Hyperliquid docs, explained
A readable summary of the official Hyperliquid documentation, organised so you understand the architecture before you risk capital.
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Hyperliquid L1 and HyperBFT
Hyperliquid is a layer-1 blockchain optimised for trading. It uses HyperBFT, a consensus algorithm inspired by HotStuff, delivering one-block finality and throughput of up to 200,000 orders per second.
HyperCore
HyperCore is the native execution layer containing fully on-chain perpetual and spot order books. Every order, cancel, trade and liquidation is processed transparently on-chain.
HyperEVM
HyperEVM is an Ethereum-compatible environment secured by the same consensus. Smart contracts can read HyperCore state and interact with its liquidity, and HYPE is the native gas token.
Margin, liquidations and funding
Positions use cross or isolated margin. When account value falls below maintenance margin, positions are liquidated against the order book first, with the HLP liquidator vault as backstop. Funding is paid hourly and is based on the premium between mark and oracle price.
HIP-1, HIP-2 and HIP-3
HIP-1 defines native spot tokens, HIP-2 adds Hyperliquidity for automatic spot market-making, and HIP-3 enables builder-deployed perpetual markets backed by a HYPE stake.
Builder codes and API
Builder codes let front-ends charge a small fee on orders they route. The public API and SDKs support REST and WebSocket trading for bots.