Bitcoin

Bitcoin is the asset most perp traders measure everything else against — the deepest funding markets, the cleanest liquidity, and the longest-running data on how leverage, basis, and spot interact through full cycles. Understanding how BTC trades on Hyperliquid, what its funding rate is telling you, and how the perp relates to spot, ETF flows, and CME futures is foundational for trading anything else on the venue.

BTC behaves differently from the rest of the crypto market in ways that matter for sizing and risk. Funding regimes on Bitcoin tend to be longer and more sustained than on smaller-cap alts — extended periods of positive funding can persist for weeks rather than days, and the basis between perp and CME futures often signals what the institutional bid is actually doing. Spot ETF flows and miner activity overlay a real-world flow on top of the on-chain order book that does not exist for any altcoin. Articles in this tag treat BTC as both a tradeable market and as a macro indicator — the cleanest read on how the rest of the crypto perpetuals market is positioned at any moment.

Posts tagged Bitcoin on the Button blog cover BTC perpetuals on Hyperliquid, the relationship between Bitcoin the asset and Bitcoin the network, ETF and macro flows that show up in funding and basis, and the thesis behind why Button started with BTC as the anchor market for everything else we trade.

Button is a discretionary trading interface for perpetual futures, routing orders into Hyperliquid’s fully on-chain order book and into trade.xyz for real-world asset perps. The blog is written by the same team building the product, and the Bitcoin archive sits alongside our other writing on Hyperliquid market structure, perpetual futures mechanics, and long-form research into where on-chain liquidity is actually forming. If you came in from search, the fastest way to see what Button does is to browse the full list of markets we route into — 210+ assets across crypto, equity indices, single-name stocks, commodities, and FX, all USDC-margined and settled on-chain.

Every post on this page links back to live markets where relevant. If a piece references the BTC perp, the funding rate regime on ETH, or a basis trade on the S&P 500, the underlying market is a click away — with current mark price, funding rate, open-interest cap, and maximum leverage already on the page. The intent is that reading and trading live in the same place, rather than in two separate tabs.

If you are new to Hyperliquid and on-chain perpetual futures, the path is short. Connect a wallet that holds USDC on a supported network, bridge to Hyperliquid, and you have margin — there is no Button account to open, no centralised custodian holding your collateral, and no KYC at the protocol layer. From there, every market on Button uses the same workflow: pick a direction, choose leverage within the per-market cap, set an entry, and watch the live liquidation price update as the position fills. Funding is charged hourly on Hyperliquid and is visible on every market page before you commit. Reading the Bitcoin archive alongside the live market view is the fastest way to build intuition for how these markets actually behave.

A practical note on how to read this archive. Button’s writing is opinionated. We do not publish neutral overviews of every venue or every market — we write about what we think is worth a discretionary trader’s time, often with charts and worked examples, and we are willing to say which venues, tools, and strategies we think are honestly better. Where a piece is a head-to-head review, we have skin in the game on at least one side of the comparison; that is disclosed in the article. Where a piece is a guide, it is written by the same team that built the relevant part of the product. The Bitcoin tag groups everything that fits that subject, regardless of format, so you can read across a topic rather than across a single piece.

Most posts in this archive are written with specific live markets in mind. The deepest crypto perpetuals are BTC and ETH on Hyperliquid, where funding regimes are long-running and the order book is deep enough for serious position sizing. Mid-cap alts like SOL, AVAX, and SUI trade with different dynamics — funding is more reactive, basis is wider, and positioning shifts faster. On the real-world asset side, the S&P 500, NVDA, TSLA, and gold let crypto-native traders take leveraged exposure to traditional markets through the same wallet, without opening a brokerage. The full market list is on the trade page; pieces in this tag often reference those markets directly.

If you want to follow new pieces under the Bitcoin tag and the rest of the Button blog, the RSS feed at /feed.xml covers everything we publish, and team announcements are posted on @buttonxyz on X. We do not run an email list — the blog and the social accounts are the two places to follow along.

One closing note specific to this archive. Search traffic finds the Bitcoin tag from a wide range of queries, and not every reader who lands here is already familiar with Button. If that is you: Button is a discretionary perpetual futures trading interface that routes orders into Hyperliquid and trade.xyz. We do not custody collateral, do not gate access behind KYC at the protocol layer, and do not charge a platform markup on top of the standard venue maker/taker fees. Every market on the product surface is USDC-margined and settled on-chain. The fastest way to see what that means in practice is to open the market list — the writing here is much easier to follow with a live order book in another tab.