Hyperliquid
| Company type | Decentralized exchange |
|---|---|
| Industry | Decentralized finance, Cryptocurrency |
| Founded | 2022 |
| Founders | Jeff Yan, iliensinc |
| Products | Perpetual futures DEX, HyperEVM, HYPE token |
Hyperliquid is a decentralized exchange (DEX) for perpetual futures and spot trading.[1] It was founded in 2022 and launched publicly in 2023. Hyperliquid operates an order book, and uses a cryptocurrency token named HYPE.[2] It is among the leading platforms by open interest in Bitcoin perpetual swaps.[1] 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.[1]
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.[3]
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.[4]
In 2026, the S&P 500 index was licensed for a perpetual derivative contract on Hyperliquid[5]
See also
References
- ^ a b c Shen, Muyao (2025-05-13). "Hyperliquid Grows Into a Major Player in Crypto Derivatives". Bloomberg.com.
- ^ "21Shares files for Hype ETF amid robust crypto allure". Reuters.com. Reuters. 2025-10-29.
- ^ Shen, Muyao (2024-12-23). "Crypto Exchange's Outflows Swell on North Korean Trader Concern". Bloomberg.com.
- ^ Ge Huang, Vicky (2026-03-13). "The Hottest New Crypto Trade Is 24/7 Oil Futures". Wall Street Journal.
- ^ Ge Huang, Vicky (2026-03-18). "S&P 500 Owner Jumps Into 24/7 Futures for Index on Crypto Exchange". Wall Street Journal.