Hyperliquid is a decentralized exchange built on its own purpose-made Layer-1 blockchain. Unlike DEXs that live as smart contracts on someone else's chain, Hyperliquid's entire matching engine runs on-chain: HyperCore processes up to 200,000 orders per second with one-block finality, while HyperEVM provides an EVM-compatible smart-contract environment secured by the same HyperBFT consensus.
Founded in 2022 by Harvard classmates and self-funded with zero venture capital, the project airdropped its HYPE token to nearly 100,000 early users in November 2024 — one of the most valuable airdrops in crypto history. Today it dominates decentralized derivatives volume, and 97% of all protocol revenue is used to buy back HYPE from the open market.
Hyperliquid offers 300+ perpetual markets and 50+ spot pairs. Beyond every crypto major and trending memecoin, the HIP-3 upgrade (live since October 2025) lets builders who stake 500,000 HYPE deploy their own markets — which is how gold, silver, oil and S&P 500 perpetuals arrived on the platform. You get TradFi exposure 24/7 without a broker, a stock account, or any paperwork.
| Tier | Maker | Taker |
|---|---|---|
| Perps (base) | 0.015% | 0.045% |
| Spot (base) | 0.040% | 0.070% |
| With max HYPE staking | Up to 40% lower | |
| Via referral link | Extra 4% off your first $25M volume | |
Fees tier down with your rolling 14-day volume (spot volume counts double). Staking HYPE cuts them by up to 40% more, and joining through a referral link stacks an additional 4% discount on your first $25 million of trading volume.
The HLP (Hyperliquidity Provider) vault is a community-owned market-making vault: deposit USDC and share in the protocol's market-making and liquidation revenue. Every position and PnL figure is visible on-chain. User-created vaults also double as copy trading — deposit into a successful trader's vault and mirror their strategy proportionally.
There is no registration flow at all: no email, no password, no passport. You connect a self-custody wallet (MetaMask, Rabby, OKX Wallet, WalletConnect) and trade. Restricted jurisdictions — the United States, Ontario, and sanctioned territories — are handled by IP geofencing, not identity checks. Roughly 190 countries have unrestricted access.
Deepest liquidity in DeFi, true on-chain transparency, TradFi markets and a self-funded team with perfectly aligned incentives. If you only use one perp DEX, this is it. Sign up through our link and your 4% fee discount is applied automatically.
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