Hyperliquid (HYPE)

CLOB perp DEX. A L1 focused on createn an open financial system. Every interaction—be it an order, a cancellation or a liquidation is executed on-chain. Hyperliquid is planning to adopt HyperBFT.

Basics

• Based in:
• Started in / Announced on:
• Testnet release:
• Mainnet release:

Audits & Exploits

• Bug bounty program can be found [insert here].

Technology

• Whitepaper or docs can be found [insert here].
• Code can be viewed [insert here].
• Consensus mechanism: HyperBFT (own custom consensus algo)
• Algorithm:
• Virtual Machine: will be EVM compatible (25-7-2024)
• Development language used:

Transaction Details

• Capacity (TPS):
• Latency:

How it works

• From this (potentially biased) thread (25-7-2024):

"Why do they need an L1? Put simply:

1. High Frequency Trading (HFT) profits are limited if there are other general purpose transactions occupying demand for block space and competing for gas
2. The chain must allow for specific order prioritization such as for cancels and post-only limit orders which insure market makers aren’t subjected to as much toxic flow.
3. In addition, a tailor-made solution helps optimize for specific functions, like atomic liquidations, funding distributions, and verifying solvency. "

Fees

• From this (potentially biased) thread (25-7-2024):

"Hyperliquid’s trading experience is gasless; gas is only induced for transactions that increase state bloat i.e. spot listings or transferring to new wallets.

HL team has not profited off of any of the trading activity on the platform. Their only form of compensation will probably come through vested tokens."

Interoperability

Bridging to Hyperliquid occurs through Arbitrum, however it is not a L3 (30-6-2024). Hyperliquid operates a native bridge, secured by the same validator set as the Hyperliquid L1.

Oracle Method

Built their own oracle (25-7-2024).

Roadmap

• Can be found [Insert link here].

Usage

• From this (potentially biased) thread (25-7-2024):

"It's still far and away behind Binance in volume, making up roughly 6% of the CEX's trading volumes in June."

Competition

• From this (potentially biased) thread (25-7-2024):

"dYdX: Key differentiation between Hyperliquid and dYdX is that Hyperliquid has built its order book fully onchain. It's fully transparent (no front-running or PFOF). Having an offchain order book / matching engine saves on additional validation, but doesn't provide a meaningful long-term alternative to CEXs. Hyperliquid is also further ahead on its ecosystem, showing signs it wants to be a full-fledged network that can offer more than just a perp DEX.

Performant L1s and Parallelized EVMs: You can also make the comp to performant L1s like Solana and to parallelized EVMs like Monad or Sei. Against $SOL, the EVM is an interesting distinction and against parallelized EVMs like Sei and Monad, Hyperliquid already has a killer app (perp DEX) and stickier users.

The biggest moat Hyperliquid has however, against all other comps, is the network’s composability with a leading onchain order book. Hyperliquid is not a blank slate general purpose L1. It's optimized for HFT on an onchain order book. Perhaps Hyperliquid is much more akin to a fully onchain Binance."

Team, Funding and Partners

Team

• Full team can be found [here].
• Chameleon Jeff
• "Less than 10 people" (25-7-2024)

Funding

• From this (potentially biased) thread (25-7-2024):

"Hyperliquid hasn't taken funding from private investors,"

(:

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