Hyperliquid
Decentralized perpetual-futures exchange on a custom Layer-1 blockchain with fully on-chain order books
Crypto / DeFi
📍 Remote / Distributed
Founded 2022
Current Valuation
$11B
as of 2026-Q2
DECACORN
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.
Company Profile
Est. Revenue
$900M (2025-Q4)
Growth
Profitable; ~$900M annual revenue without VC funding
Founders & Key People
Jeff Yaniliensinc
Products
- Hyperliquid L1 blockchain (custom for on-chain order books)
- Perpetual-futures DEX (100+ markets)
- Spot trading on HyperEVM
- HYPE token (governance + gas)
Competitors
dYdX · GMX · Drift Protocol · Vertex Protocol · Centralized perps (Binance, Bybit)
DeFiDEXPerpetualsLayer 1Bootstrapped
Private-company numbers are not real-time. Reflects publicly disclosed valuations from press releases, news reports, and tender offers as of 2026-Q2. Refreshed quarterly.