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Perps First Trade

Use this guide to move from read-only Hyperliquid account checks to a previewed Perps trade, then to a live submit only after you review the exact account, size, and direction. Hyperliquid remains experimental, and this guide does not claim full Hyperliquid web-app parity.

Start With Read-Only State

Check the local session before enabling any trading namespace:

bullpen status --output json
bullpen doctor auth --output json

Run bullpen login only if these diagnostics say login is required.

Enable the Hyperliquid namespace only when you intend to use its CLI reads:

State change: This enables the experimental Hyperliquid command namespace.

bullpen experimental enable hyperliquid

Then capture the active account state before planning any trade:

bullpen hl status --output json
bullpen hl balances --output json
bullpen hl orders --output json

These reads use the active Bullpen EVM wallet. They do not sign, submit orders, approve agents, move funds, or change venue state.

Enable Trading Explicitly

Live Hyperliquid actions require an explicit trading setting. Enabling the setting does not submit a trade by itself.

State change: Run this only when you intend to allow live Hyperliquid actions after preview review.

bullpen experimental enable hyperliquid_trading

Preview Funding

Use a deposit dry-run before moving funds. This checks the planned Arbitrum USDC bridge path without requesting a signature or submitting a transaction.

bullpen hl deposit --amount 10 --dry-run --output json

This is a preview only. A deposit without --dry-run moves real funds. Remove --dry-run and add --yes only after the source address, amount, token, and destination are correct.

Preview A Perps Trade

Preview the trade before submitting it. Preview mode prints the planned order intent with would_submit=false.

Preview a long:

bullpen hl long BTC --notional 100 --leverage 3 --preview --output json

Preview a short:

bullpen hl short BTC --notional 100 --leverage 3 --preview --output json

Review the JSON before any live submit:

  • account
  • effective_address
  • coin
  • side
  • notional_usd or base_size
  • leverage
  • would_submit
  • scope_kind

Submit Only After Review

Live order commands require explicit confirmation. Use --yes only after the matching preview shows the intended account, symbol, side, size, leverage, and scope.

Preview the long:

bullpen hl long BTC --notional 100 --leverage 3 --preview --output json

Live long: After the preview matches your intent, this command can place a real Hyperliquid long order and change account exposure.

bullpen hl long BTC --notional 100 --leverage 3 --yes --output json

Preview the short:

bullpen hl short BTC --notional 100 --leverage 3 --preview --output json

Live short: After the preview matches your intent, this command can place a real Hyperliquid short order and change account exposure.

bullpen hl short BTC --notional 100 --leverage 3 --yes --output json

Preview A Stop Entry

Use stop-entry when you want a directional order to trigger only after the market reaches a price. Preview first; the preview does not sign or submit.

bullpen hl stop-entry BTC --side long --trigger-price 70000 --notional 100 --preview --output json

Submit only after the preview shows the intended account, trigger price, side, size, and scope.

Live: order submit. stop-entry --yes can place a real trigger order. Stop-market entries use the trigger price plus configured slippage to set the protective Hyperliquid limit price submitted with the trigger.

bullpen hl stop-entry BTC --side long --trigger-price 70000 --notional 100 --yes --output json

Verify And Close

After a live submit, capture state again.

bullpen hl status --output json
bullpen hl orders --output json

Preview a close before submitting it. This is non-submitting while --preview is present.

bullpen hl close BTC --preview --output json

Submit a close only after the preview matches the intended position and account.

Live: order submit. close --yes can submit a real order to reduce or close Hyperliquid exposure.

bullpen hl close BTC --yes --output json

Boundaries

  • Hyperliquid remains experimental in this release.
  • This guide is a first-trade workflow, not a full parity claim.
  • tracker copy is Polymarket-only. Hyperliquid copy trading is a separate hl copy surface; do not create or modify a copy subscription while testing a first manual trade.
  • Use Hyperliquid Account Diagnostics when balances, orders, deposits, agent slots, or active-wallet state are unclear.

Generated References

Use the generated references for exact options: status, balances, orders, deposit, long, short, stop-entry, and close.

For the full public command surface and release boundaries, return to Perps (Hyperliquid).