Hyperliquid is a decentralized exchange operating on its own Layer-1 blockchain, HyperEVM, utilizing a fully on-chain order book model to enhance performance and scalability. It features a unique architecture that combines two components, HyperCore and HyperEVM, allowing for seamless integration and real-time liquidity access. Users can engage in vaults for trading strategies and participate in governance through Hyperliquid Improvement Proposals (HIPs).

Hyperliquid has emerged as a leading decentralized exchange specializing in perpetual futures, enabling traders to access high leverage without extensive verification. The platform has generated significant trading volumes and revenue, attracting both casual and advanced users, while also raising concerns about the risks associated with leveraged trading. Critics warn it reflects a troubling trend of financial nihilism in the crypto space.