PERPS MARKET LANDSCAPE

Summary from the TLDR Crypto newsletter

Hyperliquid operates on a dual-chain architecture with HyperCore handling native trading execution (200,000 orders per second at 0.2 second latency via HyperBFT consensus) and HyperEVM supporting dApp development, including lending protocols, liquid staking derivatives, and yield strategies. The platform's vault system includes protocol-run HLP vaults for market making and liquidations, plus user vaults requiring leaders to maintain 5% stake and taking 10% of profits. HYPE tokenomics allocate 31% to a genesis airdrop across 94,000 users, 38.888% for future emissions, and 23.8% to core contributors with vesting through 2027-2028. HIP-3 introduces permissionless builder-deployed perpetuals, marking a significant step toward decentralizing the perpetual listing process beyond protocol control.