Hyperliquid at $64K: The On-Chain Perp DEX That Made Liquidity Itself the Product
Hyperliquid isn't decentralized. It doesn't need to be. With BTC holding $64K and ETH up 40% YTD while BTC bleeds, on-chain perpetuals have stopped being a curiosity and become where the trade gets made. Here's how the order book, the Dutch-auction liquidations, and the hourly funding actually work — and what it means when you wire an agent into it.