Hyperliquid is a blockchain built specifically for trading crypto. It is best known for an exchange where people trade perpetual futuresPerpetual futures (perps)A derivative with no expiry date that tracks the price of a crypto. Regular payments keep it close to the market price, and it allows leverage., often with leverage. HYPE is the network's token.
How does Hyperliquid work?
Development is led by Hyperliquid Labs, a company Jeff Yan founded with a Harvard classmate. Trading on the main network began in 2023, and the company says it is self-funded, with no venture capital.
Hyperliquid is its own layer 1Layer 1The base network itself, such as Bitcoin or Ethereum, which records transactions and settles them for good on its own blockchain. and has two parts. HyperCore holds the order booksOrder bookA list of all open buy and sell orders for an asset, sorted by price. A trade happens when a buy order and a sell order meet., and every order and trade is recorded on the chain. HyperEVM, launched in February 2025, runs smart contracts as Ethereum does. Users keep their funds in their own wallets.
HYPE
HYPE launched on 29 November 2024, when users received 31% of the maximum supply of one billion HYPE in an AirdropAirdropWhen a project sends free tokens straight to people's wallets, often to promote itself, though fake airdrops are also a common scam.. HYPE is used for StakingStakingLocking up crypto on a proof-of-stake network to help confirm transactions, in return for rewards paid in the same crypto. to secure the network, for fee discounts and to pay for transactions on HyperEVM. Part of the trading fees automatically goes towards buying HYPE, which is then burned.
What to keep in mind
- Most of the trading is leveraged DerivativesDerivativesContracts whose value comes from another asset, such as shares, a currency or a cryptocurrency. trading, which is very risky.
- There are few active validators, and the Hyper Foundation controls a large share of the stake. In March 2025 they delisted contracts on JELLY after suspicious trading.
- Hyperliquid is not authorised as an investment firm or as a crypto-asset service provider in the EEA.
Everything in Myntkaup Learn is written and regularly reviewed by the Myntkaup editorial team. It is for education and is not investment advice. Editorial policy. Updated 18 October 2026.