Hyperliquid

HYPE is the native token of Hyperliquid, a Layer 1 blockchain built around an onchain exchange rather than underneath one. HyperCore runs the order books, margin and liquidations; HyperEVM provides an Ethereum-compatible environment beside it; both settle under the network's own HyperBFT consensus. Its best known product is perpetual futures.

The token launched on 29 November 2024. Roughly 31% of a one-billion maximum supply went to people who had already traded on the exchange, with a further 23.8% locked for core contributors. The project said there were no allocations to private investors, centralised exchanges or market makers, and Hyperliquid's documentation states that Hyperliquid Labs "is self-funded and has not taken any external capital". Around 94,000 addresses received the genesis distribution, and the spread was steep: the mean allocation was roughly 2,900 tokens against a median of 65.

HYPE is used for staking on the network, and HIP-3 requires a deployer to stake 500,000 HYPE before creating markets on Hyperliquid's engine. CFTC-regulated venues have listed perpetual-style futures referencing the token by self-certification, which is not the same as the exchange itself being registered in the United States.

Unknown: the vesting schedule for the core-contributor tranche beyond its first-year lock, and whether any US regulatory route for the exchange will materialise. On 19 August 2026 President Trump said the CFTC chairman was working to bring Hyperliquid onshore; no approval, application or rule proposal has followed. First review due 20 September 2026.