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Methodology · Platform explainer

What is Hyperliquid?

Hyperliquid is a blockchain-native trading platform for perpetual futures — think of it as an on-chain version of Binance's futures market. Since launching in 2023, Hyperliquid has grown to become the largest perpetual DEX (decentralized exchange) with billions in daily trading volume. It has its own token, HYPE, and a public equity proxy — PURR (Hyperliquid Strategies) — that lets US brokerage investors access exposure.

In one paragraph

Hyperliquid is a blockchain built specifically for high-speed trading. Users can trade leveraged perpetual futures on Bitcoin, Ethereum, and dozens of other assets with sub-second execution. HYPE is the native token — used for staking, fees, and governance. PURR (Hyperliquid Strategies) is a Nasdaq-listed public company that holds HYPE as its primary corporate treasury — giving US brokerage investors access without needing a crypto exchange account.

Why Hyperliquid matters

Hyperliquid is winning market share from centralized exchanges (Binance, Bybit, OKX) because it offers similar performance (fast, deep order books) with the transparency and self-custody of a blockchain. If on-chain trading continues to grow at the current rate, Hyperliquid is positioned as a major long-term winner.

HYPE — the native token

Trades on major crypto exchanges. Used for staking (validators secure the network by staking HYPE), fees (some transaction fees are paid in HYPE and burned, similar to ETH's fee burn), and governance. HYPE's price tracks Hyperliquid's overall usage — more trading = more fee capture = more HYPE demand.

PURR — the public stock

Hyperliquid Strategies (Nasdaq: PURR) was created via reverse merger of a former biotech company. It holds HYPE on its corporate balance sheet — similar structure to MicroStrategy's Bitcoin holdings. Investors who can't (or don't want to) buy HYPE directly from a crypto exchange can buy PURR through any brokerage account.

The mNAV opportunity

Like other treasury companies, PURR trades at a premium or discount to the underlying HYPE it holds. See our mNAV guide for the framework. When perp-DEX volume grows and PURR trades at a discount to HYPE, that's the framework's classic entry signal.

Frequently asked questions

What is a perpetual future?▼

A perpetual future (perp) is a leveraged trading contract that never expires — unlike a traditional futures contract that has a set expiration date. Traders can go long or short with leverage (typically 10-50x), and pay/receive a small 'funding rate' to keep the perp's price aligned with the underlying spot price. Perps are the most popular derivative in crypto by trading volume.

How is Hyperliquid different from Binance or Bybit?▼

Hyperliquid is on a blockchain — transactions are transparent, custody is with the user (via wallet signature), and there's no company holding customer funds. Binance and Bybit are centralized exchanges — they custody user funds, run off-chain matching engines, and can freeze accounts. Trade-offs: Hyperliquid is more transparent but requires more technical comfort; centralized exchanges are more familiar UX.

Should I buy HYPE the token or PURR the stock?▼

Depends on where you already hold funds. If you have a crypto exchange account (Coinbase, Kraken, Binance): HYPE gives you clean 1:1 exposure to the token. If you only have a stock brokerage account: PURR is the accessible option. Both give you Hyperliquid exposure; PURR adds a premium/discount layer (mNAV) and management execution risk.

How does PURR make money?▼

PURR primarily holds HYPE on its balance sheet as a treasury asset. Its returns come from HYPE's price appreciation and any staking rewards from validating on Hyperliquid. It's not an operating business in the traditional sense — think of it as a corporate wrapper around HYPE.

What are the risks of Hyperliquid?▼

Three main risks: (1) Regulatory — perpetual futures with 50x leverage sit in a gray area of US regulation, (2) Competitive — other perp DEXs (dYdX, GMX) or centralized exchanges could reclaim market share, (3) Technical — Hyperliquid is a newer blockchain; smart contract bugs or blockchain-level exploits are possible risks.

Is Hyperliquid available in the US?▼

US access to Hyperliquid's trading platform is restricted (like most perp DEXs). But holding HYPE the token via a US crypto exchange is possible; holding PURR the stock via any US brokerage is unrestricted. US users generally hold PURR or HYPE for exposure without actually trading on the platform.

How big is Hyperliquid compared to centralized exchanges?▼

As of 2026, Hyperliquid does roughly $2-5B in daily perpetual futures volume — meaningful but still a fraction of Binance's $30-50B daily. The trajectory matters: Hyperliquid has grown from near-zero in 2023 to top-tier DEX in ~2 years. If growth continues, the gap with centralized exchanges narrows.

This page is educational content, not financial advice. Every data figure traces to a primary source (SEC EDGAR filings, company 10-Q / 10-K / 8-K disclosures, or licensed data feeds). See our About page for editorial standards + methodology.

→ See on-chain trading theme·→ PURR stock page·→ HYPE coin page·→ What is mNAV?