Hyperliquid (HYPE) is expanding its trading options with the introduction of new derivatives products. This article covers essential information about the newly launched HYPE perpetual contract and the delisting process for its pre-launch futures contract, helping you navigate these updates with confidence.
HYPE Perpetual Contract Launch Overview
The HYPEUSDT perpetual contract officially launched on February 21, 2025, at 3:00 PM UTC+8. It is available across all platforms including web, mobile app, and API interfaces. This contract allows traders to speculate on the future price of HYPE without an expiration date, using USDT as the settlement currency.
Hyperliquid is a high-performance Layer 1 blockchain built from the ground up with optimization in mind. Its core vision is to create a fully on-chain open financial system. The flagship product is a fully on-chain order book perpetual contract exchange known as Hyperliquid DEX.
- Full Name: Hyperliquid
- Ticker Symbol: HYPE
- Settlement Asset: USDT
- Contract Face Value: 0.1
- Minimum Price Movement (Tick Size): 0.001
Trading is available 24/7, and leverage options range from 0.01x up to 20x.
Key Contract Specifications
Understanding the mechanics of the new perpetual contract is crucial for effective trading. Below are the main contract parameters you should be aware of.
| Contract Element | Specification |
|---|---|
| Underlying Asset | HYPE/USDT Index |
| Quote Currency | USDT |
| Leverage Range | 0.01x - 20x |
| Funding Fee Interval | Every 4 hours |
| Funding Fee Calculation | Based on the difference between the contract mid price and the spot index price |
The funding fee is designed to keep the perpetual contract price aligned with the underlying spot index. It is calculated as:Clamp(MA([(Contract Best Bid + Contract Best Ask)/2 – Spot Index Price] / Spot Index Price – Interest), -1.5%, 1.5%), where Interest = 0.
A temporary funding rate cap of 0.5% is in effect until 00:00 (UTC+8) on February 22, 2025, to mitigate initial volatility. After this, the cap returns to the standard 1.5%. The platform may adjust the funding rate if significant price deviations occur.
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Transition of HYPE Pre-Launch Futures Contract
The pre-launch HYPEUSDT futures contract will be delisted on February 21, 2025, at 6:00 PM UTC+8. All open positions will be settled at the official交割价格 (delivery price).
Delivery Price Determination
The delivery price is calculated as the arithmetic average of the OKX index price over the hour immediately preceding the delisting time. The index itself is derived from a basket of prices from three or more major spot exchanges.
Should there be any market manipulation or abnormal price activity during this period, the exchange reserves the right to adjust the final delivery price to a fair and reasonable level.
Post-Delivery Account Notes
After the contract is settled, users holding positions valued over $10,000 at the time of delivery will have all asset transfers within their trading account temporarily restricted. This restriction is lifted automatically after 30 minutes.
All historical order and transaction records for the delisted futures contract will remain accessible for review and can be downloaded from the "Order Center" on the web platform.
Risk Management and Fees
Trading derivatives involves significant risk. Proper risk management is essential, especially around contract expiration periods.
The delivery fee for the settling futures contract is set at 1%. This fee is subject to change, and any updates will be communicated via official announcement.
It is strongly advised to manage your exposure as the delivery time approaches. High volatility is common, which can increase the risk of significant losses. You can mitigate this risk by reducing your leverage or closing positions prematurely.
In the event that a settlement results in insolvent losses, the exchange's insurance fund will be used first to cover the deficit. If the fund is insufficient, an automatic deleveraging process may be triggered, starting with the most profitable positions in the system.
Price Limit Rules
To maintain market stability, the pre-launch contract is subject to specific price limit rules:
After Contract Creation:
- Maximum Buy Order Price = 1-Hour Average Mid Price × (1 + 15%)
- Minimum Sell Order Price = 1-Hour Average Mid Price × (1 – 15%)
Within 60 Minutes Before Delivery:
- Maximum Buy Order Price = 1-Hour Average Mid Price × (1 + 5%)
- Minimum Sell Order Price = 1-Hour Average Mid Price × (1 – 5%)
The mid price is calculated as (Best Bid + Best Ask) / 2, and these limits are recalculated every minute.
Frequently Asked Questions
What is a perpetual contract?
A perpetual contract is a derivative product that allows you to speculate on an asset's future price without an expiry date. It uses a funding fee mechanism to tether its price closely to the underlying spot market.
How is the funding fee calculated for the HYPE perpetual?
The funding fee is calculated every four hours based on the difference between the contract's mid price and the spot index price. The rate is capped to prevent excessive costs during volatile periods, especially just after launch.
What happens to my position in the pre-launch futures contract at delivery?
Your position will be automatically closed at the officially determined delivery price. The final value of your position will be settled in USDT and credited to your account balance.
Why were my account transfers restricted after delivery?
This is a standard security procedure for large-value settlements. If your position value exceeded $10,000 at delivery, transfers are temporarily halted for 30 minutes to ensure a secure settlement process.
Where can I find my past orders for the delisted contract?
You can view and download your complete order history for the settled contract from the "Order Centre" on the OKX website. This feature remains available even after the contract is delisted.
How can I manage risk around the futures contract delivery?
To manage risk, consider using lower leverage, setting stop-loss orders, or closing your position before the delivery time to avoid potential volatility and the automatic settlement process.
Disclaimer: Digital assets are innovative investment products with significant price volatility and high investment risk. Please ensure you fully understand these assets and assess your investment capabilities rationally before making any investment decisions.