HyperCore

HyperCore is the native execution component of Hyperliquid, handling fully onchain perpetual futures and spot order books. All orders, cancellations, trades, and liquidations are transparent with single-block finality.

Performance

• Throughput: ~200,000 orders/sec on mainnet (current bottleneck is execution; consensus/networking can scale to millions)
• Latency: Median 0.2s, 99th percentile 0.9s for geographically co-located clients

Components

Clearinghouse

Two clearinghouses manage user state:

• Perps clearinghouse: Tracks margin balances and open positions. Deposits credited to cross margin by default. Supports cross and isolated margin modes.
• Spot clearinghouse: Manages token holdings and reserved amounts per address.

Oracle System

Validators publish spot oracle prices every 3 seconds per perpetual asset.

Price computation: Weighted median of exchange prices:

• Binance (weight 3), OKX (2), Bybit (2), Kraken (1), Kucoin (1), Gate IO (1), MEXC (1), Hyperliquid (1)

Special rules:

• Hyperliquid-native assets (e.g., HYPE): external sources excluded until sufficient HL liquidity
• External primary liquidity assets (e.g., BTC): Hyperliquid spot excluded

Final price: Stake-weighted median of all validators’ submitted prices.

Used for: Funding rates, mark price (margining/liquidation), TP/SL execution.

Order Book

• Orders at integer multiples of tick size; quantities at integer multiples of lot size
• Price-time priority matching
• Per-block transaction ordering: (1) non-order transactions, (2) cancellations, (3) GTC/IOC orders

Bridge

Connects Hyperliquid to Arbitrum for USDC deposits/withdrawals.

• Deposits: credited when >2/3 staking power signs
• Withdrawals: immediate L1 deduction, then >2/3 validator signatures → EVM withdrawal request → dispute period → finalization
• Withdrawal fee: 1 USDC (covers Arbitrum gas)
• Audited by Zellic

See also: Perpetual Futures, Spot Trading, Staking