Hyperliquid’s KYC-free DEX nanny-level tutorial: Lao Lee teaches you how to use your wallet to play with decentralized contracts

#Hyperliquid KYC-free DEX nanny-level tutorial: Lao Liek teaches you how to use your wallet to play with decentralized contracts

Old Leek digs out his heart: When playing DeFi, your wallet is your lifeblood! Don't mess around with the pheasants, and don't mess with the links. All the links below are safe channels that have been inspected by our CoinRebate, so feel free to trade.

What exactly is Hyperliquid? Do you really need KYC?

Hyperliquid is a decentralized perpetual contract trading platform. The biggest highlight? No KYC required! You only need a Web3 wallet (such as Little Fox MetaMask) and some USDC to start working directly, with full privacy.

For those who are fed up with the various audits and withdrawal restrictions of centralized exchanges, this is simply a blessing from heaven. But having said that, to play DEX, you must first understand how to use a wallet and how to transfer funds across chains. Don't panic, I will take you step by step to start from scratch, as steady as an old dog.

Step one: Prepare your “digital safe”—MetaMask wallet

To play Hyperliquid, you must first have a Web3 wallet as an entry point. Here we use the most mainstream and most supported MetaMask (Little Fox Wallet) to demonstrate.

**Why choose MetaMask? ** Because Hyperliquid currently mainly runs on the Arbitrum Layer 2 network, and MetaMask's support for Arbitrum is quite friendly and easy to operate.

How to install and set up MetaMask?

1. Download and install:

• Open your Chrome browser and go straight to the Chrome Web Store.
• Search for "MetaMask", look for the official fox head logo, and click "Add to Chrome".
• Lessons from Blood and Tears: Be sure to download from the official app store, don’t go to those messy websites, be careful of your private key being stolen!

2. Create a new wallet:

• After installation, a fox icon will pop up in the upper right corner of the browser, click on it to start setting up.
• Click "Create New Wallet".
• Set a strong password. This password is only used to unlock the wallet on the current device, so be sure to remember it.

3. Back up the mnemonic phrase (this is the most critical step, bar none!):

• Next you will see a string of 12 English words, which is your secret recovery mnemonic.
• Iron Rule: Copy these 12 words on paper in order and put them in an absolutely safe place. **Don’t take screenshots, don’t save them on a network drive, and don’t send them to anyone! ** Whoever has this string of words can empty out your assets.
• Follow the prompts and re-click these words to confirm that you have backed up.

Done! Your digital “safe” is now complete. Next, we have to connect the safe to the Arbitrum network, the "neighborhood" where Hyperliquid is located.

Step 2: Connect the wallet to the Arbitrum network

The assets used by Hyperliquid are all on the Arbitrum chain, so we have to manually add this network in MetaMask.

1. Click the MetaMask fox icon, select the network at the top (the default may be "Ethereum Mainnet"), and click "Add Network".
2. Manually fill in the Arbitrum One network information below (the information must be checked correctly):

• Network Name: Arbitrum One
• New RPC URL: https://arb1.arbitrum.io/rpc
• Chain ID: 42161
• Symbol: ETH
• Block explorer URL: https://arbiscan.io/

3. After saving, switch to this network. Your wallet is now ready to receive assets from Arbitrum.

Step 3: Add some USDC to the wallet (key step, don’t lose the chain)

Transactions on Hyperliquid only use USDC. So we have to first get some USDC into the Arbitrum network wallet. This is usually divided into two steps: 1. Buy coins; 2. Cross-chain.

The most worry-free way: buy it through a regular major exchange and mention it directly to Arbitrum

Here I strongly recommend you to use the regular major exchanges we cooperate with, such as OKX or Bybit. They both support the direct withdrawal of USDC to the Arbitrum network, which is fast and the handling fees are transparent.

CoinRebate exclusive benefits: Register for these exchanges through our links, and you can get permanent transaction fee discount, which is equivalent to saving money on every transaction. Don't use ordinary links to register, it will be a waste of benefits!

Plan A: Use OKX (OUYI)

OKX is friendly to mainland users, has many deposit and withdrawal channels, and supports withdrawals on the Arbitrum chain, which is very convenient.

1. Register/Login to OKX:

• If you don’t have an OKX account yet, quickly use our exclusive invitation link to register: https://www.lywebuuz.com/join/LULALA
• Enter the referral code: LULALA and get 20% of the transaction fee rebate immediately.

2. Buy USDC:

• In OKX App or official website, use bank card or Alipay to buy USDC through "Quick Buy Coin".

3. Withdraw USDC to your MetaMask wallet:

• On the OKX asset page, find USDC and click "Withdraw".
• Network Selection: Be sure to select Arbitrum (Arbitrum One).
• Paste the payment address of your MetaMask wallet on the Arbitrum network in the address bar (click on the account name to copy).
• Confirm the handling fee and amount received, and submit for withdrawal. It usually arrives within a few minutes.

Option B: Use Bybit

Bybit is also the world's top contract exchange, and its product experience is unparalleled.

1. Register/Login to Bybit:

• Register using our exclusive invitation link: https://www.bybitglobal.com/invite?ref=ODXBWMN
• Enter the referral code: ODXBWMN and also enjoy 20% handling fee discount.

2. The subsequent operations of buying and withdrawing USDC to the Arbitrum network are similar to OKX. Remember to select Arbitrum when withdrawing funds.

Acceptance check: After the withdrawal is successful, open MetaMask and make sure Arbitrum One is selected on the top network. You should be able to see the USDC balance. At the same time, please make sure that there is still some ETH (for example, 0.005) in the wallet as gas fee for subsequent transactions, so as not to get stuck.

Step 4: Connect to Hyperliquid and let’s get started!

Everything is ready, all we need is the east wind! You can now officially log into Hyperliquid.

1. Visit Hyperliquid official website:

• Use the secure link we provide to make sure the address is correct and prevent phishing websites: https://app.hyperliquid.xyz/join/LULALA
• This link already contains our referral code LULALA, which can bring you extra points.

2. Connect wallet:

• After entering the website, click "Connect" in the upper right corner.
• Select MetaMask in the wallet list.
• Your MetaMask plug-in will pop up the request, carefully check the connection information, confirm that it is the official website of Hyperliquid, and click "Connect".

3. Deposit Funds:

• After the connection is successful, you need to "deposit" the USDC in your wallet into your Hyperliquid trading account. Find the "Deposit" button on the platform, select USDC and Arbitrum networks, and authorize a transaction (you need to pay a small amount of ETH as a gas fee).

4. Start Trading:

• After the funds are received, you can trade various perpetual contracts on Hyperliquid. The interface is similar to that of a centralized exchange. You can open long, short, and set stop loss and profit. Let’s have fun.

Important safety reminder (must read! Don’t turn a blind eye)

1. Mnemonics are life: Again, 12 mnemonics are everything. Lost = all assets are lost; leaked = assets are stolen. There is no customer service to help you find it, and there is no place to cry.
2. Look for the official link: When downloading MetaMask and accessing Hyperliquid, be sure to use the official or trusted link provided by us. The results found on Google may be fraudulent, so be careful.
3. Test the water with a small amount: When you play DEX for the first time, transfer a small amount of money (for example, 50 US dollars) to go through the entire process. Once you are familiar with it, you can invest more and don’t just start playing.
4. Gas Fee Reservation: Any transaction (connection, deposit, transaction) on Arbitrum requires a small amount of ETH to be consumed as network gas fee. Be sure to keep some in your wallet, don't just rush it.

As an emerging DEX, Hyperliquid gives us more choices and privacy. But with great power comes great responsibility. While you have the private key, you also have to bear the security risks yourself. Follow the above steps slowly and steadily, and you can safely start your decentralized trading journey.

If you have any problems when registering for an exchange (such as OKX, Bybit), remember to use our exclusive link and recommendation code. Not only can you save handling fees, but you can also find us for help if you encounter problems. I wish the transaction goes smoothly, eat more meat and get less knifes!

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