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BTC perpetual on Hyperliquid
Live market data and verified contract mechanics for the BTC perp — one of the markets on Hyperliquid's on-chain order book.
Bitcoin · crypto · l1 · top — name and classification as published by Variational.
Loading live BTC data from Hyperliquid…
Which venues list BTC
15 of the perp DEXs this site covers list a BTC perpetual. Each uses its own ticker for the same underlying — shown below so you can confirm you're on the right market before sizing a position.
| Venue | Ticker there | Contract tracks | Max leverage |
|---|---|---|---|
| Hyperliquid | BTC | 1 unit | 40x |
| dYdX | BTC-USD | 1 unit | 50x implied — see note below Maintenance margin 1.2% |
| Aster | BTCUSDT (also BTCUSD1, BTCU)
| 1 unit | not published on the public API |
| Lighter | BTC | 1 unit | not published on the public API |
| edgeX | BTCUSDC | 1 unit | up to 100x on the smallest position tier — falls as size grows Maintenance margin 0.5% |
| Paradex | BTC-USD-PERP | 1 unit | not published on the public API |
| Pacifica | BTC | 1 unit | 50x |
| GRVT | BTC_USDT_Perp | 1 unit | not published on the public API |
| Variational | BTC | 1 unit | not published on the public API |
| ApeX Omni | BTC-USDT | 1 unit | 100x |
| SoDEX | BTC-USD | 1 unit | 40x |
| Nado | BTC-PERP | 1 unit | not published on the public API |
| Vest Markets | BTC-PERP | 1 unit | 50x implied — see note below |
| Derive | BTC-PERP | 1 unit | 15.15x |
| Ondo Perps | BTC-USD.P | 1 unit | 40x |
Venue coverage from each exchange's own public market-list endpoint, snapshot 2026-10-07. Tickers are reproduced exactly as the venue publishes them. Where a venue doesn't publish a leverage cap without an authenticated key, this table says so rather than estimating one.
How the venues differ for BTC
Leverage caps differ: ApeX Omni allows up to 100x on BTC where Derive caps at 15.15x. If the ceiling matters to you, ApeX Omni is the higher one — though the liquidation math is the same at whatever multiple you actually run.
On the implied dYdX figure: dYdX doesn't publish a max-leverage number. The figure above is 1 ÷ the market's initial margin fraction, which is the leverage that margin requirement allows. Treat it as a reading taken at the snapshot date, not a fixed venue setting — per dYdX's help centre, once a market's open interest passes its lower cap the initial margin fraction rises, which pushes the usable leverage down (all the way to 1x at the upper cap). dYdX doesn't document whether the published fraction already reflects that scaling, so we don't claim either way. Maintenance margin, where shown, is a stated field rather than a derivation: it's the equity ratio below which the position is liquidated.
Contract specs
| Contract type | Linear perpetual, no expiry — cash-settled, funding every hour |
|---|---|
| Collateral | USDC |
| Oracle | USDT-denominated oracle against USDC collateral (a quanto-style detail from Hyperliquid's contract specifications) |
| Max leverage | 40x (set per asset by the exchange; leverage is any integer from 1 up to this cap) |
| Size precision | 5 decimal places |
Specs from Hyperliquid's public API meta and official contract-specification docs. Build-time reference (2026-10-09): mark price 82,508, 24h volume $3.37B — the live strip above supersedes these on load.
How trading BTC perps works here
Like every Hyperliquid perp, BTC-USD trades on a fully on-chain central limit order book with no gas fee per trade — costs are the maker/taker fee (fee schedule) plus hourly peer-to-peer funding. Margin can be cross or isolated; maintenance margin is half the initial margin at this market's 40x cap — the full liquidation math is in our leverage & liquidation guide.
At 40x maximum leverage, initial margin for a BTC position is 1/40 of notional at minimum — and the higher the leverage, the closer liquidation sits to entry. New to the instrument entirely? Read perpetuals explained first, and our Hyperliquid review for the venue itself, including the risks.
BTC's 40x cap sits at the high end of Hyperliquid's range. The exchange reserves its top leverage tiers for markets it treats as deep and liquid enough to support them, so a cap this high is itself a signal that BTC is among the more actively supported perps on the book — though it also means liquidation sits very close to entry if you actually run the full 40x.
BTC also trades on dYdX, Aster, Lighter, edgeX, Paradex, Pacifica, GRVT, Variational, ApeX Omni, SoDEX, Nado, Vest Markets, Derive and Ondo Perps. Fee schedules and funding mechanics are set per venue, not per asset — compare them on fee comparison and live funding rates, and see the feature comparison for order types, collateral, and everything else each venue supports.
Related markets
Chosen from the venues' own classification tags and from which venues list each asset — not from price behaviour. Venue counts are from the 2026-10-07 snapshot.
- ETH — Ethereum · 15 venues · venue tags: crypto, l1, top
- XRP — Ripple · 15 venues · venue tags: crypto, l1, top
- SOL — Solana · 15 venues · venue tags: crypto, l1, top
- ZEC — Zcash · 14 venues · venue tags: crypto, l1, top
- HYPE — Hyperliquid · 15 venues · venue tags: crypto, l1
- BNB · 13 venues · venue tags: l1, top
Directory order: ← BSV · BTCDOM →
Other markets
Browse all covered perp markets, or compare across venues with the live funding, open interest, and volume tools.
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