Hyperliquid
A high-throughput L1 purpose-built for perpetual futures trading — the largest decentralised perp venue by 2026 volume.
Hyperliquid runs a custom L1 with sub-second finality and native orderbook architecture. HYPE is the ecosystem governance / fee token. Stablecoin yield surface is currently small (USDC + USDtb), but the perp infrastructure makes it a structurally important venue for Basis trade strategies behind synthetic dollars.
Related terms
- L1 (Layer-1)A base-layer blockchain that settles its own state and provides its own security — Ethereum, Solana, BNB Chain.
- Perpetual (perp)A futures contract with no expiry, kept anchored to spot via the [[funding-rate]].
- Basis tradeLong spot + short perpetual (or futures) to harvest the funding-rate differential, structurally close to delta-neutral.