Markets
Last updated
All trading on Markets is denominated in USDC, Hyperliquid's Aligned Quote Asset. USDC is issued by Circle and offers multiple funding options with deep, consolidated liquidity across the ecosystem.
Deposit options
Method | Details |
|---|---|
Cash/Fiat on-ramp | KYC in minutes via Bridge → deposit fiat → receive USDC 1:1 with no fees |
Cross-Chain Bridge | Bridge USDC from Ethereum, Arbitrum, Base, and Solana in seconds (via Across) |
DeFi Swap | Swap from 75+ chains to USDC permissionlessly (via Relay) |
Direct Transfer | Send USDC directly from another wallet or CEX |
Deposit with Card | On-Ramp funds directly using card (multiple providers) |
What is USDC?
USDC is the dollar stablecoin issued by Circle, and Hyperliquid's Aligned Quote Asset under the AQAv2 framework. Coinbase serves as the official USDC treasury deployer for Hyperliquid, and Circle as technical deployer — handling mint, redemption, and cross-chain transfer via CCTP.
Institutional-grade backing
- 1:1 Reserves: Fully backed by cash, US Treasuries, and cash equivalents
- Reserve Management: Held largely in the Circle Reserve Fund, a government money market fund managed by BlackRock
- Issuer: Issued by Circle, a regulated US stablecoin issuer
Transparency & compliance
- Monthly Attestations: Third-party reserve attestations published by Circle at https://www.circle.com/transparency
- GENIUS-Ready: Operated in line with GENIUS Act requirements
- Regulated Issuer: Circle is a licensed US money transmitter and a regulated stablecoin issuer
USDC as the aligned quote asset
All listings on Markets are natively paired with USDC under Hyperliquid's Aligned Quote Asset (AQAv2) framework.
Ecosystem alignment
Under AQAv2, approximately 90% of cost-adjusted USDC reserve yield accrues in 30-day intervals and is transferred to the Hyperliquid Assistance Fund, where it funds HYPE buybacks. Trading costs on Markets are driven by Hyperliquid's HIP-3 fee schedule and the growth-mode fee reduction, not by the quote asset.
Why this matters
For traders: USDC is the most widely held and instantly transferable dollar on Hyperliquid, so capital moves between venues with fewer conversions.
For Hyperliquid: approximately 90% of cost-adjusted USDC reserve yield is transferred to the Hyperliquid Assistance Fund and converted to HYPE. In essence, as the liquidity and usage of Markets grows, the Hyperliquid ecosystem grows with it.
Result: Markets keeps trading costs low through Hyperliquid's HIP-3 growth-mode fee reduction, while USDC keeps your collateral liquid across the whole ecosystem.
Under AQAv2, approximately 90% of cost-adjusted USDC reserve yield is transferred to the Hyperliquid Assistance Fund and converted to HYPE. In essence, as the liquidity and usage of Markets grows, the Hyperliquid ecosystem grows with it.