Hyperliquid
Hyperliquid is a decentralized exchange (DEX) for perpetual futures and spot trading. It was founded in 2022 and launched publicly in 2023. Hyperliquid operates an order book, and uses a Cryptocurrency token named HYPE. It is among the leading platforms by open interest in Bitcoin perpetual swaps. It has attracted primarily retail traders, with some limited participation from institutional actors. It has also faced criticism regarding its level of decentralization and governance structure.
History
Hyperliquid was co-founded by Jeff Yan and iliensinc in 2022 and launched in a closed alpha in February 2023.
On 29 November 2024, Hyperliquid distributed its cryptocurrency token HYPE via airdrop. Approximately 31% of the total token supply was allocated to the airdrop.
In December 2024 a security researcher at MetaMask reported that on-chain addresses linked to North Korea's Lazarus Group had been trading on Hyperliquid, suggesting the platform may have been used for reconnaissance ahead of a potential exploit.
In 2026, after the start of The U.S.-Israeli airstrikes in Iran, the cumulative volume on the exchange's oil futures increased to about $7.3 billion.
In 2026, the S&P 500 index was licensed for a perpetual derivative contract on Hyperliquid
See also
- Decentralized finance