Intercontinental Exchange (ICE) and trade[XYZ] have announced their plan to use Hyperliquid as the infrastructure layer to deploy perpetual futures markets for US traders across crypto, equities, commodities, foreign exchange, and other real-world assets, subject to regulatory approvals. ICE operates NYSE and some of the largest exchanges and clearing houses globally.
In this structure:
+ Hyperliquid serves as the underlying technology infrastructure via HIP-3*
+ trade[XYZ] designs and implements the markets
+ ICE operates the regulated market and clearing structure
Existing trade[XYZ] HIP-3 markets will remain unchanged.
Hyperliquid is a neutral infrastructure layer with the goal of supporting large parts of the financial system. As with HIP-3, HIP-3* deployers are independent operators who use Hyperliquid as the onchain infrastructure layer for their own markets, while retaining control and responsibility over their deployment.
Hyperliquid
Onchain perp and spot DEX on a dedicated L1 with 200,000 orders per second
3.4/ 5
Our score
Fair
Chains
HyperliquidArbitrum
Type
Order bookPerpetuals
Perpetual futures
Yes
Audited
Yes
Governance token
HYPE
What is Hyperliquid?
Hyperliquid is a non-custodial decentralized exchange and Layer 1 blockchain built around a fully onchain order book. Its HyperCore supports perpetual futures and spot trading, while the wider platform lists crypto, equities, commodities, indices, foreign exchange and other real-world assets. The website reported $7.2B in 24-hour volume.
People and structure
Founder Jeff Yan leads the project, which has 11 core contributors. Hyperliquid says it was built without private investors, paid market makers or insiders. HYPE launched in 2024, with approximately 31% of its supply allocated to early users and no allocation to venture funds. The token has a maximum supply of 1B.
How trading works
HyperCore records every order, cancellation, trade, and liquidation onchain. HyperBFT secures both HyperCore and HyperEVM, the chain's Ethereum-compatible smart-contract environment. The network reports a 0.07-second block time, an active validator set of 27, and capacity of about 200,000 transactions per second. Hyperliquid offers limit orders for perpetual futures and spot markets. Its ecosystem also includes portfolio margin, vaults, and borrowing and lending services.
Trading is non-custodial, so the exchange does not hold user funds in the manner of a centralized exchange. Users can connect wallets or use an email wallet, while qualified custodians including Anchorage, BitGo, FalconX, Fireblocks and Komainu can support custody arrangements.
Fees and token utility
Trading fees vary by market and account conditions. HYPE supports staking and governance, gas fees, and fee discounts. Hyperliquid says 99% of protocol revenue goes to the Assistance Fund. The fund automatically buys HYPE and burns tokens held there. Borrowing rates depend on utilization, with supplied quote assets earning interest and borrowed quote assets paying interest.
Track record and risks
A Zellic audit covered the Hyperliquid bridge in August 2023, followed by a patch review in November 2023. The scope excluded off-chain components and the front end. In December 2024, wallets linked to the Lazarus Group deposited USDC and opened losing positions. Hyperliquid said there was no exploit and that user funds and balances were not lost.
In March 2025, a 50x ETH liquidation left the HLP vault with about $4M in losses, after which BTC and ETH leverage caps were lowered. On March 26, 2025, a JELLY position attack caused losses for HLP; validators voted to settle the position at the pre-manipulation price of $0.0095. The vote raised concerns about validator centralization.
Founders
Jeff YanFounder
Best for:Onchain perpetual tradersOrder-book spot tradersBuilders using HyperCore liquidityHYPE stakers and delegators
Pros and cons
Pros
- Fully onchain order book with transparent liquidations
- Reported $7.2B in 24-hour volume
- Perpetual leverage reaches 40x for BTC's first margin tier
- Non-custodial trading model
- HyperCore and HyperEVM share HyperBFT security
Cons
- JELLY settlement at $0.0095 raised validator-centralization concerns
- HLP lost about $4M in a March 2025 ETH liquidation
- Bridge audit excluded the front end and off-chain components
Our review
3.4/5
Fair
Hyperliquid combines a high-throughput onchain order book with reported derivatives volume, but leverage, validator discretion and past trading incidents add material risk.
Hyperliquid is a layer-one blockchain whose HyperCore component runs an onchain order book for perpetual futures and spot markets. That model is closer to a centralized exchange than an automated market maker: users get limit orders, stop-loss and take-profit orders, plus trailing stops for perpetuals. Every order, cancellation, trade, and liquidation is recorded onchain.
Liquidity is a clear strength. The site reports $7.2B in 24-hour volume, while open interest reached $18B in September 2026. The exchange supports spot markets along with assets spanning crypto, equities, commodities, and foreign exchange. Trading fees vary by market and account conditions.
HyperBFT has a stated 0.07-second block time and 200,000 transactions per second, with 27 active validators and more than two-thirds stake required to commit a block. The non-custodial model avoids an exchange-held balance. A Zellic audit covered the bridge in 2023, including a later patch review, but excluded off-chain components and the front end. The 2024 Lazarus-linked deposits did not result in stolen funds or a bridge exploit. In March 2025, a 50x ETH liquidation cost the HLP vault about $4M, and a JELLY market event led validators to settle a position at $0.0095. The latter decision created a governance and centralization trade-off.
Jeff Yan founded the project. Hyperliquid has 11 core contributors, and the project says it was built without private investors or paid market makers. HYPE supports staking and governance, along with gas fees and trading-fee discounts. Its maximum supply is 1B, and 99% of protocol revenue is directed to the Assistance Fund.
Specs
| Type | Order book, Perpetuals · unverified |
|---|---|
| Chains | Hyperliquid, Arbitrum |
| Limit orders | Yes · unverified |
| Audited | Yes · unverified |
| Governance token | HYPE · unverified |
| Perpetual futures | Yes · unverified |
| Max leverage (x) | 40 · unverified |
| Routes across other DEXs | No · unverified |
Not disclosed by the provider: KYC required, Swap fee, Cross-chain swaps, Open source, MEV protection, Mobile app, Points or rewards program.
Data from the provider's website and public sources. Fees and availability change; confirm on the official site before you sign up.
Key features
Onchain order book
HyperCore records orders, cancellations, trades and liquidations onchain with one-block finality.
Perpetual futures
Perpetual markets include BTC with up to 40x leverage in the first margin tier and ETH with up to 25x.
Spot markets
Spot trading runs on the Hyperliquid chain alongside perpetual futures through the same HyperCore infrastructure.
Portfolio margin
Portfolio margin supports manual borrowing, with HYPE and BTC accepted as collateral for USDC and USDT borrowing.
Trailing stops
Trailing stops for perpetual markets follow the mark price and trigger a market order after a selected retracement.
HyperEVM apps
HyperEVM provides an Ethereum-compatible environment for smart contracts that access HyperCore liquidity and financial primitives.
Builder integrations
Builder codes let applications use Hyperliquid liquidity and execution while charging fees per order.
HYPE staking
HYPE supports staking, governance, gas fees, trading-fee discounts and asset-deployment fees.
Inside Hyperliquid
Trade
The trading platform supports perpetual futures and spot markets through HyperCore's fully onchain order books. Markets include crypto and products linked to equities, commodities, indices, foreign exchange and other real-world assets.
HyperCore
HyperCore is the chain component for perpetual futures and spot trading. Orders, cancellations, trades and liquidations settle onchain with one-block finality inherited from HyperBFT.
HyperEVM
HyperEVM is a general-purpose Ethereum Virtual Machine on the Hyperliquid chain. Developers can deploy smart-contract applications that use HyperCore liquidity and financial primitives.
Apps
The ecosystem lists applications built around Hyperliquid, including lending, staking and trading products. Recent integrations include papertrade on HyperEVM and Xverse access to Hyperliquid perpetuals through builder codes.
Builder codes
Builder codes let applications use Hyperliquid's liquidity and execution without building a trading backend. Builders can own their users and charge fees per order.
HYPE
HYPE is the blockchain's native token. It supports staking and governance, as well as gas fees, trading-fee discounts and asset-deployment fees.
Hyperliquid screenshots
What users say about Hyperliquid
The product offers access to non-crypto markets. Complaints focus on regulatory uncertainty, regional availability, and concerns about wallet restrictions and transaction handling.
In their own words
“Its very bullish as this bypasses to strict requirements by classical exchanges for access to perpetural futures for stock and commodities”
“HL doesn’t not require KYC. You should use a well known and regulated exchange like Coinbase (depending on your region) and use that as a fiat on/off ramp. Transfer usdc from the exchange to your wallet, then deposit to HL. Make sure it’s on the arbitrum network, HL uses arby.”
“However, the price for HYPE is paying the price for not complying. Hard for Hyperliquid to find a way to comply with the CFTC to gain the U.S. market, while simultaneously ignoring it. This probably isnt going to end well for the attempt to get into the U.S. market?”
“Can I still withdraw from hyperliquid?? My wallet was flagged as high risk because I previously interacted with Treasure NFT / Magic NFT. Hyperliquid support told me the address can no longer use the platform and that other apps may also flag it.”
Based on 200 Reddit posts and comments from the last 12 months, checked Oct 18, 2026. These are posts by users on other sites, not reviews submitted on CryptoReview.
User reviews
No user reviews yet. Have you used Hyperliquid? Share your experience below.
FAQ
Who founded Hyperliquid?
Jeff Yan founded Hyperliquid. The project has 11 core contributors.
What fees does Hyperliquid charge?
Hyperliquid uses tiered trading fees for its markets. The exact rate depends on market and account conditions.
Is Hyperliquid safe?
Hyperliquid is non-custodial, and its bridge received a Zellic audit in 2023 with a patch review later that year. In March 2025, an ETH liquidation caused about $4M in HLP losses, while a JELLY market event led validators to settle a position at $0.0095.
What chains does Hyperliquid support?
Hyperliquid runs its trading venue on the Hyperliquid layer-one blockchain.
Does Hyperliquid have a token?
Yes. HYPE is the native token. It supports staking and governance, as well as gas fees, trading-fee discounts and asset-deployment fees, with a maximum supply of 1B.
Does Hyperliquid support perpetual futures?
Yes. HyperCore runs fully onchain perpetual-futures order books with limit, stop-loss, take-profit and trailing-stop orders.
Latest from Hyperliquid on X
By community request, Extended (XTEN) hyperp has been listed with up to 3x leverage. https://t.co/Gc5FEwYcSx
Payward, the parent company of Kraken, announced its intention to be the first CFTC-regulated deployer on HIP-3* markets. Payward will use Hyperliquid as the infrastructure layer to deploy perpetual futures markets for US clients. Subject to regulatory approval, Bitnomial, Payward’s CFTC-regulated DCM and DCO, would act as the HIP-3* deployer: creating, owning, and administering the markets and clearing and settling the contracts. If approved, NinjaTrader Clearing, Payward’s CFTC-registered FCM, would carry client accounts.
HIP-3 will support optional deployer configuration for permissioned markets in a future network upgrade. This set of additional deployer functionality is collectively called HIP-3*. At its core, HIP-3* activation involves an onchain allowlist managed by the deployer or its sub-deployers. The functionality is strictly additive to HIP-3; its use is optional and up to the deployer. Existing markets remain unchanged. The initial release is available on testnet, where specifications are preliminary and subject to change based on feedback.
Hyperliquid is a neutral infrastructure layer with the goal of supporting large parts of the financial system. HIP-3* gives deployers additional functionality to operate deployments consistent with the requirements applicable to them. As with HIP-3, HIP-3* deployers are independent operators who use Hyperliquid as the onchain infrastructure layer for their own markets, while retaining control and responsibility over their deployment.
HIP-3 will support optional deployer configuration for permissioned markets in a future network upgrade. This set of additional deployer functionality is collectively called HIP-3*. At its core, HIP-3* activation involves an onchain allowlist managed by the deployer or its sub-deployers. The functionality is strictly additive to HIP-3; its use is optional and up to the deployer. Existing markets remain unchanged. The initial release is available on testnet, where specifications are preliminary and subject to change based on feedback.
Hyperliquid is a neutral infrastructure layer with the goal of supporting large parts of the financial system. HIP-3* gives deployers additional functionality to operate deployments consistent with the requirements applicable to them. As with HIP-3, HIP-3* deployers are independent operators who use Hyperliquid as the onchain infrastructure layer for their own markets, while retaining control and responsibility over their deployment.
Thank you to everyone who traveled near and far to make it to Monday's community event. Multiple members of the ecosystem hosted their own events to celebrate Hyperliquid and the community throughout the week. Thank you to every organizer for the hard work and dedication behind each one.
The builder booths were a highlight for many. To everyone building on Hyperliquid: thank you for bringing more of finance onchain and spreading the word.
Since last year, even more builders, users, and institutions have contributed to the ecosystem's growth. Hyperliquid's vision is to be infrastructure to house all finance, and every year, that vision becomes more of a reality.
The builder booths were a highlight for many. To everyone building on Hyperliquid: thank you for bringing more of finance onchain and spreading the word.
Since last year, even more builders, users, and institutions have contributed to the ecosystem's growth. Hyperliquid's vision is to be infrastructure to house all finance, and every year, that vision becomes more of a reality.
The Hyperliquid community event will take place on the evening of October 5 in Singapore: https://t.co/jVuGo3rhn7
This is a chance to spend time with the builders and users who've shaped the ecosystem
The event is oversubscribed; you will only be able to attend if your RSVP was accepted. If your RSVP was accepted but you're no longer able to attend, please cancel your RSVP to make space for others
This is a chance to spend time with the builders and users who've shaped the ecosystem
The event is oversubscribed; you will only be able to attend if your RSVP was accepted. If your RSVP was accepted but you're no longer able to attend, please cancel your RSVP to make space for others
Recent public posts from @HyperliquidX, shown as published. Not reviewed or endorsed by CryptoReview.
Latest from Hyperliquid on Telegram
Hyperliquid Announcements
Join
@hyperliquid_announcements · 26.8K subscribers
Intercontinental Exchange (ICE) and trade[XYZ] have announced their plan to use Hyperliquid as the infrastructure layer to deploy perpetual futures markets for US traders across crypto, equities, commodities, foreign exchange, and other real-world assets, subject to regulatory approvals. ICE operates NYSE and some of the largest exchanges and clearing houses globally.
In this structure:
+ Hyperliquid serves as the underlying technology infrastructure via HIP-3*
+ trade[XYZ] designs and implements the markets
+ ICE operates the regulated market and clearing structure
Existing trade[XYZ] HIP-3 markets will remain unchanged.
Hyperliquid is a neutral infrastructure layer with the goal of…
In this structure:
+ Hyperliquid serves as the underlying technology infrastructure via HIP-3*
+ trade[XYZ] designs and implements the markets
+ ICE operates the regulated market and clearing structure
Existing trade[XYZ] HIP-3 markets will remain unchanged.
Hyperliquid is a neutral infrastructure layer with the goal of…
4.9K View on Telegram
Weekly Update
Product & Tech
+ See the API announcements channel for various technical updates re: write priority fees, gossip priority slots, optional sub-builders, etc.
Trading
+ Payward, the parent company of Kraken, announced its intention to be the first CFTC-regulated deployer on HIP-3* markets
+ XTEN hyperp was listed
Community Highlights
+ The India community is organizing an event in Mumbai on November 3: https://x.com/Hyperliquid_In/status/2112491773935472768
+ HL Radio (by HL Global) recordings from the HL Community Event are live: https://x.com/HLglobal_/status/2113258931313352820
Product & Tech
+ See the API announcements channel for various technical updates re: write priority fees, gossip priority slots, optional sub-builders, etc.
Trading
+ Payward, the parent company of Kraken, announced its intention to be the first CFTC-regulated deployer on HIP-3* markets
+ XTEN hyperp was listed
Community Highlights
+ The India community is organizing an event in Mumbai on November 3: https://x.com/Hyperliquid_In/status/2112491773935472768
+ HL Radio (by HL Global) recordings from the HL Community Event are live: https://x.com/HLglobal_/status/2113258931313352820
5.3K View on Telegram
By community request, Extended ($XTEN) hyperp has been listed with up to 3x leverage.
As a reminder, hyperps do not rely on any external data for the oracle price. Hyperps trade like perpetual contracts that users are familiar with, but do not require an external spot or index oracle price. Instead, the funding rate is determined relative to a moving average of the hyperp mark price. This makes the hyperp price more stable and less susceptible to manipulation, unlike usual pre-launch futures.
When trading hyperps, funding rates are important to consider. If there is heavy price momentum in one direction, funding will heavily incentivize positions in the opposite direction for the next…
As a reminder, hyperps do not rely on any external data for the oracle price. Hyperps trade like perpetual contracts that users are familiar with, but do not require an external spot or index oracle price. Instead, the funding rate is determined relative to a moving average of the hyperp mark price. This makes the hyperp price more stable and less susceptible to manipulation, unlike usual pre-launch futures.
When trading hyperps, funding rates are important to consider. If there is heavy price momentum in one direction, funding will heavily incentivize positions in the opposite direction for the next…
6.4K View on Telegram
Payward, the parent company of Kraken, announced its intention to be the first CFTC-regulated deployer on HIP-3* markets. Payward will use Hyperliquid as the infrastructure layer to deploy perpetual futures markets for US clients. Subject to regulatory approval, Bitnomial, Payward’s CFTC-regulated DCM and DCO, would act as the HIP-3* deployer: creating, owning, and administering the markets and clearing and settling the contracts. If approved, NinjaTrader Clearing, Payward’s CFTC-registered FCM, would carry client accounts.
HIP-3 will support optional deployer configuration for permissioned markets in a future network upgrade. This set of additional deployer functionality is collectively…
HIP-3 will support optional deployer configuration for permissioned markets in a future network upgrade. This set of additional deployer functionality is collectively…
13.8K View on Telegram
Recent posts from the official Telegram channel @hyperliquid_announcements, shown as published. Not reviewed or endorsed by CryptoReview.
Alternatives to Hyperliquid
Decentralized AMM launched in 2018, with support across 16+ EVM mainnets
No KYCAMMEthereum · Base +3Limit orders
Cosmos appchain DEX and cross-chain AMM connecting over 100 ecosystems with IBC
No KYCAMM · Order bookOtherLimit orders
Multichain AMM founded in 2020, with about $1.56B locked on October 17, 2026
No KYCAMMBNB Chain · Ethereum +3Cross-chain swaps
Cross-chain liquidity and stablecoin activation stack settling transfers across 30+ blockchains
Ethereum · Bitcoin +10Cross-chain swapsAudited
Perpetual and spot DEX with 50.1M reported users and a native 50ms Layer 1
No KYCPerpetualsBNB Chain · Ethereum +3Limit orders
DEX aggregator routing swaps across 18+ networks, including Ethereum and Solana
AggregatorEthereum · BNB ChainCross-chain swaps