Hyperliquid (HYPE) perpetual market

HYPE is the native token of Hyperliquid, a high-performance layer-1 blockchain purpose-built to run a fully on-chain perpetual futures exchange. Hyperliquid pairs a custom consensus engine with an on-chain central limit order book, aiming to match the speed and experience of a centralized derivatives exchange while keeping trading transparent and self-custodial. The project drew attention for building a large, actively used trading venue without traditional venture funding, and for its late-2024 token launch, which distributed a substantial share of supply to early users in one of the largest airdrops in crypto history. HYPE is used for staking that secures the network, for fees and for governance, and protocol revenue is directed toward buying back the token. Hyperliquid became one of the most prominent examples of decentralized perpetuals gaining real trading volume against centralized incumbents.