Hyperliquid is a next-generation decentralized exchange (DEX) built on its own Layer-1 blockchain, designed to offer high-speed, low-cost, and transparent perpetual futures trading. It utilizes a fully on-chain order book, providing a centralized exchange-like experience within a decentralized framework, while maintaining full user custody of funds. The platform supports trading of perpetual futures, spot assets, and offers advanced DeFi functionality.