
Hyperliquid Guide: How the #1 Perp DEX Dominates DeFi
What is a perp DEX, and why does Hyperliquid command 70%+ of the market? A plain-English breakdown of how it works, what the HLP vault and HYPE token do, and the real risks of leverage trading.

What is a perp DEX, and why does Hyperliquid command 70%+ of the market? A plain-English breakdown of how it works, what the HLP vault and HYPE token do, and the real risks of leverage trading.

Understand how automated market makers (AMMs) and liquidity pools power decentralized trading. Covers the x*y=k formula, impermanent loss, LP returns, and Uniswap v4 hooks — your 2026 DeFi guide.