Hyperliquid is taking crypto perps deep into DeFi’s ‘money LEGO’ land
Hyperliquid has become a leading decentralized exchange for perpetual futures by concentrating liquidity and order-book depth. Its HyperEVM connects to HyperCore, letting wallets, exchanges, and other apps build on shared liquidity instead of fragmenting it. This “liquidity-as-infrastructure” model lets integrators keep their own users and interface while Hyperliquid handles matching, execution, and margin. Hundreds of builders, including MetaMask, Phantom, and VALR, now use builder codes, generating substantial revenue and reinforcing network effects. MetaMask uses Hyperliquid to offer self-custodial perps directly inside the wallet, emphasizing fast execution and transparent fees. VALR, a large African exchange, plugged into Hyperliquid after struggling to generate enough volume and liquidity on its own books. Supporters describe Hyperliquid as “AWS for finance,” with liquidity itself as the core service. As more venues add perps, the platform could also enable cross-venue arbitrage and more organic funding rates.
