Hyperliquid has become one of the most closely watched cryptocurrency exchanges among quantitative traders, market makers, and infrastructure teams. While many developers associate it with perpetual futures, the exchange produces a much richer stream of market events than trades alone.
If you're building trading systems, market replay engines, execution analytics, or research pipelines, understanding exactly what Hyperliquid data is available and how it's delivered… is just as important as choosing the right API.
CoinAPI WebSocket DS provides direct-source connectivity to Hyperliquid with two complementary data surfaces:
- Standard Hyperliquid market data covering spot and perpetual markets.
- A dedicated Hyperliquid L4 stream exposing order-level events, wallet attribution, oracle updates, TWAP statuses, and raw exchange events.
Together, they allow developers to move beyond top-of-book market data and observe how the exchange actually operates in real time.
Standard Hyperliquid Market Data
For most applications, CoinAPI provides comprehensive real-time market data across the Hyperliquid exchange.
Current coverage includes:
| Data | Available |
| Trades | YES |
| Quotes | YES |
| Order Book | YES |
| Symbol Metadata | YES |
| Exchange Metrics | YES |
As of today, CoinAPI provides:
- Over 700 active symbols
- Exchange history beginning on September 27, 2024
- Coverage extending daily
Like any exchange, coverage is symbol-specific. Some markets may end earlier due to delistings, inactivity, or differences in historical availability.
Spot and Perpetual Markets
Hyperliquid currently exposes two instrument types through CoinAPI:
- Spot markets
- Perpetual futures
Example spot symbols include:
- HYPERLIQUID_SPOT_HYPE_USDC
- HYPERLIQUID_SPOT_USDT0_USDC
- HYPERLIQUID_SPOT_USDE_USDC
Example perpetual contracts include:
- HYPERLIQUID_PERP_BTC_USDC
- HYPERLIQUID_PERP_ETH_USDC
- HYPERLIQUID_PERP_HYPE_USDC
Perpetual contracts are USDC-margined and currently use:
- Quote asset: USDC
- Contract unit: 1.0
- Inverse: false
- Quanto: false
Spot markets are more diverse and include assets quoted against USDC, USDT0, and USDE.
CoinAPI normalizes exchange-native identifiers into standardized symbol IDs, allowing applications to consume consistent market data across exchanges while preserving exchange-specific metadata when needed.
Exchange Metrics Available Through WebSocket DS
Beyond market events, CoinAPI also exposes a collection of derived exchange metrics.
Current metric families include:
| Metric Family | Description |
| DERIVATIVES_FUNDING_RATE_CURRENT | Current funding rate |
| DERIVATIVES_INDEX_PRICE | Exchange index price |
| DERIVATIVES_MARK_PRICE | Mark price |
| DERIVATIVES_OPEN_INTEREST_AMOUNT | Open interest |
| DERIVATIVES_SETTLEMENT_PRICE | Settlement price |
| DERIVATIVES_VOLUME | Derivatives volume |
| PRICE_MID_SPREAD | Bid-ask spread |
| STATS_PRICE_HIGH_LAST_24H | 24-hour high |
| STATS_PRICE_LOW_LAST_24H | 24-hour low |
| STATS_VOLUME_SUM_LAST_24H | 24-hour trading volume |
These metrics are particularly useful for dashboards, derivatives monitoring, funding models, and market surveillance.
Beyond Market Data: Hyperliquid L4
For developers building execution systems or studying market microstructure, CoinAPI offers something far more detailed than traditional exchange feeds.
The dedicated Hyperliquid L4 WebSocket DS exposes six specialized data streams that are unique to the Hyperliquid L4 integration.
Unlike standard trades or Level 2 order books, these feeds expose the lifecycle of individual orders, user attribution, oracle updates, TWAP execution progress, and raw exchange events.
These streams are available exclusively through the dedicated endpoint:
As of today, CoinAPI provides:
- Quotes, trades, and limitbook data for HyperliquidL4 are available starting from April 30, 2026
- HLORACLEPRICES, HLTWAPSTATUSES, HLMISCEVENTS, and HLSYSTEMEVENTS are available starting from June 17, 2026
1. Book L4
Book L4 provides the complete order-level view of the Hyperliquid order book.
Instead of aggregated price levels, every visible order is transmitted individually.
Each order includes information such as:
- exchange order ID
- price
- size
- order owner (user address)
- client order identifier (when available)
- order type
- original size
- time-in-force
- reduce-only flag
- trigger conditions
- child order relationships
- order status
- update type
Snapshot messages contain the current visible order book.
Incremental updates include only changes since the previous message, making it possible to reconstruct the book exactly as it evolves.
This stream is designed for advanced analytics, execution research, and reproducible order book replay.
2. Trade L4
Trade L4 delivers executed transactions with significantly more context than traditional trade feeds.
Each trade contains:
- execution price
- executed size
- exchange timestamp
- CoinAPI timestamp
- aggressor side
- maker user address
- taker user address
- exchange transaction identifier
- sequence number
The inclusion of wallet attribution enables research that is impossible with anonymous trade feeds.
For example, researchers can study participant behavior, execution quality, recurring trading patterns, and liquidity provision at the account level.
3. Oracle Prices
Hyperliquid's perpetual markets rely heavily on oracle prices.
The hl_oracle_prices stream exposes oracle and mark price updates generated from Hyperliquid's native oracle infrastructure.
Messages may include:
- oracle prices
- mark prices
- daily reference values
- underlying input prices
- validation information
This stream is particularly valuable for:
- liquidation monitoring
- funding analysis
- risk engines
- mark-oracle divergence detection
- derivatives pricing research
Unlike generic price feeds, these updates represent the exchange's own pricing infrastructure.
4. TWAP Statuses
TWAP orders generate their own lifecycle events.
The hl_twap_statuses stream publishes execution progress throughout the lifetime of each TWAP order.
Messages include information such as:
- execution progress
- completed quantity
- remaining quantity
- execution status
- randomization parameters
- timestamps
- TWAP identifiers
Rather than producing candles or price data, this stream provides operational visibility into how TWAP executions evolve over time.
It is particularly useful for execution monitoring, algorithm evaluation, and trading dashboards.
5. Misc Raw Events
Not every exchange event fits neatly into trades or order books.
The hl_misc_events stream captures additional Hyperliquid-native events and publishes them as normalized messages containing:
- exchange identifier
- block number
- event type
- raw JSON payload
These events allow developers to preserve exchange-native information that would otherwise be unavailable through standardized market data alone.
6. System Raw Events
Operational events are equally important when building production infrastructure.
The hl_system_events stream exposes system-level actions emitted by Hyperliquid.
Each message contains:
- exchange identifier
- block number
- action type
- raw JSON payload
These events are useful for monitoring exchange behavior, maintaining audit trails, and understanding operational state changes alongside market activity.
Why the Six Streams Matter Together
Each stream answers a different question.
| Stream | Primary Purpose |
| Book L4 | Individual order lifecycle |
| Trade L4 | Executed trades with wallet attribution |
| Oracle Prices | Exchange pricing and mark values |
| TWAP Statuses | Algorithmic execution progress |
| Misc Events | Additional exchange-native events |
| System Events | Operational and system activity |
Combined, they provide a much richer view of Hyperliquid than traditional market data alone.
Instead of observing only what traded, developers can analyze how liquidity appeared, which participants interacted, how oracle prices evolved, how TWAP executions progressed, and what exchange events occurred around those changes.
Standard Hyperliquid vs Hyperliquid L4
The two data surfaces serve different purposes.
| Feature | Standard Hyperliquid WS DS | Hyperliquid L4 WS DS |
| Spot & perpetual market data | YES | YES (supported L4 symbols) |
| Trades | Standard executed trades | Order-level trades with maker/taker wallet attribution |
| Order books | Standard order book updates | Full L4 order lifecycle with order IDs, status changes, user addresses, bracket orders, trigger orders, and incremental updates |
| Symbol metadata | YES | Discoverable through REST metadata |
| Exchange metrics | YES | NO |
| Oracle prices | NO | YES. Native Hyperliquid oracle and mark price updates |
| TWAP events | NO | YES. TWAP lifecycle and execution progress |
| Raw exchange events | NO | YES. Miscellaneous and system node events |
If you need...
- Trades, quotes, order books, metadata, and exchange metrics across Hyperliquid markets - use Standard Hyperliquid WebSocket DS
- Individual order lifecycle events, wallet attribution, oracle prices, TWAP updates, and raw exchange events - use Hyperliquid L4 WebSocket DS
- A complete view of Hyperliquid market activity - combine both data streams
Build on Top of Hyperliquid WebSocket Data
Hyperliquid generates far more than trades and top-of-book updates.
From real-time market data to order-level events, oracle prices, TWAP statuses, and raw exchange events, CoinAPI provides a consistent way to consume Hyperliquid data without building and maintaining your own ingestion pipeline.
With CoinAPI, you get:
- real-time trades, quotes, and order books
- dedicated Hyperliquid L4 data streams
- wallet-attributed order and trade events
- oracle prices, TWAP statuses, and raw exchange events
- standardized symbol identifiers and metadata
So you can spend less time integrating market data and more time building trading infrastructure.
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