Hyperliquid has emerged as one of the largest decentralized cryptocurrency exchanges, making waves with its $3 billion airdrop—the largest in crypto history. If you’re ready to join the platform and start trading, this guide will take you step-by-step through the process of how to fund Hyperliquid and get started on Hyperliquid. Let’s dive in.
Step-by-step Guide On How To Fund Hyperliquid
Funding your Hyperliquid account to start trading only takes a few simple steps. If you are not new to the blockchain world, you may even be able to skip a few steps as well.
Tools To Fund Hyperliquid
On how to fund Hyperliquid, the following tools are extremely useful to get started:
- A Wallet: We recommend using MetaMask due to its broad support.
- A Crypto Exchange: You will need a crypto exchange, such as Binance or OKX, to first buy Ethereum and then transfer it.
- Hyperliquid Website: Always use the official website, so you avoid scams. You can visit the Hyperliquid trading website directly.
Step 1: Install and Set Up MetaMask
To install and set up MetaMask, you can follow our Ethereum Wallets – How to Set Up and Secure Your Wallet guide.
Step 2: Add the Arbitrum Network to MetaMask
- Open MetaMask and click the network dropdown at the top.
- Search for “Arbitrum One” and add it.
- Approve the network and confirm.
Step 3: Buy and Transfer Ethereum to MetaMask
To fund your wallet, you need ETH on the Arbitrum network:
- Buy Ethereum:
- Use an exchange like Binance to purchase Ethereum.
- Purchase ETH using your preferred payment method (e.g., credit/debit card).
- Transfer ETH to MetaMask:
- Go to your exchange’s withdrawal section.
- Copy your MetaMask wallet address (found at the top of the MetaMask interface).
- Paste the address into the withdrawal form on your exchange.
- Select “Arbitrum One” as the network and confirm the transfer. Note: Double-check all details to avoid loss of funds.
The transfer usually takes a few minutes. Once completed, you’ll see the ETH in your MetaMask wallet.
Step 4: Swap ETH for USDC
Hyperliquid primarily uses USDC for trading, so you’ll need to swap a portion of your ETH:
- Open MetaMask and select the “Swap” feature.
- Choose ETH as the token you’re swapping from and USDC as the token you’re swapping to.
- Retain a small amount of ETH for gas fees—around $4 worth is sufficient.
- Confirm the swap and wait for the transaction to complete.
Step 5: Connect MetaMask to Hyperliquid
- Visit the official Hyperliquid website and click “Connect.”
- Select MetaMask from the list of supported wallets.
- Approve the connection and sign the signature request in MetaMask.
- Accept the terms and conditions of the Hyperliquid platform.
Your wallet is now connected to Hyperliquid.
Step 6: Deposit Funds on Hyperliquid
To start trading:
- Click the “Deposit” button on the Hyperliquid dashboard.
- Select USDC and enter the amount you want to deposit.
- Confirm the transaction in MetaMask and pay the small gas fee (around $0.01).
- Once the transaction is confirmed, your funds will appear in your Hyperliquid account.
Step 7: Start Trading
You’re ready to explore Hyperliquid’s features. Here’s how to get started:
- Spot Trading:
- Navigate to the “Spot” market.
- Select a token, such as $HYPE (Hyperliquid’s native token).
- Choose “Market Order” for immediate execution or “Limit Order” for precision.
- Enter the amount and confirm the trade.
- Perpetual Futures:
- Go to the “Futures” market.
- Set leverage (e.g., 10x) and decide between “Cross” or “Isolated” margin.
- Place a trade and manage your position with take profit and stop-loss orders.
Tips for a Smooth Experience
- Always verify website URLs to avoid phishing scams.
- Keep some ETH in your wallet for network fees.
- Regularly back up your Secret Recovery Phrase and store it securely.
Conclusion
With this guide on how to fund Hyperliquid, you’re all set to fund your wallet and start trading. If you encounter any issues, consult Hyperliquid’s support resources or community forums for assistance. Happy trading!