Hyperliquid redefines on-chain perp trading in 2025

Hyperliquid emerged in 2025 not through marketing or token hype, but through infrastructure capability. This platform operates a fully onchain centralized limit order book on a dedicated layer 1 blockchain, enabling perpetual futures trading with speed, market depth, and an experience approaching centralized exchanges, without the need for custody.

Developed by Hyperliquid Labs and led by Jeff Yan – a former high-frequency trader, the project adopts a self-funded model, without VC funding. By 2025, Hyperliquid regularly leads decentralized perp trading volume, at times reaching double digits compared to Binance, reflecting a significant advancement in onchain trading infrastructure.

The HYPE token launched at the end of 2024 mainly serves governance, with protocol revenue aimed at buybacks rather than emissions. Despite increasing competition in the “perp DEX battle” in 2025, Hyperliquid maintains an important position thanks to liquidity and open contracts, while also reshaping market expectations for large-scale decentralized derivatives trading.