Hyperliquid: licences, security, fees and reviews
Decentralized exchange
In short
- Legal entity
- Hyperliquid Corp. (provider of the app.hyperliquid.xyz interface)
- Fees
- Futures taker: 0.045% at the base rate (perps) (as of 31 October 2026)
- Risks and caveats
- Not a licensed exchange; the interface provider says use is entirely at the user's own risk.
- Checked
- 31 October 2026
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Key facts
- Type
- Decentralized exchange
- Exchange launched
- 2023
- Operator
- No single operator: Hyperliquid layer-1 blockchain run by validators; app.hyperliquid.xyz interface made available by Hyperliquid Corp.; core contributor Hyperliquid Labs
- Official site
- hyperliquid.xyz
Key facts checked on 31 October 2026 against official sources and regulator registers.
What is Hyperliquid
Hyperliquid is a decentralised exchange built into its own layer-1 blockchain. Its HyperCore layer runs fully on-chain order books for perpetual futures and spot, and HyperEVM adds general smart contracts. Core contributor Hyperliquid Labs moved into DeFi in 2022, and the exchange ran a closed alpha in 2023.
Good to know
- The web interface is provided by Hyperliquid Corp., which states it does not own, control or operate the Hyperliquid blockchain. ↗
- The interface is not available to persons in the United States or Ontario (Canada), in sanctioned territories, or to citizens of sanctioned territories. ↗
- Fees go to the community (HLP vault, assistance fund and market deployers) rather than to a company. ↗
- Hyperliquid Labs states it is self-funded with no external capital. ↗
- Deposits into the community HLP vault, which also performs liquidations, are locked for 4 days. ↗
- Fee tiers use 14-day volume, with spot volume counted double. ↗
Services
| Parameter | Details |
|---|---|
| Derivatives | On-chain perpetual futures order books, including HIP-3 perps deployed by third parties. |
| Spot trading | On-chain spot order books. |
| Own blockchain | Hyperliquid L1 with HyperBFT consensus; HyperCore and HyperEVM. |
| Own token | HYPE, staked to validators in delegated proof-of-stake. |
| Staking / Earn | HLP community vault (market making and liquidations) and HYPE staking. |
Security and audits
- All orders, trades and liquidations are on-chain and publicly visible.
- The legacy bridge contract was audited by Zellic (reports from 2023).
- A bug bounty programme is published in the documentation.
Security incidents
| Date | What happened | Source |
|---|---|---|
| 26 March 2025 | Market manipulation / delisting: After evidence of suspicious market activity, Hyperliquid's validator set voted to delist the JELLY perpetual market. Funds returned: Hyperliquid said all users apart from flagged addresses would be made whole from the Hyper Foundation, automatically in the following days based on onchain data. | x.com |
| 24 May 2025 | Account compromise: Hyperliquid said the HyperFND X account was compromised and told users not to interact with links or tweets from that account; it said the Hyperliquid blockchain was unaffected. Two days later it said the account had been secured, that the blockchain and all other social media channels were unaffected, and that an investigation was being conducted with the assistance of X's security team. | x.com |
Further incidents are reported by third parties (press, incident databases) but are not confirmed in the company’s own channels, so they are not listed here.
Fees
| Parameter | Details |
|---|---|
| Futures taker | 0.045% at the base rate (perps) (as of 31 October 2026) |
| Futures maker | 0.015% at the base rate (perps) (as of 31 October 2026) |
| Spot taker | 0.070% at the base rate (as of 31 October 2026) |
| Spot maker | 0.040% at the base rate (as of 31 October 2026) |
Who can use it
- Verification: No identity verification on the protocol; users connect a self-custody wallet and must not be restricted persons.
- The interface is not available to persons in the United States or Ontario, Canada, in sanctioned territories, or to citizens of sanctioned territories; outcome markets have further exclusions.
History
| Date | Event |
|---|---|
| 2022 | The team behind Hyperliquid Labs moves from proprietary market making into DeFi. |
| 31 October 2023 | Closed alpha period ends. |
| 1 November 2023 | Points programme starts, running until 1 May 2024. |
| 29 May 2024 | L1 phase of the points programme begins; it ends in November 2024. |
Risks and caveats
- Not a licensed exchange; the interface provider says use is entirely at the user's own risk.
- Leveraged perpetuals can lead to liquidation; HLP vault depositors share its profit and loss.
- Not available in the United States or Ontario.
About the company
- Legal entity
- Hyperliquid Corp. (provider of the app.hyperliquid.xyz interface)
- Founders
- Hyperliquid Labs, led by Jeff and iliensinc
- Founded
- 2022 (DeFi work began in summer 2022)
- Own token
- HYPE
Official links
- Website: hyperliquid.xyz
- Fees: hyperliquid.gitbook.io/hyperliquid-docs/trading/fees
- Terms of use: app.hyperliquid.xyz/terms
- Security: hyperliquid.gitbook.io/hyperliquid-docs/audits
Questions and answers
Is Hyperliquid regulated?
No. Hyperliquid is a decentralised blockchain; the interface provider Hyperliquid Corp. holds no stated licence and bars users in the US and Ontario.
What are Hyperliquid's fees?
At the base rate perps cost 0.045% taker and 0.015% maker, and spot 0.070% taker and 0.040% maker (as of 31 October 2026).
Who is behind Hyperliquid?
Hyperliquid Labs, a self-funded team led by Jeff and iliensinc, is a core contributor; the blockchain itself is run by validators.
Is Hyperliquid available in the US?
No. Persons in the United States and Ontario, Canada are restricted persons under the interface terms.
Sources
- Hyperliquid - Home
- Hyperliquid Docs - About Hyperliquid
- Hyperliquid Docs - Core contributors
- Hyperliquid Docs - Fees
- Hyperliquid Docs - Protocol vaults
- Hyperliquid Docs - Staking
- Hyperliquid Docs - Points
- Hyperliquid Docs - Audits
- Hyperliquid - Terms of Use
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