Hyperliquid

Hyperliquid is a purpose-built Layer 1 blockchain and the dominant decentralized perpetuals exchange in crypto, processing up to $30 billion in daily trading volume as of late 2025. Unlike most DeFi protocols that deploy on existing chains, Hyperliquid built its own L1 from first principles to achieve performance rivaling centralized exchanges — with sub-second finality, zero gas fees for users, and a fully on-chain order book. The project has rapidly become the benchmark for what a decentralized trading venue can achieve, capturing over 80% of the decentralized perpetuals market by trading volume in under two years.

Trading interfaces on Hyperliquid enhance the native perp trading experience by adding advanced charting, analytics, and execution tools. Hyperliquid serves this category where platforms connect to HyperCore's open API to provide professional-grade trading environments. The combination of HyperCore's sub-200ms latency and these purpose-built interfaces makes Hyperliquid competitive with centralized exchanges for active traders.