| Hyperliquid | |
|---|---|
| Type | entity |
| Created | Thu Apr 16 2026 00:00:00 GMT+0000 (Coordinated Universal Time) |
| Updated | Thu Apr 16 2026 00:00:00 GMT+0000 (Coordinated Universal Time) |
| Tags | protocol, l1, blockchain, defi, exchange |
| Sources |
raw/inbox/hyperliquid-official-docs,
raw/inbox/jeff-yan,
raw/inbox/colossus-hyperliquid-tweet
|
| Related | hyperliquid-labs, jeff-yan, hypercore, hyperevm, hyperbft, hype-token, chameleon-trading, bridge |
Hyperliquid
Hyperliquid is a performant layer-1 blockchain built for fully onchain open finance. It unifies liquidity, user applications, and trading on a single infrastructure designed to eventually encompass all financial services.
Overview
- Type: Layer-1 blockchain
- Consensus: HyperBFT (variant of HotStuff)
- Execution: Dual-component — HyperCore (native order books) + HyperEVM (general-purpose EVM)
- Native token: HYPE Token (HYPE)
- Funding: Fully self-funded, no VC capital
- Active validators: Top 24 by stake
Key Metrics
| Metric | Value |
|---|---|
| Order throughput | ~200,000/sec |
| Median latency | 0.2 seconds |
| 99th percentile latency | 0.9 seconds |
| Annualized fee revenue | >$1B (directed to buybacks) |
| Builder code revenue | >$65M |
| Annual profit (2025) | ~$900M (Colossus — Hyperliquid Tweet) |
| Total users | 570,000+ (late 2025) |
| Daily active users | 200,000+ |
| Monthly volume (Oct 2025) | ~$308B |
| Perp DEX market share | ~70% (July 2025) |
| Global perp market share | >10% (July 2025) |
| Tradable perp assets | 100+ |
| Max leverage | 3x–40x (asset-dependent) |
| Core team size | 11 |
Architecture
The platform has three layers:
-
HyperBFT — Consensus mechanism. Variant of HotStuff. Validators produce blocks proportional to stake. Epochs of 100,000 rounds (~90 min).
-
HyperCore — Native execution for perpetual futures and spot order books. All orders, cancellations, trades, and liquidations are fully onchain with single-block finality.
-
HyperEVM — General-purpose EVM-compatible smart contract layer. Shares consensus with HyperCore. Currently in alpha. Dual-block architecture (1s fast blocks, 1min slow blocks).
Value Proposition
Hyperliquid positions itself as “the AWS of finance” — providing liquidity infrastructure for developers to build financial applications. Unlike traditional DEXs that rely on AMMs, Hyperliquid runs full order books onchain with performance comparable to centralized exchanges.
All trading fees are directed to the community: HLP (liquidity provider vault), the assistance fund (which buys and burns HYPE), and deployers.
Key Timeline
| Date | Event |
|---|---|
| Feb 2023 | Hyperliquid founded by Jeff Yan |
| Nov 2024 | HYPE token launch — 31% airdropped to users |
| Feb 19, 2025 | HyperEVM launched |
| July 2025 | Phantom Wallet “Phantom Perps” integration |
| Nov 2025 | HIP-3: Builder-Deployed Perpetuals launched |
| July 2025 | Sonnet BioTherapeutics forms $888M HYPE holding entity |
Ecosystem
Notable protocols building on Hyperliquid:
- Felix Protocol — collateralized debt protocol, >$400M in assets
- HyperLend — lending protocol, $380M in assets
- Phantom Perps — Phantom Wallet’s perps feature, using Hyperliquid infrastructure
Risks
- Smart contract risk on Arbitrum bridge
- L1 downtime risk (less battle-tested than established chains)
- Market liquidity risk in early stages
- Oracle manipulation risk
See also: Fee Structure, Staking, Validators