What is Hyperliquid?
#1Hyperliquid is a high-performance decentralized exchange (DEX) built on its own purpose-built Layer 1 blockchain, HyperCore. Founded by Jeffrey Yan and a team of Harvard, Caltech, and MIT alumni under Hyperliquid Labs, the platform launched its mainnet in 2023 and introduced its native HYPE token in November 2024. What sets Hyperliquid apart is its fully on-chain order book powered by the HyperBFT consensus algorithm, capable of processing up to 200,000 orders per second with one-block finality. This delivers a centralized exchange-like trading experience while maintaining complete self-custody — users never relinquish control of their assets. The platform offers perpetual futures with up to 50x leverage across a wide range of crypto assets, a spot order book, prediction markets (outcome contracts), and the HLP vault for passive market-making strategies. Deposits are primarily made via USDC bridged from the Arbitrum network. Hyperliquid also supports EVM-compatible smart contracts through its HyperEVM layer, enabling a broader DeFi ecosystem. As of 2026, Hyperliquid has achieved remarkable scale: Total Value Locked (TVL) exceeds $4.7 billion, cumulative perpetual trading volume has surpassed $4.2 trillion, and the exchange consistently ranks #1 among all decentralized derivatives platforms by 24-hour volume. No mandatory KYC is required for trading.
Live Statistics
24h Volume
$5.64B
-1.99%7d Volume
$43.09B
-21.23%30d Volume
$185.62B
+112.24%Open Interest
$7.23B
Market Share
29.98%
Markets
387
Weekly Visits
1,266,497
Rank
#1
How does Hyperliquid work?
Hyperliquid operates a decentralized order book, matching buy and sell orders placed by traders. Unlike AMMs, this model allows limit orders, stop-losses, and precise price control. Orders may be settled fully on-chain for maximum trustlessness, or via a hybrid system where order matching happens off-chain for speed while settlement remains on-chain for security. This architecture is particularly suited for derivatives and perpetual futures trading.
Key Features
Non-Custodial
You control your private keys. Funds never leave your wallet until a trade is executed on-chain.
Order Book Architecture
Central limit order book enables limit orders, stop-losses, and tighter spreads for professional traders.
1 Network
Available on Multi-chain.
Transparent Fees
Maker: 0.000% · Taker: 2.500%. All fees are visible on-chain.
387 Markets
Hyperliquid offers 387 trading markets across derivatives instruments.
Open Access
No KYC required. Connect any compatible wallet and start trading immediately from any jurisdiction.
Open Interest — 30-Day History
Avg OI (30d)
$7.298B
Peak OI (30d)
$7.405B
Low OI (30d)
$7.228B
Daily open interest over the last 30 days · Hyperliquid
Frequently Asked Questions
What is Hyperliquid?
Hyperliquid is a high-performance decentralized exchange (DEX) built on its own purpose-built Layer 1 blockchain, HyperCore. Founded by Jeffrey Yan and a team of Harvard, Caltech, and MIT alumni under Hyperliquid Labs, the platform launched its mainnet in 2023 and introduced its native HYPE token in November 2024. What sets Hyperliquid apart is its fully on-chain order book powered by the HyperBFT consensus algorithm, capable of processing up to 200,000 orders per second with one-block finality. This delivers a centralized exchange-like trading experience while maintaining complete self-custody — users never relinquish control of their assets. The platform offers perpetual futures with up to 50x leverage across a wide range of crypto assets, a spot order book, prediction markets (outcome contracts), and the HLP vault for passive market-making strategies. Deposits are primarily made via USDC bridged from the Arbitrum network. Hyperliquid also supports EVM-compatible smart contracts through its HyperEVM layer, enabling a broader DeFi ecosystem. As of 2026, Hyperliquid has achieved remarkable scale: Total Value Locked (TVL) exceeds $4.7 billion, cumulative perpetual trading volume has surpassed $4.2 trillion, and the exchange consistently ranks #1 among all decentralized derivatives platforms by 24-hour volume. No mandatory KYC is required for trading.
How does Hyperliquid work?
Hyperliquid operates a decentralized order book where traders place buy and sell orders that are matched on-chain or via a hybrid off-chain/on-chain system. This allows for precise limit orders and tighter spreads similar to centralized exchanges.
What are the trading fees on Hyperliquid?
Hyperliquid charges a maker fee of 0.000% and a taker fee of 2.500%. Fee structures may vary by trading pair, volume tier, or token holdings.
Is Hyperliquid safe to use?
Hyperliquid is a non-custodial decentralized exchange, meaning users retain control of their private keys and funds at all times. Smart contract risk is inherent in all DeFi protocols — always review audits and use appropriate position sizes.
Which blockchains does Hyperliquid support?
Hyperliquid operates on Multi-chain. Multi-chain support allows users to trade assets native to each supported chain without bridging.
When was Hyperliquid launched?
Hyperliquid was launched in 2023. Since then it has grown to offer 387 trading markets with $5.64B in 24-hour trading volume.
