A new trading platform called Hyperliquid has been launched, which not only rivals traditional centralized exchanges, but has also created an amazing buzz in the DeFi world.
In less than a year, Hyperliquid's user base and activity has exploded. This unstoppable trend is reflected in the data on the chain.Many crypto enthusiasts are starting to develop a FOMO mentality, fearing that they won't be able to keep up with the wave.
What is so attractive about Hyperliquid that traders are attracted to it? In this article, we will give you an in-depth analysis of Hyperliquid, including its technical structure, token economy, features, tutorials, and revenue mechanism. Let's unveil the mystery of Hyperliquid step by step!
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What is the Hyperliquid Exchange?
Hyperliquid OwnershipSelf-developed Layer 1 blockchain. The team built a purpose-built blockchain infrastructure from the ground up with the goal of enabling a high-frequency, low-latency trading experience. This proprietary chain utilizes a technology called HyperBFT The Proof of Stake (PoS) consensus mechanism (based on a modification of the HotStuff algorithm) ensures that all sequences of transactions are executed in an orderly manner on the chain and are finalized quickly.
Unlike a typical DEX that relies on an Ethernet host or a second tier network, Hyperliquid's architecture is broken down intoTwo core layers：HyperCore 和 HyperEVM。
HyperCore Hyperliquid is the native execution layer responsible for key operations - including the chain-wide Central Limit Order Book (CLOB), the aggregation engine, margin and clearing mechanisms, etc. - ensuring that all orders and trades are processed entirely on-chain. While traditional DEXs typically use an Automated Market Maker (AMM) pool or a hybrid semi-uplink/downlink order book, Hyperliquid sets a precedent by bringing the full order book and aggregation logic up the chain.
Another layer HyperEVM It is an EVM-compatible environment shared with HyperCore, allowing developers to deploy smart contracts and decentralized applications (dApps) on the Hyperliquid chain and interact closely with the same state layer as the trading core.
The two tiers share data availability and status, allowing DeFi applications on Hyperliquid to directly invoke the exchange's liquidity and data for powerful composability. This well-designed architecture delivers exceptional performance, with Hyperliquid averaging transaction latency of just 0.2 seconds(less than 0.9 sec. delay with 99%), with theoretical throughput of up to200,000 transactions per secondThe speed of the exchange is almost comparable to that of traditional centralized exchanges.
Hyperliquid's 200,000 TPS is far ahead of the thousands of transactions per second handled by many early DEXs. Additionally, the Hyperliquid blockchain achieves near real-time trade confirmation, eliminating the need for users to wait long periods of time for trades to complete. On this chain, which is optimized for trading, all processes such as order placement, aggregation, funding rate calculation, and mandatory leveling are all carried out on the chain, which not only maintains the transparency and security of the blockchain, but also provides a smooth experience close to that of CEX.
Founder Jeff Yan had the design insight that "Ethereum is too slow, Layer 2 is fast but still has latency, and Solana isn't fast enough."
So he chose to start a new business, building a chain specifically designed to serve the demanding needs of trading. This bold technological innovation has given Hyperliquid a huge head start.
Hyperliquid Trading Features and Core Benefits
What are Hyperliquid's unique features that appeal to trading users? As the most advanced decentralized exchange in DeFi, Hyperliquid combines the experience of a centralized exchange (CEX) with the benefits of a blockchain to offer an amazing array of features and benefits:
Low slippage, deep liquidity
Thanks to its full-chain order book and innovative HLP market-making mechanism (more on that in the next section), Hyperliquid's market depth is extremely high and trading slippage is minimal. At one point, the depth of its order book rivaled that of the top centralized exchanges - for example, when a new currency was listed, Hyperliquid offered the deepest order book and tightest bid-ask spreads in the market, which meant fairer pricing and lower impact costs for traders.
Zero Gas transactions with low handling fees
There are no on-chain gas fees when ordering on Hyperliquid. Through wallet signature authorization and platform optimization, every transaction is Gas-free for the user, which is unimaginable in other on-chain trading environments.
The platform only charges a very low transaction fee.
Default Taker rate is about 0.045%, Maker rate is 0.015%, and as trading volume increases, you can enter into a more favorable rate ladder, e.g., the rate for large accounts can be as low as 0.027%/0.009% or even lower.
Highly leveraged perpetual contracts
The platform specializes in sustainable futures trading and supports up to 40 times leverage. Such a high leverage allows professional traders to flexibly deploy their capitals to maximize the profitability of their trades. However, new traders should pay special attention to the risk of leverage in order to avoid the risk of losing their positions due to excessive market volatility.
New coins are added quickly and in a wide variety.
Hyperliquid is known for being the first to list new assets. Hyperliquid is often the first place in the market to offer trades on the perpetual contracts of popular new currencies. For example, when a presidential-themed Memecoin (TRUMP, MELANIA currency) was launched in early 2025, Hyperliquid immediately uploaded its perpetual contracts to the market, setting a new record for daily trading volume in two days compared to mainstream centralized exchanges.
Currently, the platform supports trading pairs for over 100 assets, covering mainstream cryptocurrencies and many emerging tokens. This is very attractive to traders who like to chase the market, so if you want to speculate on new coins, Hyperliquid is the place to be!
Hyperliquid Exchange Operations Tutorial (2025 Update)
For those of you who are new to Hyperliquid, you may be wondering: How do I start trading on Hyperliquid? Do I need to sign up for an account? Is it complicated? Don't worry, we've put together a simple step-by-step guide to get you started with Hyperliquid!
1. Prepare an encrypted wallet that supports networks such as Arbitrum, which is recommended here. OKX Web3 Wallet。
2a. Press Icon in the upper right corner of the OKX wallet to go to the Arbitrum link.
2b. Prepare USDC funds on the Arbitrum network and a small amount of ETH on the Arbitrum network as a gas deposit fee.
If your USDC is on the Ether network, you can quickly transfer USDC to the Arbitrum chain by using the "Convert" function in OKX Wallet, which takes only 1-2 minutes.
3. From here. Enter Hyperliquid Get 4 % discount on handling fee, click "Connect" button on the top right, select your wallet and sign to authorize the connection.
4. Click on "Portfolio" at the top of the page and select the "Deposit" button, select Arbitrum, Assets (USDC) and Quantity, confirm and submit the transaction.
Since Hyperliquid uses its own chain for clearing, this deposit transaction is actually a cross-chain transfer of USDC to Hyperliquid L1. Upon completion, your funds will show up in your Hyperliquid account, and the whole process usually takes just a few minutes.
It is worth mentioning that there are also no gas fees for depositing from Arbitrum to Hyperliquid, as the signature-licensed gasless mechanism is used.
5. Start trading and click "Trade" on the token you want to trade.
If you want to switch between markets, you can click on the drop down menu next to the name of the trading pair in the upper left hand side to decide whether you want to play Spot or Perps. In the case of Spot, users can click on the Markt market price which is the Limit limit to place a buy order.
In terms of contracts, Hyperliquid supports a full range of order types such as Market Orders (immediate execution at the market's best price), Limit Orders (set price orders waiting to be aggregated), and Stop Loss Orders (stop-loss/take-profit triggers).
For example, if you want to go long on a BTC perpetual contract with 5x leverage: first select the Cross Full or Isolated split mode at the top of the order area and set the leverage multiplier.
Then select Market Order or Limit Order and enter the quantity you want to buy. The system will display the estimated strong parity price, required margin, estimated slippage and handling fee for your confirmation. When you are satisfied, click to place the order and the transaction will be executed immediately.
If a limit order cannot be filled immediately, it will be hung in the order book waiting for the counterparty.
Since there is no Gas, you don't need to pay extra or wait for packing.The order fulfillment delay is usually less than one second, which is very fast.
6. If you want to withdraw your profits back to another chain, it's quite easy. With your wallet connected, click on "Portfolio" at the top of the page and select the "Withdraw Withdrawal" button. Fill in the amount of withdrawals, the Arbitrum, and the destination address, then confirm and submit.
Hyperliquid withdrawals do not have a unique limit, but there is a fixed fee of $$1 per withdrawal (for cross-link procedures). The withdrawal process is usually completed within a few minutes and the funds are returned from Hyperliquid L1 to your designated on-link address. For example, if you mention Arbitrum's USDC, you can see it in your wallet on the Arbitrum website.
REMINDER: If you're not going through This entrance When you start using Hyperliquid, you are actually paying 4% service fee more than others!
As you can see, the overall experience is not much different from traditional exchanges, but on Hyperliquid you are always in control of your assets, without having to trust an intermediary. Every step of the process is open and transparent on the chain, while avoiding red tape through clever design. For the uninitiated, trading on Hyperliquid is no more difficult than making contracts on Cryptocurrency if you are familiar with wallet operations!
Lastly, Hyperliquid does not support fiat currency deposits and withdrawals, nor does it directly connect to bank cards, it is entirely a crypto asset to crypto asset transaction. Therefore, if you don't have any cryptocurrency assets, you still need to buy USDC through a centralized exchange before transferring them.2025 Beginner's Guide｜How to transfer USDT? From bank deposit to wallet receipt of coins complete instructionThis article explains how to transfer funds from centralized exchanges to on-chain wallets.
$HYPE Token Economy Model
As the centerpiece of the Hyperliquid ecosystem.HYPE Token's recent market performance has been quite impressive and has sparked a lot of buzz in the crypto community.
The $HYPE currency price is set to hit new highs in 2025: just recently, it climbed to an all-time high of around $$59, up 8% in a single day, and a cumulative gain of around $40% over the last month. $HYPE is approaching the $16 billion mark in terms of market capitalization, and is rapidly climbing the ranks of the crypto market as a whole.
Notably, the $HYPE outperformed most mainstream currencies in H1 2025, rising by around +65% in H1, almost four times the increase in Bitcoin (+16%) over the same period.
Especially in Q2, $HYPE surged by more than +200% in a single quarter, one of the few large tokens to buck the trend, driven by the improving macro environment and strong data from the Hyperliquid platform.
No wonder even former BitMEX CEO Arthur Hayes humorously called it the "All-time Hype".
The economic model of HYPE tokens is one of the cornerstones of the platform's success.
First of all, Hyperliquid adopts aCommunity PriorityDistribution Strategy: In late November 2024, the Project conducted a $HYPE Genesis Airdrop, releasing approximately 310 million tokens to Early Stage Users, accounting for 31% of the total supply.The value of the airdrop was estimated to be ~$$1.6 billion at that time, with an average of $HYPE valued at more than $$100,000 per Eligible User!
Such a massive airdrop is extremely rare in crypto history and is considered one of the largest in history. In just one month after the drop, HYPE has risen 12 times from its initial level, reaching a record high of $35.
With continued subscriber expansion, HYPE coinholding addresses increased from 70,000 to 140,000 at the beginning of 2025, a growth of 100%. Such widely diversified holdings, coupled with projectZero VC investment（The strategy of not placing tokens with any venture capitalists meant that HYPE No VC pressure on traditional projectsThe real users and contributors become the main beneficiaries.
The team itself retains only about 23.8% in tokens (core contributors), 6% in future development funds, and 38.89% Supply for airdrops and community rewardsThis revolutionary token distribution model demonstrates Hyperliquid's commitment to decentralization and community. This revolutionary token distribution model demonstrates Hyperliquid's commitment to decentralization and community.
Even more impressive is the Hyperliquid Returning almost all platform revenue to HYPE holdersUnlike most DeFi projects, which are still discussing how to distribute agreement revenue, Hyperliquid is taking a radical approach. Unlike most DeFi projects, which are still discussing how to distribute the revenue from the agreement, Hyperliquid has taken a radical approach: it will be 93% The agreement fee income was used to repurchase HYPE!
Specifically, Hyperliquid has an Assistance Fund.Approximately 93% of the fee income generated from each of the platforms in Japan will be used in the secondary market.HYPE was repurchased and destroyed. HLP Community VaultThe amount of revenue sharing is used to support the liquidity provider's treasury.
In this way, the larger the trading volume of the platform, the stronger the repurchase, HYPE liquidity supply continues to shrink, the value of the tokens and the performance of the platform closely linked to the formation of a strong positive and negative feedbackValue Cycle。
In addition to the buyback mechanism, HYPE, as the original coin of Hyperliquid L1, also has aStakingFunction. Holders can pledge their HYPE to a network node to participate in PoS and receive block rewards. As for how to perform Staking operation, we will teach you more in the tutorial section below.
At present, the annualized rate of $HYPE pledge is around 2%, and the official website shows that more than 400 million HYPE have been pledged. Such a high percentage of pledged lock-up further reduces market selling pressure, and coupled with the double deflationary effect of agreement repurchase destruction.
Instead of using traditional AMM pools to provide mobility in the HLP mobility mechanism, Hyperliquid introduced the Hyperliquidity Provider (HLP) Vault The mechanism, known as theMachine Gun Pool"Market Making Pool. It is a pool of market making funds managed by a protocol. Any user can deposit funds and let the algorithm automatically execute professional market making strategies and provide pending orders in the order book.
HLP Treasury shares the overall PnL (Profit and Loss) and a portion of the trading fees to the participants, so that ordinary users can also participate in the "Market Maker" and enjoy the profits of professional-grade market making. This not onlyProvides stabilizing depthReduces slippage and eliminates the need for Hyperliquid to rely on external market makers for support and liquidity.Community Owned且Transparent rulesWe will discuss the operation and benefits of HLP in more detail later. The operation and benefits of HLP are described in more detail later.
According to OAK Research, the number of unique addresses on Hyperliquid increased from about 291,000 at the beginning of 2025 to more than 1.5 million by the end of June. 518,000In the short span of half a year, it has grown by about 78%As of mid-September, the cumulative number of registered addresses has exceeded 950,000. As of mid-September, the cumulative number of registered addresses has surpassed the 950,000 mark. The actual user base could be even higher if we include unregistered users who access the aggregator. This growth rate is unprecedented in DeFi DEX.
It should be noted that when Hyperliquid was launched in 2024, there were only a few hundred thousand users, but today it has multiplied, indicating that more and more traders are flocking to this new platform. Not only is the number of users growing, but Hyperliquid's revenue performance is also impressive. According to an August 20 BlockBeats report, the Hyperliquid team is generating annual revenue per capita of up to $4.5 billion. $104.3 millionThe company's revenue per capita is currently one of the highest in the world. Compared to traditional financial and technology giants, this figure is almost astronomical.
Data from DeFiLlama's chain shows that the Hyperliquid agreement has generated revenues of $95.63 millionProjected annual income of up to US$1,147 millionThe DeFi agreement is a new one, and it's a new one, too. Keep in mind that this is a DeFi agreement that was just coined at the end of 2024 and is now standing shoulder to shoulder with centralized exchanges and even some publicly traded companies.
This kind of result makes you start to think: how can a decentralized platform with less than two years of history make such an amazing profit? The answer may lie in the fact that it puts The CEX Experience和 Transparency of DEXDoing a real blend.
Introduction to Staking Revenue Mechanism
Hyperliquid's ecosystem is embedded with multiple revenue mechanisms, ranging from pledging HYPE to earn network incentives to participating in the HLP Vault to share in market making revenue.
HYPE Staking and Nodal Incentives
As a PoS-consensual public chain, Hyperliquid allows HYPE holders to pledge tokens to secure the network and receive rewards. You can choose to run your own verification node (which requires a large amount of HYPE as collateral) or delegate HYPE to an existing verification (Delegation). The rate of return on pledged HYPE is around 2% annualized. This return comes from the blockchain's incentives for new blocks, not from transaction fees (which go to buybacks).
Pledge operations are available in the Hyperliquid platform's Staking PageTo do so, you can lock HYPE into a node contract with a single click and start earning rewards. HYPE pledging is a low-risk way of earning income, with an annualized rate of about 2%. Although this is not a high rate, it is in fact equivalent to indirectly receiving an implicit "dividend", considering the support for the currency price provided by the assisted fund buybacks. For those who are bullish on Hyperliquid in the long run, pledging HYPE for income is a good strategy to make money with money.
HLP Market Making Vault and Profit Sharing
Hyperliquid's most distinctive revenue mechanism is the Hyperliquidity Provider (HLP) VaultThat is to sayCommunity Market Making VaultThis is an innovative model that socializes the role of the market maker. This is an innovative model that socializes the role of market makers.
The way it works is that users deposit funds (primarily USDC stabilizers) into the HLP Vault, which is used by the market-making algorithms of the licensing agreement to provide liquidity by placing orders on the HyperCore order book, and the HLP Vault acts as a market maker and a clearer: it accepts large trades when they occur, and executes the liquidation of loss-making positions in times of high market volatility.
In return, HLP participants share the Vault'sProfit/loss and part of the trading fee gain。
The benefits of the HLP mechanism are: on the one hand, it provides stable and deep liquidity to the platform and reduces slippage; on the other hand, ordinary users can also lie flat and participate in professional market making and share the profits, which Hyperliquid officially calls a "win-win liquidity solution".
What are the risks of Hyperliquid?
The HLP Vault is not a zero-risk printer, as it can experience losses from extreme market manipulation as a counterparty.2025 There was a famous JELLY incident in March.
At that time, an attacker controlled a large amount of JELLY tokens, first smashed the order and caused HLP Vault to passively establish a large short position at a low price, and then the attacker bought back and pushed up the price of JELLY by 4,00%, which resulted in the loss of HLP's book reaching $13.5 million dollars at one time. Fortunately, the Hyperliquid team reacted quickly, and within 2 minutes of the attack, they obtained a consensus from the verifiers to take down the JELLY market and forced the attackers to close their positions at their opening price, thus plugging the loophole.
At the same time, the Hyperliquid Foundation is committed to compensating all normal users for their losses, ultimately minimizing the losses of HLP. Subsequently, the team upgraded the HLP mechanism: strengthening the ADL mechanism, adjusting the risk control parameters for small-cap tokens, and reducing the proportion of liquidation pool funds to prevent similar risks from recurring.
The crisis briefly sent the HYPE currency to record lows, but with the measures put in place, market confidence was restored very quickly and it was considered to be one of the best opportunities to get on board. According to subsequent data, the TVL of HLP Vault recovered from a low of $1.97 billion to $2.08 billion, with basically all assets recovered, and the trading volume rebounded from a daily average of $50 million to $140 million, demonstrating strong resilience. From this, we can see that despite the risks associated with HLP, Hyperliquid's mechanism and team's ability to handle the situation have withstood the test.
Other potential risks:
- Blockchain Security and Degree of Decentralization
- Intelligent Contract Audit and Vulnerability Protection
- Mechanism Risks
- Compliance and Regulatory Challenges
Although Hyperliquid has a good track record so far, it still needs to be monitored. As users, we should keep the amount of money we invest in the Hyperliquid ecosystem within our means, pay attention to the official audit reports and risk alerts, and use the tools provided by the platform, such as stop-losses, to minimize the losses that may be brought about by the technical or mechanical risks.
What is the future potential of Hyperliquid?
Hyperliquid is expected to continue to expand its lead in the decentralized derivatives market and even further erode the share of centralized exchanges. in the first half of 2025 it will account for about 6% of total CEX volume, and at this rate of growth, it is not out of the question that it could take 10-15% in the next few years.
At the same time, Hyperliquid is actively transforming its "deep mobility" into an infrastructure for others to ride on, the so-called "AWS of mobility" vision. This means that in the future, more DeFi apps, wallets, and transaction front-ends may be built on Hyperliquid's mobility, creating a thriving ecosystem.
Hyperliquid's February 2025 launch of HyperEVM has already introduced a number of third-party contracts and vaults, showing that its platform is opening up its ecosystem to developers. If it can replicate the ecological boom of Uniswap, $HYPE will be worth more than just exchange tokens, it will be the fuel for the entire chain.
Hyperliquid is not the first DEX to try to challenge CEX, but it is the first project to make people truly feel that "the CEX experience can be run on the chain". This in itself is enough to change the future direction of the industry. Next, it still needs to find a balance between the degree of decentralization, security and regulatory risk. But at least for now, it has shown us a model of DeFi that is closer to the ideal!
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