Macro & Ecosystem

Hyperliquid explained

Hyperliquid, the decentralized futures exchange

Quick definition: Hyperliquid is one of the largest decentralized perpetual futures exchanges. It runs on its own blockchain, and all orders and positions are public.

Hyperliquid offers speed and an experience close to a centralized exchange, but users trade from their own wallets with no KYC required.

Because the data is public, anyone can see what positions large wallets hold, along with their entry price, leverage and liquidation price. Crypffalo uses this source for its Whale Wallets section.

The exchange's token is HYPE. Like any exchange, Hyperliquid still carries technical and market risks.

💡 Example

A well-known trader opens a $100 million BTC Long on Hyperliquid: the whole community can follow the PnL of this position in real time.

📊 Track Hyperliquid whales →

Related terms

WhaleWhales are individuals or institutions holding very large amounts of money, enough to move the price when they…CEX and DEX exchangesA CEX is a centralized exchange run by a company (Binance, OKX, Bybit). A DEX is a decentralized exchange that…Perpetual contract (Perpetual)A perpetual contract is a type of futures contract with no expiry date, so you can hold the position as long a…LiquidationLiquidation happens when a leveraged position has lost almost all of its margin, and the exchange automaticall…

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Educational content for reference only, not financial advice. Leveraged trading carries the risk of losing your entire capital.