| Spot Trading | |
|---|---|
| Type | concept |
| Created | Thu Apr 16 2026 00:00:00 GMT+0000 (Coordinated Universal Time) |
| Updated | Thu Apr 16 2026 00:00:00 GMT+0000 (Coordinated Universal Time) |
| Tags | trading, spot, order-book |
| Sources |
raw/inbox/hyperliquid-official-docs
|
| Related | hypercore, hip-1, hip-2-hyperliquidity, fee-structure, hyperliquid |
Spot Trading
Spot trading on Hyperliquid uses native onchain order books on HyperCore. All HIP-1: Native Token Standard tokens automatically get a spot order book with USDC as the quote token.
Order Book Mechanics
- Orders placed at integer multiples of tick size
- Quantities at integer multiples of lot size
- Lot size =
10^(weiDecimals - szDecimals) - Price-time priority matching
- Single-block finality
Spot USDC
With HIP-1, USDC became a spot token with atomic transfers between perps and spot wallets. Parameters: szDecimals = weiDecimals = 8.
Fees
Spot fees are higher than perp fees at each tier but share the same volume-based tier system. Spot volume counts double toward tier placement. See Fee Structure for full tables.
Dust Conversion
Daily at 00:00 UTC — balances smaller than 1 lot size with notional value ≤$1 are aggregated and market-sold. Resulting USDC is distributed proportionally. Does not occur if the book is one-sided or notional dust exceeds safety thresholds.
Liquidity
HIP-2: Hyperliquidity provides automated market-making for all HIP-1 tokens, guaranteeing a 0.3% spread every 3 seconds without human operators.