# Hyperliquid perpetual futures (HYPE)

> HYPE is the native token of Hyperliquid, a layer-1 network built around an on-chain perpetuals exchange. It is listed here because the same venue is used as a price source by some prop firms, which makes the token and the venue easy to confuse.

**Source:** https://propfirmpal.com/perpetuals/markets/hype  
**Generated:** 2026-11-11  
**Publisher:** Prop Firm Pal - independent prop firm comparison

_Prop Firm Pal earns affiliate commission from some listed firms. This is disclosed on-site and does not affect the computed ranking order._

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On a $10,000 HYPE position with a funding rate of 0.01% for the interval, a long pays $1.00 to shorts at that funding time. If the rate is negative, shorts pay longs instead. These are illustrative figures, not a current HYPE rate.

## Frequently asked questions

### What is a HYPE perpetual future?

A Hyperliquid perpetual future is a derivative that tracks the price of HYPE and has no expiry date. It stays near the spot price because longs and shorts exchange a periodic funding payment.

### Does HYPE funding count against a prop firm drawdown?

It depends on the firm. Some apply funding to account equity, which moves a drawdown measured on equity, and others do not charge it at all. Check the firm’s published rules; where a firm does not say, we show that as unknown.

### How much leverage can I use on HYPE?

Leverage limits differ by venue, firm and account tier, and they change. Prop firms commonly allow more on BTC and ETH than on smaller markets. Use the limit in your own firm’s rules, not a figure from an exchange.

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