# What is Liquid? Trade Anything, Anywhere, Any Time ### What Is Liquid? Liquid enables you to trade anything, anywhere, at any time. Simply pick an asset, go long or short, and how much leverage you want. Trade any market from OpenAI to Nvidia, gold to Bitcoin, JPY to Samsung. > "If you believe in something, you should make money for being right. Furthermore, you should be able to make more money for being more confident in your prediction, without risking additional dollars." - Franklyn Wang, CEO of Liquid *** ### Any Market, Anywhere, Any Time Liquid offers 24/7/365 markets for 100's of assets including: * US stocks (Tesla, Apple, Google, etc.) * International stocks (SK Hynix, Samsung, etc.) * Crypto (BTC, ETH, SOL, etc.) * Commodities (Gold, Silver, Copper, etc.) * Pre-IPO companies (OpenAI, Anthropic, SpaceX, etc.) * Foreign currencies (JPY, GBP, EUR, etc.) * Prediction markets *** ### Get Started * Create an account with * email sign-in, * or crypto wallet * Fund your account with * Apple Pay, * PayPal, * Venmo, * credit/debit card, * bank transfer, * crypto app transfer, * or crypto deposit * Trade on * iOS, * Android, * or Desktop *** ### Features * 100's of markets across all asset types * Up to 100X Leverage * Mobile-Friendly * Start trading in minutes with email sign-up, Apple Pay deposit * Unified cross-exchange experience * balances * markets * prices # Liquid Team The Liquid team is made up of technologists, traders, and builders from entities like Two Sigma, Bloomberg, D.E. Shaw, Gauntlet, and more. Liquid was founded in 2025 by Franklyn Wang, the former Chief of AI from Two Sigma. Liquid has raised $7M+ from investors including Paradigm, General Catalyst, and angels from Lighter, Open Door, and more. # What are Perpetual Futures? Perpetual futures (“perps”) are contracts that let you go long (bet price goes up) or short (bet price goes down) on an asset without owning the underlying asset directly. Unlike traditional futures, perps do not have an expiration date. To keep perp prices close to the underlying market price, exchanges use a mechanism called funding (a periodic payment between longs and shorts). ***Example*** If you open a 5x long on APPL, and APPL moves up 10%, your return is roughly +50% (before fees/funding). If it moves down 10%, your loss is magnified in the same way.
# Quickstart Guide ### Step 1: Sign-up Go to tryliquid.xyz
Click Log In
Choose your desired log in method
Step 2: Deposit Click Deposit
Choose your desired deposit method
### Step 3: Trade Choose an asset
Choose Long/Short, Size, Take Profit, Stop Loss, Leverage
### Step 4: Link your X Click Profile and Link your X
# Fees Liquid charges low fees to users (.05% or less), which vary based on the exchange through which orders are routed. The schedule of fees are explained below. ### Hyperliquid On spot assets, where you buy the underlying assets, Liquid charges *no additional fees*, i.e., it charges exactly what Hyperliquid charges. On perpetual futures, which represent directional exposure to the underlying assets, Liquid applies uniform 5 bps (0.05%) fees to executed trades. **What to know about Liquid fees:** * Fees are based on your account’s rolling 14 day trading volume. * Fees are assessed at the end of each day (UTC). * Maker rebates are paid out continuously on each trade directly to your wallet. * Liquid uses separate fee schedules for perps and spot trading. * Perps and spot volume are counted together to determine your fee tier. * Spot volume counts double toward your fee tier: `(14 day perps volume) + 2 * (14 day spot volume) = (14 day weighted volume)` For the sake of completeness, we show the full fee calculation here. | | | Base rate | | Diamond | | Platinum | | Gold | | Silver | | Bronze | | Wood | | | ---- | -------------------------- | --------- | ------ | ------- | ------- | -------- | ------- | ------- | ------- | ------- | ------- | ------- | ------- | ------- | ------- | | Tier | 14 Day Weighted Volume ($) | Taker | Maker | Taker | Maker | Taker | Maker | Taker | Maker | Taker | Maker | Taker | Maker | Taker | Maker | | 0 | | 0.095% | 0.065% | 0.0770% | 0.0590% | 0.0815% | 0.0605% | 0.0860% | 0.0620% | 0.0883% | 0.0628% | 0.0905% | 0.0635% | 0.0928% | 0.0643% | | 1 | > 5M | 0.090% | 0.062% | 0.0740% | 0.0572% | 0.0780% | 0.0584% | 0.0820% | 0.0596% | 0.0840% | 0.0602% | 0.0860% | 0.0608% | 0.0880% | 0.0614% | | 2 | > 25M | 0.085% | 0.058% | 0.0710% | 0.0548% | 0.0745% | 0.0556% | 0.0780% | 0.0564% | 0.0798% | 0.0568% | 0.0815% | 0.0572% | 0.0833% | 0.0576% | | 3 | > 100M | 0.080% | 0.054% | 0.0680% | 0.0524% | 0.0710% | 0.0528% | 0.0740% | 0.0532% | 0.0755% | 0.0534% | 0.0770% | 0.0536% | 0.0785% | 0.0538% | | 4 | > 500M | 0.078% | 0.050% | 0.0668% | 0.0500% | 0.0696% | 0.0500% | 0.0724% | 0.0500% | 0.0738% | 0.0500% | 0.0752% | 0.0500% | 0.0766% | 0.0500% | | 5 | > 2B | 0.076% | 0.050% | 0.0656% | 0.0500% | 0.0682% | 0.0500% | 0.0708% | 0.0500% | 0.0721% | 0.0500% | 0.0734% | 0.0500% | 0.0747% | 0.0500% | | 6 | > 7B | 0.074% | 0.050% | 0.0644% | 0.0500% | 0.0668% | 0.0500% | 0.0692% | 0.0500% | 0.0704% | 0.0500% | 0.0716% | 0.0500% | 0.0728% | 0.0500% | The table below shows spot fee tiers for Liquid traders. | Spot | 14 Day Weighted Volume ($) | Base Taker | Base Maker | Diamond Taker | Diamond Maker | Platinum Taker | Platinum Maker | Gold Taker | Gold Maker | Silver Taker | Silver Maker | Bronze Taker | Bronze Maker | Wood Taker | Wood Maker | | ---- | -------------------------- | ---------- | ---------- | ------------- | ------------- | -------------- | -------------- | ---------- | ---------- | ------------ | ------------ | ------------ | ------------ | ---------- | ---------- | | 0 | | 0.070% | 0.040% | 0.0420% | 0.0240% | 0.0490% | 0.0280% | 0.0560% | 0.0320% | 0.0595% | 0.0340% | 0.0630% | 0.0360% | 0.0665% | 0.0380% | | 1 | > 5M | 0.060% | 0.030% | 0.0360% | 0.0180% | 0.0420% | 0.0210% | 0.0480% | 0.0240% | 0.0510% | 0.0255% | 0.0540% | 0.0270% | 0.0570% | 0.0285% | | 2 | > 25M | 0.050% | 0.020% | 0.0300% | 0.0120% | 0.0350% | 0.0140% | 0.0400% | 0.0160% | 0.0425% | 0.0170% | 0.0450% | 0.0180% | 0.0475% | 0.0190% | | 3 | > 100M | 0.040% | 0.010% | 0.0240% | 0.0060% | 0.0280% | 0.0070% | 0.0320% | 0.0080% | 0.0340% | 0.0085% | 0.0360% | 0.0090% | 0.0380% | 0.0095% | | 4 | > 500M | 0.035% | 0.000% | 0.0210% | 0.0000% | 0.0245% | 0.0000% | 0.0280% | 0.0000% | 0.0298% | 0.0000% | 0.0315% | 0.0000% | 0.0333% | 0.0000% | | 5 | > 2B | 0.030% | 0.000% | 0.0180% | 0.0000% | 0.0210% | 0.0000% | 0.0240% | 0.0000% | 0.0255% | 0.0000% | 0.0270% | 0.0000% | 0.0285% | 0.0000% | | 6 | > 7B | 0.025% | 0.000% | 0.0150% | 0.0000% | 0.0175% | 0.0000% | 0.0200% | 0.0000% | 0.0213% | 0.0000% | 0.0225% | 0.0000% | 0.0238% | 0.0000% | ### Ostium On Ostium assets, fees are charged only when entering a position, unlike in Hyperliquid where they are charged when exiting a position as well. Thus, 10 bps of taker fees on Ostium is equivalent to 5 bps of taker fees on Hyperliquid, excluding liquidations. Ostium's fees on entry / exit are: * Crypto: * Maker / Taker: 3bps / 10bps * On Ostium, maker fees apply only if the leverage is at most 20x and if the trade reduces the OI imbalance. Otherwise, taker fees apply. * Indices * All trades are taker; and the fees are 5 bps. * FX * All trades are taker, the fees are 3 bps except for USD/MXN, which is 5 bps. * Stocks * All trades are taker, the fees are 5 bps. * Commodities * All trades are taker, and the fees vary by asset: | Pair Name | Taker fees | | --------- | ---------- | | XAU / USD | 3 bps | | CL / USD | 10 bps | | HG / USD | 15 bps | | XAG / USD | 15 bps | | XPT / USD | 20 bps | | XPD / USD | 20 bps | **On all Ostium trades, Liquid takes an additional 5 bps.** ### Lighter Liquid does not charge fees on top of Lighter, in keeping with their zero-fee approach. # TP / SL Manage your risk with Take Profits and Stop Losses Take Profits are price levels at which you take profit, and Stop Losses are price levels at which you sell to avoid losing more of your capital. In general, **we strongly recommend setting stop losses to protect your capital.** There are three ways to set take profit levels and stop losses: two places in the order form, and one place on the positions screen. ### Order Form (Numerical) Under the advanced tab of the order form, there is a place to set take profits and stop losses. Instead of a mental calculation, you can also calculate the take profit and stop loss based on the return on equity target.

### Order Form (Visual) After selecting the TP / SL on the order form, you can further refine your selection by looking at a visual interface.

### Position Screen (Visual) Finally, you can also modify the Take Profit and Stop Loss after the trade by clicking on the

# TWAP Minimize price slippage with TWAP orders on Liquid. TWAP (Time-Weighted Average Price) lets you execute large trades over time by splitting them into smaller chunks and sending them at regular intervals. This reduces market impact and helps you get a better average price. *** ### Why use TWAP on Liquid? * **Low fees**\ Liquid offers some of the lowest taker fees in the market. * **Smart execution**\ Orders can be randomized in time to prevent front-running and execution manipulation. * **Smoother fills**\ Avoid large, sudden trades that can move the market against you. *** ### What is Slippage? **Slippage** is the difference between the price you intended to trade at and the price you actually get.\ TWAP helps minimize slippage by spreading your order over time and reducing price impact. # Leverage ### Overview When opening a leveraged position, traders choose a margin mode. Margin mode determines how collateral is allocated and how liquidation risk is shared across positions. Most platforms support two primary margin modes: * Cross Margin (shared collateral) * Isolated Margin (position-specific collateral) Some platforms may also support additional variations, such as stricter isolated configurations or venue-specific rules. ### **Cross Margin** Cross margin uses a shared collateral pool across eligible positions. This means: * Available collateral can support multiple positions at once * Profits from one position can help offset losses in another * Capital usage is generally more efficient than isolated margin Because collateral is shared, a liquidation event in one cross-margined position can affect the collateral available for other cross-margined positions. Cross margin is often preferred when traders want: * Maximum capital efficiency * A shared risk budget across positions * Flexibility to deploy unrealized PnL into new trades ### **Isolated Margin** Isolated margin assigns collateral to a specific position only. This means: * Risk is contained to that position’s allocated margin * Liquidation of one isolated position does not directly impact other isolated positions * Cross margin positions are not affected by isolated position liquidations (and vice versa) Isolated margin is commonly used when traders want tighter risk control on individual trades. Isolated margin is often preferred when traders want: * Clear per-position risk limits * Separation between strategies * More precise control over collateral allocation ### **Strict isolated modes (platform-specific)** Some platforms support a stricter version of isolated margin (sometimes called strict isolated). In this mode: * Margin is isolated to the position * Manual margin removal may be restricted while the position is open * Margin may be reduced automatically only as the position is closed This design can help reduce operational or liquidation risk for certain assets or market structures. ### **Multi-venue or multi-DEX margin behavior** On platforms that support trading across multiple venues, DEXs, or execution layers, cross margin behavior may vary based on account structure. Examples of platform-specific differences may include: * Unified/portfolio-style accounts: positions on multiple venues that share the same collateral may also share margin * Standard accounts: cross margin may apply only within the same venue/DEX * No-cross mode: isolated-style margin with margin management enabled, but no shared collateral across positions If your platform supports multiple execution venues, review the account abstraction or margin documentation carefully, since cross-margin scope may not be the same across all products. ### **Initial Margin and Leverage** Leverage is chosen when opening a position and must remain within the maximum allowed for that asset. The margin required to open a position is generally: Initial Margin = Position Notional / Leverage Where position notional is typically: Position Notional = Position Size × Mark Price (or another platform reference price) Important behavior * Initial margin is reserved for the position and cannot be freely withdrawn while it is supporting risk * Higher leverage reduces initial margin required, but increases liquidation risk * Maximum leverage varies by asset and may also vary by position size (tiered margin systems) ### **Adjusting margin after a position is opened** For cross margin positions: * Collateral is shared at the account level * Unrealized PnL may increase or reduce the margin available for other trades * Adding collateral is typically done by funding the account (rather than assigning margin to one position) For isolated margin positions: * Traders can usually add margin to reduce liquidation risk * Many platforms also allow removing margin, as long as margin requirements remain satisfied * Unrealized PnL is generally retained within the isolated position unless withdrawn or transferred ### **Leverage after entry** Many platforms allow traders to adjust leverage settings for an existing position without closing it. However, leverage configuration and actual liquidation risk are not always the same thing. In practice: * Leverage limits are enforced when opening or increasing a position * After the position is live, traders are responsible for monitoring risk * If unrealized losses increase, effective leverage rises automatically To manage rising leverage risk, traders can: * Reduce or close part of the position * Add margin (for isolated positions) * Add collateral to the account (for cross margin positions) ### **Unrealized PnL and margin transfers** Unrealized PnL may be available for withdrawal or transfer, but most platforms require a minimum margin buffer to remain after any transfer. A common rule is that remaining margin must still satisfy: * The initial margin requirement, and * A minimum account/position margin threshold (often based on total open notional) In generalized form: Transferable Margin is limited such that: Remaining Margin ≥ max(Initial Margin Required, Minimum Margin Buffer) Where the minimum margin buffer may be set as a percentage of total open notional exposure. ### **What counts as a margin transfer** “Transferring margin” can include any action that removes collateral outside of normal trade execution, such as: * Withdrawals * Transfers to a spot wallet * Removing margin from an isolated position ### **Maintenance margin** Maintenance margin is the minimum collateral required to keep a position open. If margin falls below this threshold, the position becomes eligible for liquidation. Maintenance margin is usually lower than initial margin and may depend on: * Asset risk parameters * Maximum leverage * Position size tiers ### **Cross margin liquidation logic** For cross margin positions, liquidation is generally based on: * Total account value (including unrealized PnL) * Total maintenance margin requirement across open cross positions If account value falls below required maintenance margin, one or more positions may be liquidated. ### **Isolated margin liquidation logic** For isolated positions, liquidation is based only on: * The isolated collateral assigned to that position * The maintenance margin required for that position Other positions and collateral pools are not directly included in that isolated liquidation calculation.
# Funding Rates ### **Overview** Funding rates are a mechanism used by perpetual futures contracts to keep the contract price aligned with the underlying spot market price. Because perpetual contracts do not expire, funding helps anchor the perp price to spot by creating a periodic payment between traders on opposite sides of the market. ### **How funding works** Funding is a peer-to-peer payment exchanged between longs and shorts. * If funding is positive, longs pay shorts * If funding is negative, shorts pay longs The platform itself does not typically collect these funding payments (aside from any separate trading fees). Funding is a transfer between market participants. ### **Why funding exists** If a perpetual contract is trading above spot, long positions are usually more crowded and funding tends to be positive. This makes longs pay shorts, which encourages more short interest and helps bring the perp price back toward spot. If a perpetual contract is trading below spot, funding tends to be negative. In that case, shorts pay longs, encouraging more buying and helping the contract price move closer to spot. This mechanism helps reduce persistent price gaps between the perpetual market and the underlying asset. ### **What determines the funding rate** Funding is generally made up of two components: **1) Interest component** Many perpetual markets include a fixed or predetermined interest component in the funding formula. This reflects the cost difference between holding quote currency (for example, USD or stablecoins) and holding the underlying asset. Some venues use a fixed reference value for consistency across markets. **2) Premium component** The premium component reflects whether the perpetual contract is trading above or below the underlying spot/oracle price. * If the perp trades above spot/oracle, the premium is positive * If the perp trades below spot/oracle, the premium is negative This premium is usually calculated using a fair pricing method (such as oracle prices and order-book impact prices) rather than a single last-traded price. ### **Funding payment frequency** Funding is typically calculated on a recurring schedule (for example, hourly or every 8 hours). Some platforms express the funding formula on an 8-hour basis, but settle it in smaller intervals (such as hourly payments). In that case, traders pay or receive a proportional share each interval. At each funding timestamp: Traders holding positions pay or receive funding based on: * Position size * Reference price (often an oracle price) * Funding rate for that interval ### Funding formula A common structure for funding is: Funding Rate = Premium Component + Adjustment Term Where the adjustment term may include: * A fixed interest rate component * A clamp (cap) on how much the adjustment can affect the final rate This clamp is used to prevent the formula from producing unstable funding values from short-lived price dislocations. In many systems, the premium is sampled frequently (for example, every few seconds) and averaged over the funding interval. ### **Premium calculation** Rather than using the last traded price, many platforms calculate premium using impact prices and an oracle price. Key ideas * Oracle price: a fair reference price derived from external spot markets * Impact bid / ask price: estimated average execution price for a standardized order size on the platform’s order book This approach helps measure whether the market is truly trading at a premium/discount under realistic execution conditions, not just a single visible quote. A simplified form is: Premium ≈ (Perp fair/impact price - Oracle price) / Oracle price If the premium is positive, funding tends to favor shorts (longs pay). If the premium is negative, funding tends to favor longs (shorts pay). ### **Funding caps** Many platforms cap funding rates to prevent extreme payments during volatile conditions. Funding caps are designed to: * Limit sudden funding spikes * Improve risk management * Prevent funding from becoming the dominant source of PnL over short periods Caps may be applied per interval (for example, per hour) and can vary by platform. ### **How funding payments are applied** At the funding interval, the payment is generally: Funding Payment = Position Notional × Funding Rate Where position notional is usually derived from: Position size × reference price (often an oracle price) Important detail: some platforms use the oracle/reference price (not mark price) when converting position size into notional for funding calculations. Practical notes for traders * Funding is not a trading fee; it is a payment between longs and shorts * Funding can materially affect PnL for positions held over long periods * High positive funding increases the cost of staying long * High negative funding increases the cost of staying short * Funding rates can change quickly during crowded or volatile markets If you hold positions overnight or for multiple days, funding should be part of your trade planning. ### **Example funding calculation** Below is a simplified example to illustrate how funding is calculated. **Assumptions** * Funding interval: 1 hour * Fixed interest component: 0.01% (using an 8-hour convention in the base formula) * Oracle (spot reference) price: $10,000 * Perpetual market is trading at a premium * Position: Long 10 contracts (1 BTC per contract) **Step 1: Calculate premium** If the impact bid (or fair perp execution price) is $10,100 and the oracle price is $10,000: Premium = (10,100 - 10,000) / 10,000 = 1.00% So the perp is trading at a 1% premium to spot. **Step 2: Apply the funding adjustment** A funding formula may include a capped adjustment term that combines interest and premium. In this example, the adjustment is clamped to a maximum size, so the full premium is partially offset but not fully canceled. **Step 3: Compute funding rate** Using the formula structure: Funding Rate = Premium + Clamped Adjustment This yields a final funding rate of: Funding Rate = 0.95% (for the formula interval basis shown) If the platform settles hourly while the formula is expressed on an 8-hour basis, the actual hourly payment would be the appropriate fraction of that rate.
# Liquidations A liquidation occurs when a trader’s position moves against them and their account equity falls below the required maintenance margin. Maintenance margin is the minimum amount of collateral required to keep a position open. It is typically lower than the initial margin required to open the trade, and the exact requirement depends on the asset and its maximum leverage. If account equity drops below maintenance margin, the platform will attempt to reduce or close the position to prevent further losses. ### **What happens during a liquidation** When a position becomes liquidatable, the system typically follows a two-step process: **1) Market liquidation attempt** The platform first attempts to close the position (fully or partially) by submitting market orders to the order book. * The order may fill fully or partially depending on available liquidity * If enough of the position is closed to restore margin requirements, the position remains open (if partially reduced) * Any remaining collateral stays with the trader This approach is designed to close positions through normal market execution whenever possible. **2) Backstop liquidation** If the position cannot be liquidated through the order book and the account deteriorates further, a backstop liquidation may occur. In a backstop liquidation, the position (and the associated collateral for that margin type) is transferred to a designated liquidation mechanism, such as a protocol or community-backed liquidator vault. This is used as a failsafe to ensure the system remains solvent during fast markets or poor liquidity conditions. ### **Cross margin vs. isolated margin liquidations** **1) Cross margin liquidation** For cross margin positions, liquidation can affect the trader’s shared collateral balance. If a cross position is backstop liquidated, the trader’s cross positions and cross collateral may be transferred as part of the liquidation process. In practice, this can result in the trader losing most or all of their cross margin equity. **2) Isolated margin liquidation** For isolated margin positions, only the isolated position and its isolated collateral are affected. The trader’s cross margin balance and other positions remain untouched. ### **Why some margin may not be returned in backstop liquidation** During a backstop liquidation, some or all of the maintenance margin may not be returned to the trader. This is because the backstop liquidator needs a buffer to absorb risk and execute liquidations safely, especially in volatile conditions. That buffer helps ensure the liquidation system remains reliable over time. To reduce liquidation risk, traders should consider: * Using lower leverage * Monitoring margin levels closely * Setting stop-loss orders * Closing or reducing positions before liquidation thresholds are reached ### **Mark price and liquidations** Liquidations are generally triggered using a mark price, not the last traded price. The mark price is designed to reflect a fair market value by combining market reference pricing and on-platform order book conditions. This helps reduce the chance of unfair liquidations caused by short-term price spikes or thin liquidity. Important notes: * In volatile markets, mark price may differ from the visible book price * Highly leveraged positions are more sensitive to small mark price movements * Traders should monitor liquidation thresholds using the platform’s mark price methodology ### **Partial liquidations** For larger positions, the platform may use partial liquidations instead of immediately closing the entire position. This means only a portion of the position is liquidated at first, which can: * Reduce market impact * Give the trader a chance to recover margin requirements * Improve execution quality in thinner markets Some platforms also apply a short cooldown window after a partial liquidation, during which liquidation behavior may temporarily change (for example, forcing full-position liquidation if risk continues to worsen).
# Points A brief description of how Liquid rewards early contributors to the platform Liquid points are distributed at the end of each season. Each user is awarded points in proportion to their contribution, according to a proprietary formula. The schedule is as follows: **Season 0** (May 1st to November 3rd): 600k points **Season 0.5** (November 3rd — November 17th): 200k points **Season 1** (Starting November 18th): * **Week 1** (November 18th — November 24th): 100k points * Every week thereafter: (100k points) # What are Vaults A vault on Hyperliquid is an onchain pooled account where users can deposit funds and get exposure to a trading or market-making strategy. Vaults are a native feature of Hyperliquid’s HyperCore system, and they can be run by an individual trader or an automated strategy. ### **When you deposit into a vault** * Your funds are pooled with other depositors * The vault executes a strategy (for example, trading or market making) * You share in the vault’s profit and loss (PnL) based on your share of the vault * You also take on the strategy risk (vaults can lose money) Vaults are a flexible primitive that can support advanced strategies, including high-throughput market making and liquidation-related strategies — not just simple token rebalancing. ### **How profit sharing works** For standard (user-run) vaults, depositors receive the vault’s performance pro rata, and the vault leader receives a 10% profit share of gains. This profit share does not apply to protocol vaults (like HLP). ### **Important risk note** Depositing into a vault is not passive savings. You are exposed to the underlying strategy’s outcomes, and past performance does not guarantee future returns. Hyperliquid explicitly warns that vaults are risky and should be evaluated carefully before depositing.
# What is HLP? HLP (Hyper Liquidity Provider) is Hyperliquid’s main protocol vault. Unlike a user-run vault, HLP is a protocol-managed, community-owned vault that helps power the exchange itself. ### **HLP Functions** * Provides liquidity to Hyperliquid through multiple market-making strategies * Performs liquidations * Supplies USDC in Earn * Accrues a portion of trading fees Due to core functionality of this vault, it has historically performed very well; though past performance is not indicative of future performance.
### **HLP lock-up period** HLP has a 4-day deposit lock-up period, meaning withdrawals become available 4 days after your most recent deposit.
# Referral Bonuses Every Liquid user is eligible to earn referral bonuses when their friends create an account using your referral code and start trading. The Referrals tab is your personal hub for monitoring the passive revenue you earn by inviting anyone in your social circles to try Liquid. Turn your network of traders into real income and receive up to 50% of the fees on their trades automatically. The more friends who join Liquid using your referral code, the more you earn. # Rewards Hub Open the Referrals Hub by tapping the gift icon 🎁 on the bottom navigation bar.
Inside the referrals window, you’ll immediately find your lifetime rewards, any unclaimed bonuses, and the invite tools you’ll need, including: * Claimed referral rewards * Unclaimed referral rewards * Number of friends referred * Your referral code * Referrals information All the earnings and referral stats shown in this window refresh automatically. Track them whenever you open Liquid on your mobile device.
# Refer Traders Invite your friends to try Liquid with the code inside your referrals hub or by generating a link that points to your code. To share a link, open the referrals hub and tap the “Invite a friend” button.
A link is generated that you can send directly through SMS, Telegram, WhatsApp, or other messaging apps. Or you can copy the link and navigate to whatever app you choose to paste and send it to a friend. To share your unique referral code, find the 8-digit alphanumeric string (e.g., “ABCD3FG1”) at the middle of the screen. Tap the “Copy” button next to it.
Paste it in Telegram, Discord, or wherever your friend is waiting. An invited trader will enter your code when prompted by the app as they create a new Liquid account. When they start trading on the app, your referral bonus balance will update.
# Claim Rewards Rewards for referring traders can be claimed at any time. Tap the gift icon to open the referrals hub.
Then press the large Claim Rewards button near the middle of the screen. After claiming, funds denominated in USDC will deposit to your Liquid account address.
The **Claim Rewards** button remains greyed out until the unclaimed rewards balance rises above $0.00.

# FAQ Frequently Asked Questions ### How is Liquid different from a Centralized Exchange? (e.g. Robinhood, Coinbase) **Liquid is non-custodial**, meaning we never hold your funds or personal data. You trade directly from your own wallet, and your assets remain in your control at all times. This is fundamentally different from centralized exchanges like Robinhood or Coinbase, which take custody of your assets and personal information. #### Key Differences * **You control your assets.**\ With Liquid, funds are stored in your wallet—not ours. There’s no single point of failure or risk of your funds being frozen, seized, or misused. * **No KYC honeypots.**\ Centralized exchanges store massive amounts of sensitive identity data (e.g. passports, selfies, SSNs). If that data is hacked—as has happened with platforms like Coinbase—you’re exposed. Liquid doesn’t require KYC to trade, so there’s **nothing to leak**. * **Censorship-resistant.**\ On Liquid, no one can freeze your account or block your trades. Everything is executed on-chain, permissionlessly. * **No custodial blowups.**\ With a CEX, you’re trusting them not to go bankrupt, halt withdrawals, or run fractional reserves. With Liquid, there’s **no trust required.**