Hyperliquid (HYPE) price, chart and history
Hyperliquid is $88.38, down 1.93% in the last 24 hours. Market value $19.66 billion, rank #11.
About Hyperliquid
Hyperliquid is a crypto trading platform that runs on its own blockchain. It is best known for perpetual futures, leveraged contracts that let traders bet on price moves without an expiry date, and it also offers spot trading. Unlike most exchanges, its order book lives fully on-chain. The HYPE token is staked to secure the network, pays gas fees on its smart-contract layer, and is traded on the platform.
Hyperliquid was founded by Jeff Yan, a Harvard graduate who worked at Hudson River Trading and later ran a crypto trading firm, together with a pseudonymous co-founder known as iliensinc. The FTX collapse convinced Yan to build an on-chain alternative. The small team, roughly a dozen people, never accepted venture capital. The exchange opened in early 2023, and HYPE launched in November 2024 with nearly a third of supply airdropped to users.
The chain uses HyperBFT, a proof-of-stake consensus inspired by the HotStuff design, with a trading engine called HyperCore and an Ethereum-compatible layer called HyperEVM. Most protocol fees are used to buy back HYPE. Critics question how decentralized its small validator set is, citing the 2025 vote to delist JELLY, and point to vault losses from whale trades, activity by North Korea-linked hackers, and a UK regulator warning that it is unauthorized.
- Created by
- Jeff Yan and Hyperliquid Labs
- Launched
- November 29, 2024 (HYPE token)
- How it's secured
- Proof of stake (HyperBFT consensus)
- Supply
- 1 billion HYPE total