Company:Hyperliquid
| 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.[citation needed] 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.[citation needed]
On 29 November 2024, Hyperliquid distributed its cryptocurrency token HYPE via airdrop. Approximately 31% of the total token supply was allocated to the airdrop.[citation needed]
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
- ↑ 1.0 1.1 1.2 Shen, Muyao (2025-05-13). "Hyperliquid Grows Into a Major Player in Crypto Derivatives". Bloomberg.com. https://www.bloomberg.com/news/newsletters/2025-05-13/hyperliquid-grows-into-a-major-player-in-crypto-derivatives.
- ↑ "21Shares files for Hype ETF amid robust crypto allure". Reuters.com (Reuters). 2025-10-29. https://www.reuters.com/sustainability/boards-policy-regulation/21shares-files-hype-etf-amid-robust-crypto-allure-2025-10-29/.
- ↑ Shen, Muyao (2024-12-23). "Crypto Exchange’s Outflows Swell on North Korean Trader Concern". Bloomberg.com. https://www.bloomberg.com/news/articles/2024-12-23/crypto-exchange-s-outflows-swell-on-north-korean-trader-concern.
- ↑ Ge Huang, Vicky (2026-03-13). "The Hottest New Crypto Trade Is 24/7 Oil Futures". Wall Street Journal. https://www.wsj.com/finance/commodities-futures/oil-futures-perpetual-contracts-d5496e5a.
- ↑ Ge Huang, Vicky (2026-03-18). "S&P 500 Owner Jumps Into 24/7 Futures for Index on Crypto Exchange". Wall Street Journal. https://www.wsj.com/finance/s-p-500-owner-jumps-into-24-7-futures-for-index-on-crypto-exchange-6c65696b.
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