Hyperliquid

Hyperliquid is a high-performance, order book-based decentralized exchange for perpetual futures, built on its own purpose-built L1 blockchain.

## Executive Summary Hyperliquid is a decentralized perpetual futures exchange built on its own purpose-built Layer 1 blockchain. It offers a high-performance, on-chain order book that aims to replicate the speed and user experience of a centralized exchange (CEX) while preserving the core DeFi principles of self-custody, transparency, and censorship resistance. By operating its own L1, Hyperliquid is able to optimize every aspect of its infrastructure for a single purpose: high-speed derivatives trading. This architecture enables the platform to process all transactions—including order placem