Hyperliquid
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In Brief
Hyperliquid is a decentralized perpetual futures exchange that runs on its own Layer-1 blockchain (HyperEVM), offering high-speed on-chain order-book trading with support for crypto, equity, and commodity perpetuals.
What Is Hyperliquid?
Hyperliquid is a decentralized perpetual futures exchange built on its own purpose-built Layer-1 blockchain called HyperEVM. Launched in 2023, Hyperliquid uses a fully on-chain order-book model — unlike most decentralized exchanges, which rely on automated market makers (AMMs) — and offers a trading experience comparable in speed to centralized exchanges.
Hyperliquid has quickly become one of the largest on-chain perpetual futures venues by trading volume and open interest. It supports a growing catalog of perpetual markets including
crypto majors, altcoins, US equities, commodities, and FX pairs.
How Does Hyperliquid Work?
A user connects a self-custody wallet to Hyperliquid.
They deposit collateral (typically USDC) to the Hyperliquid exchange contract.
Orders are placed directly on Hyperliquid's on-chain order book.
Matching, settlement, and liquidations all happen on-chain.
Users can withdraw at any time back to their self-custody wallet.
Hyperliquid's architecture is designed to process tens of thousands of orders per second while keeping all execution fully transparent and auditable on-chain.
Key Features of Hyperliquid
On-Chain Order Book
Unlike AMM-based DEXs, Hyperliquid uses a traditional order book matched entirely on-chain, preserving price-time priority.
HyperEVM
Hyperliquid runs on its own L1 blockchain, giving it full control over block times, gas markets, and order execution.
Diverse Market Catalog
Hyperliquid supports 150+ perpetual markets including BTC, ETH, SOL, plus tokenized equities and commodity perpetuals.
Leverage
Up to 40x leverage on supported markets (varies by asset).
Self-Custody
Users retain ownership of their keys and can withdraw collateral at any time.
Hyperliquid vs Centralized Perps Exchanges
| Feature | Hyperliquid | Centralized Exchange |
|---|---|---|
| Custody | Self-custody | Exchange custody |
| KYC | No KYC required | Typically required |
| Order book | On-chain | Off-chain |
| Settlement | Fully on-chain | Internal ledger |
| Transparency | Publicly auditable | Opaque |
Use Cases
Non-custodial perps trading for users who don't want to trust a centralized exchange
Access to tokenized US equities and commodities through crypto-native infrastructure
Trading from a self-custody wallet without transferring assets to a centralized venue
Availability
Perpetual futures trading through Hyperliquid is not available in all jurisdictions. Hyperliquid restricts access for users in the United States, United Kingdom, and certain other
countries. Review Hyperliquid's terms of service for the full list of restricted regions.
Hyperliquid and Trust Wallet
Trust Wallet offers native in-app support for Hyperliquid, letting users connect directly from their self-custody wallet and trade 150+ perpetual markets without bridging or creating an account. Leverage on Trust Wallet's Hyperliquid integration goes up to 40x. Availability varies by region.