Derivatives / Hyperliquid / HYPE
Hyperliquid
A layer-one blockchain with fully onchain perpetual and spot order books on HyperCore and a general-purpose HyperEVM.
THE OVERVIEW
What Hyperliquid does
Hyperliquid is a layer-one blockchain written and optimized from first principles for an onchain financial system. It uses HyperBFT, a custom consensus algorithm inspired by HotStuff and its successors. HyperCore hosts fully onchain perpetual futures and spot order books where every order, cancel, trade and liquidation is recorded with one-block finality, and HyperEVM brings a general-purpose smart contract platform to the same chain. [1]
The clearinghouse is the part of HyperCore that manages each address’s perpetuals margin state, including balances and positions. Cross margin is the default; isolated margin lets a trader allocate collateral to a specific position so that its liquidation risk is separated from other positions. A spot clearinghouse tracks token balances and holds in the same way. [2]
HyperEVM is secured by the same HyperBFT consensus as HyperCore rather than being a separate chain, so there is no bridging between them. Contracts can read HyperCore prices through read precompiles and place orders on its order books through write system contracts. [3]
IN PRACTICE
What people use it for
Trade perpetuals and spot
Order books for both markets run onchain with a single consistent ordering of transactions. [1]
Manage margin per position
Choose cross margin or isolate collateral to one position. [2]
Build against the order book
EVM contracts can read prices and submit orders to HyperCore directly. [3]
UNDERSTAND THE TECHNOLOGY
Key concepts
MARKET CONTEXT
HYPE market
$88.25-2.43% 24hPrice history, market data and signal →FOLLOW THE STORY
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Official resources & sources
Dextape explanations based on the primary documentation below.