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.
Founder | Jeff Yan, "iliensinc" (pseudonym) |
Developer | Hyper Foundation |
Published | 2023 |
Open source | Yes |
Sector | DEX |
Key feature | On-chain order book (CLOB) |
Blockchain | Hyperliquid Blockchain |
Staking | Yes |
Consensus mechanism | HyperBFT |
Energy consumption | Low |
Transactions per second | 200,000 TPS |
Social media | 346,537 |
Whitepaper | Whitepaper |
Website | hyperfoundation.org |
Our Hyperliquid rating
Review result
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.
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