Hyperliquid (HYPE) is the native token of Hyperliquid, a decentralised exchange focused on perpetual futures trading, built on its own high performance layer 1 blockchain. Hyperliquid runs a fully on chain order book that matches trades quickly, with low fees and a trading experience similar to a centralised exchange. It also supports spot trading and an Ethereum compatible environment called HyperEVM. The HYPE token launched in November 2024 through a community airdrop, without any venture capital allocation. HYPE is used to pay fees, to stake with validators and to take part in governance. Perpetual futures are high risk products, so it helps to understand how they work.