Reference
What is built
What runs today, what does not, and the risk you are taking if you trade perpetuals at all.
Pre-launch. Market data is live Hyperliquid mainnet. Order placement is not wired: the fills, position, PnL and volume shown here are simulated against the real price. Amber outline means simulated. What is built, in full.
The short version
The prices are real. The orders are not.
Market data on the chart, the order book and the header is live Hyperliquid mainnet. Order placement is not wired, so the fills, the position, the unrealized total and the volume that drives your tier are all simulated against that real price. Nothing has been submitted to Hyperliquid, by anyone, ever.
- Market data
- live mainnet
- Order placement
- not wired
- Fills and position
- simulated
- Orders placed, to date
- 0
The terminal says this itself, per panel and not once at the top. Every panel downstream of the simulated execution path carries an amber outline and a label, because a single banner stops being read within a day and the panel showing an unrealized total is the one that has to say it.
This is an unusual shape for a product and it is mostly good news: the hard to copy part exists first. It also means the work left is the unglamorous part everybody else already has. Being clear about which side of the line a feature sits on is more useful to you than a launch date.
What runs today
All of it is real code doing the real thing, against a local price simulation. There is no venue on the other end.
- Live market data. Candles, depth, trades, funding and the mark, from Hyperliquid mainnet, including switching market: the chart and the book are rebuilt against the venue when you pick a new one.
- The execution panel and all nine order types, each with its own composer, validation, submission path, working-order row and tick engine. Nothing is a stub and nothing is behind a flag.
- The press-and-hold charge, exactly as Order entry describes it.
- The chart, its ladder gesture, draggable levels and three indicators. The order book, the market selector, the working orders panel, alerts and progression.
- The signing layer, which produces correct signed bytes for Hyperliquid and has been checked against the reference implementation. It has never posted one. And the wallet layer, including agent provisioning, encrypted key storage, expiry, revoke and builder-fee approval: built, tested, and not reachable from the build that runs.
What does not run yet
| Thing | State |
|---|---|
| Order submission end to end | Not built. The exchange client defaults to a dry-run mode: it assembles and signs an order and hands the bytes back without sending them. A caller has to opt in to sending, and nothing does |
| Venue-sourced account state | Not wired. Positions, open orders, fills and margin are owned locally by the panels, and nothing arrives from the exchange |
| Wallet connect, for real | Built, not connected. The module that mounts today is an explicit simulation: it contacts no wallet and signs nothing |
| The settings panel | Built, not ported. Four intensity levels, screen shake, volume, a commit safety, a leverage ceiling of your own, a switch for the B and S keys, and one control that clears every stored key. None of it is in the build you can open |
| A commit safety | Built, not ported. A 180ms minimum hold that refuses a release faster than that. Until it lands, a release sends the order. See Order entry |
| Two keyboard shortcuts | The order-type and order-settings sheets, and the keys that open them, are not in this build. The nine types are picked from a row of chips instead. The settings key has nothing to open |
| Multi-market, fully | Partial. Switching market rebuilds the chart, the book and the header against the venue. The selector's own 45-market list and the numbers inside it are static, and the position and orders panels do not follow |
| Account and margin summary | Not built. Account value, margin usage, maintenance margin and cross versus isolated |
| Client-managed orders while the tab is closed | Not built, and needs a backend. See Order types |
| Deposits and fiat | Built, deliberately unconnected. This product trades an account you funded elsewhere |
| Mobile | Deferred. A phone terminal is its own product, not a breakpoint. There is no mobile wallet connection either |
| Terms and privacy pages | Not written |
Loose ends worth naming
- Clicking the order book does nothing
- The book announces the price you clicked and nothing in the terminal listens for it, so the order form is not populated. Documented on The interface so that nobody learns a gesture that has no effect.
- Alerts are silent and local
- They fire as a visual event in an open, visible tab. No sound, no desktop notification, no push. The product does not currently say this anywhere in its own interface, which is why The interface says it here.
- TWAP was documented as venue-held and is not
- Until 2026-09-29 the terminal told you Hyperliquid ran your TWAP and that it kept slicing with the tab closed. Both halves were false: the slices come off a local interval like the other three client-managed types. Hyperliquid does expose a native TWAP action and it is not wired to this one. Fixed in the product and on Order types.
- Some things do not survive a reload
- Chart timeframe, order book tick grouping, and your market favorites and sort are all per session. Progression, alerts and chart indicators do persist.
The part that is not about software
Perpetual futures are leveraged instruments. Positions can be liquidated, the whole of a margin balance can be lost quickly, and funding is charged and received continuously while a position is open. Most people who trade these lose money.
This documentation describes how controls behave. It is not advice, not a prediction, and not a claim about what any of it will do for your account. It is written to be checkable against the code, and the build refuses to publish a page that asserts something the source does not say. That is the only thing it can honestly promise you.
There is no geofence. Whether you may lawfully trade leveraged perpetual futures where you live is a question this documentation does not answer.