What is Hyperliquid?

Hyperliquid runs its own chain instead of renting space on someone else's. Its trading engine, HyperCore, keeps order books, margin, liquidations and funding on-chain, and a consensus called HyperBFT confirms blocks fast enough for market makers to quote there. The perp exchange went live in 2023.

HYPE arrived on November 29, 2024. About 31% of the 1 billion genesis supply went to users in the airdrop and none went to private investors, which is still the most quoted fact about it. HYPE pays gas on HyperEVM and is staked to secure the chain. The Assistance Fund turns trading fees into HYPE bought on the open market. Since HIP-3 went live in October 2025 HYPE is also the bond for builders: stake 500,000 HYPE, the current requirement, and you can deploy your own perp markets. That is how stock perps ended up on the same chain as BTC.

Funding is paid every hour, not every eight. The baseline interest part is 0.00125% per hour, which the Hyperliquid docs annualize to 11.6%, and funding is capped at 4% per hour. The mistake new traders make is comparing that hourly number with an eight-hour rate from a centralized exchange without converting either one.

Say BTC funding reads 0.0025% for the hour. Times 8,760 hours that is about 21.9% APR, so a $10,000 long pays roughly $0.25 an hour, around $6 a day, if the rate holds. It rarely holds for a whole day.

Also called: HYPE, HyperCore.

Hyperliquid is one of Cashboard's four featured networks. Paste a 0x address into the Perps positions widget and it shows that account's open perps, spot balances and staked HYPE. It only reads. Nothing is signed. Funding rates annualizes the hourly rate by multiplying it by 8,760 with no compounding, so a quiet market reads about 11%, a little under the 11.6% in Hyperliquid's docs. A stock perp, where Hyperliquid lists one, also shows up in the Tokenized stocks widget next to the cash price. Hyperliquid markets ranks perps, HIP-1 spot tokens and HIP-3 builder markets, and Hyperliquid pulse tracks the HLP vault, HYPE staking and how open interest splits between the main dex and HIP-3.

• Hyperliquid pulse
• Hyperliquid markets
• Funding rates
• Perps positions
• Tokenized stocks

• Official sitehyperliquid.xyz
• Official documentationhyperliquid.gitbook.io

• HyperEVM
• HIP-3
• HIP-1
• HLP vault
• Perp DEX
• Funding rate
• Stock perps