The hyperliquid of decentralized perpetual future Exchange has gone from a market market to one of the largest crypto projects in the world.
Hyperliquid has treated billions of dollars in volume in its lifespan and is now the third largest decentralized exchange in crypto – only making veterans of the Pancakeswap and Uniswap industry.
It is the city’s speech in 2025, but what is exactly hyperliquid? Why do people care so much? And how has it become one of the largest crypto projects?
What is hyperliquid?
Hyperliquidal is a decentralized exchange Specializing in perpetual trading, built at the top of its own dedicated layer 1 network.
Its native media threw was a roaring success, increasing to become one of the 20 best cryptocurrencies by market capitalization less than a year after the launch.
Why do people care about hyperliquid?
In simple terms, hyperliquids allows merchants to speculate more easily on fluctuations in prices of cryptocurrencyThanks to low costs, a large amount of active ingredients available – and, of course, degenerate leverage.
The fees on the hyperliquid vary from 0.07% for ad hoc transactions at low volume, up to 0% for high volume Perping creator costs, according to hyperliquidal documents. Take traders are when liquidity is withdrawn from the market, while manufacturers add liquidity to the market. By way of comparison, Uniswap applies 0.3% costs on transactions.
Like a centralized exchange, users can make transactions on most of the main parts, regardless of the chain in which they are. Bitcoin, Ethereum, Dogecoin, Trump – All negotiable in one place. Hyperliquid allows merchants to use a lever effect up to 40x. For comparison, the maximum lever effect that Binance offers is 20x, and you must meet certain requirements to access this level.
Consequently, it has become a battlefield for degenerate wars between whales and the cryptographic community.
In particular, in March 2025, a whale opened a position discovered with 40x worth $ 521 million against Bitcoin, which led everyday merchants to team up to try to liquidate the whale. The spectators were able to look at each movement on the explorer of hyperliquid blocks, which openly shows positions held by a portfolio, whether it is profit and its liquidation price. In this case, the whale, pouring out the profit station of $ 3.9 million.
All these combined factors have led hyperliquid to attract more than 700,000 users in total since its launch in 2023 and to raise a total volume of 2.7 billions of dollars, according to its statistics dashboard.
The original story of the hyperliquid
Hyperliquid was fully self -funded and was built by a team of only 11 people, said founder Jeff Yan Wublockchain in August 2025. He declared that the project rejected the funding of venture capital because it gives a false feeling of progression; Instead, the team wanted to focus on “real progress” by giving value to users – not investors.
In 2020, Yan began to exchange Crypto and founded a market manufacturing company, the first form of hyperliquid. Two years later, he said to When the change occurs Podcast, its high -frequency market offer had actually “crowned”, while it was trying to develop the project.
It was at this point that the FTX of the centralized exchange of Sam Bankman imploded using customer funds to cover losses in his negotiation company Alameda Research. When a critical mass of users sought to withdraw their funds, their money was not there and the exchange was taken with its pants. Bankman Fried was found guilty of seven charges of fraud, money laundering and conspiracy, causing a sentence of 25 years in prison.
“All of a sudden, people had a real reason not to trust centralized exchanges – and it was not only intellectual stuff Jumbo Mumbo, they literally lost all this money, and it was because of centralized exchanges,” Yan told Podcast, calling a “bulb moment” indicating that the world was ready for decentralized finances.
The collapse of the FTX, said Yan, was the catalyst that made the hyperliquidal “going everything” during the construction of a decentralized exchange.
In February 2023, hyperliquid Mainnet closed alpha went to live. In his first five months, he claimed For having attracted 4,000 users, with 28 different assets available for the commercial. He struck the maint with hand August of the same year.
Hyperliquid has experienced explosive growth following its $ 1.6 billion air terminals in November 2024 – one of the largest crypto air of all time. Armed with good will among traders, Hyperliquid became the city’s speech in 2025.
It did not make navigation gently for the platform. In December 2024, a hyperliquid drew unwanted attention from North Korean pirates, hoping for vulnerabilities. A few months later, it was confronted with a liquidation crisis and was forced to bring back a piece of solara memes when a merchant has so bad that the hyperliquid foundation would have been forced to cover certain losses.
The incident has raised concerns concerning the way in which the exchange has managed positions with leverage – with Gracy Chen, CEO of Centralized Exchange Bitget, advertisement It could become “FTX 2.0”.
The future of hyperliquid
The hyperliquid has proven to be relatively without drama since these early growth pains and quickly established itself as a player in cryptographic space.
At the time of writing these lines, according to Defillama, he has the eighth greater total value of a locked deffi from any layer of layer 1, including chains like Aptos, Avalanche and Linea. It also deals with the third volume of the highest monthly trading in any decentralized scholarship, by Defillama.
With stable Becoming one of the dominant stories in 2025, the question of whether the hyperliquid emitted its own stablecoin has inevitably been the subject of intense speculation.
The founder of hyperliquid, Yan, said in the Wublockchain Interview that the hyperliquid foundation, the entity which supports the development of the hyperliquid blockchain and its ecosystem, would not publish its own stablecoin.
However, in September 2025, the foundation opened the submissions so that the teams emit a stablecoin “aligned on the hyperliquid”, USDH. He attracted proposals from great players like Ethena, Paxos and Sky, but finally went to a newly formed company on the native markets. With the USDH live and trading, Hyperliquid now has a stablecoin which has devoted half of its revenues to a buyout d plan focused on the protocol.
Now, Hyperliquid faces direct competition from the emerging exchange Aster decentralized, which offers higher leverage and has the support of the co-founder of the Binance Changpeng “Cz” Zhao.
At the time of publication, the hyperliquid is ahead in terms of tokens evaluation and trading volume, but how long will it last?
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