diff --git a/core/src/exchanges/hyperliquid/fetcher.ts b/core/src/exchanges/hyperliquid/fetcher.ts
index 036952b2..ca9329a6 100644
--- a/core/src/exchanges/hyperliquid/fetcher.ts
+++ b/core/src/exchanges/hyperliquid/fetcher.ts
@@ -142,6 +142,19 @@ export interface HyperliquidRawUserState {
     withdrawable: string;
 }
 
+// Spot balance entry — coin/token + total/hold/entryNtl in token units (already human-readable).
+export interface HyperliquidRawSpotBalance {
+    coin: string;
+    token: number;
+    total: string;
+    hold: string;
+    entryNtl: string;
+}
+
+export interface HyperliquidRawSpotState {
+    balances: HyperliquidRawSpotBalance[];
+}
+
 // Per-coin context from spotMetaAndAssetCtxs (only the fields we use)
 export interface HyperliquidRawSpotAssetCtx {
     coin: string;            // "#NNNN" for outcome legs
@@ -334,6 +347,13 @@ export class HyperliquidFetcher implements IExchangeFetcher<HyperliquidRawOutcom
         });
     }
 
+    async fetchRawSpotState(walletAddress: string): Promise<HyperliquidRawSpotState> {
+        return this.postInfo<HyperliquidRawSpotState>({
+            type: 'spotClearinghouseState',
+            user: walletAddress,
+        });
+    }
+
     async fetchRawUserState(walletAddress: string): Promise<HyperliquidRawUserState> {
         return this.postInfo<HyperliquidRawUserState>({
             type: 'clearinghouseState',
diff --git a/core/src/exchanges/hyperliquid/index.ts b/core/src/exchanges/hyperliquid/index.ts
index b4cd04c3..7e388677 100644
--- a/core/src/exchanges/hyperliquid/index.ts
+++ b/core/src/exchanges/hyperliquid/index.ts
@@ -171,8 +171,11 @@ export class HyperliquidExchange extends PredictionMarketExchange {
 
     async fetchBalance(): Promise<Balance[]> {
         const wallet = this.requireWallet();
-        const raw = await this.fetcher.fetchRawUserState(wallet);
-        return this.normalizer.normalizeBalance(raw);
+        const [perp, spot] = await Promise.all([
+            this.fetcher.fetchRawUserState(wallet),
+            this.fetcher.fetchRawSpotState(wallet),
+        ]);
+        return this.normalizer.normalizeBalance(perp, spot);
     }
 
     async fetchPositions(): Promise<Position[]> {
diff --git a/core/src/exchanges/hyperliquid/normalizer.ts b/core/src/exchanges/hyperliquid/normalizer.ts
index 906191c6..5ccfe0de 100644
--- a/core/src/exchanges/hyperliquid/normalizer.ts
+++ b/core/src/exchanges/hyperliquid/normalizer.ts
@@ -26,6 +26,7 @@ import {
     HyperliquidRawOpenOrder,
     HyperliquidRawPosition,
     HyperliquidRawUserState,
+    HyperliquidRawSpotState,
     HyperliquidRawOutcomeMeta,
     HyperliquidRawMid,
 } from './fetcher';
@@ -459,17 +460,36 @@ export class HyperliquidNormalizer implements IExchangeNormalizer<HyperliquidRaw
         };
     }
 
-    normalizeBalance(raw: HyperliquidRawUserState): Balance[] {
+    normalizeBalance(raw: HyperliquidRawUserState, spot?: HyperliquidRawSpotState): Balance[] {
+        const result: Balance[] = [];
+
+        // Spot balances: outcome markets quote against these (USDC, USDH, etc.).
+        for (const b of spot?.balances ?? []) {
+            const total = parseFloat(b.total);
+            const hold = parseFloat(b.hold);
+            if (!Number.isFinite(total) || total === 0) continue;
+            result.push({
+                currency: b.coin,
+                total,
+                available: total - (Number.isFinite(hold) ? hold : 0),
+                locked: Number.isFinite(hold) ? hold : 0,
+            });
+        }
+
+        // Perp cross-margin account, labelled as such so consumers don't conflate it with spot.
         const summary = raw.crossMarginSummary;
-        const total = parseFloat(summary.accountValue);
-        const locked = parseFloat(summary.totalMarginUsed);
-
-        return [{
-            currency: 'USDH',
-            total,
-            available: total - locked,
-            locked,
-        }];
+        const perpTotal = parseFloat(summary.accountValue);
+        const perpLocked = parseFloat(summary.totalMarginUsed);
+        if (Number.isFinite(perpTotal) && perpTotal > 0) {
+            result.push({
+                currency: 'USDC_PERP',
+                total: perpTotal,
+                available: perpTotal - perpLocked,
+                locked: perpLocked,
+            });
+        }
+
+        return result;
     }
 
     // -- Private helpers -------------------------------------------------------