Open your first DAT position

This guide walks you from holding HYPE to holding DAT and observing how rebasing affects its displayed balance. The explanation pages cover the mechanics in depth.

You will need: a wallet (MetaMask/Rabby/OKX) with HyperEVM added (chain 999, RPC https://rpc.hyperliquid.xyz/evm), and a small amount of HYPE for gas and to buy with.

1. Add HyperEVM and connect

Add the HyperEVM network to your wallet using the details above, then open the DAT app and click Connect. You should see the network indicator show HYPEREVM and your address appear.

2. Acquire some DAT

On the dashboard, select Ape In to open the Swap page. Swap an amount of HYPE appropriate for you into DAT. Review the quote and transaction before confirming. When the swap confirms, return to the Dashboard; Your Bag shows your DAT balance.

You now hold DAT. Notice it's a normal token in your wallet — it just behaves differently at rebase time, which you'll see next.

3. Read your two balances

Look at two numbers:

• Your Bag (the big number) — this is balanceOf, what changes on a rebase.

• Underlying — this is balanceOfInternal, your rebase-invariant internal balance.

Write both down. If a later rebase changes the scaling factor, the first changes while the second does not. A treasury mint can still dilute your percentage ownership by increasing total internal supply. See Elastic supply.

4. Watch a rebase

The dashboard shows Next Rebase In. With current defaults, one-hour execution windows begin at 08:00 and 20:00 UTC. Opening a window does not guarantee a rebase transaction; an allowlisted keeper must commit and reveal.

After a successful reveal:

• If the protocol price is outside the ±5% deadband, the DAT Scaling Factor changes.

• Your Bag changes with it: up above the upper boundary, down below the lower boundary.

• Inside the deadband, the epoch advances but the scaling factor and your balance do not change.

• Your Underlying is unchanged.

That is a rebase attempt: the protocol measures its TWAP-based USD signal and, when outside the deadband, resizes existing balances to create pressure toward $1.00.

5. (Optional) Put your DAT to work

To earn DAT rewards, provide DAT/WHYPE liquidity and stake the LP token in the genesis farm. That's a task in its own right — follow Provide and stake LP.

What you learned

You acquired DAT and compared the displayed balance with its internal-unit basis. Next, read The peg to understand what a rebase responds to.