Hyperliquid is a Layer-1 blockchain built around decentralized financial markets. Unlike many blockchains where trading applications are separate protocols built on top, Hyperliquid incorporates its high-performance exchange infrastructure directly into the chain. Its HyperCore system supports fully on-chain order books and matching, with perpetual futures and spot markets forming the foundation of the ecosystem.
HYPE is the native asset that ties the network together. It can be staked to help secure the blockchain, used for transaction fees and HyperEVM gas, and used in the network's governance and incentive systems. Hyperliquid also has a mechanism that directs trading-related value toward HYPE, including the network's Assistance Fund, which has acquired and removed HYPE from circulation.