From crypto to tokenized stocks and oil – all on-chain, all in one place. Here's everything you need to know about Hyperliquid, and why it's now live on Skalpy.

The Big Idea

For years, decentralized exchanges (DEXs) came with a familiar trade-off: transparency and self-custody on one side, clunky interfaces and sluggish performance on the other. Centralized exchanges offered speed and liquidity, but you had to trust them with your funds.

Hyperliquid was built to eliminate that trade-off.

It's a Layer 1 blockchain designed from scratch with one goal: to become the infrastructure for a fully on-chain financial system. Not just crypto trading – everything. Stocks, commodities, derivatives, prediction markets. All transparent, all fast, all non-custodial.

Hyperliquid is not just another DEX. It's a new financial layer – built entirely on-chain, purpose-built for performance, and expanding into assets that have never existed on a decentralized platform before.

How It Works: The Architecture

Hyperliquid is a custom Layer 1 blockchain powered by HyperBFT – a consensus algorithm inspired by HotStuff and its successors, optimized for high-throughput, low-latency exchange operations. The result: up to 200,000 orders per second with sub-second finality.

The protocol splits execution into two layers:

HyperCore The trading engine. A fully on-chain central limit order book (CLOB) for perpetual futures and spot markets. Every order, trade, cancellation, and liquidation happens transparently with one-block finality. No off-chain matching, no trusted intermediaries.

HyperEVM An Ethereum-compatible smart contract environment on the same blockchain. Builders can deploy dApps and DeFi protocols that tap directly into HyperCore's liquidity – combining the speed of a dedicated exchange with the programmability of Ethereum.

The HIPs: How Hyperliquid Evolves

Hyperliquid evolves through on-chain governance proposals called HIPs (Hyperliquid Improvement Proposals). Each HIP is a structural upgrade to the protocol – not a minor tweak, but a meaningful expansion of what's possible on the platform.

Here's how each one has changed the game:

HIP-1 – Native Token Standard

HIP-1 established the foundation: a formal standard for fungible tokens on Hyperliquid. Similar to what ERC-20 did for Ethereum, it enabled anyone to create tokens on HyperCore with on-chain spot orderbooks, capped supply rules, and a governance-based listing process. Communities could bid HYPE to list their tokens in spot markets.

HIP-2 – Hyperliquidity

Liquidity is the lifeblood of any exchange. HIP-2 solved the cold-start problem for new tokens by introducing an automated on-chain liquidity engine built directly into HyperCore's block logic.

Unlike traditional market-making bots, this system has no operators – the strategy runs as part of the blockchain's consensus itself. When a new token launches, Hyperliquidity automatically seeds buy and sell orders, ensuring traders have depth from day one. When PURR/USDC launched, liquidity was available instantly – before any human market maker had placed an order.

HIP-3 – Builder-Deployed Perpetuals

This is where things get interesting for assets beyond crypto.

HIP-3 allows anyone staking 500,000 HYPE to permissionlessly deploy perpetual futures markets on Hyperliquid. No gatekeepers, no approval process. Builders control oracle prices, leverage limits, and market parameters – and can list virtually any asset that has a reliable external price feed.

The implications are significant. Under HIP-3, Hyperliquid now hosts:

• Tokenized equity perps – NVDA, and even the first officially licensed S&P 500 perpetual contract on a decentralized platform, deployed by Trade[XYZ] in partnership with S&P Dow Jones Indices

• Commodity perps – Silver doing ~$3B weekly volume, Gold with ~$700M weekly volume

• Emerging crypto assets that don't qualify for core validator listings

HIP-3 markets have peaked at over $1B in open interest and $4.8B in daily volume. The Gold perp has become one of the deepest on-chain liquidity venues for gold derivatives globally. This is permissionless finance applied to real-world assets – at scale.

HIP-4 – Outcome Contracts (Prediction Markets)

The newest frontier. HIP-4 introduces fully collateralized outcome contracts – binary instruments that trade between 0 and 1, where the price represents the market's probability of a specific event occurring.

Think prediction markets, but built natively on the same orderbook and margin system as perps. Key design choices make this more robust than standalone prediction market platforms:

• Full collateralization – no liquidation risk, your maximum loss is exactly what you paid

• Oracle-driven settlement eliminates the arbitrage window present in standard perps

• 15-minute opening auction for new markets prevents manipulation at launch

• Composable with perps and spot in a single margin account

HIP-4 is currently on testnet, with mainnet expected within 2026. It represents Hyperliquid's move from derivatives exchange to general-purpose financial infrastructure.

The progression is clear: HIP-1 gave the chain native tokens. HIP-2 bootstrapped liquidity. HIP-3 opened permissionless derivatives to any asset. HIP-4 extends this to event markets. Each step expands what's tradable on-chain.

The HYPE Token

HYPE is the native token of Hyperliquid, with a maximum supply of 1 billion tokens. It serves three roles: governance voting, staking (required for validator operation and HIP-3/4 market deployment), and gas for the HyperEVM.

What makes HYPE's economics distinctive is a direct link between protocol revenue and token value. A significant portion of trading fee revenue goes to an on-chain Assistance Fund, which automatically buys back HYPE from the open market. More trading volume = more fees = more buyback pressure. This creates a feedback loop between platform growth and token scarcity.

To put the scale in context: Hyperliquid has processed over $182B in trading volume in the past 30 days and leads the perpetuals DEX market by trading volume.

Hyperliquid is Now Live on Skalpy

Hyperliquid's markets – crypto perpetuals, tokenized stocks, oil, gold, and more – are now available directly inside Skalpy.

For active traders and scalpers, this matters. You get:

• Real-time scalping DOM and cluster insights for Hyperliquid markets

• Fastest market data and execution – no switching tabs or platforms

• Trade directly from the chart

• Access crypto, tokenized stocks, and commodities in one terminal

• Fully synced across Web, iOS, and Android

Hyperliquid markets + Skalpy execution = edge. One terminal, every market.

Getting Started

1. Create and fund your Hyperliquid account

2. Export your private key from your wallet

3. Launch Skalpy

4. Select any Hyperliquid pair and connect via private key

5. Start trading

For a full walkthrough, check out our Documentation.

No platform switching. No compromises on speed. Just clean, fast access to on-chain markets that were previously scattered across multiple platforms – or didn't exist at all.

Start trading Hyperliquid in Skalpy →