Hyperliquid
Hyperliquid, non-custodial on-chain perps on HyperCore, the primary retail venue.
Hyperliquid is an on-chain perpetuals venue built on its own layer-1 (HyperCore). Orchard is a non-custodial execution layer on top of it: we route your perp orders with Pear's builder code attached, execute the legs together, while your funds stay in your own Hyperliquid account.
Key facts
- Type: on-chain perp orderbook (HyperCore), not a CEX, not an off-chain matching engine
- Collateral: USDC-margined perps only
- Custody: non-custodial, collateral sits in your Hyperliquid account
- Where: Orchard web app (retail), Pear Pro, and Vaults
How it works
- Builder-code setup: each order carries a builder payload identifying Pear and the fee. The first time you connect a Hyperliquid account, you sign a one-time builder-fee approval authorizing Pear's builder address and a max fee. Without it, Hyperliquid rejects builder-code attribution.
- Perp execution: orders execute on Hyperliquid's on-chain orderbook. All Pear-executable markets are USDC-margined perps.
- Joint dispatch: the long and short legs are formatted into one batched request and dispatched to Hyperliquid together, minimizing execution mismatch between the legs.
- Non-custodial: you deposit collateral directly to your Hyperliquid account. Pear handles order creation, monitoring, and closure with its builder code attached for attribution and fee tracking.
Where your funds live
Your collateral sits in your Hyperliquid account on Hyperliquid's own L1 (HyperCore), not on Arbitrum. Arbitrum's role is the deposit path: you deposit USDC on Arbitrum (via Hyperliquid's bridge) to fund your Hyperliquid account. Pear's fee rides the order as a builder fee. There is no separate per-trade chain transaction.
Step-by-step
- Connect: link your Hyperliquid trade account (one-time builder-fee approval).
- Design: build your pair or basket (e.g., long BTC, short ETH).
- Route: Orchard formats the legs with the builder code and sends them to Hyperliquid.
- Execute: both orders are dispatched together; Hyperliquid manages margin.
- Manage: track PnL, funding, and rebalances in Orchard; adjust or close any time.
Hyperliquid charges its own trading fees on top of Pear's. Pear is always a taker on Hyperliquid, so the taker side of Hyperliquid's fee schedule applies. See Trading fees and Hyperliquid's docs.