Mechanics
How Legend.trade works
Understanding which layer does what explains the fees, the risks, and why the interface you use is not the same thing as the exchange you trade on.
Short answer
Legend is a trading interface layered over the Hyperliquid exchange. You place orders in Legend's web or mobile app; Hyperliquid matches them and settles them on-chain. Legend adds a social and competitive layer and charges 0.05% on perpetuals and 0.25% on spot on top of the network fees.
Last fact-checked: August 21, 2026
1. You and the Legend interface
You place an order in the Legend web or mobile app. This is also where the social feed, profiles, clans, Arena, spectating, and copy trading live. Legend's platform fee is applied at this layer.
2. The Hyperliquid exchange
Your order reaches Hyperliquid, which supplies the liquidity and matches the order against the book. Network fees are charged here, separately from Legend's fee.
3. On-chain settlement
The result of the match is settled on-chain. Your position, margin, and liquidation level are maintained at this layer, not by the interface you happen to be looking at.
What Legend controls and what it does not
| Function | Handled by |
|---|---|
| Order entry interface and charts | Legend |
| Social feed, profiles, clans, spectating | Legend |
| Arena matches and ELO ratings | Legend |
| Copy trading engine and copy wallets | Legend (alpha) |
| Referral attribution and cashback accrual | Legend |
| Liquidity and order matching | Hyperliquid |
| Margin, liquidation and settlement | Hyperliquid, on-chain |
| Network fees | Hyperliquid |
| Nothing at all | LegendTrade Guide — this site is informational only |
Perpetual contracts in one paragraph
A perpetual contract tracks the price of an asset without an expiry date. You post margin and take a leveraged position; periodic funding payments move between long and short holders to keep the contract close to spot. If the price moves against you far enough that your margin no longer supports the position, it is liquidated and your margin is lost. Leverage does not increase your edge — it increases the speed at which you are right or wrong. Read our perpetual contract risk guide before trading with leverage.
What the social layer changes about behaviour
This is our editorial assessment rather than a documented fact: public performance changes how people trade. Visible rankings, timed matches, and other people's positions all create pressure to act. Traders who do well in competitive environments generally impose their own sizing and loss rules in advance, before the leaderboard is in view.
The order of operations we recommend
- Read the fee structure in full and price a realistic round trip.
- Confirm your jurisdiction and eligibility with Legend directly.
- Verify the domain you are on before connecting anything.
- Start with size you would accept losing entirely.
- Set your maximum loss before you open a position, not after.
How it works FAQ
Does Legend hold my funds?
Legend is an interface to the Hyperliquid exchange, and settlement happens on-chain through that exchange. Custody arrangements are defined by Legend and Hyperliquid, not by this website. Read Legend's own terms and documentation before depositing.
Do I need a Hyperliquid account separately?
Legend's onboarding sets up what is needed to trade through its interface. Follow Legend's own instructions during registration rather than any third-party walkthrough, including ours.
What happens to my open positions if I stop using Legend?
Positions live on the underlying exchange. Legend's documentation is the correct place to check how positions and balances behave if you stop using the interface, and specifically how stopping a copy affects mirrored positions.
Ready to open Legend with the referral cashback applied?
Registering through the referral link is what makes the documented 10% cashback on Legend platform fees from losing trades available on your account. Read the fees and risks first.
Affiliate link. The site owner may earn a portion of Legend's builder-fee revenue if you trade. Perpetual trading and leverage can result in rapid losses. Read the full affiliate disclosure.