> For the complete documentation index, see [llms.txt](https://help.defisaver.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://help.defisaver.com/protocols/hyperliquid/dashboard-and-use-case.md).
# Dashboard & Use-Case
Functionally, the Hyperliquid dashboard on DeFi Saver has a similar UI to using it directly with some key differences outlined in this article - and DeFi Saver-unique tools like Trailing Stop Loss/Trailing Open.
On top of that, DeFi Saver also lets you Hedge your Aave/Spark position by opening a Hyperliquid perp through the protocol's dashboard.
To start off with, let's take a look at accessing the Hyperliquid dashboard and opening a long perp position:
Getting started:
To get started, we'd first visit the Hyperliquid dashboard from the left-hand sidebar:
From there, we can deposit funds to Hyperliquid via the "Funds" button:
This will open up a pop-up window that lets you bridge assets from your wallet to the Hyperliquid blockchain:
Once you've selected how much (and which asset) you'd like to bridge - press "Deposit"
This will make the funds available on your Spot balance, but since we're looking to trade perps, let's navigate to the "Transfer" tab:
Here, we'll be able to move from Spot to:
* Default DEX (crypto perps)
* XYZ DEX (commodity perps)
Simply select the preferred DEX, input the amount to move, and then click "Transfer"
You're now set up with a Perp balance that you can trade with.
Before we jump into trading perps, let's look at the various dashboard elements so you can fully understand Hyperliquid's UI:
Show me more:
Starting from the top:
Clicking the "Trading" button opens up the "view" dropdown that also includes:
* The User Portfolio page
* The Account Management page
This page lets you add sub-accounts with their own funding for specific strategies, as well as:
* Enabling account unification mode (which unifies your balance across spot and perp markets)
* Enabling HIP-3 DEX abstraction (which makes it so you only transfer funds from Spot to Perp, without defining whether it's the Default DEX or XYZ DEX)
Next to the "view button", you'll find the account dropdown, which is set to the Master account by default, and can be clicked so you can select sub-accounts:
Let's now have a look at the section underneath:
The first option we get is to select the market we'd like to trade in:
First, you'll find the asset pair, with the maximum leverage for each market. If a market has "xyz" next to the leverage amount - this is an indicator that it's a market deployed by XYZ via HIP-3, and is a commodity (non-crypto asset) market.
You're also able to select a market as a "favorite", which will make it show up under the "Starred" tab, and also show up on the main Trading view:
Moving on, you'll notice two distinct prices showing up - which are the "Mark" price and Oracle price:
{% hint style="info" %}
*Why two different prices? Here's how you can think of it:*
* *Mark price is the “fair market price” Hyperliquid uses for PnL calculations and liquidations.*\
*It factors in both the oracle price of the asset (outside the perp market) and pricing data from activity and liquidity within the perp market itself.*
*Why is it considered a “fair price”?*\
\
*If Hyperliquid only used the perp market price itself, then large trades or temporary liquidity imbalances could cause sharp price swings. That could create opportunities for market manipulation, unfair liquidations, or distorted PnL calculations.*
*By also factoring in an external oracle price, the Mark price becomes more resistant to temporary volatility and sudden trade-driven price spikes within the perp market.*
* *Oracle price is used for the Funding Fees, as it acts as a more stable “real market” reference price outside of the perp market itself.*
*This helps ensure funding rates are based on whether the perp price is trading above or below the asset’s broader market value - rather than being distorted by temporary volatility or manipulation within the perp order book alone.*
{% endhint %}
You'll also find the:
* 24 hour price change (amount/%)
* The 24 hour trading volume
* The Open Interest - which represents the amount of liquidity in currently open perp positions for that specific asset
* The current Funding Fees - If you're not familiar with this concept, we highly recommend reading our explenation of how perps work.
Finally, you'll see the Leverage slider and the Isolated/Cross margin modes. You can adjust leverage by using either the slider or inputting the amount:
Cross and Isolated margin modes represent how your long/short position can use the funds in your Hyperliquid account:
* Isolated margin means that a position can only use the funds specifically allocated to that trade.\
\
This limits the maximum loss of that position, since it cannot pull additional collateral from the rest of your account to avoid liquidation.
* Cross margin means that all positions share your account’s available collateral.\
This gives positions a larger safety net against liquidations, since they can access more capital from your overall account balance.
However, this also increases risk, because if a trade goes heavily against you, it can potentially drain most or all of the funds in your account.
We're finally at the chart:
The candlestick is a fairly straightforward UI - each candle represents price movement during the timeframe you selected in the upper-right corner (1h in the screenshot).\
\
Each candle represents the assets price during that timeframe, including the open, close, highest and lowest price. If a candle is green, the bottom of the candle is the open price, while the top is the close (asset's price went UP).
If the candle is red - the bottom of the candle is the close, while the top is the open (asset's price went DOWN).
Hovering over any of the cnadles will show you its Open, Close, Highest and Lowest price, as well as how its price moved compared to the close price of the previous candle:
Parts of the candle that are "thin lines" compared to thick lines are called "wicks".\
\
The top wick represents the highest price reached during that timeframe, while the bottom wick represents the lowest price reached.
This means an asset may have temporarily moved above or below its open/close price before settling at its final closing price for that candle.\
\
For example - this candle shows that, for a specific hour - ETH's price dipped under the open price, and also went above the close price. However, the price ended up not moving too much that hour compared to the previous one (since the thick part of the candle is very thin):
On the chart, your past and current orders will show up as upward (long) or downward (short) pointing arrows. Hovering over any of them will show you the exact trade it represents:
On the left-hand side of the chart, you have various options for drawing on the chart - which are used by traders to define and project price movements or target ranges for entry.
Finally, we have the Order Book and Trades:
The Order Book contains all submitted and pending orders (bids and asks), including:
* The price point of the order
* How much ETH is available at that specific price point (Size ETH)
* The cumulative amount of ETH available up to that order level (Total ETH)
The “Spread” represents the difference between the highest bid and the lowest ask.
When someone places a trade, the exchange starts filling the orders closest to the spread first.
As shown in the screenshot, there is less liquidity near the spread compared to orders further away from it.
{% hint style="info" %}
*This is why large trades create slippage, because they quickly consume nearby liquidity, forcing the trade to fill progressively worse-priced orders further away from the spread.*
*This causes the final execution price to differ from the originally quoted market price.*
{% endhint %}
Now, we can move into opening a long/short position:
Opening a position:
On the right-hand side of the dashboard, you'll have all the options that will let you open a Long/Short perp:
The simplest option is to create a Market order - meaning you're simply opening a long/short at the current Mark price.
You can also adjust the leverage amount here - and adjust the amount of margin you'd like to use (based on your available balance and leverage amount)
{% hint style="info" %}
*The "Reduce Only" toggle ensures the order can only reduce or fully close your existing position, which is why it's only applicable for Shorts.*\
\
*It cannot increase your position size or open a new position in the opposite direction.*
*This is commonly used for Stop Losses and Take Profit orders, as it prevents accidentally flipping your position from Long to Short (or vice versa) if the order size exceeds your current position size.*
{% endhint %}
Another option is toggling on Take profit / Stop loss:
Before creating the order, you'll find all of the order details including:
* Liquidation price
* Order value
* Required Margin (how much your position can lose in value before getting liquidated)
* Slippage - Expected and Max. Clicking on this value lets you set your preferred max slippage
* Total fee amount - with a breakdown on hover
Once an order is created - You'll find it in the "Positions" section:
Here, you'll also be able to see your Open orders, TWAPs, Trailling automations and your Order History.
By clicking on the TP/SL button, you'll be able to set a Take Profit/Stop Loss for your current position, and clicking Trailing Stop lets you set up a Trailing Stop Loss, which we'll detail in one of the following sections.
There's also the option to share the P\&L of the position, close it at the current market price, or use another one of the Close options:
* Limit Close
* TWAP Close
* Scale Close
Finally, you're able to Reverse the position. Simply put - going from Long to Short or Short to Long:
Next, let's cover all of the Order types, that allow you to open a position with various thresholds that trigger the order - and under various conditions:
Order types:
We already covered the basic Market Order, which just lets you open a long/short at the current Mark price.
First up, we have **Limit Orders:**
Most are familiar with this concept - If you want to go long on ETH, but only once its price falls a bit - you set a Limit Order under the current market price as your entry point. Likewise, if you want to short it - you set a Limit Order once its price hits your assumed local top.
{% hint style="info" %}
*Time in force is a setting that lets you establish how you'd like for the Limit Order to be executed. The following options are available:*
* *GTC - Good Till Canceled, meaning your order is "live" until you manually cancel it*
* *IOC - Immediate or Cancel, meaning your order will be filled as much as possible instantly - and if there's any remaining liquidity that couldn't get filled - that remaining amount is canceled*
* *ALO - Add Liquidity Only, meaning your order must not get filled immediately. Instead, it’s added to the order book as a resting order that waits to be filled.*
*The point is that by placing an order that does not instantly execute against existing orders, you are adding liquidity to the order book - hence “Add Liquidity Only”.*
{% endhint %}
Moving onto **Conditional Orders:**
Fundamentally, they serve a similar role to Limit Orders, but with one important difference - they are not actually submitted to the order book until the Trigger Price is reached.
Next are **Scale Orders**:
Scale Orders allow you to set a price range within which you'd like to progressively buy or short an asset.
For example, instead of longing ETH at $2,150 with one large order, you can progressively buy ETH from $2,150 to $2,200.
In the UI, you can set the Total Orders - meaning how many separate orders will be placed across that price range.
Size Skew lets you change how the order sizes are distributed throughout the range. If left at 1, the same amount of ETH will be bought at each price level. A positive Skew concentrates more buying toward the start of the range, while a negative Skew concentrates more buying toward the end.
These orders are commonly used to reduce slippage and market impact for larger trades.\
\
Let's now go over **TWAP Orders:**
It stands for **Time-Weighted Average Price**, and allows you to split your order across a specific timeframe, as opposed to splitting it across a specific price range with Scale Orders.
For example, in this screenshot, our order size will be split into 61 separate orders, executed every 30 seconds over a 30 minute period.
On top of that, we can also tick “Randomize”, which does exactly that - randomizes the timing of the orders.
Aside from reducing slippage and market impact, this tool is useful for traders who do not want their large orders to become instantly visible to the market, helping reduce the risk of front-running or trade sniping.
The final option we'll be covering is **Trailing Orders**:
The purpose of Trailing Orders is to enter a position during specific market movements:
* Under - You set a % by which the asset’s price needs to rebound after entering a downward trend.
* Over - You set a % by which the asset’s price needs to pull back after entering an upward trend.
For long positions, going Under means you are targeting a potential reversal point where the asset rebounds from a local low. On the other hand, going Over means you are attempting to enter an ongoing upward trend after a small pullback from a local high.
This strategy is essentially flipped for short positions.
{% hint style="info" %}
*Activation Price lets you set a price point at which your Trailing Order becomes active. Without enabling it, the order starts tracking from the current market price, which may not always be your preferred starting point.*
{% endhint %}
The options for closing your position are similar in functionality to the Order types, except they aim to close your position instead of opening it.
As such, we'll mention which options are available, but recommend simply reading through the same strategy under "Order types":
Closing a position:
The simplest option is to perform a Market Close - basically closing the position at the currently best available price:
The next available Close tools include:
* TWAP
* Scale
* Limit
Underneath the Funding Fees, you'll find the "Trailing Stop" option:
Trailing Stop Loss is simple in concept, but very useful. Essentially, it lets you state a Stop Loss price that is a specific % off from the current market price (or have it trigger at a specific price). This Stop Loss target keeps moving as the price of the asset you longed/shorted moves.
For example, here the market price is $2,115 - And if we input a 5% Trailing Stop Loss, our Stop Loss would trigger at $2,009
However, if ETH's price then goes to $2,300, our Stop Loss price would rise to $2,185
Even though it's a Stop Loss, it's technically there to lock in profits after the asset's price reaches the local top and starts going downward.
Finally, let's cover how you can set up Notifications for your perp positions:
Setting up Notifications:
First, navigate to the "Notify" tab on the main dropdown:
This will take you to the Notify page, where the first step would be to authenticate with our monitor system:
After this, you'll be able to set up notificaitons for any and all of your perp positions - including how you'd like to receive them (via Telegram, in-app, and via Email):
Simply click on "Set new alert":
Choose your market, condition, and distance from the price - and you're set after you click "Create alert".
After reading this article, you should be well equipped to perform your first Hyperliquid trade, or improve your pre-existing trading experience!
***
## Related Articles:
* [Hyperliquid](https://help.defisaver.com/protocols/hyperliquid)
* [Fees](https://help.defisaver.com/protocols/hyperliquid/fees)
* [How does Hyperliquid on DeFI Saver differ from direct usage?](https://help.defisaver.com/protocols/hyperliquid/how-does-hyperliquid-on-defisaver-differ-from-direct-usage)
* [Hedging your Aave/Spark position with Hyperliquid](https://help.defisaver.com/protocols/hyperliquid/hedging-your-aave-spark-position-with-hyperliquid)
* [What are perps (perpetuals)](https://help.defisaver.com/protocols/hyperliquid/what-are-perps-perpetuals)
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