Hyperliquid processed approximately $330 billion in trading volume in July 2025, surpassing Robinhood. This decentralized perpetuals exchange, launched on a custom layer 1, utilizes a split-chain design for high-speed transactions while keeping custody on-chain. The core components are HyperCore, which handles order books and liquidations, and HyperEVM, an Ethereum-compatible environment. Hyperliquid achieved a median trade latency of 0.2 seconds, rivaling centralized exchanges. The platform's success is attributed to a lean team of 11 employees who prioritize efficiency, self-funding, and rapid incident management. A notable feature is the Hyperliquidity Provider (HLP) vault and the Assistance Fund, aligning trader activity with liquidity provisioning through fee buybacks. Furthermore, a significant airdrop and integration with Phantom Wallet accelerated user adoption. While Hyperliquid enjoys a leading market share in decentralized trading, concerns have been raised about validator centralization and operational risks, such as recent API outages. The overall strategy positions Hyperliquid as a strong contender in the DeFi space.

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