↓ 75: 66%24h Vol: $1.1K2mo
Hyperliquid perpetuals only. One snapshot every 5 minutes, up to 20 returned price levels per side. Liquidity beyond those levels is unknown. This is not a liquidation heatmap or a fill estimate.
Loading recorded snapshots…
Prices and notionals are USD-equivalent venue units, with USDC collateral. No currency conversion is applied. Notional = venue price × base-asset size. Contract specifications
Active prediction markets related to Hyperliquid
↓ 75: 66%24h Vol: $1.1K2mo↑ 88: 85%24h Vol: $436.621d
Polymarket
Cardano: 11%24h Vol: $351.72y
December 31,: 86%24h Vol: $318.61y2027: 44%24h Vol: $156.81y
$6B: 37%24h Vol: $702mo
Polymarket
December 31,: 12%24h Vol: $322mo
Derivatives and mapped ecosystem data, with source timings and coverage.
Hyperliquid is a Layer 1 blockchain built specifically for on-chain trading, best known for its perpetual futures exchange and spot markets that run as fully on-chain order books. HYPE is the network's native token: it is staked to secure the chain, used for gas, and gives traders fee discounts. Hyperliquid matters because it shows that a central-limit-order-book exchange, with every order, cancel, trade and liquidation recorded on-chain, can run with latency close to what traders expect from a centralized venue.
Unlike most DeFi protocols, which are smart contracts on a general-purpose chain, Hyperliquid wrote its own L1 around the needs of an exchange, and added the HyperEVM, a smart contract environment sharing the same consensus.
Official resources:
Core development is led by Hyperliquid Labs. According to the project documentation, the team is led by Jeff and iliensinc, classmates from Harvard, with other members from Caltech and MIT. The team did proprietary market making in crypto in 2020 and moved into DeFi in the summer of 2022.
Hyperliquid Labs describes itself as fully self-funded: it has taken no venture capital or other external capital. That shaped the token launch. Instead of allocating tokens to investors, Hyperliquid ran a points program for users. The first phase started on November 1, 2023 and distributed 1,000,000 points per week until May 1, 2024; the L1 phase ran from May 29, 2024 to November 2024 at 700,000 points per week. HYPE then launched as the native token of the chain, with a maximum supply of 1 billion. The Hyper Foundation supports the ecosystem, including a delegation program for validators.
Hyperliquid's state is split into two parts that share one consensus:
HyperBFT consensus Hyperliquid uses HyperBFT, a custom proof-of-stake algorithm inspired by HotStuff and its successors. Blocks are produced by validators in proportion to the HYPE staked to them, and a quorum is any set of validators holding more than two thirds of total stake. Trades get one-block finality. The documentation reports a median end-to-end latency of 0.2 seconds (99th percentile 0.9 seconds) for a co-located client.
HyperCore HyperCore holds the margin and matching engine: perpetual futures order books, spot order books, the clearinghouse, oracles, vaults and staking. It does not rely on off-chain order books. The docs state mainnet supports about 200,000 orders per second, with execution rather than consensus as the bottleneck.
HyperEVM The HyperEVM is not a separate chain. It is secured by the same HyperBFT consensus, so Solidity contracts can read HyperCore order book prices through precompiles and, via system contracts, place orders on HyperCore. A token can exist as an ERC-20 on the HyperEVM and as a spot asset on HyperCore with no bridge between them. The docs describe a deliberately gradual rollout of HyperEVM features.
Compared with perp DEXs on general-purpose chains, such as GMX on Arbitrum, Hyperliquid uses an order book rather than a liquidity pool as the counterparty. Compared with dYdX, which also moved to its own chain, Hyperliquid keeps the order book in consensus state and adds a native EVM. Compared with high-throughput general L1s like Solana, where exchanges are applications competing for block space, Hyperliquid builds the exchange into the protocol itself.
Security comes from HyperBFT proof of stake. Running a node is permissionless; the active validator set is the top 27 validators by stake. Each validator needs a 10,000 HYPE self-delegation, locked for one year. Delegations have a 1-day lockup, and moving HYPE from staking back to spot passes through a 7-day unstaking queue. Validators can vote to jail peers that respond too slowly; there is currently no automatic slashing, which is reserved for provably malicious behavior such as double signing. The legacy bridge contract was audited by Zellic, and a bug bounty is run through the Hyper Foundation.
Hyperliquid is the clearest test of whether a purpose-built chain can host a real exchange fully on-chain, with every order visible and verifiable. Its self-funding and community-directed fees also offer an alternative to venture-backed exchanges.
HYPE trades natively against USDC on the Hyperliquid spot order book. It is also listed on centralized exchanges; availability depends on your jurisdiction.
HYPE spot pairs are listed on:
Check balances and transfers on the Hyperliquid explorer, Hypurrscan or, for the HyperEVM, HyperEVMScan. Always confirm whether you are depositing to HyperCore or the HyperEVM before sending funds.
Track Hyperliquid live price, chart, market cap, and volume in real time. Practice mock trading and demo trading for Hyperliquid on CoinRithm before using real money.
Use a crypto paper trading account to demo trade Hyperliquid with real-time prices, AI trade feedback, and trading leagues. Test strategies, learn risk management, and build confidence before trading Hyperliquid with real money.
Read the complete paper trading guideThe current price of Hyperliquid is $84.42 with a 1.77% change in the last 24 hours.
The daily trading volume is $76,266,022 representing a 60.75% change in the past 24 hours.
The market capitalization of Hyperliquid is $18,778,256,761, ranking #10 globally.
The fully diluted valuation (FDV) of Hyperliquid is $84,417,255,865, calculated assuming the maximum supply of 1,000,000,000 HYPE is in circulation.
Circulating: 222,445,714. Total: 955,307,079. Max: 1,000,000,000.
In the last 24 hours, Hyperliquid traded between a low of $83.43 and a high of $86.59.
HYPE/USDTTether USDT84.42 USDT
U.S. crypto ETFs tracked across Farside Investors’ Bitcoin, Ethereum, Solana, Hyperliquid and Zcash tables recorded combined net outflows of $1.29 billion during Oct. 5–9, with Bitcoin and Ether funds accounting for most withdrawals. Farside Investors’ daily figures put combined Bitcoin…
Manus built a self-driving AI assistant before the hype, sold itself to Meta, then watched Beijing unwind the deal. Its first fresh money since: more than $500 million.
Hyperliquid Labs unstaked 3.75 million HYPE for an OTC deal as 1.25 million tokens returned to staking and HYPE fell 4.32%.
Five intermediary addresses forwarded the tokens to one wallet, which returned 1.25 million HYPE to staking.
Hyperliquid Labs has confirmed its registered headquarters in Singapore, where its roughly 11-person team moved in 2024, while the country’s regulator has said it is unaware of the platform being regulated in any major jurisdiction. The Financial Times reported that…
The FT reports that people familiar with MAS's thinking consider the decentralized venue outside its jurisdiction. Singapore's rules distinguish crypto derivatives on approved exchanges from those offered elsewhere.
