Hyperliquid HLP (Hyperliquidity Provider) vault: how deposits fund professional market making, how liquidation revenue is shared, and the risk of vault losses in trending markets.
Hyperliquid HLP (Hyperliquidity Provider) vault: how deposits fund professional market making, how liquidation revenue is shared, and the risk of vault losses in trending markets.
Hyperliquid is the dominant decentralized perpetuals exchange with approximately 70% of all on-chain derivatives volume globally. Built on a custom L1 with HyperBFT consensus (0.2-second finality, 200,000+ TPS), it runs a fully on-chain CLOB with $21.8B+ daily volume and $7.3B open interest. Features: 100+ perp markets, up to 40x leverage, 0.024%/0.045% fees, spot trading, HLP vaults, and HyperEVM DeFi. HYPE token: zero VC, 31% to users. No KYC required.
Custom L1, on-chain CLOB, CEX-grade liquidity — with self-custody. The architecture difference that changed decentralized trading.
No account. No KYC. Connect a wallet, bridge USDC, and trade perpetuals on-chain.
$21.8B daily volume. 0.2-second finality. No KYC. No custodian. Your funds on-chain, your keys in your wallet.
Start Trading on Hyperliquid →No account required · No withdrawal limits · Self-custody
"Hyperliquid is the best perpetuals trading experience available on-chain. 70% market share reflects genuine product quality — not marketing."
"HYPE tokenomics are the most user-aligned of any major protocol. No VCs waiting to dump. Real fee revenue. Legitimate reasons to hold."
"The on-chain CLOB architecture is the right design for professional derivatives. The market share dominance is the empirical proof."
Hyperliquid raised no venture capital and gave 31% of HYPE directly to early users. The most community-aligned major DeFi protocol launch in history.
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