The brief
- HYPE token launched Nov 2024. 31% of supply went free to users, none to venture investors.
- HIP-3 markets by outside builders, incl. tokenised stocks and commodities, reached ~half of perp volume in 2026.
- The March 2025 JELLY squeeze and Oct 2025 crash showed the downside of validators stepping into markets.
Technical approach
HyperBFT
A fast voting system (based on HotStuff) run by a small validator set, so blocks are final in well under a second.
Order book built into the chain
Every order, cancel and liquidation is handled by the chain itself, not by smart contracts. Exchange-like speed, public records.
HyperEVM
An Ethereum-style smart contract layer on the same chain. It can read and use the order book, so apps can tap its liquidity.
HLP vault and auto-deleveraging
A community-owned vault makes markets and absorbs liquidations. If it can't, winning traders' positions are closed to cover losses.
Hyperliquid, one program
Updated 24d ago
Research & demos
- Feb 2025
Brought general smart contracts onto the same consensus as the order book.
Open technical problems
- Few validatorsOpen
A small validator set enables speed but makes interventions, like delisting a manipulated market, look arbitrary.
- Manipulation in thin marketsActive research
Traders can push prices in low-volume markets to drain the HLP vault. HIP-3 shifts this risk to builders, who must stake HYPE.
Peers
Company & funding
- HQ
- SG
- Founded
- 2022
Partners & customers
- Partner
Plans to offer US customers perps via Hyperliquid's HIP-3, with Bitnomial operating the markets
- Partner
Selected in Sept 2025 to issue the USDH stablecoin
People
- Jeff YanCo-founder, Hyperliquid Labs