Hyperliquid Labs

Colossus Hyperliquid article header image

Hyperliquid Labs is the core contributor supporting the growth of Hyperliquid.

Team

  • Led by: Jeff Yan and iliensinc (classmates from Harvard)
  • Size: 11 full-time core contributors
  • Team background: Members from Caltech and MIT
  • Previous employers: Airtable, Citadel, Hudson River Trading, Nuro
  • Funding: Entirely self-funded via Chameleon Trading profits — no external capital
  • Location: Singapore (relocated from Puerto Rico, spring 2024, due to US regulatory uncertainty)
  • Annual profit (2025): ~$900M — “most profitable startup per employee on earth” (Colossus — Hyperliquid Tweet)

History

  • 2020: Team did proprietary market making in crypto
  • Summer 2022: Expanded into DeFi. Found existing platforms plagued with poor market design, bad tech, and clunky UX
  • Feb 2023: Founded Hyperliquid, motivated by FTX/Terra collapse
  • Early 2024: Turned down $1B VC offer to maintain protocol neutrality
  • Spring 2024: Relocated to Singapore

Philosophy

The self-funding model is a deliberate choice: “allows the team to focus on building a product they believe in without external pressure.” The team actively engages with the community via Discord.

Building a performant decentralized L1 with an order book DEX requires “an intimate understanding of quantitative trading, cutting-edge blockchain technology, and clean UX” — the team’s background spans all three.

Hiring

Selective process focused on smart, driven individuals with high integrity. Jeff Yan: “Hiring the wrong person is much worse than not hiring anyone at all.” Hands-on leadership with technical details but full ownership given to team members.

No Market Maker Deals

No private arrangements, profit-sharing, or special partnerships with market makers. HLP is the only liquidity pool — protocol-owned and open to all. All protocol fees go to community (LPs, assistance fund, deployers), zero to the team.