Milestones
- Perpetuals exchange launches2023Complete.
- HYPE genesis and airdrop29 Nov 2024Complete.
- HyperEVM mainnet18 Feb 2025Complete.
- JELLY manipulation; validators delist the marketMar 2025Complete.
- HIP-3 builder-deployed perps liveOct 2025Complete.
- HIP-3 open interest hits $4.3B record17 Aug 2026Complete.
- Regulated US access via partnersNowCurrent milestone.
Most important updates
- 24d ago
- 17 Aug 2026
- Oct 2025
- 26 Mar 2025
- 29 Nov 2024
Upcoming
- 2026Kraken launch of HIP-3 perps for US customers, pending approval (next)
Current obstacles
- Liquidation cascadesIn fast crashes, auto-deleveraging closes winning positions, which users find opaque and unfair.
- US accessUS users are excluded. Serving them needs CFTC-regulated go-betweens.
Physics limits
- Every order waits for a blockOrders fill only when validators agree on a block, a fraction of a second at best. Traditional exchanges match in microseconds, so an on-chain book can't serve the very fastest strategies.
- More validators, slower blocksBFT voting has every validator talk to every other; messages grow with the square of the set. Fast blocks mean keeping the set small, a few dozen validators, which concentrates control.
- A chain can't see outside pricesMargin and liquidations depend on prices that validators report from outside markets. Thin markets can be pushed on those venues, as the 2025 JELLY episode showed.
How it works
Orders
Signed orders become transactions
Traders sign orders in their wallet. Validators add them to blocks and the matching engine fills them in block order.
Margin
Margin tracked on-chain
Positions, collateral and funding payments live on the chain. Validator-reported prices trigger liquidations.
Markets
Open listings via HIP-3
Builders stake HYPE to launch their own perp markets with their own price feeds. Misbehaviour can cost them their stake.
Spec sheet
| Spec | HyperCore exchange |
|---|---|
| Order throughput (claimed) | ~200,000 orders/sR (reported) |
| Finality | One block, sub-secondR (reported) |
| Genesis airdrop | 31% of HYPE supplyR (reported) |
| HIP-3 deployer stake | 500,000 HYPER (reported) |
| Record daily perp volume | $5.4B (June 2026)R (reported) |
R reported by the company
Papers & demos
- Feb 2025codeHyperEVM mainnet launch (opens theblock.co)Brought general smart contracts onto the same consensus as the order book.
Update log
Wed 16 Sep
- Major: PressPartnership
Mon 17 Aug
- Minor: PressCommercial
Mon 23 Mar
- Minor: PressCommercial
Oct 2025
- Major: PressSoftware
Wed 26 Mar 2025
- Major: PressOther
Tue 18 Feb 2025
- Minor: PressSoftware
Fri 29 Nov 2024
- Major: PressOther
About Hyperliquid
Hyperliquid
On-chain futures exchange L1, HyperEVM, HIP-3
A blockchain built to run one thing: a fully on-chain exchange for perpetual futures ('perps') and spot trading. Built by Hyperliquid Labs without venture funding, it became the largest decentralised perps venue. Its HIP-3 rules let others launch their own markets.
- 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.
- Founded
- 20224 yrs
- Headquarters
- Singapore
- Status
- Private
- Valuation
- private
- Works in
- CryptoTrading & DeFi
- Coverage
- 1 program · 7 updateslatest 24d agochecked 25 Sep
- People
- Jeff YanCo-founder, Hyperliquid Labs