# Hyperliquid

**Type:** Protocol  
**Status:** Active  
**Domain:** internet-finance

## Overview

Hyperliquid is a community-owned DeFi derivatives protocol with zero VC allocation. All HYPE tokens were distributed to users, creating ownership alignment from inception.

## Key Metrics (February 2026)

- 7-day trading volume: $40.7B
- 24-hour open interest: $9.57B
- Oil-linked perpetual futures: $991M 24-hour volume

## Ownership Structure

Community-owned protocol with HYPE token distributed entirely to users. Zero VC allocation distinguishes it from competitors like dYdX and GMX.

## Timeline

- **2026-02-04** — Ripple Prime integration enables institutional access to Hyperliquid derivatives with cross-margining across digital assets, FX, fixed income, OTC swaps, and cleared derivatives
- **2026-02-18** — Launched Hyperliquid Policy Center in Washington D.C. with $29M HYPE token backing for regulatory lobbying