Decentralized perpetual-futures exchange on a custom Layer-1 blockchain with fully on-chain order books
Hyperliquid is a decentralized perpetual-futures exchange built on its own custom Layer-1 blockchain optimized for fully on-chain order books and sub-second finality. Founded by ex-Hudson River Trading quant Jeff Yan in 2022, the company famously took zero venture capital and bootstrapped to ~$900M in annual revenue with a team of around 11-15 people. The HYPE token launched in November 2024 via airdrop and trades with a market cap above $10B as of mid-2026, putting Hyperliquid in the upper tier of DeFi infrastructure.
Crypto / DeFi📍 Remote / DistributedFounded 2022
Current Valuation
$11B
as of 2026-Q3
DECACORN
QL Price
$11B
0% vs last round
QuantLogix's current estimate for Hyperliquid, published 2026-10-07 — in line with the last disclosed round of $11B (2026-Q3).
Confidence
low
Basis
round anchored
What backs this price
Last disclosed round
$11B
2026-Q3
weight 0.99
How this price has held up
No round has priced for Hyperliquid since QuantLogix began publishing a price for it, so there is nothing to grade yet. The claim above is on the record from 2026-10-07 and will be graded against the next priced round. See the full accuracy record →
Which publicly-traded funds already hold it, what $10,000 buys, and whether any route is open to you.
Cite this price as QuantLogix QL Price, Hyperliquid, 2026-10-07 (b7e32cd22263cb3d).
The id pins this exact claim, so a citation stays checkable after the price moves.
Model estimate for research — not a quote, target price, or investment advice.
IPO Outlookprivate
Is Hyperliquid going public?
No. Hyperliquid is private and has not filed to go public. There is no S-1 on file.
What is Hyperliquid's valuation in 2026?
Hyperliquid is valued at $11B as of 2026-Q3, set by its None (bootstrapped, no VC) (Nov 2024). That is the last confirmed mark, not a live price — private shares do not trade continuously.
Has Hyperliquid filed an S-1?
No public S-1 is on file for Hyperliquid.
Is Hyperliquid publicly traded — can you buy Hyperliquid stock?
No. Hyperliquid is a private company — its shares are not listed on any exchange and there is no ticker. The routes to exposure are pre-IPO secondary marketplaces and funds (accredited investors), employee tender offers when the company runs one, and public companies with read-through exposure. QuantLogix maps every route it can verify for Hyperliquid on its Pre-IPO Access Desk.
Answers are derived from the roster record shown on this page — filing status, last round and confirmed marks. Where the record is silent, the answer says so rather than guessing.
Company Profile
CEO
Jeff Yan
Founded
2022
HQ
Remote / Distributed
Employees
~15
Est. Revenue
$900M (2025-Q4)
Growth
Never raised venture capital — no investors, no priced equity round; the "valuation" is the HYPE token market capitalisation, roughly $11.7B in August 2026. Protocol revenue is running $35-50M a month, down more than 50% year over year from the 2025 peak.
IPO Status
private
Fundraising Status
None (bootstrapped, no VC) · 1y 11mo ago
private
Latest Funding Round
Round
Amount
Date
Lead Investor
Post-Money
None (bootstrapped, no VC)
—
Nov 2024
N/A - HYPE token launch
—
Talent Signal
No public careers page or job board could be found for Hyperliquid as of 2026-09-15. That itself is a datapoint: no open external hiring surface.
Checked the company site and major hosted job boards. Re-checked monthly.
Founders & Key People
Jeff Yaniliensinc
Products
Hyperliquid L1 blockchain (custom for on-chain order books)
Private-company numbers are not real-time. Reflects publicly disclosed valuations from press releases, news reports, and tender offers as of 2026-Q3. Refreshed quarterly.