Hyperliquid Wallet for Perps: OneKey Setup Tutorial

Why self-custody is becoming the default for onchain perps

Onchain perpetuals have matured fast: aggregate dashboards now show multi-billion-dollar open interest and sustained high notional volumes for leading venues, which is a big reason why more traders are choosing self-custody over leaving margin on a centralized account. For example, DefiLlama tracks large-scale Perp Volume and Open Interest metrics for the Hyperliquid protocol. (defillama.com)

At the same time, perps are high risk: leverage magnifies both gains and losses, liquidation is real, and phishing is still the #1 way traders lose funds. Using a hardware wallet like OneKey helps because the final approval happens on a separate device, making it harder for malware or a malicious website to silently sign transactions.

This guide walks you through a complete OneKey setup so you can trade perps with strong operational security, from network configuration to deposits, trading permissions, and withdrawals.

Prerequisites (before you connect anything)

What you need

• A OneKey hardware wallet (initialized and backed up)
• A Web3 wallet interface that can use your hardware wallet (commonly via browser extension or WalletConnect)
• ETH on Arbitrum One (for gas when depositing)
• USDC on Arbitrum One (as trading collateral)

Hyperliquid’s official onboarding notes that for EVM-wallet users, you typically need USDC and a bit of ETH on Arbitrum, and that trading itself does not cost gas. (hyperliquid.gitbook.io)

Security checklist (do this first)

• Bookmark the official trading interface: app.hyperliquid.xyz. (hyperliquid.gitbook.io)
• Never enter your seed phrase anywhere (OneKey never requires it to “connect”).
• Always verify addresses and confirmations on the OneKey screen.

Step 1: Initialize OneKey safely (non-negotiable)

1. Create a new wallet on OneKey (do not import an old seed unless you fully trust its history).
2. Set a strong PIN.
3. Write down the recovery phrase offline and store it in a secure physical location.
4. (Optional) Enable an additional passphrase if it matches your threat model (advanced users only).

The goal is simple: your private key should never touch an internet-connected device.

Step 2: Add Arbitrum One to your wallet (correct network matters)

Hyperliquid perps onboarding commonly uses Arbitrum for USDC deposits, so your wallet must be able to sign on Arbitrum One.

Use the following official Arbitrum One parameters: (support.arbitrum.io)

OneKey tip: when you later sign approvals/transactions, verify the destination address and key details on the OneKey device screen, not just in the browser pop-up.

Step 3: Fund your Arbitrum address (ETH for gas + USDC for collateral)

Option A: Bridge to Arbitrum

Arbitrum’s documentation explains the general bridging flow (connect wallet → select networks → move funds) and notes you need sufficient ETH to pay transaction costs. (docs.arbitrum.io)

• Start from Arbitrum’s bridge entry points:
  • Arbitrum Bridge quickstart (docs) (docs.arbitrum.io)
  • Arbitrum Bridge updates (blog) (blog.arbitrum.io)

Option B: Withdraw directly to Arbitrum from an exchange

Many centralized exchanges support direct withdrawals to Arbitrum One; if you use this path, still send a small test amount first.

Minimum recommendation: keep a small buffer of ETH on Arbitrum so your deposit approval doesn’t fail due to gas.

Step 4: Connect OneKey to the perps interface and enable trading

1. Open app.hyperliquid.xyz. (hyperliquid.gitbook.io)
2. Click Connect and choose your connection method (browser wallet or WalletConnect).
3. When prompted, click Enable Trading and sign the request.

Hyperliquid’s onboarding flow explicitly includes Enable Trading and mentions signing a gas-less transaction for wallet connections. (hyperliquid.gitbook.io)

If you use WalletConnect

WalletConnect sessions are created when you approve a session proposal, and they remain active until you disconnect or the session expires. If you’re security-conscious, periodically disconnect old sessions. (docs.walletconnect.network)
Reference: WalletConnect session concepts. (docs.walletconnect.network)

Step 5: Deposit USDC correctly (most common mistake: wrong token / wrong chain)

The rule

Only USDC deposits from Arbitrum are supported for the standard Arbitrum deposit path; if you send other assets (or the wrong network), funds may not be credited. (hyperliquid.gitbook.io)

Deposit steps (recommended)

1. In the trading UI, click Deposit. (hyperliquid.gitbook.io)
2. Select USDC on Arbitrum, enter an amount, then approve and confirm.
3. Confirm the approval/transaction on your OneKey device.

Hyperliquid’s official “How to start trading” guide describes depositing USDC after connecting your wallet. (hyperliquid.gitbook.io)

Keep the minimum in mind

If you deposit less than the minimum (noted as < 5 USDC for certain flows), it won’t be credited in that context. (hyperliquid.gitbook.io)

Step 6: Perps trading configuration (practical settings that reduce mistakes)

Once funded, configure your workflow to avoid avoidable losses:

• Start with low leverage until you’ve confirmed you understand margin and liquidation behavior.
• Prefer limit orders when possible to reduce slippage during volatility.
• Use reduce-only when closing positions to avoid accidentally increasing exposure.
• Double-check whether you’re trading a perp market vs a spot market in the UI (mix-ups happen most during fast markets).

Hyperliquid’s onboarding guide summarizes the core perp workflow (choose market → long/short → position sizing based on leverage and collateral → place order). (hyperliquid.gitbook.io)

Step 7: Withdraw back to Arbitrum (and understand the fee model)

When you’re done trading, move funds out:

1. Click Withdraw in the UI. (hyperliquid.gitbook.io)
2. Choose Withdraw to Arbitrum.
3. Confirm on OneKey.

Hyperliquid notes that this withdrawal is gasless on their side, but there is a $1 withdrawal fee. (hyperliquid.gitbook.io)

Troubleshooting (fast fixes for common blockers)

“Deposit didn’t arrive”

• Confirm you sent USDC on Arbitrum (not another token). (hyperliquid.gitbook.io)
• Confirm you’re using the correct wallet address and not a lookalike phishing site.

WalletConnect keeps failing

• Disconnect the session in your wallet and re-connect.
• Avoid keeping multiple active sessions across multiple browser profiles (it increases signing confusion). WalletConnect sessions persist until disconnected or expired, so session hygiene matters. (docs.walletconnect.network)

Confusion around bridging URLs

Arbitrum documentation still references the classic bridge domain in its quickstart, and Arbitrum’s blog and portal flows also point users to portal-based entry points—both are commonly seen in practice. Use official Arbitrum sources and bookmarks to reduce phishing risk. (docs.arbitrum.io)

Why OneKey makes sense for active perp traders

Perps require frequent approvals, and high-activity traders are routinely targeted by phishing kits that imitate trading frontends. OneKey helps by keeping private keys off your computer and requiring on-device confirmation—so even if a browser is compromised, an attacker still can’t silently sign.

If you plan to trade regularly, consider dedicating a “trading-only” hardware wallet account, keeping long-term holdings in a separate account, and routinely reviewing token approvals—small habits that dramatically improve survival odds in perpetual trading.