Hyperliquid Review & Guide 2026
Orderbook•Hyperliquid L1
Hyperliquid is the leading decentralized perpetual exchange, operating on its own Layer 1 blockchain. Launched in 2023, it quickly became the highest-volume perp DEX by offering deep liquidity, fast execution, and a native token ($HYPE) airdrop that rewarded early users. The platform supports over 170 trading pairs with leverage up to 50x on major assets. Hyperliquid's unique architecture eliminates gas fees for trading while maintaining full decentralization and self-custody of funds.
24h Volume
$7.49B
Open Interest
$9.02B
Markets
173
24h Change
+12.4%
Pros
- Highest volume and liquidity in the perp DEX market
- Native L1 blockchain with sub-second execution
- Active Season 2 airdrop with 38-42% of supply reserved
- Low fees (0.01% maker, 0.035% taker)
- Self-custodial with no KYC required
- Over 170 trading pairs available
- Zero gas fees for trading
Cons
- Bridge required to move funds to Hyperliquid L1
- Newer chain with less battle-tested security than Ethereum
- High competition for airdrop allocation
- Withdrawals can take up to 4 hours during high demand
Hyperliquid Trading Fees
Maker Fee
0.015%
Taker Fee
0.045%
Hyperliquid Airdrop Status
Status
PointsLiveToken
HYPE
Season 2 active. Weekly points claimable for $HYPE via dashboard. 38-42% of supply reserved for community.
How to Trade on Hyperliquid
- 1Connect your wallet (MetaMask, Rabby, or other EVM wallets)
- 2Bridge USDC from Arbitrum to Hyperliquid L1 using the official bridge
- 3Navigate to the trading interface and select your market (BTC, ETH, SOL, etc.)
- 4Set your leverage (1x-50x depending on the asset)
- 5Choose order type (Market, Limit, or Stop) and enter position size
- 6Review and execute your trade - no gas fees required
PerpScope Rating for Hyperliquid
9.2