Hyperliquid (HYPE)
Hyperliquid ranks #8 of 484 cryptocurrencies. On a list that also counts tokens, memecoins, wrapped coins, staked derivatives and stablecoins it appears at #11: 3 of the 10 assets ahead of it are not native coins but tokens or claims. A token is issued on a host blockchain rather than running its own; a claim stands for an asset already counted. Of the 4 non-native assets CoinSpectrum lists above it by market cap, all are claims on other assets.
| CoinSpectrum Grade | B · 61/100 · provisional, B to A |
|---|---|
| Rank among cryptocurrencies | #8 |
| Rank counting claims | #11 |
| Market capitalisation | $17.0B |
| Price | $70.93 |
| Circulating supply | 239,406,814 HYPE |
| Maximum supply | 1,000,000,000 HYPE |
| Consensus family | Proof of Stake |
| Consensus mechanism | HyperBFT (staked PoS) |
| Network purpose | Exchange chain |
| Ledger type | Multi-asset ledger |
| Launch distribution | Premine |
Market figures from the 10 November 2026 build. Open the live view for every exchange's price, and charts.
CoinSpectrum Grade (Source)
B — 61 out of 100, provisional (from 10 of 10 sections, 10 November 2026 build). With what is not yet measured anywhere from nothing to full marks, the score would be 56 to 65 (B to A).
| Section and criteria | Score | Basis |
|---|---|---|
| Consensus | 9.1 | average of 2 criteria |
| By leader (its largest chain's market cap) (Source) | 9.1 | Proof of stake: 9.1 of 10 on the ladder of consensus families ranked by their largest chain's market cap |
| By family (all its chains' market cap) (Source) | 9.1 | Proof of stake: 9.1 of 10 on the ladder of families ranked by the combined market cap of their chains |
| Supply | 8.5 | the supply scale times 0.9, and a point for a fixed cap that holds |
| Supply (21 million scores 10) | 8.3 | fixed maximum supply of 1 billion |
| Distribution | 6.7 | average of 3 parts |
| Holder concentration (Source) | – | Not yet measured |
| Active addresses | – | Not yet measured |
| Premine (allocated at launch) | 0 | 100% of today's supply allocated at launch to founders, a company, a foundation or investors. The full 1B HYPE supply was defined at the 29 Nov 2024 genesis event (31% genesis airdrop, ~38.9% future emissions/community rewards, 23.8% core contributors, 6% Hyper Foundation budget, remainder grants/HIP-2); staking rewards are paid from the pre-allocated emissions bucket, so no coin has been minted by open participants. source |
| Fundraising (share sold) (Source) | 10 | No sale of the coin source |
| Developer share (after launch) | 10 | No developer share: every new coin goes to the miners or validators who produce blocks. No protocol cut of new issuance: the full 1B HYPE was defined at the Nov 2024 genesis and staking rewards are paid to all stakers from the pre-allocated emissions bucket; trading-fee flows to the Assistance Fund are fees, not issuance. source |
| Decentralisation | 2.4 | average of 4 parts |
| Governance (Source) | 0 | An authority can halt the chain or freeze funds: The validator set, dominated by the Hyper Foundation, voted within minutes on 2025-03-26 to delist JELLYJELLY and force-settle every open position at a price it chose, and the Arbitrum bridge is a validator multisig. source |
| No central team (Source) | 0 | A central team directs it: Hyperliquid Labs and the Hyper Foundation ship the node only as a closed-source binary (hl-visor / hl-node); the hyperliquid-dex/node repository holds run instructions, not source. source |
| Who can mint (Source) | 5 | Gated by stake rank: only a capped set of the largest stakes produces blocks |
| Nodes (Source) | 4.6 | 24 reachable nodes source |
| Security | 4.3 | 2.6 of 6 points, 2 not yet measured source |
| Pool diversity (Largest pool 50% 0 to 20% 10, largest three 90% 0 to 50% 10; 2 points) | 3.9 | largest 47.2%, largest three 62.2% |
| Network activity (Transactions a day, 250 0, 500,000 or more 10; 2 points) | – | |
| Hashrate (Own work 5, its power 1 kW 0 to 10 GW 5; 1 point) | 1 | not mined: another consensus, 1 |
| Clients (Separate code and teams 10, separate code or teams 9, a fork by the same team or a stale second 8; one client: a new version within 12 months 7, 24 months 6, none in 24 months 5, none in 48 months 3; a second in development +0.5, a second seen running +1, 8 at most with one client; chain ended 0; 1 point) | 7 | one client, latest version Aug 2026 |
| Open source (Node software) | ✗ | |
| No 51% attack (Nor a deep reorganisation, five years) | ✓ | |
| Scalability | 5 | average of 4 parts source |
| Fees ($0.001 or less 10, $1 or more 0) | – | not yet measured |
| Throughput (2,478 a second, the busiest network's peak day, 10; 121, the median of the ten busiest, 5) | 5 | about 119 simple transactions a second |
| Block time (10 minutes 10, less either side) | 0 | a block every 0.4 seconds |
| Block space per 10 minutes (24 MB or more 10: the ten busiest networks' median demand, 16.4 MB, and half again for growth) | 10 | 1.88 MB limit (converted from its gas, compute, mass or count limit), 2810 MB per 10 minutes |
| Features (3 checks) | 5 | 1 of 2 passed, 1 not yet researched |
| Fast payments (Safe to accept within seconds · Whitepaper abstract, §1, §2 and §11) | ✓ | HyperBFT gives deterministic one-block finality in under a second. |
| Pruned nodes (Old history dropped, every rule checked · Whitepaper §7) | – | Node binary is closed source; pruning behaviour not documented. |
| Light clients (Payments verified from headers · Whitepaper §8) | ✗ | No published light-client protocol; users trust the API or a non-validating node. |
| Privacy | 3.5 | 3.5 of 10: whitepaper privacy 3.5 of 7, extra features 0 of 3, 1 not yet researched source |
| Protocol level privacy (Keys not tied to an identity · Whitepaper §10) | 10 | Any EVM-style key can hold and send HYPE on HyperCore and HyperEVM; the L1 carries no identity check. |
| UTXO ledger (Separate outputs, change to a new address · Whitepaper §2, §9) | 0 | An account ledger: one running balance for each address, so the remainder stays at the sending address and its payments share one public history. |
| HD addresses (A new address for each payment, unlinked · Whitepaper §10) | – | |
| Hidden amounts (Amounts confidential) | 0 | All HyperCore balances and trades are public. |
| Hidden parties (Sender and receiver hidden) | 0 | Addresses are public. |
| Network privacy (Origin hidden by default) | 0 | No transaction-origin hiding; orders go to the API or validators directly. |
| Programmability | 8.9 | 8 of 9 points source |
| Token issuance (At protocol level) | 2 | HIP-1 native tokens on HyperCore, deployable by anyone who wins the 31-hour Dutch gas auction, plus ERC-20 contracts on the HyperEVM, which the same validators run. |
| Smart contracts (General-purpose) | 2 | HyperEVM, secured by the same HyperBFT consensus as HyperCore, runs contracts deployed with standard EVM tooling. |
| Multisig and time locks (Without a third party) | ✓ | Native HyperCore multi-sig accounts (ConvertToMultiSigUser, up to 10 users and a threshold) plus timelock contracts on HyperEVM. |
| Atomic swaps (With other chains) | ✓ | HyperEVM can run EVM HTLC contracts (hash lock plus timelock refund). |
| Native DEX (Trades the coin itself, not a claim) | ✓ | Traded as itself, not as a wrapped token or a claim: an exchange in its own protocol (HyperCore keeps margin and matching-engine state for perpetual and spot order books in the L1 itself); its own chain's DEXes (Hyperliquid L1, DefiLlama). |
| Cross-chain messaging (Verified by the chain itself) | ✗ | The legacy Arbitrum bridge is a contract with validator signatures and permissioned lockers/finalizers, now deprecated in favour of Circle's CCTP, a third-party transfer protocol. |
| NFTs (Carried by the chain's rules) | ✓ | ERC-721 contracts on HyperEVM. |
| Demand | 6.8 | average of 7 measures |
| Exchanges (10 or more: 10) | 10 | 43 exchanges |
| Daily volume ($10K 0, $1B or more 10) | 8.4 | $459,669,178 traded in 24 hours; #19 by volume on the exchanges the site reads (scored on the median day of the last 30, $161,740,595) |
| Turnover (volume ÷ market cap, 5% a day: 10) | 6.1 | 0.90% of its market cap a day, median of the last 30 days |
| Order-book depth (±2% of the price ÷ market cap, 1%: 10) | 6.3 | $13,597,104 within 2% of the price on 9 exchanges, 0.08% of its market cap, median of the last 15 days; a lower bound: the books returned by 3 of them stop short of 2% |
| Market cap ($1M 0, $10B or more 10) | 10 | $17B, at the top of the scale |
| Paper trading (futures, options and margin ÷ market cap, 0%: 10, 100%: 0) | 5.8 | futures, options and margin positions 17% of its market cap |
| Wallet support (wallets that hold it, 10 or more: 10) | 1 | its own node and wallet, counted as 1: no wallet in the site's directory lists it yet |
| Record | 6 | average of 3 criteria |
| Age (years since genesis) (Source) | 2 | 2 full years since 2024-10-18, the first day with a recorded price (genesis not yet researched, so the age can only be understated). |
| Development (work, fixes, vulnerabilities) | 7 | 2 positive, 0 negative, 3 not yet researched source |
| Positive | ||
| Steady work, 6 of 6 | ✓ | 19 commits in 8 of the last 12 months (github.com/hyperliquid-dex/node); Closed-source hl-node binary updated continuously by Hyper Foundation; hyperliquid-dex/node repo last updated 2026-08-10. |
| Shipped a new capability for users in two years, +1 | ✓ | HyperEVM general smart contracts live on mainnet, Feb 2025; HIP-3 builder-deployed perpetuals, Oct 2025. |
| Not yet researched | ||
| Shipped a security fix in two years | – | |
| Shipped a scaling upgrade in two years | – | |
| Unfixed vulnerabilities and exploits | – | |
| Conduct (origin, claims, halts) | 9 | 2 positive, 1 negative source |
| Positive record | ||
| Launched with a stated purpose, not as a joke | ✓ | |
| No claims by its founders that contradict its own design | ✓ | |
| Negative record | ||
| Halt, freeze or reversal, 2025-03-26 | ✗ | Validators voted within minutes to delist the JELLYJELLY perpetual and force-settle all open positions at $0.0095 (well below the market price) to cap HLP vault losses. decrypt.co rekt.news |
Ten sections, weighted equally, each 0 to 10: consensus (the two ladders), supply (the supply scale and a fixed cap that holds), distribution (premine, fundraising, developer share, holders), decentralisation (governance, no central team, who can mint, nodes), security, scalability, privacy, programmability (what the scripting layer can do beyond the whitepaper's payment system), demand, and record (age, development, conduct). They are built from the criteria in the second table: privacy, scalability, security and decentralisation are the Cryptocurrency Standards among them, as follows: privacy (the whitepaper's three checks a base of 7 of 10, three extra features up to 3 more), scalability (four measures and three features), security (pool diversity, network activity, hashrate, clients and two checks) and decentralisation (governance, no central team, who can mint, nodes, holders, premine, fundraising and developer share); programmability (token issuance, smart contracts and five checks) follows them, and supply and demand are two: the supply, scored against 21 million, and demand, the average of seven measures of the market and the wallets. Provisional: parts marked — are not yet measured and are left out of the average. A rating of structure and market depth, not a price forecast or investment advice. How the grade is built · Highest-graded cryptocurrencies.
Proof of Stake coins
Ethereum ETHA+
BNB BNBA
Solana SOLA+
TRON TRXA
Cardano ADAA
NEAR Protocol NEARA
Avalanche AVAXAAll Proof of Stake chains →Proof of Work coins
Bitcoin BTCA+
Zcash ZECA+
Dogecoin DOGEA+
Monero XMRA+
Bitcoin Cash BCHA++
Litecoin LTCA+
Ethereum Classic ETCAAll Proof of Work chains →Supply
239,406,814 of a maximum 1,000,000,000 HYPE are in circulation — 23.9% of the total that will ever exist.
Launch and allocation
| Premine (allocated at launch) | 100% of today's supply |
|---|---|
| Developer share received since launch | 0% of today's supply |
| Developer share of new coins today | 0% |
| Nodes or validators | 24 |
| Fundraising | No sale and no investor round |
The full 1B HYPE supply was defined at the 29 Nov 2024 genesis event (31% genesis airdrop, ~38.9% future emissions/community rewards, 23.8% core contributors, 6% Hyper Foundation budget, remainder grants/HIP-2); staking rewards are paid from the pre-allocated emissions bucket, so no coin has been minted by open participants.
No sale; the project stated there were no allocations for private investors, centralized exchanges or market makers. 310M HYPE were airdropped to points users.
No protocol cut of new issuance: the full 1B HYPE was defined at the Nov 2024 genesis and staking rewards are paid to all stakers from the pre-allocated emissions bucket; trading-fee flows to the Assistance Fund are fees, not issuance.
Sources: hyperliquid.gitbook.io · hyperliquid.gitbook.io · theblock.co · decrypt.co · cointelegraph.com · stakingrewards.com. Researched 2026-10-24, high confidence.
What a regulator has said
No SEC/CFTC determination — unclassified.
The regulator's position, reported as stated, not CoinSpectrum's. Assets nobody has ruled on are left unclassified rather than sorted by a guess.
How CoinSpectrum ranks Hyperliquid
Hyperliquid is #8 among cryptocurrencies and #11 in the market ranking, which lists wrapped coins, staked derivatives, stablecoins and tokens alongside them. CoinSpectrum counts an asset once, and counts only cryptocurrencies: assets with their own blockchain and their own consensus. A wrapped coin, a staked derivative or a stablecoin is a claim on something already counted; a token, memecoin or otherwise, runs on another chain's blocks. All of them are listed, each in its own section, and none is added to the total. The 3 places between Hyperliquid's two ranks are held by claims and tokens, not by other networks. The methodology sets out the rule and the counting rule argues for it.
The price above is the median of the exchanges the site reads live, checked every minute and cross-checked against a market snapshot (how market data is gathered). The grade is scored on published criteria, each with its source (the method). The site is independent, nothing on it is a paid placement, and its statements are signed (about CoinSpectrum, the manifesto).
See the 6 wrapped and staked claims on Hyperliquid →