Hyperliquid hosts two layers of perpetual markets: the native L1 perps (BTC, ETH, SOL, HYPE, etc.) and builder dexes — independent perp exchanges built on top of Hyperliquid with their own collateral tokens and listings.Documentation Index
Fetch the complete documentation index at: https://docs.coinversa.ai/llms.txt
Use this file to discover all available pages before exploring further.
The 7 builder dexes
| Dex | What it trades | Collateral | Example symbols |
|---|---|---|---|
| (none) | Native HL perps | USDC | BTC, ETH, SOL, HYPE |
xyz | Commodities, stocks, indices | USDC | xyz:GOLD, xyz:SILVER, xyz:TSLA |
flx | Perps | USDH | flx:BTC, flx:ETH |
vntl | Perps | USDH | vntl:ANTHROPIC, vntl:BTC |
hyna | Perps | USDE | hyna:SOL, hyna:BTC |
km | Energy & commodities | USDH | km:OIL, km:NATGAS, km:WHEAT |
abcd | Misc | USDC | abcd:BITCOIN |
cash | Stocks & equities | USDT0 | cash:TSLA, cash:AAPL, cash:GOOGL |
Symbol format
- Native symbols: just the ticker —
BTC,ETH,SOL. - Builder dex symbols:
prefix:TICKER—xyz:SILVER,cash:TSLA,km:OIL.
Discover all available symbols with the
list_markets tool (or GET /pulse/market-overview). Optionally pass a dex filter to narrow results to one venue.Asset classes
Internally we tag every coin with an asset class. You usually don’t need to think about this, but it surfaces in HIP-4 contexts:| Class | Format | Example |
|---|---|---|
perp | bare ticker (native HL perp) | BTC, HYPE |
hip3-perp | dex:TICKER (builder-deployed) | xyz:BTC, flx:TSLA |
spot-canonical | X/Y named spot pair | PURR/USDC |
spot-non-canonical | @N spot index | @1, @22 |
outcome | #<encoding> HIP-4 side token | #90, #211 |
Cross-market and synonyms
The same underlying exposure can appear under different tickers on different venues. For cross-market questions, use the canonical asset, not the venue symbol — see cross-market assets for the full model.Funding rates
Funding fields (fundingRate on market_price, etc.) are raw hourly decimal rates from Hyperliquid, not annualized percentages:
- Hourly funding % =
fundingRate * 100 - Annualized APR % =
fundingRate * 24 * 365 * 100
fundingRate: 0.00000625 = 0.000625% hourly = ~5.475% APR.