Overview
Hyperliquid is an on-chain perpetuals DEX built on its own L1 blockchain. No KYC required; speed and transparency are top-tier, but there is no EU regulation or licence.
Licences and regulation
- MiCA: n/a — decentralised, no central entity · Consumer protection: none
Products, fees and yield
Extensive perpetuals, limited spot, HyperEVM ecosystem, USDC lending (~1.66%). Taker fee 0.035%. Yield-bearing collateral exists only via Portfolio Margin, gated behind $5M+ weighted volume — institutional only. Regular USDC margin earns nothing.
Proof of Reserves
Full on-chain transparency: every transaction publicly verifiable in real time.
Pros / cons
Pros: fully on-chain and transparent; no KYC; fast execution; DeFi-composable.
Cons: no EU regulation or protection; crypto-only (no stocks, no fiat rails); ~$1 BTC perp spread; lending-only yield behind a $5M gate; no VIP structure.
Best suited for
DeFi-native traders, users avoiding KYC, strategies composing with other DeFi protocols.
Frequently asked questions
Is it legal to use Hyperliquid from the Netherlands?
There is no ban, but you trade without EU consumer protection and outside MiFID II supervision.