# Hyperliquid

> Source: https://fuckyc.org/services/hyperliquid/
> Website: https://hyperliquid.xyz/
> Categories: DEX & atomic swaps
> KYC: none — On-chain perpetuals on a dedicated L1; no accounts at the protocol layer. Front-end may geofence.
> Status: active
> Jurisdiction: protocol — decentralized
> Fiat on-ramp: no
> Payment methods: crypto
> Founded: 2023
> Open source: no
> Custodial: no
> Last verified: 2026-01-01

## Verdict

Hyperliquid is a newer on-chain perpetuals venue with strong execution characteristics. Operator transparency is partial; review the validator set and the bridge before depositing. Useful as a non-KYC perps venue, with the standard perp/protocol caveats.

## Strengths

- High-throughput on-chain order book and execution.
- Self-custody at the wallet layer.
- No KYC at the protocol layer.

## Caveats

- Newer chain; less battle-tested than dYdX.
- Validator set and operator transparency are evolving; review the docs at the time you use it.
- Perp liquidation risk independent of custody.
- Facts need re-verification by operator (last seeded 2026-01).

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## What Hyperliquid is

An on-chain perpetuals exchange running on its own L1 chain with an on-chain central limit order book.

## Threat-model fit

Trading venue.

## Sources

- [Hyperliquid docs](https://hyperliquid.gitbook.io/hyperliquid-docs) — accessed 2026-01-01
- [KYCnot.me — Hyperliquid entry](https://kycnot.me/service/hyperliquid) — accessed 2026-01-01