The Little-Known Crypto Powerhouse Behind Billions in Trading

In just two years, a little-known decentralized exchange built by a small group of engineers has drawn heavyweight investors and billions in trading volume.

Known as Hyperliquid, it’s a booming platform for perpetual futures — never-expiring contracts that dominate crypto speculation, with monthly industry volumes above $6 trillion. Though far smaller than Binance, the market leader, Hyperliquid has already surpassed Coinbase Global Inc. in some areas and carved out an edge among decentralized exchanges.