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Hyperliquid: score, security record and what it is for

79/100SCORE · BTrusted Grade B, very good

Hyperliquid runs a fully onchain orderbook on its own layer 1, giving execution close to a centralised exchange while you keep custody. It dominates decentralised perpetuals volume. The chain is its own rather than an Ethereum layer 2, and the validator set is concentrated.

The facts

LIVE SINCE
2023
TYPE
Perpetuals, own L1 orderbook
CHAINS
Hyperliquid L1
SWAP FEE
Around 0.025 percent taker and 0.015 percent maker.
AUDITS
Audited. Runs its own chain with a fully onchain orderbook rather than an AMM.
WHO CAN CHANGE IT
Validator set on its own L1, with meaningful concentration.

How the score breaks down

security22/30
liquidity24/25
chains8/15
costs14/15
decentralisation11/15

Where it is strong and where it is not

✓ Strengths
  • By far the largest decentralised perpetuals venue
  • A real onchain orderbook rather than an AMM, so execution feels like a CEX
  • Very low fees
  • No KYC and self custody throughout
✗ Weaknesses
  • Runs on its own chain, so it is not an Ethereum layer 2
  • Validator set is concentrated
  • Perpetuals are the fastest way for a beginner to lose everything

Exploit history

No exploit of the core contracts on record.

Our read

The most impressive product in decentralised derivatives and genuinely competitive with centralised venues on execution. Its own chain and concentrated validator set are the trade offs.
BEFORE YOU SWAP
Swap keeps failingSlippage, approvals, taxes and thin liquidity. Revoke approvalsEvery swap leaves a permission behind. Clear them. Gas tokensWhy you need the chain's native coin first. Pick a walletYou need self custody before you can use any DEX.
RISK WARNING Crypto assets are highly volatile and largely unregulated. You can lose everything you put in. Nothing on this page is financial, investment or tax advice, and nothing here is a recommendation to buy or sell any asset. Do your own research and never commit money you cannot afford to lose.