THE LITTLE-KNOWN CRYPTO POWERHOUSE BEHIND BILLIONS IN TRADING

Summary from the TLDR newsletter

Hyperliquid is a decentralized exchange with an automated trading pool and token buybacks. It is a booming platform for perpetual futures, the never-expiring contracts that dominate crypto speculation. Run by a team of roughly 15 people based in Singapore, the site's front end blocks US users, but anyone can trade on the blockchain that powers it. Hyperliquid was designed with transparency in mind - every trade, liquidation, and validator action is verifiable in real time, and Hyperliquid never takes custody of user funds. Much more about the two-year-old exchange is available in the article.