Why HDL exists
Perpetual futures liquidity is fragmented. The same contract trades on many centralized exchanges and on-chain order books, each with its own price, its own spread and its own depth. On major pairs, any single venue shows only a fraction of the liquidity near the price. On newer and smaller assets, one venue’s book can be a few levels deep. Simulated and prop trading platforms usually reduce this to one of three shortcuts:
None of these models consumes liquidity, so none can produce a fill the market
could actually have delivered at size. Because every platform builds its own
model, there is also no common reference: a trader cannot check how a fill was
priced, and a firm cannot show that it was fair.
Futures traders already have a reference like that. A CME contract has one
book, and every serious platform prices against it. HDL gives perpetual futures
the same thing: a single, consistent book that represents the market as a
whole.
What it means for you
Traders
Fills that walk real, displayed depth. Large orders cost what they would
cost in the market, small orders get the tightest spread available, and
the method behind every price is published.
Prop firms
Funded performance that reflects the real market. Payouts are earned
against executable prices, not against shortcuts a strategy can exploit,
and the same book applies to every trader.
What HDL is built for
- Executable realism. Every fill price is a price the consolidated book actually displayed.
- Manipulation resistance. No single venue or single print can move the reference price.
- Conservatism. Where the model has to approximate, it approximates against the trader, never in their favour.
- Availability. Losing any one source reduces depth, not correctness.
- Consistency. Charts, the live book and fills are built from the same sources in the same way.
- Verifiability. The methodology is published, and its records can be audited.
In this section
How HDL works
How many independent sources become one book that never crosses.
Execution and fills
How market and limit orders fill against HDL, and what to expect at size.
Supported markets
Crypto, US indices and ETFs, and commodities, trading 24/7.
Transparency and audit
Our published methodology and reporting commitments.
HDL for builders
Free HDL market data for perpetuals platforms. Coming soon.
Try HDL
Traders will be able to try HDL through the Add-on Store in the Hyperprop app by turning on a free HDL Practice account. Evaluation and funded accounts on HDL markets will be available through the prop firms that offer them.HDL is a market data and execution reference for simulated trading on
Hyperprop. Trading perpetual futures with leverage carries significant risk.