What is Hyperliquid?
Hyperliquid is a decentralized exchange running on its own Layer-1 blockchain. It offers perpetual futures and spot trading with a fully on-chain order book, and you trade from your own wallet.
The short version
- Self-custody: funds stay in your wallet, not in an exchange account.
- On-chain order book: limit orders, stop losses and fast fills, similar to a centralized exchange.
- No gas on trades and no KYC to start.
- Beyond crypto: perps on markets such as stocks and commodities, many through HIP-3 builder-deployed markets.
Hyperliquid vs a centralized exchange
| Hyperliquid | Typical centralized exchange | |
|---|---|---|
| Custody | Your own wallet | Exchange holds funds |
| KYC | Not required | Required |
| Base perps fees | 0.015% maker / 0.045% taker | Varies, often slightly higher |
| Transparency | Trades and positions on-chain | Internal ledger |
| Fiat on-ramp | No, deposit USDC | Usually yes |
Key parts of the ecosystem
- HyperCore: the trading engine and order book.
- HyperEVM: an EVM-compatible environment for apps built on Hyperliquid.
- HYPE: the native token. Most trading fees go toward HYPE buybacks and the community vault.
- HLP: the community liquidity vault. Depositors share in market-making profits and losses.
The main risks
- Leverage: perpetuals can wipe out your margin quickly.
- Vault risk: HLP takes the other side of liquidations and can lose money in extreme moves.
- Decentralization: the validator set is still relatively small.
- Phishing: only use app.hyperliquid.xyz. Look-alike domains are common.
- Restricted regions: not available to U.S. persons, Ontario residents or sanctioned jurisdictions.
Getting started
You need a wallet (or an email login) and USDC. When you sign up, apply a referral code first: it takes 4% off your fees on your first $25M in volume.
Next: read our referral code guide and fee guide.
FAQ
Is Hyperliquid a DEX or a CEX?
A decentralized exchange: trades settle on its own Layer-1 blockchain and you keep custody of your funds.
Does Hyperliquid require KYC?
No KYC is needed to start trading. Users in restricted regions are not permitted to use it.
What is HYPE?
HYPE is Hyperliquid's native token. Most trading fees go toward HYPE buybacks and the community vault.
Is Hyperliquid safe?
It removes exchange custody risk, but leverage, vault losses, smart contract risk and phishing sites are real risks. Start small.