How staking works mechanically
HYPE can be transferred between the spot account and the staking account in the same way USDC moves between perp and spot. Within the staking account it can be delegated to any number of validators; Hyperliquid supports only delegated proof of stake, so 'stake' and 'delegate' mean the same thing.
Validators require a self-delegation of 10,000 HYPE to be active, locked for a year. If a validator's self-delegation drops below that, it enters undelegate-only mode and its total stake can only decrease.