Two execution environments on one network

Hyperliquid combines HyperCore and HyperEVM. HyperCore supplies native trading functions, including order books, while HyperEVM runs EVM applications. The documentation describes both as secured by HyperBFT rather than HyperEVM being a separate rollup on Ethereum.

HYPE gas and trading charges

HYPE is the native HyperEVM gas token. A gas charge for an EVM interaction and an exchange fee or funding payment on a trading position are separate costs. A balance transferred between the execution environments also needs to follow the documented transfer mechanism; an identical displayed ticker does not establish where funds are spendable.

Avoid substituting TVL for market capacity

The chain's reported TVL describes provider-attributed capital, not the depth of a specific order book or the collateral available to a particular position. Open interest, chain TVL, bridge balances and token market cap are different quantities. For leverage research, examine the venue's margin parameters; our isolated linear liquidation estimator is a limited model and does not reproduce every Hyperliquid risk rule.

Research both environments

  • Check HyperCore position rules separately from the smart-contract permissions of a HyperEVM application.
  • Identify oracle, liquidation and collateral assumptions before interpreting leverage figures.
  • A token's exchange liquidity does not guarantee that an EVM vault holding it can exit at the displayed quote.