Hyperliquid

Hyperliquid is a high-performance perpetual futures DEX running on its own purpose-built Layer 1 blockchain. Launched in 2023, it achieves sub-second block times and processes trades with CEX-like speed while remaining fully on-chain and self-custodial. The platform supports up to 50x leverage across 100+ perpetual markets. Unlike other perp DEXs that use AMM mechanisms, Hyperliquid runs a true central limit order book (CLOB) on-chain. The HLP vault allows users to provide liquidity and earn from market-making activities. With over $1.5 billion in daily volume, Hyperliquid has rapidly become one of the highest-volume derivatives DEXs.

Hyperliquid operates a fully on-chain central limit order book (CLOB) on its custom L1 blockchain built using a modified Tendermint consensus. When you place an order, it's matched against existing orders in the book with sub-second finality. The platform uses a novel architecture where validators run the matching engine, ensuring all trades are transparent and verifiable on-chain. Liquidity is provided through the HLP (Hyperliquid Provider) vault, where users can deposit USDC to participate in market-making activities and earn a share of trading fees. The L1 processes thousands of orders per second with block times under 1 second, achieving performance comparable to centralized exchanges while maintaining full decentralization.