Hyperliquid Explained: How to Trade Perpetuals on the Next-Gen DEX

Hyperliquid is a next-generation perpetual futures decentralized exchange (Perp DEX) designed for traders who value speed, transparency, and full control over their assets. Operating natively on its own Layer 1 blockchain, Hyperliquid allows users to trade directly on-chain with self-custody — eliminating the need for centralized intermediaries and providing true DeFi trading.

Built from the ground up for performance, Hyperliquid offers up to 40x leverage on major cryptocurrencies, ultra-low trading fees starting from 0.01%, and deep liquidity to minimize slippage. The platform features an on-chain order book that ensures transparent price discovery and fair execution for all users, regardless of size.

What sets Hyperliquid apart is its gas-free trading experience — users don't pay gas fees for individual trades, making it cost-effective for active traders. The platform supports both perpetual futures and spot trading across 50+ assets, including major cryptocurrencies like BTC, ETH, SOL, and emerging tokens with up to 40x leverage.

Hyperliquid's smart contract-driven architecture ensures transparent funding rates, automated liquidation protection, and instant settlement. The platform maintains professional-grade infrastructure with sub-second execution times and institutional-level security, making it a preferred choice for both retail and professional traders seeking the benefits of DeFi without compromising on performance.

Hyperliquid's native token (HYPE) is the utility token powering the Hyperliquid ecosystem, deployed on the Hyperliquid Layer 1 blockchain. HYPE serves multiple critical functions within the platform, including governance participation, trading fee discounts, and staking rewards for network security.

HYPE token holders can participate in decentralized governance by voting on protocol upgrades, new asset listings, and platform parameters. The token also provides trading fee discounts for users who hold and stake HYPE, making it economically beneficial for active traders on the platform.

With a maximum supply and deflationary mechanisms, HYPE is designed to appreciate in value as the Hyperliquid ecosystem grows. The token benefits from the platform's increasing trading volume, user adoption, and expanding asset offerings, making it an attractive investment for those bullish on the future of decentralized derivatives trading.

You can view the live HYPE price, market cap, and trading pairs below — or learn more about how to buy HYPE securely and start participating in the Hyperliquid ecosystem.