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Your Wallet Is the Exchange: A Practitioner's Guide to Hyperliquid at $65K Bitcoin
Trading Jul 20, 2026

Your Wallet Is the Exchange: A Practitioner's Guide to Hyperliquid at $65K Bitcoin

Hyperliquid is a perp DEX that runs its own blockchain, matches orders through a fully on-chain limit order book, and settles trades to your wallet. With BTC at $65,131 after a fresh structural break, the venue's mechanics — visible Dutch-auction liquidations, hourly capped funding, and self-custodied positions — matter more than the marketing. Here's how it actually works and what it costs you.

#hyperliquid#perp dex#perpetuals