Hyperliquid

Hyperliquid is an order book perpetual futures DEX – aspiring to do everything the best CEXs do, but fully decentralized.

Whitepaper

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What is Hyperliquid

Hyperliquid is working to refine the DeFi user experience with an order book DEX for perpetual futures.

Developed with an emphasis on usability and functionality, Hyperliquid’s DeFi platform provides the ease of use of a centralized exchange (CEX), with a seamless UX, one-click trading and near-instant transactions. For more advanced traders, the platform offers partial take-profit (TP) and stop-loss (SL) orders and API support. Its native vaults open up market making and liquidation strategies to the community.

It supported zero fee trading for an initial 3-month period. Takers pay a flat 2.5 bps fee, and makers receive a 0.2 bps rebate, while referrers receive 10% of their referees’ taker fees. The remaining fees go to the Hyperliquidity Provider (HLP), a market making vault open to the community.

Unlike other protocols where fees accrue to a company or tokens held largely by insiders, Hyperliquid’s fees ultimately go to the community – actual users.