What is Hyperliquid?
Hyperliquid is a layer-1 blockchain built for finance. Most blockchains run apps; Hyperliquid also runs a full exchange inside the chain itself, so every order, trade and liquidation happens onchain and can be checked by anyone.
It was built by Hyperliquid Labs, a small team led by Jeff Yan and iliensinc that never took outside investment. There were no private investors and no paid market makers, and almost all protocol revenue goes back to the network through the Assistance Fund. The stated goal is big: to house all of finance on one open, neutral system.
Numbers as of 27 Oct 2026, from Hyperliquid's API and hyperfoundation.org.
The stack, in one picture
Hyperliquid has three parts. One consensus layer keeps everything in sync, and two execution layers sit on top of it, sharing the same state:
The important part: HyperCore and HyperEVM aren't two chains joined by a bridge. They're two halves of one chain, secured by the same validators, so a smart contract can read prices and place orders on the exchange directly.
HyperBFT: the consensus layer
HyperBFT is how the network agrees on what happened. It's a proof-of-stake system: the 27 validators with the most HYPE delegated to them form the active set, and a block needs sign-off from validators holding more than two thirds of the stake.
You don't need to run a validator to take part. You can delegate HYPE to one and earn a share of the rewards, without giving up custody of your tokens. Unstaking takes 7 days.
HyperCore: the exchange inside the chain
HyperCore is what most people use when they "use Hyperliquid": the trading app at app.hyperliquid.xyz and the many apps built on it. It includes:
- Perps and spot. Fully onchain order books with prices, matching and liquidations all on the chain. The network can process up to 200,000 orders per second.
- HIP-1 tokens. Anyone can list a token on HyperCore spot by winning a deploy auction paid in HYPE.
- HIP-3 markets. Builders can launch their own perp markets by staking HYPE. That's how you can trade stocks, oil, gold, FX and even pre-IPO companies on Hyperliquid today, from deployers like Trade.xyz, Paragon and Entropy.
- HIP-4 outcome markets. Yes/no markets on prices, sports and events, run by venues like Outcome.xyz and Skew.
- Vaults. Anyone can deposit into vaults, including HLP, the community-owned vault that makes markets and takes over liquidations.
- Builder codes. Any app can plug into HyperCore's liquidity and charge its own fee per order. Phantom, MetaMask, Rabby, Trust Wallet, Based and Pump.fun all use them.
USDC is the main quote currency. Since May 2026 Coinbase has been Hyperliquid's official USDC treasury deployer, and Circle runs native USDC on the chain.
HyperEVM: smart contracts with an exchange underneath
HyperEVM runs Ethereum-style smart contracts, so the usual wallets and tools work. What makes it different is that contracts can read HyperCore's state and send it orders directly.
That's what the DeFi on Hyperliquid is built on: lending markets like HyperLend, Felix and Morpho; liquid staking tokens like Kinetiq's kHYPE; DEXs like HyperSwap and Kittenswap; vaults from teams like Hyperbeat; and NFTs, including the Hypurr genesis collection. Gas on HyperEVM is paid in HYPE.
HYPE: what the token does
HYPE is the network's own token. Its maximum supply is 1 billion, and a large share went to the community at launch in November 2024. It's used to:
- Secure the chain: stake it with a validator and earn rewards.
- Trade for less: staking HYPE lowers your trading fees on HyperCore.
- Pay for gas on HyperEVM.
- Launch markets: HIP-1 token deploys and HIP-3 market deployers pay or stake HYPE.
- Govern: validators vote on protocol changes, weighted by the stake delegated to them.
Where the fees go. About 99% of protocol fees go to the Assistance Fund, which buys HYPE on the open market and burns it. There's no company taking a cut.
Snapshot 27 Oct 2026 · HYPE $77.18 · Check it on Hypurrscan ↗
What you can do on Hyperliquid
- Trade crypto perps and spot, plus stocks, commodities, FX and pre-IPO names through HIP-3, 24/7.
- Earn by depositing into HLP or other vaults, lending on HyperEVM, or holding a liquid staking token.
- Stake HYPE with a validator, for example the Nansen × HypurrCollective validator.
- Build a front-end with builder codes, deploy a market with HIP-3, or ship contracts on HyperEVM.
- Explore the 300+ projects on our Ecosystem Map.
Getting started
- Get a wallet. Any EVM wallet works (MetaMask, Rabby, Phantom and others), or use an app with Hyperliquid built in.
- Bring USDC. Deposit USDC from Arbitrum through the Hyperliquid app, or bring native USDC from another chain with Circle's CCTP.
- Open the app at app.hyperliquid.xyz, or any front-end you trust, and connect. New to it? Sign up with our code HYPURRCO ↗
- Start small. Try a spot trade or a vault deposit before using leverage.
Staying safe
- Only use links you've checked: hyperliquid.xyz, app.hyperliquid.xyz and the official docs. Bookmark them.
- Never share your seed phrase or private keys. Nobody legitimate will ask for them.
- Leverage cuts both ways. Liquidations happen fast on a fast chain.
- Projects on our map are listed for information, not as an endorsement. Do your own research.
Keep going
For more depth: our research, the Jeff Yan interviews, and the official Hyperliquid docs. Questions? Ask in the HypurrCo chat.
Sources: hyperliquid.xyz (home, tech, about), hyperfoundation.org, Hyperliquid docs (HIP-1, HIP-3, HIP-4, staking, fees, builder codes, HyperEVM), Hyperliquid API (27 Oct 2026), Coinbase and Circle announcements. Not financial advice.