The Hyperliquid Phenomenon: An In-Depth Research Report

Executive Summary: The Hyperliquid Phenomenon

This report provides an exhaustive analysis of the Hyperliquid protocol, a decentralised perpetual exchange that has rapidly ascended to market dominance since its launch in 2023. The "hype" surrounding Hyperliquid is substantiated by its innovative, high-performance architecture, unique tokenomics, and explosive growth metrics. However, this ascent has exposed significant vulnerabilities and inherent trade-offs in its design. Hyperliquid's core proposition is to deliver a trading experience on par with centralised exchanges (CEXs) while maintaining the transparency and self-custody of decentralised finance (DeFi). The platform has achieved record revenues and trading volumes, capturing over 70% of the decentralised derivatives market. This success is driven by its custom Layer-1 blockchain, HyperCore, and a powerful token buyback model that directs a significant portion of protocol revenue back to HYPE token holders.

The report’s key findings indicate that Hyperliquid has experienced phenomenal growth, achieving a record monthly revenue of $106 million and a trading volume of nearly $400 billion in August 2025 alone, cementing its market leadership.¹ This growth is directly attributable to its architectural innovation, including its purpose-built Layer-1, HyperEVM, and a fully on-chain central limit order book (CLOB) that enables near-instant, gasless, CEX-like execution while maintaining on-chain transparency.³ The platform's powerful tokenomics, characterised by a community-centric distribution and a fee-to-buyback mechanism, have created a compelling value accrual model.⁶

Despite its success, the platform faces significant, publicly documented risks. A DeFiSafety report rated the protocol with a "FAIL" due to a lack of publicly verifiable smart contracts and insufficient audits.⁹ Additionally, documented market manipulation incidents, such as the JELLY and XPL attacks, have exposed critical vulnerabilities.¹⁰ The platform also contends with centralisation trade-offs, including a centralised front-end that has suffered outages and a core team that retains a high level of control.¹³ In conclusion, Hyperliquid’s trajectory is a case study in the trade-offs between performance and decentralisation. The protocol’s ability to address its security and centralisation issues will determine whether it can sustain its rapid growth and successfully transition from a single-product platform to a full-stack financial ecosystem.

Part I: The Rise of a DeFi Powerhouse: Market Context and Growth Drivers

1.1 Hyperliquid's Core Proposition: A CEX Like Experience, Decentralised

Hyperliquid is a decentralised exchange (DEX) engineered to operate on its own Layer-1 blockchain, positioning it as a distinct and powerful entity within the DeFi landscape.¹⁵ The protocol was meticulously designed to solve the persistent pain points that have historically plagued legacy DEXs, such as slow execution speeds, high transaction costs, and overall poor user experience.¹⁶ By blending the efficiency and advanced tooling of centralised exchanges (CEXs) with the permissionless, trust-minimised nature of decentralised finance, Hyperliquid provides a compelling new model for on-chain trading.³

The platform delivers a lightning-fast, gas-free trading experience that is a key differentiator. It achieves millisecond-level execution and near-instant finality, which enables it to support advanced trading strategies that were previously viable only on CEXs.³ This is complemented by a comprehensive suite of professional-grade tools, including options for both cross-margin and isolated-margin trading, which give traders greater flexibility in managing risk.¹⁷ The protocol also supports a rich variety of order types, from simple market and limit orders to more complex stop orders and Time-Weighted Average Price (TWAP) orders.⁴ Perhaps the most critical feature from a user’s perspective is the elimination of custodial risk. Users retain full control over their funds at all times through their non-custodial wallets, which provides a significant psychological advantage and a direct contrast to the risks highlighted by the collapse of centralised entities like FTX.³ This unique combination of speed, functionality, and security is the core of Hyperliquid's value proposition.

1.2 Unpacking Market Dominance: Metrics and Positioning

The "hype" surrounding Hyperliquid is not merely speculative; it is grounded in the platform’s extraordinary growth metrics. Since its launch, the protocol has accumulated a perpetual trading volume of over $2.589 trillion.¹⁹ In August 2025 alone, Hyperliquid processed nearly $400 billion in perpetual trading volume, a surge that drove its monthly revenue to a record $106 million.¹ This marked a significant 23% increase from its July earnings of $86.6 million.² Such rapid growth has positioned Hyperliquid as a dominant force, with data suggesting it captured a commanding market share of over 70% among its top 10 competitors.¹ This makes it a formidable contender not only against other DEXs but also against major centralised exchanges. The platform has reportedly achieved a record 6.1% aggregate market share against leading CEXs like Bybit and OKX, and in July 2025, it captured an impressive 35% of all on-chain revenue, surpassing major Layer-1 blockchains like Ethereum and Solana.²⁰

The rapid growth and market dominance are a direct consequence of the platform's ability to address a critical, unmet need in the DeFi ecosystem. For years, active and high-frequency traders were largely confined to centralised exchanges due to the limitations of legacy DEXs, which suffered from poor performance, high costs, and a lack of sophisticated trading tools.16 Hyperliquid successfully identified this gap and engineered a solution that directly replicated the core features those traders demanded—speed, advanced tools, and low latency within a transparent, trust minimised, and self custodial framework.³ The gas-free trading model further lowered the barrier for frequent transactions.³ This technical alignment with a specific user base led to a massive inflow of trading activity, which in turn generated the explosive volumes and revenue that now define the platform. These impressive metrics are a quantifiable measure of Hyperliquid’s successful execution of its strategy to bridge the gap between CeFi and DeFi.

Table 1.1: Hyperliquid Growth Metrics (Q4 2024 - Q3 2025)

*Note: Q3 2025 data is partial. Data sourced from DefiLlama.¹⁹

Part II: Architectural Foundations: The Engine of Hyperliquid's Performance

2.1 A Purpose-Built L1: The HyperCore and HyperEVM Framework

The foundation of Hyperliquid's performance is a custom-built, application-specific Layer-1 blockchain.⁵ This bespoke architecture is a key element of its design philosophy, as it allows the protocol to be meticulously optimised for a single, high-performance application: its perpetual futures exchange. The network is secured by a proprietary consensus mechanism known as HyperBFT, which is a variant of the HotStuff protocol.⁵ This consensus model provides deterministic finality and secure, reliable transaction processing at remarkable speeds.

The architecture is vertically integrated and composed of two primary components. The first, HyperCore, serves as the core trading infrastructure. It is responsible for critical functions such as maintaining the on-chain order book, managing staking, and supporting oracle feeds.²¹ HyperCore is designed for both scale and speed, reportedly capable of processing up to 200,000 orders per second with a median end-to-end latency of just 0.2 seconds.²¹ The second component is HyperEVM, an Ethereum-compatible virtual machine that runs on the same Layer-1. HyperEVM allows developers who are familiar with Solidity and Ethereum tooling to seamlessly deploy dApps that can interact directly with Hyperliquid's native order books. This integration is designed to expand Hyperliquid's utility beyond a simple trading venue and enable a broader, full-stack financial ecosystem.²¹

2.2 The On-Chain Order Book (CLOB): A Technical Dissection

Hyperliquid's use of a fully on-chain central limit order book (CLOB) is a significant architectural choice that sets it apart from most decentralised exchanges that rely on Automated Market Makers (AMMs).³ The CLOB model provides a trading experience that mimics traditional centralised exchanges, where buyers and sellers place specific limit or market orders at desired prices.³ A critical aspect of this model is its commitment to on-chain transparency. The protocol's technical documentation states that there is no off-chain matching engine or hidden order book; every order and every trade is recorded directly in the blockchain's consensus state.⁴ Trade execution is deterministic and fair, governed by a strict price-time priority mechanism: the best prices are executed first, and among orders with equal prices, the one placed earliest is filled first.⁴ This transparency allows all users to audit and verify that the matching engine is functioning as intended, a key benefit of the on-chain model.¹⁸

2.3 The Hybrid Model Conundrum: A Critical Analysis

A review of the available information reveals an apparent contradiction regarding Hyperliquid's core architecture. Some sources describe the protocol as having a "hybrid on-chain/off-chain architecture" with "off-chain matching" ¹⁶, while other, more technical sources explicitly state that matching is "fully on-chain" with "no off-chain matching engine" and that every order is a transaction processed within the consensus layer.⁴

A more granular analysis of these claims clarifies the technical reality. The less technical description of a "hybrid" model likely refers to the combination of a CEX-like user experience with the on-chain transparency of DeFi. The term "off-chain matching" appears to be a misnomer in this context, as it does not refer to a separate, private matching engine. In a true off-chain model, like that of dYdX v4, validators would gossip orders among themselves, match them off-chain, and only submit the final trades to the blockchain.²⁵ Hyperliquid's approach is fundamentally different and is better described as a "fully on-chain" model that uses a purpose-built L1 to achieve high performance. The matching engine is an integral part of the block's state transition, meaning every order is a transaction. This simplifies the trust assumption for users, who only need to trust the L1’s consensus and not a separate, opaque matching engine. The performance gains are a result of the chain's specialised design, rather than a trust-based trade-off.

2.4 Architectural Comparison: Hyperliquid vs. dYdX v4

To fully understand Hyperliquid's architectural decisions, a direct comparison with its primary competitor, dYdX v4, is necessary. Both platforms are high-performance decentralised exchanges for perpetual trading, but they have taken fundamentally different architectural paths.25 dYdX v4 is built as a sovereign Cosmos SDK blockchain, while Hyperliquid operates on a bespoke Layer-1 chain with its own proprietary consensus.²⁵

Table 2.1: Hyperliquid vs. dYdX v4: A Technical Comparison

The differences in their order book implementation are particularly noteworthy. Hyperliquid's on-chain model ensures complete transparency and determinism, as the blockchain itself acts as the order book. This requires a base layer with cutting-edge throughput.²⁵ By contrast, dYdX's off-chain order book design prioritises massive order throughput and avoids per-order gas costs, but it necessitates a robust validator coordination mechanism and introduces a trust assumption that the network correctly maintains the ephemeral order book state.²⁵

Furthermore, their approaches to cross-chain architecture and custody differ significantly. Hyperliquid uses a validator-managed bridge, which introduces a trust assumption on the Hyperliquid Foundation's multisig that controls the bridge contract on Arbitrum.²⁵ dYdX's use of Inter-Blockchain Communication (IBC) and Circle's Cross-Chain Transfer Protocol (CCTP) is designed to be more trust-minimised, relying on protocol-level proofs rather than governance keys.²⁵ These architectural choices highlight the specific trade-offs each platform has made in its pursuit of high-performance decentralised trading.

Part III: Economic Model and Tokenomics: The HYPE Accrual Mechanism

3.1 A Community-Centric Distribution Model

Hyperliquid's economic model is a key driver of its success and public perception. The protocol's native token, HYPE, is characterised by an "unusually community-centric" distribution.⁷ Unlike many crypto projects that allocate a large portion of their supply to venture capitalists (VCs) and private investors, Hyperliquid has a zero-VC funding approach. The team explicitly declined venture capital, a decision that has been publicly noted.⁷ Instead, over 70% of the total token supply is allocated to the community, with 31% of tokens airdropped to approximately 94,000 early users at the token genesis event (TGE).⁷ The HYPE token also has a utility beyond governance, as it is used for trading fee discounts, buybacks, and auction participation.⁷ A notable aspect of the tokenomics is the team's token allocation, which is locked until 2028, signalling a long-term commitment and alignment with the protocol's success.⁸

3.2 The Revenue Flywheel

The core of Hyperliquid's tokenomics is a powerful revenue flywheel designed to create a consistent source of buying pressure for the HYPE token. The protocol's "Assistance Fund" automatically directs a significant portion of all trading fees to buy back HYPE tokens from the open market.⁶ This percentage was recently increased from 97% to 99% of fees, a testament to the team's commitment to this model.¹⁹ The mechanism has been remarkably effective, having executed over $1 billion in token buybacks to date, a scale described as "unmatched in the space".⁶

This economic model creates a powerful, self-reinforcing loop. As trading volume increases, so do the fees collected by the protocol. This increased revenue is then funnelled directly into the open-market buyback of HYPE tokens. The resulting buying pressure can drive up the token's price, which can in turn attract more users and speculators, leading to a further increase in trading volume. The market has demonstrated that it is more concerned with the protocol's ability to generate real revenue and its long-term fundamentals than with short-term token unlocks, which has allowed HYPE to perform well despite the initial large airdrop.⁷

3.3 Valuing the HYPE Token: Fundamentals and Outlook

The valuation of the HYPE token is fundamentally tied to the protocol's explosive revenue growth. The direct mechanism of funnelling fees into buybacks creates a strong causal link between platform activity and token value.² The token's performance has attracted bullish sentiment from key industry figures, such as BitMEX co-founder Arthur Hayes, who has projected a significant upside for HYPE, citing the expected growth in the stablecoin market and the platform's surging fee revenue.² Further institutional validation has come in the form of the launch of a regulated 21Shares Hyperliquid ETP on the SIX Swiss Exchange. This ETP provides traditional investors with a simple and transparent way to gain exposure to the Hyperliquid protocol, circumventing the complex operational hurdles of direct digital asset investment.6 This is a significant milestone that bridges the gap between traditional finance and DeFi.

Table 3.1: HYPE Tokenomics and Allocation Breakdown

The HYPE token's economic model creates a powerful, reflexive feedback loop, but it also magnifies the protocol's risk profile. The direct causal relationship between trading volume and token buying pressure means that Hyperliquid's valuation is highly dependent on continuous growth. If trading volume were to decline due to a bear market, a security incident, or heightened competition, the fees would decrease, the buyback mechanism would weaken, and the token price could suffer, potentially triggering a negative spiral of reduced user engagement and liquidity. The model is exceptionally effective during bull runs, but it exposes the protocol to significant volatility if market conditions or platform performance were to change.

Part IV: Governance and Ecosystem Expansion: Building a Full-Stack Financial System

4.1 The Role of Hyperliquid Improvement Proposals (HIPs)

The strategic direction of the Hyperliquid protocol is guided by a series of governance proposals known as Hyperliquid Improvement Proposals (HIPs).²⁰ These proposals are a core component of the platform's governance model and have been instrumental in its evolution. The first, HIP-1, established a native token standard and a governance-based listing process for the platform's spot exchange. This mechanism requires communities to bid for token listings in HYPE, which not only creates a fee stream for the protocol but also acts as a barrier to entry, ensuring that only high-quality projects are listed.²⁰

HIP-2 was launched in April 2024 to address liquidity challenges. It introduced a protocol-native liquidity engine that mimics an Automated Market Maker (AMM).²⁰ This innovation ensures that newly listed tokens have deeper order books and reduced slippage from the moment they are launched, providing a more robust trading environment.²⁰

The most notable and potentially transformative proposal is HIP-3, which enables the permissionless creation of perpetual markets without centralised approval.²⁰ This initiative opens the door for a massive expansion of the platform's scope, allowing for the creation of perpetuals on a wide range of assets, including cryptocurrencies, commodities, and equities. To ensure responsible market creation, builders must post a $1 million HYPE security bond, which provides them with control over market design, fee structures, and oracle feeds while incentivising good behaviour.²⁰

4.2 The USDH Stablecoin Proposal

The platform has announced plans to launch its own native stablecoin, USDH. The implementation is designed to be a community-driven process, with teams submitting proposals for validator approval through an on-chain vote. The proposal must include a description of the stablecoin’s concept and the address for its deployment. This mechanism demonstrates a move towards greater community control over key protocol decisions, with the proposal requiring majority approval from validators to go live.²⁷ The launch of USDH is part of a broader network upgrade that will also reduce fees for spot trading to "almost zero," further enhancing the platform's cost-efficiency and aligning with its high-frequency trading focus.

4.3 The Broader HyperEVM Ecosystem

Since the launch of HyperEVM in February 2025, Hyperliquid has expanded its scope beyond a single-product exchange to become a "full-stack financial ecosystem".⁵ The Ethereum-compatible virtual machine has attracted a diverse range of developers who are building new applications and protocols on the network.²¹ These projects include a decentralised lending protocol called Sentiment, which is the first to accept perpetual futures positions as collateral²¹, and Liminal, which offers automated delta-neutral yield strategies where users deposit USDC to earn yield from funding payments on the perpetuals market.21 Other notable projects include Theo Network, which aims to bring on-chain Real-World Assets (RWAs) like tokenised U.S. Treasury bills, and Ventuals, a platform for trading perpetuals on pre-IPO company valuations like SpaceX and OpenAI using the HIP-3 standard.²¹

This strategic expansion represents a fundamental shift in Hyperliquid's competitive positioning. By providing a foundational Layer-1 for on-chain finance, the protocol is no longer just competing with other perpetual DEXs like dYdX or GMX. It is now vying for developer talent and ecosystem growth against general-purpose Layer-1 blockchains like Solana and Ethereum.¹⁰ The planned launch of the USDH stablecoin is a crucial step in this direction, as it aims to provide a native medium of exchange that can facilitate the entire new ecosystem without reliance on external tokens. This move from a single-product platform to a vertically integrated financial stack is a major development in its ongoing evolution.

Part V: Risks and Vulnerabilities: A Critical Assessment

5.1 Security Posture and Audits

While Hyperliquid has publicly claimed to have a "robust security framework" and a "transparent approach to security audits"⁵, a review of a DeFiSafety report from January 2025 reveals significant, publicly documented security concerns. The report, which gave Hyperliquid a "FAIL" rating with a score of just 7%, cited a number of critical issues.⁹

A major concern was the lack of publicly available smart contract code for the core protocol. The report noted that the core software was "impossible to find," and the two audits listed in the documentation were deemed insufficient. Each audit lasted only two days and exclusively focused on the Arbitrum bridge, meaning they did not cover the core L1 blockchain or the DEX software.⁹ This absence of a comprehensive audit for the core protocol, combined with a lack of a whitepaper or any detailed documentation on the software architecture or code immutability, led to a host of zero per cent scores in the report's assessment.⁹ Furthermore, the platform's bug bounty program, while existing, was noted as disconcerting due to its self-managed nature and the use of the < symbol for critical bug amounts (e.g., "less than $1 million"), which provides little certainty to white hat hackers.⁹

5.2 Market Manipulation and Whale Attacks

Hyperliquid's high-performance, open market design has been exploited in at least two major, publicly documented market manipulation incidents. These events highlight critical vulnerabilities that arose from prioritising efficiency and an open market over built-in safeguards.

The JELLY Incident (March 2025): A whale with a large position in the illiquid JELLY memecoin executed a coordinated attack to exploit Hyperliquid’s market-making mechanisms.¹¹ The attacker initiated a short squeeze that forced Hyperliquid’s automated liquidity provider vault (HLP) to take on a toxic short position. The subsequent manipulation of the token's price on other exchanges caused the HLP to incur losses of nearly $12 million.¹¹ To prevent a total wipeout of its $200 million HLP vault, the protocol's validators took rapid, centralised action to delist the JELLY perpetual contracts and settle all positions at a predetermined price.¹¹

The XPL Incident (August 2025): A large trader manipulated the newly launched and illiquid XPL perpetuals market, causing the token's price to spike by 200% in minutes.¹⁰ The attacker profited by $15 million, while other traders suffered millions of dollars in losses.¹² The incident occurred because the platform lacked safeguards to prevent a single actor from dominating a thin market. In response, Hyperliquid implemented new updates, including a 10x price deviation cap relative to the 8-hour exponential moving average and the integration of external market data to stabilise quotes.¹ While this demonstrates a learning process, it also indicates a reactive approach to security, where fixes are implemented after an exploit has occurred.

5.3 Centralisation and Single Points of Failure

The pursuit of CEX-like performance has necessitated strategic trade-offs in decentralisation, which introduces risks and single points of failure. The platform's front-end, the user interface that traders interact with, is reportedly centralised.¹⁴ In July 2025, a catastrophic API malfunction caused a 27-minute outage that rendered the platform unusable, highlighting a critical point of failure that can compromise a user's ability to manage trades and positions.¹⁰ This demonstrates a fundamental contradiction: a decentralised backend is only as resilient as its centralised access points.

Furthermore, the response to the JELLY incident revealed the level of control retained by the core team and validators. The ability to rapidly delist a token and settle all positions in a centralised manner to prevent a larger loss demonstrates that a high level of trust is placed in a small group of actors.¹¹ This directly contradicts the narrative of a fully permissionless and trust-minimised system. While this intervention was necessary to save the protocol's liquidity vault, it underscores a key trust assumption that users must be aware of and represents a significant departure from the principles of a truly decentralised exchange.

Table 5.1: Summary of Key Security Concerns and Incidents

Part VI: Strategic Outlook and Recommendations

6.1 SWOT Analysis

• Strengths:

  Hyperliquid's CEX-level performance on-chain is a primary strength, offering fast, low-latency, and gas-free trading. Its powerful revenue flywheel, which directs a significant portion of fees into HYPE token buybacks, creates a compelling value accrual model. The protocol's community-centric distribution, which eschews traditional VC funding, strengthens community alignment and has contributed to its token's strong performance. The growing HyperEVM ecosystem, with new dApps and protocols, expands its utility beyond just perpetual trading.

• Weaknesses:

  The platform's security posture is a documented weakness, with a "FAIL" rating from a third-party report citing a lack of comprehensive audits and public code for its core L1. The reliance on a centralised front-end creates a single point of failure, as evidenced by a past outage. The bridging layer is partially custodial, introducing a trust assumption on the core team.

• Opportunities:

  The strategic pivot to a full-stack financial ecosystem via HyperEVM and the HIP-3 proposal positions Hyperliquid to capture a broader market. Institutional adoption through the 21Shares ETP opens the door to a new class of investors. The proposed USDH stablecoin can further solidify its on-chain ecosystem and reduce reliance on external tokens.

• Threats:

  The platform faces intense competition from both centralised exchanges and other decentralised protocols. Regulatory uncertainty poses a significant long-term risk. The history of market manipulation incidents and the reliance on centralised intervention could erode user trust and liquidity if not fully addressed.

6.2 The Future Trajectory

Hyperliquid is at a critical inflection point. Its past success, driven by a bold architectural vision and compelling tokenomics, is undeniable. However, the platform's ability to sustain its growth and become a dominant force in on-chain finance depends on its capacity to navigate the challenges inherent in its design. The platform must move beyond reactive security measures and proactively address its vulnerabilities. This includes a more comprehensive and transparent security audit of its core L1 and continued development of decentralised safeguards to prevent future market manipulation without relying on centralised intervention.

The platform’s strategic move to become a full-stack financial ecosystem is a double-edged sword. While it creates immense new opportunities, it also broadens the competitive landscape, positioning Hyperliquid against major L1s for developer talent. The success of its HIP-3 initiative and the USDH stablecoin will be crucial indicators of whether it can successfully execute this ambitious vision.

6.3 Concluding Insights and Recommendations

The central paradox of Hyperliquid is that its success is a direct result of the very trade-offs that introduce its most significant risks. The platform successfully leveraged the "hype" by delivering on the promise of a high-performance, on-chain trading experience that was previously unavailable in DeFi. However, this required a specialised, closed-source L1 and a degree of centralised control that contradicts the core tenets of decentralisation.

For sophisticated traders, Hyperliquid represents a high-risk, high-reward opportunity. Its fundamentals are strong, and its revenue-sharing model provides a direct line of sight to token value. However, an analysis of its architecture and security history reveals that due diligence must extend beyond its impressive growth metrics. The most critical questions for the future are whether the team can successfully decentralise its core components, harden the protocol against manipulation, and attract institutional liquidity without compromising the core principles that initially made it appealing. The journey from a high-performance trading platform to a resilient, full-stack financial ecosystem will be fraught with challenges, and Hyperliquid's ability to address its documented vulnerabilities will be the ultimate determinant of its long-term success.

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