Before you open a position
- Opening a position is a real action that changes system state
- Hyperliquid includes different market types: the screen opens on Spot by default, and in this guide we use Perps as the example
- Once executed, the result cannot be undone
- Your position will immediately start changing with the market
What this step does
Opening a position turns your available balance into an active exposure to the market.
Until this point, your funds are idle. After this step, they begin to respond to price changes in real time.
This is the moment where you move from observation to participation.
Step 1 - Start on the main trading screen
Screen: Chart + trading panel
Main trading UI with chart + order panel
The trading interface is divided into two main areas:
- the chart, which shows market movement
- the trading panel, where you define your trade
This is where you select a market and prepare your trade.
Step 2 - Choose the market type for this guide
Screen: Markets selector
Market selector
The interface opens in Spot by default.
For this guide, switch to Perps.
To do this, click the market ticker at the top of the screen and select a Perps market.
Step 3 - Define your position in the trading panel
Screen: Order form
Order panel with size + Buy/Sell
In the trading panel, you define the position you want to open.
You choose:
- Direction (Buy / Long or Sell / Short)
- Position size
Position size can be entered either in base (asset amount) or in quote (position value, usually USDC), depending on the input mode selected in the panel.
These inputs determine your exposure to the market once the position is executed.
You are opening a position, not buying the asset directly.
You can use a Market or Limit order. In this guide, we use a Market order for simplicity.
Additional settings like margin mode and leverage can be adjusted, but are not required for the basic flow.
Step 4 - Submit the order
Screen: Order confirmation
Confirm Order modal before the order is sent.
When you submit the order, it is immediately applied to the system.
There is no separate processing stage - your input directly changes the system state.
At this point, your wallet may ask for confirmation.
This is the moment where your intent becomes an action.
Once confirmed, the order is sent and cannot be canceled retroactively.
Step 5 - Position is now live
Screen: Active position
Live position appears in the Positions tab with PnL, margin, and liquidation fields.
Once executed, your position becomes part of the system state and appears in your account.
At this point:
- your balance is partially allocated
- your position is exposed to price changes
- profit and loss start updating immediately
There is no \"activation\" step after this.
What is happening now
A position is not a static object - it is part of a continuously updating system.
As the market moves:
- your PnL changes
- your margin changes
- your risk changes
This happens automatically, without additional actions from you.
Order -> Position
Key idea
A position is not something you manage separately - it is the direct result of your action and immediately becomes part of the system.
Reinforcement
Opening a position follows the same system logic:
- you submit an action
- the system updates state
- the result appears immediately
There is no stage where the outcome can be adjusted after submission.
What to be aware of
- Your position starts changing immediately after execution
- There is no pause between opening and market exposure
- Closing or adjusting requires a new action
You can move on when
- You understand how an order becomes a position
- You recognize when a position becomes active
- You can explain why positions update automatically without new actions
Next step
Now that your position is live, the next step is to understand how it changes over time and when it becomes unsafe.