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Decentralized Perpetuals Exchange · Custom L1

Hyperliquid — On-Chain Trading at CEX Speed

The decentralized exchange that broke the CEX monopoly on perpetuals. 70%+ market share. $21.8B daily. Your keys. Your funds.

Open App → How It Works
70%+
Decentralized Perp Market Share
of all on-chain perpetuals volume
$21.8B
24-Hour Trading Volume
April 2026 · exceeds most CEXs
0.2s
Transaction Finality
HyperBFT consensus · 200K+ TPS
Overview

Hyperliquid

Hyperliquid is a decentralized perpetuals exchange running on a custom Layer 1 blockchain that has achieved genuine dominance over centralized competitors in its category. By April 2026, Hyperliquid commands approximately 70% of all on-chain perpetuals volume globally — $21.8 billion daily, $300 billion monthly, and a $1.6 trillion run rate over the August 2025 to January 2026 period. It entered the global top 10 across all exchanges — centralized and decentralized — a position no DEX has previously reached in the derivatives category.

The technical foundation that made this possible: HyperBFT consensus delivering 0.2-second finality on a chain processing 200,000+ TPS; a fully on-chain Central Limit Order Book (CLOB) rather than an AMM; and an architecture built by ex-MIT and Hudson River Trading engineers who understand market microstructure. The HYPE token launched November 2024 with zero VC allocation — 31% distributed directly to early users in one of DeFi's most community-aligned launches.

// protocol.data
TypePerp DEX + Spot + L1
Perp Mkt Share66–73% of DEX perps
24H Volume~$21.8B (Apr 2026)
Open Interest$7.3B
30D Volume$300B+
Users760,000+
Max Leverage40×
Maker Fee0.024%
Taker Fee0.045%
Finality0.2 seconds
TPS200,000+
VC FundingZero
KYCNot required
Features

Why 70% of On-Chain Perp Volume Chooses Hyperliquid

Custom L1, on-chain CLOB, CEX-grade liquidity — with self-custody. The architecture difference that changed decentralized trading.

⚡ 0.2-Second Finality
HyperBFT consensus achieves sub-second trade settlement at 200,000+ transactions per second. Indistinguishable from a CEX in execution speed.
📊 On-Chain CLOB
Central Limit Order Book running entirely on-chain — not AMM. Professional market makers provide deep liquidity with tight spreads on BTC, ETH, and 100+ markets.
💪 Up to 40× Leverage
100+ perpetual markets with leverage up to 40x. Execute $500K+ BTC/ETH orders with minimal slippage — comparable to Tier-2 CEXs.
🏗️ HyperCore + HyperEVM
Dual-layer architecture: HyperCore handles order matching, HyperEVM enables Solidity smart contracts composing with the live order book.
🏦 HLP Vaults
Deposit into the Hyperliquidity Provider vault and earn yield from professional market-making and liquidation revenue.
🪙 HYPE Token
31% of supply airdropped to users. Zero VC allocation. Captures protocol fee revenue via staking. Trades ~$41-45 (May 2026).
🏪 Spot Markets
Native spot trading alongside perpetuals — buy and hold tokens directly on the Hyperliquid L1 without bridging.
🔓 No KYC / No Custody
No identity verification. No withdrawal limits. You hold your private keys. No exchange insolvency risk.
Get Started

Trade in Minutes

No account. No KYC. Connect a wallet, bridge USDC, and trade perpetuals on-chain.

01
Connect Wallet
Visit app.hyperliquid.xyz and connect any EVM wallet — MetaMask, WalletConnect, or Ledger. No account creation. No KYC.
02
Bridge USDC
Use the native bridge to transfer USDC from Ethereum, Arbitrum, or Base to Hyperliquid. Typically settles in a few minutes.
03
Select Market and Leverage
Choose from 100+ perpetual markets. Set your leverage (1x–40x). Lower leverage significantly reduces liquidation risk.
04
Place Order
Market order for instant fill at current price. Limit order to specify your entry price and pay 0.024% maker fee. Settles on-chain in 0.2 seconds.
05
Manage Position
Monitor your position, funding rate, and liquidation price. Use stop-loss orders to manage downside risk automatically.

The Decentralized Exchange That Actually Works

$21.8B daily volume. 0.2-second finality. No KYC. No custodian. Your funds on-chain, your keys in your wallet.

Start Trading on Hyperliquid →

No account required · No withdrawal limits · Self-custody

FAQ

Hyperliquid — Questions Answered

What is Hyperliquid?
+
Hyperliquid is a decentralized perpetuals exchange built on a custom L1 blockchain. It commands approximately 70% of all on-chain perpetuals volume ($21.8B+ daily), uses a fully on-chain CLOB, achieves 0.2-second finality, and offers 100+ perp markets with up to 40x leverage. No KYC, no custodian risk.
How did Hyperliquid get 70% market share?
+
Three factors: (1) Custom L1 optimized purely for trading — not adapting a general-purpose chain. (2) On-chain CLOB vs AMM — enables professional market making and tighter spreads. (3) The HYPE airdrop (November 2024) attracted a community of early users who became advocates. The combination created a liquidity flywheel: volume attracts market makers, market makers tighten spreads, tight spreads attract more volume.
Is Hyperliquid safe?
+
Hyperliquid is non-custodial — your funds stay in your wallet until you bridge to the platform. Smart contract risk applies to the bridge and vault contracts. Trading risk (leverage, liquidation) is significant and separate. The platform has operated without major security incidents since launch in 2023.
What is the HYPE token?
+
HYPE is Hyperliquid\'s native token capturing protocol fee revenue. 31% of total supply was airdropped to early users in November 2024 — zero allocation to VCs. Used for L1 staking, HyperEVM gas, and governance. Trades around $41-45 (May 2026) with ~$10.5B market cap.
What fees does Hyperliquid charge?
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Standard fees: 0.024% maker, 0.045% taker. Volume-based discounts reduce fees for high-volume traders. Top market makers can receive negative maker rebates — meaning Hyperliquid pays them to provide liquidity.
Reviews

What Traders Say

Institutional Perp Trader
★★★★★

"Migrated primary trading from Binance Futures 8 months ago. The execution quality is genuinely indistinguishable at $200-500K position sizes. Self-custody means I sleep better knowing exchange insolvency is not a risk."

DeFi Researcher
★★★★★

"Hyperliquid\'s 70% market share is the most defensible moat in DeFi right now. The liquidity flywheel is real — volume attracts market makers, market makers tighten spreads, tighter spreads attract volume. Hard to dislodge once established."

Retail Trader
★★★★☆

"Steep learning curve if you have never traded perpetuals. But once you understand leverage and liquidation mechanics, the interface is excellent. Fees are lower than my previous CEX after accounting for the maker/taker split."

Zero VC. 31% Airdropped to Users. Real Revenue.

Hyperliquid raised no venture capital and gave 31% of HYPE directly to early users. The most community-aligned major DeFi protocol launch in history.

Get HYPE →