Hyperliquid Deposit Guide: Using OneKey Hardware Wallet Safely

How Hyperliquid Deposits Work (What You’re Actually Doing)

Unlike a typical exchange “deposit address” model, Hyperliquid deposits are designed around a bridge flow. In Hyperliquid’s own onboarding guide, the native bridge is between Hyperliquid and Arbitrum, and you’re instructed to deposit after you have ETH (for gas) and USDC on Arbitrum. See: Hyperliquid Docs — How to start trading

Key takeaway

When you deposit, you will usually do at least one of these actions:

• Approve a smart contract to spend your USDC (token allowance)
• Deposit USDC via Hyperliquid’s interface after approval

That approval step is where many real-world losses happen.

Why Safety Matters More in 2025–2026: Signature Phishing, Permits, and “Invisible” Approvals

Even when overall phishing losses fluctuate, signature-based scams remain persistent. A recent report recap notes that wallet-drainer phishing losses fell sharply in 2025, but attackers continued adapting—especially via Permit-style signatures. Reference: Cointelegraph — Crypto phishing losses fell 83% in 2025, Scam Sniffer reports

The risk behind “Sign to continue”

Modern token approvals are not limited to a simple onchain approve() transaction. Attackers increasingly abuse:

• ERC-2612 Permit (gasless approvals by signature): EIP-2612 specification
• Typed data signatures (what many wallets show as a signing pop-up): EIP-712 specification
• Permit2-style workflows, where users must be extra careful about what they sign: Uniswap Labs Support — What is a Permit2 approval?

A hardware wallet can’t magically prevent every scam, but it can help you slow down, verify, and refuse unexpected signing requests—especially when combined with good operational habits.

Pre-Deposit Checklist (Do This Before You Move Any Funds)

1) Verify you’re using the real Hyperliquid interface

Start from official documentation and then bookmark the app page you actually use. Hyperliquid’s docs point users to the trading interface here: Hyperliquid trading page

Practical tips:

• Type the domain manually once, then bookmark it
• Avoid clicking “sponsored” search results for bridge-related queries
• Treat “airdrop checker” clones as hostile by default

2) Use Arbitrum and keep a small ETH balance for gas

Hyperliquid’s onboarding explicitly calls out needing ETH and USDC on Arbitrum to deposit (ETH is used for transaction fees on Arbitrum). Reference: Hyperliquid Docs — How to start trading

3) Understand which USDC you have on Arbitrum (USDC vs USDC.e)

Arbitrum supports both native USDC and bridged USDC (USDC.e), with different contract addresses and ecosystem support. If a dApp expects one but you hold the other, you may need to swap or bridge correctly. Reference: Arbitrum Docs — USDC on Arbitrum One and Circle — USDC on Arbitrum Now Available

Best practice: On the Hyperliquid deposit screen, follow the asset label shown there, and verify token details in your wallet before approving.

Why OneKey Helps in This Flow (In Real Terms)

A OneKey hardware wallet is most useful at two moments in a Hyperliquid deposit:

1. When approving USDC (deciding who can spend your funds, and how much)
2. When confirming the deposit transaction (ensuring you’re interacting with the intended contract and network)

In general, hardware wallets keep private keys offline and require on-device confirmation—reducing the chance that malware on a laptop can silently sign transactions.

Step-by-Step: Deposit to Hyperliquid Using a OneKey Hardware Wallet

Below is a practical flow that mirrors how most users fund Hyperliquid.

Step 1: Get ETH + USDC onto Arbitrum

If your assets are on Ethereum mainnet, the official Arbitrum bridge UI is now part of Arbitrum Portal. Reference: Arbitrum Portal Bridge

Checklist:

• Bridge a small amount of ETH first (enough for several transactions)
• Then move USDC (or acquire USDC directly on Arbitrum via your preferred route)

Step 2: Connect your wallet to Hyperliquid (and confirm network)

Go to: Hyperliquid trading page

• Connect the wallet account that is controlled by your OneKey device
• Confirm you’re on Arbitrum One when preparing to approve and deposit

Step 3: Approve USDC safely (avoid unlimited allowances)

When you click Deposit, you will typically see an approval prompt first.

Security guidance:

• Prefer a custom spend limit (only what you plan to deposit now)
• Avoid “infinite approval” unless you fully understand the risk tradeoff

A clear explanation of why unlimited approvals are dangerous (and how to use custom limits) is covered here: OpenSea Help — Revoke token approvals and permissions

On OneKey: verify on the device screen that the transaction is an approval you intended, then confirm.

Step 4: Deposit USDC

After approval, you’ll submit the actual deposit from the Hyperliquid UI.

• Double-check the amount
• Confirm the transaction on your OneKey device
• Wait for the UI balance to update

Hyperliquid notes that trading itself does not require gas, but depositing USDC from Arbitrum requires paying Arbitrum gas. Reference: Hyperliquid Docs — How to start trading

Step 5: Confirm funds arrived (and record what you approved)

After funds arrive:

• Record the date, amount, and what allowance you granted
• If you used a one-time custom approval, you’ve already reduced your long-term exposure

Withdrawals: What to Expect

Hyperliquid’s docs describe withdrawing from the trade UI back to Arbitrum, noting:

• The withdrawal transaction “does not cost gas”
• A $1 withdrawal fee applies

Reference: Hyperliquid Docs — How to start trading

Post-Deposit Security: Don’t Let One Approval Become a Permanent Risk

1) Revoke approvals you no longer need

Token approvals are one of the most common “silent” risks in DeFi: you may stop using a dApp, but the allowance remains.

Helpful tools and references:

• Review approvals with: Etherscan Token Approval Checker
• Learn how revoking works (and why it matters): Revoke.cash — Learn About Token Approvals

Rule of thumb: if you’re not actively depositing or trading today, reduce approvals today.

2) Watch for address poisoning (it beats careful people, not just beginners)

Address poisoning attacks exploit transaction history and lookalike addresses to trick you into copying the wrong destination.

A detailed breakdown (including real examples and how it scales) is here: Chainalysis — Anatomy of an Address Poisoning Scam

Practical defenses:

• Don’t copy addresses from recent transaction lists
• Verify the first and last characters every time
• Use a saved address book when possible
• Do a small test transfer when moving large amounts

3) Separate wallets by purpose

A simple structure reduces blast radius:

• Vault wallet (cold, rarely used): long-term holdings
• Trading wallet (hardware-backed): Hyperliquid deposits and active DeFi use
• Hot wallet (optional, low balance): testing new dApps

Even if a trading wallet signs something risky, your vault remains isolated.

When It’s Worth Using OneKey for Hyperliquid

If you use Hyperliquid more than occasionally, a hardware wallet becomes less of a “nice-to-have” and more like standard operating procedure:

• You get on-device confirmations for approvals and deposits
• Your private key stays offline, even if your browser environment is compromised
• You can enforce better habits around signing, which matters in a market where Permit-style phishing remains active

For users who want to deposit to Hyperliquid while keeping self-custody discipline, using OneKey as the signer is a straightforward upgrade: the workflow stays familiar, but the security margin improves where it counts most—at the moment you approve and sign.