---
title: Hyperliquid
url: "https://www.unknowngravity.com/en/glosario/hyperliquid"
site: Unknown Gravity
published: "2026-08-27T09:37:21+00:00"
modified: "2026-08-27T09:37:21+00:00"
language: en-US
description: "Hyperliquid is a decentralized exchange specialised in perpetual derivatives that has become a sector reference: it runs an on-chain order book on its own purpose-built blockchain, with the speed of…"
section: "Home > Hyperliquid"
---

# Hyperliquid

GLOSSARY · BLOCKCHAIN & WEB3

What Hyperliquid is: the decentralized derivatives exchange with an on-chain order book, its own blockchain, the HYPE token and its risks.

WHAT IS IT? · FOR DUMMIES

**Hyperliquid** is a [decentralized exchange](/en/glosario/exchange-descentralizado-dex) specialised in **perpetual derivatives** that has become a sector reference: it runs an on-chain order book on its own purpose-built blockchain, with the speed of a centralized exchange and the self-custody of a DEX.

WHAT IS IT? · PRO

Unlike classic AMM DEXs with [liquidity pools](/en/glosario/liquidity-pool-fondo-de-liquidez), **Hyperliquid** replicates the order-book model of a [CEX](/en/glosario/exchange-centralizado-cex) while settling on-chain on its own layer 1, optimised for high-frequency trading. Its **HYPE** token arrived through one of the sector's most talked-about airdrops, and a large share of decentralized derivatives volume now runs on its infrastructure.

Its risks are those of any young protocol plus leverage itself: perpetuals amplify losses, chain validation remains relatively concentrated, and the European regulatory framework for crypto derivatives is restrictive for retail. As with any protocol, [audits](/en/articulos/smart-contract-audits) and risk management matter more than the narrative. *Informational content; not investment advice.*

## 01 / Key points

- Perpetual-derivatives DEX with an on-chain order book
- Own layer-1 blockchain built for trading
- HYPE token, distributed in a landmark airdrop
- Risks: leverage, young chain, crypto-derivatives regulation

## 02 / Advantages

- **CEX speed with DEX self-custody**
- **Verifiable on-chain order book**
- **Leading liquidity** in decentralized derivatives

## 03 / Disadvantages

- **Leverage** amplifies losses
- **Still-limited decentralization** of the chain
- **Crypto derivatives restricted** for EU retail

This entry is informative. It is not legal, tax or investment advice. The rules cited change: check the current version on [BOE](https://www.boe.es) and [EUR-Lex](https://eur-lex.europa.eu).