What Is Hyperliquid?
A visual introduction to Hyperliquid, HyperCore, HyperEVM, and HyperBFT.
002HyperCore Explained
How Hyperliquid's native financial execution environment handles markets, margin, matching, and state.
003HyperEVM Explained
What HyperEVM is, why it exists, and how smart contracts connect to HyperCore.
004HyperBFT Explained
How Hyperliquid's consensus system orders transactions and secures HyperCore and HyperEVM.
005What Happens When You Place a Trade on Hyperliquid?
Follow an order from the trading interface through consensus, matching, margin checks, and account updates.
006How an Onchain Order Book Works
Bids, asks, spreads, price-time priority, and what makes Hyperliquid's native order book different from an AMM.
007AMMs vs Order Books
Two ways DeFi markets discover prices, with HyperCore CLOBs and HyperEVM AMMs as concrete examples.
008Spot vs Perpetual Futures
How owning an asset differs from trading perpetual exposure, including leverage, funding, and liquidation risk.
009What Is a Perpetual Futures Contract?
Why perps have no expiry, how funding anchors them to spot, and where their risks come from.
010Long, Short, Leverage, and Margin
The four concepts that determine how a leveraged trading position behaves.
051How Hyperliquid Differs From a DEX on Ethereum
Hyperliquid moves exchange-critical logic into the blockchain itself, while most Ethereum DEXs express trading logic through smart contracts on a general-purpose execution layer.
052Hyperliquid vs Centralized Exchanges: What Actually Changes?
Hyperliquid can feel like a centralized exchange at the interface level, but custody, state transparency, settlement, and market operation work differently.
053HyperCore vs HyperEVM: Which Layer Does What?
HyperCore is Hyperliquid's native financial engine; HyperEVM is the programmable EVM environment beside it. They share one L1 but serve different workloads.
054Understanding Hyperliquid State: What Lives Where?
Hyperliquid state is split by function across HyperCore and HyperEVM, with explicit interfaces connecting native market state to EVM applications.
055Blocks, Finality, Throughput, and Latency on Hyperliquid
Hyperliquid's performance should be understood as a pipeline: consensus orders state transitions, block production advances state, and user-visible latency includes network and client effects.
056How Gas Works on HyperEVM vs Trading on HyperCore
HyperEVM contract calls pay HYPE gas under EVM fee mechanics; native HyperCore trading actions use Hyperliquid's trading fee and action model instead of EVM gas.
057What Is HYPE and What Is It Used For?
HYPE is Hyperliquid's native asset, used across staking, validator security, HyperEVM gas, and several protocol-level deployment or alignment mechanisms.
058How Spot, Perps, DeFi, and Applications Fit Into One Hyperliquid Stack
Hyperliquid combines native financial markets in HyperCore with a programmable HyperEVM application layer, allowing capital and information to move between trading and DeFi surfaces.
059Hyperliquid Mainnet vs Testnet
Hyperliquid mainnet carries real assets and production market state, while testnet is the safer environment for integration work, contract testing, and API experiments.
060Hyperliquid Glossary: The Terms You Need to Know
A living glossary of Hyperliquid concepts, market terms, protocol components, and developer primitives, with each definition connected to deeper Academy references.