HYPE#10other
Hyperliquid
0x0d01dc56dcaaca66ad901c959b4011ec
Where to buy HYPE
Trade Hyperliquid on a supported exchange.
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Risk signals
Key risks surfaced in review. See Risks & controversies below for the sourced detail.
- Protocol manipulation exploitsHigh
Multiple attacks exploiting perpetual futures liquidation mechanisms caused losses including $4.9 million bad debt to the HLP vault and trader losses in JELLY and POPCAT incidents.
- Validator oracle interventionHigh
Validators retroactively adjusted oracles and delisted JELLY after the March 2025 manipulation incident.
- Regulatory warningMedium
UK Financial Conduct Authority issued a May 2026 warning listing Hyperliquid and Hyper Foundation as unauthorized.
- Large unlocked allocationMedium
31% of max supply allocated to Genesis Distribution was fully unlocked at TGE.
Hyperliquid wiki
First drafts are compiled automatically from public and primary sources, with every claim cited. Anyone can propose edits, and every change is reviewed against primary sources before it goes live.
Background
Updated by Tokenica
Hyperliquid is a layer-1 blockchain purpose-built for onchain trading and decentralized finance, consisting of HyperCore for perpetual futures and spot order books alongside HyperEVM for EVM-compatible smart contracts, using HyperBFT consensus. It launched its native HYPE token in 2024 via airdrop after operating as a DEX platform. HYPE functions as the network's gas token, enables staking for validator delegation and network security, and supports governance.
Risks & controversies
Updated by Tokenica
Hyperliquid has faced multiple price manipulation attacks exploiting its perpetual futures liquidation mechanisms, including a March 2025 JELLY token incident where validators intervened by retroactively adjusting oracles and delisting the asset after significant losses to traders and the HLP vault, and a November 2025 POPCAT manipulation that caused an estimated $4.9 million in bad debt absorbed by the community-owned liquidity vault, prompting a temporary withdrawal halt. The UK Financial Conduct Authority issued a May 2026 warning listing Hyperliquid and the Hyper Foundation as unauthorized for offering financial services in the UK. CME Group and Intercontinental Exchange have urged US regulators to scrutinize the platform over risks of market manipulation and sanctions evasion. Reports in December 2024 linked DPRK-associated wallets to trading activity on the platform, leading to temporary token price declines, though the team stated no exploit occurred.
Team
Updated by Tokenica
- Jeff YanCo-Founder & CEO
Tokenomics
Updated by Tokenica
HYPE has a maximum supply of 1,000,000,000 tokens. Published allocations include 31% (310,000,000) for Genesis Distribution (airdrop, fully unlocked at TGE), 38.9% (388,880,000) for Future Emissions and Community Rewards (TBD distribution), 23.8% (238,000,000) for Core Contributors (subject to 1-year lock followed by linear vesting), 6% (60,000,000) for Hyper Foundation Budget, and 0.3% (3,000,000) for Community Grants. HYPE is used for gas fees on HyperEVM, staking to secure the network with variable rewards (e.g., approximately 2.37% APR at 400 million staked), fee discounts, and revenue mechanisms including buybacks and burns.
Timeline
Updated by Tokenica
- 2022Hyperliquid Labs Founded by Jeff YanJeff Yan and iliensinc founded Hyperliquid Labs in 2022 with no VC funding to build a high-performance onchain perpetuals exchange.
- End of February 2023Hyperliquid Mainnet LaunchHyperliquid launched its mainnet L1 blockchain focused on perpetual futures trading with an initial Arbitrum bridge for USDC.
- September 2024Two-Year Points Program ConcludedThe points program tracking user activity ended, setting the stage for the upcoming token genesis distribution.
- October 14, 2024HYPE Token Generation Event AnnouncedHyper Foundation announced the forthcoming HYPE TGE with plans for a fair community airdrop and future decentralization features.
- November 29, 2024HYPE Token Genesis and AirdropHYPE token launched via genesis event distributing 310 million tokens (31% supply) to approximately 94,000 early users in a fair launch without VC allocation.
- February 18, 2025HyperEVM Mainnet LaunchHyperEVM went live on mainnet, adding general-purpose programmability and EVM compatibility to the Hyperliquid L1.
Products
Updated by Tokenica
- Fully onchain central limit order book for perpetual futures markets with up to 40x leverage and sub-second finality.
- Fully onchain central limit order book for spot markets integrated with the same execution engine as perps.
- Native order book and matching engine handling perpetuals, spot, margin, funding, and liquidations with one-block finality.
- EVM-compatible smart contract layer with unified state access to HyperCore primitives for building DeFi applications.
- Protocol-owned vault that provides liquidity via market-making strategies, absorbs liquidations, and distributes trading fees to depositors.
- HyperBFTCustom BFT consensus protocol optimized for low latency and high throughput supporting the Hyperliquid L1.