying Yes at $0.40 is the same as selling No at $0.60 ([Hyperliquid docs, HIP-4](https://hyperliquid.gitbook.io/hyperliquid-docs/hyperliquid-improvement-proposals-hips/hip-4-outcome-markets)). ## What are split and merge? **Split turns $1 into 1 Yes and 1 No. Merge turns 1 Yes and 1 No back into $1.** They are tools for advanced users and apps. Hyperliquid's docs say: "Advanced users may also manually split and merge outcomes to convert between primary and dual balances" ([Hyperliquid docs, HIP-4](https://hyperliquid.gitbook.io/hyperliquid-docs/hyperliquid-improvement-proposals-hips/hip-4-outcome-markets)). A developer guide written at the May 2026 launch noted that the split and merge actions existed in the protocol but were not yet enabled for users then ([Chainstack developer guide](https://docs.chainstack.com/docs/hyperliquid-hip4-outcome-markets-trading)). Check the current docs if you need them. | Action | You give | You get | |---|---|---| | Split | $1 | 1 Yes + 1 No | | Merge | 1 Yes + 1 No | $1 | Why would anyone split? A market maker can split $1, then offer Yes and No to buyers on both sides. A beginner does not need either action: buying and selling on the order book does the same thing for you. ## How do tokens work in a question? **In a question, every possible result is its own outcome with its own Yes and No, and exactly one outcome settles Yes.** Holding No on every outcome is worth something before the end. Hyperliquid's docs say outcomes in a question trade on separate books but are linked by negate and merge operations, and that holders of No shares across outcomes can redeem quote tokens before settlement ([Hyperliquid docs, HIP-4](https://hyperliquid.gitbook.io/hyperliquid-docs/hyperliquid-improvement-proposals-hips/hip-4-outcome-markets)). The logic: in a match with three outcomes, exactly one Yes wins, so exactly two No tokens pay. A set of No on all three is worth $2 for sure. ## What happens to the tokens at settlement? **The winning token turns into 1 USDC and the losing token turns into 0, automatically.** You do not claim anything. The developer guide notes there is no claim, redeem or settle call to make ([Chainstack developer guide](https://docs.chainstack.com/docs/hyperliquid-hip4-outcome-markets-trading)). Outcome markets settled in USDH, Hyperliquid's native stablecoin, at launch, and now settle in USDC ([QuickNode guide](https://www.quicknode.com/guides/hyperliquid/trade-hip-4-prediction-markets-on-hyperliquid)). ## How do developers see these tokens? **Each outcome has a number, and each side is 0 for Yes or 1 for No.** Apps compute names from those two numbers. The developer guide gives the formula: encoding equals 10 times the outcome number plus the side. For outcome 1, Yes is 10 and No is 11. The order book uses the name #10, and account balances show +10 ([Chainstack developer guide](https://docs.chainstack.com/docs/hyperliquid-hip4-outcome-markets-trading)). You will never need this to trade, but it explains the odd names you may see in an explorer. ## What are the risks with outcome tokens? **A token you hold can go to $0. You can lose the amount you put in.** And a token is only as good as the market's rules. - **All or nothing.** At settlement there is no partial payout on a simple market. - **Thin books.** Selling a token before the end depends on someone wanting it. - **Wrong token.** Holding Yes on the wrong outcome of a question pays nothing. - **Rules.** How the result is decided is set by the market, so read it. ## Does CopyHype show outcome tokens? **No. CopyHype shows a chance and a payout, not token names.** You see Yes at 40% and "pays ×2.5", then "If Yes wins" with about $25 on a $10 bet, and one button you hold to bet, with practice money first. The tokens still exist underneath; you just do not have to think about them. How it works: [Predictions in CopyHype](https://copyhype.family/docs/predictions). ## Frequently asked questions ### Is a Yes token a crypto coin? It is a token in your Hyperliquid balance that is worth $1 or $0 at the end. It is not a coin you can expect to keep its value after the market settles. ### Why do Yes and No prices add up to $1? Because exactly one of them pays $1. Holding both is the same as holding $1, so traders keep the two prices close to $1 combined. ### Do I need to split or merge to trade? No. Buying and selling on the order book is enough. Split and merge are for advanced users and market makers. ### What happens to a losing token? It settles at 0. It is worth nothing after settlement. ## Where do these facts come from? **From Hyperliquid's HIP-4 docs and a developer guide written at the May 2026 launch.** Sources: - [Hyperliquid docs: HIP-4 outcome markets](https://hyperliquid.gitbook.io/hyperliquid-docs/hyperliquid-improvement-proposals-hips/hip-4-outcome-markets) - [Chainstack developer guide: HIP-4 outcome markets trading](https://docs.chainstack.com/docs/hyperliquid-hip4-outcome-markets-trading) - [QuickNode guide: trade HIP-4 prediction markets](https://www.quicknode.com/guides/hyperliquid/trade-hip-4-prediction-markets-on-hyperliquid) Ana and Ben are an example. Definitions of outcome, question and Yes and No tokens are in the [glossary](https://copyhype.family/docs/glossary#predictions). --- # Prediction market odds explained: price is probability, and the payout math Source: https://copyhype.family/blog/prediction-market-odds-explained Updated: 2026-10-19 On a prediction market, a Yes share pays $1 if Yes wins, so its price is the market's probability: $0.40 means about 40%. Your payout if you win is your amount divided by the price, so $2 at $0.40 returns $5, a $3 profit. Decimal odds are $1 divided by the price, here 2.50. Yes and No prices usually add up to a bit more than $1 for buyers; that extra is the spread. A price is only worth paying if you believe the real chance is higher than the price. Prediction markets do not show odds the way a bookmaker does. They show a price between 0 and 1. That price is the cleanest way to express a chance there is, and it makes the payout math almost trivial. This guide shows how to read it, how to convert it to any odds format, and how to think about whether a price is worth paying. ## What does a prediction market price mean? **A share pays $1 if its side wins and $0 if it loses, so its price is the market's chance that it wins.** $0.40 means about 40%, $0.75 means about 75%. That is why people say price equals probability. If traders collectively think something happens 4 times out of 10, the fair price for a $1 ticket on it is 40 cents. On Hyperliquid's outcome markets, prices move between 0.001 and 0.999, which is 0.1% to 99.9% ([Chainstack developer guide](https://docs.chainstack.com/docs/hyperliquid-hip4-outcome-markets-trading)). The share itself is explained in [what are outcome tokens](https://copyhype.family/blog/what-are-outcome-tokens). ## How do you turn a price into a payout? **Divide your amount by the price: that is your number of shares, and also what you get back if you win.** Subtract your amount to get the profit. | Price | Chance | $2 buys | You get back if you win | Profit if you win | |---|---|---|---|---| | $0.10 | 10% | 20 shares | $20 | $18 | | $0.25 | 25% | 8 shares | $8 | $6 | | $0.40 | 40% | 5 shares | $5 | $3 | | $0.50 | 50% | 4 shares | $4 | $2 | | $0.80 | 80% | 2.5 shares | $2.50 | $0.50 | The pattern is always the same: the less likely the side, the bigger the payout. A low price is the market saying "probably not", not a discount. ## How do prices compare with betting odds? **Decimal odds are $1 divided by the price. Fractional and American odds are other ways to write the same thing.** A price of $0.40 is decimal 2.50, fractional 3/2, and American +150. | Price | Decimal odds | Fractional | American | |---|---|---|---| | $0.25 | 4.00 | 3/1 | +300 | | $0.40 | 2.50 | 3/2 | +150 | | $0.50 | 2.00 | 1/1 | +100 | | $0.80 | 1.25 | 1/4 | -400 | The rules: decimal is 1 divided by the price. Fractional is profit over stake, so (1 minus price) over price. American odds above $0.50 use a minus sign: how much you must stake to win $100. Below $0.50 they use a plus sign: what $100 wins. Bookmaker odds also include the bookmaker's margin, so converting them back to a chance gives a number a bit too high. ## Do Yes and No always add up to 100%? **Fair prices do. The prices you can actually buy at usually add up to a bit more, because of the spread.** That extra is a cost of trading. Say the best offer for Yes is $0.41 and the best offer for No is $0.61. Together that is $1.02, or 102%. The fair chance is somewhere in the middle, around 40% for Yes. On Hyperliquid, Yes and No share one merged order book, where buying Yes at p is the same as selling No at 1 minus p ([Hyperliquid docs, HIP-4](https://hyperliquid.gitbook.io/hyperliquid-docs/hyperliquid-improvement-proposals-hips/hip-4-outcome-markets)), so the spread you see is the same from both sides. On a question with several outcomes, the Yes prices of all outcomes should add up to about 100% too. ## When is a price worth paying? **Only when you believe the real chance is higher than the price.** That gap is called your edge, and without it, buying is a slow way to lose the spread. Here is the expected value, the average result if you could repeat the same bet many times. You put $2 on Yes at $0.40, so 5 shares. | Your real chance of Yes | Average payout | Average result on $2 | |---|---|---| | 30% | $1.50 | -$0.50 | | 40% | $2.00 | $0 | | 50% | $2.50 | +$0.50 | If your 50% is right, the bet is good on average, even though you still lose it half the time. If your 50% is wishful thinking and the real chance is 30%, you lose on average. The honest question is never "can it happen?" but "is it more likely than the price says?" ## Is the market's chance accurate? **It is the best guess of the people trading, weighted by their money. It is often reasonable and sometimes wrong.** A small market with few traders tells you less than a busy one. A price reflects what traders know and believe right now. It can lag behind news, swing on one big order in a thin book, or reflect a crowd that all thinks the same thing. Use it as a starting point. When it disagrees with you, ask what the market might know that you do not. ## Why do prices move before the end? **Because the chance changes as news arrives and as traders buy and sell.** Your shares are worth their current price times their number, at any moment. If you hold 5 Yes shares bought at $0.40 and the price rises to $0.60, they are worth $3 now. You can sell and take $1 of profit, or hold for $5 or $0 at the end. Selling early is how you take a gain or cut a loss without waiting for the result. ## How do fees change the math? **Fees lower your payout, so the price you need to break even moves up.** On Hyperliquid, opening a position is free, and in our check on October 18, 2026, about 0.07% was taken when selling or at settlement. CopyHype adds 1% to buy and 1% to sell early, and nothing at the result. Elsewhere, fees can be real money. Polymarket's taker formula is C x feeRate x p x (1 - p) on some categories. For 100 shares of a sports market at $0.40, that is 100 x 0.05 x 0.40 x 0.60 = $1.20 on a $40 trade ([Polymarket docs, fees](https://docs.polymarket.com/trading/fees)). Every platform: [prediction market fees compared](https://copyhype.family/blog/prediction-market-fees-compared). ## How does CopyHype show odds? **As a chance and a payout, side by side, before you tap.** That is how predictions look in CopyHype. For example, a market reads "40% · Yes · pays ×2.5", and the bet sheet shows "If Yes wins" with what your bet pays, after fees. No decimals to convert and no token names. Practice first with free practice money, from $10 a bet. How it works: [Predictions in CopyHype](https://copyhype.family/docs/predictions). ## Frequently asked questions ### How do I convert a prediction market price to a probability? The price in dollars is the probability. $0.40 means about 40%. ### How much does $2 win at $0.25? $2 divided by $0.25 is 8 shares, which pay $8 if you win, a $6 profit. ### What are decimal odds of a $0.40 price? 2.50. Divide $1 by the price. ### Why do Yes and No add up to more than $1? Because of the spread: the best prices to buy each side sit a little above the fair price. The extra is a cost of trading. ### Is a cheap side a good bet? Not by itself. A side is cheap because the market thinks it is unlikely. It is only a good bet if you think the real chance is higher than the price. ## Where do these facts come from? **The math is standard probability. Market rules come from Hyperliquid's and Polymarket's docs.** Sources: - [Hyperliquid docs: HIP-4 outcome markets](https://hyperliquid.gitbook.io/hyperliquid-docs/hyperliquid-improvement-proposals-hips/hip-4-outcome-markets) - [Chainstack developer guide: HIP-4 outcome markets trading](https://docs.chainstack.com/docs/hyperliquid-hip4-outcome-markets-trading) - [Polymarket docs: fees](https://docs.polymarket.com/trading/fees) Examples leave out fees unless stated. The term implied probability is in the [glossary](https://copyhype.family/docs/glossary#implied-probability). --- # Can you parlay on Hyperliquid? Combos on HIP-4, explained Source: https://copyhype.family/blog/prediction-market-parlays-combos Updated: 2026-10-23 Not today. Hyperliquid's HIP-4 has no parlays or combo bets: each outcome market trades on its own order book, and there is no combined ticket that pays only if several picks win. You can make single bets, sell before the result at the current price, or hold to the result. Polymarket and Kalshi do offer parlay-style combos in the US. We will update this page if Hyperliquid adds combos. Parlays, also called accumulators or combos, link several picks into one ticket: all of them must win, and the payout multiplies. They are popular because a small amount can turn into a big number, and profitable for the house for the same reason. This page answers one question first, can you parlay on Hyperliquid, and then explains the math and what the other prediction markets do. ## Can you parlay on Hyperliquid? **Not today: HIP-4 has no parlays or combo bets.** Each outcome market trades on its own, and there is no single ticket that pays only if several picks win. Hyperliquid's HIP-4 docs describe outcomes, questions where exactly one outcome settles Yes, merged Yes and No order books, and settlement to 0 or 1 ([Hyperliquid docs, HIP-4](https://hyperliquid.gitbook.io/hyperliquid-docs/hyperliquid-improvement-proposals-hips/hip-4-outcome-markets)). They do not describe a combined ticket across markets. We checked on October 18, 2026, and will update this page if that changes. ## What is a parlay? **A parlay is one bet made of several picks, called legs, that only pays if every leg wins.** The payout is the product of each leg's payout, so it grows fast. With a sportsbook, you pick three matches, put $10 on the ticket, and win only if all three go your way. Miss one and the whole ticket is lost. The payout is large because the chance of hitting every leg is small. The price of the ticket is set once, when you bet, even if the matches are played at different times. ## Why does HIP-4 have no parlays? **Because every outcome on HIP-4 is its own market with its own order book, fully collateralized, and nobody sits in the middle to price a combined ticket.** A parlay needs someone to quote one price for several events at once. On a sportsbook, the house is that someone: it prices the combined ticket and takes the other side. On HIP-4, each share is backed by $1 locked when the trade happens, and buyers meet sellers on one market at a time. A question is not a parlay either: it groups several possible results of one event, such as a match winner or a draw, of which exactly one wins. To link picks across different events, someone would have to build a combined product on top, and HIP-4 does not offer one today. ## How does parlay math work? **Multiply the chances to get the chance of winning everything. Multiply the payouts to get what you win.** On prediction markets, both come straight from the prices. | | Leg 1 | Leg 2 | Both together | |---|---|---|---| | Price | $0.50 | $0.40 | $0.50 x $0.40 = $0.20 | | Chance | 50% | 40% | 20% | | Payout per $1 | $2 | $2.50 | $5 | | $10 stake returns | $20 | $25 | $50 | So a $10 two-leg parlay at these prices returns $50 about 1 time in 5, and $0 the other 4 times. That is the same as a single pick at $0.20. Parlays do not create value. They stack chances. ## Why do parlays lose more often than they look? **Because chances multiply down quickly, and small costs multiply with them.** Three coin flips in a row win only 12.5% of the time. | Legs at 50% each | Chance all win | Payout on $10, fair prices | |---|---|---| | 1 | 50% | $20 | | 2 | 25% | $40 | | 3 | 12.5% | $80 | | 5 | About 3% | $320 | Now add costs. If each leg is priced at $0.52 instead of the fair $0.50, a three-leg parlay returns on average only about 89% of what you put in, so you lose about 11% from costs alone. Sportsbooks build a margin into each leg's odds, and that margin compounds in a parlay in the same way. One more trap: legs that look separate can be linked, like two markets moved by the same news, which makes the real chance different from the simple product. ## What can you do instead on Hyperliquid? **Make single bets, and decide for each one whether to hold it to the result or sell it early.** Every pick stands on its own, with its own price and its own risk. - **Single bets.** One market, one side, one price shown before you tap. - **Sell before the result.** If the price moves your way, you can sell at the current price and keep the gain, or cut a loss. - **Hold to the result.** At settlement, the right side pays $1 a share and the other pays $0. - **A new bet after a win.** Nothing stops you from placing a fresh bet with your winnings. It is a plain new order at the price then, not a combined ticket. The last point is not a parlay, and it is worth saying why. Each bet is placed and priced on its own, you see the new price before you confirm, and you can stop at any time. ## How do Polymarket and Kalshi compare? **Both offer parlay-style combos in the US, built on a request for a quote that market makers answer.** Hyperliquid does not, at the time of writing. According to a report dated August 18, 2026, Kalshi's combos let users bet on several markets at once, some with more than 30 legs, submitted as a request for quote that market makers respond to. The same report says combos drew $3.5 billion of volume in one week in August 2026, and that Kalshi planned to charge fees to market makers on these trades from August 20, 2026 ([CasinoBeats](https://casinobeats.com/2026/08/18/polymarket-launching-parlays-in-us-as-kalshi-looks-to-cash-in-on-combos/)). It also warns that volume is not the same as money bet, since a $1 parlay that could pay $100 counts as $100 of volume. For Polymarket, the same report says its US platform processed its first parlay in beta on August 5, 2026, with up to 10 legs for beta users. | | Hyperliquid HIP-4 | Kalshi | Polymarket US | |---|---|---|---| | Parlays or combos | No | Yes, combos | In beta | | How they are priced | Not offered | Request for quote, market makers answer | Request for quote, in beta | | Max legs reported | None | More than 30 | Up to 10 for beta users | ## Does CopyHype offer parlays? **No. CopyHype does not offer parlays or combos on predictions.** Predictions in CopyHype are single bets on Hyperliquid's markets. Practice first, with free practice money from $10, the same minimum and the same trading fees as real money: 1% when you buy, 1% when you sell before the result, and nothing from CopyHype when you hold to the result. Hyperliquid adds its own 0.07% when you sell or the market settles. After a win, you can place a new bet with the money, as a normal new order. How it works: [Predictions in CopyHype](https://copyhype.family/docs/predictions). ## Frequently asked questions ### Does Hyperliquid have parlays? No. At the time of writing, HIP-4 trades each outcome on its own, with no combined ticket. We will update this page if Hyperliquid adds combos. ### Is a question on Hyperliquid a parlay? No. A question groups the possible results of one event, like a match winner, and exactly one of them wins. A parlay links different events. ### What are the chances of winning a 3-leg parlay? Multiply the chances. Three legs at 50% win together 12.5% of the time, about 1 in 8. ### Why do parlays pay so much? Because they rarely win. The payout is the product of each leg's payout, which matches the small chance of hitting every leg, minus costs. ### Where can I make a prediction market parlay? Kalshi offers combos, and Polymarket was testing them on its US platform in 2026. Rules and availability depend on where you live. ## Where do these facts come from? **The math is standard probability. Market structure comes from Hyperliquid's HIP-4 docs, and the Kalshi and Polymarket facts from a dated industry report, checked on October 18, 2026.** Sources: - [Hyperliquid docs: HIP-4 outcome markets](https://hyperliquid.gitbook.io/hyperliquid-docs/hyperliquid-improvement-proposals-hips/hip-4-outcome-markets) - [CasinoBeats, August 18, 2026: Polymarket launching parlays in the US as Kalshi looks to cash in on combos](https://casinobeats.com/2026/08/18/polymarket-launching-parlays-in-us-as-kalshi-looks-to-cash-in-on-combos/) Prices in the examples are round numbers, and fees are left out except where stated. How to read a price as a chance: [prediction market odds explained](https://copyhype.family/blog/prediction-market-odds-explained). We will update this page if Hyperliquid adds combos. --- # Prediction market fees compared: Hyperliquid, Polymarket and Kalshi Source: https://copyhype.family/blog/prediction-market-fees-compared Updated: 2026-10-23 As of October 18, 2026, Hyperliquid charges nothing to open a HIP-4 position and, in our check of fills, about 0.07% when you sell or at settlement; apps can add a builder fee. Polymarket charges takers C x feeRate x p x (1 - p) on some categories, from 0.04 to 0.07, never makers, and nothing on geopolitics. Kalshi's general taker fee is 0.07 x C x P x (1 - P), rounded up, with a lower maker fee. On 100 shares at $0.50, that is $0 to buy on HIP-4, $1.25 on a Polymarket sports market and $1.75 for a Kalshi taker. On an exchange, a fee is a percentage of your trade. On prediction markets, the two big platforms that charge use a different formula, one that depends on the price. It is small, it is fair in its own way, and it is easy to underestimate. This guide puts every rule side by side, with dates and sources, and works through real numbers. ## How much do prediction markets charge? **Hyperliquid outcome markets charge nothing to open and about 0.07% when you sell or settle. Polymarket charges takers on some categories. Kalshi charges takers and makers by a published formula.** Here is the summary for 100 shares at $0.50, a $50 trade. | Platform | Rule | Fee on 100 shares at $0.50 | |---|---|---| | Hyperliquid HIP-4 | Nothing to open; about 0.07% when you sell or settle (our check, October 18, 2026) | $0 to buy | | Polymarket, crypto, taker | 0.07 x C x p x (1 - p) | $1.75 | | Polymarket, sports, taker | 0.05 x C x p x (1 - p) | $1.25 | | Polymarket, maker | Never charged | $0 | | Kalshi, general taker | 0.07 x C x P x (1 - P), rounded up | $1.75 | | Kalshi, general maker | 0.0175 x C x P x (1 - P), rounded up | About $0.44 | C is the number of shares or contracts and p or P is the price. Sources: [Hyperliquid docs, HIP-4](https://hyperliquid.gitbook.io/hyperliquid-docs/hyperliquid-improvement-proposals-hips/hip-4-outcome-markets), [Polymarket docs, fees](https://docs.polymarket.com/trading/fees), [Kalshi fee schedule](https://kalshi.com/docs/kalshi-fee-schedule.pdf). ## What does Hyperliquid charge on outcome markets? **Nothing to open a position. In our check of fills on October 18, 2026, Hyperliquid took about 0.07% when a position was sold or settled.** Its HIP-4 docs still say fees are "currently zero for outcome markets for initial testing", so trust the fee shown on the trade screen. BlockEden summed up the launch design as "Zero fees to open. Fees only when you close, burn, or settle" ([BlockEden](https://blockeden.xyz/blog/2026/05/08/hyperliquid-hip-4-zero-fee-prediction-markets-polymarket-kalshi/)). A developer guide adds that fee rates come from the same per-user tier as Hyperliquid's other markets, and that outcome trading pays no maker rebates ([Chainstack developer guide](https://docs.chainstack.com/docs/hyperliquid-hip4-outcome-markets-trading)). A current guide confirms that opening a position carries no Hyperliquid fee ([QuickNode guide](https://www.quicknode.com/guides/hyperliquid/trade-hip-4-prediction-markets-on-hyperliquid)). ## What do apps add on top of Hyperliquid? **Apps can charge a builder fee through builder codes. For outcome markets, builder codes work as they do in spot trading, where the cap is 1%.** The app must show it to you. The HIP-4 docs say builder codes apply to outcome markets as in normal spot trading, with builders earning fees on sell orders that include their code ([Hyperliquid docs, HIP-4](https://hyperliquid.gitbook.io/hyperliquid-docs/hyperliquid-improvement-proposals-hips/hip-4-outcome-markets)). The builder codes page sets the caps: "Builder fees charged can be at most 0.1% on perps and 1% on spot" ([Hyperliquid docs, builder codes](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/builder-codes)). You approve a builder's maximum fee once, with a signature, before it can charge you. Builder fees on perps are explained in [Hyperliquid fees explained](https://copyhype.family/blog/hyperliquid-fees-explained). ## How does Polymarket charge? **Polymarket charges a taker fee on some categories, by the formula C x feeRate x p x (1 - p). Makers are never charged.** Geopolitics and world events markets are free. | Category | Taker feeRate | Fee on 100 shares at $0.50 | |---|---|---| | Crypto | 0.07 | $1.75 | | Sports | 0.05 | $1.25 | | Economics, culture, weather, other | 0.05 | $1.25 | | Finance, politics, mentions, tech | 0.04 | $1.00 | | Geopolitics | 0 | $0 | Polymarket's docs add that fees are paid in USDC, rounded to 5 decimal places, and that it charges nothing to deposit or withdraw USDC, although services like card on-ramps may charge their own fees ([Polymarket docs, fees](https://docs.polymarket.com/trading/fees)). Rates were read on October 18, 2026, and the page shows no date, so check it before you trade. ## How does Kalshi charge? **Kalshi's general taker fee is 0.07 x C x P x (1 - P), and its maker fee uses 0.0175 instead of 0.07, both rounded up.** The schedule is dated and effective July 7, 2026. The fee schedule rounds so that the fee plus the position cost lands on a centicent, a hundredth of a cent ([Kalshi fee schedule](https://kalshi.com/docs/kalshi-fee-schedule.pdf)). Like Polymarket's, Kalshi's formula is largest at a 50% price. Kalshi is a US exchange regulated by the CFTC as a Designated Contract Market ([Kalshi help center](https://help.kalshi.com/en/articles/13823765-how-is-kalshi-regulated)). ## Why do these fees peak at 50%? **Because p x (1 - p) is largest when p is 0.50.** In dollars the fee peaks there, but as a share of what you pay, cheap sides pay the most. | Price | p x (1 - p) | Polymarket sports fee per share | Fee as a share of the price | |---|---|---|---| | $0.10 | 0.09 | $0.0045 | 4.5% | | $0.50 | 0.25 | $0.0125 | 2.5% | | $0.90 | 0.09 | $0.0045 | 0.5% | Polymarket's docs note that a 30-cent and a 70-cent trade carry the same dollar fee, which is the same symmetry ([Polymarket docs, fees](https://docs.polymarket.com/trading/fees)). For a long shot at $0.10, a 4.5% fee is a big bite out of a bet that already wins only about 1 time in 10. ## What other costs are there? **The spread, swaps into the right stablecoin, and moving money in and out.** They can cost more than the fee. - **Spread.** The best buy price sits above the fair price. Buying at $0.52 on a fair $0.50 costs 2 cents a share, more than any fee above. - **No stablecoin swap anymore.** HIP-4 markets used USDH at launch and now use USDC, so USDC on Hyperliquid is enough. - **Withdrawals.** On Hyperliquid, a USDC withdrawal costs $1, taken by Hyperliquid to pay the network. - **Selling early.** Every exit before settlement is a new trade, with its own spread. ## How do the fees compare on a $10 trade? **On $10 at $0.50, so 20 shares, fees range from $0 to $0.35.** The spread will often matter more than that. | Platform | Fee on 20 shares at $0.50 | |---|---| | Hyperliquid HIP-4, today | $0 to buy, about $0.01 to sell | | Polymarket, sports, taker | $0.25 | | Polymarket, crypto, taker | $0.35 | | Kalshi, general taker | $0.35 | We use $10 here because it is Hyperliquid's minimum per order on outcome markets ([QuickNode guide](https://www.quicknode.com/guides/hyperliquid/trade-hip-4-prediction-markets-on-hyperliquid)). ## What does CopyHype charge on predictions? **1% when you buy, 1% when you sell before the result, and nothing from CopyHype at the result.** From $10 a bet. On $10 at $0.50, you pay $10.10; selling early at $0.70 costs $0.14 to CopyHype. Hyperliquid's own fee, about 0.07%, comes on top when you sell or settle. Practice money carries the same trading fees so the results match. Predictions are live in CopyHype, with free practice money first. How it works: [Predictions in CopyHype](https://copyhype.family/docs/predictions). ## Frequently asked questions ### Are Hyperliquid prediction markets free? Not quite. Opening a position is free, and in our check on October 18, 2026, Hyperliquid took about 0.07% when selling or at settlement. Apps can add a builder fee, and fees can change. ### How is the Polymarket fee calculated? C x feeRate x p x (1 - p), where C is the number of shares and p the price, on some categories only. Makers pay nothing. ### What is Kalshi's fee on a 50 cent contract? With the general taker formula, 0.07 x 0.50 x 0.50 = 1.75 cents per contract, rounded up. That is $1.75 on 100 contracts. ### Why does a cheap side pay a bigger fee in percent? Because the fee depends on p x (1 - p), which falls slower than the price. At $0.10, a Polymarket sports fee is 4.5% of the price; at $0.50 it is 2.5%. ### Does CopyHype charge a fee on predictions? Yes: 1% when you buy and 1% if you sell before the result, with nothing from CopyHype at the result. ## Where do these facts come from? **From each platform's fee docs, Hyperliquid's builder codes page, and launch reports, checked on October 18, 2026.** Sources: - [Hyperliquid docs: HIP-4 outcome markets](https://hyperliquid.gitbook.io/hyperliquid-docs/hyperliquid-improvement-proposals-hips/hip-4-outcome-markets) - [Hyperliquid docs: builder codes](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/builder-codes) - [Polymarket docs: fees](https://docs.polymarket.com/trading/fees) - [Kalshi fee schedule](https://kalshi.com/docs/kalshi-fee-schedule.pdf) - [Kalshi help center: how is Kalshi regulated](https://help.kalshi.com/en/articles/13823765-how-is-kalshi-regulated) - [Chainstack developer guide: HIP-4 outcome markets trading](https://docs.chainstack.com/docs/hyperliquid-hip4-outcome-markets-trading) - [QuickNode guide: trade HIP-4 prediction markets](https://www.quicknode.com/guides/hyperliquid/trade-hip-4-prediction-markets-on-hyperliquid) - [Dwellir: HIP-4 on mainnet](https://www.dwellir.com/blog/hyperliquid-hip-4-mainnet-outcomes) - [BlockEden: HIP-4 goes live, May 8, 2026](https://blockeden.xyz/blog/2026/05/08/hyperliquid-hip-4-zero-fee-prediction-markets-polymarket-kalshi/) Fee rules change. Kalshi's maker figure is rounded, and some Kalshi markets may use their own fee terms. --- # Are prediction markets legal? A neutral guide to how the rules vary Source: https://copyhype.family/blog/are-prediction-markets-legal Updated: 2026-10-19 Whether prediction markets are legal depends on where you live, and this page is not legal advice. Some countries treat them as financial contracts, some as gambling that needs a license, and some have no clear rule. For example, Kalshi says it is regulated in the US by the CFTC as a Designated Contract Market, while France's gaming regulator banned transactions with Polymarket in November 2024 and announced a block of its website on July 17, 2026. Platforms also restrict some countries in their own terms. Check your national rules before using real money. "Is this legal?" is the right question to ask before any real money prediction. It is also one where a confident one-line answer would be wrong. This page explains why the answer varies, gives dated examples from two countries, and lists what to check where you live. It does not tell you what is allowed for you. For that, ask your local regulator or a lawyer. ## Are prediction markets legal? **It depends on the country, and sometimes on the region inside it.** The same contract can be a regulated financial product in one place, a licensed bet in another, and banned in a third. A prediction market share pays $1 if an event happens. Some regulators look at that and see a financial derivative, like an option. Others see a bet on an outcome, like a sportsbook. Many see both, depending on the event: a share on an interest rate decision may be treated differently from a share on a football match. This page is not legal advice. ## Why is the legal status so unclear? **Because prediction markets sit between two rulebooks: gambling law and financial law.** Each country decides which one applies, and some have not decided. | How a country may see it | What usually follows | |---|---| | A financial contract | A financial regulator, licensed exchanges, investor rules | | A bet | A gaming regulator, licensed operators, betting rules | | Neither, yet | No clear rule, which is not the same as allowed | | Both, by market | Sports may follow betting rules while other events follow financial rules | Crypto adds a layer. A market run on a blockchain can be reachable from everywhere, while the law where you live still applies to you. "I could open the site" does not mean "it is allowed here." ## How does the United States treat them? **At the federal level, Kalshi says it is regulated by the CFTC as a Designated Contract Market.** Crypto platforms have handled US users differently. Kalshi's help center states that it "is regulated by the Commodity Futures Trading Commission (CFTC), an independent agency of the US government" and "is regulated as a Designated Contract Market (DCM)" ([Kalshi help center](https://help.kalshi.com/en/articles/13823765-how-is-kalshi-regulated)). A May 2026 comparison by Chainstack reported that US traders are geo-blocked from Hyperliquid's HIP-4 markets and from Polymarket's international platform ([Chainstack](https://chainstack.com/hyperliquid-hip4-vs-polymarket-2026/)). Questions between federal and state rules, especially on sports, have been the subject of disputes, so check the current situation where you live. ## How does France treat them? **France's gaming regulator, the ANJ, treats Polymarket as an unauthorised betting site.** It banned financial transactions with it in November 2024 and announced a block of the website on July 17, 2026. According to an AFP report, the ANJ said the site's continued availability with live odds amounted to advertising, and that "advertising, by any means whatsoever, in favour of an unauthorised betting or gambling site is a criminal offence", with fines that can reach 100,000 euros ([eNCA, AFP](https://www.enca.com/business/france-blocks-access-polymarket)). The report also said visits from French addresses rose to 578,751 the month before, despite the transaction ban. ## What about other countries? **Rules differ widely, and they change.** Some countries license online betting and require operators to hold a local license. Some ban online betting outright. Some regulate event contracts as financial products. Some have no specific rule. We do not list countries one by one, because a list would go out of date fast and look more certain than it is. The reliable source is your national gaming or financial regulator. If prediction markets are not mentioned at all, that is a reason to be careful, not a green light. A useful test: if your country requires a local license to offer betting, and the platform does not hold one, using it may break local rules even if the site opens for you. Regulators can also act on payments rather than on the site itself, as France did first with Polymarket. ## What do the platforms' own terms say? **Platforms restrict some countries themselves, whatever local law says, and their terms usually forbid getting around a block.** Read them before you sign up. A June 2026 summary of Hyperliquid's terms of use by Datawallet says they restrict users in the United States and Ontario, and that using a VPN to get around geoblocking breaks the terms ([Datawallet](https://www.datawallet.com/fr/crypto/hyperliquid-supported-and-restricted-countries)). Polymarket keeps US users off its international platform, per Chainstack's comparison. Breaking a platform's terms can mean a frozen account, on top of any legal risk. ## Do you pay tax on prediction market winnings? **Often, yes, but how depends on your country and on how it classifies the contract.** Gambling winnings, capital gains and income can all be taxed differently. Keep a record of every trade: date, market, amount in, amount out. If your country treats prediction market profits as capital gains, losses may count too; if it treats them as gambling, the rules may be different. Ask a tax adviser where you live. This is not tax advice. ## How do you check the rules where you live? **Look at your regulator, then the platform's terms, then your tax rules.** If anything is unclear, ask a professional before using real money. - **Your gaming regulator.** Does it list licensed operators, and does it mention prediction markets? - **Your financial regulator.** Does it treat event contracts as financial products? - **The platform's terms.** Is your country on its restricted list? - **Your tax authority.** How are winnings taxed? - **A lawyer.** For anything you are not sure about. ## What does CopyHype do? **Predictions are live in CopyHype, with free practice money first.** Availability of real money predictions may differ by country. Practice uses practice money: no real money is put in or paid out. Before you use real money on any prediction market, CopyHype's or anyone else's, check that it is allowed where you live. You can lose the amount you put in. How it works: [Predictions in CopyHype](https://copyhype.family/docs/predictions). ## Frequently asked questions ### Is Polymarket legal? It depends on the country. For example, France's ANJ treats it as an unauthorised betting site, and its international platform keeps US users out, per Chainstack. Check your local rules. ### Is Kalshi legal? Kalshi says it is regulated in the US by the CFTC as a Designated Contract Market. Whether you can use it depends on where you live. ### Is Hyperliquid legal in my country? We cannot answer that for you. Hyperliquid's terms restrict some places, including the United States and Ontario, according to a summary of those terms. Check the terms and your local law. ### Can I use a VPN to access a prediction market? Platforms' terms usually forbid it, and it does not change the law where you live. It can also get your account frozen. ### Are prediction market winnings taxed? Often, yes, but the rules depend on your country. Keep records and ask a tax adviser. ## Where do these facts come from? **From Kalshi's help center, an AFP report on France, a developer comparison and a summary of Hyperliquid's terms, all dated.** Sources: - [Kalshi help center: how is Kalshi regulated](https://help.kalshi.com/en/articles/13823765-how-is-kalshi-regulated) - [eNCA, AFP: France blocks access to Polymarket](https://www.enca.com/business/france-blocks-access-polymarket) - [Chainstack: HIP-4 vs Polymarket](https://chainstack.com/hyperliquid-hip4-vs-polymarket-2026/) - [Datawallet: Hyperliquid supported and restricted countries](https://www.datawallet.com/fr/crypto/hyperliquid-supported-and-restricted-countries) This page is general information, not legal or tax advice. Rules change; we checked these facts on October 18, 2026. --- # What are perpetual futures? Perps explained like you're ten Source: https://copyhype.family/blog/what-are-perpetual-futures Updated: 2026-10-19 A perpetual future, or perp, is a bet that a coin's price goes up (long) or down (short), settled in dollars, with no end date. You put in an amount, pick a multiplier, and every price move counts that many times for you, in both directions. You never own the coin. With isolated margin, the amount you put in is the most that trade can lose. People hear "perpetual futures" and picture a trading floor full of screens. The idea underneath is much smaller. You think Bitcoin will go up in the next hour, or down. You put a little money on it. If you are right, you win. If you are wrong, you can lose what you put in, plus fees. That is a perp. Everything else is detail, and this page explains every detail in plain words. ## What is a perp, in one sentence? **A perp is a bet on whether a coin's price goes up or down, paid in dollars, that stays open until you close it.** You do not buy the coin. You only win or lose the price change. Say Bitcoin is at $100,000. You think it goes up. You open a perp "long" with $20. Bitcoin rises 1% to $101,000. Your bet is up 1% of its size. If you used no multiplier, that is 20 cents. You close the bet and get $20.20 back. You never touched a single Bitcoin. You only traded the move. That is why perps are popular. You can trade a price going up or going down with the same few taps, and you only need dollars to do it. On Hyperliquid, those dollars are USDC, a digital dollar that stays at about $1. ## Why are they called "perpetual" futures? **Because they never expire.** A normal futures contract has an end date, like the third Friday of March. A perp has no end date, so you can hold it for one minute or for months. Classic futures were made for farmers and factories. A wheat farmer agrees today on a price for wheat delivered in three months. When the date comes, the contract ends and everyone settles up. Crypto traders wanted the same kind of bet without the date. So exchanges built a version that rolls on forever. That is the "perpetual" part. Hyperliquid's own contract specifications put it simply: its perpetuals are derivatives with no expiration date, and instead of a delivery day, there are funding payments every hour ([Hyperliquid docs, contract specifications](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/contract-specifications)). ## What does "long" and "short" mean? **Long means you bet the price goes up. Short means you bet the price goes down.** In CopyHype, the buttons simply say ▲ Up and ▼ Down. | You pick | You win when | You lose when | |---|---|---| | Long (Up) | The price rises | The price falls | | Short (Down) | The price falls | The price rises | Being able to bet on a fall is the big difference with buying a coin. If you buy a coin, you only make money when it rises. With a perp, a crash can be a winning day. We go deeper in [long vs short, explained](https://copyhype.family/blog/long-vs-short-crypto). ## What is the multiplier? **The multiplier, also called leverage, makes every price move count several times for you, both ways.** At x5, a 1% move becomes a 5% move for your money, up or down. Here is the same $20 bet with different multipliers, when Bitcoin rises 2%: | Your amount | Multiplier | Position size | BTC +2% | |---|---|---|---| | $20 | x1 | $20 | +$0.40 (+2%) | | $20 | x5 | $100 | +$2.00 (+10%) | | $20 | x10 | $200 | +$4.00 (+20%) | | $20 | x20 | $400 | +$8.00 (+40%) | Fees not included. Notice what stays the same: your $20. The multiplier works the same way when the price falls, so what changes is how fast your amount moves. The multiplier is not free money. It is speed. Our full guide is [leverage explained](https://copyhype.family/blog/leverage-explained). ## How much can I lose on a perp? **With isolated margin, the most you can lose on a trade is the amount you put in.** If the price moves too far against you, the trade closes by itself and that amount is gone, but nothing else is touched. The automatic close is called a **liquidation**. It happens when your losses have eaten almost all of the amount you put in. At x10, that is a move of a bit less than 10% against you. At x20, a bit less than 5%. Hyperliquid checks this against the mark price, a fair price built from several big exchanges and its own order book, so one strange trade does not wipe you out by itself ([Hyperliquid docs, liquidations](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/liquidations)). "Isolated" means each trade has its own little pot of money. When one trade is liquidated, the others keep going. CopyHype runs every trade this way, so the line "your amount is the most you can lose" is literally true per trade. We explain the other mode, cross margin, in [isolated vs cross margin](https://copyhype.family/blog/isolated-vs-cross-margin). ## Who pays me when I win? **The traders on the other side do.** For every long there is a short. When the price goes up, money flows from shorts to longs, and the exchange keeps the books. On Hyperliquid, orders meet in an order book, like a big list of buyers and sellers. The other side of your trade can be another trader or a market maker, including HLP, a community vault that trades on the book. Your win is someone else's loss, and the exchange takes a small trading fee on each side. That is why fees matter so much: they are the only sure thing in a trade. ## What is funding, and why do I pay it? **Funding is a small payment between longs and shorts, made every hour, that keeps the perp's price close to the coin's real price.** When more people bet up, longs pay shorts. When more people bet down, shorts pay longs. Since a perp never expires, something has to stop its price drifting away from the real coin price. Funding is that something. If the perp trades above the real price, longs pay a little to shorts, which makes going long less attractive and pulls the price back down. On Hyperliquid, funding is paid every hour and goes straight between traders: the exchange does not take a cut ([Hyperliquid docs, funding](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/funding)). For a small trade held a few hours, funding is usually cents. Held for weeks, it can add up. More in [funding rate explained](https://copyhype.family/blog/funding-rate-explained). ## Where can I trade perps? **On big exchanges like Binance and Bybit, and on onchain exchanges like Hyperliquid.** Hyperliquid is one of the largest onchain perps exchanges, and every trade on it is public. That public part matters. Because every Hyperliquid account and every position is visible, you can see exactly what the best traders hold and copy them. On a normal exchange, other people's trades are hidden. We compare the options in [Hyperliquid vs Binance and Bybit](https://copyhype.family/blog/hyperliquid-vs-binance-bybit). ## What is the easiest way to start with perps? **Start with practice money, copy a trader who holds positions for hours, and keep your amount small.** You learn how a perp feels before any real money moves. **Try your first perp without risking money** 1. **Open CopyHype in Telegram.** Open @copyhypefamilybot and tap Start. You get $1,000 of practice money for 24 hours, on live Hyperliquid prices. 2. **Look at the whales.** Each one shows their profit and ROI over 24 hours, 7 days or 30 days, from Hyperliquid's leaderboard. Tap one to see the trades they have open right now. 3. **Tap Copy.** Their next trades happen for you, at your amount, from $5 a trade. Same coin, same direction, same multiplier. 4. **Watch a trade close.** They exit, you exit. You see the win or the loss in dollars, after fees. When you know how it feels, you can switch to real money in your own wallet. Practice lasts 24 hours, plus 24 hours for each friend you invite whose first trade opens. Practice has the same rules and trading fees as real money, so it does not flatter you. ## What are the main risks of perps? **The multiplier, speed and overconfidence.** Perps move fast, and a high multiplier can close a trade in minutes. - **A high multiplier shortens the leash.** At x40, a 1.25% move against you on Bitcoin can be enough for a liquidation. - **Losses add up.** Each trade is capped at its amount, but ten losing trades are ten amounts. - **Fees and funding are certain, wins are not.** A trade has to beat its costs before it makes anything. - **Nobody wins every time.** Even the best whales have losing weeks. Perps are a game of many small bets. Keep each bet small enough that losing it does not change your day. ## Frequently asked questions ### Are perps the same as futures? They are a kind of futures contract with no end date. Classic futures expire on a set day. Perps stay open until you close them, and funding payments keep their price close to the real coin price. ### Do I own the coin when I trade a perp? No. You only win or lose the price change, in dollars. You cannot send or hold the coin from a perp position. ### Can I lose more than I put in on a perp? With isolated margin, no: the trade closes when its own money runs out, and the rest of your wallet is untouched. With cross margin, a bad trade can use money from your whole account. CopyHype uses isolated margin on every trade. ### What is a good multiplier for beginners? A low one. x2 to x5 gives a trade room to breathe. When you copy a whale on CopyHype, you use their multiplier, so pick whales whose multipliers you are comfortable with. ### Are perps gambling? They can be, if you bet big on gut feelings. Used with small amounts, low multipliers and a plan for exits, they are a way to trade price moves both ways. Either way, only use money you can afford to lose. ### What is the minimum to trade perps on Hyperliquid? Hyperliquid needs at least $10 of position per order ([Chainstack, Hyperliquid order precision](https://docs.chainstack.com/docs/hyperliquid-order-precision)). On CopyHype you can start from $5 a trade: the multiplier is raised just enough to reach the $10 position, which at $5 means at least x3. ## Where do these facts come from? **From Hyperliquid's official documentation and CopyHype's own product rules.** Third-party sources used on this page: - [Hyperliquid docs: contract specifications](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/contract-specifications) - [Hyperliquid docs: liquidations](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/liquidations) - [Hyperliquid docs: funding](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/funding) - [Chainstack: Hyperliquid order precision and minimums](https://docs.chainstack.com/docs/hyperliquid-order-precision) Every perps word on this page is defined in the [perps glossary](https://copyhype.family/docs/glossary). The full beginner path is in [perps for beginners](https://copyhype.family/docs/perps-for-beginners). --- # Leverage explained: what x5, x10 and x50 really do to your money Source: https://copyhype.family/blog/leverage-explained Updated: 2026-10-19 Leverage, or the multiplier, makes a trade's position bigger than the money you put in. At x10, $20 controls a $200 position, so a 1% price move becomes a 10% gain or loss on your $20. It does not change how much you can lose with isolated margin, which is your $20, but it changes how fast you can lose it: at x10 a move of a bit less than 10% against you closes the trade. Every perps app has a slider or a row of buttons: x2, x5, x10, x25, x50. It looks like a volume knob for profit. It is really a volume knob for everything: gains, losses, nerves and fees. This guide shows what each step on that knob does, in dollars, and how to choose one you can live with. ## What is leverage, in plain words? **Leverage lets a small amount of money control a bigger position. At x10, every $1 you put in moves like $10.** The money you put in is called margin. The bigger number is the position. Think of a seesaw. Your $20 sits close to the middle. The multiplier moves the other end further out. A tiny push on the far end swings your side a lot. That is all leverage is: a longer seesaw. Your amount stays your amount. The position is your amount times the multiplier: | Your amount | Multiplier | Position | A 1% move is worth | |---|---|---|---| | $10 | x2 | $20 | $0.20 | | $10 | x10 | $100 | $1.00 | | $10 | x25 | $250 | $2.50 | | $10 | x50 | $500 | $5.00 | ## What does 10x leverage mean in dollars? **At x10, a 1% price move gains or loses 10% of your amount.** With $20 at x10, Bitcoin moving 3% your way makes about $6, which is +30%. Let's follow one trade. You put $20 on ETH going up, at x10. Your position is $200. - ETH rises 3%: your position is worth $206. You are up $6, which is +30% on your $20. - ETH rises 5%: your position is worth $210. You are up $10, which is +50% on your $20. - ETH falls about 9%: close to this point, the trade gets liquidated. Your stop loss can close it earlier. The price only moved a few percent. Your result moved ten times that. This is why perps feel exciting, and why they can be over in minutes. ## How far can the price move before I get liquidated? **Roughly 100% divided by the multiplier, minus a small safety buffer.** At x10, a bit less than 10%. At x50, a bit less than 2%. The exchange closes the trade before your margin hits zero. The buffer is called maintenance margin. On Hyperliquid it is set to half of the margin needed at the coin's maximum multiplier ([Hyperliquid docs, margining](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/margining)). So it depends on the coin. Bitcoin allows up to x40, so its buffer is 1.25% of the position. Many smaller coins allow x10, so their buffer is 5% ([Hyperliquid docs, margin tiers](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/margin-tiers)). Approximate move against you before liquidation, fees ignored: | Multiplier | On BTC (max x40) | On ETH (max x25) | On a coin with max x10 | |---|---|---|---| | x2 | about 49% | about 48% | about 45% | | x5 | about 19% | about 18% | about 15% | | x10 | about 9% | about 8% | about 5% | | x20 | about 4% | about 3% | not allowed | | x40 | about 1.3% | not allowed | not allowed | Read the last column twice. On a small coin at its maximum x10, a 5% move against you is enough. Small coins move 5% in an hour all the time. Our deeper guide for copiers is [leverage and liquidation on Hyperliquid](https://copyhype.family/blog/hyperliquid-leverage-liquidation). ## Does higher leverage mean bigger profits? **Only if you are right quickly. Over many trades, higher leverage mostly means more trades closed early by small moves.** The trade has less room to breathe before the right move arrives. Prices wiggle. Bitcoin can dip 2% and then rise 5% in the same afternoon. At x5, that dip costs you 10% on paper and you are still in when the rise comes. At x40, the same dip closes the trade and you miss the rise completely. Same idea, same coin, opposite result. The only difference is the multiplier. Many good traders use modest multipliers for this reason. When you browse whales on CopyHype, open their page and look at the multipliers on their open trades. A trader who makes money at x3 is very different from one who makes it at x40. ## Does leverage change my fees? **Yes. Fees are a percentage of the position, not of your amount, so a bigger multiplier means bigger fees.** At x20, you pay four times the fees of x5 on the same amount. Hyperliquid charges 0.045% of the position for a taker order at its base tier ([Hyperliquid docs, fees](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees)). CopyHype adds 0.1% of the position each way. On $20: | Multiplier | Position | Fees to open and close, about | |---|---|---| | x2 | $40 | $0.12 | | x5 | $100 | $0.29 | | x10 | $200 | $0.58 | | x20 | $400 | $1.16 | At x20, a round trip costs almost 6% of your $20. The trade must gain that much before it is even. Full detail in [CopyHype fees](https://copyhype.family/docs/fees) and [Hyperliquid fees explained](https://copyhype.family/blog/hyperliquid-fees-explained). ## What multiplier should a beginner use? **Something between x2 and x5, and an amount you are fine losing.** Low multipliers forgive mistakes. High ones punish every wiggle. Some simple rules that work: - **Pick the multiplier from the loss you accept, not the win you dream of.** If you would hate a 50% drop on a trade, do not use a multiplier where a 5% move does it (x10). - **Lower on small coins.** They move faster, and their buffer before liquidation is bigger. - **Lower when you hold longer.** A trade held for days meets more wiggles. - **Never raise the multiplier to win back a loss.** That is how small losses become big ones. ## How does CopyHype handle the multiplier when I copy? **A copy uses the whale's own multiplier. It is raised only when needed to reach Hyperliquid's $10 order minimum, and never goes above x50 or the coin's maximum.** Your amount stays the most the trade can lose. Hyperliquid needs at least $10 of position per order ([Chainstack, Hyperliquid order precision](https://docs.chainstack.com/docs/hyperliquid-order-precision)). So with small amounts, CopyHype lifts the multiplier just enough: | Your amount | Whale uses | Your copy uses | Why | |---|---|---|---| | $20 | x5 | x5 | $100 position, above $10 | | $5 | x1 | x3 | Needs a bit over $10 of position | | $5 | x10 | x10 | $50 position, already enough | The message tells you when the multiplier was raised. If you want a lower multiplier on a whale, raise your amount, or pick whales who trade with low ones. Copies are also skipped when the price has already moved more than 2% in the whale's direction, because at x10 that head start is already 20% of your amount. ## How do I stop leverage from wiping me out? **Use isolated margin, a stop loss, small amounts and low multipliers.** Each one limits a different way of losing. - **Isolated margin** keeps one trade's losses inside that trade. CopyHype uses it on every trade. - **A stop loss** closes a trade early, before liquidation. On CopyHype, Stop loss sells by itself at -30% or -50% of your amount. - **A take profit** takes a win before it turns: +25%, +50% or +100%. - **Small amounts** mean a liquidation is a lesson, not a disaster. - **Practice first.** Practice money on CopyHype uses live prices and the same trading fees, so you feel x10 before it costs anything. ## Frequently asked questions ### Is 10x leverage risky? Yes. At x10, a move of a bit less than 10% against you closes the trade, and on small coins it can be closer to 5%. That can happen in an hour on a volatile day. ### What is the maximum leverage on Hyperliquid? It depends on the coin. Bitcoin allows up to x40, ETH up to x25, SOL up to x20, and many other coins x10 or less. Very large positions get lower limits ([Hyperliquid docs, margin tiers](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/margin-tiers)). ### Can leverage make me lose more than my amount? Not with isolated margin. The trade is closed before its margin runs out, and only that trade's amount is at risk. With cross margin, losses can use the rest of your account. ### Is x1 the same as buying the coin? Close, but not the same. At x1, gains and losses match the price move, but you still do not own the coin, and you pay or receive funding while the position is open. ### Why does my copy use a higher multiplier than I expected? Because Hyperliquid needs at least $10 of position per order. At small amounts, CopyHype raises the multiplier just enough to reach it, never above x50 or the coin's maximum. ## Where do these facts come from? **From Hyperliquid's documentation, a Chainstack developer guide and CopyHype's product rules.** Sources: - [Hyperliquid docs: margining](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/margining) - [Hyperliquid docs: margin tiers](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/margin-tiers) - [Hyperliquid docs: fees](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees) - [Chainstack: Hyperliquid order precision and minimums](https://docs.chainstack.com/docs/hyperliquid-order-precision) Liquidation distances in the table are rounded estimates that ignore fees and funding. Words like margin, mark price and maintenance margin are defined in the [perps glossary](https://copyhype.family/docs/glossary). --- # Funding rate explained: the small hourly payment between longs and shorts Source: https://copyhype.family/blog/funding-rate-explained Updated: 2026-10-19 The funding rate is a small payment between traders on a perp, made every hour on Hyperliquid. When the perp trades above the coin's real price, longs pay shorts; when it trades below, shorts pay longs. It keeps the perp's price close to the real price. On a small trade held for hours it is usually a few cents, but on a crowded trade held for days it can matter. A perp has no end date. So what stops its price drifting far away from the real coin price? Funding. It is a small payment that flows between the traders betting up and the traders betting down, every hour, nudging the perp back toward the real price. You will see it as a line in your trade history. This guide explains where it comes from and how much it really costs. ## What is the funding rate? **The funding rate is a small percentage of your position that longs pay shorts, or shorts pay longs, at regular times while a perp is open.** It is the price of keeping a perp in line with the coin it tracks. Imagine everyone suddenly wants to bet Bitcoin goes up. They push the perp's price above Bitcoin's real price on big exchanges. Funding turns positive: longs now pay shorts. Being long costs a bit, being short earns a bit. Some traders open shorts to collect that, which pushes the perp price back down. The opposite happens when everyone bets down. It is not a fee to the exchange. On Hyperliquid, funding is paid directly between traders and the exchange takes nothing from it ([Hyperliquid docs, funding](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/funding)). ## Who pays funding, longs or shorts? **When funding is positive, longs pay shorts. When it is negative, shorts pay longs.** The sign tells you which side the crowd is leaning toward. | Funding | Means | Longs (▲ Up) | Shorts (▼ Down) | |---|---|---|---| | Positive | Perp above real price, crowd leans up | Pay | Receive | | Negative | Perp below real price, crowd leans down | Receive | Pay | | Near zero | Balanced | Almost nothing | Almost nothing | So funding can also be income. A short during a hyped rally gets paid every hour it stays open, as long as the price does not run it over. ## How often is funding paid on Hyperliquid? **Every hour.** Hyperliquid computes an 8-hour rate and pays one eighth of it each hour, so payments are small and frequent. Many big exchanges charge funding every 8 hours. Hyperliquid splits it into 24 small payments a day instead. The rate itself is capped at 4% per hour, the same for every coin ([Hyperliquid docs, funding](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/funding)). That cap is a safety limit for extreme moments. Normal funding is a tiny fraction of it. ## How is the funding rate calculated? **It has two parts: a fixed interest part and a premium part that measures how far the perp trades from the real price.** The premium usually decides the sign. In Hyperliquid's own words, the rate is the average premium plus a clamped interest difference ([Hyperliquid docs, funding](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/funding)). In plain words: - **Interest part.** Fixed at 0.01% every 8 hours, so 0.00125% per hour. On its own it means longs pay shorts a little. Hyperliquid says it reflects the difference in cost between borrowing dollars and borrowing crypto. - **Premium part.** Sampled every 5 seconds and averaged over the hour. If the perp trades above the oracle price (a fair price built from big spot exchanges), the premium is positive. If below, negative. The payment for your trade is your position size, times the oracle price, times the rate. Note the detail: Hyperliquid uses the oracle price, not the mark price, to turn your position into dollars. ## How much does funding cost a small trade? **Usually cents.** At the baseline rate, a $200 position pays about a quarter of a cent per hour, around 6 cents a day. Let's do the math with the baseline 0.00125% per hour, when the premium is near zero: | Position | Per hour | Per day | Per week | |---|---|---|---| | $20 (x1) | $0.0003 | $0.006 | $0.04 | | $200 ($20 at x10) | $0.0025 | $0.06 | $0.42 | | $1,000 | $0.0125 | $0.30 | $2.10 | Now the hot case. In a crowded rally, funding can run ten or twenty times the baseline for a while. At ten times, the $200 position pays about 60 cents a day. Held a week, that is over $4, a big bite out of a $20 trade. Two lessons: funding follows the position size, so the multiplier grows it too. And funding matters most for trades held a long time on crowded coins. ## Can funding be negative? **Yes. Negative funding means shorts pay longs.** It happens when the crowd leans down and the perp trades below the real price. After a sharp crash, many traders pile into shorts. The perp can trade below the real price, and funding flips negative. Longs then get paid every hour to hold. Some traders look for this: a long on a coin with negative funding earns a small income while waiting for a bounce. It is still a bet on price. Funding income does not save a trade that keeps falling. ## Does funding tell me where the price is going? **No, it tells you where the crowd is leaning.** Very high funding means many traders are long and paying for it. That can keep going for a while, or snap. Traders watch funding as a mood meter. When funding is very high, a lot of people are betting up with leverage. If the price dips, many of them get liquidated at once, which pushes the price down further. That is called a long squeeze. The reverse, on crowded shorts, is a short squeeze. Funding hints at the risk of a squeeze. It does not time it. ## How does funding work when I copy a whale? **Your copy pays or receives funding exactly like the whale's position, at your size.** It shows up in your trade result, already counted. If you copy a whale who holds a long for three days on a coin with high funding, your copy pays that funding for three days too, in proportion to your position. With practice money on CopyHype, trading fees count the same way as in real money; with real money, funding shows in your history too, so long holds cost a little more than practice shows. On the whale's page, check how long they held their last trades, in Last results. A trader who holds for days on hyped coins pays more funding than one who is in and out within hours. ## How can I keep funding costs low? **Hold for shorter periods on crowded coins, keep the multiplier modest, and check the rate before long holds.** Funding is rarely a reason to skip a good trade, but it is a reason to avoid sleeping on a bad one. - **Look at the rate on the coin.** Hyperliquid shows the current funding and a countdown on every market. - **Lower multiplier, lower funding.** Funding scales with the position, not your amount. - **Long holds on hyped coins add up.** A week at high funding can cost more than the trading fees. - **Being on the receiving side is a bonus, not a plan.** ## Frequently asked questions ### Is funding a fee? Not to the exchange. On Hyperliquid, funding is paid between traders and the exchange keeps none of it. It is a cost or an income depending on your side. ### Do I pay funding if I close before the hour? Funding is paid on positions that are open at each hourly payment. A trade opened and closed between two payments pays no funding. ### Why do longs usually pay funding? Because of the fixed interest part, and because crowds tend to lean bullish. When the premium is near zero, the interest part alone means longs pay shorts a little. ### Can funding liquidate me? Funding is taken from the position's margin, so very high funding over a long time can slowly bring a trade closer to liquidation. For small, short trades it is rarely the cause. ### Does CopyHype charge anything on funding? No. CopyHype's fee is 0.1% of the position when a trade opens and when it closes. Funding goes straight between traders on Hyperliquid. ## Where do these facts come from? **From Hyperliquid's official funding documentation.** Sources: - [Hyperliquid docs: funding](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/funding) - [Hyperliquid docs: contract specifications](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/contract-specifications) Cost examples use the baseline interest rate and ignore the premium. Real funding changes every hour. Funding, oracle price and squeeze are defined in the [perps glossary](https://copyhype.family/docs/glossary). --- # Isolated vs cross margin: which one protects your money? Source: https://copyhype.family/blog/isolated-vs-cross-margin Updated: 2026-10-19 Isolated margin gives each trade its own pot of money, so a liquidation only costs that trade's amount. Cross margin shares one pot across all your trades, which lets winners support losers but means one bad trade can drag the whole account down. Hyperliquid's default is cross. CopyHype uses isolated margin on every trade, so your amount is the most a trade can lose. Picture two jars. In the first setup, you have one small jar per trade. If one trade goes badly, only its jar empties. In the second, all your trades drink from one big jar. A winning trade can top up a losing one, but a really bad trade can empty the big jar for everyone. The first is isolated margin. The second is cross margin. That is the whole difference, and it matters more than most beginners think. ## What is margin? **Margin is the money you put into a perps trade.** It is your amount, the part that is actually at risk. The multiplier turns it into a bigger position. If you open a $200 position at x10, the margin is $20. Hyperliquid's own rule is simple: the margin needed to open a position is the position size times the price, divided by the multiplier ([Hyperliquid docs, margining](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/margining)). Margin mode decides where that $20 comes from, and what else it can touch. ## What is isolated margin? **Isolated margin locks a fixed amount of money to one trade. If that trade is liquidated, you lose that amount and nothing else.** Your other trades and the rest of your wallet are untouched. You open a trade with $20 isolated. It can only ever use those $20. If the price runs against you, the trade closes when the $20 is nearly gone. Your other trades keep going as if nothing happened. Hyperliquid says it directly: liquidating one isolated position does not affect other isolated or cross positions ([Hyperliquid docs, margining](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/margining)). Isolated is easy to reason about. Each trade has a known worst case: its amount. ## What is cross margin? **Cross margin lets all your trades share the money in your account. Profits on one trade can keep another alive, but losses can spread.** It is Hyperliquid's default mode. With cross margin, there is no separate jar. Your whole account balance backs every cross position. A trade that is losing does not get liquidated as quickly, because the rest of your money props it up. That sounds good, and for experienced traders running hedges it can be. The catch: when the account as a whole falls below the safety level, all cross positions can be liquidated together. In a full liquidation of a cross account with no isolated trades, the account ends at zero ([Hyperliquid docs, liquidations](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/liquidations)). ## How do they compare side by side? **Isolated caps each trade's loss. Cross shares risk and money across trades.** Here are the differences that matter. | | Isolated | Cross | |---|---|---| | Money a trade can use | Only its own margin | The whole account | | Worst case for one bad trade | That trade's amount | Can pull down the whole account | | Liquidation of one trade | Others untouched | Shared safety level for all cross trades | | Unrealized profit | Adds margin to that same trade | Usable as margin for new trades | | Good for | Beginners, copying, clear limits | Experienced traders, hedges | | Hyperliquid default | No | Yes | ## What happens at liquidation in each mode? **In isolated, only that trade and its margin go. In cross, the liquidation can take every cross position and the cross balance.** This is the part that surprises people. Here is a story. You have $100. You open two trades of $20 each at x10. - **Isolated:** Trade A falls 9% and is liquidated. You lose $20. Trade B is fine. You still have $80 in total, including B. - **Cross:** Trade A falls 9%, but the rest of your $100 keeps it open. It keeps falling, 20%, 30%. Your account value sinks. Trade B is also slightly down. When the whole account drops below the safety level, both trades are liquidated. You can lose far more than $20. Cross gave trade A more room, which is exactly what let it lose more. Hyperliquid even notes that in a backstop liquidation of a cross account, all cross positions and cross margin go to the liquidator, while an isolated liquidation leaves cross margin and positions untouched ([Hyperliquid docs, liquidations](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/liquidations)). ## Can I add or remove margin on an isolated trade? **Yes. On Hyperliquid you can add margin to an isolated trade to give it more room, or remove some, within limits.** Removing margin brings the liquidation point closer. Adding margin is like pouring more water into that trade's jar. It lowers the effective multiplier and pushes the liquidation price further away. Removing margin does the opposite. Hyperliquid only allows removing margin if what is left still meets the opening requirement and is at least 10% of the position's value ([Hyperliquid docs, margining](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/margining)). Some markets are "strict isolated": margin cannot be removed at all, and it shrinks only as the position is closed. ## Why does CopyHype use isolated margin? **Because it makes "your amount is the most you can lose" true for every trade.** When you copy several whales at once, one disaster cannot drain your wallet. Copying means trades open while you are busy. You might be copying three whales, each with two open trades. With cross margin, a single wild move on one coin could pull down all six. With isolated margin, each copy stands alone with its own amount. If one is liquidated, the message says exactly what you lost: that trade's amount, nothing more. CopyHype adds limits on top: a copy is skipped if the price already moved more than 2% since the whale got in, whales who trade too fast to copy are left out, and you can set a stop loss on every copy. ## Does isolated margin change Let it ride? **Let it ride is where isolated margin gets interesting: it uses part of a winning trade's profit as the amount for a second trade.** On an isolated trade, unrealized profit counts as extra margin for that same trade, and CopyHype moves part of it to fund the second one. That is why the first trade gets riskier. It keeps less cushion, so its liquidation point moves closer. If the second trade loses, it eats that win. If both together run out, both close. Your other trades and your cash are not touched. Full explanation, with numbers, in [Let it ride](https://copyhype.family/blog/let-it-ride-explained). ## Which margin mode should a beginner use? **Isolated.** It gives every trade a clear worst case, which is what you need while you learn. Cross margin is a tool for traders who run several positions that offset each other, and who watch their account closely. If you are not doing that, cross mostly means a single bad trade has access to all your money. ## Frequently asked questions ### Is isolated margin safer than cross? For one trade, it caps the loss at that trade's margin. That makes it safer for beginners. Cross can survive bigger dips on a single trade, but the risk spreads to the whole account. ### What is Hyperliquid's default margin mode? Cross margin is the default on Hyperliquid. You can switch a market to isolated before opening a trade. CopyHype opens every copy in isolated margin. ### Does cross margin mean lower liquidation risk? For one trade, yes, because more money backs it. For the account, no: when the account falls below the safety level, every cross position can be liquidated together. ### Can I lose more than my margin with isolated? No. An isolated trade closes before its own margin runs out. Fees and funding are paid from that margin too. ### Can I switch modes on an open trade? Generally you pick the mode before you open. On CopyHype you do not need to pick: every copy is isolated. ## Where do these facts come from? **From Hyperliquid's official documentation on margining and liquidations.** Sources: - [Hyperliquid docs: margining](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/margining) - [Hyperliquid docs: liquidations](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/liquidations) Margin, maintenance margin and liquidation are defined in the [perps glossary](https://copyhype.family/docs/glossary). --- # Long vs short: how to bet a coin goes up or down Source: https://copyhype.family/blog/long-vs-short-crypto Updated: 2026-10-19 Going long means betting a coin's price goes up; going short means betting it goes down. With perps you can do either in one tap, without owning the coin, because you only trade the price change in dollars. A long wins when the price rises and a short wins when it falls, and with a multiplier both win and lose faster. With isolated margin, either side can lose at most the amount you put in. Every perps trade starts with one question: up or down? Traders say long and short. CopyHype's buttons say ▲ Up and ▼ Down, because that is all they mean. This guide explains both sides, shows them in dollars, and covers the parts beginners usually miss, like why shorting feels different and who pays funding. ## What does going long mean? **Going long means betting the price goes up.** You win when the coin rises and lose when it falls. You open a long on SOL with $20 at x5, so a $100 position. SOL rises 4%: you are up about $4. SOL falls 4%: you are down about $4. It works like buying the coin, except you never hold it, and the multiplier makes the move bigger. "Long" comes from old trading slang. Holding something you expect to rise over time was being long on it. In perps, it simply means the Up side. ## What does going short mean? **Going short means betting the price goes down.** You win when the coin falls and lose when it rises. Same example, opposite side. You open a short on SOL with $20 at x5. SOL falls 4%: you are up about $4. SOL rises 4%: you are down about $4. This is the big new thing perps bring. When you just buy coins, a crash can only hurt you. With a short, a crash can be your best day. ## How can I bet on a price going down without owning the coin? **Because a perp is a contract between two traders about the price, not a trade of the coin itself.** One trader takes the up side, another takes the down side, and the difference is settled in dollars. In stock markets, shorting usually means borrowing shares, selling them, and buying them back later. Perps skip all that. There is nothing to borrow. When you open a short, someone else holds the matching long. When the price falls, dollars flow from their side to yours. Both sides post margin, and the exchange keeps score. That is why on Hyperliquid you can short Bitcoin as easily as you can go long, with USDC only. ## How do long and short compare? **They are mirror images on price, but not identical on risk and costs.** Here is the side by side. | | Long (Up) | Short (Down) | |---|---|---| | You win when | The price rises | The price falls | | Biggest possible price move against you | The price going to zero | The price rising without limit | | With isolated margin, max loss | Your amount | Your amount | | Funding usually | You pay when the crowd leans up | You receive when the crowd leans up | | Feels like | Buying, but faster | Swimming against the crowd | The second row is why shorting has a scary reputation. A price can only fall 100%, but it can rise 200%, 500% or more. Without a limit, a short could lose more than you put in. With isolated margin, the trade is liquidated first, so you lose your amount and stop there. ## Why do shorts get squeezed? **When many traders are short and the price starts rising, their losses force them to buy back, which pushes the price up even more.** That chain reaction is a short squeeze. Every short has to buy back to close. If the price jumps, shorts near their liquidation get closed automatically, and each close is a buy. Those buys push the price higher, which liquidates the next shorts. A small rise becomes a violent one. Longs have the same problem in reverse, called a long squeeze, when a falling price triggers wave after wave of long liquidations. You can spot the crowd's lean in the funding rate: very positive funding means many longs, very negative means many shorts. More in [funding rate explained](https://copyhype.family/blog/funding-rate-explained). ## How does funding differ between longs and shorts? **When funding is positive, longs pay shorts. When negative, shorts pay longs.** On Hyperliquid this happens every hour. Funding exists to keep the perp's price close to the real price ([Hyperliquid docs, funding](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/funding)). If more traders are long, the perp tends to trade above the real price, so longs pay. Shorts get a small income for taking the less popular side. On a small trade held a few hours, it is cents. On a big crowded trade held for days, it adds up. ## When does it make sense to go short? **When you think a price will fall, or when you want to protect something you hold.** Both are common reasons, and neither needs you to own the coin. - **A view.** You think a coin ran too far too fast. A short bets on the drop. - **A hedge.** You hold ETH you do not want to sell. A small ETH short gains if ETH falls, softening the hit. That is a hedge: two positions that partly cancel. - **Following a whale.** Good perps traders short regularly. When you copy one on CopyHype, your copy takes the same side as theirs, long or short. Shorting is not harder than going long. It is just less natural to most people, because we are used to buying things and hoping they go up. ## How do I go long or short on Hyperliquid? **Pick the coin, pick ▲ Up (long) or ▼ Down (short), set your amount and multiplier, and place the trade.** On CopyHype you can do it solo in the app, or let a whale's trades do it for you. **Take a long or short on CopyHype** 1. **Open the app in @copyhypefamilybot.** Start in practice with $1,000 of practice money on live prices. 2. **Pick a coin.** BTC, ETH, SOL, HYPE and 100+ other coins. 3. **Tap ▲ Up or ▼ Down.** Up is long, Down is short. 4. **Choose your amount and multiplier.** From $5 a trade. Your amount is the most the trade can lose. 5. **Watch it, or set protections.** Stop loss closes early at -30% or -50%. Take profit takes a win at +25%, +50% or +100%. Or tap Copy on a whale and their longs and shorts happen for you, same coin, same side, same multiplier. ## What mistakes do beginners make with longs and shorts? **Shorting because a price "looks too high", holding against a squeeze, and flipping sides after every loss.** Each one is easy to avoid. - **"It can't go higher."** It can. Prices that look silly can get sillier. Short with small amounts and a stop loss. - **Holding a short into a squeeze.** If the price starts jumping and funding is very negative, many shorts are trapped. Do not be the last one out. - **Revenge flipping.** Losing on a long, then shorting the same coin right away to win it back, usually doubles the loss. - **Using the same multiplier both ways.** Upside moves in crypto are often sharper than downside ones. Shorts deserve a lower multiplier. ## Frequently asked questions ### Is shorting crypto riskier than going long? On price alone, yes: a price can rise without limit but only fall to zero. With isolated margin the loss stops at your amount either way, so the real difference is how fast squeezes can hit. ### Can I short Bitcoin without owning any? Yes. With a perp, you only need USDC as margin. You never borrow or hold Bitcoin. ### Do longs or shorts pay funding? It depends on the sign of the funding rate. Positive funding: longs pay shorts. Negative funding: shorts pay longs. On Hyperliquid, funding is paid every hour. ### Can I be long and short at the same time? On the same coin in the same account, the positions net out into one. Traders hedge by holding opposite positions on related coins, or in separate accounts. ### What does CopyHype call long and short? ▲ Up and ▼ Down on the trade ticket. On a whale's page, their trades show as ▲ Long or ▼ Short, and a copy takes the same side, with the whale's multiplier. ## Where do these facts come from? **From Hyperliquid's documentation and CopyHype's product rules.** Sources: - [Hyperliquid docs: funding](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/funding) - [Hyperliquid docs: liquidations](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/liquidations) Long, short, hedge and squeeze are all in the [perps glossary](https://copyhype.family/docs/glossary). --- # Hyperliquid for beginners: your first perps trade, step by step Source: https://copyhype.family/blog/hyperliquid-for-beginners Updated: 2026-10-26 To start on Hyperliquid, get some USDC on the Arbitrum network, deposit at least 5 USDC to Hyperliquid, pick a coin, choose long (up) or short (down), set isolated margin and a low multiplier, and place a small order of at least $10 of position. A safer first step is practice money: on CopyHype you get $1,000 of practice money on live Hyperliquid prices and can copy a top trader from $5 a trade before any real money moves. Hyperliquid's trading screen can look like an airplane cockpit: charts, an order book, a dozen buttons. You only need a handful of them for a first trade. This guide walks through the whole path, from zero to your first closed perp, and tells you exactly which setting to pick at each step and why. ## What do I need before my first Hyperliquid trade? **A wallet or an email login, some USDC on the Arbitrum network, and a small amount you are fine losing.** That is all. No account form, no identity check. Hyperliquid's official guide lists the same basics: an EVM wallet like Rabby or MetaMask, or an email login, plus USDC and a little ETH for gas on Arbitrum ([Hyperliquid docs, how to start trading](https://hyperliquid.gitbook.io/hyperliquid-docs/onboarding/how-to-start-trading)). If you have never used a crypto wallet, this is the hardest part. That is why apps like CopyHype create the wallet for you with your Telegram account. A checklist: | You need | Why | Beginner tip | |---|---|---| | A wallet or email login | It is your Hyperliquid account | Email login is the simplest on Hyperliquid itself | | USDC on Arbitrum | It is the money you trade with | Buy it on an exchange and withdraw on the Arbitrum network | | A little ETH on Arbitrum | Pays the deposit network fee | Not needed with email login or CopyHype | | At least 5 USDC | The minimum deposit | Less than 5 USDC is lost, not credited | | A plan for your amount | Limits the damage of a bad trade | Start with $10 to $20 a trade | ## How do I put money on Hyperliquid? **Send USDC on Arbitrum to Hyperliquid with the Deposit button. At least 5 USDC, and it arrives in under a minute.** Below 5 USDC, the deposit is lost. Hyperliquid's bridge docs are very direct: the minimum deposit is 5 USDC, and anything below it "will not be credited and be lost forever". Deposits are credited in under a minute; withdrawals reach your wallet in 3 to 4 minutes ([Hyperliquid docs, bridge](https://hyperliquid.gitbook.io/hyperliquid-docs/for-developers/api/bridge2)). Withdrawing costs a flat 1 USDC ([eco.com](https://eco.com/support/en/articles/15191998-hyperliquid-fees-explained-maker-taker-funding-and-withdrawal-in-2026)). The full walkthrough, with the common mistakes, is in [how to deposit USDC to Hyperliquid](https://copyhype.family/blog/how-to-deposit-usdc-to-hyperliquid). ## Which coin should I trade first? **A big, liquid one: BTC or ETH.** They move less wildly than small coins, and their safety buffer before liquidation is smaller, so a low multiplier gives you lots of room. Small coins can move 10% in an hour. On a coin whose maximum multiplier is x10, the liquidation buffer is 5% of the position, so even at x5 you only have about 15% of room ([Hyperliquid docs, margin tiers](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/margin-tiers)). BTC at x3 gives you more than 30%. First trades are for learning the buttons, not for chasing a 10x. ## Should I go long or short? **Whichever matches your view, with a small amount. If you have no view, you have no trade.** Long bets up, short bets down. Both are one tap. There is no beginner side. Shorts can be squeezed, longs can be dumped on. What matters more is size and multiplier. If you want a refresher, read [long vs short](https://copyhype.family/blog/long-vs-short-crypto). ## Which settings should a beginner pick? **Isolated margin, a multiplier of x2 to x5, a market order, and a stop loss.** Those four choices make your first trade survivable. | Setting | Pick | Why | |---|---|---| | Margin mode | Isolated | A bad trade can only lose its own margin. Hyperliquid's default is cross | | Multiplier | x2 to x5 | Gives the trade room to wiggle before liquidation | | Order type | Market | Fills right away, no waiting. Costs the taker fee | | Stop loss | Yes, set one | Closes the trade before it reaches liquidation | | Take profit | Optional | Locks a win if price reaches your target | | Size | At least $10 of position | Hyperliquid's minimum order value | Two of these need a word. Hyperliquid's default margin mode is cross, which shares your whole balance across trades ([Hyperliquid docs, margining](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/margining)). Switch it to isolated before you open. And the $10 minimum applies to the position, not your margin: $5 at x2 is a $10 position ([Chainstack](https://docs.chainstack.com/docs/hyperliquid-order-precision)). See [isolated vs cross margin](https://copyhype.family/blog/isolated-vs-cross-margin) and [take profit and stop loss](https://copyhype.family/blog/take-profit-stop-loss-explained). ## How do I place my first trade on Hyperliquid? **Pick the coin, set isolated and a low multiplier, choose long or short, enter the size, add a stop loss and confirm.** Then watch it, and close it yourself when you are done. **Place a first perps trade on Hyperliquid** 1. **Open the coin's market.** Pick BTC or ETH from the market list. 2. **Set the margin mode to Isolated.** It is next to the multiplier. Hyperliquid starts on Cross. 3. **Set the multiplier to x2 to x5.** Lower is calmer. 4. **Choose Long or Short and Market.** Long if you think it goes up, short if down. 5. **Enter the size.** Keep the position at $10 or more. Check the liquidation price shown before you confirm. 6. **Add a stop loss.** Pick a price well before the liquidation price. 7. **Confirm and watch.** Close with the Close button, or let your stop loss or take profit do it. Before you confirm, look at the liquidation price. That is where the trade closes by itself. If it looks uncomfortably close, lower the multiplier. ## What does a first trade cost? **About 9 cents in Hyperliquid fees on a $100 position, opened and closed with market orders, plus tiny funding.** Fees are a percentage of the position, not of your margin. Hyperliquid's base taker fee is 0.045% and maker fee 0.015% ([Hyperliquid docs, fees](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees)). A $100 position costs 4.5 cents to open and 4.5 cents to close with market orders. Funding is paid every hour between longs and shorts, usually a fraction of a cent on a position this size. The withdrawal at the end costs 1 USDC, which on a tiny account is the biggest cost of all. More in [Hyperliquid fees explained](https://copyhype.family/blog/hyperliquid-fees-explained). ## Is there an easier way to start? **Yes: practice first, then copy someone who already knows what they are doing.** On CopyHype, you skip the wallet setup and the cockpit screen entirely. **Start perps on CopyHype with practice money** 1. **Open @copyhypefamilybot in Telegram.** Tap Start, then Start with practice money. You get $1,000 of practice money for 24 hours, on live Hyperliquid prices. 2. **Pick a whale.** Each row shows Hyperliquid's profit and ROI for 24h, 7 days or 30 days, and when they last traded. Their page shows the trades they have open now. 3. **Tap Copy.** Their next trades happen for you, from $5 a trade, same coin, same side, same multiplier. Every trade uses isolated margin. 4. **Learn from each close.** They exit, you exit. You see the result in dollars, after fees. 5. **Go real when ready.** Switch to Real at the top of the app. Your own wallet is created in a tap, secured by Privy. Only you can withdraw. Practice uses the same rules and trading fees as real money, so what you learn carries over. When you do go real, you pay by card, Apple Pay or Google Pay in the app (US, EU) or send USDT or USDC on BNB Chain, Base, Polygon or Arbitrum, then move it into Hyperliquid in one tap, with the network fee paid by CopyHype. Perps are not the only game on Hyperliquid. Since May 2026 it also runs prediction markets, called outcome markets: you buy Yes or No on a question, with no multiplier, and the most you can lose is what you put in. Predictions are live in CopyHype. The basics: [Hyperliquid prediction markets explained](https://copyhype.family/blog/hyperliquid-prediction-markets). ## What mistakes do beginners make on Hyperliquid? **Leaving cross margin on, using the maximum multiplier, depositing below 5 USDC, and trading small coins first.** All four are easy to avoid once you know them. - **Cross margin by accident.** A single bad trade can pull from your whole balance. - **Max multiplier.** At x40 on BTC, a 1.25% move can liquidate you. - **Tiny deposits.** Under 5 USDC is lost. And a $1 withdrawal fee on a $10 account is 10%. - **Wrong network.** USDC must come over Arbitrum for the standard deposit. - **No stop loss.** Without one, the liquidation price is your stop. - **Revenge trading.** Opening a bigger trade right after a loss rarely ends well. ## Frequently asked questions ### Is Hyperliquid good for beginners? It is usable, but its trading screen assumes you know the jargon. Start with small amounts, isolated margin and low multipliers, or use practice money first. ### How much money do I need to start on Hyperliquid? The minimum deposit is 5 USDC and the minimum order is $10 of position. In practice, $20 to $50 lets you try a few small trades without the $1 withdrawal fee eating everything. ### Do I need ETH to use Hyperliquid? For a standard wallet deposit on Arbitrum, you need a little ETH for gas. With Hyperliquid's email login or CopyHype, you do not. ### Can I use Hyperliquid on my phone? Yes, in a mobile browser with a wallet app. CopyHype runs inside Telegram on your phone, with nothing else to install. ### What is the safest first trade? A small position on BTC or ETH, isolated margin, x2 to x3, with a stop loss. Or a copy of a whale in practice money, where no real funds move. ## Where do these facts come from? **From Hyperliquid's documentation and independent guides.** Sources: - [Hyperliquid docs: how to start trading](https://hyperliquid.gitbook.io/hyperliquid-docs/onboarding/how-to-start-trading) - [Hyperliquid docs: bridge](https://hyperliquid.gitbook.io/hyperliquid-docs/for-developers/api/bridge2) - [Hyperliquid docs: fees](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees) - [Hyperliquid docs: margining](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/margining) - [Hyperliquid docs: margin tiers](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/margin-tiers) - [Chainstack: Hyperliquid order minimums](https://docs.chainstack.com/docs/hyperliquid-order-precision) - [eco.com: Hyperliquid withdrawal fee](https://eco.com/support/en/articles/15191998-hyperliquid-fees-explained-maker-taker-funding-and-withdrawal-in-2026) Every word used here is in the [perps glossary](https://copyhype.family/docs/glossary). --- # Take profit and stop loss: how to make a perps trade close itself Source: https://copyhype.family/blog/take-profit-stop-loss-explained Updated: 2026-10-19 A stop loss closes your trade automatically if the price moves against you to a level you choose, so a small loss cannot become a liquidation. A take profit closes it automatically when the price reaches your target, so a win is banked before it turns. On Hyperliquid both trigger on the mark price and fill as market orders by default. On CopyHype, Stop loss closes a trade at -30% or -50% of your amount and Take profit takes the win at +25%, +50% or +100%. Most trading pain comes from decisions made in the moment. The price drops, you hope it comes back. The price rises, you hope it rises more. Take profit and stop loss let you decide calmly, before any of that, and then the trade follows your plan even while you sleep. This guide explains both, shows where to put them, and covers the traps. ## What is a stop loss? **A stop loss is an order that closes your trade by itself if the price moves against you to a level you set.** It caps how much a trade can lose before liquidation does it for you. You go long ETH at $4,000 with $20 at x5, a $100 position. You decide you will not lose more than $5 on this trade. That is a 25% loss on your $20, which at x5 is a 5% move. So you set a stop loss at $3,800. If ETH falls there, your trade closes and you lose about $5, plus fees. Without the stop, the trade would run until liquidation, near an 18% fall, and you would lose almost all $20. ## What is a take profit? **A take profit is an order that closes your trade by itself when the price reaches your target.** It banks a win before the market changes its mind. Same trade. You decide a 10% rise in ETH is a great result: that is +$10 at x5, +50% on your $20. You set a take profit at $4,400. If ETH gets there, the trade closes and the win is yours. If ETH reaches $4,390 and turns back, the take profit never fires. That is the trade-off: a target can be missed by a hair. ## How do take profit and stop loss work on Hyperliquid? **Both are trigger orders: when the mark price reaches your trigger, an order is sent. By default it is a market order, and you can set a limit price instead.** Triggers use the mark price, not the last trade. Hyperliquid's docs describe stop market and stop limit orders, and take profit orders (take market and take limit) that activate at a trigger price. For a long, a take profit trigger sits above the price and a stop below it; for a short, the opposite. Take profit and stop loss orders are market orders by default, though you can set a limit price ([Hyperliquid docs, order types](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/order-types)). The mark price, used for these triggers and for liquidations, combines outside exchange prices with Hyperliquid's own book ([Hyperliquid docs, oracle](https://hyperliquid.gitbook.io/hyperliquid-docs/hypercore/oracle.md)). | | For a long (Up) | For a short (Down) | |---|---|---| | Stop loss trigger | Below the current price | Above the current price | | Take profit trigger | Above the current price | Below the current price | | Fills as | Market order by default | Market order by default | ## Should my stop loss be a market or a limit order? **Market, for most people.** A market stop always closes, maybe at a slightly worse price. A limit stop can be skipped entirely if the price jumps past it. Imagine the price gaps down straight through your stop. A market stop sells at the next available price: you lose a bit more than planned, but you are out. A limit stop waits for your limit price, which may never come back, and your trade stays open while it keeps falling. The whole point of a stop is to be out. Use market. For take profits, a limit can make sense: if the price spikes past your target, a limit order still fills at your price or better, as long as the book reaches it. ## Where should I put my stop loss? **At the loss you accept, and always well before the liquidation price.** Start from the dollars you are fine losing, then turn that into a price. A simple recipe: 1. Decide the most you accept losing on this trade, for example 30% of your amount. 2. Divide by the multiplier to get the price move: at x5, 30% is a 6% move. 3. Put the stop 6% away from your entry, on the losing side. 4. Check it is clearly before the liquidation price the app shows. | Your amount | Multiplier | Loss you accept | Stop distance from entry | |---|---|---|---| | $20 | x2 | 30% ($6) | 15% | | $20 | x5 | 30% ($6) | 6% | | $20 | x10 | 30% ($6) | 3% | | $20 | x20 | 30% ($6) | 1.5% | Look at the last row. At x20, a 30% loss is only a 1.5% move. A normal wiggle can stop you out. That is a sign the multiplier is too high for the plan, not that the stop is wrong. ## Where should I put my take profit? **Where the gain would make you happy, and ideally at least as far from entry as your stop.** If your stop risks $6, aim to win at least $6. Traders call this the risk to reward ratio. If you risk $6 to make $3, you need to be right two times out of three just to break even. If you risk $6 to make $12, being right one time in three is roughly enough. A take profit at least as far as your stop keeps the math on your side. It does not make the trade more likely to win, it makes winning trades count. ## Do I always need a take profit? **No. A stop loss matters more.** Some strategies let winners run and only use a stop, sometimes moved up as the price rises. A take profit caps your upside. On a strong trend, it closes you early. A stop loss caps your downside, which is what keeps you in the game. If you only set one, set the stop. When you copy a whale, the whale's exit is the default take profit: they exit, you exit. ## How do Stop loss and Take profit work on CopyHype? **Stop loss closes a trade by itself at -30% or -50% of your amount. Take profit closes it at +25%, +50% or +100%.** You pick them as fixed choices, Off by default, no prices to type. | Choice | Closes the trade at | On a $20 amount | |---|---|---| | Stop loss -30% | 70% of your amount kept | About $14 kept | | Stop loss -50% | Half your amount kept | About $10 kept | | Take profit +25% | A gain of 25% of your amount | About +$5 | | Take profit +50% | A gain of half your amount | About +$10 | | Take profit +100% | Your amount doubled | About +$20 | You set them on the trade ticket before you tap, and you can change them on an open trade. With real money, they sit in Hyperliquid's order book. Before every tap, the ticket shows where the trade would close on its own, where your stop loss sells first, and "The most you can lose". When you copy a whale, you set them once for all their trades, and the whale's own exit still applies: if they close first, you close with them. ## What are the common mistakes with stops? **Stops too tight for the multiplier, moving the stop further away when the price gets close, and no stop at all.** All three turn small losses into big ones. - **Too tight.** A stop inside the normal wiggle of the coin gets hit constantly. Lower the multiplier instead of tightening the stop. - **Moving the stop away.** The price nears your stop and you push it further "just this once". That is how a planned 30% loss becomes a liquidation. - **No stop.** Then the liquidation price is your stop, and it takes nearly everything. - **Forgetting fees.** A stop at -30% loses a little more after fees and slippage. ## Frequently asked questions ### Does a stop loss guarantee my price? No. A market stop fills at the next available price once triggered, which in a fast move can be worse than your trigger. It guarantees you get out, not the exact price. ### What is the difference between a stop loss and liquidation? A stop loss is your choice and closes the trade at a loss you picked. Liquidation is the exchange closing the trade because its margin is almost gone, and it takes almost all of your amount. ### Can I add a stop loss after opening a trade? Yes, on Hyperliquid and on CopyHype. It is better to decide it before you open, while you are calm. ### Should beginners use take profit? It helps. Banking a planned win teaches discipline. A stop loss is still the more important of the two. ### Do Stop loss and Take profit work on copies? Yes. You set them in the whale's copy settings, and they apply to each copy of a whale's trade. If the whale exits before either is reached, your copy exits with them. ## Where do these facts come from? **From Hyperliquid's official docs on order types and the oracle, and CopyHype's product rules.** Sources: - [Hyperliquid docs: order types](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/order-types) - [Hyperliquid docs: oracle](https://hyperliquid.gitbook.io/hyperliquid-docs/hypercore/oracle.md) - [Hyperliquid docs: liquidations](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/liquidations) Stop loss, take profit, trigger and mark price are in the [perps glossary](https://copyhype.family/docs/glossary). --- # Let it ride: how a winning perps trade can pay for a second one Source: https://copyhype.family/blog/let-it-ride-explained Updated: 2026-10-27 Let it ride is a CopyHype feature for perps: when a trade is winning, part of its unrealized profit becomes the amount of a second trade, so you open it without selling the first and without adding cash. The catch is honest and real: the first trade keeps less cushion, so it closes sooner if the price turns. If the second trade loses, it eats that win. If both run out, both close, and when the first closes, the second closes too. Your other money is never touched. A trade is up. You feel good about it and you see another chance on a different coin. The classic options are to close the winner and reuse the cash, or to deposit more. Let it ride is a third option: the profit that is sitting in the winning trade becomes the amount of your second trade. No new money, nothing sold. It is one of the most powerful buttons in CopyHype, which is why this page is also very clear about its cost. ## What is Let it ride? **Let it ride turns part of a winning perps trade's profit into the amount of a second trade.** The first trade stays open at full size. Your cash stays where it is. In the app, a winning perps trade shows a "🎲 Let it ride · up to $X" button, on Home under the trade and in the trade's own screen. It works in three steps: 1. One of your perps bets is winning. 2. Let it ride takes part of that win and opens a second trade. 3. Your own cash stays where it is. Traders have a name for using open profits to open more positions: pyramiding. Let it ride is a simple, capped version of that idea, with one button and clear limits. ## How does it work under the hood? **On Hyperliquid, an isolated trade's unrealized profit counts as extra margin for that trade. Let it ride moves part of that margin out to fund the second trade.** The first trade keeps enough margin to stay open, but less cushion than before. Hyperliquid's margining rules say that with isolated margin, unrealized profit is applied as additional margin for the open position, and that margin can be removed from an isolated position as long as what remains meets the opening requirement and is at least 10% of the position's value ([Hyperliquid docs, margining](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/margining)). CopyHype uses exactly that mechanism. It works out how much of the win can be moved while the first trade keeps the margin it needs at its own multiplier, after fees, and offers that as the most the second trade can use. ## What does Let it ride look like with real numbers? **$20 on ETH at x10, ETH up 5%: the trade is up about $10, and Let it ride can fund a second trade of up to about $8.60.** The first trade then has less room if ETH turns. Walk through it: | Step | What happens | |---|---| | You open | $20 on ETH ▲ Up at x10, a $200 position | | ETH rises 5% | Your trade is up about $10, on paper | | You tap 🎲 Let it ride · up to $8.60 | Up to about $8.60 can become a second trade, after fees and the margin the first trade must keep | | You pick the second trade | For example BTC ▲ Up at x5 with $8.60, a $43 position | | Your cash | Untouched. You added nothing and sold nothing | The cost, in this example: before Let it ride, ETH could fall about 12% from its new price before the first trade closed by itself. After moving $8.60 out, it can fall only about 8%. Same trade, shorter leash. Numbers are rounded and ignore funding; the app shows the exact amount available. ## What happens if the second trade wins or loses? **If it wins, you made money twice from one deposit. If it loses, it eats into the first trade's win. If both run out together, both close.** Your other trades and your cash are never used. | Scenario | Result | |---|---| | Both trades win | Both profits are yours. When the second closes, what is left of it comes back to you | | Second loses, first keeps winning | The loss comes out of the first trade's win. You can still end in profit, just a smaller one | | First turns down | It closes sooner than it would have, because it has less cushion | | Both fall together | When their combined money reaches $0, both trades close | | First trade closes, for any reason | The second trade closes with it | When the pair runs low, the bot warns you: "Your Let it ride is running low." It tells you how much the two trades have left together and offers to close the second trade to keep the first one safe. You decide. ## Is Let it ride free money? **No. It is the same profit, used twice, with more risk on the first trade.** That is the honest summary, and why the feature is opt-in. The profit in a winning trade is not cash yet. It can vanish if the price turns. Let it ride puts that not-yet-cash to work in a second bet. When things go well, it compounds a good run. When they go badly, you can turn a winner into a small win, or into nothing. What it never does is reach into your wallet: the most the pair can lose together is the first trade's amount plus the win it was carrying. ## What are the rules? **Perps only, one Let it ride per winning trade, and the trade must be in profit by enough to fund a second one after fees.** A trade opened with Let it ride cannot itself be let ride. - **Perps only.** The second trade is a perps trade too. - **The first trade must be winning by enough.** The button shows once the win can fund at least $5, CopyHype's minimum per trade. - **One at a time per winning trade.** No stacking a third trade on the same win, and a trade that already funds one, or that rides on a win itself, shows no button. - **Up to a limit.** The amount available is capped so the first trade keeps the margin it needs. - **Linked exits.** When the first trade closes, the second closes too. - **Works in practice and real money,** with the same rules. In practice, nothing real moves. ## When does Let it ride make sense? **When the first trade is well in profit, its multiplier is modest, and you have a real idea for the second trade.** It is a tool for good runs, not for chasing losses. Good moments: - The first trade is a copy of a whale who usually holds for hours or days, and it is clearly in profit. - The first trade's multiplier is low enough that a shorter leash is still a reasonable leash. - You want exposure to a second coin without adding cash. Bad moments: - The first trade is barely green. A small dip and both are in trouble. - The first trade is already at a high multiplier. Removing cushion from x20 leaves almost none. - You are using it to "win back" an earlier loss. Predictions in CopyHype are single bets: no combos. A perps profit can still fund one if you close part of the trade and place a normal bet. Why there are no parlays on Hyperliquid: [can you parlay on Hyperliquid](https://copyhype.family/blog/prediction-market-parlays-combos). ## How do I use Let it ride on CopyHype? **Tap "🎲 Let it ride · up to $X" under a winning perps trade, tap "📈 Pick a coin" or join a fresh whale move, then hold the button to open the second trade.** The app shows how much is available, and how much closer the first trade gets to closing on its own, before you tap. **Let a winning perps trade pay for a second trade** 1. **Find a winning perps trade.** On Home, a winning trade that can fund another one shows "🎲 Let it ride · up to $8.60". The same button is in the trade's own screen. 2. **Tap it.** The Let it ride screen shows the most you can use and the catch, for example "⚠️ Your ETH trade then closes on its own if ETH drops 8.0% (now 12.0%)." 3. **Pick the second trade.** Tap "📈 Pick a coin", or join one of the fresh whale moves listed under it. A bar stays on top: "🎲 Riding up to $8.60 from your ETH win". 4. **Hold to open it.** Choose ▲ Up or ▼ Down, the amount (from $5, up to the limit) and the multiplier, then hold "🎲 Hold to go Up". The app confirms: "🎲 Your win now rides on BTC. Nothing was sold." 5. **Watch the pair.** On Home, the second trade shows "🎲 rides on a win". If the pair runs low, the bot warns you and offers to close the second trade. Try it in practice first, with $1,000 of free practice money on live prices. It is the best way to feel how much shorter the first trade's leash gets. ## Frequently asked questions ### Does Let it ride sell my winning trade? No. The first trade stays open at full size. Only part of its unrealized profit is moved out to fund the second trade. ### Can Let it ride lose more than my original amount? The pair can lose the first trade's amount plus the profit it was carrying. It never uses the rest of your wallet or your other trades. ### Why does my first trade get riskier? Because part of its margin moved to the second trade. With less margin, it reaches its liquidation point after a smaller move against it. ### Can I use Let it ride on predictions? No. Let it ride opens perps trades only, and only from a winning perps trade. Predictions are single bets, from $10. To put a perps profit into one, close part of the trade and place a normal bet. ### What happens when I close the second trade? What is left of it comes back to you, and the first trade carries on. If the second trade lost, that loss came out of the first trade's win. ## Where do these facts come from? **From Hyperliquid's margining docs and CopyHype's own Let it ride rules.** Source: - [Hyperliquid docs: margining (isolated margin, unrealized profit, removing margin)](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/margining) The example is rounded and leaves out funding. Margin, isolated margin and liquidation are defined in the [perps glossary](https://copyhype.family/docs/glossary). --- # 12 perps mistakes beginners make, and how to avoid each one Source: https://copyhype.family/blog/perps-beginner-mistakes Updated: 2026-10-23 The biggest perps mistakes are using a high multiplier, leaving cross margin on, trading without a stop loss, sizing trades too big, revenge trading after a loss, ignoring fees and funding, and trading small coins first. The fixes are simple: low multipliers, isolated margin, a stop loss before you enter, small fixed amounts per trade, and practice money until the buttons feel boring. Perps are not hard to understand. They are hard to survive. Most beginners do not lose because they guessed the direction wrong. They lose because one wrong guess, at the wrong size and the wrong multiplier, wiped out ten right ones. This list covers the mistakes we see again and again, each with a single fix you can apply today. ## Why do most beginners lose money on perps? **Because of sizing and leverage, not because of bad predictions.** A coin flip with a small bet is a game. A coin flip with your whole balance at x40 is a disaster. Prices are noisy. Even a good idea goes against you for a while before it works. A low multiplier and a small amount let you survive that noise. A high multiplier and a big amount turn the noise into a liquidation. Nearly every mistake on this list is a version of that one idea. ## Mistake 1: why is using the maximum multiplier a mistake? **Because the liquidation point gets absurdly close. At x40 on Bitcoin, a move of about 1.25% against you can close the trade.** Bitcoin moves that much on a quiet afternoon. Hyperliquid's maintenance margin is half the margin needed at the coin's maximum multiplier, which leaves a tiny buffer at the top end ([Hyperliquid docs, margining](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/margining)). The fix: stay between x2 and x5 while you learn. See [leverage explained](https://copyhype.family/blog/leverage-explained). ## Mistake 2: why is cross margin risky for beginners? **Because one bad trade can pull money from your whole account.** Cross margin is Hyperliquid's default. With cross margin, all your positions share one balance. A losing trade does not close early: it borrows from everything else until the whole account hits the safety level ([Hyperliquid docs, margining](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/margining)). The fix: switch to isolated before you open. CopyHype uses isolated on every trade. See [isolated vs cross margin](https://copyhype.family/blog/isolated-vs-cross-margin). ## Mistake 3: what goes wrong without a stop loss? **The liquidation price becomes your stop, and it takes almost everything.** A stop loss picks a smaller, planned loss instead. The fix: decide your stop before you open. Start from the dollars you accept to lose, divide by the multiplier, and set the stop that far from your entry. On CopyHype, Stop loss does it as a switch: -30% or -50% of your amount. See [take profit and stop loss](https://copyhype.family/blog/take-profit-stop-loss-explained). ## Mistake 4: how big should each trade be? **Small enough that losing it completely does not change your day.** Most beginners size by how much they hope to win. The fix: pick one fixed amount per trade, like 2% to 5% of your trading money, and keep it. With $250, that is $5 to $12.50 a trade. Twenty losses in a row would hurt, but would not end you. On CopyHype you set one amount per whale, from $5 a trade, and every copy of that whale uses it. ## Mistake 5: what is revenge trading? **Opening a bigger, faster trade right after a loss to win it back.** It is the most expensive emotion in trading. After a loss, the urge is to double the size and flip the direction. That is how a $10 loss becomes $50. The fix: after a loss, wait. Take a break of at least an hour, or let a calmer process trade for you. Copying a whale whose record you checked removes the "win it back now" button from your hands. ## Mistake 6: why do fees and funding matter so much? **Because they are charged on the full position, every time, and they never miss.** At x20, a round trip through CopyHype can cost close to 6% of your amount. Hyperliquid's base taker fee is 0.045% of the position ([Hyperliquid docs, fees](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees)), and funding is paid every hour on open positions ([Hyperliquid docs, funding](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/funding)). Small per trade, big over a hundred trades. The fix: trade less often, use lower multipliers, and check funding before long holds. See [Hyperliquid fees explained](https://copyhype.family/blog/hyperliquid-fees-explained). ## Mistake 7: why is starting with small coins a mistake? **They move faster, their liquidation buffer is bigger, and their prices are easier to push around.** A coin with a maximum of x10 has a 5% buffer, so even modest multipliers leave little room. On Hyperliquid, BTC allows x40 and many small coins only x10, which means a much bigger maintenance margin on the small ones ([Hyperliquid docs, margin tiers](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/margin-tiers)). Thin markets can also be manipulated, as the March 2025 JELLY incident showed ([Halborn](https://halborn.com/blog/post/explained-the-hyperliquid-hack-march-2025)). The fix: learn on BTC and ETH. ## Mistake 8: what goes wrong with deposits? **Sending under 5 USDC, using the wrong network, or the wrong coin.** Each can lose the money before you trade at all. Hyperliquid's minimum deposit is 5 USDC, and less "will not be credited and be lost forever" ([Hyperliquid docs, bridge](https://hyperliquid.gitbook.io/hyperliquid-docs/for-developers/api/bridge2)). The fix: USDC, on Arbitrum One, at least 5, small test first. See [how to deposit USDC to Hyperliquid](https://copyhype.family/blog/how-to-deposit-usdc-to-hyperliquid). ## Mistake 9: why is moving a stop loss further away a mistake? **Because it turns a planned loss into an unplanned one.** The stop exists for the moment you least want it. The price nears your stop. You think "it will bounce" and push the stop away. Sometimes it bounces. When it does not, the loss is far bigger than you agreed with yourself. The fix: you may move a stop closer to lock in gains, never further away. ## Mistake 10: why is copying the biggest leaderboard number a mistake? **Because the biggest number is often one lucky trade, an open position on paper, or a trader too fast to copy.** Big is not the same as repeatable. The fix: judge traders on profit they actually cashed out, over several windows, with many closed trades. CopyHype lists whales by profit or ROI over 24 hours, 7 days and 30 days, and shows 24h, 7 days and 30 days side by side on each whale's page, with their closed trades under "Last results". See [how to read a whale's PnL](https://copyhype.family/blog/how-to-read-a-whale-pnl). ## Mistake 11: why is trading every move a mistake? **More trades means more fees, more mistakes and more emotion, rarely more profit.** The urge to always be in a trade is expensive. The fix: have a reason for each trade, and accept that "no trade" is often the right trade. If you love the action, put it in practice money, where it is free. ## Mistake 12: why skip practice? **Because the first few weeks of perps are tuition, and practice money makes that tuition free.** Real money adds emotions that you want to meet when the buttons are already familiar. The fix: start on CopyHype in practice, with $1,000 of practice money on live Hyperliquid prices and the same trading fees as real money, free for 24 hours plus 24 hours per friend whose first trade opens. Copy a whale, watch the trades open and close, try a stop loss, try Let it ride. Switch to real only when it all feels boring. ## What does a safe beginner setup look like? **Isolated margin, x2 to x5, BTC or ETH, a fixed small amount, a stop loss on every trade, and practice first.** That setup will not make you rich fast. It will keep you trading long enough to learn. | Setting | Beginner choice | |---|---| | Margin mode | Isolated | | Multiplier | x2 to x5 | | Coins | BTC, ETH first | | Amount per trade | 2% to 5% of your trading money | | Stop loss | Always, set before entry | | Practice | Until the buttons feel boring | ## Frequently asked questions ### What is the number one perps mistake? Using too high a multiplier for the size of the trade. It shrinks the room between your entry and your liquidation until normal price noise is enough to close you. ### How much should a beginner risk per trade? A small fixed share of your trading money, often 2% to 5%. On CopyHype you can start from $5 a trade. ### Is it a mistake to use leverage at all? No. Low leverage with isolated margin and a stop loss is a reasonable way to trade. The mistake is high leverage with no plan. ### Should beginners copy trade instead? Copying a trader with a checked record removes several mistakes, like revenge trading and random entries. It does not remove risk: whales lose too, and you still pick the amount and the whales. ### How do I know if I am ready for real money? When you have placed and closed many practice trades, know where your stop goes before you open, and a losing trade no longer makes you want to trade again right away. ## Where do these facts come from? **From Hyperliquid's official docs and a security report on the JELLY incident.** Sources: - [Hyperliquid docs: margining](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/margining) - [Hyperliquid docs: margin tiers](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/margin-tiers) - [Hyperliquid docs: fees](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees) - [Hyperliquid docs: funding](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/funding) - [Hyperliquid docs: bridge](https://hyperliquid.gitbook.io/hyperliquid-docs/for-developers/api/bridge2) - [Halborn: the Hyperliquid JELLY incident](https://halborn.com/blog/post/explained-the-hyperliquid-hack-march-2025)