HyperLink

HyperLink is a prime brokerage execution layer for Hyperliquid.

Through Market Lab, you can route Spot, core perpetual, and HIP-3 orders through HyperLink while continuing to use Hyperliquid’s public market data, normalized symbols, strategies, and bots.

HyperLink is not a separate exchange or liquidity venue. Orders still reach Hyperliquid’s order book. What changes is the execution path: trading runs through HyperLink’s shared smart contract inside a secure enclave, giving users pooled fee advantages while keeping individual balances, positions, and open orders confidential.

Why execute through HyperLink

Pooled volume and staking benefits

HyperLink aggregates trading volume and HYPE staking benefits across its users.

Instead of qualifying for Hyperliquid fee tiers using only the activity and staking attached to one account, HyperLink users can access the lowest trading fee rates available to the protocol.

Confidential trading state

HyperLink processes trading inside a trusted execution environment.

Individual balances, positions, and open orders remain confidential outside the secure enclave, reducing the amount of wallet-linked inventory and strategy information exposed through the execution account.

This is execution privacy, not a separate dark pool. Orders continue to route into Hyperliquid’s public order book and use its available liquidity.

Verifiable backing and exits

HyperLink commits reserve data on-chain, allowing users to verify their own backing without revealing the balances of other users.

Its on-chain contracts also contain the code attestation, reserve commitments, and withdrawal logic supporting its security and exit guarantees.

See the HyperLink security model for the complete trust model and verification process.

Configuration

Set the HyperLink credential once:

mlab auth set hyperlink

The same credential authorizes both Spot and perpetual execution.

Market data and execution

HyperLink is an execution provider rather than a separate market-data exchange.

Market Lab uses Hyperliquid’s public catalogs and snapshots for market discovery and research, then routes authenticated account activity and orders through HyperLink.

This keeps the market model unchanged. A strategy can research against the standard Hyperliquid catalog and switch its execution route to HyperLink without adopting another symbol format or data source.

Spot

Use hyperlink with the exact Hyperliquid Spot pair:

mlab markets --exchange hyperliquid --hip 1 --refresh

mlab trade buy HYPE/USDC \
  --venue hyperlink \
  --margin 100 \
  --dry-run

Perpetuals

Use hyperlinkf for both core and HIP-3 perpetuals.

Core markets use their normalized base symbol:

mlab markets --exchange hyperliquidf --refresh

mlab trade long BTC \
  --venue hyperlinkf \
  --margin 100 \
  --leverage 5 \
  --dry-run

HIP-3 markets include the DEX in the symbol using {dex}:{coin}:

mlab trade long io:ANTH \
  --venue hyperlinkf \
  --margin 100 \
  --leverage 5 \
  --dry-run

The same scoped symbol works when executing directly through hyperliquidf or routing through hyperlinkf:

Direct Hyperliquid:  hyperliquidf + xyz:TSLA
HyperLink:           hyperlinkf   + xyz:TSLA

Only the execution venue changes. Market Lab retains the DEX scope through order placement, cancellation, fills, positions, strategies, and daemon jobs.

Leverage metadata

HyperLink’s authenticated asset metadata determines the maximum leverage available for each perpetual market.

These limits can differ from direct Hyperliquid execution.

Market Lab caches the returned maximum leverage in mlabd memory by account and asset. The cache is not written to disk and is loaded again on demand after a daemon restart.

Limitations

• Has no public testnet to playaround
• Does not support Market Lab named subaccounts
• Live trading may require approval. Join HyperLink using this referral link.

See the HyperLink API documentation for fees, deposits and withdrawals, security, and API behavior.