Hyperliquid

The leading perpetual DEX on Hyperliquid

Multi-Layer

ACTIVETrading Terminals & InterfacesFeaturedSince 2023-Q4

L1perpetualsorderbookDEX

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Billion in total value locked

$30

Billion on some pairs

500%

Within months

200,000

Orders per second

TL;DR

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.

Key Facts

CategoryTrading Terminals & Interfaces

LayerMulti-Layer

StatusActive

Launched2023-Q4

Websiteapp.hyperliquid.xyz

VerifiedYes

Key Features

1Hyperliquid 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

2The entire networking stack was built from scratch to support the unique throughput demands of financial markets

3This bidirectional bridge enables DeFi protocols built on HyperEVM to execute liquidations, route orders, and interact with the orderbook at the protocol level rather than through wrappers or bridges

4HIP-3 in particular is transformational: it democratizes the creation of new perp markets in a way that no other exchange — centralized or decentralized — offers

L1perpetualsorderbookDEX

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