Hyperliquid has been transforming the perpetual futures market by offering a unique approach to liquidity. Instead of fragmenting order books across numerous platforms, it enables different firms and applications to tap into a single, deep pool of shared liquidity. This approach is attracting a growing number of builders who want to create new financial products without starting from scratch.
How Hyperliquid Builds Liquidity Depth
The platform launched in early 2023, crafted by Harvard classmates Jeff Yan and a developer known as iliensinc. Hyperliquid’s Ethereum-compatible HyperEVM blockchain smoothly connects to the custom HyperCore chain it operates on. This setup allows developers to compose new apps directly on Hyperliquid’s shared liquidity, rather than competing for smaller slices elsewhere.
Applications such as wallets and exchanges piggyback on Hyperliquid to offer perpetual futures trading, leveraging the platform’s order book depth. This design resembles DeFi’s composability model think of financial primitives stacking together like LEGO bricks to build novel products.
Community Response and Growth
Hundreds of developers, including notable names like MetaMask, Phantom wallet, and South African exchange VALR, have integrated with Hyperliquid’s system using “builder codes.” Since its inception, the ecosystem has generated around $90 million in revenue, according to Flowscan data.
Industry players are enthusiastic. Hansu Jian, CEO of Hyperion DeFi, compared Hyperliquid to AWS for finance, emphasizing that it’s more than a perpetuals exchange. The platform provides underlying blockchain infrastructure, delivering liquidity as a service while empowering builders to control user interfaces and retain ownership over their users.
