Hyperliquid

Trust Rank External venue ranking. It is not calculated by YearBull and is not a solvency guarantee.
#179
24h Volume (BTC)
2,777.38 BTC
Country
Cayman Islands
Established
2024
Author
Alan Zelvin
Alan Zelvin
Founder & Research Lead
Reading time
2 min
Dates Published / Modified
/

Hyperliquid exchange snapshot

Decentralized (DEX). Country Cayman Islands. Established 2024. Trust Rank 179. Reported 24h volume 2777.38 BTC.

Coverage: 50 active pairs across 48 tradable assets. Top ten pairs share 97.0%. Key pairs include HYPE/USDC, UBTC/USDC, UETH/USDC, XMR1/USDC. Leading pair HYPE/USDC. Median spread on leading markets 0.06%. Volume mix: USDC is the largest tracked quote currency at about 99.9% of measured flow. Data scope: 50 tickers observed, with spread readings on 50 markets.

How to read these exchange metrics

Scope: Trust Rank is an external relative position from the locally stored exchange snapshot. It is not calculated by YearBull and is not a guarantee of solvency, custody quality, licensing, customer protection, or future withdrawal access. Coverage counts observed markets, while concentration shows how much measured volume is assigned to the leading pairs. Median spread summarizes the bid ask gap in the observed leading markets; actual execution also depends on order size, depth, location, and market conditions.

Methodology responsibility: YearBull’s analytical methodology and presentation rules are developed and maintained by Alan Zelvin, Founder & Lead Crypto Researcher. This note identifies responsibility for the methodology; it does not attribute authorship of this data snapshot.

Figures may change as exchange and ticker snapshots are refreshed. Read the YearBull methodology.

Hyperliquid liquidity and coverage analysis

The current local dataset contains 50 observed pairs, 48 represented assets, 50 ticker records. The ten leading pairs account for about 97.0% of measured volume, a concentrated distribution. Median spread across the observed leading markets is 0.06%. The local volume series contains 30 points; its first to latest change is -8.0%, with a median observation of 1,136.15 BTC.

Coverage and reported volume show the scope of observed markets, not custody quality, solvency, regulatory availability, or guaranteed execution. Pair level depth and withdrawal conditions should be checked for the intended transaction.

Exchange Notes

Table of Contents
  1. Hyperliquid exchange research overview
  2. Coverage and concentration
  3. Historical volume context
  4. How to evaluate Hyperliquid
  5. Key risks and limits
  6. Primary sources and review scope

Hyperliquid exchange research overview

Hyperliquid is tracked as a decentralized exchange under hyperliquid-spot. The source profile lists Cayman Islands as its country or jurisdiction. A founding or launch year of 2024 is recorded. This profile analyzes observed market structure and is not an endorsement.

Coverage and concentration

The dated snapshot contains 50 active pairs, 48 tradable assets, 50 ticker observations. The leading observed pair is HYPE/USDC with about 44.7% of measured volume. The ten leading pairs account for about 97.0%, which is concentrated. Median spread across leading observed markets is 0.06%.

Historical volume context

The local series contains 30 observations. First to latest reported volume changed -8.0%; the median was 1,136.15 BTC, compared with a measured range of 428.32 to 2,043.25 BTC. Reported activity does not by itself establish executable depth for a specific order.

How to evaluate Hyperliquid

Compare fees, pair level depth, deposits and withdrawals, custody or contract design, account protections, token verification, and local eligibility. At the 2026-09-12 review, the Trust Rank was #178. Trust Rank, coverage, concentration, and spread answer different questions and should be read together.

Key risks and limits

Smart contract faults, oracle or bridge dependencies, front end availability, token verification, pool depth, wallet security, governance, and routing can affect execution. Terms, interfaces, listed markets, and regulatory availability can change. Verify current conditions directly with the venue.

Primary sources and review scope

YearBull methodology | Official exchange website. Identity and cached market fields were reviewed on 2026-09-12. The live exchange snapshot may be newer than this editorial review.

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