Every offer is one of a few standard markets. The band is set around the HYPE price at the moment you take it, never around a price someone typed. Taking one funds your side in full and the position starts at once.
No open offers right now. You can make one.
Make an offer
Pick a side and a size. The house sets the rest.
You choose your side, the two stakes and a market. The band and the starting price are set by the contract at the moment someone takes your offer — nobody types them. You fund your side now; it is fully refundable until then.
Explore example payoutsTry both sides and compare stakes. This calculator uses an illustrative $100 HYPE price; it does not create an offer or connect your wallet.
Your side
USDT0
vs
USDT0
Other side
Market · how long, and how far HYPE must move
Offer stays open
Enter both stakes to see what you would receive at every final price, as if the offer were taken right now.
What you receive after all fees, by final HYPE price, if the offer were taken at today’s price. The dashed line is what you put in.
Your positions
Offers, live positions and payouts.
Connect your wallet to see your offers and positions.
Before you take a side
Know the three rules.
The pool is the limit
Two people fund one pool of USDT0. The final HYPE price divides it: if HYPE ends the market’s full percentage above where it started the Bull takes all of it, the same distance below and the Bear does, exactly where it started each gets their own money back, and in between it moves in a straight line. The distance is the same both ways, and the starting price is read by the contract when the two sides are matched. There is no leverage, no borrowing and no liquidation. You can lose everything you put in, and never more. A tighter market reaches the limit sooner; it never makes the pool bigger.
How the final price is set
The price is Hyperliquid’s own HYPE oracle. It only reports the price at this moment, so the final price is the first valid reading taken at or after expiry. Anyone can take that reading with the Settle button, including you. Settle promptly: whoever the price favours has every reason to. Touching a bound before expiry means nothing. If no settlement is recorded within 48 hours after expiry, anyone can enable refunds. Both sides can then reclaim their original deposits, with no protocol fees.
Compare before you commit
Start with equal stakes, then compare the most you can lose with the most you can receive after fees. Switch between Bull and Bear to see both outcomes. A wider price range needs a larger HYPE move to reach either limit. Choose a duration you can hold through: once matched, there is no early exit. Before a match, you can cancel your offer for a full refund.
Payouts include a 0.5% fee on each starting stake and 15% of positive profit, earned only on successful settlement. Cancelling an unmatched offer or refunding an unsettled position after the 48-hour window has no protocol fee.