Hyperliquid
AuditedVerifiedTrendingHyperliquid is a custom Layer 1 blockchain running a fully on-chain order-book perpetual and spot DEX, with a paired EVM execution layer and a USDC bridge from Arbitrum secured by a stake-weighted validator multisig.
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Score history
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The Problem
Centralised perpetuals exchanges dominate derivatives trading because existing on-chain order books cannot match their throughput and latency, while AMM-based perp DEXes suffer from impermanent loss and capital inefficiency.
The Solution
Hyperliquid runs a fully on-chain central-limit order book on a bespoke high-performance L1 (HyperBFT), settling every order, cancel and liquidation in chain state with one-block finality and CEX-class UX.
Why it Matters
Category-defining order-book-as-L1 architecture, dominant DeFi perp volume, zero-VC bootstrapped tokenomics with 31% genesis airdrop, and the on-chain Assistance Fund that recycles ~97% of fees into HYPE buybacks.
Protocol Metrics
Related Research
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What Hyperliquid Does, and What HYPE Is Actually Worth
Hyperliquid is an exchange that owns its own chain, and HYPE is one of the few tokens in DeFi where fees genuinely reach holders. But the share reaching them has fallen from 94% to 74% in four quarters. Five revenue lines, three scenarios, and the one number the current price already assumes.
Perps vs. Looping: What a Leveraged Long Actually Costs
Two ways to be 3x long BTC, identical price exposure, wildly different bills. One of them charges roughly 11% a year just for showing up — and half the time that fee has nothing to do with the market. Six years of funding and borrow data on which route to take, and the catch nobody mentions.
Frequently asked questions about Hyperliquid
What is Hyperliquid?+
Hyperliquid is a DEX protocol operating on Hyperliquid, Arbitrum. Hyperliquid is a custom Layer 1 blockchain running a fully on-chain order-book perpetual and spot DEX, with a paired EVM execution layer and a USDC bridge from Arbitrum secured by a stake-weighted validator multisig.
How does Hyperliquid work?+
Hyperliquid runs a fully on-chain central-limit order book on a bespoke high-performance L1 (HyperBFT), settling every order, cancel and liquidation in chain state with one-block finality and CEX-class UX.
Is Hyperliquid safe?+
DeFi Sentinel rates Hyperliquid A with a safety score of 78/100, indicating low-to-moderate risk. The score reflects five risk dimensions: smart contract & technical risk, economic design & market risk, governance & centralization, sustainability & competitive position, and reputation & social trust. Hyperliquid has 1 audit on record. DeFi Sentinel's analysis flagged 5 medium risk alerts across Smart Contract & Technical Risk, Governance & Centralization and Reputation & Social Trust. As with all DeFi protocols, residual risk remains and users should review the full risk breakdown before depositing.
What is the safety score of Hyperliquid?+
Hyperliquid has a DeFi Sentinel safety score of 78/100 (rating A), last updated September 16, 2026. The score is computed across smart contract & technical risk (30%), economic design & market risk (25%), governance & centralization (20%), sustainability & competitive position (15%), and reputation & social trust (10%).
Which chains does Hyperliquid support?+
Hyperliquid is deployed on Hyperliquid, Arbitrum.
Has Hyperliquid been audited?+
Yes. Hyperliquid has 1 audit report on record from firms including Zellic. Audit reports and dates are linked under the Resources tab on this page.