Among order book DEXs, there’s an important distinction between onchain and offchain matching engines. Hyperliquid has a fully onchain order book and built an L1 to support it. Why is this important? Trustlessness With an offchain order book, the matching engine is controlled by a single party that has special privileges…

Hyperliquid’s liquidator vault democratizes liquidations by letting the community provide collateral for liquidations and then share in the pnl. All liquidations happen on-chain and can be tracked on the explorer. How liquidations work A liquidation event occurs when a trader’s position is forcibly closed by a liquidator due to insufficient margin in their…

Intro Hyperliquid is an order book perpetual futures DEX that offers the same features, execution, and UX as centralized exchanges. The Hyperliquid L1 is the blockchain that powers the DEX. It is designed from the ground up to be performant enough to operate the whole exchange — every order, cancel, trade…

Note: Since this post was first written, strategy pools have been re-named as vaults. Vaults let you provide liquidity for onchain trading strategies. The strategies could be automated or managed by an individual trader. Vault leaders earn a share of the vault’s profits. …

Hyperliquid is an order book based perpetual futures decentralized exchange. But that’s a lot of words — Hyperliquid is the only exchange you need to trade perps in DeFi. The DEX runs on the Hyperliquid chain, an L1 built on Tendermint. …