Hyperliquid Logo

Hyperliquid 

HYPE

DEX • HyperBFT

Buy HYPE
Market data

DEX

Sector

2023

Published
$10.1B
Market cap

20th

Market cap rank

About Hyperliquid

What is Hyperliquid?

Hyperliquid is a decentralized exchange (DEX) for perpetual futures and spot trading with a fully on-chain central limit order book on its own layer-1 blockchain. The platform combines CEX-like speed and liquidity with the transparency and self-custody of decentralized systems. With up to 50x leverage and low latency, Hyperliquid is a powerful alternative to centralized trading platforms.

Key data

Founder
Jeff Yan, "iliensinc" (pseudonym)
Developer
Hyper Foundation
Published
2023
Open source
Yes
Sector
DEX
Key feature
On-chain order book (CLOB)

Technology

Blockchain
Hyperliquid Blockchain
Staking
Yes
Consensus mechanism
HyperBFT
Energy consumption
Low
Transactions per second
200,000 TPS

Community & Links

Social media
346,537 followers
Whitepaper
Whitepaper
Website
hyperfoundation.org

Our Hyperliquid rating

Review result

Overall rating
Hyperliquid
Risk
Hyperliquid: 4 of 10
Risk (Hyperliquid)
4/10
Hyperliquid Logo
riskyless risky
Community
Hyperliquid: 6 of 10
Community (Hyperliquid)
6/10
Hyperliquid Logo
smalllarge
Hype & momentum
Hyperliquid: 7 of 10
Hype & momentum (Hyperliquid)
7/10
Hyperliquid Logo
weakstrong
Active usage
Hyperliquid: 7 of 10
Active usage (Hyperliquid)
7/10
Hyperliquid Logo
lowhigh
Network effect
Hyperliquid: 5 of 10
Network effect (Hyperliquid)
5/10
Hyperliquid Logo
weakstrong
Decentralization
Hyperliquid: 4 of 10
Decentralization (Hyperliquid)
4/10
Hyperliquid Logo
centralizeddecentralized

Our opinion

Hyperliquid brings the classic order book to self-custody: its own layer-1, fully on-chain, with noticeably low latency. For traders who want precise limit orders and true matching instead of pools, this finally feels like serious on-chain trading. The standout piece is HyperEVM, which makes the order book programmable—automated strategies and DeFi integrations can tap directly into native liquidity. Native USDC simplifies deposits and withdrawals and reduces day-to-day friction. That said, not everything is solved: the validator set is still small, the node code isn’t fully open, and perpetuals remain regulatory-sensitive. Our take: Hyperliquid shows that “decentralized” doesn’t have to mean “slow and clunky.” If decentralization and operational stability continue to improve, the project has a real shot at becoming the reference point for on-chain order-book trading.

Compare Hyperliquid

    Compare all cryptocurrencies

    Our data on cryptocurrencies was last updated on 2025-10-16T20:05:24.675087+00:00. Sources: CoinGecko, defillama.com, coincodex.com.

    The content on this website is provided for general informational purposes only and does not constitute financial, investment, legal, or tax advice. It should not be interpreted as a recommendation to buy, sell, or hold cryptocurrencies, nor as a guarantee of future price developments. You are responsible for independently verifying any information before using a listed service. Trading cryptocurrencies involves significant risk and can result in the total loss of your capital. Past performance is not indicative of future results. We do not accept any liability for the timeliness, accuracy, or completeness of the information provided, including content from external or third-party sources. All actions are taken at your own risk. Some links on this website are affiliate links. If you purchase a product or use a service through these links, we may receive a commission at no additional cost to you. Our content, comparisons, and rankings remain editorially independent. This helps us provide free content and continue developing the platform. Thank you for your support.