Hyperliquid, a decentralized perpetuals exchange, achieved around $330 billion in trading volume in July 2025, surpassing traditional exchanges like Robinhood. Its unique split-chain architecture comprises HyperCore, managing on-chain orders and margining, and HyperEVM, facilitating interaction with the exchange. This design enables ultra-low latency and high transaction throughput, making it competitive with centralized exchanges. Despite its enormous volume, Hyperliquid operates with a lean team of just 11 people, focusing on selective hiring and self-funding to align ownership with users. Key mechanisms such as the Hyperliquidity Provider (HLP) vault and the Assistance Fund create a feedback loop that sustains trader and market maker engagement. The project has been bolstered by significant user acquisition strategies, including a major airdrop and integration with Phantom Wallet, which significantly increased user engagement. However, concerns about validator transparency and operational risks persist, alongside the need for further decentralization. The combination of strategic technology, community alignment, and operational efficiency sets Hyperliquid apart in the rapidly evolving DeFi landscape.

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