Trading Perps Without the Custodian: A Working Guide to Hyperliquid
Hyperliquid runs a fully on-chain order book and liquidation engine on its own L1 — no middleman, no withdrawal queue. This is the practical breakdown of how it actually works, what it costs you, and where the traps sit. We close with how an autonomous agent trades it when the market is pinned in a $511 range and nobody knows which way it breaks.