What is Hyperliquid?
Hyperliquid is the fastest-growing perpetuals exchange in crypto.
Key Metrics
| Metric | Value |
|---|---|
| Daily volume | $1B+ |
| Latency | Sub-200ms |
| Total open interest | $9.6B |
| Market position | More OI than all competitors combined |
Architecture
Hyperliquid isn't a fork. It's purpose-built infrastructure:
HyperBFT Consensus
Custom Layer 1 blockchain optimised for trading performance.
HyperCore
Native order book — not an AMM, a real order book with limit orders, market orders, and proper price-time priority.
HyperEVM
EVM-compatible smart contract layer for DeFi composability.
Why It Matters
The combination of:
- Speed — Sub-200ms execution
- Liquidity — $9.6B open interest
- Composability — EVM compatibility
...creates the foundation for new financial primitives.
In October 2025, Hyperliquid launched one of these primitives: HIP-3.
INFO
Next: What is HIP-3?