Hyperliquid Integration
All perpetual futures and major spot assets on Bullpen execute on Hyperliquid's onchain orderbook.
What is Hyperliquid?
Hyperliquid is a Layer 1 blockchain purpose-built for trading. It runs a fully onchain central limit order book (CLOB) with sub-second latency and block-level finality.
The chain has two main components:
HyperCore: The matching engine and clearinghouse for perps and spot
HyperEVM: An EVM-compatible environment for additional applications
Bullpen interacts primarily with HyperCore.
How Orders Execute
You place an order through Bullpen
Order is signed with your wallet
Submitted to Hyperliquid's consensus layer
Matched against the onchain orderbook
Trade settles in the same block
Every step happens onchain. There's no off-chain matching or hidden orderbook.
Order Book Mechanics
Hyperliquid uses strict price-time priority:
Best prices execute first
At the same price, oldest orders fill first
Orders must use discrete tick sizes and lot sizes (integer multiples defined per asset).
Margin System
For perpetuals, Hyperliquid enforces margin at two points:
Order placement: Checks you have sufficient margin to place the order
Match time: Verifies margin again before finalizing the trade
This "double check" ensures both parties meet collateral requirements even if price moved between order placement and execution.
Supported Order Types
Bullpen exposes all Hyperliquid order types:
Market
Limit (GTC, IOC, ALO)
Stop Market / Stop Limit
Take Profit / Stop Loss
TWAP
Scale Orders
See Order Types for details on each.
Spot vs Perps
Both spot and perps trade on the same infrastructure, but with different settlement:
Settlement
USDC margin account
Token delivery
Expiry
Never
N/A
Leverage
Up to 50x
1x
Funding
Hourly
None
Key Hyperliquid Resources
For deeper technical details:
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