Hyperliquid: A Layer 1 Blockchain and Decentralized Exchange for On-Chain Trading
Hyperliquid is a purpose-built Layer 1 blockchain and decentralized exchange for fully on-chain trading. Its DEX runs natively on the Hyperliquid Layer 1 rather than Ethereum, Solana, or another network.
The platform supports spot markets and perpetual futures while letting users control their own funds. However, that's only the simplest answer to what is Hyperliquid.
Behind the exchange, HyperCore powers order books and trading logic, HyperEVM runs smart-contract applications, and HYPE connects the wider ecosystem. The platform also carries risks involving leverage, liquidations, validators, bridges, and oracle data.