"Hyperliquid processed around $330 billion in trading volume in July 2025, briefly surpassing Robinhood. A split-chain design enabled CEX-like speed while keeping custody and execution onchain. The HLP vault and Assistance Fund buybacks aligned traders, market makers and token holders in a reinforcing loop. A large airdrop, Phantom Wallet integration and self-funded operations helped attract users and sustain adoption. A year after launching its own layer 1 (L1), Hyperliquid has become one of decentralized finance's (DeFi) top perpetuals venues, logging about $319 billion in trading volume in July 2025."
"Hyperliquid is a decentralized perpetuals exchange built on a custom layer 1. Its chain is divided into two tightly connected components: HyperCore, which manages the onchain order book, margining, liquidations and clearing; and HyperEVM, a general-purpose smart contract layer that interacts directly with exchange state. Both are secured by HyperBFT, a HotStuff-style proof-of-stake (PoS) consensus that enforces a single transaction order without relying on offchain systems. HyperEVM launched on mainnet on Feb. 18, 2025, adding programmability around the exchange core."
Hyperliquid is a decentralized perpetuals exchange operating on a custom layer-1 with a split-chain architecture. The chain comprises HyperCore, which handles the onchain order book, margining, liquidations and clearing, and HyperEVM, a general-purpose smart contract layer that interfaces directly with exchange state. Consensus is provided by HyperBFT, a HotStuff-style PoS protocol that enforces a single transaction order without offchain ordering. The platform achieves median trade latency around 0.2 seconds and peak throughput up to 200,000 TPS. Hyperliquid processed roughly $319–330 billion in July 2025. Incentive mechanisms like the HLP vault, Assistance Fund buybacks, a large airdrop, Phantom Wallet integration and self-funded operations drove user growth. The core team is believed to number about 11 people.
Read at cointelegraph.com
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