Hyperliquid

Hyperliquid is the largest decentralized perpetual futures exchange, built on its own custom Layer-1 blockchain purpose-designed for high-frequency trading. Unlike most DEXs that rely on general-purpose chains, the Hyperliquid L1 uses a consensus mechanism called HyperBFT, based on the Hotstuff protocol, enabling a theoretical throughput of up to 200,000 orders per second with sub-second finality. The platform features a fully onchain Central Limit Order Book (CLOB) that mimics centralized exchange performance while maintaining full decentralization and self-custody. The exchange supports perpetual futures contracts with up to 50x leverage, advanced order types including stop-loss and take-profit, and both cross-margin and isolated-margin trading modes. In early 2025, HyperEVM was introduced, adding EVM compatibility to the Hyperliquid blockchain and allowing developers to deploy a wide range of decentralized applications on top of the network. Hyperliquid stands apart from other DeFi projects by having zero venture capital funding, instead taking a community-first approach. The HYPE token launched on November 29, 2024, with one of the largest community airdrops in DeFi history, distributing approximately 31% of the total supply to early users. The platform consistently handles over $10 billion in daily trading volume, making it the dominant force in decentralized perpetual futures trading.

Hyperliquid currently has $4.76B in Total Value Locked (TVL).