Hyperliquid HYPEPrice $ 44.17

Hyperliquid is a high-performance Layer-1 blockchain optimized for a fully on-chain open financial system, featuring sub-second block times (around 0.07 seconds) and high throughput via its custom HyperBFT consensus (a HotStuff variant).

The state execution splits into HyperCore for specialized applications like fully on-chain perpetual futures and spot order books, and HyperEVM for general-purpose Ethereum-compatible smart contracts, both sharing unified security and state under the same consensus. HyperCore handles margin systems, matching engines, and native trading with features such as up to 40x leverage, advanced order types, cross/isolated margin, and zero/low gas fees for orders.

The flagship application is a decentralized perpetuals exchange (DEX) with 100+ perp markets (crypto, forex, commodities), spot trading, up to 40x leverage, zero/low gas fees, one-click execution, and bridging from chains like Arbitrum.

HyperEVM enables developers to build programmable applications that interact with HyperCore liquidity, using HYPE as the native gas token (transferable between cores via specific addresses).

The native token HYPE is used for staking (proof-of-stake delegation to validators for rewards), governance via proposals (HIPs like HIP-1 for fungible tokens, HIP-2 for liquidity), and ecosystem incentives.

It positions as infrastructure for finance, supporting extensions like borrowing/lending, stablecoin minting, and custom perps, with tools like JSON-RPC for EVM interaction and APIs for trading.