Hyperliquid Spot Orderbook
Best for documented on-chain trading
How it rates
- Documentation published at a public address
- No audit report linked in the public dataset at this check
- Single-chain deployment
Each indicator scores 2, 1 or 0. A pillar is the points earned over the points available; the overall score is the weighted sum. Every source below is public — check any of them yourself.
- Not metIndependent audit published with a linked report
No audit report linked in the public protocol dataset at this check.
defillama.com/protocol/hyperliquid-spot-orderbook - Not metAudit count recorded in an independent dataset
0 audit(s) recorded.
defillama.com/protocol/hyperliquid-spot-orderbook - MetProtocol tracked by an independent analytics platform
Listed with published TVL and history.
defillama.com/protocol/hyperliquid-spot-orderbook - MetTechnical documentation published
Documentation reachable at this check.
hyperliquid.gitbook.io/hyperliquid-docs - MetApplication reachable at a public address
Reachable without an account at this check.
app.hyperliquid.xyz
- MetDocumentation published where fees are described
Documentation reachable for fee review.
hyperliquid.gitbook.io/hyperliquid-docs - Met
- MetIndependent dataset publishes protocol economics
TVL and change history published independently.
defillama.com/protocol/hyperliquid-spot-orderbook - PartialFee model documented publicly
Documentation available; specific fee tiers not captured at this check.
hyperliquid.gitbook.io/hyperliquid-docs - MetNo account required to read protocol documentation
Open documentation.
hyperliquid.gitbook.io/hyperliquid-docs
- MetTracked with published total value locked
TVL $125m at this check.
defillama.com/protocol/hyperliquid-spot-orderbook - Met
- Not metDeployed across more than one chain
1 chain(s) recorded.
defillama.com/protocol/hyperliquid-spot-orderbook - Not metDeployed across five or more chains
1 chain(s) recorded.
defillama.com/protocol/hyperliquid-spot-orderbook - MetListed on the independent dataset for over a year
Listing date recorded in the dataset.
defillama.com/protocol/hyperliquid-spot-orderbook
- MetIndependent analytics page published
Public protocol page with history.
defillama.com/protocol/hyperliquid-spot-orderbook - Not metAudit documentation linked publicly
No audit report linked at this check.
defillama.com/protocol/hyperliquid-spot-orderbook - Met
- MetProtocol identity and chains disclosed
Chains and category published: Dexs.
defillama.com/protocol/hyperliquid-spot-orderbook - Met
- Met
- Met
- Met
- Not met
- Met
The spot market on Hyperliquid's purpose-built chain, running a genuine on-chain central limit order book rather than an automated market maker.
Our assessment
Hyperliquid's spot market is a central limit order book that runs on-chain, not an AMM. Makers post bids and offers, takers hit them, and the matching happens in the chain's own execution layer. It holds $125m at this check.
Why order books mostly do not exist on-chain
Posting and cancelling orders costs a transaction, and market makers cancel constantly. On general-purpose chains that makes an order book economically impossible, which is why AMMs were invented. Hyperliquid built a chain specifically to make the order book viable — the architecture exists to serve the market structure, which is the reverse of how DeFi usually works.
What traders get from it
Limit orders that actually rest, price-time priority, and no divergence loss for makers — they quote and manage inventory like professionals rather than depositing into a curve. For anyone who has traded on a centralised venue, this is the familiar structure with on-chain settlement.
The concentration to weigh
A purpose-built chain means the validator set, the matching engine and the market are one system with one operator ecosystem. Decisions taken by that ecosystem affect markets directly, and the platform's history includes market interventions during stress. No audit report was retrievable at a public address at this check.
Who it suits
Hyperliquid spot fits active traders who want order-book execution with on-chain settlement and accept a single-chain, single-operator structure. Passive liquidity providers belong in an AMM instead.
How rivals compare
Frequently asked
Does this score mean Hyperliquid Spot Orderbook is safe to use?
No. It measures what an outsider can verify: linked audits, published documentation and independently recorded market data. Contract behaviour is not tested by us.
Where does the TVL figure come from?
An independent public analytics platform, queried at the verification date. Anyone can re-run the same query.
Why do some protocols score zero on audits?
Because no audit report is linked in the public dataset. It records what a user can reach, not a claim that no audit was ever performed.