About Hyperliquid

Hyperliquid is a high‐performance, on-chain derivatives platform which launched in 2023 and has rapidly scaled to handle over US$1.5 trillion in annual perpetual futures trading volume. In recent months it has averaged roughly US$6-8 billion in daily trading volume, securing market-share leadership in the on-chain derivatives sector. The platform currently services more than 500,000 users (and counting) and has processed tens of billions of dollars in total deposits, as it builds out its dual-layer architecture combining a high-speed order-book engine with an EVM-compatible smart-contract layer

How it works?

Hyperliquid is a next-generation blockchain architecture combining:

• HyperCore: A high-performance Layer-1 exchange engine which handles order books (spot & perpetual), staking, vaults, native multisigs and other core exchange state.

• HyperEVM: An EVM-compatible smart contract environment that runs in tandem with HyperCore, enabling conventional smart contracts to tap into the high-speed liquidity and primitives of HyperCore.

Together they use a unified consensus layer (HyperBFT) so that both layers share security, rather than being loosely bridged.

How HyperCore and HyperEVM Interact

1. Dual-Block Architecture

HyperEVM adopts a dual-block strategy:

• Small blocks: ~1 second block time, ~2 M gas limit.

• Large blocks: ~60 seconds, ~30 M gas limit for heavier transactions.

• This allows for both ultra-low latency (for trading) and large contract executions.

2. Shared Asset Layer & Transfers

Assets (including the native token HYPE) exist in both layers without wrapping. Movement between HyperEVM and HyperCore isn’t “bridging” in the typical sense, but a state transfer within the unified system.

• HyperEVM → HyperCore: Transfers finalise in the same L1/Core block after the EVM block completes.

• HyperCore → HyperEVM: Transfers are queued until the next EVM block.

3. Read & Write Interfaces

• Precompiles / Read-Only: Smart contracts on HyperEVM can query HyperCore state via precompiled addresses (e.g., spot balances, perp positions, vault equity) starting at 0x000…0800.

• CoreWriter (Write): The system contract deployed at a fixed address (0x3333333333333333333333333333333333333333) allows EVM contracts to send actions to HyperCore (placing orders, vault transfers, etc.).

When an EVM contract invokes CoreWriter, the action is logged, queued and executed in a subsequent Core block — so it’s not atomic with the EVM transaction.