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Hyperliquid
Hyperliquid runs a fully on-chain order book on its own HyperBFT L1, with every order, cancel and fill committed as consensus state rather than settled off-chain. It is the dominant perp DEX by open interest and volume, and its HLP vault lets anyone provide liquidity to the protocol market maker.
$10.82B
Open interest
$9.83B
24h volume
294
Live markets
16s ago
Last refresh
polled live
Mechanics
How it works
Orders are matched by an on-chain matching engine at roughly one-block latency. Margin is cross or isolated, collateralised in USDC bridged from Arbitrum. Funding is charged hourly against an index built from major CEX prices. HyperEVM runs alongside the order book, letting contracts read exchange state directly.
Risk
What to watch
The bridge and the L1 validator set are the principal trust assumptions. A concentrated validator set and the HLP vault taking the other side of large positions have both been stress points, notably during the March 2025 JELLY squeeze.
History
Incidents and changes
Exploits, rebrands and other events that materially changed this venue.
- 2025-03JELLY short squeeze forces validator intervention
A trader opened an outsized short in the illiquid JELLY market and then pushed the spot price up, forcing the HLP vault to absorb the losing side. Validators voted to delist the market and settle at a chosen price, which capped the loss but demonstrated that the validator set can intervene in individual markets.
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Incentives
Points and tokens
Markets
What HL lists
Deepest first.