Decentralized, permanent futures exchange Hyperliquid has become one of the world’s largest crypto projects from a market maker.
Hyperliquid handles trillions of dollars in its lifespan, and is now the third largest distributed exchange in cryptography, trailing only industry veterans Pancakeswap and Uniswap.
We were talking about towns in 2025, what exactly is high lipid? Why do people care so much about it? And how did it grow into one of the biggest projects in cryptography?
What are high lipids?
High lipids are a Distributed Exchange It specializes in permanent futures trading, built on a unique, dedicated layer 1 network.
The hype for its native tokens has risen to become the top 20 cryptocurrencies by market capitalization within a year of release.
Why do people care about hyperliquid?
Simply put, Hyperliquid makes it easier for traders to speculate about price fluctuations Cryptocurrencythanks to low prices, large amounts of available assets, and of course, to a degenerated level of leverage.
It ranges from 0.07% of high-liquid taker spot transactions to 0% for large-volume perpaker fees, according to high-liquid documents. Taker traders are when liquidity is removed from the market, and manufacturers add liquidity to the market. For comparison, UNISWAP applies a 0.3% fee to transactions.
Similar to centralized exchanges, users can trade on most major coins, regardless of which chain. Bitcoin, Ethereum, Dogecoin, Trump – All tradeable in one place. High lipids allow traders to use up to 40 times the leverage. For comparison, the maximum leverage Binance offers is 20x, and certain requirements must be met to access this layer.
The result was a battlefield of degenerated wars between whales and the crypto community.
In particular, in March 2025, Whale opened a short position that was 40 times leveraged against Bitcoin, worth $521 million. This led daily traders to team up to try to settle the whales. The audience was able to see all the movements of the High Lipid Block Explorer. This openly shows the held position of the wallet, whether it’s profit or liquidation price. The whale won in this example and dumped the position with a profit of $3.9 million.
According to the statistics dashboard, all of these factors have led to high lipids that have attracted over 700,000 users since its launch in 2023 and totaling $2.7 trillion.
The origin story of Hyperliquid
Hyperliquid is entirely self-funded and built by a team of just 11 people, founder Jeff Yan said wublockchain August 2025. He said he rejected venture capital funding because the project gave a false sense of progress. Instead, the team wanted to focus on “real progress” by giving value to users, not investors.
In 2020, Yang began exchanging codes and founded the earliest form of high lipids, the market production company. Two years later, he said When a shift occurs The podcast, its offering of high-frequency market production, was effectively “cap-out” as it aimed at growing the project.
At that time, Sam Bank Manfleet’s centralized exchange FTX collapsed by using customer funds to cover losses with his trading company Alameda Research. When many users tried to withdraw the funds, their money was not there, and the exchange was caught by knocking down those pants. Bankmanfried was sentenced to 25 years in prison after being found guilty of seven counts of fraud, money laundering and conspiracy.
“All of a sudden, people had a real reason not to trust central exchange. It wasn’t just the intelligent thing of Mambo Jumbo, but literally lost this money. It was for central exchange.”
Yan said the collapse of FTX is the catalyst that “all” high lipids when constructing dispersed exchanges.
In February 2023, Hyperliquid’s mainnet closure Alpha went live. 28 different assets are tradeable, claiming they attracted 4,000 users in the first five months. That same year, I hit a complete mainnet.
Following the $1.6 billion airdrop in November 2024, high lipids experienced explosive growth. Armed with rambling among traders, Hyperliquid has become a talk of the town that has entered 2025.
Not everything is sailing smoothly for the platform. In December 2024, high lipids attracted unnecessary attention to sn-growing from North Korean hackers due to their vulnerability. A few months later, it would have been forced to cover some losses as it faced a liquidation crisis and was forced to abolish Solana’s meme coins when traders placed very bad bets.
The incident raised concerns about how the exchange dealt with the utilised positions, claiming that it could become “FTX 2.0.”
The future of high lipids
High lipids have proven to be without drama since these early, growing pains, and have established themselves as players in the crypto field.
At the time of this writing, according to Defilama, there is the 8th largest Defi Total value locked in column 1 networks of chains such as Aptos, Avalanche, Linea. Also, each Defills the third highest monthly trading volume of decentralized exchanges.
and stablecoins It became one of the dominant stories in 2025, and the question of whether high lipids will issue their own stables is inevitably the subject of intense speculation.
Yang, the founder of high lipids, wublockchain High lipid bases, an entity that supports the development of high lipid blockchains and their ecosystems, interview them about not issuing their own Stablecoin.
However, in September 2025, the foundation began submissions for the team to issue “Hyper Liquid Alignment” Stablecoin, USDH. It attracted suggestions from well-known players like Esena, Paxos and Sky, but eventually went to a newly formed company in the native market. As USDH is currently doing live and trading, Hyperliquid has Stablecoin, which dedicates half of its revenue to a protocol-driven purchase scheme.
Currently, high lipids offer higher levels of leverage and face direct competition with the emerging aster dispersal exchange, supported by Binance co-founder Changpeng “CZ” Zhao.
At the time of publication, high lipids go ahead in terms of token valuation and trading volume, but how long will this last?
