What is Hyperliquid? A Complete Guide
In the ever-shifting world of cryptocurrency, few platforms are drawing as much attention as hyperliquid. This new name is quickly becoming a major player in the decentralized finance space, offering a unique combination of speed, transparency, and power. If you’re asking yourself what hyperliquid is or how to buy hyperliquid, you’re in the right place.
This guide breaks everything down into plain English. You’ll learn what hyperliquid does, why people are talking about it, and how you can get started. Whether you’re new to crypto or already deep in the game, this is the one guide you need.
Why Hyperliquid Matters Right Now
The rise of decentralized exchanges (DEXs) has been a big deal in crypto. But many DEXs have one big issue—they’re slow and clunky. Centralized platforms still offer better speed and experience, which makes DEXs feel like a compromise. This is exactly the problem hyperliquid is solving.
Hyperliquid is a decentralized perpetuals exchange built on its own custom Layer 1 blockchain. That’s a big deal. Most DEXs run on shared networks like Ethereum. But hyperliquid went solo to build something faster and more efficient. It supports up to 20,000 transactions per second, making it one of the most high-performing decentralized platforms today. That’s not just hype—that’s real infrastructure.
The Hyperliquid Layer 1 Advantage
So why does having its own blockchain matter? It’s all about control and speed. Hyperliquid runs its own version of the Tendermint consensus system, which helps the network process transactions with very low delay. This means trades settle almost instantly. Unlike many DEXs, it doesn’t rely on off-chain systems to match orders. Instead, it handles everything directly on-chain with Byzantine Fault Tolerance (BFT), which keeps the system honest even if some nodes try to cheat.
As of 2025, hyperliquid supports tens of thousands of operations every second. This includes trades, order cancellations, and liquidations. It’s not just theoretical—real traders are already using the platform and praising its speed. According to a recent update, latency on trades is now close to what you’d expect from major centralized exchanges.
Trading on Hyperliquid Feels Familiar—In a Good Way
If you’ve used a platform like Binance or Coinbase, hyperliquid will feel oddly comfortable. The design mimics centralized exchanges with a clean, responsive interface and an orderbook-style trading layout. But there’s no need to sign every transaction—once you’re logged in, you can trade with a single click. That’s rare for a DEX.
The margin system also mimics CEXs, allowing both cross and isolated margin setups. Users can trade with leverage up to 50x. The liquidation logic is smart and fair, adjusting based on whether you’re using cross margin or isolated margin. For those wondering how to buy hyperliquid and trade confidently, this system provides some much-needed familiarity.
Supported Tokens and Trading Fees
Hyperliquid currently supports a wide variety of tokens including Bitcoin (BTC), Ethereum (ETH), Avalanche (AVAX), MATIC, CRV, SUI, and more. More tokens are expected to be added soon, thanks to the team’s plan to introduce a decentralized listing system. Users will be able to stake native tokens and vote to add new assets.
Now let’s talk about fees. One thing that stands out is how flat and fair they are. Traders pay a low 2.5 basis point (bps) taker fee and earn a 0.2 bps maker rebate. That’s competitive with the biggest centralized exchanges. It’s worth noting that this fee model doesn’t only reward whales—everyone gets the same rate, no matter the volume.
Even better, 10% of any referee’s fees go to the person who referred them. So if you’re looking into how to buy hyperliquid or sign up, it’s worth using a referral link to support someone in the community.
Vaults, Funding Rates, and the HLP System
One of the most interesting parts of hyperliquid is the way it opens up advanced tools to regular users. Take its vaults, for example. You can deposit funds into market-making or liquidation vaults and earn returns based on performance. No need to be a big institutional player. You can even create your own vaults and earn a share of the profits if others join in.
There’s also the Hyperliquidity Provider (HLP) vault, which handles market making on the platform. Any user can deposit USDC into HLP and earn a share of the revenue it generates. The vault’s performance and activities are all trackable on-chain. As of early 2025, the HLP vault offers an annual percentage return (APR) between 0% and 15%, depending on market activity.
When it comes to funding rates—the fees paid between long and short traders—hyperliquid uses a fair model based on other top exchanges. The protocol pays funding every hour, helping to keep the prices of perpetual contracts in line with the real market.
How to Get Started on Hyperliquid
So, where to buy hyperliquid? Right now, access is through the Hyperliquid closed alpha. You can use a referral code (often shared on Discord or Twitter) to get in. Once inside, you’ll need to bridge assets from Arbitrum to the hyperliquid Layer 1 using their custom-built bridge.
The process is smooth. First, connect your wallet on the Arbitrum network. Then, enable trading and send your funds over using the bridge. Good news—during the closed alpha, there are no trading gas fees. You’ll just pay the standard Arbitrum gas when moving assets. It’s a simple but secure way to start using the platform. And yes, the bridge has been fully audited by security firm Cyfrin, which adds an extra layer of confidence.
Who Built Hyperliquid?
The team behind hyperliquid is Chameleon Group, led by founders from Harvard, MIT, Caltech, and Waterloo. These aren’t random crypto bros. These are veterans from both finance and software engineering, people who understand what traders need.
Since the team is fully self-funded, they’re not at the mercy of VCs or outside investors. That independence shows in their work. From the UI to the vault system, everything is designed with users in mind—not just profit.
According to a recent statement, the hyperliquid team has been in the crypto space since 2020, originally working as market makers. Frustrated with existing exchanges, they decided to build a better one from scratch.
A Strong and Active Community
A protocol is only as strong as the people behind it, and the hyperliquid community is impressive. This isn’t just a Discord filled with meme spam. Real traders, builders, and technical minds are deeply involved. They ask questions, build tools, and push the platform forward.
It’s clear that hyperliquid has earned a loyal following. And that following is one of its biggest assets.
Conclusion
Absolutely. Hyperliquid is more than just another DEX. It’s a full-fledged trading platform designed with care, backed by a smart team, and supported by a strong community. With its own fast blockchain, low fees, advanced vault features, and real transparency, it offers a future-forward vision of how crypto trading should feel.
If you’re serious about exploring the next evolution in decentralized trading, it’s time to check out hyperliquid for yourself. It’s smart, accessible, and built for real traders.
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