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The state of on-chain perp trading: trends, tools, and what's still missing
n-chain perpetual futures have crossed a threshold in 2026. Volume is real, liquidity is deep enough for serious size, and the tooling gap with centralised exchanges is closing fast. Here is where the market stands, what the best platforms are doing differently, and what is still genuinely missing.
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Hyperliquid explained: how it works, why it dominates, and how to use it
Hyperliquid holds 70% of on-chain perp market share, USD 172B in 30-day volume, and 6.9% of aggregate CEX and DEX perp open interest combined. Here is a precise breakdown of how it is built, why it performs the way it does, and how to trade on it — including the risks that actually matter.
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On-chain trading in 2026: what changed, what it means for active traders
DEX spot volume went from 1% of total crypto trading in 2020 to over 25% by mid-2025. On-chain perps hit USD 7.9 trillion in 2025 alone. Here is a precise breakdown of what changed, what still hasn't, and what it means if you are an active trader in 2026.
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What is HyperEVM and why does it matter for on-chain traders?
HyperEVM is Hyperliquid's general-purpose smart contract layer — running on the same L1 as HyperCore but with separate state, separate gas, and full Solidity compatibility. Here is what it is, how it communicates with the perp engine, and what it actually changes — and doesn't — for active traders.
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Hyperliquid vs Binance Futures: a side-by-side comparison for active traders
Binance holds 29% of global crypto derivatives volume. Hyperliquid cracked the top 10 overall venues in Q1 2026. Both charge the same base fees. The differences that matter for active traders are custody, execution mechanics, risk tooling, and counterparty exposure - broken down here precisely.
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What happened with Hyperliquid's JELLY incident — and what it means for DEX governance
On 26 March 2025, a coordinated attack on Hyperliquid's JELLY perp market forced a validator vote to delist the asset mid-trade. No user funds were lost. The incident exposed real tensions in DEX governance at scale — and what they mean for active traders is worth understanding precisely.
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Understanding the HYPE token: staking, governance, and ecosystem role
HYPE is the native gas and staking token of Hyperliquid L1 — not a governance token bolted on as an afterthought. Here is how staking works mechanically, what the fee buyback program does to supply, where governance authority actually sits, and what the real risks are.
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How to bridge to Hyperliquid and deposit funds from any chain
Bridging to Hyperliquid is not the same as depositing to a CEX - you are moving funds to your own wallet balance on HyperCore. This guide covers every deposit path: the official Arbitrum bridge, native deposits from Bitcoin and Solana, third-party bridges, and how to fix the most common errors.
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Hyperliquid vs Aster vs Lighter: who wins in 2026?
Hyperliquid, Aster, and Lighter are three very different architectural bets on the future of perp DEXs. Here is how they compare on execution, liquidity, fees, custody, and risk in 2026.
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How smart contracts work in financial markets: Ethereum, Arbitrum, and on-chain trading explained
Smart contracts replace intermediaries with self-executing code. Here's how Ethereum, Arbitrum, and on-chain protocols like Hyperliquid use them to run financial markets - and what that means for your trades.
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