Hyperliquid is a custom Layer 1 blockchain running a fully on-chain order-book perpetual and spot DEX, with a paired EVM execution layer and a USDC bridge from Arbitrum secured by a stake-weighted validator multisig.
Fully on-chain CLOB · HLP vault · Assistance Fund buybacks
HLP is Hyperliquid’s protocol-operated liquidity vault. It market-makes on HyperCore, absorbing orders the open market does not fully fill.
Assistance Fund: ~97% of all protocol trading fees are automatically converted into HYPE buybacks on-chain. Over $1B cumulative buybacks since TGE (Nov 2024).
Illustrative simulation — prices, sizes, and fees are representative, not live data.
Live signals detected by Sentinel monitors across all five risk classes.
See each alert's affected component, root-cause analysis, and recommended action. Pro members get the full risk breakdown for every protocol.
Centralised perpetuals exchanges dominate derivatives trading because existing on-chain order books cannot match their throughput and latency, while AMM-based perp DEXes suffer from impermanent loss and capital inefficiency.
Hyperliquid runs a fully on-chain central-limit order book on a bespoke high-performance L1 (HyperBFT), settling every order, cancel and liquidation in chain state with one-block finality and CEX-class UX.
Category-defining order-book-as-L1 architecture, dominant DeFi perp volume, zero-VC bootstrapped tokenomics with 31% genesis airdrop, and the on-chain Assistance Fund that recycles ~97% of fees into HYPE buybacks.
Hyperliquid is a DEX protocol operating on Hyperliquid, Arbitrum. Hyperliquid is a custom Layer 1 blockchain running a fully on-chain order-book perpetual and spot DEX, with a paired EVM execution layer and a USDC bridge from Arbitrum secured by a stake-weighted validator multisig.
DeFi Sentinel rates Hyperliquid A with a safety score of 75/100, indicating low-to-moderate risk. The score reflects five risk dimensions: smart contract & technical risk, economic design & market risk, governance & centralization, sustainability & competitive position, and reputation & social trust. Hyperliquid has 1 audit on record. As with all DeFi protocols, residual risk remains and users should review the full risk breakdown before depositing.
Hyperliquid has a DeFi Sentinel safety score of 75/100 (rating A), last updated May 29, 2026. The score is computed across smart contract & technical risk (30%), economic design & market risk (25%), governance & centralization (20%), sustainability & competitive position (15%), and reputation & social trust (10%).
Hyperliquid is deployed on Hyperliquid, Arbitrum.
Yes. Hyperliquid has 1 audit report on record from firms including Zellic. Audit reports and dates are linked under the Resources tab on this page.
