Hyperliquid
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Hyperliquid in numbers
Hyperliquid (HYPE) ranks #10 by market capitalization, at $21.88B. It belongs to the DeFi sector (Decentralized Exchange). It has traded since Nov 29, 2024, with $1.09B of volume in the last 24 hours. Its all-time high of $97.52 was reached on Sep 23, 2026; the current price is 20.3% below that peak. Its cycle low of $75.16 came on Oct 24, 2026.
23.9% of the maximum supply of 1.00B HYPE is in circulation. 39.3% of the token allocation has been unlocked. The next scheduled unlock is on Dec 6, 2026. 2 team members are listed. Development data lists 5 core developers and 594 code commits.
About Hyperliquid
Hyperliquid is a Layer 1 blockchain built to support on-chain financial applications, using a custom HyperBFT consensus for sub-second block times. Its main application, the Hyperliquid DEX, is a decentralized perpetuals exchange with an on-chain order book. The network also incorporates HyperCore, which manages the margin and matching engine state entirely on-chain. HyperCore's architecture prioritizes deterministic execution and scalability, enabling high-throughput performance tailored for complex financial operations.
Background
Hyperliquid began development in late 2021 by a team of blockchain engineers and DeFi specialists seeking to resolve key limitations of existing decentralized exchanges (DEXs), namely around scalability, latency, and user experience.
In Q1 2023, Hyperliquid launched its mainnet, introducing Hyperliquid L1 tailored for perpetual contract trading.
More recently, In February 2025 the team announced the launch of the HyperEVM on mainnet. The HyperEVM is designed to function within the existing Layer 1 framework, maintaining security through HyperBFT consensus while being compatible with Hyperliquid’s "low-latency" trading infrastructure.
In August 2025, RedStone reported that Hyperliquid controlled more than 80% of the DeFi perpetual market.
In September 2025, Lion Group Holding Ltd. (NASDAQ: LGHL) announced a major strategic treasury reallocation in favor of Hyperliquid.
HIP-3 was later announced in October 2025: With the HIP-3 upgrade, Hyperliquid introduced fully permissionless perpetual market listings, empowering any qualified developer to launch perpetual derivatives markets.