Hyperliquid (HYPE) Loading...
Hyperliquid is a purpose‑built Layer‑1 blockchain for on‑chain trading. It combines a fully on‑chain central limit order book (CLOB) for spot and perpetuals with an EVM‑compatible smart‑contract layer called HyperEVM. Together, these two parts—HyperCore for trading and HyperEVM for apps—form the Hyperliquid blockchain. The network’s native asset, the HYPE token, powers gas on HyperEVM and secures consensus through staking. Thanks to low end‑to‑end latency and high throughput, Hyperliquid aims to deliver a CEX‑like experience while keeping everything verifiable on‑chain. If you’re exploring HYPE price drivers, network design, or where to buy HYPE, this guide walks through the essentials in plain language. (hyperliquid.gitbook.io)
As of 12/4/2025 20:00 UTC, Hyperliquid (HYPE) trades at $33.52 with a -3.41% move over the last 24 hours.
The market capitalization stands at $9.4B, placing it at rank #20 by market value.
Daily trading volume is $338M. Hyperliquid (HYPE) has moved -6.19% over the past seven days and -9.89% across the last 30 days.
Hyperliquid emerged after the 2022 collapse of several centralized exchanges, with the goal of bringing professional‑grade trading fully on‑chain. Public interviews identify Jeff Yan, a Harvard graduate and former quantitative trader/engineer, as the founder. He has said the project rejected venture capital to prioritize community ownership and performance. The core group is small and technically heavy, with contributors from institutions like Harvard, MIT, and Caltech. (panewslab.com)
Key milestones include the launch of the Hyperliquid L1 with an on‑chain order book, the release of HyperEVM (an EVM‑compatible layer providing composability for DeFi and other apps) in February 2024, and the HYPE token “genesis” event on November 29, 2024. The project states there were no allocations for private investors or market makers at launch. (lianpr.com)
Hyperliquid uses HyperBFT, a variant of HotStuff. Validators produce blocks proportional to staked HYPE. The system is optimized for speed: median end‑to‑end order confirmation is around 0.2 seconds, and the mainnet has demonstrated capacity on the order of 200,000 orders per second, with room to scale further as execution optimizations roll out. These performance targets are central to enabling automated and high‑frequency strategies on‑chain. (hyperliquid.gitbook.io)
HyperEVM is the EVM‑compatible layer of the Hyperliquid blockchain. It inherits security from HyperBFT and is tightly integrated with HyperCore so smart contracts can interact with order books natively. To balance speed and capacity, HyperEVM employs a dual‑block architecture that processes frequent “small” blocks and periodic “big” blocks. This lets lightweight actions clear quickly while giving complex contracts room to execute. HYPE is the gas token on HyperEVM; the chain implements EIP‑1559 fee burn, and even priority fees are burned. (docs.dune.com)
All trading happens on‑chain. Oracle prices are computed by validators and aggregated as a stake‑weighted median. Funding for perpetuals is paid hourly and anchors contract prices to spot by referencing the oracle price rather than an internal mark alone. Under the hood, the formula clamps extremes and samples the premium frequently, supporting stable markets even during volatility. (hyperliquid.gitbook.io)
Vaults are built into HyperCore so strategies like market making and liquidations can be run on‑chain with shared performance. The Hyperliquidity Provider (HLP) is a protocol vault that democratizes activities traditionally reserved for privileged market makers; depositors share its PnL and a portion of trading fees. Liquidations are similarly “backstopped” by a vault so the process is transparent and community‑owned. (hyperliquid.gitbook.io)
Hyperliquid tokenomics were set out during the HYPE genesis event. The initial maximum supply was 1,000,000,000 HYPE, allocated as follows: 31.0% to the genesis distribution, 38.888% to future emissions and community rewards, 23.8% to current and future core contributors (with a one‑year lock and multi‑year vesting thereafter), 6.0% to the Hyper Foundation budget, 0.3% to community grants, and a small 0.012% HIP‑2 allocation. The team emphasized no allocations to private investors, centralized exchanges, or market makers. (hyperfnd.medium.com)
In September 2025, an external asset manager publicly proposed reducing authorized supply by about 45% by revoking unminted emissions and burning certain reserves; such changes would require governance to enact. Whether or not proposals like this pass, they illustrate that Hyperliquid tokenomics are an active topic for community debate. (cointelegraph.com)
Hyperliquid aims to bring finance onto one chain, so its ecosystem spans trading, DeFi, NFTs, and early gaming experiments—often described as “Hyperliquid DeFi, NFTs, gaming.”
Because the trading engine (HyperCore) and the smart‑contract layer (HyperEVM) share one state and validator set, dApps can read order books, execute strategies, and settle positions without multi‑chain bridges. This design reduces friction for developers and users who want trading logic and DeFi legos on the same base chain. (docs.dune.com)
If you’re wondering where to buy HYPE, the most direct path is on Hyperliquid itself.
Some centralized exchanges have announced or listed support for HYPE at various times; availability and access can vary by region and platform. If you choose a centralized venue, check the exchange’s official announcements to confirm deposit/withdrawal networks and custody options for HYPE. (fxstreet.com)
Hyperliquid operates as a decentralized protocol with an on‑chain order book and an EVM layer. Its foundation has introduced programs that require compliance steps for certain roles. For example, documentation for foundation‑run non‑validating node access describes eligibility, including KYC/KYB and jurisdictional restrictions, noting limitations related to sanctions lists and “certain activities involving the U.S. or Ontario.” Validator participation and delegation rules have also been formalized as the network moves toward a permissionless active set. These materials clarify the project’s posture as it scales while giving clues to the evolving Hyperliquid regulatory status. (hyperliquid.gitbook.io)
Is Hyperliquid halal? No. Because Hyperliquid’s core product involves trading perpetual contracts and derivatives with leverage and interest‑like funding mechanics, it is generally not considered HYPE shariah compliant under common interpretations of Islamic finance. This view focuses on the presence of riba (interest) and excessive uncertainty inherent in leveraged derivatives.
Note: This article does not provide legal or religious rulings. It summarizes typical assessments that readers can discuss with qualified advisors in their own communities.
Several themes shape Hyperliquid’s roadmap:
If Hyperliquid sustains low latency, high throughput, and credible decentralization while maintaining a healthy builder pipeline, it can remain a leading venue for on‑chain derivatives and a home for Hyperliquid DeFi, NFTs, gaming, and more. (hyperliquid.gitbook.io)
Hyperliquid brings a CEX‑grade experience to a public blockchain by keeping the order book, matching, funding, and liquidations on‑chain while adding an EVM layer for builders. The HYPE token powers the system as gas on HyperEVM and as the staking asset for validators. A community‑first distribution and native vaults like HLP align incentives around on‑chain liquidity, while performance targets (sub‑second confirmations and high throughput) make the network feel fast and familiar. Challenges remain—especially decentralizing stake and maturing governance over emissions—but the architecture gives developers and traders a clear canvas. For users tracking HYPE price narratives, Hyperliquid tokenomics, and where to buy HYPE, the network’s design, vault economics, and evolving validator program are the main pillars to watch as the ecosystem expands. (hyperfnd.medium.com)
Hyperliquid is a decentralized exchange that allows users to trade perpetual futures contracts on an order book with up to 50x leverage and zero fees. It runs on its own L1 chain based on Tendermint.
| Sector: | Perpetuals |
| Blockchain: | Hyperliquid |
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