Hyperliquid Explained

About this book

Hyperliquid Explained is a practical guide to a system that is both a blockchain and a financial venue. It works through the stack in the order it matters: HyperBFT for fast deterministic finality, HyperCore for a fully onchain order book with margin, spot, and perpetual futures as protocol primitives, and HyperEVM for smart contracts that reach that liquidity directly through system contracts and precompiles. Along the way it covers the machinery that keeps leveraged markets solvent — funding, mark prices, liquidations, oracles — plus HYPE staking, fee and burn economics, and the HIP standards shaping the ecosystem.