Draft:Hyperliquid
Decentralized cryptocurrency exchange
From Wikipedia, the free encyclopedia
Hyperliquid is a decentralized cryptocurrency exchange. It best known as an exchange based on only perpetual futures trading. It operates using an onchain bridge architecture, with parts of the system relying on a permissioned validator model for withdrawal processing.[1] The project has also described itself as running on its own Layer 1 infrastructure.[2]
| Submission declined. Mostly unreliable sources
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| Submission declined on 31 October 2025 by Dan arndt (talk). This draft is not adequately supported by reliable sources. Wikipedia's verifiability policy requires that all content be supported by reliable sources.
This draft's references do not show that the subject meets Wikipedia's criteria for inclusion. The draft requires multiple published secondary sources that:
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Comment: Fails WP:GNG, lacks any sources or references. Dan arndt (talk) 08:10, 31 October 2025 (UTC)
| Hyperliquid | |
|---|---|
 Hyperliquid's web application interface | |
| Other names | HYPE |
| Original author | Jeff Yan |
| Stable release | v4
/ January 31, 2025 |
| Platform | Hyperliquid blockchain |
| Type | Decentralized exchange |
| License | GNU General Public License v3.0 |
| Repository | github |
History
In 2023, Hyperliquid launched a community-accessible liquidity vault (commonly referred to as the Hyperliquidity Provider, or HLP), marketed as distribution of trading fees while taking the other side of trader flow.[3]
In 2024, Hyperliquid’s native token, HYPE, was introduced via a “genesis” airdrop distribution; later exchange listings described this cryptocurrency as used for staking, governance, and fees on HyperEVM. During the campaign of token airdrop, about 310 million tokens (roughly 31% of a stated 1 billion total supply) distributed among the users who registered for the project’s Genesis Event. At that moment, token traded around $5.36 shortly after the distribution, implying an airdrop value of approximately $1.66 billion and a fully diluted valuation above $5.3 billion at the time.[4]
In 2025, Hyperliquid temporarily paused Arbitrum-based deposits and withdrawals after a series of trades involving the meme token POPCAT coincided with nearly $5 million in losses attributed to the community-owned vault. Reporting described the pause as involving an onchain “EmergencyLock” function and framed the incident as either manipulation or a stress event targeting HLP’s backstop design.
In 2026, according to the Bloomberg, trading activity on certain commodity-linked perpetual contracts available on Hyperliquid increased amid heightened geopolitical risk in the Middle East, describing the venue as part of a broader move toward 24/7 access to derivatives markets and insider trading.[5]
Criticism and controversies
JELLYJELLY market manipulation and delisting
On 26 March 2025, Hyperliquid delisted perpetual futures for the Solana-based memecoin JELLYJELLY after a rapid price move and liquidation dynamics affected the platform’s liquidity-provider vault (HLP). The validator set convened to vote on the delisting, and that the intervention drew criticism from some market observers as conflicting with DeFi decentralization norms.[6] Kaiko Research described the event as a price-manipulation attack exploiting thin liquidity and oracle-linked settlement, involving coordinated perp positioning and spot buying that caused a sharp price spike.[7]
See also
- Decentralized exchange
- List of cryptocurrency exchanges
- Perpetual futures
External links
Media related to Hyperliquid at Wikimedia Commons