Glossary
Hyperliquid
A standalone Layer-1 built around a fully on-chain perpetual-futures order book — the highest-volume on-chain perps venue since late 2024.
Hyperliquid is its own chain, purpose-built for trading. The on-chain perpetuals order book sustains millions of operations per second with sub-second finality via a custom BFT consensus (HyperBFT). The HLP vault is the protocol's house-side counterparty, accepting deposits that earn the perp-trading PnL and funding rates.
Hyperliquid's late-2024 airdrop (HYPE token) was one of the largest in crypto history. As of 2026 the chain regularly posts more perp volume than any other on-chain venue.