Protocol Explainers

HYPE is the native token of the Hyperliquid Layer-1 blockchain — used for staking, gas fees, governance, and trading fee discounts. It launched with zero VC allocation, distributing over 31% of supply directly to early users.

HIP-3 makes perpetual futures listing fully permissionless on Hyperliquid. Any builder who stakes 500,000 HYPE can deploy their own perpetual markets — from crypto to commodities, equities, and beyond.

HIP-4 brings fully collateralized outcome contracts to Hyperliquid — enabling prediction markets, options-style payoffs, and event-driven trading with no leverage and no liquidations.

Meet the builders launching perpetual markets on Hyperliquid. From pre-IPO stocks to commodities and yield-bearing collateral, each HIP-3 deployer brings something different to the table.

Trade gold, silver, and oil 24/7 with no KYC, no brokerage account, and positions starting at $10. Hyperliquid's commodity perps are growing fast — here's how they work.

Hyperliquid now has four distinct energy markets with up to 20x leverage and 24/7 access. Here is how OIL, BRENTOIL, USOIL, and NATGAS differ, which benchmarks they map to, and how to pick the right contract for your trade.

Hyperliquid's architecture is built for programmatic trading — zero gas fees, sub-second execution, self-custody, and a rich API. Here's how agents and bots trade on-chain.

HyperEVM is the Ethereum-compatible smart contract layer on Hyperliquid — with native access to the deepest on-chain order book through CoreWriter and precompiles.

Lower fees, self-custody, full transparency, no KYC — how Hyperliquid compares to Binance, Bybit, and OKX across every metric that matters.

From zero to your first trade in under 5 minutes. Connect a wallet, bridge USDC, and start trading perpetual futures with no KYC, no brokerage account, and the lowest fees in DeFi.

Trade stocks, gold, silver, and oil 24/7 — even when Wall Street and COMEX are closed. How Hyperliquid handles off-hours trading, price discovery, and risk management.

Trade synthetic exposure to private companies like SpaceX, OpenAI, and Anthropic before they go public. Hyperliquid is the first decentralized exchange to offer pre-IPO perpetual contracts with real price discovery.

SpaceX is the world's most valuable private company. Hyperliquid's pSPACEX perpetual contract lets you trade synthetic exposure to its valuation — no accredited investor status required.

OpenAI is the company behind ChatGPT and GPT-4. Hyperliquid's pOPENAI perpetual contract gives you synthetic exposure to its valuation as it reshapes the AI industry.

Anthropic builds Claude, one of the most capable AI model families in the world. The pANTHRO perpetual lets you trade its valuation as the AI safety-focused company scales rapidly.

Funding rates are the invisible engine that keeps perpetual futures prices aligned with spot markets. Learn how Hyperliquid's hourly funding mechanism works, how to read funding signals, and how to use them in your trading strategy.

Hyperliquid Vaults let anyone deposit capital to earn yield from automated trading strategies. The flagship HLP vault has generated over $122 million in lifetime profits through market making and liquidation backstop.

HIP-1 defines how tokens are created and launched on Hyperliquid through a Dutch auction system. HIP-2 provides automatic liquidity for every listed token. Together, they power a fully on-chain spot exchange.

Everything you need to build on Hyperliquid — SDKs in Python, Rust, TypeScript, and more. API endpoints, block explorers, analytics dashboards, and a curated list of community tools and resources.

Stake HYPE to secure the Hyperliquid network, earn ~2.25% APY with automatic compounding, and unlock trading fee discounts of up to 40%. No minimum required.

Everything you need to know about Hyperliquid's fee structure — maker/taker tiers, volume discounts, staking-linked reductions, referral codes, and how fees compare to Binance, Bybit, and other exchanges.

Step-by-step guide to depositing USDC into Hyperliquid via the official Arbitrum bridge, Circle's CCTP, and third-party bridges like Across Protocol. Plus withdrawal timing, fees, and common issues.

How Hyperliquid's three-stage liquidation waterfall works, how to calculate your liquidation price, cross vs. isolated margin, and practical tips to avoid getting liquidated.

Hyperliquid's genesis airdrop distributed 310 million HYPE tokens to 94,000 users — worth over $1.2 billion at launch — with zero VC allocation. Here's how the points system worked and what it means going forward.

USDH is Hyperliquid's native dollar-pegged stablecoin backed by US Treasuries. It channels reserve yield back into the ecosystem through HYPE buybacks — turning idle collateral into protocol revenue.

L1 blockchains are shifting from volatile trading fees to stable, recurring revenue by issuing their own stablecoins. Hyperliquid's USDH leads the charge — here's why it matters.

Hyperliquid is secured by 21 permissionless validators using HyperBFT consensus. Learn how governance works, what validators do, how the JELLY incident changed on-chain voting, and the decentralization roadmap.

Every order type available on Hyperliquid — market, limit, stop-loss, take-profit, TWAP, scale orders, and advanced modifiers like Post-Only and Reduce-Only. Plus how Hyperliquid's unique cancel priority protects makers.

Use a Hyperliquid referral code to get a 4% discount on trading fees. Learn how the referral system works, how to create your own code, and how discounts stack with staking tiers.