About
Hyperliquid is a high-performance, decentralized finance (DeFi) ecosystem centered on a custom Layer-1 blockchain designed to deliver fast, low-cost on-chain trading with features historically associated with centralized exchanges. Its core innovation is a fully on-chain order book for spot and perpetual futures trading, delivering sub-second finality, low slippage, and transparency while keeping users in control of their assets.
Unlike most decentralized exchanges built on existing blockchains, Hyperliquid operates its own Layer-1 optimized for financial markets, supporting high throughput and matching engine-level performance directly on chain. The blockchain combines rapid execution with composable smart contract support through HyperEVM (Ethereum Virtual Machine compatibility), enabling developers to build decentralized applications (dApps) that benefit from the same performance infrastructure.
The native token HYPE fuels protocol governance, staking, fee discounts, and ecosystem incentives. It was distributed through a Genesis event in November 2024, where a significant portion of the supply was delivered to users rather than reserved for venture capital or traditional pre-sales. The platform emphasizes community governance via DAO mechanisms, with token holders proposing and voting on upgrades, fee structures, and new markets.
Hyperliquid’s ecosystem aims to bridge DeFi and non-custodial trading experiences without sacrificing decentralization. It offers deep liquidity, advanced order types, vaults, copy-trading features, and cross-chain connectivity through bridges. As of 2026, Hyperliquid has grown into one of the largest on-chain perpetual markets by volume and open interest, attracting significant trader participation while expanding tools for developers and professional users alike.
