# HyperLink (/providers-execution/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 [#why-execute-through-hyperlink]

### Pooled volume and staking benefits [#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 [#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 [#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](https://docs.hyperlink.xyz/security/security) for the complete trust model and verification process.

## Configuration [#configuration]

| Setting             | Value                                                   |
| ------------------- | ------------------------------------------------------- |
| Authentication      | `mlab auth set hyperlink`                               |
| Spot execution      | `hyperlink`                                             |
| Perpetual execution | `hyperlinkf`                                            |
| Network             | Mainnet only                                            |
| Markets             | Hyperliquid Spot, core perpetuals, and HIP-3 perpetuals |
| Symbols             | `HYPE/USDC`, `BTC`, or `xyz:TSLA`                       |
| Public market data  | `hyperliquid`, `hyperliquidf`                           |

Set the HyperLink credential once:

```bash
mlab auth set hyperlink
```

The same credential authorizes both Spot and perpetual execution.

## Market data and 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.

| Market           | Public data    | HyperLink execution |
| ---------------- | -------------- | ------------------- |
| Spot             | `hyperliquid`  | `hyperlink`         |
| Core perpetuals  | `hyperliquidf` | `hyperlinkf`        |
| HIP-3 perpetuals | `hyperliquidf` | `hyperlinkf`        |

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 [#spot]

Use `hyperlink` with the exact Hyperliquid Spot pair:

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

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

## Perpetuals [#perpetuals]

Use `hyperlinkf` for both core and HIP-3 perpetuals.

Core markets use their normalized base symbol:

```bash
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}`:

```bash
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`:

```text
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 [#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 [#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](https://app.hyperlink.xyz/join/LGTM).

See the [HyperLink API documentation](https://docs.hyperlink.xyz/) for fees, deposits and withdrawals, security, and API behavior.