Hyperliquid, a decentralized perpetuals exchange, processed around $330 billion in trading volume in July 2025, briefly surpassing Robinhood. The exchange operates on a custom layer 1 architecture, consisting of HyperCore for on-chain order management and HyperEVM for integrating decentralized applications. With a focus on low-latency and high throughput, Hyperliquid achieved median trade latencies of just 0.2 seconds. The platform's success is attributed to its lean team of 11 people, self-funding approach, and mechanisms like the Hyperliquidity Provider (HLP) vault and Assistance Fund, which align incentives among traders and liquidity providers. Notably, a significant user boost was seen following its integration with Phantom Wallet, leading to increased trading volumes and user engagement. However, challenges exist in terms of decentralization and potential systemic risks due to its dominant market share in decentralized finance (DeFi). Overall, Hyperliquid's innovative design and responsive operations have enabled it to scale rapidly in the competitive DeFi landscape.

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