Hyperliquid protocol
Overview
Hyperliquid is a decentralized exchange (DEX) for perpetual futures trading, operating on its own purpose-built Layer 1 blockchain. It uses an on-chain order book model to offer low-latency trading, differentiating it from many DEXs that rely on automated market makers. The protocol is designed for high throughput and capital efficiency in derivatives markets.
Within the DeFi Intel graph, Hyperliquid connects most strongly to its purpose-built Hyperliquid L1 chain and the HYPE token. As of 2026-07-15 it is among the largest perpetual DEXs, with roughly $6.3B in total value locked.
Relations
Top verified connections in the DeFi Intel knowledge graph (confidence-weighted, 2 shown).
| Relation | Connected entity | Confidence |
|---|---|---|
deployed_on | Hyperliquid L1 | 95% |
issues_token | HYPE | 95% |
In-depth guides on Hyperliquid
- Hyperliquid Perp DEX: HyperBFT, HYPE, JELLY, and the On-Chain CLOB (2026) — DeFi Intel
- Hyperliquid Explained: HYPE Token, HyperEVM, and the Best Perps DEX (2026) — DeFi Intel
Frequently asked questions
What is Hyperliquid?
Hyperliquid is a decentralized exchange (DEX) for perpetual futures trading, operating on its own purpose-built Layer 1 blockchain.
How does Hyperliquid's order book model differ from other DEXs?
Hyperliquid uses an on-chain order book model for low-latency trading, differentiating it from many DEXs that rely on automated market makers.
What blockchain does Hyperliquid run on?
Hyperliquid operates on its own purpose-built Layer 1 blockchain.