# Hyperliquid is a decentralised exchange that processes billions of dollars in daily trading volume.

*fintech · news · 2026-04-28 · Fortune*

## Key points

- Hyperliquid enables 24/7 trading of digital and real-world assets, including crude oil and equities.
- In February, Hyperliquid’s crude oil perpetuals surpassed $1.2 billion in 24-hour notional volume during global market closures.
- S&P 500 perpetuals began trading on Hyperliquid in March with full S&P Dow Jones Indices endorsement.
- Hyperliquid generated $962 million in protocol fees in 2025, mostly used programmatically to buy back HYPE.
- US regulators are actively developing rules for platforms like Hyperliquid that lack centralized intermediaries.

**Companies:** Circle, Hyperliquid
**Countries:** United States, Israel, Iran

[Read the full story on Fortune](https://fortune.com/2026/04/28/hyperliquid-decentralized-exchange-market-infrastructure-wall-street/)

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