The Little-Known Crypto Powerhouse Behind Billions in Trading

In just two years, a little-known decentralized exchange built by a small group of engineers has drawn heavyweight investors and billions in trading volume.

Known as Hyperliquid, it’s a booming platform for perpetual futures — never-expiring contracts that dominate crypto speculation, with monthly industry volumes above $6 trillion. Though far smaller than Binance, the market leader, Hyperliquid has already surpassed Coinbase Global Inc. in some areas and carved out an edge among decentralized exchanges.

That rise has made it an obsession across crypto’s Wild West. While supporters hail its speed and transparency, its very success has made it a focal ...