Documentation Index
Fetch the complete documentation index at: https://hypernode-docs.polynode.dev/llms.txt
Use this file to discover all available pages before exploring further.
What is HyperLiquid?
HyperLiquid is a purpose-built L1 blockchain running a high-performance perpetual futures exchange, spot DEX, and DeFi ecosystem. It uses HyperBFT consensus (derived from HotStuff) to achieve ~140ms block finality with 20,000+ TPS. The chain supports native perpetual trading, spot token deployment (HIP-1/HIP-2/HIP-3), on-chain lending (BOLE), prediction markets (HIP-4), and an EVM-compatible execution environment (HyperEVM). All trading happens on a native CLOB (central limit order book), not an AMM.About this research
Independent protocol research published by polynode as part of building real-time data infrastructure for HyperLiquid. This section provides technical reference material for builders, researchers, and traders who want to understand how HyperLiquid works under the hood. Start here: Consensus for how blocks are produced, then Action Types for the full taxonomy of on-chain operations.What’s covered
Consensus
HyperBFT consensus model, block production cycle, and finality mechanics.
Action Types
Complete reference for all 49+ L1 action types with fields and descriptions.
HIP-4
Prediction markets on HyperLiquid. Trading mechanics, settlement, fees, and deployment.
Fee Structure
Full fee tiers, VIP levels, staking discounts, builder fees, and deployer revenue.
Gas Auctions
Dutch auction system for asset deployment gas. Priority fee infrastructure.
Lending (BOLE)
Native borrow/lend system with kink-rate interest model and backstop liquidations.
Account System
DEX abstraction, unified accounts, portfolio margin, and sub-accounts.
Order Book
Order types, lifecycle, trigger orders, and the complete cancel/rejection taxonomy.
Bridge
L1 to Ethereum bridge. Deposit flow, withdrawal flow, validator signing.
HyperEVM
EVM integration, precompiles, CoreWriter bridge, and chain 998.
Governance
Staking, delegation, validator jailing, proposals, and epoch management.
Funding Rates
Oracle system, mark price calculation, funding rate mechanics.
Token Deployment
HIP-3 deployment pipeline, gas auctions, hyperliquidity seeding, and TWAP engine.
Methodology
This research is based on:- Live mainnet and testnet protocol observation and API queries
- Official HyperLiquid documentation where available
- Community research contributions
- Analysis of publicly available protocol behavior
Last updated: April 2026. Based on mainnet protocol behavior as of this date.