About this demo

What this demo cannot do and does not promise

• No real order is ever placed. Nothing is sent to Hyperliquid or to any other exchange. It does not connect to any wallet or account.
• This is not investment advice or a recommendation. It gives no view on which market to buy or sell, or when. It does not recommend trading perpetual futures.
• Results here do not promise results in real trading. This demo differs from real trading in many ways, listed under "How this differs from the real thing" below. A gain here does not mean the same actions would gain in real trading.
• Leverage magnifies losses by the same factor as gains. In real trading you can lose all the money you put in.
• This is a demo by our company (Microfund Inc.), unrelated to Hyperliquid. It was not made, checked or endorsed by Hyperliquid.
• We do not recommend real crypto trading to minors. This demo does not check your age.

Play money (demo dollars)

• Demo dollars are just numbers inside this site. They are not real money. They cannot be bought, cashed out, exchanged for prizes or anything else, or given to another person.
• You start with 10,000 demo dollars. You can return to the starting amount at any time with "Start over". It is free. There is no sign-up.

How this differs from the real thing

1. Orders are not sent anywhere. They do not enter an order book and are not matched against anyone's orders.
2. The fill price is an indicative price published by Hyperliquid (ask side for a buy, bid side for a sell), and the whole order fills at that one price regardless of its value. In reality the price slips with order-book depth, larger orders get worse prices, and an order may fill only partly or not at all.
3. Prices are a copy read by our server every 6 seconds (every 30 seconds while nobody has a page open). They differ from the real price at the moment you press a button. Real orders can be delayed by networks and congestion; that delay is not reproduced.
4. Market orders only. No limit, stop-loss or take-profit orders. One position per market: you cannot add to it, close part of it, add or remove margin, or change leverage afterwards. Up to 10 positions at once. Each order must be at least 10 demo dollars.
5. Margin is isolated only (the real default is cross margin, where the whole account supports positions). Account-wide liquidation is not reproduced.
6. The fee is only the taker rate of the lowest tier. Real rates change with trading volume and other factors. There are no discounts or referral schemes here.
7. Funding is applied using the rate and oracle price at the first time our server reads prices after each hour boundary. These can differ from the rate and price actually settled. If several hour boundaries pass while our server is stopped or cannot read prices, only one payment is applied.
8. Liquidation is checked against the mark price when our server reads prices (every 6 to 30 seconds). Highs and lows between two reads are not checked (if the price crosses the liquidation price and comes back between reads, the position is not liquidated here; in reality it would be). Nothing is checked while prices cannot be read or while our server is stopped.
9. When a position is liquidated in this demo, its whole margin is lost. In reality the position is first closed on the order book and part of the margin may remain; large positions are liquidated in parts. These detailed rules are not reproduced.
10. The liquidation price is calculated by us from the official formula. We have not confirmed that it exactly matches the value shown on the real platform.
11. Up to 15 markets are listed, in order of 24-hour trading volume. A market that drops off the list cannot be newly opened (positions you hold can still be closed). A market delisted by the exchange may have no readable price and may not be closable (use "Start over" in that case). Maximum leverage can change later.
12. There are no deposits, withdrawals or transfers. We have not compared this demo's numbers against actual fills on the real exchange.

How things are calculated

The calculations follow the formulas in Hyperliquid's official documentation (sources below). Where they do not fully match, see "How this differs from the real thing".

• Quantity = position value / fill price (rounded down to the market's smallest unit). Margin = quantity x fill price / leverage.
• Fee = quantity x fill price x 0.045% (on opening and on closing; the taker rate of the lowest tier in the official fee table).
• Unrealized P&L = (price now - entry price) x quantity (reversed for a sell). The price now is the mark price.
• Maintenance margin = position value x maintenance margin rate - the tier's deduction. The rate is half of the initial margin rate at the tier's maximum leverage (1.25% when the maximum is 40x).
• Liquidation price = (entry price - side x (margin + deduction) / quantity) / (1 - maintenance margin rate x side), where side is 1 for a buy and -1 for a sell. This is the official formula written for isolated margin and the entry price.
• Funding = quantity x oracle price x funding rate (every hour). When the rate is positive, buys pay and sells receive. It is added to or taken from the position's margin, so the liquidation price moves too.
• Maximum leverage is the value published by Hyperliquid for each market and each tier of position value (it goes down for larger tiers).

Sources

Prices and market rules: Hyperliquid's public, keyless read-only endpoint (read from our server). Formulas: Hyperliquid's official documentation (read on 2026-10-07; the pages carry no date).

• Hyperliquid Docs: fees
  https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees
• Hyperliquid Docs: margining
  https://hyperliquid.gitbook.io/hyperliquid-docs/trading/margining
• Hyperliquid Docs: margin-tiers
  https://hyperliquid.gitbook.io/hyperliquid-docs/trading/margin-tiers
• Hyperliquid Docs: liquidations
  https://hyperliquid.gitbook.io/hyperliquid-docs/trading/liquidations
• Hyperliquid Docs: funding
  https://hyperliquid.gitbook.io/hyperliquid-docs/trading/funding
• Hyperliquid Docs: rate-limits
  https://hyperliquid.gitbook.io/hyperliquid-docs/for-developers/api/rate-limits-and-user-limits

What is stored

• When your first order goes through, one random number is stored in a cookie (180 days). Nothing is stored just by opening the site. The number is used only to show your play money and positions the next time you open the site.
• On our server, your play-money amount, positions and history are stored linked to a value derived from that number. We do not collect your name or email address. This record does not contain your IP address or browser name (they remain in access logs, as with our other services).
• "Start over" deletes your positions and history. Records with no activity for 180 days are deleted. Separately, we count totals not linked to any person (page opens, orders, closes, liquidations and resets, per language).

Who made this

The screens, calculations and text (Japanese, English and Chinese) were made by AI. They have not been checked by financial or legal experts or by native speakers of English or Chinese. They have not been checked on a physical smartphone.

About regions

This demo only uses prices published by Hyperliquid for display and calculation. It does not recommend trading on Hyperliquid. Hyperliquid's terms restrict use by people who live in or are located in the United States, Ontario (Canada) and certain other places. Trading crypto-assets, or providing information about it, may be restricted by the law where you live. Please check for yourself.