Hyperliquid is one blockchain with two working parts and a separate route for outside market operators. The network uses HyperBFT consensus, and validators agree on records for both parts.
HyperCore and HyperEVM
HyperCore runs spot and perpetual order books. It records orders, trades and liquidations. Perpetual contracts track prices and use funding payments to stay near the underlying market. HyperEVM runs smart contracts and supports Ethereum-style development without being a separate chain. $HYPE pays gas, and eligible accounts can use it as collateral for trading-related borrowing.
The two sides are connected. Hyperliquid said on July 21, 2025 that CoreWriter was active on mainnet. Applications can read HyperCore data and send supported actions back. That link does not make every product share the same controls or collateral.
Builder Markets
HIP-3 lets independent operators deploy perpetual markets on HyperCore. These markets use HyperCore order books and margining, but the deployer defines the contract, supplies oracle prices and sets leverage limits. Native perpetuals differ because validators publish oracle prices. A shared engine does not mean a shared price source.
A HIP-3 deployer can halt a market, cancel orders and settle positions at the current mark price. Rules require 500,000 staked $HYPE. Validators can penalize certain harmful actions by destroying staked tokens. That slash is burned, not paid to users. The deployer bond is not trader collateral. Eligible quote assets can serve as deployment collateral, and a validator vote removing quote status would disable perpetuals using that asset.
TradeXYZ is one example. Its documentation describes a HIP-3 deployment that sets listings, oracle inputs and leverage limits while HyperCore processes trades. The trade.xyz site is an interface, not the engine. Builder codes are separate because they let an app collect a user-approved fee on routed trades.
Assets and Exits
Native crypto perpetuals use $USDC as margin. Under portfolio margin, eligible accounts can use $HYPE and other supported assets to back borrowing, within limits. Cross margin shares collateral across covered positions. Isolated margin confines it to one position.
Application tokens add another layer. Kinetiq issues kHYPE against staked $HYPE. Unstaking through a queue to receive $HYPE differs from selling kHYPE in a market, where price depends on liquidity.
Moving between HyperCore and HyperEVM is not the same as leaving the chain. Transfer docs describe links between HyperCore spot assets and HyperEVM token contracts. They warn that linked contracts can contain arbitrary code. Circle says HyperCore $USDC balances are protocol-level credits, not Circle-issued tokens in the trading account. Native $USDC sits in a deposit contract on HyperEVM, and withdrawals redeem it there. CCTP connects that route to supported external chains. Hyperliquid labels its older Arbitrum bridge deprecated and says withdrawals are validator-handled.
Some institutional routes remain plans. Hyperliquid described HIP-3* on Oct. 26, 2026 as a testnet release with production support planned for a future upgrade. Payward’s proposed U.S. offering was subject to regulatory approval. ICE’s Oct. 29 announcement set out a planned regulated market and clearing structure with TradeXYZ. ICE said it would seek approvals and expected access through regulated futures brokers. That is a proposed channel, not a live U.S. venue.
