Hyperliquid has made a significant impact on the digital assets space, achieving a market capitalization of 8th largest without any venture capital backing. The platform's revenue reached $800 million in 2025, driven by its unique features and open-architecture design.
The decentralized exchange operates as a perpetual futures trading platform, processing transactions entirely on-chain for full transparency and self-custody. Users can expect fast order execution, deep order books, and a clean interface, mirroring the experience of centralized exchanges.
Hyperliquid's fee competitiveness is another factor driving user adoption, with estimated fees of 2 basis points for futures and 5 basis points for spot trading, compared to major centralized exchanges' averages of 4 basis points and 15 basis points, respectively.