# Trade Overview

The Zirodelta trading terminal is a perp trading interface on Hyperliquid L1 with funding-native analytics built into every market view.

It is not a general-purpose trading interface. Every element. The market list ordering, the chart, the order panel. Is designed around one question: which direction earns funding right now, and is the signal strong enough to act on?

## What you see when you open the terminal

**Market list (left sidebar)**: Every Hyperliquid perpetual market, sorted by Farm Score™ by default. The highest-scoring markets rise to the top. At a glance, you see which markets have the strongest directional funding signal and which direction earns.

**Funding chart (center)**: A baseline chart for the selected market with four switchable modes:

* **Daily**: average daily yield % over the last 90 days
* **APR**: annualized return % based on 90-day history
* **1h**: raw hourly funding rate over the 90-day window
* **Realtime**: live predicted funding rate, updating every \~2 seconds via Hyperliquid WebSocket

The baseline is zero. Green bars above zero = positive funding (longs pay shorts, earn by shorting). Red bars below zero = negative funding (shorts pay longs, earn by longing).

**Market stats bar (top)**: Mark price, oracle price, 24h price change, 24h volume, current open interest, and live funding rate with countdown to next settlement.

**Order book (right panel)**: Live Hyperliquid L2 order book, 16 levels on each side, refreshed every 1.5 seconds.

**Order panel (far right)**: Long/Short toggle, position size in USD, inline yield hints (+$X/hr, +$X/day, +$X/yr at current size and rate), and the submit button.

## Who can trade

All markets are available to any connected wallet without a Pro subscription. Builder fee approval is required on first trade (one-time, per market type). No KYC. No account registration beyond wallet connection.

Autopilot (delta-neutral automation) requires Pro. Manual directional and delta-neutral trading does not.

## Supported markets

All Hyperliquid perpetual markets. As of launch, this includes BTC, ETH, HYPE, SOL, and dozens of additional assets listed on Hyperliquid L1.

## Execution

Orders are submitted directly to Hyperliquid L1 via the Zirodelta backend, which acts as a signing relay. All orders are market orders (IOC limit at current mark price). Fills happen on Hyperliquid's native order matching engine.

> **Note:** Zirodelta does not run a liquidity layer or AMM. All liquidity is Hyperliquid native. Fill quality, slippage, and execution speed are determined by Hyperliquid's order book, not Zirodelta.

## Understanding the yield hints

The inline yield estimate in the order panel is calculated as:

```
hourly_yield_usd = position_size_usd × funding_rate_1h
daily_yield_usd = hourly_yield_usd × 24
annual_yield_usd = hourly_yield_usd × 8760
```

These are estimates at the **current** funding rate. Funding rates change. If the rate moves against you after you open, actual yield will differ. Farm Score helps you assess whether the current rate is likely to persist, but it is not a guarantee.

## Navigation

The trading interface has three tabs in the navigation: **Trade**, **Portfolio**, and **Automation**. Portfolio shows your open positions, funding history, and equity curve. Automation is where you manage rule-based strategies (Pro required).

> **See also:** [Farm Score™](/trade/farm-score.md) · [CVD and OI Delta](/trade/cvd-and-oi.md) · [Fees](/trade/fees.md)


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