{"id":"hyperliquid","title":"Hyperliquid","content":"**Hyperliquid** is a [decentralized exchange (DEX)](https://iq.wiki/wiki/decentralized-exchange) built on its [Layer-1](https://iq.wiki/wiki/layer-1) [blockchain](https://iq.wiki/wiki/blockchain). It combines the efficiency of centralized platforms with the transparency of decentralized systems. The platform provides fast transactions, low fees, and advanced trading tools, including perpetual derivatives, without reliance on intermediaries. [\\[3\\]](#cite-id-61vGzZ3bVP)​\n\n## Overview\n\n![](https://ipfs.everipedia.org/ipfs/QmcesN7tFJbJ9tHzvHrACCWi2z1k1z2iTwNLK2H8XUAhEN)\n\nHyperliquid is a [Layer 1](https://iq.wiki/wiki/layer-1) [blockchain](https://iq.wiki/wiki/blockchain) designed for an on-chain financial system. It integrates [liquidity](https://iq.wiki/wiki/pol-protocol-owned-liquidity), user applications, and trading activity on a single platform. It uses a custom [consensus](https://iq.wiki/wiki/consensus-mechanism) algorithm, HyperBFT, based on Hotstuff and its successors, optimized for specific requirements.\n\nThe [blockchain's](https://iq.wiki/wiki/blockchain) state execution consists of HyperCore and HyperEVM. HyperCore supports fully on-chain perpetual futures and spot order books, processing up to 200,000 orders per second with a one-block finality. HyperEVM extends [Ethereum](https://iq.wiki/wiki/ethereum)-compatible smart contract functionality to Hyperliquid, allowing users to build on its financial infrastructure. [\\[2\\]](#cite-id-soEFA0i81g)​\n\n## Features\n\n### HyperEVM\n\nHyperEVM is an integrated [Ethereum Virtual Machine (EVM)](https://iq.wiki/wiki/ethereum-virtual-machine-evm) within Hyperliquid's [Layer-1](https://iq.wiki/wiki/layer-1), secured by the same HyperBFT [consensus](https://iq.wiki/wiki/consensus-mechanism) as HyperCore. This design allows seamless interaction between the [EVM](https://iq.wiki/wiki/ethereum-virtual-machine-evm) and HyperCore, enabling the use of assets across spot and perpetual order books. HyperEVM utilizes a dual-block architecture, splitting throughput between fast, smaller blocks and slower, larger blocks to balance transaction speed and block size. Fast blocks occur every 2 seconds with a 2M [gas](https://iq.wiki/wiki/gas) limit, while slow blocks happen every minute with a 30M [gas](https://iq.wiki/wiki/gas) limit. The system’s throughput is expected to increase with future upgrades.\n\nHyperEVM’s [smart contracts](https://iq.wiki/wiki/smart-contract) can interact directly with Hyperliquid’s core functionalities, including on-chain spot and perpetual futures order books, enhancing compatibility with the platform’s trading infrastructure. The execution model of Hyperliquid allows both the [L1](https://iq.wiki/wiki/layer-1) and HyperEVM to operate sequentially, enabling the [EVM](https://iq.wiki/wiki/ethereum-virtual-machine-evm) to access the state of the [blockchain](https://iq.wiki/wiki/blockchain) from the previous block and submit actions for the next block, ensuring consistent and predictable operations. [ERC-20](https://iq.wiki/wiki/erc-20) tokens on HyperEVM are fungible with their native counterparts on Hyperliquid, offering minimal fees and deep liquidity for token trading and use within [decentralized applications (dApps)](https://iq.wiki/wiki/decentralized-application). [\\[4\\]](#cite-id-krNpByvqVD) [\\[5\\]](#cite-id-Z0p3yEN1dv) [\\[6\\]](#cite-id-R1ZcaeODCs)​\n\n### HyperBFT\n\nHyperBFT is Hyperliquid’s [consensus](https://iq.wiki/wiki/consensus-mechanism) algorithm, designed for high-frequency trading while ensuring security and consistency. Based on the HotStuff protocol, it enables block confirmation in under a second, with a median latency of 0.2 seconds and the capacity to process over 200,000 transactions per second. As optimizations continue, throughput could exceed 1 million orders per second. HyperBFT maintains [Byzantine Fault Tolerance](https://iq.wiki/wiki/byzantine-fault-tolerance), allowing the network to function even if up to one-third of validators act maliciously. It also ensures a shared state across Hyperliquid’s [Layer-1](https://iq.wiki/wiki/layer-1) and HyperEVM, providing seamless data availability and synchronization. [\\[6\\]](#cite-id-R1ZcaeODCs)​\n\n### Vaults\n\nHyperCore vaults enable strategies to leverage the same features as the [DEX](https://iq.wiki/wiki/decentralized-exchange), including liquidations and high-throughput market-making. Unlike simple token rebalancing vaults, these vaults allow more complex strategies.\n\nUsers can deposit into a vault to earn a share of its profits, with vault owners receiving 10% of the total profits. Protocol vaults do not have fees or profit-sharing. Vaults can be managed manually or automated by market makers. Each strategy carries risk, and users should evaluate performance before depositing. [\\[7\\]](#cite-id-0P6n7537jX)​\n\n#### Hyperliquidity Provider\n\n![](https://ipfs.everipedia.org/ipfs/Qmf41hBmHmAXnakUdD3VmXN2peiRUwxzkJyq48dQrRU3Cp)\n\nThe Hyperliquidity Provider (HLP) protocol vault is designed for market making and liquidation. It earns a share of [trading fees](https://iq.wiki/wiki/trading-fee). The HLP allows the community to provide [liquidity](https://iq.wiki/wiki/pol-protocol-owned-liquidity) and share in the profits, making strategies typically reserved for select entities more accessible. HLP is fully community-owned and does not collect fees. Profits are distributed proportionally among depositors. Withdrawals are possible four days after the most recent deposit.\n\nHLP aims to offer an alternative to traditional market-making deals often required for [liquidity](https://iq.wiki/wiki/pol-protocol-owned-liquidity) in early-stage [DeFi](https://iq.wiki/wiki/defi) projects, ensuring profits benefit users instead. Hyperliquid’s core contributors, who have a market-making background, initially provided [liquidity](https://iq.wiki/wiki/pol-protocol-owned-liquidity) during closed alpha. To address concerns about potential advantages or asymmetric information, the team’s strategies are housed in a publicly accessible vault.\n\nHLP’s strategy uses tick data from Hyperliquid and [centralized exchanges](https://iq.wiki/wiki/cex-centralized-exchange) to determine fair prices. It executes orders through market-making and taking strategies to provide continuous [liquidity](https://iq.wiki/wiki/pol-protocol-owned-liquidity). While the strategy operates off-chain, all vault positions, open orders, trade history, deposits, and withdrawals are visible on-chain for transparency.\n\nOver time, external market makers are expected to contribute large volumes to Hyperliquid. Open-sourcing the API and SDK facilitates onboarding, and increased participation is expected to improve the strategy's risk management and efficiency. [\\[8\\]](#cite-id-0MJTyCj9or)​\n\n#### Liquidator Vault\n\n![](https://ipfs.everipedia.org/ipfs/QmScGTkyUbaNkCaVVH24LzNN4RpLZNdqJPA2fVsLWZyoj7)\n\nThe liquidator vault allows the community to provide collateral for liquidations and share profits. All liquidations occur on-chain and can be tracked through the explorer. Currently, liquidations are decentralized through the liquidator vault, with profits distributed among depositors.\n\nWhile liquidations may later be accessible via API, the liquidator vault is currently the only way to profit from liquidations. It funds a strategy that capitalizes on liquidations of overleveraged traders, helping maintain stability during volatile periods. Deposits are open to anyone, and withdrawals are allowed after a short lock-up period. The vault only executes trades when a position is liquidatable and exits immediately after liquidation.\n\nThe liquidator vault is decentralized and profitable, with performance metrics publicly available. ROI and [APY](https://iq.wiki/wiki/annual-percentage-yield-apy) calculations account for historical performance, adjusting for vault lifetime to reduce statistical noise. [\\[9\\]](#cite-id-J5xu7AhrYq)​\n\n## HYPE\n\n![](https://ipfs.everipedia.org/ipfs/QmV3HTCF1smKEuJvYBhAvVFEwgz4XqJKJHoG5VAU9XGyXD)\n\nHYPE is a [governance token](https://iq.wiki/wiki/governance-tokens) allowing holders to participate in platform decisions. It can also be used for [gas](https://iq.wiki/wiki/gas) fees on the Hyperliquid [blockchain](https://iq.wiki/wiki/blockchain). The total supply is capped at 1 billion tokens.\n\nIn 2024, Hyperliquid introduced HYPE through an [airdrop](https://iq.wiki/wiki/airdrop). The distribution allocated 75% of tokens to current and future users, with a significant portion going to early participants. Since Hyperliquid did not rely on venture capital funding, most tokens were distributed to the community.  Over 20% of HYPE tokens were allocated to core contributors, including Hyperliquid Labs developers. These tokens are set to vest between 2027 and 2028 to mitigate early sell-offs. [\\[1\\]](#cite-id-z0luwJ5UOm)​\n\n## Developments\n\n### Hyperliquid Delists JELLYJELLY\n\nOn Wednesday, 27th of March 2025, Hyperliquid faced a liquidity crisis after Solana-based meme coin JELLYJELLY pumped nearly 500% due to a potential whale manipulation. The pump triggered a temporary 700K profit.  [\\[10\\]](#cite-id-labTggc6HF) [\\[11\\]](#cite-id-QJDPy3bVC3)​\n\n> \"After evidence of suspicious market activity, the validator set convened and voted to delist JELLY perps.\n> All users apart from flagged addresses will be made whole from the Hyper Foundation. This will be done automatically in the coming days based on onchain data. There is no need to open a ticket. Methodology will be shared in detail in a later announcement.\" - Hyperliquid tweeted\n\nHyerliquid added that the perpetuals exchange’s primary liquidity pool, HLP, has clocked a positive net income of around $700,000 in the past 24 hours. [\\[12\\]](#cite-id-jFubgYdHux)​\n\n​[Gracy Chen](https://iq.wiki/wiki/gracy-chen), CEO of cryptocurrency exchange [Bitget](https://iq.wiki/wiki/bitget), criticized Hyperliquid’s handling of the on its perpetual exchange, saying it put the network at risk of becoming “FTX 2.0.”  [\\[13\\]](#cite-id-3qahmSCr3g)​\n\n> “#Hyperliquid may be on track to become #FTX 2.0.\n> The way it handled the JELLY market and force settlement of positions at a favorable price sets a dangerous precedent. Trust—not capital—is the foundation of any exchange (CEX and DEX alike), and once lost, it’s almost impossible to recover.\n> Moreover, the platform's product design reveals alarming flaws: mixed vaults that expose users to systemic risk, and unrestricted position sizes that open the door to manipulation. Unless these issues are addressed, more altcoins may be weaponized against Hyperliquid—putting it at risk of becoming the next catastrophic failure in crypto.\" [\\[14\\]](#cite-id-iF2cUNlUFp)\n\n### Hyperliquid Facilitates First On-Chain $1B Bitcoin Bet\n\nIn May 2025, a trader known as [James Wynn](https://iq.wiki/wiki/james-wynn), operating under the pseudonym “moonpig,” executed a high-profile leveraged trade on the decentralized exchange Hyperliquid. [\\[15\\]](#cite-id-KNhOq4RogL)​\n\nUtilizing 40x leverage, Wynn opened a long position on [Bitcoin](https://iq.wiki/wiki/bitcoin) that expanded to over 28.4 million in margin, capitalized on Bitcoin's price movements, yielding significant unrealized profits as the cryptocurrency's value approached $112,000. [\\[17\\]](#cite-id-4zihK0MtIz) [\\[17\\]](#cite-id-4zihK0MtIz)​\n\nSubsequently, Wynn reversed his market stance by closing the long position and initiating a 17 million reduction in overall profits. However, a rapid rebound in [Bitcoin](https://iq.wiki/wiki/bitcoin)'s price to $110,000 led to the liquidation of the short position. Despite this setback, Wynn's trading activities have been notable for their scale and impact on market dynamics. [\\[18\\]](#cite-id-v1PQEknZRf)​\n\nThese trading maneuvers have drawn significant attention to Hyperliquid, a decentralized derivatives exchange built on the HyperEVM blockchain. The platform offers features such as real-time order books and deep liquidity without requiring KYC compliance. Wynn's high-stakes trades have not only highlighted the platform's capabilities but also influenced market sentiment and activity, as evidenced by increased on-chain engagement and a surge in the platform's native token, HYPE. [\\[17\\]](#cite-id-4zihK0MtIz) [\\[18\\]](#cite-id-v1PQEknZRf)​\n\n### Prediction Markets and Options (HIP 4)\n\nOn February 2, 2026, following the passing of Hyperliquid Improvement Proposal (HIP) 4, the platform enabled native prediction markets and options. This feature, introduced as \"outcome-based trading,\" aims to compete with other prediction markets. The prediction markets went live on the platform with initial wagers available on [mainnet](https://iq.wiki/wiki/mainnet) gas prices and Blast gold odds. [\\[19\\]](#cite-id-o764vGm458i9wOC9)​\n\n> \"Outcomes are a work in progress and currently only being tested on testnet. Canonical markets based on objective settlement sources will be deployed once technical development is complete. Canonical markets will be denominated in USDH. Pending user feedback, the infrastructure will be extended to permissionless deployment.\" - the tweet concluded [\\[20\\]](#cite-id-jQXsffgw3kveUGcv) ","summary":"Hyperliquid is a decentralized exchange built on its own Layer-1 blockchain, offering low fees, fast transactions, and advanced trading tools like perpetual der...","images":[{"id":"QmaxETHYMJsRhCKaCJ2HBJXXv7QxGGTd5pGefnmapNQ1tT","type":"image/jpeg, image/png"}],"categories":[{"id":"dapps","title":"Dapps"}],"tags":[{"id":"Ethereum"},{"id":"Protocols"},{"id":"DEXes"},{"id":"Marketplaces"},{"id":"Blockchains"}],"media":[{"id":"QmcesN7tFJbJ9tHzvHrACCWi2z1k1z2iTwNLK2H8XUAhEN","size":null,"name":"hyper.webp","type":null,"source":"IPFS_IMG"},{"id":"QmV3HTCF1smKEuJvYBhAvVFEwgz4XqJKJHoG5VAU9XGyXD","size":null,"name":"250205_tokens-1__2_.webp","type":null,"source":"IPFS_IMG"},{"id":"QmScGTkyUbaNkCaVVH24LzNN4RpLZNdqJPA2fVsLWZyoj7","size":null,"name":"1_T9SGdZtQEUSgMH9qx74xXw.webp","type":null,"source":"IPFS_IMG"},{"id":"Qmf41hBmHmAXnakUdD3VmXN2peiRUwxzkJyq48dQrRU3Cp","size":null,"name":"1_IfySV3-IfdLQM0LtPLSuvA.webp","type":null,"source":"IPFS_IMG"}],"metadata":[{"id":"website","value":"https://hyperfoundation.org/"},{"id":"twitter_profile","value":"https://twitter.com/hyperliquidX"},{"id":"discord_profile","value":"https://discord.gg/hyperliquid"},{"id":"github_profile","value":"https://github.com/hyperliquid-dex"},{"id":"telegram_profile","value":"https://t.me/hyperliquid_announcements"},{"id":"coinmarketcap_url","value":"https://coinmarketcap.com/currencies/hyperliquid/"},{"id":"coingecko_profile","value":"https://www.coingecko.com/en/coins/hyperliquid"},{"id":"contract_url","value":"https://app.hyperliquid.xyz/explorer/token/0x0d01dc56dcaaca66ad901c959b4011ec"},{"id":"medium_profile","value":"https://medium.com/@hyperliquid"},{"id":"references","value":"[{\"id\":\"z0luwJ5UOm\",\"url\":\"https://coinledger.io/learn/what-is-hyperliquid\",\"description\":\"Hyperliquid is a decentralized exchange (DEX) built on its own Layer-1 blockchain, offering traders low fees, fast transactions, and advanced trading tools like perpetual derivatives.\",\"timestamp\":1742234145158},{\"id\":\"soEFA0i81g\",\"url\":\"https://hyperliquid.gitbook.io/hyperliquid-docs\",\"description\":\"About Hyperliquid | Hyperliquid Docs\",\"timestamp\":1742234145059},{\"id\":\"61vGzZ3bVP\",\"url\":\"https://hyperfoundation.org/\",\"description\":\"Hyperliquid is the blockchain to house all finance. For the first time, build projects, create value, and exchange assets on the same hyper-performant chain.\",\"timestamp\":1742234145034},{\"id\":\"krNpByvqVD\",\"description\":\"HyperEVM | Hyperliquid Docs\",\"timestamp\":1742234422690,\"url\":\"https://hyperliquid.gitbook.io/hyperliquid-docs/hyperliquid-l1/hyperevm\"},{\"id\":\"Z0p3yEN1dv\",\"description\":\"Dual Block Architecture | Hyperliquid Docs\",\"timestamp\":1742234446756,\"url\":\"https://hyperliquid.gitbook.io/hyperliquid-docs/for-developers/hyperevm/dual-block-architecture\"},{\"id\":\"R1ZcaeODCs\",\"description\":\"What is Hyperliquid? | CryptoPotato\",\"timestamp\":1742234467451,\"url\":\"https://cryptopotato.com/what-is-hyperliquid-hype-the-complete-guide-in-2025/\"},{\"id\":\"0P6n7537jX\",\"description\":\"Vaults | Hyperliquid Docs\",\"timestamp\":1742234492912,\"url\":\"https://hyperliquid.gitbook.io/hyperliquid-docs/vaults\"},{\"id\":\"0MJTyCj9or\",\"description\":\"Hyperliquidity Provider | Medium\",\"timestamp\":1742234517476,\"url\":\"https://medium.com/@hyperliquid/hyperliquidity-provider-hlp-democratizing-market-making-bb114b1dff0f\"},{\"id\":\"J5xu7AhrYq\",\"description\":\"Liquidator Vault | Medium\",\"timestamp\":1742234539148,\"url\":\"https://medium.com/@hyperliquid/the-liquidator-vault-democratized-liquidations-96c07442828f\"},{\"url\":\"https://x.com/HyperliquidX/status/1904923137684496784\",\"description\":\"Hyperliquid tweet on delisting jellyjelly\",\"id\":\"labTggc6HF\",\"timestamp\":1743085797380},{\"url\":\"https://www.mitrade.com/insights/news/live-news/article-3-721575-20250327\",\"description\":\"Hyperliquid escapes liquidity crisis following JELLYJELLY short-squeeze, delists token\",\"id\":\"QJDPy3bVC3\",\"timestamp\":1743085908778},{\"url\":\"https://cointelegraph.com/news/hyperliquid-delists-jelly-perps-citing-suspicious-activity\",\"description\":\"Hyperliquid delists JELLY perps, citing ‘suspicious’ activity\",\"id\":\"jFubgYdHux\",\"timestamp\":1743086059149},{\"url\":\"https://cointelegraph.com/news/bitget-ceo-slams-hyperliquid-jelly-perps-delisting\",\"description\":\"Bitget CEO slams Hyperliquid’s handling of ‘suspicious’ incident involving JELLY token\",\"id\":\"3qahmSCr3g\",\"timestamp\":1743086153308},{\"url\":\"https://x.com/GracyBitget/status/1904941729834557453\",\"description\":\"Gracy chen's tweet\",\"id\":\"iF2cUNlUFp\",\"timestamp\":1743087121393},{\"url\":\"https://cointelegraph.com/news/hyperliquid-first-ever-1-billion-bitcoin-bet-40x-leverage\",\"description\":\"Hyperliquid sees $1.1B Bitcoin long bet opened at 40x leverage\\n\",\"id\":\"KNhOq4RogL\",\"timestamp\":1748361773438},{\"url\":\"https://cryptoslate.com/bitcoin-whale-places-40x-leveraged-830-million-long-position-on-hyperliquid/\",\"description\":\"Bitcoin whale places 40x leveraged $830 million long position on Hyperliquid\\n\",\"id\":\"BKDtKWeLu0\",\"timestamp\":1748361809142},{\"url\":\"https://cryptoslate.com/bitcoin-whale-places-40x-leveraged-830-million-long-position-on-hyperliquid/\",\"description\":\"Hyperliquid whale turns bearish, flipping $1 billion BTC position from long to short\",\"id\":\"4zihK0MtIz\",\"timestamp\":1748361838329},{\"url\":\"https://decrypt.co/321432/hyperliquid-traders-1-billion-bitcoin-bet-seesaws-amid-price-volatility\",\"description\":\"Hyperliquid Trader's $1 Billion Bitcoin Bet Seesaws Amid Price Volatility\",\"id\":\"v1PQEknZRf\",\"timestamp\":1748361963677},{\"id\":\"o764vGm458i9wOC9\",\"url\":\"https://kodex.academy/\",\"description\":\"Hyperliquid enables prediction markets and options after HIP 4 passes\",\"timestamp\":1770050939969},{\"id\":\"jQXsffgw3kveUGcv\",\"description\":\"Hyperliquid's HIP 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Summary\",\"icon\":\"RiFileTextLine\"},\"summarySections\":[{\"title\":\"Hyperliquid Delists JELLYJELLY\",\"subtitle\":\"Updated details regarding the liquidity crisis involving the JELLYJELLY meme coin.\",\"variant\":\"modified\",\"changeCount\":1,\"changes\":[\"Modified the description of the event's outcome, changing it from a temporary '$12 million loss for the Hyperliquidity Provider (HLP) vault, but validators stepped in to flip the position to a $700K profit' to simply 'a temporary 700K profit'. [[10]](#cite-id-labTggc6HF) [[11]](#cite-id-QJDPy3bVC3)\"]},{\"title\":\"Hyperliquid Facilitates First On-Chain $1B Bitcoin Bet\",\"subtitle\":\"Updated details about a high-profile leveraged trade and added an internal link.\",\"variant\":\"modified\",\"changeCount\":3,\"changes\":[\"Added an internal link for the trader 'James Wynn'. [[15]](#cite-id-KNhOq4RogL)\",\"Modified the description of the initial long position from being 'over $1.1 billion' to 'over 28.4 million in margin'. [[17]](#cite-id-4zihK0MtIz)\",\"Altered the description of the subsequent short position, removing the '$1 billion' and '40x leverage' details. [[18]](#cite-id-v1PQEknZRf)\"]},{\"title\":\"Prediction Markets and Options (HIP 4)\",\"subtitle\":\"A new section was added about the launch of prediction markets and options.\",\"variant\":\"added\",\"changeCount\":2,\"changes\":[\"Added content about the platform enabling native prediction markets and options on February 2, 2026, following the passing of Hyperliquid Improvement Proposal (HIP) 4. [[19]](#cite-id-o764vGm458i9wOC9)\",\"Included a quote from a tweet describing the feature as a work in progress. [[20]](#cite-id-jQXsffgw3kveUGcv]\"]},{\"title\":\"References\",\"subtitle\":\"Added two new references and removed six.\",\"variant\":\"modified\",\"changeCount\":8,\"changes\":[\"Removed reference with ID 'decrypt-usdh-battle'.\",\"Removed reference with ID 'blockworks-vaneck-etf'.\",\"Removed reference with ID 'coindesk-ethena-usdh-proposal'.\",\"Removed reference with ID 'decrypt-hype-ath'.\",\"Removed reference with ID 'coindesk-native-voting-lead'.\",\"Removed reference with ID 'decrypt-hayes-usdh-vote'.\",\"Added reference: 'Hyperliquid enables prediction markets and options after HIP 4 passes'. [[19]](#cite-id-o764vGm458i9wOC9)\",\"Added reference: 'Hyperliquid's HIP 4'. [[20]](#cite-id-jQXsffgw3kveUGcv]\"]}]}]}"}