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Hyperliquid lets DeFi builders build on shared liquidity for perps

Hyperliquid said builder integrators can use its shared liquidity through “builder codes,” and it has generated about $90 million in revenue so far.

Reported · Written up by our desk · DeFi

Hyperliquid is positioning its decentralized exchange platform to become a composable DeFi “money LEGO” layer for perpetual futures, by letting other firms build on top of its shared liquidity rather than fragmenting it across separate systems, according to CoinDesk.

The platform, which went live in early 2023, offers perps trading with leverage and no expiration date. Its Ethereum-compatible HyperEVM connects directly to its own HyperCore blockchain, enabling wallets and other exchanges to use Hyperliquid as a backend for liquidity and execution.

Hyperliquid says there are now hundreds of developers using its “builder codes,” including wallet providers and an exchange. Builders and integrators can charge fees on the notional size of users’ trades without maintaining the liquidity or developing the underlying backend.

CoinDesk also noted that Hyperliquid has generated about $90 million in revenue so far, citing Flowscan. Hyperion DeFi CEO Hansu Jian compared the setup to “AWS for finance,” describing Hyperliquid as a layer-one infrastructure focused on liquidity and execution that others can build on.

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