Hyperliquid is both a decentralized exchange (DEX) and a proprietary Layer 1 (L1) blockchain. This dual nature is what fundamentally sets it apart from most of its competitors.
A DEX with a fully on-chain order book
Most decentralized exchanges manage their order book outside the blockchain for performance reasons, which introduces a partial opacity on transactions. Hyperliquid makes the opposite choice: every order, every modification, every cancellation is recorded directly on its blockchain. All transactions are publicly verifiable, in real time.
This total transparency is one of the features most appreciated by the DeFi community, which sees it as a direct response to the abuses observed on certain centralized platforms.
Processing speeds close to those of centralized exchanges
Thanks to its proprietary HyperBFT consensus mechanism, the Hyperliquid blockchain processes transactions with near-instantaneous finality, in less than a second. According to the project’s estimates, its theoretical capacity is up to 200,000 transactions per second – a level of performance that enables it to offer a fluid trading experience, without the delays usually associated with decentralized platforms.
No gas charges
Unlike Ethereum or Solana, where each transaction incurs variable and sometimes high network fees (gas charges), Hyperliquid charges no gas charges on trading operations (orders, modifications, cancellations). The only applicable fees are the platform’s standard maker/taker fees, which are among the lowest in the industry.
A spot market and perpetual futures
Hyperliquid offers two types of markets:
- The spot market: buying and selling crypto-assets at the market price, without leverage.
- Perpetual futures: contracts for speculating on the price of an asset with no expiry date, with or without leverage.
⚠️ Please note: Coinhouse only offers spot HYPE purchases, with no leverage, in line with its commitment to limiting risk for its customers.
Hyperliquid L1 blockchain
The Hyperliquid blockchain is an infrastructure built from scratch, with no forks of Ethereum, Solana or any other existing network. It was designed with a single objective in mind: to be the highest-performance blockchain possible for decentralized financial applications.
Key features:
- HyperBFT Consensus: proprietary mechanism guarantees transaction finality in less than a second
- Theoretical capacity: up to 200,000 transactions per second according to project estimates
- On-chain order book: every order recorded directly on the chain, for total transparency
- HyperEVM: Ethereum-compatible layer allowing developers to deploy smart contracts and decentralized applications on the Hyperliquid L1
- No gas charges for trading
Since the deployment of HyperEVM in 2025, an ecosystem of DeFi applications has been gradually developing on Hyperliquid L1, over and above perpetual trading.
What is the HYPE token used for?
HYPE is the native token of the Hyperliquid ecosystem. Its role goes beyond that of a simple governance token: it is structurally integrated into the protocol’s economic mechanisms.
Governance HYPE holders can take part in decisions concerning changes to the protocol: risk parameters, new features, network updates.
Securing the network HYPE is used by validators as part of the proof-of-stake consensus mechanism. Staking HYPEs helps secure the blockchain and earns rewards.
Creation of new markets Since HIP-3 (October 2025), HYPE stakers have made it possible to create new perpetual futures markets on the platform, decentralizing the governance of available markets.
Buy-back mechanism Almost all the revenue generated by the protocol is used to buy back HYPE tokens on the market – over 28 million HYPEs will be withdrawn from circulation by the end of 2025 – mechanically reducing the available supply. This deflationary mechanism is one of the pillars of the token economy.
Network charges on HyperEVM HYPE is used to pay gas charges on the HyperEVM layer, making it increasingly useful as the developer ecosystem grows.
Tokenomics
Total supply: 1 billion HYPE tokens (fixed ceiling, cannot be changed)
Distribution – a rare community philosophy
| Allocation |
Share |
Details |
| Airdrop genesis |
31 % |
Distributed to over 90,000 historical users in November 2024 |
| Future community rewards |
~38,9 % |
Reserved for incentive programs and future issues |
| Core contributors |
~23,8 % |
Progressive release according to a public schedule |
| Hyper Foundation |
~6 % |
Development budget, security, strategic partnerships |
| Community grants |
~0,3 % |
Support for developers and ecosystem initiatives |
| Liquidity HIP-2 |
~0,01 % |
Protocol-native liquidity supply |
Providing protocol-native liquidity
The most structuring fact about these tokenomics: no allocation to venture capital funds or external investors. Where most DeFi protocols reserve a significant proportion of their offering for institutional investors – who tend to sell out quickly after launch – Hyperliquid has distributed its tokens directly to users who have contributed to the protocol’s growth.
Deflationary mechanism
Almost all the fees generated by the protocol are paid back in the form of HYPE token buybacks, structurally reducing the supply in circulation. Since early 2026, the HyperCore mechanism has also been permanently destroying tokens.
Vesting calendar
Tokens allocated to core contributors are released progressively according to a public and transparent schedule. Releases take place on the 6th of each month, with a release of around 9.9 million HYPE per deadline, according to the publicly available schedule.
Investing in crypto-assets involves risks of liquidity, volatility and total or partial capital loss. Retained crypto-assets are not covered by the deposit and securities guarantee.
The historic airdrop of November 2024
On November 29, 2024, Hyperliquid launched its HYPE token via one of the most generous airdrops in DeFi history.
31% of the total supply – or 310 million tokens – are distributed to over 90,000 users who actively used the platform prior to launch. Allocations are calculated according to each user’s activity history: volumes traded, account length, participation in liquidity programs.
What sets this event apart from the majority of token launches in the sector: no investment funds or institutional investors received tokens. The remainder of the non-airdropped offering is split between project contributors, the foundation and future community rewards – according to a transparent, public vesting schedule. Where the vast majority of crypto projects reserve a significant portion of their supply for private investors entering at a discount, Hyperliquid has made the opposite choice.
The event was widely hailed in the crypto community as a fair distribution model, true to the decentralized ethos that has always guided the project.
What are Hyperliquid’s plans?
HyperEVM – Opening up to developers The launch of HyperEVM in 2025 marks Hyperliquid’s transition from a simple trading platform to a blockchain infrastructure with a broader vocation. Developers can now deploy Ethereum-compatible decentralized applications directly on Hyperliquid L1, benefiting from its native performance and liquidity.
HIP-3 – Market decentralization Launched in October 2025, this mechanism enables anyone to create new perpetual futures markets by staking HYPEs – a step towards even more decentralized governance of the markets available on the platform.
HIP-4 – New decentralized derivatives Announced in early 2026, HIP-4 introduces a new type of defined-risk derivative, extending the range available beyond traditional perpetual futures. Details are subject to change during final implementation.
USDH – A native stablecoin project Work is underway on USDH, a stablecoin project native to the Hyperliquid ecosystem. Some proposals envisage a strong link with HYPE’s redemption mechanism, but the final characteristics of this project are still subject to change.
Regulatory commitment In early 2026, the Hyper Foundation allocated a significant budget in HYPE to an institutional representation program, designed to promote a favorable regulatory framework for DeFi, particularly in the USA.
L’avis de Coinhouse
What sets Hyperliquid apart
Hyperliquid is one of the few DeFi projects to have proved its worth before launching its token. Its growth was not built on promises or marketing, but on the real quality of its product, validated by significant daily volumes even before HYPE existed.
Its business model is also unusual: the total absence of institutional investors in the capital, combined with a structural mechanism for redistributing revenues to token holders, creates a rare alignment of interests between the protocol and its community.
Things to keep in mind
Like all DeFi assets, HYPE presents specific risks that all investors must take into account:
- High volatility: the token has experienced significant price variations since its launch, both upwards and downwards.
- Vesting calendar: tokens allocated to core contributors are released on a monthly basis, which may introduce additional selling pressure depending on market conditions.
- Protocol risks: like all DeFi protocols, Hyperliquid is exposed to the risks of technical vulnerabilities, security breaches and regulatory changes.
- Competition: the high-performance DEX sector is constantly evolving, with new protocols emerging regularly.
Coinhouse does not provide investment advice. The information presented here is provided for information purposes only and does not take into account the personal situation of each investor.
Past performance is no guarantee of future performance, as crypto-asset prices are particularly volatile.
