Ops Development & AI Practice

Aug 2, 2025 · Blockchain

What Are You Really Trading on Hyperliquid? Unpacking HYPE Token and Perpetual Contracts

The article explains Hyperliquid's native HYPE token, its governance, staking, fee‑discount and incentive roles, clarifies that most platform activity involves USDC‑backed perpetual contracts rather than direct HYPE spot trades, and offers practical guidance for traders and investors.