Hyperliquid

Hyperliquid is a layer-one blockchain designed primarily for perpetual futures and spot trading through its own decentralized exchange, though the ecosystem also supports borrowing, lending, real-world assets, and an Ethereum Virtual Machine compatible environment. It targets traders and developers who want the speed and transparency of a purpose-built blockchain rather than a centralized exchange. The project's stated aim is to bring the efficiency gains that electronic trading introduced to traditional markets into an open, on-chain setting.

Hyperliquid operates as a Proof-of-Stake layer-one blockchain, meaning validators stake tokens to participate in reaching agreement on the state of the network, and blocks are produced at a rate that results in a block time recorded here as effectively near-instant. HYPE is the native token of this chain, used within the network's economic and governance functions. The chain also hosts an EVM environment, allowing Ethereum-compatible smart contracts to run alongside the native trading infrastructure.

Fees are generated by trading activity on the platform and are paid by users of the exchange. Over the trailing 30 days the protocol collected 1,408,764 USD in fees, and over the trailing 12 months it collected 11,199,129 USD. The take rate for the trailing 30 days is recorded at 100 percent, meaning the protocol retains all fees collected rather than distributing any portion to liquidity providers or other supply-side participants, as confirmed by a supply-side revenue figure of zero for the same period. Annualizing the 30-day figure produces an estimated 17,139,962 USD in fees, which sits against a market capitalization of roughly 18,082,587,260 USD, yielding a market-cap-to-fees ratio of 1,055 and a fee yield of approximately 0.09 percent.