What a HYPE perpetual futures contract is
A HYPE perpetual futures contract is a derivatives position that tracks HYPE's price with no delivery date. On BloFin that contract is the USDT-margined SWAP named HYPEUSDT. On HyperCore it is a USDC-margined HYPE-USD perpetual that lives on Hyperliquid's onchain book. Same underlying letters. Two venues, two margin assets, two leverage caps, two funding schedules.
Official Hyperliquid specs put the class in one sentence: "Hyperliquid perpetuals are derivatives products without expiration date." Right now the only USDC-denominated perpetual contracts named on that page are PURR-USD and HYPE-USD, and Hyperliquid spot is the most liquid spot oracle source for those two (source: Hyperliquid Docs, contract specifications). That is HyperCore's HYPE-USD market, margined in USDC. BloFin's HYPEUSDT row is a separate USDT-margined product. Both can lack an expiry and still settle on different ledgers.
The generic split between a perpetual and a dated future is in perpetuals versus dated futures. The HYPE version of that split is this listTime field: it timestamps the listing. It does not schedule a last trading day.
Native max multiples also vary by asset. Official Hyperliquid docs put the published range at 3x to 40x (source: Hyperliquid Docs, perpetual assets). Live metaAndAssetCtxs on August 20, 2026 still showed HYPE at 10, with BTC at 40, ETH at 25, and SOL at 20, across a universe of 232 (source: Hyperliquid info API, metaAndAssetCtxs). BloFin's published cap on this SWAP is 75x. Copying BTC's 40, a third-party 20x HYPE widget, or HyperCore's 10 onto that 75x row mixes two product sheets.
| Field | BloFin HYPEUSDT | HyperCore HYPE-USD |
|---|---|---|
| Margin | USDT. | USDC. |
| Max leverage | 75x on this SWAP. | 10x on August 20, 2026. |
| Funding | 4-hour interval, ±0.03 cap. | Hourly, peer to peer. |
| Timestamp | listTime December 19, 2024 11:30 UTC. | No delivery date. |
| Size unit | contractValue 0.1. | Separate szDecimals field. |
When BloFin listed HYPEUSDT
BloFin's December 19, 2024 11:30 UTC stamp on HYPEUSDT is listTime, the moment this instrument went live. The contract stays open until you close it or the venue does, because the row never named a delivery date.
From the public swap book fetched on August 20, 2026, the JSON instrument ID HYPE-USDT still shows as SWAP, state live, max multiple 75, listTime 1734607800000, which is December 19, 2024 11:30 UTC, with a contract value of 0.1 and minSize 1, while a separate HYPER-USDT swap shows at 50x (source: BloFin instruments API, SWAP). Reader copy names that first row HYPEUSDT. The hyphenated form is the API key. Confirm the instrument type is SWAP before you size.
75x is this row's published cap on the public swap book. It is the multiple BloFin allows on HYPEUSDT, and December 19, 2024 11:30 UTC is when that row appeared. Neither fact is an expiry.
What a HYPEUSDT fill holds
A filled HYPEUSDT SWAP on BloFin is a USDT-margined perpetual position on that instrument. You post USDT as margin, you choose a multiple up to 75x on this row, and you read the review sheet as a long or a short with a liquidation estimate. Closing the position is how you exit.
Spot HYPE on the same letters is a different instrument, listed May 30, 2025 13:30 UTC, and it credits a token balance. The swap stays a perpetual. It never turns into that spot balance. You also can hold this BloFin position without a HyperCore wallet, because the fill lives on this venue's ledger until you close it. Enable Trading on HyperCore would not see this fill.
What futures trading is on BloFin is the product primer for isolated versus cross as fields on that position. Isolated contains a loss to this instrument. Cross shares collateral with other cross positions on the same venue. Neither mode turns the fill into coins, so a 1x SWAP is still a margined position.
HyperCore's native HYPE perp is the competing book's version of the same class: USDC collateral, a mark, a funding line, and a liquidation engine that is HyperCore's. HyperCore's onchain book is that venue. A BloFin fill stays on BloFin's ledger. HIP-3 builder markets inherit HyperCore, so a builder listing is a different contract from this BloFin fill.
Size on this BloFin row is contract count times the published contract value of 0.1, marked in USDT. Treating a 1 in the size box as one whole HYPE overstates notional by ten. That lot is this venue's field. It is separate from HyperCore's szDecimals.
USDT in, a position out, USDT back when you close. There is no withdraw-to-wallet button that turns the position into coins.
Funding on BloFin HYPEUSDT
Funding on BloFin's HYPEUSDT SWAP is a periodic transfer between longs and shorts on this venue's 4-hour interval, with a published cap of 0.03 and floor of -0.03. Opening a position is not itself a funding event. The next settlement sits on that 4-hour interval, and you cannot set it to HyperCore's hourly cadence from the order screen.
The public funding-rate row for HYPE-USDT on August 20, 2026 showed fundingInterval 4, fundingIntervalUnit hour, fundingRateCap 0.03, and fundingRateFloor -0.03 (source: BloFin funding-rate API, HYPE-USDT). Do not bake today's signed rate, because that figure moves. The interval and the cap are the product fields.
Native funding is a different interval and a different payment path. Official Hyperliquid docs settle that rate every hour, convert position size to notional on the spot oracle instead of on mark, and treat the transfer as purely peer to peer, with no fees collected on the payments (source: Hyperliquid Docs, funding). BloFin's HYPEUSDT row does not inherit that hourly recipe. HyperCore does not inherit BloFin's ±0.03 band. Two published schedules can sit on two venues at once.
How crypto funding rates work is the generic sign: when the perpetual trades rich to the index, longs pay shorts, and when it trades cheap, shorts pay longs. The HYPE version is which interval you are actually on. Basis on this pair is the same idea in local clothes, the gap between this SWAP and this venue's index. It is not a reason to invent a depth figure.
If you hold the position across a settlement, the transfer hits this BloFin position. It does not hit a HyperCore address you never opened, and it does not settle a HYPERUSDT row you did not confirm.
Funding is a carrying cost or a credit on this 4-hour BloFin interval, bounded by ±0.03. It is not a listing fee.
Mark, last, and index on this pair
BloFin publishes three different HYPEUSDT prices on the public endpoints: last is a trade, markPrice is the venue mark for this SWAP, and indexPrice is a separate index. Those fields do not have to match each other on any given fetch.
The public mark-price endpoint for HYPE-USDT on August 20, 2026 still showed markPrice and indexPrice as two fields, and those two figures were not identical on that fetch (source: BloFin mark-price API, HYPE-USDT). Last on the ticker is a third figure. A fill still happens against the book you took or posted, so a disagreement between last and markPrice names different quantities. It does not mean the fill was booked on the wrong instrument.
| Field | What it names on this SWAP |
|---|---|
| last | A trade on this book. |
| markPrice | This venue's mark for the perpetual. |
| indexPrice | This venue's index, a separate field. |
HyperCore documents a different mark recipe. Official docs describe mark price as an unbiased and robust estimate of the fair perp price, and that HyperCore mark is what those docs use for margining, liquidations, TP/SL, and unrealized pnl (source: Hyperliquid Docs, robust price indices). Do not paste that three-input median onto BloFin's markPrice field.
HYPE's native oracle is also special in the official record. Perps on assets whose primary spot liquidity sits on Hyperliquid, HYPE included, leave external sources out of the oracle until liquidity is sufficient (source: Hyperliquid Docs, oracle). That rule is about HyperCore's HYPE oracle. Hyperliquid can treat HYPE spot as the primary source on its own chain. BloFin can still publish its own mark and index for a USDT-margined perpetual.
Mark on this pair is the number this venue will use for margin math on this SWAP. It is separate from last, from HyperCore's median, and from a liquidity claim.
How liquidation works on a HYPEUSDT position
When margin on this BloFin HYPEUSDT SWAP falls through maintenance, this venue can close the position. That close is BloFin's engine. Isolated contains the loss to that instrument if you set isolated.
How liquidation works is the generic class: a stop is an order you placed, and a liquidation is an exchange-forced close when margin falls through maintenance. The HYPE version is which venue is doing the close.
HyperCore's published path is a different engine. "When the account equity drops below maintenance margin, the positions are first attempted to be entirely closed by sending market orders to the book." (source: Hyperliquid Docs, liquidations) A backstop vault is the next step on that chain if equity keeps falling. A BloFin HYPEUSDT fill does not inherit that book-first close. A HyperCore HYPE fill does not inherit BloFin's engine.
Suppose you start with 400 USDT already on BloFin and want HYPE price exposure you can exit the same session, not coins you can later delegate. You confirm HYPEUSDT SWAP, isolated, and a 10x multiple instead of the 75x cap, then size 100 contracts. The public swap row shows contractValue 0.1, so size is contract count times 0.1, marked in USDT, instead of 100 whole coins. If mark then runs against you far enough that isolated maintenance breaks, this venue can close that SWAP. A HYPE/USDT spot balance, if you also hold one, is a different instrument. It is not the collateral that isolated SWAP posted, so closing is how you exit, and a withdrawal form will not turn remaining USDT into HyperCore.
You could have chosen 75x on the same row, and that cap is allowed on this BloFin SWAP, but a higher multiple still leaves you on this venue. Native HYPE at 10 does not rewrite the review sheet. Cross would have shared collateral with other cross positions on BloFin, which is a wider blast radius, not a HyperCore hop.
A 1x SWAP still has a liquidation price, because it is still a margined contract. The 75x field is a cap on this row, not a requirement that every position run at the cap, and not a promise the position survives a fast move.
Maintenance on this SWAP is this venue's maintenance. HyperCore's book-first close is a different engine on a different ledger.
Open interest on BloFin HYPEUSDT
Open interest published on BloFin's HYPEUSDT SWAP is a count of this venue's currently open contracts on that ticker. It is this BloFin book. It is not HyperCore's HYPE book, not a HIP-3 builder market, and not a liquidity promise you should paste as market depth.
BloFin publishes open interest on that SWAP ticker, and the field exists and it moves, so do not paste today's integer as a depth claim. A live open-interest figure is not bid depth. If you needed how size at a price absorbs a take, that is a later market-structure job. The boundary here is that open interest on HYPE-USDT is this BloFin book.
HYPER is the look-alike on the same swap board. Hyperlane's protocol-economics docs name HYPER as the native token for the Hyperlane protocol (source: Hyperlane protocol economics). BloFin lists HYPERUSDT SWAP at 50x, listed April 22, 2025 13:15 UTC, and that row is a different asset from HYPE. Funding on HYPER does not settle a HYPEUSDT position, and closing HYPER does not credit HYPE. If the chart header says Hyperlane, you are on the other asset even when autocomplete offered it next to HYPE.
HIP-3 builder perps inherit HyperCore's book, not this SWAP, so a builder-deployed HYPE market, if one exists, is still not BloFin open interest. Native HyperCore HYPE perps are the competing venue's book. They do not add into this ticker either.
Four products can all say HYPE nearby and still not share a contract: BloFin SWAP, BloFin spot, HyperCore HYPE-USD, and HYPER.
When a HYPEUSDT perpetual is the right product
This SWAP is the hosted USDT path for HYPE price exposure on BloFin, useful when you wanted a centralized fill instead of HyperCore. It is the wrong product if you needed coins, a staking account, or the native book.
The BloFin HYPE trade path is the click-path: confirm HYPEUSDT SWAP, set isolated or cross on purpose, size in USDT, and read the review sheet as a position. Mark, funding, and liquidation on that same position are the pair-level walk after you have confirmed the instrument.
Hyperliquid is also a competing venue, and Hyperliquid versus a centralized exchange put the onchain book, custody, and treasury against a CEX book without naming a winner, with BloFin as the CEX route for HYPE. A 75x SWAP here and a 10x HYPE perp there can both be live and still not net as one hedge, because they do not share a ledger, a mark, or a funding interval.
listTime December 19, 2024 11:30 UTC is when BloFin listed this 75x row. Funding is a 4-hour ±0.03 transfer on this venue. Mark is this venue's markPrice, separate from last and from HyperCore's median. Liquidation is this venue's close. Open interest is this book. None of that is spot HYPE, none of it is HYPER, and none of it is a HyperCore wallet.
You do not need to memorize the field list. You do need the instrument identifier, the interval you are actually on, and the venue that will close you if margin breaks.
Frequently asked questions
Does BloFin's 0.03 funding cap equal HyperCore's 4% per hour stretched across four hours?
No. Official Hyperliquid docs cap native funding at 4%/hour, and they say that ceiling and the interval do not depend on the asset. BloFin's public HYPEUSDT row publishes a plus-or-minus 0.03 band on a 4-hour interval. Those are two published ceilings on two venues. 0.03 is a BloFin product field. 4% per hour is a HyperCore product field. Dividing 4 by 4, or multiplying 0.03 by four, will not convert one band into the other. Leave today's signed rate unbaked.
If I add extra USDT to isolated after the fill, does the public 75x cap increase?
No. The published max multiple of 75 sits on the instruments row for this SWAP, and a later isolated top-up does not edit that field. Extra USDT only adds cushion on this position. Switching isolated to cross also leaves 75 unchanged: it only changes how far a loss can travel on BloFin. The cap can sit unused, so a top-up is not a product rewrite and it is not a new listing.
Does HyperCore's 5-second premium sampler run on BloFin HYPEUSDT?
No. Official Hyperliquid funding docs sample the premium every 5 seconds and average it over the hour on native perps. That sampler is HyperCore's. BloFin's public HYPEUSDT row publishes a 4-hour interval with a plus-or-minus 0.03 band. The 5-second loop does not run on this SWAP, and averaging those native samples will not reproduce this venue's next settlement. That 5-second loop is a native recipe, not a BloFin setting, so leave the signed rate unbaked.
Does the 232 figure mean BloFin lists 232 HYPE perpetual markets?
No. The 232 count is the length of HyperCore's universe array on the August 20, 2026 meta fetch, not BloFin's product catalog. That array can include delisted names. BloFin's live HYPE perpetual on this venue is one SWAP row, HYPEUSDT. Do not read native universe length as this venue's listing count, and do not treat 232 as a depth or liquidity figure. A page that treats 232 as BloFin inventory is guessing.
Does BloFin HYPEUSDT pay one eighth of an 8-hour formula every hour the way HyperCore does?
No. Official Hyperliquid funding docs apply the formula to an 8-hour funding rate, then pay every hour at one eighth of that computed rate. That split is HyperCore's payment path. BloFin's public HYPEUSDT row publishes a 4-hour interval with a plus-or-minus 0.03 band, and it does not inherit a one-eighth hourly slice of an 8-hour formula. Copying that split onto this SWAP mixes two payment paths. Leave today's signed rate unbaked.
If I copy HYPEUSDT's 0.1 lot onto HYPERUSDT, is one contract still a tenth of a coin?
No. On BloFin's public SWAP book, HYPEUSDT shows contractValue 0.1, so one contract is a tenth of a HYPE of notional. HYPERUSDT shows contractValue 1, so one contract is one HYPER of notional. Copying the tenth-coin lot onto Hyperlane's row misreads size by ten. The 50x cap on HYPERUSDT does not rewrite that lot field. Those two lot fields sit on two instrument rows, not on one shared size box.
If HyperCore shows an asset named HYPER at a 3x cap, is that BloFin's HYPERUSDT 50x row?
No. Live native meta on August 20, 2026 showed a HyperCore asset named HYPER with a 3x cap. BloFin's HYPERUSDT SWAP is Hyperlane's token at 50x, listed April 22, 2025 13:15 UTC. Same letters, two venues, two product rows. Do not paste 3 onto 50, and do not paste 50 onto 3. Confirm the instrument ID before you size, because autocomplete can park the two tickers next to each other.
Researched and written by the BloFin Academy editorial team with AI-assisted drafting. Updated August 2026. Primary sources include BloFin's public SWAP, funding-rate, and mark-price instrument APIs, Hyperliquid contract-specification, oracle, funding, robust-price, liquidation, and perpetual-asset docs, the Hyperliquid info API, and Hyperlane protocol-economics docs. Listing, native-band, and market facts checked against those cited pages as of August 2026.
This article is educational and general in nature, not financial or investment advice. Cryptocurrencies like HYPE carry real risks, including price volatility, venue failure, liquidation on a swap, ticker mix-ups, and the chance of losing funds. Nothing here is a recommendation to buy, sell, hold, or participate in any project. Do your own research, and consider speaking with a licensed professional before making financial decisions. BloFin does not provide investment advice.