Trading Terminal

New assets that reach $1M in Open Interest on Hyperliquid are automatically added by the system. There is no manual review or waiting period — once an asset crosses the threshold, it becomes available to trade on the terminal.

We replicate 1:1 the Hyperliquid fees.

• Crypto perpetuals: 0.0450% taker / 0.0150% maker.
• Equities, commodities, and FX perpetuals: we replicate the fee structure of the underlying HIP-3 deployer.

These fees are charged by Hyperliquid and are not collected by Propr. There are no additional platform fees on top of exchange fees.

Our backend maintains its own connection to the same Hyperliquid WebSocket and keeps the live orderbook stored in memory. When you place a trade, your order is matched against this real orderbook using a walk the book algorithm. The system fills your order level by level, consuming liquidity at each price until your entire quantity is filled.

If your order happens to exhaust all visible levels, any remaining quantity is filled at the worst available price. This means your simulated fills are grounded in real market depth rather than arbitrary price assumptions.

When you submit a market order in the simulated environment, the backend walks the live Hyperliquid orderbook level by level. For a buy, it begins at the best ask and works upward through the book. For a sell, it starts at the best bid and works downward. Your weighted average fill price is determined by the actual depth available at the time of execution, giving you a realistic sense of how your order would perform on a live exchange.

Limit orders in the simulated environment are continuously monitored against the live Hyperliquid orderbook. A buy limit order triggers the moment the best ask drops to or below your specified price. A sell limit order triggers when the best bid rises to meet your price. Once triggered, the order fills against the current state of the orderbook using the same walk the book mechanism as market orders, so your simulated limit fills reflect real market dynamics.

Absolutely. Slippage in the simulated environment is calculated as the percentage difference between the best available price at the top of the book and your weighted average fill price after walking through the orderbook. Because the terminal relies on the real Hyperliquid orderbook, slippage is driven by actual market depth. Larger orders or thinner books will naturally result in more slippage, exactly as they would on a live exchange.

If your order size exceeds the visible depth of the orderbook, the system fills as much as possible by walking every available level. Any remaining quantity is then filled at the worst available price on the book. This accurately reflects what would happen if you placed the same order on a live exchange with thin liquidity: you would experience meaningful slippage on the tail end of the fill. It is a deliberate part of the simulation to prepare you for real market conditions.

Not at all. Both the frontend and the backend connect to the same Hyperliquid WebSocket endpoint in real time. The orderbook you see on screen and the orderbook used to match your orders are fed by the same live stream. There is no artificial delay, no snapshot based matching, and no stale data. What you see is what you trade against.