PURR

Hyperliquid Strategies Inc. operates as a decentralized finance (DeFi) technology company specializing in perpetual futures trading infrastructure and liquidity provision. The company develops and maintains Hyperliquid, an on-chain derivatives exchange built on its proprietary Layer 1 blockchain optimized for high-frequency trading applications. Hyperliquid Strategies generates revenue primarily through market-making activities and protocol fees derived from trading volume on its platform, which processes transactions with sub-second finality and supports leverage trading across cryptocurrency pairs. The platform operates with a fully on-chain order book, distinguishing itself from competitors that rely on hybrid or off-chain systems. As of late 2024, the Hyperliquid exchange handles billions of dollars in daily trading volume and has distributed significant protocol revenue to token holders through its native HYPE token mechanism. The company employs a lean team of engineers and quantitative traders, maintaining operations without traditional venture capital backing. Recent developments include the launch of HyperEVM, an Ethereum Virtual Machine-compatible environment enabling developers to build decentralized applications on the Hyperliquid infrastructure, and the introduction of a validator network to enhance network decentralization. The company's vertically integrated approach combines exchange operations, blockchain infrastructure, and proprietary trading technology, positioning it within the emerging category of decentralized perpetuals exchanges competing with both centralized platforms and other DeFi protocols.