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# Hyper Foundation
> The Hyper Foundation is dedicated to the long-term growth and decentralization of the Hyperliquid ecosystem and blockchain. Hyperliquid is a decentralized layer one (L1) blockchain best known for perpetual futures and spot trading. Beyond its flagship decentralized exchange (DEX), the ecosystem supports borrowing, lending, real world assets (RWAs), and a full-fledged Ethereum Virtual Machine (EVM). The native token is HYPE.
## About Hyperliquid
Source: https://hyperliquid.gitbook.io/hyperliquid-docs
### What is Hyperliquid?
Hyperliquid is a decentralized layer 1 (L1) blockchain best known for perpetual futures and spot trading. Hyperliquid handles billions in daily volume and drives ~$800M in annual revenue. Hyperliquid offers an opportunity for a massive technical upgrade of the existing financial system through a transparent, efficient, and resilient blockchain. 

### Technical Overview
Hyperliquid is a decentralized layer one (L1) blockchain that is comprised of two components, HyperCore and the HyperEVM. They are secured by the same underlying consensus mechanism, HyperBFT. 
HyperCore includes financial primitives that require high performance and are built natively, such as fully onchain perpetuals and spot order books, prediction markets, and staking. Every order, cancellation, trade, and liquidation happens transparently with one-block finality inherited from HyperBFT. HyperCore supports 200k orders/second. 
The HyperEVM is a general-purpose programmable layer that enables users and builders to access HyperCore and build apps using smart contracts. 
### Key Statistics
- Block time: 0.07 seconds
- Max TPS: 200,000
- End-to-end latency (co-located): median 0.2 seconds, 99th percentile 0.9 seconds[S1]
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## Hyperliquid 101 for Non-Crypto Audiences
Source: https://hyperliquid.gitbook.io/hyperliquid-docs/about-hyperliquid/hyperliquid-101-for-non-crypto-audiences
Hyperliquid is a decentralized blockchain designed to upgrade the existing financial system. Just as electronic trading dramatically improved markets in the 2000s, Hyperliquid offers an opportunity for a massive technical upgrade through a transparent, efficient, and resilient blockchain. Hyperliquid is best known for perpetual futures and spot trading, which handles billions in daily volume and drives ~$800 million in annual revenue. HYPE is the native token of the Hyperliquid blockchain, with a maximum supply of 1 billion. HYPE is used for staking, governance, gas fees, trading fee discounts, and asset deployment fees. ~$800 million in annualized fees go toward programmatically buying back the HYPE token. 
In the same way that AWS provides the cloud infrastructure for developers to build on the internet, Hyperliquid provides the liquidity infrastructure for developers to build financial applications. Independent teams using Hyperliquid's liquidity infrastructure have generated over $65M in revenue through builder codes, which monetize user activity.
Hyperliquid modernizes market structure through transparency (all transactions recorded on a public ledger), open access (no centralized gatekeepers), resilience (permissionless set of independent validators), and performance (up to 200,000 transactions per second).
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## Core Contributors
Source: https://hyperliquid.gitbook.io/hyperliquid-docs/about-hyperliquid/core-contributors
Hyperliquid Labs leads core development of the Hyperliquid blockchain. Founded by Harvard classmates Jeff Yan and iliensinc, Hyperliquid Labs is entirely self-funded and has not taken any external capital. This independence allows the team to focus on technical and product excellence and remain committed to upgrading the global financial system.  
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## Onboarding
Source: https://hyperliquid.gitbook.io/hyperliquid-docs/onboarding
### How to Start Trading
You can trade on Hyperliquid with a normal defi wallet or by logging in with your email address. If using a defi wallet, you need an EVM wallet (e.g., Rabby, MetaMask) and collateral (USDC on Arbitrum, BTC on Bitcoin, ETH/ENA on Ethereum, SOL/2Z/BONK/FARTCOIN/PUMP/SPX on Solana, MON on Monad, or XPL on Plasma).
Multiple interfaces and apps are available including Based (web, iOS, Android), Dexari (iOS, Android), MetaMask (iOS, Android), Phantom (web extension, iOS, Android), and app.hyperliquid.xyz (web).
Email login creates a new blockchain address for your email. Wallet login requires connecting, enabling trading (gas-less signature), and depositing. Trading on Hyperliquid does not cost gas. 
### How to Use the HyperEVM
Add the HyperEVM to your wallet with Chain ID 999, RPC URL https://rpc.hyperliquid.xyz/evm. Currency symbol is HYPE. Block explorers include hyperevmscan.io and hyperscan.com. Assets can be moved between HyperCore and HyperEVM. The HyperEVM is based on Cancun without blobs.
### How to Stake HYPE
Stake HYPE on HyperCore via app.hyperliquid.xyz/staking or third-party interfaces. HYPE must be in your Spot Balance on HyperCore. Staking to a validator has a 1-day lockup. Transferring from your Staking Balance to Spot Balance takes 7 days.
### Testnet
Testnet faucet available at app.hyperliquid-testnet.xyz/drip for users who have deposited on mainnet. Provides 1,000 mock USDC.
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## HyperCore
Source: https://hyperliquid.gitbook.io/hyperliquid-docs/hypercore
### Overview
Hyperliquid is secured by HyperBFT, a custom consensus algorithm inspired by HotStuff and its successors. Blocks are produced by validators in proportion to native token staked to each validator. HyperCore includes financial primitives that require high performance and are built natively, such as fully onchain perpetuals and spot order books, prediction markets, and staking. Consensus uses HyperBFT optimized for end-to-end latency. Mainnet currently supports approximately 200k orders per second with plans for further optimization.
### Bridge
Deposits are signed by validators and credited when more than 2/3 of staking power has signed. Withdrawals are immediately deducted from L1 balance. After a dispute period, finalization transactions are sent and distribute the USDC. Withdrawal gas fee is 1 USDC. The bridge and its logic have been audited by Zellic.
### API Servers
API servers listen to updates from a node and maintain blockchain state locally, serving REST and Websocket data and forwarding user transactions to nodes for HyperBFT consensus.
### Clearinghouse
The perps clearinghouse manages margin state for each address, including balance and positions. Deposits are first credited to an address's cross margin balance. Positions by default are also opened in cross margin mode and isolated margin is also supported. The spot clearinghouse analogously manages spot token balances and holds.
### Oracle
Validators publish spot oracle prices for each perp asset every 3 seconds, used for funding rates and mark price calculations. Spot oracle prices are computed by each validator as weighted median of Binance (3), OKX (2), Bybit (2), Kraken (1), Kucoin (1), Gate IO (1), MEXC (1), and Hyperliquid (1) spot mid prices. The final oracle price is the weighted median of validator�s submitted prices, where the validators are weighted by their stake.
### Order Book
HyperCore includes an order book for each asset working similarly to centralized exchanges. Orders match in price-time priority. Unique to Hyperliquid�s L1, the mempool and consensus logic are semantically aware of HyperCore order book transactions, sorting actions within blocks by type (non-orders, cancels, then GTC/IOC orders).
### Staking
HYPE staking happens within HyperCore. Each validator requires 10k HYPE self-delegation (locked for one year) to become active. Validators may charge a commission to delegators. Delegations have a 1-day lockup. Transfers from spot to staking are instant, but transfers from staking to spot have a 7-day unstaking queue. At 400M total HYPE staked, the yearly reward rate is approximately 2.37%. Rewards are accrued every minute and distributed daily.
The validator set evolves in epochs of 100k rounds (~90 minutes). Validators can vote to jail peers for poor performance. Jailed validators do not produce rewards. Jailing is distinct from slashing, which is reserved for provably malicious behavior.
### Vaults
Builders can create and tokenize vaults on the HyperEVM with fully customizable accounting. Vaults can trade onchain via CoreWriter and support spot and HIP-3 in all quote assets.
###Protocol Vaults 
Hyperliquidity Provider (HLP) is a protocol vault that provides liquidity to Hyperliquid through market making strategies, performs liquidations, supplies USDC in Earn, and accrues a portion of trading fees. HLP democratizes strategies typically reserved for privileged parties on other exchanges and is fully community-owned. The deposit lock-up period is 4 days. 
### Multi-sig
HyperCore supports native multi-sig actions as a built-in primitive. Multiple private keys can control a single account. Maximum of 10 authorized users per multi-sig user.
### Permissionless Spot Quote Assets
Becoming a spot quote asset is permissionless with requirements including wei decimals of 8 and size decimals of 2, zero deployer fee share, 200k HYPE staked (committed for 3 years), and specific liquidity requirements for QUOTE/USDC and HYPE/QUOTE books.
### Aligned Quote Assets
Aligned stablecoins offer lower trading fees (20% lower taker fees), better maker rebates (50% better), and higher volume contribution (20% more) toward fee tiers. Requirements include 1M total staked HYPE, 50% of deployer's offchain reserve income flowing to protocol, 1:1 backing by cash/treasuries, par redemption at all times, full supply natively minted on HyperEVM, and an independent dedicated team.
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## HyperEVM
Source: https://hyperliquid.gitbook.io/hyperliquid-docs/hyperevm
HyperEVM is a general-purpose programmable layer that enables users and builders to access HyperCore and build apps using smart contracts. The HyperEVM is not a separate chain but secured by the same HyperBFT consensus as HyperCore, allowing direct interaction with HyperCore components like spot and perp order books.
Builders can plug into mature, liquid, performant onchain order books. Projects can deploy ERC20 contracts on HyperEVM and corresponding spot assets permissionlessly via HyperCore spot auction. Once linked, users can use the same token on HyperEVM applications and trade it on the native spot order book.
The HyperEVM is in alpha stage with a gradual rollout approach for safety, fairness ("no insiders" principle), and iterative development with real economic use. Community-built directories of teams building on the HyperEVM have been curated by ASXN and HypurrCo.
### HyperEVM Developer Details
Chain ID 999 (mainnet), 998 (testnet). RPC: https://rpc.hyperliquid.xyz/evm (mainnet), https://rpc.hyperliquid-testnet.xyz/evm (testnet). Uses Cancun hardfork without blobs. EIP-1559 enabled. Base fees and priority fees are both burned. HYPE on HyperEVM has 18 decimals.
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## Hyperliquid Improvement Proposals (HIPs)
Source: https://hyperliquid.gitbook.io/hyperliquid-docs/hyperliquid-improvement-proposals-hips
### HIP-1: Native Token Standard
HIP-1 is a capped supply fungible token standard with onchain spot order books between pairs of HIP-1 tokens. Deployers specify name (max 6 chars), weiDecimals, szDecimals, maxSupply, optional initialWei (genesis balances), and hyperliquidityInit parameters. Deployment gas cost follows a Dutch auction (31 hour duration, linear decrease from initial_price to 500 HYPE). USDC is the primary quote token with szDecimals = weiDecimals = 8.
Trading fees on non-USDC HIP-1 tokens: deployer's fee share defaults to 100% (configurable 0-100%, but can only decrease). Fees not redirected to deployer are burned. Spot dust conversion occurs daily at 00:00 UTC.
### HIP-2: Hyperliquidity
Hyperliquidity is a fully decentralized onchain strategy to support sophisticated order book liquidity inspired by Uniswap but operating on a native onchain order book. It's part of Hyperliquid�s block transition logic with no operators. Parametrized by spot asset, startPx, nOrders, orderSz, and nSeededLevels. The strategy guarantees a 0.3% spread every 3 seconds and updates on blocks at least 3 seconds apart. Active liquidity providers can join in liquidity provision alongside Hyperliquidity at any time.
### HIP-3: Builder-Deployed Perpetuals
Permissionless builder-deployed perps requiring 500k HYPE staked. Deployers manage market definition, oracle configuration, leverage limits, and settlement. Fee share is fixed at 50% to deployer. User fees are 2x the usual fees on validator-operated perps. The first 3 assets per dex don't require auction; additional assets go through a Dutch auction. Deployers are subject to slashing by validator quorum vote for malicious market operation.
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## Trading
Source: https://hyperliquid.gitbook.io/hyperliquid-docs/trading
### Fees
Fees are based on rolling 14-day volume. Volume-based fee tiers range from Tier 0 (base) through Tier 6 (>$7B volume). Perps and spot volume count together, with spot volume counting double. Staking tiers provide additional discounts (5% for 10 HYPE staked up to 40% for 500k+ HYPE � Diamond tier).
Perps base taker fees: 0.045%, maker: 0.015% (Tier 0). Spot base taker fees: 0.070%, maker: 0.040% (Tier 0). Fees decrease with higher volume tiers, reaching 0.024% taker / 0% maker at Tier 6 for perps.
Fees are entirely directed to the community (HLP, assistance fund, deployers). The assistance fund converts fees to HYPE and burns them. No fees go to insiders.
### Builder Codes
Builder codes allow defi builders to receive a fee on fills sent on behalf of users. Set per-order with user-approved maximum fees. Builder must have at least 100 USDC in perps account value. Maximum builder fees: 0.1% on perps, 1% on spot. Each user can have maximum 10 active builder code approvals at a time.
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## Validators
Source: https://hyperliquid.gitbook.io/hyperliquid-docs/validators
### Running a Validator
GitHub repository: https://github.com/hyperliquid-dex/node. Running validating and non-validating nodes is permissionless. The active set is determined transparently by the top twenty-four validators by stake.
### Delegation Program
The Hyper Foundation Delegation Program enhances network security by delegating tokens to reliable validators, promoting diversity, and supporting validators committed to ecosystem growth and stability. Requirements include 10k HYPE minimum self-delegation (locked for one year), running at least two non-validator nodes with 95% uptime, KYC/KYB completion, and compliance with applicable laws. Restricted jurisdictions include Ontario, the U.S., Cuba, Iran, Myanmar, North Korea, Syria, and certain Russian-occupied regions of Ukraine.
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## Referrals
Source: https://hyperliquid.gitbook.io/hyperliquid-docs/referrals
Create a referral code after $10,000 in volume. Receive 10% of referred users' fees. Referral rewards apply for first $1B in volume; referral discounts for first $25M. Users get 4% fee discount using a referral code. Discounts do not apply to vaults or sub-accounts.
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## Points
Source: https://hyperliquid.gitbook.io/hyperliquid-docs/points
The points program initially ran from November 1, 2023 through May 1, 2024, distributing 1,000,000 points weekly. The L1 phase ran from May 29, 2024 through November 2024, distributing 700,000 points weekly. Points rewarded users who contributed to the protocol's success.
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## Historical Data
Source: https://hyperliquid.gitbook.io/hyperliquid-docs/historical-data
Historical data uploaded to `hyperliquid-archive` approximately monthly. L2 book snapshots in `market_data`, asset contexts in `asset_ctxs`. Trade data at `s3://hl-mainnet-node-data/node_fills_by_block`. Historical explorer blocks at `s3://hl-mainnet-node-data/explorer_blocks`. The Enigma team provides a trade history export interface at trade-export.hypedexer.com.
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## Risks
Source: https://hyperliquid.gitbook.io/hyperliquid-docs/risks
Key risks include smart contract risk (Arbitrum bridge contracts), L1 risk (network may experience downtime), market liquidity risk (potential low liquidity especially early on), and oracle manipulation risk (compromised oracles could affect mark price). Risk mitigations include open interest caps, which when hit, mean orders cannot rest further than 1% from oracle price.
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## Bug Bounty Program
Source: https://hyperliquid.gitbook.io/hyperliquid-docs/bug-bounty-program
Hyper Foundation runs a bug bounty program to enhance network security and staking delegation program to support a diverse validator set. In scope: any mainnet bug causing outage or logical error on nodes/API servers. Submit reports to bugbounty@hyperfoundation.org. Classification: Critical (<1M USDC) for significant loss of funds or L1 execution invariant violations; High (<50k USDC) for downtime without incorrect state; Medium (<10k USDC) for API server performance issues. Rewards paid in USDC on Hyperliquid.
---
## Audits
Source: https://hyperliquid.gitbook.io/hyperliquid-docs/audits
The Arbitrum bridge contract has been audited by Zellic. 
---
## Brand Kit
Source: https://hyperliquid.gitbook.io/hyperliquid-docs/brand-kit
Official logos available in PNG and SVG formats. Includes Hyperliquid banner, Hypurr mascot assets (multiple versions), and HyperEVM/HyperCore/Powered by Hyperliquid badges.
---
## Developer Resources
### API Documentation
Source: https://hyperliquid.gitbook.io/hyperliquid-docs/for-developers/api
Documentation for the Hyperliquid public API. SDKs available:
- Python SDK (official): https://github.com/hyperliquid-dex/hyperliquid-python-sdk
- Rust SDK (community, Infinite Field): https://github.com/infinitefield/hypersdk
- TypeScript SDKs (community): https://github.com/nktkas/hyperliquid, https://github.com/nomeida/hyperliquid
- CCXT integration: https://docs.ccxt.com/#/exchanges/hyperliquid
Mainnet URL: https://api.hyperliquid.xyz. Testnet: https://api.hyperliquid-testnet.xyz.
### HyperEVM Developer Docs
Source: https://hyperliquid.gitbook.io/hyperliquid-docs/for-developers/hyperevm
HyperEVM blocks are built as part of Hyperliquid's execution, inheriting all security from HyperBFT. HYPE is the native gas token. Move HYPE from HyperCore to HyperEVM by sending to 0x2222222222222222222222222222222222222222. Uses Cancun hardfork without blobs. EIP-1559 enabled. Base fees and priority fees are both burned.
Mainnet: Chain ID 999, RPC https://rpc.hyperliquid.xyz/evm.
Testnet: Chain ID 998, RPC https://rpc.hyperliquid-testnet.xyz/evm.
### Nodes
Source: https://hyperliquid.gitbook.io/hyperliquid-docs/for-developers/nodes
Run nodes by following instructions at https://github.com/hyperliquid-dex/node.
---
## Builder Tools
### HyperEVM Tools
Source: https://hyperliquid.gitbook.io/hyperliquid-docs/builder-tools/hyperevm-tools
Key categories of available tooling:
- Account abstraction: Alchemy, Biconomy, ZeroDev
- Analytics: Dune
- Archival RPC: Alchemy, Altitude, Chainstack, Dwellir, HypeRPC, OnFinality, Quicknode
- Big blocks, small blocks: Dual block architecture, Python SDK example, Vercel  
- Cross-chain messaging: DeBridge, LayerZero, Reactive
- DEX aggregators: GlueX, Hyperbloom, Hyperflow, LiquidSwap, LlamaSwap, Matcha Meta
- Explorers: Blockscout (hyperscan.com), Etherscan (hyperevmscan.io), Owlscan
- Faucet (testnet): Chainstack, Quicknode
- Gas: Cortex, DeBridge, Gas.zip, Hyperliquid.xyz 
- Indexing/subgraphs: Allium, Covalent, Envio, Goldsky, HyperSignals, Indexing Co, Ormilabs, SonarX, SQD, SubQuery
- Multisig/MPC/Custody: BitGo, Fireblocks, Fordefi
- Oracles: Blocksense, Chainlink, Pyth, Redstone, Seda, Stork
- RPC providers: Mainnet, Testnet, dRPC, HypurrScan, Quicknode, Stakely, Chainlink (testnet)
- SAFE instances: Safe, Den, Palmera
- Smart contract tooling: Gelato, Proof of Play RNG
### HyperCore Tools
Source: https://hyperliquid.gitbook.io/hyperliquid-docs/builder-tools/hypercore-tools
Key categories:
- Analytics (perps/order book): ASXN, Artemis, Blockliquidity, Coinalyze, DefiLlama, Flowscan, HyperDash, HyperTracker, Laevitas, Velo
- Analytics (USDC Arbitrum bridge): Dune dashboards, Parsec
- APIs and SDKs: Python SDK, Rust SDK (Infinite Field), TypeScript SDKs, CCXT, Dwellir (gRPC and websocket), Hydromancer
- Explorers: Hyperliquid.xyz, Flowscan, HypurrScan
- Indexing: Allium, HypeDexer, SonarX
- Multisig/MPC/Custody: Anchorage Digital, FalconX, HyperSig, Komainu, Tholos
---
## Support
Source: https://hyperliquid.gitbook.io/hyperliquid-docs/support
Support Guide for resolving common issues. Tickets may take up to 48 hours (longer on weekends). Discord support: Open a ticket in the "open-ticket" channel of the official server. Email support form also available. Do not respond to any DMs, which are impersonator accounts.
Important reminders: Never share wallet, seed phrase, password, or private key. Always verify full URLs. Official website: https://hyperfoundation.org/. Trading at: https://app.hyperliquid.xyz/trade. Official X accounts: @HyperliquidX and @HyperFND. Official Telegram: https://t.me/hyperliquid_announcements.
---
## Legal
### Terms of Service
Source: https://hyperfoundation.org/termsOfService
Last revised: October 10, 2024
Terms govern access to the Hyper Foundation website and services, operated by or on behalf of the Hyper Foundation, a Cayman Islands foundation company. Users must be 18+ and not Prohibited Persons. Prohibited jurisdictions include the United States, Cuba, Iran, DPRK, Syria, and certain Russian-occupied regions of Ukraine. The Hyperliquid L1 is not part of the Services. Governed by Cayman Islands law.
### Privacy Policy
Source: https://hyperfoundation.org/privacyPolicy
Last revised: October 10, 2024
Describes data handling for the Hyper Foundation's services. Uses cookies and tracking technologies. Data may be shared with service providers, professional advisors, law enforcement, and affiliates. Governed by Cayman Islands Data Protection Act 2021.
### Genesis Event Terms & Conditions
Source: https://hyperfoundation.org/genesisEventTerms
Last revised: October 10, 2024
Terms governing participation in the HYPE token genesis distribution event. Participants must not be Prohibited Persons. The Organization reserves the right to require additional KYC/KYB verification. Detailed risk factors covering the Hyperliquid L1, HYPE token, regulatory risks, and operational risks. Governed by Cayman Islands law.
### NFT Terms & License
Source: https://hyperfoundation.org/nftTerms
Last revised: September 11, 2025
Terms for the Hypurr NFT collection (4,600 unique digital collectibles on Hyperliquid). Holders receive a non-exclusive, worldwide, royalty-free license to use, reproduce, display, and create derivative works from their Hypurr Artwork for commercial purposes during their ownership period. Organization retains underlying IP. License is inseparable from the NFT and terminates upon transfer. Holders may sublicense for commercial purposes. Prohibited uses include hate, violence, illegal conduct, and false Organization affiliation.
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## Community & Social
- Discord: https://discord.gg/hyperliquid � Official server for community discussion, support tickets, and ecosystem updates
- X / Twitter: https://twitter.com/hyperliquidX (@HyperliquidX) � Official account
- X / Twitter: https://x.com/HyperFND (@HyperFND) � Hyper Foundation account
- Telegram: https://t.me/hyperliquid_announcements � Official announcement channel
- GitHub: https://github.com/hyperliquid-dex � Open-source repositories including SDKs, node software, and tooling
## Application
- Hyperliquid Trading App: https://app.hyperliquid.xyz/trade � Flagship decentralized exchange for perpetual futures and spot trading. Low fees, up to 40x leverage, fully onchain order book, one-click trading.
- Hyperliquid Staking: https://app.hyperliquid.xyz/staking � Stake HYPE to validators
- Hyperliquid Explorer: https://app.hyperliquid.xyz/explorer � Onchain block and transaction explorer
- Hyperliquid Testnet: https://app.hyperliquid-testnet.xyz � Testnet environment for testing
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