Hyperliquid

Hyperliquid is a perpetual futures DEX built on a purpose-made layer-1 chain, designed so a fully onchain central limit order book can match orders with near-CEX speed. It is the clear volume leader in onchain perps, and its HYPE token launched via one of the largest airdrops in the space.

Hyperliquid fees

Hyperliquid charges about 1.5 bps maker and 4.5 bps taker (a basis point is 0.01%). As with any perp venue, the funding rate often matters more than the headline fee: it is a recurring payment between longs and shorts that can quietly run for or against your position. See how this stacks up on the lowest-fee perp DEX ranking.

Hyperliquid leverage & markets

Hyperliquid offers up to 50x leverage across crypto markets on Hyperliquid L1. Higher leverage magnifies both gains and liquidation risk, so size positions carefully. For the most aggressive limits, see the highest-leverage perp DEX ranking.

Is Hyperliquid safe and is there KYC?

Hyperliquid is non-custodial: your funds stay in your own wallet and you sign each trade, so there is no company holding your balance and typically no KYC. The trade-off is smart-contract and liquidation risk, so prefer venues with a solid track record and verify contracts yourself.

Who is behind Hyperliquid?

Hyperliquid was built by Jeff Yan and Hyperliquid Labs, a small team with roots at Hudson River Trading.

Backers: None. Hyperliquid famously took no venture capital.

Hyperliquid milestones

• 2022Hyperliquid Labs is formed
• 2023Onchain perpetuals mainnet goes live
• Nov 2024HYPE token generation event and airdrop, roughly 31% of supply to users
• 2025Becomes the leading perp DEX by trading volume

Hyperliquid FAQ

What is Hyperliquid?

Hyperliquid is the largest onchain perpetuals exchange, a high-performance orderbook running on its own layer-1. It runs on Hyperliquid L1 using a orderbook model, offering up to 50x leverage on crypto markets.

What are Hyperliquid's fees?

Hyperliquid charges roughly 1.5 bps maker and 4.5 bps taker (1 bp = 0.01%). Funding is paid periodically between longs and shorts.

Does Hyperliquid require KYC?

No. Hyperliquid is a decentralized exchange: you connect a self-custody wallet and trade permissionlessly, with no signup or KYC on the protocol.

Does Hyperliquid have a token?

Yes, Hyperliquid's token is $HYPE.