Hyperliquid
A Layer 1 blockchain built for trading, with a fully on-chain order book for perpetual futures and spot. Figures below carry the date they were read; volume and TVL are linked rather than copied.
Reviewed . Live figures are linked, not copied; any figure shown carries its own date and source.
Overview
What is Hyperliquid?
Hyperliquid is a Layer 1 blockchain built for trading. Its order book is fully on chain: orders are matched in price-time priority, and every order, cancel, trade and liquidation is public.
Key features
- Fully on-chain order book for perpetual futures and spot (HyperCore)
- HyperEVM smart contracts that can interact with HyperCore
- HyperBFT proof-of-stake consensus
- HYPE token for staking and HyperEVM gas
Verified Figures
Volume and TVL change by the minute, so they are linked rather than copied. The figure below was read from Hyperliquid's API on its date.
- Max leverage
- 40x
- BTC perpetual. ETH 25x and SOL 20x; most listed perpetuals allow 3x or 5x.
As of · Source: Hyperliquid info API (meta) (opens in a new tab)
HyperBFT and HyperCore
HyperBFT consensus
Hyperliquid's own proof-of-stake consensus. Validators stake HYPE to produce blocks.
Validator docs (opens in a new tab)On-chain order book
HyperCore matches perpetual and spot orders on chain in price-time priority.
Order book docs (opens in a new tab)Hyperliquid Network Features
Consensus
HyperBFT
Proof-of-stake consensus; validators stake HYPE
Order book
HyperCore
Perpetuals and spot matched fully on chain
Smart contracts
HyperEVM
EVM execution that can read from and transfer to HyperCore
Validators
27 active of 35
Active validators out of all registered validators
As of · Source: Hyperliquid info API (validatorSummaries) (opens in a new tab)
Technical Specifications
Architecture
Consensus
Trading
Token
Hyperliquid Products
Hyperliquid Perpetuals
Category
Features
Hyperliquid Spot
Category
Features
HLP Vault
Category
Features
HyperEVM
Category
Features
HYPE Staking
Hyperliquid API
Category
Features
Hyperliquid Bridge
Category
Features
Inactive as of
Not linked, because an abandoned domain can be re-registered by anyone. Each line links to the evidence.
- Hyperliquid Points: The points seasons ended with the HYPE genesis distribution on 2024-11-29. Hyperliquid docs (Hyperliquid Points, opens in a new tab)
Trading Features
How Trading Works
Perpetual futures
Cross or isolated margin. Maximum leverage is set per market; the Overview tab shows the dated maximum.
Margining docs (opens in a new tab)Market making
The fee schedule includes maker rebates at the highest maker-volume tiers.
Fee schedule (opens in a new tab)Portfolio margin
Hyperliquid documents a portfolio-margin mode that nets margin across positions; check the docs for who can use it.
Portfolio margin docs (opens in a new tab)Hyperliquid Ecosystem
Trading Ecosystem
Key components
- Perpetual futures exchange
- Spot trading
- Liquidity vaults (HLP)
- Trading APIs
Developer Ecosystem
Developer tools
- REST API for trading and data
- WebSocket feeds for real-time data
- Official Python SDK
- HyperEVM JSON-RPC
Network Information
Hyperliquid is a Layer 1 blockchain built for trading. HyperCore runs a fully on-chain order book for perpetuals and spot, HyperEVM adds general smart contracts, and HyperBFT proof-of-stake consensus secures both.
Secured
HYPE proof of stake
On-chain
Every order and fill is public
Trading-focused
Order book at the protocol level