Hyperliquid Perps - Protocol Analytics

Hyperliquid is a decentralized perpetual exchange operating on its own high-performance Layer-1 (HyperEVM). It supports fully onchain order books, cross-margin and isolated margin, and perpetual derivatives (no expiration) with funding payments. Collateral is denominated in USDC, while pricing oracles may be USDT-based (i.e. quanto style). Hyperliquid also offers “Hyperps” (Hyperliquid-only perps) that don’t require underlying spot or index oracles but use internal moving averages for pricing.