What is Hyperliquid
A decentralized perpetual futures exchange (DEX) running on its own L1, and the native token (HYPE) issued on that chain — the name refers to both.
EVENTCODE· No sign-up · One wallet connection · Applied before your first trade
Exchange and token are different
The name refers to both. Holding HYPE is not required to use the exchange.
Hyperliquid Exchange
A platform where you post USDC (etc.) as collateral to trade perpetual futures on BTC, ETH, stocks, and more.
HYPE Token
The chain's gas token, also used for staking and governance. Not required for trading.
Difference from centralized exchanges
Self-custody — funds stay in your wallet
CEXs require sign-up and KYC, and you deposit into exchange-controlled wallets to trade. The exchange holds custody, so its withdrawal policies, outages, and regulatory posture directly affect your funds.
Hyperliquid has no sign-up step and your assets remain in your wallet or under your on-chain address.
Difference from AMM DEXs like Uniswap
On-chain order book — CEX-grade execution
AMM DEXs like Uniswap price against a pool and formula, so a traditional order-book experience with limit/market orders is awkward. Hyperliquid puts a full on-chain order book on its own L1, enabling limit, market, TP/SL, and TWAP orders like a CEX.
With 100k+ orders per second and ~0.2s block times, the perceived latency is close to a centralized venue.
Who built it
Launched 2023
Built by a team led by Jeff Yan, previously of Chameleon Trading.
No VCs
Self-funded — one reason the token distribution skews to community.
Community-returned fees
Fees flow to HLP and HYPE buyback-and-burn instead of team wallets.
Next step: try it yourself
No sign-up needed — wallet connection puts you five minutes from your first order.
EVENTCODEThe 4% discount only applies if the code is entered before your first trade.
Continue with Sign up · Deeper comparison at vs Binance.