Hyperliquid ranks #8 of 504 cryptocurrencies. On a list that also counts tokens, memecoins, wrapped coins, staked derivatives and stablecoins it appears at #11: 3 of the 10 assets ahead of it are not native coins but tokens or claims. A token is issued on a host blockchain rather than running its own; a claim stands for an asset already counted. Of the 4 non-native assets CoinSpectrum lists above it by market cap, all are claims on other assets.
| CoinSpectrum Grade | C · 57/100 · provisional |
|---|---|
| Rank among cryptocurrencies | #8 |
| Rank counting claims | #11 |
| Market capitalisation | $19.1B |
| Price | $79.93 |
| Circulating supply | 239,406,814 HYPE |
| Maximum supply | 1,000,000,000 HYPE |
| Consensus family | Proof of Stake |
| Consensus mechanism | HyperBFT (staked PoS) |
| Network purpose | Exchange chain |
| Ledger type | Multi-asset ledger |
| Launch distribution | Premine |
Market figures from the 28 October 2026 build. Open the live view for every exchange's price, and charts.
C — 57 out of 100, provisional (from 19 of 20 criteria, 28 October 2026 build). With what is not yet measured anywhere from nothing to full marks, the score would be 54 to 61 (C to C).
| Criterion | Score | Basis |
|---|---|---|
| Leading Consensus Mechanisms (Source) | 9.1 | group average |
| Consensus: leader ladder | 9.1 | Proof of stake: 9.1 of 10 on the ladder of consensus families ranked by their largest chain's market cap |
| Consensus: family ladder | 9.1 | Proof of stake: 9.1 of 10 on the ladder of families ranked by the combined market cap of their chains |
| Cryptocurrency Standards (Source) | 4.7 | group average, 12 of 13 measured |
| Sound Money Qualities (6 checks) | 3.8 | 1.9 of 5 points, 1 not yet measured source |
| Scarcity: a fixed cap that holds, and a supply near 21 million | 8.9 | fixed maximum supply of 1 billion: supply scale 7.8, cap 10 |
| Durability: five years or more with no halt, freeze or reversal | ✗ | 2 full years since its first recorded price, one halt, freeze or reversal in five years |
| Fungibility: every unit interchangeable, none the protocol can freeze or set apart | ✗ | an authority can freeze funds: The validator set, dominated by the Hyper Foundation, voted within minutes on 2025-03-26 to delist JELLYJELLY and force-settle every open position at a price it chose, and the Arbitrum bridge is a validator multisig. |
| Divisibility: the smallest unit worth a cent or less | ✓ | 8 decimal places, the smallest unit worth $8.0e-7 |
| Portability: fees of a cent or less and capacity for real demand | – | about 119 transactions a second (5 on the throughput scale; 5 is the busiest networks' median demand) |
| Verifiability: open-source nodes and checking without a trusted server | ✗ | node software not open source |
| Privacy (5 checks) | 2 | 1 of 5 passed source |
| Whitepaper privacy: keys are not tied to an identity | ✓ | Any EVM-style key can hold and send HYPE on HyperCore and HyperEVM; the L1 carries no identity check. |
| UTXO ledger: a new key for each payment, no account linking every coin | ✗ | |
| Network-level privacy: the node hides where a transaction came from (Dandelion++, Tor or I2P, on by default) | ✗ | No transaction-origin hiding; orders go to the API or validators directly. |
| Hidden amounts (confidential transactions, RingCT, shielded pools, Mimblewimble) | ✗ | All HyperCore balances and trades are public. |
| Hidden sender and receiver (ring signatures or zero-knowledge proofs, one-time or stealth addresses) | ✗ | Addresses are public. |
| Scalability (fees, throughput, block time, block space, features) | 5 | average of 4 parts source |
| Fees ($0.001 or less 10, $1 or more 0) | – | not yet measured |
| Throughput (2,478 a second, the busiest network's peak day, 10; 119, the median of the ten busiest, 5) | 5 | about 119 simple transactions a second |
| Block time (10 minutes 10, less either side) | 0 | a block every 0.4 seconds |
| Block space per 10 minutes (32 MB or more 10) | 10 | 1.88 MB limit (converted from its gas, compute, mass or count limit), 2810 MB per 10 minutes |
| Features (3 checks) | 5 | 1 of 2 passed, 1 not yet researched |
| Payments safe to accept within seconds | ✓ | HyperBFT gives deterministic one-block finality in under a second. |
| Pruned nodes: a full node can validate and drop old history | – | Node binary is closed source; pruning behaviour not documented. |
| Light clients verify payments from headers or proofs, without a trusted server | ✗ | No published light-client protocol; users trust the API or a non-validating node. |
| Security (miner pay and 7 checks) | 3.4 | 3 of 8 points, 1 not yet measured source |
| Miners paid a day ($1,000 0, $10 million or more 10), 2 points | 0 | not mined |
| Its own hashrate: at least half its algorithm's largest, not merge-mined | ✗ | not mined |
| Largest pool or validator under 50% | ✓ | 47.2% |
| Largest three under 75% | ✓ | 62.2% |
| More than one maintained client | ✗ | 1 |
| Node software is open source | ✗ | Hyperliquid Labs and the Hyper Foundation ship the node only as a closed-source binary (hl-visor / hl-node); the hyperliquid-dex/node repository holds run instructions, not source. |
| Real on-chain use: 1,000+ transactions a day | – | |
| No 51% attack or deep reorganisation in five years | ✓ | |
| Programmability (tokens, contracts, 5 checks) | 8.9 | 8 of 9 points source |
| Token issuance at protocol level, validated by its own nodes | 2 | HIP-1 native tokens on HyperCore, deployable by anyone who wins the 31-hour Dutch gas auction, plus ERC-20 contracts on the HyperEVM, which the same validators run. |
| Smart contracts: a general-purpose contract system | 2 | HyperEVM, secured by the same HyperBFT consensus as HyperCore, runs contracts deployed with standard EVM tooling. |
| Multisig and time locks | ✓ | Native HyperCore multi-sig accounts (ConvertToMultiSigUser, up to 10 users and a threshold) plus timelock contracts on HyperEVM. |
| Atomic swaps with other chains | ✓ | HyperEVM can run EVM HTLC contracts (hash lock plus timelock refund). |
| An exchange built into the protocol | ✓ | HyperCore keeps margin and matching-engine state for perpetual and spot order books in the L1 itself. |
| Cross-chain messaging the chain verifies itself | ✗ | The legacy Arbitrum bridge is a contract with validator signatures and permissioned lockers/finalizers, now deprecated in favour of Circle's CCTP, a third-party transfer protocol. |
| Non-fungible tokens | ✓ | ERC-721 contracts on HyperEVM. |
| Decentralisation | 4.7 | section average, 7 of 8 measured |
| Censorship resistant (Source) | 0 | An authority can halt the chain or freeze funds: The validator set, dominated by the Hyper Foundation, voted within minutes on 2025-03-26 to delist JELLYJELLY and force-settle every open position at a price it chose, and the Arbitrum bridge is a validator multisig. source |
| No central team (Source) | 0 | A central team directs it: Hyperliquid Labs and the Hyper Foundation ship the node only as a closed-source binary (hl-visor / hl-node); the hyperliquid-dex/node repository holds run instructions, not source. source |
| Who can mint (Source) | 8.6 | Proof of stake: 8.6 of 10 on the ladder of who produces blocks |
| Nodes (Source) | 4.6 | 24 reachable nodes source |
| Holder concentration (Source) | — | Not yet measured |
| Premine (allocated at launch) | 0 | 100% of today's supply allocated at launch to founders, a company, a foundation or investors. The full 1B HYPE supply was defined at the 29 Nov 2024 genesis event (31% genesis airdrop, ~38.9% future emissions/community rewards, 23.8% core contributors, 6% Hyper Foundation budget, remainder grants/HIP-2); staking rewards are paid from the pre-allocated emissions bucket, so no coin has been minted by open participants. source |
| Fundraising | 10 | No sale of the coin source |
| Developer share (after launch) | 10 | No developer share: every new coin goes to the miners or validators who produce blocks. No protocol cut of new issuance: the full 1B HYPE was defined at the Nov 2024 genesis and staking rewards are paid to all stakers from the pre-allocated emissions bucket; trading-fee flows to the Assistance Fund are fees, not issuance. source |
| Supply & Demand | 7.8 | group average |
| Supply & Demand (Source) | 7.8 | average of 6 measures |
| Exchanges (10 or more: 10) | 10 | 39 exchanges |
| Daily volume ($10K 0, $1B or more 10) | 8.4 | $135,911,720 traded in 24 hours; #18 by volume on the exchanges the site reads (scored on the median day of the last 30, $155,872,111) |
| Turnover (volume ÷ market cap, 5% a day: 10) | 6 | 0.89% of its market cap a day, median of the last 30 days |
| Order-book depth (bids and asks within 2% ÷ market cap, 1%: 10) | 6.4 | $15,644,008 within 2% of the price on 9 exchanges, 0.08% of its market cap, median of the last 2 days; a lower bound: the books returned by 3 of them stop short of 2% |
| Market cap ($1M 0, $10B or more 10) | 10 | $19B, at the top of the scale |
| Paper trading (futures, options and margin ÷ market cap, 0%: 10, 100%: 0) | 6 | futures, options and margin positions 16% of its market cap |
| Supply (smaller is better) | 7.8 | fixed maximum supply of 1 billion |
| Record | 6 | group average |
| Record (origin, claims, halts) | 9 | 2 positive, 1 negative source |
| Positive record | ||
| Launched with a stated purpose, not as a joke | ✓ | |
| No claims by its founders that contradict its own design | ✓ | |
| Negative record | ||
| Halt, freeze or reversal, 2025-03-26 | ✗ | Validators voted within minutes to delist the JELLYJELLY perpetual and force-settle all open positions at $0.0095 (well below the market price) to cap HLP vault losses. |
| Age (years since genesis) (Source) | 2 | 2 full years since 2024-10-18, the first day with a recorded price (genesis not yet researched, so the age can only be understated). |
| Development (work, improvements, unfixed issues) | 7 | 2 positive, 0 negative, 3 not yet researched source |
| Positive | ||
| Steady work, 6 of 6 | ✓ | 25 commits in 9 of the last 12 months (github.com/hyperliquid-dex/node); Closed-source hl-node binary updated continuously by Hyper Foundation; hyperliquid-dex/node repo last updated 2026-08-10. |
| Shipped a new capability for users in two years, +1 | ✓ | HyperEVM general smart contracts live on mainnet, Feb 2025; HIP-3 builder-deployed perpetuals, Oct 2025. |
| Not yet researched | ||
| Shipped a security fix in two years | – | |
| Shipped a scaling upgrade in two years | – | |
| Unfixed vulnerabilities and exploits | – | |
Twenty criteria, weighted equally. The Cryptocurrency Standards have six sections: sound money qualities (six checks: scarcity, durability, fungibility, divisibility, portability, verifiability), privacy (five checks), scalability (four measures and three features), security (miner pay and seven checks), programmability (token issuance, smart contracts and five checks) and decentralisation (censorship resistance, no central team, who can mint, nodes, holders, premine, fundraising and developer share). Provisional: criteria marked — are not yet measured and are left out of the average. A rating of structure and market depth, not a price forecast or investment advice. How the grade is built · Highest-graded cryptocurrencies.
239,406,814 of a maximum 1,000,000,000 HYPE are in circulation — 23.9% of the total that will ever exist.
| Premine (allocated at launch) | 100% of today's supply |
|---|---|
| Developer share received since launch | 0% of today's supply |
| Developer share of new coins today | 0% |
| Nodes or validators | 24 |
| Fundraising | No sale and no investor round |
The full 1B HYPE supply was defined at the 29 Nov 2024 genesis event (31% genesis airdrop, ~38.9% future emissions/community rewards, 23.8% core contributors, 6% Hyper Foundation budget, remainder grants/HIP-2); staking rewards are paid from the pre-allocated emissions bucket, so no coin has been minted by open participants.
No sale; the project stated there were no allocations for private investors, centralized exchanges or market makers. 310M HYPE were airdropped to points users.
No protocol cut of new issuance: the full 1B HYPE was defined at the Nov 2024 genesis and staking rewards are paid to all stakers from the pre-allocated emissions bucket; trading-fee flows to the Assistance Fund are fees, not issuance.
Sources: hyperliquid.gitbook.io · hyperliquid.gitbook.io · theblock.co · decrypt.co · cointelegraph.com · stakingrewards.com. Researched 2026-10-24, high confidence.
No SEC/CFTC determination — unclassified.
The regulator's position, reported as stated, not CoinSpectrum's. Assets nobody has ruled on are left unclassified rather than sorted by a guess.
Hyperliquid is #8 among cryptocurrencies and #11 in the market ranking, which lists wrapped coins, staked derivatives, stablecoins and tokens alongside them. CoinSpectrum counts an asset once, and counts only cryptocurrencies: assets with their own blockchain and their own consensus. A wrapped coin, a staked derivative or a stablecoin is a claim on something already counted; a token, memecoin or otherwise, runs on another chain's blocks. All of them are listed, each in its own section, and none is added to the total. The 3 places between Hyperliquid's two ranks are held by claims and tokens, not by other networks. The methodology sets out the rule and the counting rule argues for it.
The price above is the median of the exchanges the site reads live, checked every minute and cross-checked against a market snapshot (how market data is gathered). The grade is scored on published criteria, each with its source (the method). The site is independent, nothing on it is a paid placement, and its statements are signed (about CoinSpectrum, the manifesto).
See the 6 wrapped and staked claims on Hyperliquid →