Learn PerpNow

Technical guides for the public perpetuals testnet. Test funds only.

• Trade PerpNow with the Hyperliquid Python SDK — Configure the Hyperliquid Python SDK for PerpNow testnet and submit a first order.
• How liquidation works on PerpNow — A code-based guide to PerpNow maintenance margin, liquidation, backstop and ADL.
• Funding rates explained — How PerpNow samples premium and settles hourly funding on its testnet.
• Cross vs isolated margin — Understand shared cross collateral and position-level isolated margin on PerpNow.
• Get test USDC and place your first trade — A practical, testnet-only walkthrough from demo account to Explorer-confirmed fill.