Hyperliquid is a Layer-1-based decentralized exchange protocol (DEX) designed to deliver speed and efficiency comparable to centralized exchanges (CEX) within the on-chain ecosystem. Its main advantage lies in the use of an order book that operates entirely on-chain, enabling instant transactions with nearly zero gas fees.

Unlike conventional DEXs that utilize an AMM system, Hyperliquid offers advanced features such as perpetual futures, spot trading, and automated asset management through vaults. With its standalone infrastructure called HyperBFT, the protocol can process thousands of transactions per second transparently. Its primary focus is to provide a seamless trading experience for both retail and institutional users without compromising decentralization principles.