Hyperliquid is a unique platform that offers a suite of financial services, including perpetual futures trading, with no traditional venture capital backing. Its revenue has grown significantly, reaching $800 million in 2025, and it has achieved centralized-exchange-level performance with blockchain transparency and self-custody.
The platform's architecture revolves around two core components: HyperCore, the trading system, and HyperEVM, the developer-facing environment. Hyperliquid has extended its product suite beyond crypto perpetuals via an open architecture model, enabling developers to deploy new perpetual markets and outcome markets.