Hyperliquid · DEX
Trade Hyperliquid with Ninja Terminal
- Perpetuals
- Spot
- HIP-3 builder markets
Updated Ninja Terminal team
Short answer
Ninja Terminal connects to Hyperliquid perpetuals, spot, and HIP-3 builder markets with a dedicated API wallet that signs orders for your trading wallet. Funds stay in your Hyperliquid account. You can place Market, Limit, Stop, and Stop Limit orders on perps, set leverage and margin mode, and trade Hyperliquid next to Binance, OKX, and Bybit in one workspace.
Hyperliquid is the one venue in Ninja Terminal that is a decentralized exchange. There is no exchange-issued API key. Instead, you authorize an API wallet that can sign trading actions for your account, and Ninja Terminal signs each order with it. Your funds remain in your Hyperliquid account.
What can you trade on Hyperliquid through Ninja Terminal?
| Market | What it is | Notes |
|---|---|---|
| Perpetuals | USDC-quoted perpetual futures on the main dex | Leverage, cross or isolated margin, TP/SL, stops |
| Spot | Hyperliquid spot pairs | Market and Limit orders |
| HIP-3 builder markets | Perps deployed by third parties on their own dexes | Includes markets that track traditional assets; separate margin and order books per dex |
HIP-3 lets a deployer run a perp dex with its own oracle, contract specifications, and collateral asset. Because each dex has its own margining, Ninja Terminal reads positions and orders across the main dex and every builder dex, and it shows them in the same lists. Some builder dexes use a collateral token other than USDC, so a HIP-3 market can draw on a different balance than a main-dex perp.
Which order types and features work on Hyperliquid?
| Feature | Spot | Perpetuals |
|---|---|---|
| Market | Yes | Yes |
| Limit | Yes | Yes |
| Stop and Stop Limit | No | Yes |
| TP/SL on positions | n/a | Yes |
| Reduce-only | n/a | Yes |
| Leverage setting | n/a | Per asset |
| Margin mode (cross or isolated) | n/a | Per asset |
| Hedge mode | n/a | Not applicable |
Hyperliquid has no native market order in its API. A Ninja Terminal market order is sent as a limit order priced up to 5% through the reference price, so any part the book cannot fill right away rests on the book instead of being canceled. Stop and Stop Limit orders are Hyperliquid trigger orders: they trigger on the mark price and support good-til-canceled only. Leverage is an integer from 1 up to each asset’s maximum. Some assets allow isolated margin only, and Ninja Terminal sends the isolated setting for those. See isolated margin and take-profit and stop-loss by exchange.
How does connecting a Hyperliquid account work?
Hyperliquid needs two values: the private key of an API wallet, and the public address of your trading wallet.
- Open Hyperliquid, connect your trading wallet, and go to the API page.
- Name a new API wallet, for example “Ninja Terminal”, and select Generate.
- Select Authorize API Wallet, save the private key, choose how long the authorization stays valid, then confirm in your wallet.
- Copy your trading wallet’s public address. This is your main account address, not the API wallet’s address.
- Enter the API wallet private key and the trading wallet address in Ninja Terminal and run the connection test.
An API wallet signs on behalf of your account, but account data is read at the trading wallet’s address. That is why both values are required. Never enter your main wallet’s private key or recovery phrase. There is no IP whitelist for Hyperliquid. Ninja Terminal encrypts the key with AES-256-GCM and stores it on your device. The detailed steps are in Connect a Hyperliquid API wallet.
What should Hyperliquid traders know?
USDC collateral and coin-name symbols. Perps are quoted in USDC and named by coin, such as BTC, with spot pairs identified by index. Ninja Terminal maps these to its unified symbols so Quick Entry and market search behave the same as on other exchanges.
Account abstraction mode. Where your collateral sits depends on your Hyperliquid account mode. Unified accounts and portfolio margin hold balances in the spot state, while standard accounts keep separate perp and spot balances. Ninja Terminal reads the mode and shows the matching balances.
Live account state. Positions, margin, and balances stream over WebSocket instead of repeated REST requests, which helps avoid Hyperliquid rate limits.
Large market orders. Hyperliquid caps the value of a single market order by the asset’s maximum leverage. Ninja Terminal splits larger orders up front. See market order size limits.
Using Hyperliquid alongside other venues
Hyperliquid positions appear in the same list as your Binance, OKX, and Bybit positions, so you can compare exposure on one screen. Smart routing can send a Quick Entry command such as btc l 100k perp to the best-suited account or split it across several, including a Hyperliquid account. See also Binance, OKX, and Bybit.
Ninja Terminal is not an exchange, custodian, or broker. Nothing here is investment advice.
Frequently asked questions
Does Ninja Terminal need my Hyperliquid main wallet private key?
No, and you should never enter it. Ninja Terminal needs the private key of a dedicated API wallet that you authorize on Hyperliquid, plus your trading wallet's public address. The API wallet signs orders on behalf of your trading wallet.
Is there an IP whitelist for Hyperliquid?
No. Hyperliquid API wallets have no IP allowlist step. The IP whitelist applies to Binance, OKX, and Bybit keys, and Ninja Terminal shows the addresses to pin during their setup.
Can Ninja Terminal trade Hyperliquid HIP-3 markets?
Yes. Ninja Terminal lists markets from Hyperliquid's builder-deployed (HIP-3) perp dexes alongside the main perpetuals, including markets that track traditional assets. Each dex has its own margining and collateral settings.
Why do Hyperliquid symbols look different from Binance symbols?
Hyperliquid perps are quoted in USDC and named by coin, such as BTC, rather than BTCUSDT. Ninja Terminal maps them to its unified symbol format so Quick Entry and search work the same across venues.