What is Hyperliquid?

Hyperliquid is transforming the financial landscape by building the first truly decentralized exchange that rivals centralized platforms while maintaining the core principles of crypto: transparency, fairness, and community ownership.

The Present: A Revolutionary Trading Platform

Today, Hyperliquid stands as the undisputed leader in decentralized perpetual trading, capturing the majority of perp DEX volume and processing over massive cumulative trading volume. But it's much more than just another DEX.

Key innovations that set Hyperliquid apart:

• Fully on-chain order book (CLOB) - Every trade happens transparently on-chain with no hidden servers or off-chain components

• Ultra-high performance - 0.07 second block times and 200,000 TPS capacity, matching CEX-level execution

• No middlemen - Direct peer-to-peer trading without market makers extracting value

• Community-owned - No venture capital, no insiders, 76% of tokens distributed to users

• Real revenue model - Generates hundreds of millions in fees that flow back to the ecosystem through buybacks

Unlike traditional DEXs limited by underlying chains, Hyperliquid built its own L1 blockchain specifically optimized for trading. This allows atomic liquidations, instant funding distributions, and guaranteed platform solvency - features impossible on general-purpose chains.

The Vision: Housing All of Finance On-Chain

Hyperliquid's ambition extends far beyond being a perpetual DEX. The vision is to become "the onchain Binance" - and then surpass it by creating a unified financial system that houses all global finance.

The path to this vision includes:

• The Everything Exchange - Beyond perps, Hyperliquid is expanding to spot markets, and tokenized stocks, commodities, forex, and exotic markets

• HyperEVM Integration - A parallel EVM that enables any DeFi application to be built while composing with Hyperliquid's deep liquidity

• Financial Aggregation - Combining an exchange and smart contract platform through one interface, creating unprecedented synergies

• Permissionless Innovation - Anyone can list assets, build applications, or create new financial products without gatekeepers

As founder Jeff Yan states: "Hyperliquid has not succeeded until it houses all of finance."

The Foundation: Aligned Incentives & Fair Launch

What truly distinguishes Hyperliquid is its commitment to fairness and community alignment:

• No venture capital funding - The team self-funded to maintain independence

• Largest airdrop in crypto history - $11 billion worth distributed to users at peak

• 100% of fees flow to ecosystem - Through the Assistance Fund (buybacks), HLP (liquidity providers) and deployers

• Transparent, permissionless listings - Fair auction system replaces predatory CEX listing fees

• Liquidity as infrastructure - "AWS : Cloud infrastructure :: Hyperliquid : Liquidity infrastructure". Through Builder Codes, applications can tap into deep liquidity and monetize from day one, transforming liquidity from a scarce resource into shared infrastructure

This creates a virtuous cycle: real users generate real revenue, which creates buying pressure for HYPE, attracting more users and builders, further strengthening the ecosystem.

Key Performance Metrics

For current statistics and live data, explore these resources:

• Trading metrics: Hyperliquid Stats

• HL stats vs CEX: HyperFlows

• Market share tracking: HyperDash

• Fee metrics: Artemis Analytics

• Blockchain comparisons: DeFiLlama Chains

• TVL breakdown: DeFiLlama Hyperliquid

• HyperCore statistics: Dune Analytics

• Revenue & buybacks: HypeBurn

• In-Depth Research:

  • Arise Hyperliquid: This Cycle's DeFi Kingpin - Mirana Research

  • Hyperliquid Thesis: Building a Financial Aggregator - Syncracy Capital

Why Hyperliquid Matters

Hyperliquid represents a fundamental shift in how financial infrastructure is built:

• Performance without compromise - Proving decentralized systems can match and exceed centralized ones

• Wealth creation for users, not insiders - Reversing the extractive models of both TradFi and most crypto projects

• Open financial system - Permissionless access to global markets for anyone, anywhere

• Composable innovation - Enabling entirely new financial primitives impossible in traditional systems

The combination of proven product-market fit, sustainable revenue generation, technical excellence, and unwavering commitment to community ownership positions Hyperliquid to become the foundation for the next generation of global finance - one that's transparent, accessible, and owned by its users.

"In 2025, I expect the technology of Hyperliquid to close much of the gap towards housing all of finance... Millions of users will use Hyperliquid without knowing about the blockchain at all." - Jeff Yan