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HHyperliquid
The dominant perp DEX — a purpose-built L1 with a fully on-chain order book matching ~200k orders/sec.
Perp CLOB DEXPerp L1 (own chain)Hyperliquid L1Token: HYPESince 2023
- Type
- Perp L1 (own chain)
- How it works
- A purpose-built Layer 1 (HyperBFT consensus) running a fully transparent on-chain CLOB with sub-second matching. 180+ perp markets plus spot HIP-1 tokens; taker 0.035% with maker rebates.
- Chain
- Hyperliquid L1
- Scale*
- ~$248B/mo · #1
- Max leverage
- up to 40x
- Best for
- The deepest, fastest on-chain perps
- Highlight
- On-chain order book + maker rebates
* Volume/TVL is a dated snapshot (DefiLlama + venue reports, 2026), not live.
Strengths
- #1 by volume & liquidity
- Fully on-chain transparent order book
- ~200k orders/sec, sub-second matching
- Maker rebates + deepest market list (incl. spot)
Trade-offs & risk
- Share compressing from ~80% peak
- Own L1 (bridge to enter/exit)
- High-risk leveraged product
Open Hyperliquid →
Listed for comparison as of June 2026 — not an endorsement. Perps are high-risk leveraged products; DYOR. Not financial advice.
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