Market · everything traded on Hyperliquid

Four venues share one exchange. Spot trades HIP-1 tokens issued on the Hyperliquid L1, perpetuals cover crypto majors and long-tail assets, HIP-3 lets builders deploy their own perp DEXs on the same matching engine, and HIP-4 outcome markets price binary events between 0 and 1.

Spot is ownership: you hold the token itself and settlement is final. A perpetual is a derivative with no expiry that tracks an oracle price, uses margin, and exchanges a funding payment every hour between longs and shorts to stay anchored to spot.

Yes. Order placement, matching, funding, liquidations and settlement all execute on the Hyperliquid L1 through HyperCore, its native order book, rather than on an off-chain matching engine or an AMM.