Hyperliquid: Advanced Perpetual Futures DEX | Low Fees, Zero Slippage & On-Chain Settlement

1. Introduction to Hyperliquid

Definition: Hyperliquid is a decentralized exchange (DEX) specializing in perpetual futures trading.
Core Innovation: Combines centralized exchange (CEX) speed with DeFi transparency using its purpose-built L1 blockchain.
Mission: Democratize access to institutional-grade liquidity and advanced trading tools.

2. Key Features & Advantages

✅ Ultra-Low Fees

Maker rebates & competitive taker fees (as low as 0.02%).
No gas fees for trading operations.

✅ High Performance

<50ms latency with 10,000+ TPS capacity.
Near-zero slippage via deep liquidity pools.

✅ On-Chain Settlement

All trades settled transparently on-chain.
Real-time proof of reserves.

✅ Advanced Order Types

Market, limit, stop-loss, and TWAP orders.
Up to 50x leverage on crypto perpetuals.

✅ Non-Custodial Security

Users retain full asset control.
Audited smart contracts with no admin keys.

3. Technology Stack

Custom L1 Blockchain: Optimized for derivatives trading (Rust-based, Tendermint consensus).
Hybrid Order Book: Central Limit Order Book (CLOB) + AMM liquidity for minimal slippage.
Oracle-Free Pricing: Proprietary price feeds resistant to manipulation.

4. Tokenomics (HLQ Token)

Utility: Governance, fee discounts, staking rewards.
Staking: Earn protocol revenue share (up to 80% of fees redistributed).
Supply: Fixed cap with deflationary mechanisms.

5. How to Start Trading

Connect Wallet: Compatible with MetaMask, WalletConnect, or Ledger.
Deposit Funds: Support for USDC, ETH, BTC, and major stablecoins.
Trade Perpetuals: Select markets (e.g., ETH-PERP, BTC-PERP), set leverage, and execute orders.
Monitor: Real-time P&L dashboard with risk analytics.

6. Security & Audits

Audits: CertiK, Zokyo, and Trail of Bits.
Insurance Fund: Protects against under-collateralized liquidations.
Bug Bounty: Public program via Immunefi.

7. Competitive Edge vs. Alternatives

FeatureHyperliquidTraditional CEXOther DEXsFees0.02%0.04–0.10%0.05–0.30%SettlementOn-chainOff-chainHybridSlippageNear-zeroVariableHighSelf-Custody✅❌✅