Derivatives · Perp DEX · HYPE
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.
HYPE price
$79.40
+1.2% 24h
Latest data · 15 min delay
Fully on-chain central limit order book on a bespoke L1; HyperEVM adds EVM execution without sacrificing CLOB performance.
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.
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.
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.
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.
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.
~310,000,000 HYPE (31% of 1B fixed supply) distributed to eligible users at the Nov 29, 2024 genesis event, fully unlocked
The Block — Hyperliquid Nov. 29 genesis event1,000,000,000 HYPE fixed supply; 31% airdrop, ~38.8% future emissions/community rewards, ~23.8% to core contributors
The Block — HYPE genesis allocationCommunity-owned vault with no performance fee; depositors share PnL directly, subject to a 4-day withdrawal lockup from the most recent deposit
Hyperliquid Docs — Protocol vaults (HLP)How Hyperliquid maps onto established TradFi structures, and where it diverges.
Centralized derivatives exchange (e.g. a CME- or Binance-Futures-style perpetual/futures venue)
Hyperliquid
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.
TradFi analogue
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 provisioning
Hyperliquid
HLP performs the market-making and backstop-liquidation role a professional trading firm plays on a traditional venue.
TradFi analogue
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.
Jeff Yan
Co-founder 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.
Key milestones: launches, upgrades, exploits and governance events.
HLP vault live (mainnet era)
ExecutedThe Hyperliquidity Provider vault began operating in May 2023, letting the community backstop the exchange's perps market and share PnL.
SourceHYPE token / staking and consensus decentralization
ExecutedHYPE launched as the staking asset for HyperBFT, enabling delegated proof-of-stake security and progressive validator decentralization.
SourceHyperEVM programmability
ExecutedEVM execution environment shipped, with general ERC-20 native transfers and additional precompiles planned as follow-on upgrades after testnet feedback.
SourceHyperliquid is a purpose-built Layer-1 blockchain whose core application is a fully on-chain central limit order book (CLOB) for perpetual futures and spot trading. It aims to deliver a centralized-exchange-like experience — deep liquidity, sub-second finality, high throughput — while keeping the order book, matching, and liquidations fully on-chain. It is one of the dominant on-chain perpetuals venues.
No. Founder Jeff Yan has said the team rejected all venture capital and self-funded development using profits from the founders' trading operation. In early 2024 they reportedly turned down a VC offer valuing the project at $1 billion in order to keep the platform 'credibly neutral' with no privileged insiders. There is no on-record equity or token raise.
At the November 29, 2024 genesis event, roughly 310 million HYPE — 31% of the fixed 1 billion supply — was distributed to eligible early users based on accumulated points, fully unlocked at launch. Tokens were pushed to wallets rather than manually claimed. No allocation went to private investors, and reporting cited over 90,000 recipients.
HLP (Hyperliquidity Provider) is a community-owned protocol vault that provides market-making quotes across perps, absorbs backstop liquidations, and accrues a share of trading fees. Depositors share the vault's profit and loss directly with no performance fee. Because it can end up holding the losing side of a crowded book, its returns are event-driven rather than a steady yield, and it can experience drawdowns during fast directional moves.
On March 26, 2025, a trader exploited the low-liquidity JELLYJELLY memecoin: a large short was forced onto the HLP vault via the liquidation engine while the token's spot price was pumped ~400% in an hour, driving HLP's unrealized loss to roughly $12M. The validator set convened and voted to delist JELLY perps, settling positions at a price favorable to the vault. HLP ended the day in profit, but the episode drew heavy criticism of Hyperliquid's decentralization given how quickly a small validator set intervened.
