Hyperliquid is a next-generation decentralized perpetual futures exchange (DEX) that blends the speed and sophistication of centralized exchanges (CEXs) with the transparency and permissionless nature of decentralized finance (DeFi). Built on its own high-performance Layer 1 blockchain with a fully on-chain order book, Hyperliquid is redefining the landscape of perpetual trading.
Launched without venture capital and powered by its native token HYPE, Hyperliquid has rapidly become one of the most influential projects in DeFi—attracting millions in total value locked (TVL), billions in trading volume, and a growing ecosystem of builders leveraging its HyperEVM framework.
Hyperliquid doesn't run on Ethereum or another Layer 1. Instead, it operates on its own custom-built blockchain with a Proof-of-Stake (PoS) consensus known as HyperBFT.
Key Benefits:
This performance allows Hyperliquid to match and often exceed the speed of centralized exchanges like Binance or Bybit, while keeping all operations transparently on-chain.
Unlike AMM-based DEXs, Hyperliquid uses a central limit order book (CLOB)—but it lives entirely on-chain. This innovation bridges the gap between professional trading tools and decentralized infrastructure.
Features:
With a familiar interface and advanced trading tools, Hyperliquid appeals to both DeFi natives and professional traders.
In Q1 2025, Hyperliquid launched HyperEVM, an Ethereum-compatible execution layer integrated directly with its trading engine.
Developer Highlights:
This unlocks an entirely new class of DeFi apps, like on-chain structured products, social trading bots, and copy trading built on top of Hyperliquid’s core infrastructure.
Hyperliquid allows any user to become a market maker by depositing into the HLP Vault, earning yields based on trading activity.
Vault Stats (as of mid-2025):
Vaults auto-allocate user funds across pairs to provide liquidity, using a delta-neutral market-making strategy.
The massive airdrop and lack of VC allocations earned Hyperliquid strong community trust and alignment with long-term users.
Hyperliquid is often praised for its clean interface, real-time charting, and fast execution, rivaling the experience of centralized exchanges.
Hyperliquid isn’t just a trading platform—it’s quickly becoming an ecosystem:
Over 150+ dApps are being built on Hyperliquid’s Layer 1 and HyperEVM, including:
Hyperliquid introduced Builder Codes, allowing developers to fork the frontend, bring new users, and earn revenue from trading fees.
This “liquidity-as-a-service” approach is democratizing access to CEX-grade infrastructure.
With no VCs and a strong airdrop campaign, Hyperliquid has nurtured a vibrant community across:
Proposals and parameter changes are voted on by HYPE stakers. This includes:
No platform is perfect, and Hyperliquid has seen a few notable growing pains:
To their credit, the team has consistently implemented governance-driven upgrades in response to community feedback.
FeatureHyperliquiddYdX v4GMXUniswap XLayer 1Custom (HyperBFT)Cosmos SDKArbitrumEthereum L2On-chain Order Book✅ Yes✅ Yes❌ (AMM)❌ (RFQ)Hyper-EVM Smart Contracts✅ Yes❌ No❌ No✅ YesTVL$750M+$400M+$120M+VariesMax Leverage50x20x30xNAGas Fees❌ None✅ Yes✅ Yes✅ Yes
Hyperliquid is the most complete and forward-thinking DeFi trading platform available today, empowering traders, builders, and liquidity providers with unmatched tools and incentives.
👉 Trade on Hyperliquid 👉 Explore HyperEVM Docs 👉 Join the Community
Whether you're a DeFi pro, a passive investor, or a protocol developer, Hyperliquid offers a future-proof ecosystem with limitless potential.
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