How Every works

Every is an app, not a bank and not an exchange. What it does is put together three pieces that already exist and show them as one balance:

• Privy, which creates your account and your wallet and lets you sign in with your email, Google or Apple.
• Hyperliquid, where you invest: spot, perps, stocks and commodities as HIP-3 perps, and predictions.
• Morpho, where you save: vaults that lend USDC against collateral and pay a variable rate.

Every provides the screens, decides which way the money goes and pays for gas. What it does not do is hold your money.

Your account and your wallet

The first time you sign in, Privy creates your account and a wallet in your name. That is what you see happening on Getting everything ready: “Confirming it’s you” and “Creating your account”. There is no Every password and no recovery phrase to write down: you sign in with the same email, Google or Apple from any phone or from the web, and see the same wallet and the same money.

The wallet has one address, the same on every network Every uses. It is the one you see in Receive money when you pick From another wallet or exchange.

The six-digit code is not part of the account: it is the app’s lock on that phone. That is why each phone has its own and forgetting it doesn’t cost you the money. Account security explains it.

Where your money lives

Your balance is the sum of a few places, all in your name. The app adds them up in Your money, on Home, and moves money between them when it needs to.

Where	What is there	Network
Your wallet	The USDC you receive and whatever is not invested or saved	Arbitrum or Base
Your Hyperliquid account	What you invest: spot, perps, HIP-3, predictions, and the money ready to invest	Hyperliquid
Hyperliquid’s vault	The Hyperliquid pot in Savings, lent in Hyperliquid’s lending market	Hyperliquid
A Morpho vault	The Morpho pot in Savings	Arbitrum or Base, the vault’s

You don’t need to know where each dollar sits. When you buy something and the money is in your wallet, the app moves it to Hyperliquid before the order. When you send and part of it is in Savings, the app tells you and takes it out. The one thing that changes the picture is a minimum: money moves from your wallet to Hyperliquid $11 at a time or more, and that move costs nothing. With less, the money stays in your wallet and the app tells you how much more you need to invest.

What Hyperliquid does

Hyperliquid is a decentralised exchange with its own chain. Everything that happens when you invest happens there: the order book, matching your order with someone else’s, prices, perps funding and liquidations. Every does not match orders or set prices: it sends your order to Hyperliquid, signed on your phone.

Hyperliquid also hosts the HIP-3 markets, which other people built on top of Hyperliquid and which track the price of stocks, gold or indices, such as xyz:AAPL. You don’t buy the share: you hold a perp that tracks its price. Stocks and commodities covers it.

What Morpho does

Morpho is a lending protocol. A Morpho vault pools many people’s USDC and lends it to borrowers who put up other crypto as collateral. The interest those loans pay is what you earn. Each vault is run by a curator, who chooses who it lends to and keeps a share of the interest.

Every does not run the vault or set the rate. What it does is pick from a closed list of conservative USDC vaults on Arbitrum and Base, and show you on the pot’s page which vault it is, who curates it, which network it is on, how big it is and what the curator charges. The risks are in Yield and risks.

Why Every cannot move your money

• You sign every move, on your phone. When you send, save or move money to Hyperliquid, your phone signs the request. Every’s server only forwards it and pays for gas. If anyone changed that request on the way, Privy would reject it, because it is no longer the one you signed.
• Every holds no key to your wallet. Your wallet has no Every signer on it: neither the server nor anyone on the team can sign for you.
• The trading key cannot take money out. So that you don’t have to confirm every order, your phone creates a trading key that signs your orders on Hyperliquid. It lives on that phone and can only trade: taking money out of Hyperliquid is always signed by your wallet.
• Money going out asks for your code or your face. Right before a send is signed, the app asks for your code, or your fingerprint or face.

That is also why Every cannot freeze your money, reverse a transaction that has gone through or sign out another phone. If one day you want to use your wallet outside Every, you can export your key from Profile → Ways in → Export your key, which opens on the web.

Caution

What does depend on Every is the app you sign with. That is why every send shows you the destination, the amount and the fee before you confirm: read them. And that is why nobody at Every will ever ask for your codes or keys.

Who pays for gas

On networks like Arbitrum and Base, each transaction pays a small network fee, the gas, in ETH. With Every you don’t need ETH: Every pays that gas for what you sign in the phone app:

• sending USDC from your wallet to another person or another address,
• putting money into and taking it out of a Morpho vault,
• moving money from your wallet to Hyperliquid,
• moving your USDC between Arbitrum and Base when the app needs to.

On the web, Every also pays the gas for moving money to Hyperliquid and for Savings.

What happens inside Hyperliquid (orders, sends to another Every account, lending) has no gas.

What Every does not pay, and the app shows you before you confirm:

• Leaving Hyperliquid for an address. If what you send has to leave Hyperliquid, the Circle bridge that carries it to Arbitrum charges $0.20, which does not reach the destination.
• The first withdrawal from your Hyperliquid account. Hyperliquid charges a one-off $1 activation fee. The send’s review shows it on the row “Activation (first time only)”.

Every’s own fees, which are a different thing, are in Fees.

Why the investing account is set up with your first money

Hyperliquid does not let an account do anything until money has reached it. Not setting it up, not creating the trading key, not approving the fee: it refuses everything until there is a first deposit. So sign-up cannot leave your investing account ready, and it does not ask you to do it either.

The app does it on its own as soon as you have at least $11 in your wallet. On Home you will see “Activating your Hyperliquid account · It takes a couple of minutes. Nothing for you to do”, with three steps:

1. Moving your balance to Hyperliquid. Your USDC goes to Hyperliquid, with no fee.
2. Preparing your account. It sets the account to a mode where one balance covers spot, perps and HIP-3. Without it, stocks and gold could not be bought.
3. Creating your trading key. It creates the phone’s key and approves Every’s fee, which each order then signs with its own rate.

If you sign in from another phone, that phone only does the last step: “Creating your trading key”. And if something fails, the app says “We couldn’t finish” with a Try again button; if the money had already left, it says “Your money is on its way” and asks you not to send it again.

And on the web

The web uses the same Privy account, the same wallet and the same positions. There you sign in the browser instead of on your phone, and the rule is the same: you sign every move.