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Hyperliquid

Derivatives · Perp DEX · HYPE

NetworkDerivativesPerp DEX1 coinsVerified

Hyperliquid is a purpose-built L1 with a fully on-chain CLOB — ~200k orders/sec throughput, sub-second finality, and the deepest on-chain perp liquidity in 2026 (typically >70% of on-chain perp volume). HyperEVM extends programmability.

Purpose-built L1 with a fully on-chain order book.

Protocol TVL

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+0.8% 24h

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Research

Components, facts, FAQ, timeline, and tokenomics in one place

Main components (5)

1

HyperCore

The performance layer running the fully on-chain central limit order book (CLOB) for perpetuals and spot. All orders, cancels, matches, and liquidations are recorded as native L1 transactions rather than smart-contract calls, targeting sub-second finality and very high order throughput.

2

HyperBFT consensus

Hyperliquid's custom Byzantine-fault-tolerant consensus (a HotStuff-derived design) that orders transactions and finalizes blocks. It is optimized for end-to-end latency and one-block deterministic finality, and secures both HyperCore and HyperEVM with the same validator set.

3

HyperEVM

An Ethereum-compatible execution environment launched on mainnet Feb 18, 2025. It lets Solidity contracts deploy and compose with the native L1 order book via precompiles, using HYPE as the gas token. It is not a separate chain — it inherits security from the same HyperBFT consensus as HyperCore.

4

HLP (Hyperliquidity Provider) vault

A community-owned protocol vault that market-makes across listed perps, runs the backstop liquidation engine, and accrues a portion of trading fees. Depositors share the vault's PnL directly with no performance fee, subject to a 4-day lockup from the most recent deposit.

5

HYPE token

Native asset of the Hyperliquid L1 (fixed 1B supply). Used to stake and secure HyperBFT, pay HyperEVM gas, and trade on the native spot book. Protocol revenue funds an Assistance Fund that buys back HYPE on the open market.

Differentiator

Fully on-chain central limit order book on a bespoke L1; HyperEVM adds EVM execution without sacrificing CLOB performance.

Organizational structure

Units & roles

  • Jeff Yan

    Harvard-educated founder who previously ran crypto market-making firm Chameleon Trading. He self-funded Hyperliquid and has publicly explained the decision to reject venture capital to preserve neutrality. Development is carried out by Hyperliquid Labs / Hyper Foundation with a small team.

    Co-founder

Similarity to traditional finance products

How Hyperliquid maps onto established TradFi structures, and where it diverges.

TradFi productSimilarity to HyperliquidKey differences
Centralized derivatives exchange (e.g. a CME- or Binance-Futures-style perpetual/futures venue)Uses a central limit order book with maker/taker matching, deep liquidity, high throughput, and fast execution — the trading experience closely mirrors a centralized futures exchange.Order book, matching, custody, and liquidations run on a public blockchain rather than a private matching engine; users self-custody via wallets, settlement is on-chain, and market-making profits are shared with a community vault (HLP) rather than a private firm.
Designated market-maker / exchange liquidity provisioningHLP performs the market-making and backstop-liquidation role a professional trading firm plays on a traditional venue.HLP is open to any depositor, charges no performance fee, and distributes PnL pro-rata on-chain, democratizing a role normally reserved for privileged firms.

Data sources

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