# how to turn ETH you deposited on hyperliquid into USDC Sell it on the ETH spot market against USDC. ETH sent on Ethereum lands as a spot balance, not as margin, so the sell comes first. If your account is in standard mode, then move the USDC from Spot to Perps; a unified account has one USDC balance and needs no transfer. ## why it is not margin yet Hyperliquid's Ethereum deposit route is run by Unit, and it delivers the ETH itself. Unit lists it as ETH, with UETH as its name on the chain, so either label can show up in your balances. Perps use USDC as margin. In unified mode, USDC is the single balance backing perps and USDC spot trading. Portfolio margin treats HYPE, BTC, USDC and USDT as collateral. ETH appears in neither list, so in every mode, ETH held in your balance does not back a perp. ## sell it 1. Open the token selector and pick ETH's spot market, quoted in USDC. It may be listed under ETH or UETH. 2. Choose sell. 3. Pick the order type. Market "executes immediately at the current market price". Limit "executes at the selected limit price or better", and waits until then. 4. Enter the size, then Place Order, then Confirm. Hyperliquid only walks through the order form for perps, and steps 1 and 4 use that walk-through's words. It never shows the spot form, so trust the labels on your screen over this list. ![Hyperliquid's ETH/USDC spot market with the order form on Market and Sell, Limit beside it, an empty Size in ETH and Enable Trading, next to the order book.](https://apebrief.com/assets/media/hl-eth-spot-sell.png) The fill lands as USDC in your spot balance. At the base tier, spot costs 0.070% taker and 0.040% maker. Tiers move with your 14-day volume. ## move it to perps, if your mode needs it Hyperliquid calls the two balances USDC (Spot) and USDC (Perps). - **Standard mode** keeps them separate. Transfer the USDC from Spot to Perps. Hyperliquid doesn't name the button. - **Unified account** has one USDC balance for spot and perps. Nothing to move. - **Portfolio margin** puts spot and perps in one portfolio. Nothing to move. ![Hyperliquid's Transfer USDC window: Transfer USDC between your Perps and Spot balances, the Perps and Spot switch, an empty Amount and Confirm. Wallet and balances masked.](https://apebrief.com/assets/media/hl-spot-perps-transfer.png) Not sure which mode you're in? The mode choice is on the Portfolio page, or behind a button in the top right of a perp's order form, which Hyperliquid calls "Classic". Hyperliquid doesn't say which mode a new account starts in. ![Hyperliquid's Account Type window over an ETH-USDC perp: Unified Account (Recommended), Portfolio Margin and Manual, each described, and Establish Connection. Wallet and balances masked.](https://apebrief.com/assets/media/hl-account-mode.png) When you transfer into Perps, the funds first go to any open cross positions with negative unrealized PnL. If what arrives is less than what you sent, that is where it ended up. ## what this does not cover - **USDC sent to the ETH address.** That address takes only ETH and ENA on Ethereum. USDC sent there "will fail and not be credited", and Hyperliquid points to Unit's revert tool. USDC has its own route in the deposit window: [where deposit is on hyperliquid](/hyperliquid/deposit/). - **Below the minimum.** Unit's floor for ETH is 0.007 ETH, and a smaller deposit is lost. Deposits take about 5 minutes, and the deposit pop-up shows the estimate. - **Dust.** Each spot token has a minimum lot size, so a very small remainder may not sell on the book. - **Trading ETH itself.** A perp on ETH needs USDC margin, not spot ETH. You could keep the ETH as a spot holding instead, and this page does not say which to do. If you're new to Hyperliquid, the link below is our referral link. > **code APEBRIEF.** Open Hyperliquid through https://go.apebrief.com/hyperliquid/eth-to-usdc-inline?src=md&asset=hyperliquid%2Feth-to-usdc&cta=after-resolution and paste the code where the signup shows a code field. Using this code takes 4% off your Hyperliquid fees for your first $25M of volume, which trading without a code does not. We get a commission from Hyperliquid, which helps support our work, at no extra cost to you. ## related questions - **Where is deposit on Hyperliquid?** Balances panel, Deposit, usually USDC via Arbitrum. Read the chain the UI asks for. Mainnet ETH to a Hyperliquid address is how people lose a day. - **Hyperliquid taker fee?** Base perp taker 0.045%, maker 0.015%, 14-day tiers. A referral is a fee cut on the first stretch of volume. Not a cut of the notional. This page does not send you to Axiom. - **How do I get EVM tokens onto Hyperliquid?** Get to Arbitrum USDC, then use Deposit in the app. There is no any-ERC20-in button. Do not send the token at a Hyperliquid address and hope. ## how we know: every number on this page - the Ethereum deposit route is run by Unit, takes only ETH and ENA on Ethereum, and has a 0.007 ETH minimum below which the deposit is lost **0.007** (https://hyperliquid.gitbook.io/hyperliquid-docs/support/faq/deposit-or-transfer-issues-missing-lost/deposited-via-ethereum-network), checked 2026-09-24 - Ethereum deposits take about five minutes, and the estimate is shown in the deposit pop-up **~5** (https://hyperliquid.gitbook.io/hyperliquid-docs/support/faq/deposit-or-transfer-issues-missing-lost/deposited-via-ethereum-network), checked 2026-09-24 - USDC sent on Ethereum to the ETH address is not credited; Unit's revert tool is the documented recovery attempt **revert** (https://hyperliquid.gitbook.io/hyperliquid-docs/support/faq/deposit-or-transfer-issues-missing-lost/deposited-via-ethereum-network), checked 2026-09-24 - Unit's ETH is named ETH, with UETH as its name on the L1 **UETH** (https://docs.hyperunit.xyz/developers/key-addresses/mainnet/token-metadata), checked 2026-09-24 - ETH on Ethereum is traded for USDC on Hyperliquid; a non-USDC deposit has to be sold for the quote asset of what you want to trade **sell** (https://hyperliquid.gitbook.io/hyperliquid-docs/onboarding/how-to-start-trading), checked 2026-09-24 - the docs' only order-form walk-through is for perps: token selector, size, Place Order, then Confirm **Place** (https://hyperliquid.gitbook.io/hyperliquid-docs/onboarding/how-to-start-trading), checked 2026-09-24 - a market order fills now at the current price; a limit order fills at your price or better **Limit** (https://hyperliquid.gitbook.io/hyperliquid-docs/trading/order-types), checked 2026-09-24 - the account mode decides whether spot and perps share a balance: unified has one balance per asset, standard keeps them separate **unified** (https://hyperliquid.gitbook.io/hyperliquid-docs/trading/account-abstraction-modes), checked 2026-09-24 - portfolio margin's eligible collateral is HYPE, BTC, USDC and USDT, so ETH is not collateral in any documented mode **HYPE,** (https://hyperliquid.gitbook.io/hyperliquid-docs/trading/account-abstraction-modes), checked 2026-09-24 - the docs call the two balances USDC (Spot) and USDC (Perps) and describe a Spot to Perps transfer, without naming the button **USDC** (https://hyperliquid.gitbook.io/hyperliquid-docs/support/faq/deposit-or-transfer-issues-missing-lost/transfer-or-deposit-to-usdc-perps-missing), checked 2026-09-24 - a Spot to Perps transfer goes to open cross positions with negative unrealized PnL first **negative** (https://hyperliquid.gitbook.io/hyperliquid-docs/support/faq/deposit-or-transfer-issues-missing-lost/transfer-or-deposit-to-usdc-perps-missing), checked 2026-09-24 - where the app lets you pick a mode: the Portfolio page, or the Classic button top right of a perp's order form **Classic** (https://hyperliquid.gitbook.io/hyperliquid-docs/support/faq/portfolio-margin), checked 2026-09-24 - spot base-tier fees are 0.070% taker and 0.040% maker, tiered on 14-day volume **0.070%** (https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees), checked 2026-09-24 - each spot token has a minimum lot size set by its deployer, so a very small remainder may not sell on the book **minimum** (https://hyperliquid.gitbook.io/hyperliquid-docs/support/faq/trade-outcome-looks-incorrect/i-cant-sell-leftover-spot-assets), checked 2026-09-24 - Hyperliquid gives a user of a referral code a 4% discount on fees for their first $25M of volume **4%** (https://hyperliquid.gitbook.io/hyperliquid-docs/referrals), checked 2026-09-17 ## next - [MetaMask asks to use its referral code on Hyperliquid](https://apebrief.com/hyperliquid/metamask-code/): Right after you connect MetaMask to Hyperliquid, MetaMask's side panel shows a box already ticked: 'Apply a MetaMask referral code to all future trades'. - [Did the Hyperliquid code attach?](https://apebrief.com/hyperliquid/code-attached/): Hyperliquid puts referral codes in one place, the referrals page: a code is entered there or applied by using a referral link, and it gives a 4% discount on fees for your first $25M in volume. - [How do I get EVM tokens onto Hyperliquid?](https://apebrief.com/hyperliquid/bridge/): Most people do not need to bridge to Arbitrum first; check whether your exchange withdraws to Hyperliquid directly before you pay for a hop you do not need. - [Hyperliquid referral code](https://apebrief.com/hyperliquid/referral/): A Hyperliquid referral code is 4% off your fees for your first $25M of volume. - [hyperliquid vs lighter: fees, the code and getting money in](https://apebrief.com/vs/hyperliquid-lighter/): Hyperliquid for most perp traders: it's the more established venue, a code takes 4% off your fees for your first $25M of volume, and the code can go on after sign-up. --- HTML version: https://apebrief.com/hyperliquid/eth-to-usdc/ ยท figures checked 2026-09-24