What is Hyperliquid? How It Works & Where to Use It

Overview

Hyperliquid at a glance.

Hyperliquid launched in 2024 as a Layer 1 designed for trading. Rather than running an automated market maker, it runs a central limit order book entirely on-chain, with a perpetual futures exchange built directly into the protocol.

Total value locked (DeFi)

$1.77B

Value locked in DeFi protocols on Hyperliquid. Updated Jun 2, 2026. Source: DefiLlama.

Native token

HYPE

Used for fees and securing the network. See the live HYPE price.

How it works

How Hyperliquid works.

Hyperliquid uses HyperBFT, a Byzantine Fault Tolerant consensus protocol inspired by the HotStuff family, to order transactions with sub-second finality. The order book matching engine runs at the protocol level rather than as a smart contract, which lets the chain process a high volume of orders and cancellations while keeping the state verifiable on-chain.

Consensus: HyperBFT

Hyperliquid uses HyperBFT, a Byzantine Fault Tolerant consensus protocol inspired by the HotStuff family, to order transactions with sub-second finality. The order book matching engine runs at the protocol level rather than as a smart contract, which lets the chain process a high volume of orders and cancellations while keeping the state verifiable on-chain.

On-chain order book

Trades match through a central limit order book that lives in the protocol itself, so order placement, cancellation, and matching are all recorded on-chain rather than handled off-chain by a server.

Built-in perpetuals

The chain ships with a perpetual futures exchange as a native feature, so traders interact with derivatives markets directly on the Layer 1.

HyperEVM

Alongside the native exchange, Hyperliquid runs an EVM-compatible environment so developers can deploy Solidity contracts and connect them to on-chain liquidity.

HYPE token

HYPE is used for staking that helps secure the network, for fees, and for governance within the ecosystem.

Ecosystem & usage

What Hyperliquid is used for.

Hyperliquid is used mainly for derivatives and spot trading, with a large share of activity concentrated in its perpetual futures markets. The HyperEVM layer is expanding the range of DeFi applications built around that liquidity.

DefiLlama

Perpetual futures trading

Traders open leveraged perpetual positions directly on the chain, with matching handled by the on-chain order book.

Spot trading

The native exchange also supports spot markets, settled on the same order-book infrastructure.

DeFi on HyperEVM

Developers deploy EVM contracts that tap into the chain's liquidity, such as lending and structured products.

Staking

HYPE can be staked to help secure the network and participate in the ecosystem.

Top protocols by TVL · updated Jun 2, 2026

Hyperliquid Bridge · Bridge$2.29B

Kinetiq kHYPE · Liquid Staking$1.14B

HyperLend Pooled · Lending$554.3M

Morpho Blue · Lending$361.3M

Hyperliquid HLP · Derivatives$353.6M

In the Zypto App

Hold, swap and spend HYPE.

Hyperliquid is integrated in the Zypto App. Hold HYPE in self-custody, swap it to any supported asset, and use it across Zypto’s features.

Hold HYPE in Zypto How to buy HYPE

Be the reason Hyperliquid ships next.

Hyperliquid isn’t in the Zypto App yet. Post the request to your followers, chains with the most demand get prioritised.

Request on X

FAQ

Common questions.

What is Hyperliquid?

Hyperliquid is a Layer 1 blockchain that runs a central limit order book on-chain and includes a perpetual futures exchange as a native part of the protocol. It launched in 2024.

How is it different from an AMM-based DEX?

Most decentralized exchanges use automated market makers with liquidity pools. Hyperliquid instead matches buyers and sellers through an order book, similar to a traditional exchange, but with the matching recorded on-chain.

What is HyperEVM?

HyperEVM is an Ethereum-compatible execution environment on Hyperliquid that lets developers deploy Solidity smart contracts and connect them to the chain's native liquidity.

What is HYPE used for?

HYPE is the native token. It is used for fees, for staking that helps secure the network, and for governance within the ecosystem.

Can I hold HYPE in the Zypto App?

Not yet. HYPE isn't in the Zypto App at the moment. You can hold it in any self-custodial wallet, and you can ask us to add Hyperliquid using the "Request Hyperliquid" button above.

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