Core Insights - Hyperliquid has evolved from a market maker to one of the largest decentralized exchanges in the crypto space, processing trillions in volume and ranking as the third-largest decentralized exchange behind PancakeSwap and Uniswap [1][2] Company Overview - Hyperliquid is a decentralized exchange focused on perpetual futures trading, built on its own layer-1 network, with its native token HYPE achieving top 20 cryptocurrency status by market capitalization within a year of its launch [2] User Engagement - Hyperliquid simplifies cryptocurrency trading for users by offering low fees, a wide range of available assets, and high leverage options, attracting over 700,000 users since its launch in 2023 [3][7] - The platform allows leverage of up to 40x, significantly higher than Binance's maximum of 20x, making it a competitive environment for traders [5] Fee Structure - The fee structure on Hyperliquid ranges from 0.07% for low-volume taker spot trades to 0% for high-volume perp maker fees, which is notably lower than Uniswap's 0.3% fee [4] Market Dynamics - Hyperliquid has become a battleground for traders, exemplified by a notable incident in March 2025 where a whale executed a 40x leveraged short position worth $521 million against Bitcoin, showcasing the platform's transparency and competitive nature [6] Development and Funding - Hyperliquid was entirely self-funded and developed by a small team of 11, with a focus on providing real value to users rather than seeking venture capital funding [8]

According to the bnb chain dashboard, on September 23 on-chain perpetual futures trading volume hit $51.3 billion, surpassing $50 billion for the first time, with BNB Chain contributing $21.5 billion, exceeding Hyperliquid. Key protocols include Aster, MYX Finance, PancakeSwap Perps, and HoldStation DeFutures. https://t.co/BDQo6eDVpf ...

On-Chain Trading Roles - The report identifies several roles within the on-chain trading ecosystem [1] - "Perps trader" indicates a focus on perpetual futures trading [1] - "MEV/HFT" suggests involvement in Miner Extractable Value and High-Frequency Trading strategies [1] Farming Strategies - "Stable farmer" points to strategies focused on earning yield with stablecoins [1] - "Airdrop farmer" indicates participation in activities to qualify for airdrops [1] Role Hierarchy - The report uses "top," "jungle," "adc," and "support" to categorize roles, possibly indicating a hierarchy or specialization within a team or community [1]