Understand perps before you trade them.
A free course on perpetual futures on Hyperliquid: how they work, what can go wrong, and how each part of Lance works. Live numbers, hands-on simulators, and a short check at the end of every lesson.
32 lessons2 h 40 minfree, no sign-in- PositionPosition you hold
- $1,000
- long BTC, 10x
- Liquidated at
- 91,139
- −8.9% from 100,000
Each 1% BTC moves is 10% of your margin. More leverage, less room. How leverage works
Before your first trade
Five things people most often learn the hard way.
- 1Amounts are position sizes“Long ETH $50 at 5x” is a $50 position backed by $10 of your margin.Read the lesson
- 2Fees are on the size, both ways0.045% to Hyperliquid plus the bot fee (0.05% on a typical bot), when you open and again when you close.Read the lesson
- 3Liquidation takes the marginAt 20x, a move of under 5% against you can close the position and the margin is gone.Read the lesson
- 4Funding is paid every hourLongs and shorts pay each other hourly while a position is open. It adds up over days.Read the lesson
- 5Lance can never withdraw your fundsYour USDC stays in your own Hyperliquid account. The trading key can trade, not withdraw.Read the lesson
The course
Six parts, in order. Start at the top or go straight to what you need: each lesson stands on its own and ends with a two- or three-question check.
- 1What Lance isYour community’s trading bot in Telegram, and Lance Trade on the web, both on Hyperliquid.4 minStart here
- 2Connecting your walletOne visit to the approval page: prove the wallet is yours, then approve a trading key and the bot fee (0.05% on a typical bot).5 min
- 3What trading costsHyperliquid’s 0.045%, the bot fee (0.05% on a typical bot) and funding: what each is, and how they add up.5 min
- 4Telegram and Lance TradeTwo ways to trade the same account: quick taps in Telegram, the full screen in your browser.4 min
Glossary
47 trading words in plain language, each linked to the lesson that explains it.
Open the glossaryTrading perpetual futures with leverage is high risk. Prices can move fast and you can lose all the money you put in. Lance is software: it does not give investment advice, manage money or trade on anyone’s behalf. Trades are executed on Hyperliquid, a third-party exchange that is not affiliated with Lance. Lance is not available to persons in the United States, the United Kingdom and sanctioned countries.