While commonly thought of as just another perpetual futures exchange, Hyperliquid is actually an innovative high-performance L1 aiming to achieve a completely on-chain financial system. Custom built and designed around a trading exchange, the Hyperliquid L1 can currently handle 100,000 orders per second, with the possibility to scale to millions per second. This capability enables a fully on-chain orderbook with sub-second latency, opening endless opportunities for additional financial applications.
Hyperliquid recently hit a record 24-hour trading volume of over $6 billion and an all-time high open interest of almost $2bn. In total, cumulative volume traded on the platform is approaching $400bn.
Hyperliquid has also become one of the most dominant perp trading DEXs in the space, accounting for anywhere between 25-35% of total daily perp DEX volume, up from just 3-7% a year ago. This rapid growth and dominance of the perp DEX market suggest traders have embraced Hyperliquid as their exchange of choice.
The founders of Hyperliquid Labs, Jeffery Yan and Iliensinc, bring impressive credentials to the table. Both are Harvard-educated with extensive experience in TradFi and crypto, making them an exceptionally qualified team to build a perpetual futures exchange and a hub for on-chain finance. Yan previously worked at the highly respected Hudson River Trading quant firm before founding his own former top 10 crypto HFT firm, Chameleon Trading. With a keen eye for market inefficiencies and after witnessing the collapse of FTX, Jeff saw much room for improvement in the DeFi trading sector, leading to the creation of Hyperliquid.
What’s the HYPE?
Hyperliquid has garnered
