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About Hyperliquid
Hyperliquid is a perpetual futures exchange built on its own L1 blockchain, offering CEX-like performance in a decentralized setting. With sub-second latency and an on-chain order book, it rivals centralized exchanges.
The platform supports up to 50x leverage on major crypto pairs, with deep liquidity and tight spreads. Its own HyperBFT consensus enables high throughput without compromising decentralization.
Hyperliquid has attracted significant volume and TVL, competing directly with centralized derivatives exchanges. The HYPE token airdrop rewarded early users and created one of the largest community distributions.
Key Features
On-Chain Order Book
Full order book on L1 blockchain
Sub-Second Latency
CEX-level execution speed
Up to 50x Leverage
High leverage on major pairs
Own L1
Purpose-built HyperBFT chain
Deep Liquidity
Tight spreads, minimal slippage
Self-Custody
Non-custodial trading
Use Cases
Perpetual Trading
Trade perps with high leverage
Hedging
Hedge spot positions on-chain
Arbitrage
Arb between CEX and DEX
Market Making
Provide liquidity on order book
Speculation
Leveraged directional bets
Project Info
Frequently Asked Questions
HYPE is Hyperliquid's native token distributed via one of the largest airdrops in crypto history. It's used for staking, governance, and may have future utility on the platform. The airdrop rewarded active traders based on their activity.
Hyperliquid built its own L1 optimized for trading. HyperBFT consensus, purpose-built for order matching, achieves sub-second finality. The entire order book runs on-chain with optimizations impossible on general-purpose chains.
Hyperliquid is non-custodial—you control your keys. The L1 has operated reliably with billions in volume. Risks include smart contract risk, liquidation risk with leverage, and the newness of the protocol. Start with smaller positions.
Connect your wallet (MetaMask, etc.), deposit USDC to Hyperliquid L1 via their bridge, and start trading. The interface is similar to centralized exchanges. No KYC required for trading.
Both are leading perp DEXs. Hyperliquid has faster execution and launched on its own L1. dYdX is more established with longer track record. Hyperliquid's HYPE airdrop created strong community. Try both to see which suits your trading style.