⚡ On-Chain Perps Exchange

Hyperliquid (HYPE)
Analytics

The #1 on-chain perpetuals exchange — fully on-chain order book, zero gas, no VC investors. Built by an elite team, airdropped to real users.

Key Metrics Tokenomics vs Competitors
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HYPE Price
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24h Change
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Market Cap
238M
Circulating Supply
1B
Max Supply
What is Hyperliquid?

The On-Chain Trading Revolution

Layer 1 blockchain built specifically for trading. Not a DApp on top of Ethereum — a purpose-built L1 optimized for high-throughput order matching.
Fully on-chain order book — rare in the industry. Most DEXes (even "decentralized" ones) use off-chain order books with on-chain settlement. Hyperliquid's entire book lives on-chain.
Zero gas fees for trading. The chain is subsidized through trading fees, making it competitive with centralized exchanges on cost.
HyperBFT consensus — a custom Byzantine Fault Tolerant consensus mechanism achieving ~100k TPS and <1s latency, enabling CEX-like speed.
Self-funded — zero VC investors. The founding team (Harvard, MIT, Caltech alumni) bootstrapped the entire project. No institutional dumping pressure.
#1 perps DEX by volume — consistently outpacing dYdX, GMX, and Drift combined. Over $1 trillion in cumulative volume.
~100k
TPS capacity
<1s
Block latency
$1T+
Cumulative volume
$0
Gas fees
📊 Key Metrics

Live and approximate metrics for Hyperliquid's trading ecosystem

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$2–5B
Daily Perps Volume
Consistently among top global derivatives venues including centralized exchanges
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$3–8B
Open Interest
Total notional value of all open perpetual futures positions across all markets
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200k+
Total Users
Unique addresses that have traded on Hyperliquid since launch
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0%
VC Allocation
No seed investors, no Series A, no VC cliff-and-vest pressure. Entirely self-funded by the founding team.
🚫 No VC Investors
🪙 HYPE Tokenomics

1 billion total supply — distributed to users, team, and future community incentives

Token Allocation
Total supply: 1,000,000,000 HYPE
🎁 Historic Airdrop
The November 2024 genesis airdrop distributed 31% of total supply (310M HYPE) to real users based on trading activity. No points gaming — rewards went to genuine participants. Made early power users into millionaires overnight.
🚫 No VC = No Dump Pressure
Traditional crypto projects have VCs with cliff+vest schedules creating predictable sell pressure. Hyperliquid has none. Team tokens vest over time, but there are no institutional investors waiting to exit a 10–100x position.
💰 23.8% Circulating Now
Only 238M of 1B HYPE tokens are currently circulating. The remaining 76.2% is locked — mostly team vesting and future community programs. Low float means price is sensitive to demand shocks.
Allocation Breakdown
How the 1 billion HYPE tokens are distributed
Allocation % of Supply Tokens Status Notes
Genesis Airdrop 31% 310M Distributed Nov 2024 — rewarded real traders, one of largest airdrops in history
Team & Foundation 38.888% ~389M Vesting Multi-year vesting; no external VC — all internal team allocation
Future Community ~30.1% ~301M Locked Future incentives, ecosystem growth, HyperBFT validator rewards
📉 HYPE Price Chart

90-day daily OHLC from Kraken (HYPEUSD)

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HYPEUSD data unavailable from Kraken at this time.
Try refreshing or view HYPE on CoinGecko
⚔️ Competitor Comparison

Hyperliquid vs the leading on-chain perpetuals platforms

Protocol Chain Order Book Gas Fees Daily Volume VC Backed Consensus
⚡ Hyperliquid Own L1 ✓ On-chain ✓ Zero $2–5B ✗ None HyperBFT
dYdX v4 Cosmos ✓ On-chain ~ Low $200–500M ✓ a16z, Paradigm CometBFT
GMX v2 Arbitrum ✗ AMM/Oracle ✗ ETH gas $100–300M ✗ None Ethereum L2
Drift Protocol Solana ~ Hybrid ✓ Near-zero $50–200M ✓ Multicoin, Jump Solana PoH
Key insight: Hyperliquid is the only platform combining a fully on-chain order book, zero gas, own L1 infrastructure, and no VC investors. dYdX is the closest architectural match but sees ~10x less volume and has institutional investor overhang.
⚠️ Risk Factors

An honest look at the risks — not just the upside

🔒 76% Supply Not Yet Circulating
Only 238M of 1B HYPE tokens are in circulation. As team vesting unlocks and community programs distribute tokens over coming years, there is significant supply expansion pressure. Low float means current market cap understates fully-diluted valuation.
⚖️ Regulatory Risk on Perps
Perpetual futures are under regulatory scrutiny globally. The CFTC and other regulators have targeted offshore perps platforms. As Hyperliquid grows, it becomes a larger target. US users already face access restrictions, and broader bans could materially impact volume.
🛡️ Only 21 Validators
Hyperliquid's network currently relies on just 21 validators — a highly centralized validator set by industry standards. This is a deliberate performance tradeoff (fewer validators = faster consensus), but it raises censorship resistance and decentralization concerns. Compare to Ethereum's 700k+ validators.
🏗️ Single-Purpose Chain Risk
Hyperliquid is optimized for one use case: trading. If market structure shifts — e.g., a major perps platform launches with superior tech on a more composable chain — the protocol can't easily pivot. Its moat is performance and UX, not general programmability.
💡 Smart Contract & Bridge Risk
The HyperEVM bridge (allowing ERC-20 assets to enter the ecosystem) is a potential attack surface. While no major exploit has occurred, bridges are historically the #1 source of DeFi hacks. A bridge exploit could drain significant user funds.
✅ What Makes It Different
Despite the risks, Hyperliquid has demonstrated real product-market fit with genuine volume, a fairer token distribution than most, and a team that built without VC gatekeeping. These risks are known risks — not hidden ones.