What Hyperliquid does

Hyperliquid operates a decentralized perpetual futures and spot trading exchange built on its proprietary Layer-1 blockchain, HyperCore, which uses a custom HyperBFT consensus mechanism to deliver 0.07-second block times and up to 200,000 TPS throughput. The platform maintains a fully on-chain order book where all trades, funding payments, and liquidations settle directly on the L1, distinguishing it from off-chain matching engines and smart-contract-based DEXs. HyperEVM coexists as unified state with HyperCore, enabling Ethereum-compatible applications to interact with HyperCore's financial primitives. The flagship product supports perpetual futures with up to 40x leverage, spot trading, prediction markets (HIP-4), and — via the HIP-3 upgrade launched October 2025 — permissionless market deployment for tokenized equities, commodities, and pre-IPO contracts by third-party deployers who stake 500,000 HYPE (~$31M).

The platform is operated by Hyper Foundation (Cayman Islands foundation company) and Hyperliquid Labs Pte Ltd (Singapore) with a team of 11-14 people, no external investors, no paid market makers, and no paid marketing. Revenue is generated almost exclusively from transaction fees on the perpetual futures and spot order books, with 97-99% routed through the Assistance Fund into open-market HYPE token buybacks and burns. Annualized protocol revenue reached approximately $871-876M in 2025 on $2.9-3.5T in trading volume. The platform captures approximately 80% of decentralized perpetual futures volume and has grown its user base from roughly 300,000 in early 2025 to over 2.2 million by mid-2026.

Distribution occurs through a self-serve, non-custodial web interface (app.hyperliquid.xyz), with no KYC requirements and zero gas fees on all orders. Since May 2026, HYPE has become accessible to TradFi investors through U.S. spot ETFs launched by 21Shares (THYP), Bitwise (BHYP), and Grayscale (HYPG), which collectively attracted over $150M in inflows during their first month and direct a portion of management fees into HYPE staking. Notable institutional accumulators include Multicoin Capital, a16z-linked wallets (~$340-350M HYPE), Framework Ventures, and Bitwise. The platform remains off-limits to U.S. residents and faces regulatory scrutiny (Singapore MAS alert list, UK FCA unauthorized firm warning), though ETF wrappers provide a compliant access path for U.S. institutional capital.

Name

Hyperliquid

Legal name

Hyper Foundation

Website

https://hyperfoundation.org

Company type

Private

Founded year

2023

Operating status

Operating

Headcount range

11–50 employees

Short description

Hyperliquid is a decentralized exchange built on its own HyperCore Layer-1 blockchain that captures ~80% of decentralized perpetual futures volume, serving crypto traders with zero gas fees, on-chain order books, and permissionless market deployment.

Ownership category

akta.pro rank

Product category

Decentralized Exchange

NAICS

Securities and Commodity Exchanges (523210), Securities and Commodity Exchanges (5232), Commodity Contracts Intermediation (52316), Commodity Contracts Intermediation (523160)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Commodity Contracts Brokers & Dealers (6221), Finance Services (6199)

akta.pro primary industry

Derivatives, Perpetuals & Options Protocols (FSADAMAC)

akta.pro secondary industries

Decentralized Derivatives (perps, options, futures, synthetics) (FSAPAEAC), Perpetual Futures (Perps) Venues & Protocols (FSADAGAA), Tokenized Real-World Assets & On-Chain Treasuries (tokenized T-bills, money markets, cash management) (FSAPAEAJ)

Keywords

• Decentralized exchange
• Perpetual futures trading
• Blockchain trading platform
• On-chain order book
• Layer-1 blockchain

Headquarters

HQ city

George Town

HQ country

Cayman Islands

Offices2 records

Markets served

GTM type

B2C

Offering type

Software

Cost components

Technology or R&D, Personnel, Infrastructure, Operations, Marketing or Sales, Supply Chain

Revenue model

1. Perpetual Futures Trading Fees: Hyperliquid charges trading fees on perpetual futures positions opened and maintained on its on-chain order book. Fees are denominated in the traded asset (USDC, BTC, ETH, etc.) and immediately flow into the Assistance Fund, where 97-99% is used for open-market HYPE token buybacks. The remaining 1-3% accrues to the protocol treasury. Fee tiers apply based on maker vs. taker status, with market makers (makers) receiving fee rebates while takers pay higher fees.
2. Spot Trading Fees: On-chain spot order book trading generates fees on spot asset pairs (e.g., USDC/HYPE, USDC/USDT). Zero gas fees mean the only cost to users is the spread and maker/taker fees, making the platform competitive with centralized exchanges on all-in costs.
3. Token Buyback and Burn (Value Accrual): While not a direct revenue stream, the token buyback mechanism is the core value accrual model. Approximately $871M-$876M in annualized revenue generates roughly $135M in monthly token buybacks, representing ~7% of market cap repurchased annually. This directly benefits HYPE token holders by reducing circulating supply while team token unlocks add supply — the differential determines net token inflation/deflation.
4. HIP-3 Market Deployment Fees (Indirect): Deploying a new HIP-3 perpetual market requires staking 500,000 HYPE tokens (~$31M). While this is a token lock rather than a direct fee, deployers earn half of trading fees from their market, creating a revenue-sharing mechanism that incentivizes market creation and expands the platform's asset universe without requiring Hyperliquid to spend resources building new markets.
5. ETF Fee Share (via 3rd Party Products): Third-party spot ETFs (21Shares THYP, Bitwise BHYP, Grayscale HYPG) charge management fees (0.25%-0.29%) on assets under management and direct 10-30% of those fees toward buying and staking HYPE. This creates an indirect revenue feedback loop where ETF growth supports HYPE demand. BHYP directs 10% of fees to HYPE staking, while THYP stakes 30-70% of holdings and distributes rewards as cash to shareholders (requiring ongoing open-market HYPE sales to distribute).

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels6 records

Core offering

Hyperliquid operates a decentralized perpetual futures and spot exchange built on its proprietary HyperCore Layer-1 blockchain, featuring fully on-chain order books with zero gas fees, sub-second block finality (0.07s), and up to 40x leverage. The platform extends beyond trading through HyperEVM (an Ethereum-compatible smart contract environment sharing unified state with HyperCore), HIP-3 permissionless market deployment (enabling third parties to launch perpetual markets for any asset by staking 500,000 HYPE tokens), and the HYPE token whose buyback mechanism routes 97-99% of all trading fees into open-market token repurchases.

Product overview

Hyperliquid is a blockchain-based decentralized exchange ecosystem for perpetual futures trading, built on its proprietary HyperCore Layer-1 blockchain using HyperBFT consensus. The core Hyperliquid DEX captures approximately 80% of decentralized perpetual contract trading volume and features fully on-chain order books with zero gas fees and up to 40x leverage. The ecosystem comprises HyperCore (the foundational L1 blockchain with 0.07s block time and 200,000 TPS), HyperEVM (an Ethereum-compatible execution environment in unified state), the HYPE native token (with a 99% fee-to-buyback mechanism), spot order books, and HIP-3/HIP-4 permissionless market deployment protocols. The platform expanded into real-world assets through HIP-3, enabling tokenized stocks, commodities, and pre-IPO contracts, while the Assistance Fund routes nearly all trading fees to HYPE token buybacks. Supporting offerings include the Hypurr NFT collection and portfolio margin features.

Differentiator

Problem solved

Functional benefit

Brands

• HyperCore: The Layer-1 blockchain infrastructure powering Hyperliquid's order books and consensus mechanism using HyperBFT
• HyperEVM
• HYPE

Products and services

• Hyperliquid DEX A decentralized exchange for perpetual futures that captures approximately 80% of decentralized perpetual contract trading volume, featuring fully on-chain order books with zero gas fees, sub-second block finality, and up to 40x leverage for individual self-custodied traders.
• HyperCore Layer-1 Blockchain The foundational Layer-1 blockchain of the Hyperliquid ecosystem powered by the HyperBFT consensus mechanism, achieving 0.07-second block time and up to 200,000 TPS maximum throughput to support high-frequency trading workloads.
• HyperEVM A general-purpose Ethereum-compatible execution environment that shares unified state with HyperCore, enabling developers to build high-performance DeFi applications that interact seamlessly with HyperCore financial primitives such as order books and perpetual markets.
• Spot Order Book On-chain spot trading functionality built on HyperCore, enabling trading of spot asset pairs alongside perpetual futures from a unified platform with fully transparent on-chain execution.
• HIP-3 Permissionless Markets An upgrade enabling any token holder who stakes 500,000 HYPE (~$31M) to deploy a new perpetual futures market for any asset — crypto, tokenized equities, commodities, or pre-IPO contracts — capturing 50% of trading fees generated by their market.
• Portfolio Margin A beta feature that allows accounts under $25M to use BTC and HYPE as unified collateral across perpetual contracts, spot markets, and outcome markets from a single account, enabling cross-product margin netting and more capital-efficient trading.
• Hyperliquid Assistance Fund The protocol's automated buyback mechanism that continuously routes 97-99% of all trading fees to purchase HYPE tokens on the open market, then either stakes them (reducing circulating supply) or burns them, creating a mechanical deflationary engine directly linked to platform usage.
• Hypurr NFT A collection of 4,600 unique digital collectibles represented by non-fungible tokens deployed on the Hyperliquid blockchain, with associated intellectual property rights held by Hyper Foundation.

Quantifiable outcome

• ~$871M in annualized protocol revenue in 2025, growing from near zero to ~$0.88B in 12 months
• +7 more outcomes

Named customers8 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Feature8 records

Partnerships

Six partnerships are on record, tiered core, minor and major.

• Trade.xyzcoreChannel Partner/ Reseller/ Distributor · 1 June 2026Trade.xyz is a third-party platform built on Hyperliquid's blockchain that launched SPCX (SpaceX pre-IPO perpetual futures) contracts via the HIP-3 permissionless market mechanism. SPCX generated $1.4B in trading volume on SpaceX IPO day, making it the most-traded asset on Hyperliquid. Trade.xyz controls ~95% of the $1.46B lifetime pre-IPO trading volume on the platform.
• Ventuals (vHYPE)minorChannel Partner/ Reseller/ Distributor · 1 June 2026Ventuals (branded as vHYPE) was a third-party platform offering perpetual futures tied to OpenAI and Anthropic valuations on Hyperliquid via HIP-3. The platform processed over $650M in volume and raised 500,000+ HYPE tokens before announcing shutdown on June 15, 2026, with the team joining another project within the Hyperliquid ecosystem.
• Nasdaq PHLXminorChannel Partner/ Reseller/ Distributor · 1 January 2026Nasdaq PHLX filed to list weekly and monthly options on THYP (the 21Shares Hyperliquid ETF), representing TradFi's continued pattern of wrapping crypto-native products in regulated wrappers. If approved, this would create options market-making on HYPE ETF products, expanding institutional access beyond spot and staking.
• Talos TradingmajorTechnology or Integration · 1 October 2025Talos Trading partnered with Hyperliquid to enable institutional access to on-chain liquidity for real-world assets. This partnership facilitated the integration of Hyperliquid's RWA perpetual markets (following the HIP-3 upgrade) with Talos's institutional trading infrastructure, expanding institutional adoption of on-chain RWA trading.
• Coinbase GlobalmajorTechnology or Integration · 1 January 2025Coinbase expanded integrations with Hyperliquid, alongside EDX Markets, Coinbase Derivatives, and Bullish. Coinbase also confirmed activation of the Beryl hard fork on its Base L2 network and reportedly explored USDC integration with Hyperliquid (which could add an estimated $160M in annualized revenue). The partnership enables institutional access to Hyperliquid's liquidity through Coinbase's compliance infrastructure.
• Hidden Road (Ripple Prime)majorTechnology or Integration · 1 January 2025Ripple Prime — following its acquisition and integration of Hidden Road in 2025 — expanded integrations with Hyperliquid, Coinbase Derivatives, EDX Markets, and Bullish. Ripple Prime clears over $3T annually and serves 300+ institutional clients, with plans to add more venues and tokenized assets to its clearing infrastructure including Hyperliquid.

Scale indicators15 records

Recent moves9 records

Expansion highlights6 records

Broad incumbents

• Binance: Binance is the largest centralized crypto derivatives exchange globally and the volume benchmark Hyperliquid measures itself against (perps volume is ~17% of Binance's). As a CEX with deep liquidity, it competes for the same whale and high-leverage traders Hyperliquid attracts, but with KYC requirements and a different risk/compliance profile.
• OKX: OKX is a major centralized crypto exchange with substantial perpetual futures volume and a multi-chain DEX aggregator (OKX Wallet / DEX). It is comparable to Hyperliquid in offering both centralized derivatives and on-chain DeFi access, and competes for the same global perp trading audience.
• Coinbase Derivatives: Coinbase Derivatives (formerly FairX) offers US-regulated crypto futures, and Coinbase International offers offshore perpetual futures to non-US institutional clients. It is an increasingly direct competitor as it builds compliant perpetual futures access that could eventually serve US traders — directly threatening Hyperliquid's offshore moat.
• Bybit: Bybit is a top-tier centralized derivatives exchange known for high-leverage perpetual futures and aggressive product expansion. It competes for the same offshore retail and semi-institutional trader base that Hyperliquid serves, offering similar leverage levels and product variety without on-chain transparency.

Emerging players

• Aevo: Aevo is a decentralized derivatives exchange built on a purpose-built L2 (Conduit/Aevo chain) with on-chain order books for options and perpetual futures. It targets a similar sophisticated trader base but with smaller scale than Hyperliquid, and focuses heavily on pre-launch token and options markets as a differentiating vertical.
• Drift Protocol: Drift is a leading Solana-based decentralized perpetual futures exchange with on-chain order books and aggressive fee rebates. It competes for cross-chain DEX perp volume and represents a blockchain-ecosystem alternative to Hyperliquid, though its liquidity and market share are significantly smaller.
• Jupiter Perps: Jupiter Perps is the Solana ecosystem's flagship decentralized perpetual futures product, integrated into the broader Jupiter DEX aggregator. It targets similar retail and sophisticated crypto traders within the Solana ecosystem and competes for cross-chain market share, though currently at smaller scale than Hyperliquid.
• Synthetix: Synthetix is a decentralized derivatives infrastructure protocol whose v3 architecture powers perp DEXs like Kwenta and Infinex. It is comparable to Hyperliquid in offering on-chain perpetual futures and synthetic exposure, though at a different stage of scale and with a different liquidity model (LPs vs. order books).

Direct peers

• GMX: GMX is a leading decentralized perpetual futures protocol using a liquidity-pool model (oracle-priced) rather than an order book. It targets a similar retail and semi-professional crypto trader base and competes directly for DEX perp volume, though with different price discovery mechanics than Hyperliquid's order book.
• dYdX: dYdX is the most direct decentralized perpetual futures competitor, also running its own application chain with on-chain order books and a governance token. Hyperliquid surpassed dYdX as the dominant DEX perp venue, and both compete for the same sophisticated trader base with similar self-custody, no-KYC value propositions.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/hyperliquidX
• GitHubgithub.com/hyperliquid
• LinkedInlinkedin.com/company/hyperliquid

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds1 record

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Hyperliquid