Hyperliquid

Hyperliquid is a decentralized exchange for perpetual futures that launched its own high-performance Layer-1 blockchain in 2023 and added a general-purpose EVM rollup, HyperEVM, in 2025. Founded by former high-frequency trader Jeff Yan, it was self-funded from prior trading profits and notably declined venture capital. In November 2024 the newly formed Hyper Foundation distributed the native HYPE token via a large airdrop to users. The protocol has grown to process very high daily perpetuals volume, becoming one of the dominant on-chain derivatives venues, at times capturing a record 7.6% of global perpetual-futures volume and generating more than $1.02 billion in cumulative revenue. Its HIP-3 upgrade opened permissionless builder-deployed markets, which reached about $62 billion in monthly volume by May 2026, and in May-June 2026 the protocol's USDH stablecoin was sold to Coinbase and sunset in favor of USDC.