About this guide: I'm Lawrence, the writer behind supa.is. Between February and May 2026 I've published 150+ articles on supa.is across crypto and brokerage tooling — including 30+ Hyperliquid-specific guides (recent examples: Hyperliquid Order Types Explained, Hyperliquid Account Value & Unrealized PnL Explained, Hyperliquid Liquidations Explained). The most-repeated reader question across that Hyperliquid archive is exactly *how to read the trading interface panels*, which is why I'm publishing this standardized guide instead of answering one-off.
If you've ever stared at the Hyperliquid trading screen and felt overwhelmed by the sheer amount of data, you're not alone. The interface is dense, highly functional, and designed for speed rather than hand-holding. For new users, the first trade is often delayed not by a lack of strategy, but by a lack of interface literacy.
Where is my margin? How much can I actually lose? What does this green number on the right mean?
This guide breaks down the Hyperliquid app interface panel by panel. We'll walk through the order placement area, the position management dashboard, the margin and risk metrics, and the funds/withdrawal panel. By the end, you'll know exactly what every number on the screen means, so you can execute your first trade without second-guessing the UI.
The Order Placement Panel
The order placement panel is the command center of the Hyperliquid interface. Located typically on the right side of the screen (or at the bottom on mobile), this is where you define what you want to buy or sell.
When you first open the panel, you'll see a few core inputs:
* Trading Pair Selector: At the top, you choose the asset you want to trade (e.g., BTC/USDC, ETH/USDC). Hyperliquid operates primarily as a perpetual futures exchange, meaning you are trading contracts that track the price of the underlying asset.
* Order Type: You can choose between Limit, Market, and Stop orders. If you are new to Hyperliquid, we highly recommend reading our deep dive on Hyperliquid Order Types Explained before placing a live order. * Leverage Slider: This is the most critical control. Hyperliquid allows dynamic leverage, meaning you can adjust the multiplier on your trade. A 10x leverage means a 1% move in the underlying asset results in a 10% change in your position's value. * Quantity / Size: You can input the size of your order in either the base currency (e.g., BTC) or the quote currency (e.g., USDC). The interface will auto-convert between the two. * Price Input: For limit orders, you set the exact price at which you want to enter. For market orders, this field is auto-filled with the current market price.The Order Preview Box
Before you click "Buy" or "Sell," Hyperliquid shows you a preview of the trade. This is your safety net. It displays:
* Entry Price: The estimated price you will get filled at.
* Max Slippage: The maximum price deviation you are willing to accept. * Margin Required: The amount of your own capital that will be locked up to open this position. * Liquidation Price: The price at which your position will be forcibly closed if the market moves against you.Never skip the preview box. If the liquidation price is uncomfortably close to the current market price, your leverage is too high.
The Position Panel
Once your order is filled, the interface shifts focus to your active positions. The position panel is where you monitor your open trades and manage your risk.
Position Overview
At the top of the position panel, you'll see a summary of your current exposure: Total Position Value (your notional value), Unrealized PnL (which fluctuates with the market), and your Margin Ratio. A lower margin ratio means you are closer to the edge.
Individual Position Details
Clicking on a specific position expands a detailed view. You'll see your Entry Price, the Mark Price (the reference price used for calculating PnL and liquidations), and your Mark Price PnL. You'll also see the Funding Rate—perpetual futures require periodic funding payments to keep the contract price anchored to the spot price. If the funding rate is positive, longs pay shorts; if negative, shorts pay longs. Finally, there's a Close All button to exit the entire position at the current market price.
If you want a deeper understanding of how Hyperliquid calculates account value and PnL, check out our guide on Hyperliquid Account Value & Unrealized PnL Explained.
The Margin and Risk Panel
The margin and risk panel is where you check if you're about to get liquidated.
Available Margin vs. Used Margin
Hyperliquid separates your capital into two buckets:
* Available Margin: The amount of free capital you can use to open new positions or add to existing ones.
* Used Margin: The capital currently locked up in your open positions.If your available margin drops to zero, you cannot open new positions, but your existing positions remain active until they hit the liquidation threshold.
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Sign up on Hyperliquid →Liquidation Price
The liquidation price is the most important number on the risk panel. If the mark price reaches this level, your position will be liquidated, and you will lose your entire margin allocated to that position.
To prevent this, you can add more margin to your position, which pushes the liquidation price further away from the current market price. This is called "adding margin" or "increasing collateral."
Maintenance Margin
Hyperliquid requires you to maintain a minimum amount of margin in your position to keep it open. This is the maintenance margin. If your margin ratio falls below this threshold, the system will trigger a liquidation.
Understanding how liquidations work on Hyperliquid is vital. For a comprehensive breakdown of the liquidation mechanism, including auto-deleveraging and bankruptcy scenarios, read our guide on Hyperliquid Liquidations Explained.
The Funds and Withdrawal Panel
The funds panel is where you manage your capital outside of active positions. It shows your total balance, available balance, and pending withdrawals.
Depositing Funds
Hyperliquid is a permissionless, on-chain exchange. This means you deposit funds directly from your self-custody wallet (like MetaMask or Rabby) via the Hyperliquid bridge. There are no bank transfers or third-party custodians.
When you deposit, you'll see a "Deposit" button in the funds panel. Clicking it will open the bridge interface, where you can select the asset and amount to deposit. The funds are typically credited to your Hyperliquid account within a few minutes.
Withdrawing Funds
Withdrawing is equally straightforward. You click the "Withdraw" button, select the asset and amount, and confirm the transaction in your wallet. The funds will be sent back to the wallet address associated with your Hyperliquid account.
Vault Management
Hyperliquid also features vaults, which are pooled investment vehicles managed by professional traders. If you have allocated funds to a vault, you'll see a separate section in the funds panel showing your vault balance and performance.
For a detailed explanation of how vault lockups and withdrawal schedules work, check out our guide on Hyperliquid Vault Lockup & Withdrawal Schedule.
Navigating the Interface on Mobile
The Hyperliquid mobile app provides the same core functionality as the desktop version, but the layout is optimized for smaller screens.
* Bottom Navigation: The mobile app uses a bottom navigation bar to switch between Home, Markets, Trade, Portfolio, and Settings.
* Collapsible Panels: On mobile, the order placement and position panels are collapsible to save screen space. Tap the headers to expand or collapse them. * Swipe Gestures: You can swipe left or right on the position list to quickly close a position or add margin.If you are having trouble connecting your wallet on the Hyperliquid Android app, our troubleshooting guide Hyperliquid Android Wallet Connection Fix covers the most common issues and solutions.
Common Pitfalls for New Users
Even after reading this guide, new users often make the same mistakes. The most common one? Overleveraging. High leverage amplifies both profits and losses, so start with 1x or 2x leverage until you are comfortable with the mechanics. Another trap is forgetting funding rates—if you hold a position overnight, you will pay or receive funding, which eats into your PnL. Finally, don't assume instant execution; network congestion or high volatility can cause delays, so always check the estimated slippage in the order preview box.
FAQ
How do I add more margin to an existing position?
In the position panel, click on the position you want to add margin to. You'll see an "Add Margin" button. Enter the amount you want to add and confirm the transaction. This will increase your available margin and push your liquidation price further away.What is the difference between Mark Price and Last Price?
Mark price is a synthetic price calculated to prevent manipulation and ensure fair liquidations. It is based on a combination of spot prices from multiple exchanges and the funding rate. Last price is the most recent price at which a trade was executed on Hyperliquid. PnL and liquidations are calculated using the mark price.Can I trade spot on Hyperliquid?
Hyperliquid is primarily a perpetual futures exchange. While it does offer spot trading for some assets, the core functionality and liquidity are focused on perpetual contracts. Always check the contract type before placing an order.How do I change my leverage on an open position?
You can adjust the leverage on an open position in the position panel. Click on the position, and you'll see a leverage slider. Adjusting the leverage will change your liquidation price and margin requirements. Be careful—increasing leverage brings your liquidation price closer to the current market price.Is Hyperliquid safe?
Hyperliquid operates on a trustless, on-chain architecture. Your funds are held in smart contracts, and the exchange is non-custodial. However, all trading involves risk, including the risk of smart contract vulnerabilities, market volatility, and liquidations. Never invest more than you can afford to lose.Risk Warning
Risk Warning: Crypto trading involves substantial risk of loss. Never invest more than you can afford to lose. This is not financial advice.
Ready to Start Trading on Hyperliquid?
Now that you understand the Hyperliquid interface, you're ready to make your first trade. Sign up on Hyperliquid to get started.
Continue with Hyperliquid
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Official reference: Hyperliquid trading fees.