What is the architecture of a Hyperliquid-style Perp DEX?
Hyperliquid-style perpetual DEXs use a custom architecture that blends high-performance infrastructure with on-chain settlement. Typically, the system includes: an off-chain matching engine that processes orders instantly, a risk engine that manages leverage and liquidation logic, and an on-chain settlement contract that records finalized trades. This hybrid setup ensures both speed and transparency. Many such platforms also implement isolated margin accounts, dynamic funding rates, liquidity incentive programs, and robust oracle integrations. By prioritizing speed and user experience, this architecture competes with centralized derivatives exchanges while preserving user custody. The design emphasizes scalability, enabling thousands of transactions per second, and supports advanced trading features like cross-margining, multi-asset collateral, and deep perpetual liquidity.
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