Hyperliquid

Hyperliquid (HYPE) is a Layer 1 blockchain best known for on-chain derivatives, particularly perpetual futures and spot trading through its native decentralized exchange. Ranked tenth overall, HYPE is the network's native token. The project's ambition is to move the kind of high-performance trading that transformed traditional markets onto a transparent, efficient blockchain.

What is Hyperliquid?

Hyperliquid is a purpose-built DeFi chain centered on trading. Its flagship product is a decentralized exchange for perpetual futures and spot markets, but the ecosystem extends into borrowing, lending and real-world assets, and it includes a full Ethereum Virtual Machine so developers can build broader applications. The pitch is exchange-grade performance without a centralized intermediary holding user funds.

How does Hyperliquid work?

As a Layer 1 optimized for derivatives, Hyperliquid runs an on-chain order book and matching designed to deliver the speed traders expect while keeping settlement transparent and self-custodial. Its EVM compatibility lets DeFi developers deploy familiar tooling, positioning the chain as both a trading venue and a general smart contract platform. HYPE is the asset that powers activity across this ecosystem.

Hyperliquid tokenomics and supply

HYPE has a maximum supply of 1 billion tokens. Around 222 million are currently in circulation, out of a total near 955 million, meaning a large portion is not yet fully released, so future unlocks are an important factor to watch. The capped supply gives HYPE a defined scarcity ceiling, unlike uncapped Layer 1 tokens.

• Circulating supply: about 222 million HYPE
• Maximum supply: 1 billion HYPE
• Large share of supply not yet in circulation
• All-time high near $76.70; all-time low around $3.81

What is Hyperliquid used for?

HYPE powers the Hyperliquid ecosystem, which is oriented around decentralized derivatives and spot trading and expanding into lending, borrowing and real-world assets. Traders use the network for perpetual futures on-chain, and developers can build DeFi applications on its EVM. As an exchange-based token, its demand is tied closely to trading activity on the platform.

Where to buy Hyperliquid

HYPE can be accessed through the Hyperliquid platform itself and various listing venues; our best crypto exchanges ranking helps compare where it trades and on what terms. For self-custody, our best crypto wallets guide covers EVM-compatible wallets that can connect to the network.

Is Hyperliquid a good investment?

Hyperliquid has drawn attention as a fast-growing on-chain derivatives venue with a capped token supply, but it is young, exchange-linked and exposed to significant future token unlocks that can pressure price. Derivatives platforms also carry added regulatory and technical risk, and HYPE is highly volatile. This is not financial advice; research the unlock schedule and platform risks first.