70%+ of all decentralized perpetuals volume. $21.8B daily. 0.2-second finality. On-chain order book with CEX-grade liquidity. No KYC. Your keys, your trade.
Hyperliquid is a decentralized perpetuals exchange built on a custom Layer 1 blockchain that has achieved something previously considered impossible: outperforming centralized exchanges on usability while maintaining true self-custody. By April 2026, Hyperliquid commands approximately 70% of all on-chain perpetuals volume globally — processing $21.8 billion in 24-hour volume, more than most centralized perpetuals exchanges. Over the August 2025 to January 2026 period, it processed $1.6 trillion in cumulative volume, entering the global top 10 exchanges across both CEXs and DEXs.
The technical foundation: HyperBFT consensus achieves 0.2-second transaction finality on a chain capable of 200,000+ transactions per second. Unlike Uniswap's AMM model, Hyperliquid uses a fully on-chain Central Limit Order Book (CLOB) — the same model used by every major centralized exchange — enabling tight spreads and professional market-making at scale. The exchange supports 100+ perpetual markets with up to 40x leverage, fees of 0.024% maker / 0.045% taker, spot markets, and the HLP vault system. HYPE token launched in November 2024 with zero VC funding; 31% of supply was airdropped directly to early users.
70%+ of all decentralized perpetuals volume runs through Hyperliquid — here is why.
No KYC, no custodian. Connect a wallet and trade perpetuals on-chain in minutes.
Visit app.hyperliquid.xyz. Connect MetaMask, WalletConnect, or any EVM wallet. No account creation or KYC required.
Bridge USDC from Ethereum, Arbitrum, or other chains to Hyperliquid. The bridge is native and typically settles in minutes.
From the trading interface, choose a perpetual market (BTC-PERP, ETH-PERP, SOL-PERP, or 100+ others) or a spot market.
Set your leverage (1x to 40x depending on market). Lower leverage = less liquidation risk. Most professional traders use 5-10x.
Market order (instant fill at current price), limit order (specify your entry price), or stop-limit. Confirm the order and it settles on-chain in 0.2 seconds.
70%+ of decentralized perpetuals volume. $21.8B in 24H. 0.2-second finality. No KYC. No custodian risk.
Open Hyperliquid →No account required · No KYC · No withdrawal limits · Self-custody
"Migrated my primary trading from Binance Futures to Hyperliquid eight months ago. The execution speed is indistinguishable from a CEX. Liquidity on BTC and ETH is genuinely comparable to Tier-2 centralized exchanges. The self-custody advantage is enormous — I am not exposed to exchange insolvency risk."
"The architecture is the most coherent approach to on-chain trading I have encountered. Custom L1 for trading-specific optimization, on-chain CLOB instead of AMM, HyperEVM for composability — each design decision is justified by the trading use case. Hyperliquid\'s 70% market share is not an accident."
"Learning curve is real — the interface is professional-grade and assumes familiarity with perpetuals mechanics. But once you understand funding rates and leverage, the experience is excellent. Lower fees than most CEXs and I keep my funds."
No VC funding. 31% of HYPE airdropped to users. On-chain order book. 760,000+ traders.
Start Trading →