Tìm hiểu thêm
4 known investors
Hyperliquid is a layer one blockchain and decentralized exchange for perpetual futures and spot trading of crypto, commodities, indices, FX, and real-world assets, operating onchain without intermediaries. It supports borrowing, lending, asset issuance, and app development through a built-in Ethereum Virtual Machine, serving traders and builders in decentralized finance.
Also known as Hyperliquid
Investors · 4
Company profile
researched Aug 2026Hyperliquid is a layer one (L1) blockchain whose stated purpose is to host financial activity onchain without intermediaries. Its best-known functions are perpetual futures and spot trading, offered through a decentralized exchange, but the broader ecosystem also supports borrowing, lending, asset issuance, asset transfers, and real-world assets (RWAs). A full Ethereum Virtual Machine implementation allows developers to deploy smart contract applications on the same chain.
The chain state is split into two components: HyperCore, which houses the native trading functionality, and the HyperEVM, the general-purpose EVM environment. Both are secured by the same consensus layer. The company frames its offering as 24/7 access to markets spanning BTC, ETH, equity indices such as the S&P 500, gold, silver, WTI and Brent oil, and FX from a single account.
The project positions itself against the legacy financial system, which it characterizes as dependent on intermediaries that hold custody and gatekeep access. Its stated vision is to house all of finance on one open, transparent and credibly neutral system owned by those who build and use it.
Business model
Hyperliquid operates a non-custodial onchain exchange and blockchain network. Protocol revenue is described as flowing back to the network through an entity called the Assistance Fund. A "builder codes" mechanism lets third-party builders route order flow into Hyperliquid's liquidity and charge their own per-order fees, with Hyperliquid providing liquidity and execution while builders retain the user relationship.
The site references protocol revenue that is returned to the network via the Assistance Fund, and per-order fees that external builders may charge through builder codes; no fee schedule or revenue figures are disclosed in the sources.
Traction
The homepage displays 24-hour trading volume of $7.2 billion; other on-page counters for open interest and user count were not populated in the retrieved page. An ecosystem of third-party applications is listed, including HyperLend, Kinetiq, Morpho, Rysk and Trade[XYZ].
Latest developments
As of the sources retrieved, the site highlights recent press coverage: a Colossus interview with Jeffrey Yan (April 1, 2026), a Wall Street Journal feature on the platform (June 2, 2026), and a Bloomberg article on crypto-market pre-IPO bets on Chinese chipmaker CXMT (July 15, 2026). The product set now spans crypto, equities, commodities, FX and real-world assets.
▸Full profile — market position, technology, go-to-market, history, risks & controversies
Market position
The company describes itself as a leading force in decentralized finance and as best known for perpetual futures and spot trading. Its site cites coverage by Bloomberg, the Wall Street Journal and Colossus during 2026, including a Wall Street Journal piece describing the platform as emerging as a convenience store for Wall Street. Independent market-share data is not present in the sources.
Hyperliquid states it was built with no private investors, no paid market makers and no insiders, and that core network components are built by teams selected through open competition. Technically, it differentiates on a purpose-built consensus mechanism combining an onchain central-limit-order-book style trading core (HyperCore) with a general-purpose EVM, full onchain transparency of orders and liquidations, and non-custodial design.
Technology
Hyperliquid's state consists of HyperCore and the HyperEVM, both secured by HyperBFT, a delegated proof-of-stake consensus mechanism the company says is optimized for latency and throughput. The site states HyperBFT supports approximately 200,000 transactions per second with a 0.07-second block time and one-block finality, with every order, cancel, trade and liquidation recorded onchain. HYPE token holders delegate to validators; an active set of 27 validators is selected by stake, a quorum of more than two-thirds of total stake is required to commit a block, and a 7-day unstaking queue is described as a deterrent to consensus attacks. The network is non-custodial, and users who prefer third-party custody can use providers including Anchorage, BitGo, FalconX, Fireblocks and Komainu.
Go-to-market
Distribution centers on the company's own trading interface plus an ecosystem of third-party applications built on the chain, including HyperLend, Kinetiq, Morpho, Rysk and Trade[XYZ]. Builder codes are offered as an integration path for external developers, described by the company as analogous to AWS for cloud infrastructure, where builders own their users and Hyperliquid supplies liquidity and execution.
Traders seeking perpetual futures and spot exposure to crypto, equity indices, commodities, FX and real-world assets, as well as developers building decentralized finance applications on the chain and institutions that require qualified custodians.
History
The retrieved sources do not state founding date, incorporation details or a funding history. The website states the network was built without private investors. Site-listed press items include a Colossus interview with Jeffrey Yan dated April 1, 2026, a Wall Street Journal article dated June 2, 2026, and a Bloomberg article dated July 15, 2026.
Risks & controversies
No controversies, regulatory actions or disputes are described in the available sources. The site itself notes that a two-thirds stake quorum governs block commitment and that a 7-day unstaking queue exists to deter large-scale consensus attacks, indicating consensus-level attack surface inherent to delegated proof-of-stake.
Compiled by commissioned research from 8 cited public sources — announcements, filings, and press listed under research sources below.
Key figures
latest reportedCompany-reported or press-reported figures, each dated to when it was claimed — not independently audited.
Timeline · 3
launches, deals, and filingsBloomberg published "Crypto Market Offers Pre-IPO Bets on Chinese Chipmaker CXMT," listed in Hyperliquid's news section.
The Wall Street Journal published "This Crypto-Trading Platform Is Emerging as Wall Street's Convenience Store," listed in Hyperliquid's news section.
Media outlet Colossus published "Beyond the Sky – Interview with Jeffrey Yan," listed in Hyperliquid's news section.
Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.
▸Research sources · 8
primary sources listed
- Tìm hiểu thêmhyperliquid.xyz · web
8 public sources were cited for this profile; the first-party ones are listed here.
Frequently asked questions
- What does Tìm hiểu thêm do?
- Hyperliquid is a layer one blockchain for onchain trading of crypto, commodities, indices, FX and real-world assets.
- Who are Tìm hiểu thêm's investors?
- Tìm hiểu thêm's investors include AZDAG, Marin Digital Ventures, Multicoin Capital, Paradigm.