The on-chain everything exchange.
A live dashboard and breakdown of the Hyperliquid ecosystem — a custom L1 running a fully on-chain central limit order book with CEX-grade performance, plus the HyperEVM and the protocols building on top of it.
LIVETop Perp Markets by 24h Volume
| Market | Mark Price | 24h Change | 24h Volume | Funding (1h) |
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01What is Hyperliquid
Hyperliquid is a purpose-built Layer 1 blockchain whose flagship product is a fully on-chain perpetuals exchange with a central limit order book — no AMM, no off-chain matching. Consensus is HyperBFT, delivering roughly 400ms finality and throughput exceeding 100k orders/sec, which puts execution quality in the same league as centralized exchanges while keeping every order, cancel, and liquidation on-chain.
The project was founded in 2022 by Jeff Yan (ex-Hudson River Trading quant, Chameleon Trading) and the pseudonymous iliensinc. It is notably self-funded — no venture capital, a stance that shaped its community-first token distribution. Architecturally, the chain unifies two components under one state: HyperCore (the native trading engine: perps, spot, staking) and HyperEVM (a general-purpose EVM), letting smart contracts read and write core exchange state directly.
02The HYPE Token
HYPE launched at genesis on Nov 29, 2024 with one of the largest airdrops in crypto history: 310M HYPE to ~94,000 users (31% of supply), averaging tens of thousands of dollars per wallet at peak. Max supply is capped at 1B, with 76.2% allocated to the community — consistent with the no-VC ethos. Utility spans gas on HyperEVM, staking to secure HyperBFT, and governance.
The fee-and-burn design is aggressive: roughly 97% of protocol fees route to the Assistance Fund, which buys back HYPE on the open market. In December 2025, a validator vote formally burned the Assistance Fund holdings (~5.4M HYPE), taking total burns to roughly 6.5M HYPE and locking in the buyback-and-burn flywheel as permanent tokenomics.
03HyperEVM
HyperEVM is an EVM built into the L1 itself (chain ID 999), live on mainnet since Feb 18, 2025, with HYPE as gas. Because it shares unified state with HyperCore rather than sitting behind a bridge, contracts get first-class access to the exchange: precompiles read HyperCore state (prices, positions, order books) and the CoreWriter contract (0x3333…3333) lets any contract write actions — orders, transfers, vault moves — directly to Core. No bridges, no wrapped liquidity.
Adoption has been rapid: as of Aug 31, 2026, HyperEVM held approximately $1.47B TVL across 191 protocols, making it one of the fastest-growing EVM environments despite launching years after its peers.
04Core Products
Perp DEX — the flagship: a fully on-chain CLOB with CEX-grade latency, deep liquidity, and dozens of markets. HIP-1 enables native spot tokens with ticker symbols sold via Dutch auction, creating a permissionless but scarce listing mechanism. HIP-2 (Hyperliquidity) is protocol-owned market making that seeds order-book depth for new spot pairs automatically.
HIP-3 opened perp market creation to builders: anyone staking 500k HYPE can deploy their own perpetual markets on shared infrastructure. On the distribution side, builder codes let third-party frontends — Phantom, MetaMask, Rabby, Trust Wallet and others — route order flow to Hyperliquid and earn a share of fees, turning the exchange into backend liquidity for wallets across crypto.
05Ecosystem Projects
Issuer of kHYPE, the largest protocol on HyperEVM at ~$1.3B TVL. Liquid staking for HYPE with validator-curation infrastructure.
Core money market on HyperEVM, ~$337–432M TVL. Lending and borrowing against HYPE and major assets.
Modular lending primitive deployed on HyperEVM, ~$195M TVL across isolated markets.
Issuer of feUSD, a collateralized debt-position stablecoin native to the Hyperliquid ecosystem.
Leveraged looping and lending markets built around HYPE and HyperEVM assets.
Liquid staking token with ~$180M TVL, a kHYPE alternative for DeFi composability.
Automated yield vaults spanning HyperCore and HyperEVM strategies.
Cross-chain asset layer bringing BTC, ETH, and SOL natively in and out of Hyperliquid spot markets.
Funding-rate arbitrage and delta-neutral strategies built on HyperCore perps.
The protocol-owned market-making vault (~$180M) that backstops liquidations and earns a share of trading fees.
06Key Stats
| Total value locked (DeFi) | ~$7.0BOct 2026 |
| Cumulative perp volume | $5.65TOct 13, 2026 |
| Open interest | $7.65BOct 12, 2026 |
| 30d perp volume | ~$245BJun 2026 |
| Annualized fees | ~$910–926MOct 2026 |
| HyperEVM active addresses | ~20.6kSep 2026 |
| HyperEVM daily transactions | ~373kSep 2026 |