How Hyperliquid Maintains Stability During a $10 Billion Liquidation Storm

【Block Rhythm】An Interesting Backstory——Lighter founder Vladimir Novakovski was once interviewed by Hyperliquid co-founder Jeff Yan during their Harvard days, for an internship position (wealth management software company). Later, this guy started his own trading platform, and Jeff Yan doesn’t seem to remember much about that interview experience.

That said, Hyperliquid has indeed been gaining momentum in recent years. Co-founded by Harvard alumnus Jeff Yan, the team has only 11 members, has never taken venture capital, yet has become an industry newcomer in just over two years. The market turbulence caused by the US tariff wave in October this year resulted in over $19 billion in liquidations across the entire network, with Hyperliquid’s single-day clearing volume surpassing $10 billion—exceeding Binance and Bybit—and the system didn’t crash. This stability directly proves their technical strength.

From the data, in the past month, Hyperliquid’s derivatives trading volume was approximately $140 billion, translating to an annualized revenue of over $600 million. Its native token HYPE has a market cap close to $6 billion, already entering the top tier. This growth rate is indeed worth paying attention to.