Hyperliquid errors

Hyperliquid is a decentralized exchange, and its errors work differently from the rest. There are no numeric codes: the exchange answers a rejection with an English phrase, for example Order must have minimum value of $10. There are also no API keys in the usual sense — the connection signs orders with the wallet’s or API wallet’s private key, and the rate limit is counted per wallet address, not per IP.

If the terminal didn’t recognize the rejection, the pop-up message after “Order:” will show the exchange’s response as HL exchange error: Order must have minimum value of $10. asset=0. A cancel rejection looks like “Cancel rejected: Hyperliquid cancel …”. The general troubleshooting flow is on Error messages: how to read, and connection setup is in Connecting exchanges and API keys.

What the terminal explains itself

Situation	Exchange response	What you’ll see
The exchange doesn’t know a wallet with this key	«User or API Wallet 0x… does not exist.»	Card “…: the exchange rejected the API key or secret — check them in connection settings”, with a tooltip on the connection in Settings → Connections: “The exchange rejected the API key or secret”
API-wallet key, but their support is disabled	—	“…: this key type is not supported. Hyperliquid requires the wallet’s own private key, not an API wallet (agent) key”
Address rate limit exhausted on your action	HTTP 429	“Hyperliquid: rate limit (429), pause ~… s — until … UTC. The address request budget is replenished by trading volume (1 request per 1 USDC).”
Same on background polling	HTTP 429	Nothing: the terminal silently waits out the pause
LootX builder fee not approved	«Builder fee has not been approved»	Nothing: the terminal immediately resends the same order without the builder fee
Balance sits on the spot side of the unified account	—	The terminal shows this balance as futures margin. Details — below
Stop on a short without an open position	—	Log entry “Hyperliquid: a stop on a short without an open position will be executed by the exchange as reduce-only and rejected”. The order is still sent

Common codes

Hyperliquid has no codes — the exchange’s phrase names the cause, so the table uses the phrase instead of a code. All these phrases are visible as the exchange text in the order message.

Exchange response	Cause	What to do
«Order must have minimum value of $10.»	Futures order notional below 10 USDC	Increase size
«Order must have minimum value of 10 …»	Same on spot: notional below 10 units of the quote coin	Increase size
«Insufficient margin to place order.»	Not enough margin given leverage and open positions	Reduce size or leverage, top up the account — see Balance zero or wrong margin
«(Spot-only) Order has insufficient spot balance to trade»	Not enough coins or USDC on spot	Reduce size, cancel extra orders
«Reduce only order would increase position.»	A closing order would increase the position: no position, or it’s in the opposite direction	Check the position. Hyperliquid treats a stop on a short without a position as closing — see What the terminal explains itself
«Price must be divisible by tick size.»	Price is not on the coin’s tick size	Set the price on the order book grid
«Order price too far from oracle»	Price is too far from the oracle price	Place the order closer to the market
«Post only order would have immediately matched, bbo was …»	A post-only order would have filled immediately	Move the price away from the best opposite side
«Order could not immediately match against any resting orders.»	An immediate-or-cancel order found no resting orders	Try again or place a limit order
«No liquidity available for market order.»	No liquidity in the book for a market order	Use a limit order
«Invalid TP/SL price.»	Stop trigger price is on the wrong side of the market	Check the stop price
«Order would cause position to exceed margin tier limit at current leverage»	The position would exceed the limit for the current leverage	Reduce size or leverage
«Order would increase open interest while open interest is capped»	The coin’s open interest cap has been reached	Wait for the cap to free up, or only close the position

How to fix common issues

The exchange rejected the key

A Hyperliquid connection has one field — Private Key / Seed: a 0x… private key or a seed phrase. The rejection “User or API Wallet 0x… does not exist.” means Hyperliquid didn’t find an account at the address derived from your key.

Check the key

Paste the key again in full, without leading or trailing spaces. One wrong character gives a different address — someone else’s, and empty.

Check that the wallet has an account on Hyperliquid

If this is the main wallet’s key, a deposit must have been made to Hyperliquid with it — without a deposit, the exchange has no account.

If it’s an API wallet — check that it’s alive

Open the API section on the Hyperliquid website and make sure the API wallet hasn’t been deleted. If it has, create a new one and paste its private key.

API wallet (agent) key

On the Hyperliquid website you can create an API wallet — a separate key that trades on behalf of the main wallet but cannot withdraw funds. You can paste such a key into Private Key / Seed: the terminal will ask the exchange which main wallet it belongs to and show that wallet’s balance, positions, and orders.

Until the exchange answers whose key it is, the terminal doesn’t show the position and balance, and keeps re-asking — otherwise it would read the API wallet’s own empty account and show zeros.

The message “this key type is not supported” appears only when accepting API-wallet keys is temporarily disabled on the LootX side. In that case, paste the main wallet’s private key. Details are in Terminal messages.

Builder fee

The terminal adds the LootX builder fee to Hyperliquid orders. It is approved once by a signature from the main wallet; with the main wallet’s key, the terminal does this itself.

An API-wallet key cannot sign such an approval, and without a deposit on the wallet the exchange won’t accept it. In both cases, orders still go out — just without the builder fee. If the exchange rejects an order because of an unapproved fee, the terminal immediately resends it without the fee, and you won’t see the rejection. Nothing needs to be done.

Balance zero or wrong margin

By default, a Hyperliquid account is unified: spot and futures funds sit together, and the exchange shows them on the spot side. The terminal accounts for this: if futures margin is zero and there is USDC on spot, it takes the balance from spot.

If you have enabled the manual mode with separate balances on Hyperliquid, this causes one inaccuracy: when the futures side is empty, the terminal will show spot USDC as available margin, and the exchange will reject the order with “Insufficient margin to place order.”. Move USDC from spot to futures on the Hyperliquid website.

Address rate limit

Hyperliquid’s request budget is counted per wallet address and is replenished by trading volume, not time — 1 request per 1 USDC of turnover, as stated in the card. When the budget is exhausted, the exchange responds with 429. The terminal shows a card only when the limit blocked your action — placing or canceling an order; background polls it simply throttles.

Spot and futures of the same wallet share one budget. Changing IP or proxy usually doesn’t help here — the limit is tied to the address. Wait for the pause to end; the budget replenishes as you trade.

HIP-3 markets

Besides the main futures, Hyperliquid has HIP-3 markets — contracts launched by third-party deployer exchanges, with names like xyz:AAPL. They are traded through a connection with Futures enabled. Many of these markets allow only isolated margin. When changing leverage, the terminal doesn’t change the coin’s margin mode on its own: on an “isolated-only” market it sets isolated, if the mode is known it keeps it, and if the mode couldn’t be read it chooses isolated for HIP-3. Hyperliquid won’t allow changing the margin mode with an open position — if leverage doesn’t change, read the text in the card “Leverage … ×… not changed: …”.