Hyperliquid exchange
Overview
Hyperliquid is a decentralised exchange for perpetual futures, built by Jeff Yan, a Harvard graduate and former Wall Street quant, who took no venture capital, kept the team to roughly a dozen people and distributed most of the token supply to users. The system has two parts: HyperCore, which runs the native perpetuals and spot order books on-chain, and HyperEVM, an Ethereum-compatible execution environment launched on the same chain so external developers can deploy DeFi applications that plug directly into Hyperliquid's liquidity. It processes around $10 billion of trades per day, handled roughly $2.9 trillion of volume in 2025 — more than 400% above the prior year — and commands approximately 70% of on-chain perpetual futures volume in 2026. The HYPE token launched on 29 November 2024 with one of the largest airdrops in crypto history, distributing 31% of supply directly to users, valued at roughly $10.8 billion at peak post-airdrop prices. HYPE is now around the tenth-largest cryptocurrency at roughly $11 billion, and Bitwise has launched a spot HYPE ETF. Jeff Yan built Hyperliquid without venture funding. HYPE launched on 29 November 2024 with 31% of supply airdropped to users. Volume reached roughly $2.9 trillion in 2025, over 400% growth, and around 70% of on-chain perp volume by 2026, with HyperEVM opening the chain to third-party developers and Bitwise listing a spot HYPE ETF.
Within the DeFi Intel graph, Hyperliquid connects to 9 tracked entities, most strongly to HYPE, Bybit, Hyperliquid L1.
Relations
Top connections in the DeFi Intel knowledge graph (confidence-weighted, 9 of 9 total).
| Relation | Connected entity | Confidence |
|---|---|---|
lists_token | HYPE | 95% |
competes_with | Bybit | 85% |
deployed_on | Hyperliquid L1 | 85% |
competes_with | OKX | 70% |
covers | Bitcoin (BTC) Closer to $80,000 Than $60,000 Again, Ethereum's (ETH) $3,000 Recipe, Hyperliquid (HYPE) Bounce Triggered: Crypto Market Review | 70% |
covers | Hyperliquid (HYPE) Price Risks Entering Stalemate, Hidden Bullish XRP Price Growth Signal, Will Bitcoin (BTC) Reach $80,000 Under This Trend? Crypto Market Review | 70% |
covers | Does XRP Have a Chance? Unhealthy Bitcoin (BTC) Price Pattern Arises, Hyperliquid's (HYPE) $40 Will not Stay for Long: Crypto Market Review | 70% |
covers | XRP Might Not Hit $2 Now Because of This, Will Hyperliquid (HYPE) Hit $50 on Next Run? Ethereum's (ETH) Time to Shine: Crypto Market Review | 70% |
covers | 21Shares Files Updated Hyperliquid ETF Application With Ticker $THYP: SEC | 70% |
Frequently asked questions
What is Hyperliquid?
Hyperliquid is an exchange tracked in the DeFi Intel knowledge graph. It is connected to 9 other tracked entities, most strongly to HYPE, Bybit, Hyperliquid L1.
What type of entity is Hyperliquid?
Hyperliquid is classified as an exchange (exchange) in the DeFi Intel knowledge graph.
What is Hyperliquid connected to?
In the DeFi Intel knowledge graph, Hyperliquid is linked to 9 other tracked entities, most strongly to HYPE, Bybit, Hyperliquid L1.
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