Hyperliquid L1 Shows Numbers
Hyperliquid — founded by an ex‑HRT quant — claims sub‑200ms finality, one‑block settlement, 200,000 orders/sec and gas‑free trading on an on‑chain CLOB, reporting $4.17T cumulative perp volume and markedly tighter BTC spreads and deeper order books versus major centralized venues. The stack touts near‑exchange matching logic and minimal slippage on large tickets, positioning itself as a low‑latency native venue for institutional flows. (x.com)
Hyperliquid’s publicly reported trailing‑12‑month perpetuals volume sits at $1.571 trillion according to The Block’s data analysis, with the same report crediting the protocol with roughly $56 million in fees in its largest recent month and $310 million in cumulative revenue. (theblock.co) On open interest and participant counts, CCN recorded a recent platform open interest peak of $1.43 billion driven primarily by oil perpetuals, while Blockonomi reported 218,340 active traders and a $300 million open interest specifically in crude oil markets on the network. (ccn.com (blockonomi.com) Hyperliquid’s governance upgrade HIP‑3 moved the protocol to permissionless perpetual market creation, requiring deployers to stake 500,000 HYPE and introducing deployer-set fees and capped open‑interest rules to mitigate market spam. (hyperliquidnow.com (datawallet.com) CoreWriter — the system contract that links HyperEVM and HyperCore — now allows smart contracts to issue write actions directly into HyperCore (placing orders, managing vaults), a capability rollout covered as deployed to mainnet in mid‑2025 and highlighted in multiple developer guides. (hyperpc.app (mevx.io) The stack’s two‑engine design combines a Rust‑based HyperCore order‑matching engine with an EVM‑compatible HyperEVM on a single HyperBFT consensus layer, a split‑execution model Hyperliquid documents say enables tighter integration between native orderbooks and EVM dApps. (hyperliquid.gitbook.io (theblock.co) Founder Jeff Yan is publicly profiled as a Harvard‑educated former quantitative trader who built Hyperliquid with a compact core team, third‑party reporting noting the company operated with roughly an 11‑person headcount during its rapid growth phase. (ht.xyz (techstartups.com)
