Ticker: HYPE
Network: HyperEVM
Category: DeFi / Perpetuals
Address: View HYPE on Hyperliquid Explorer

About Hyperliquid and its native token, HYPE

HYPE is the native token of Hyperliquid, a next-generation decentralized exchange (DEX) built for high-speed trading with short processing times, without relying on centralized intermediaries. Hyperliquid runs on its own blockchain and aims to match the performance of centralized exchanges, while offering the transparency and control of DeFi.

HYPE is used to:

• Compensate validators
  
  
• Stake and earn rewards
  
  
• Trade perpetual contracts
  
  
• Participate in liquidity vaults
  
  
• Vote on protocol governance
  
  

Hyperliquid uses a dual-layer architecture composed of HyperEVM and HyperCore.

Understanding HyperEVM and HyperCore

Hyperliquid is structured around two components:

• HyperEVM: This is the EVM-compatible layer. You interact with it using wallets like MetaMask, and it’s where your HYPE tokens reside when they are in your wallet. You can use HyperEVM to access dApps like NFT marketplaces or HyperSwap.
• HyperCore: This is the core system of the Hyperliquid protocol, where all trading, staking, and vault activity takes place. It is not directly accessible through external wallets and requires users to utilize the internal “Transfer” function to move assets between HyperCore and HyperEVM.

Analogy:
Think of HyperEVM as your crypto checking account and HyperCore as your trading account. You need to move assets internally between them to make trades or earn rewards, just like you’d transfer funds from your bank account to a trading app.

Using HYPE on Bitso and with Hyperliquid

Buying HYPE on Bitso

1. Log in to your Bitso account.
2. Go to the Buy/Sell section and choose your base currency.
3. Select HYPE as the currency you want to purchase, enter the amount, and confirm the transaction.

You can also trade HYPE on Bitso Alpha for a more advanced experience.

Please note: Deposits and withdrawals for HYPE are not currently enabled on Bitso. HYPE is only available for trading within the platform.

Interacting with the Hyperliquid Protocol

Hyperliquid operates on a dual-layered architecture:

• HyperEVM is an Ethereum-compatible environment that connects with wallets like MetaMask. It enables access to smart contracts, dApps, NFTs, and other on-chain interactions.
  
  
• HyperCore is Hyperliquid’s high-speed core engine, optimized for real-time perpetual trading, staking, and liquidity vaults.
  
  

Although both layers use the same token (HYPE), they are not connected via traditional bridges. Instead, users must use Hyperliquid’s internal Transfer function to move tokens between HyperEVM and HyperCore.

Currently, Bitso supports only the HyperEVM-compatible version of HYPE. Due to infrastructure constraints, deposits and withdrawals are temporarily disabled, and users cannot move HYPE in or out of Bitso at the time.

Example: How HYPE is used in Hyperliquid

You can trade HYPE on Bitso, but to use the token within the Hyperliquid ecosystem, users typically:

• Hold HYPE in a self-custodial wallet on HyperEVM (e.g., MetaMask).
  
  
• Connect to app.hyperliquid.xyz to access protocol features.
  
  
• Use the internal Transfer feature to move HYPE into HyperCore, enabling trading, staking, or vault interactions.
  
  
• Later, move it back from HyperCore to HyperEVM using the same feature.
  
  

For a complete walkthrough, this video tutorial provides helpful context.

FAQ

1. What is HYPE used for?
HYPE powers the Hyperliquid protocol. It’s used for validator compensation, staking rewards, governance voting, and as collateral for perpetual trading within HyperCore.

2. Can I deposit or withdraw HYPE on Bitso?
No. Deposits and withdrawals are not currently supported. HYPE is available only for trading on Bitso Alpha and through the Bitso app.

3. What’s the difference between HyperEVM and HyperCore?
HyperEVM is the EVM-compatible layer that connects with wallets like MetaMask. HyperCore is the protocol’s internal trading and settlement layer. Tokens must be moved between layers using the internal Transfer tool.

4. Can I send HYPE from Bitso to use in Hyperliquid?
Not at this time. Since deposits and withdrawals are currently disabled, users will need to acquire HYPE through other means to use it on the Hyperliquid protocol.

Disclaimer

This article is for informational purposes only and does not constitute financial or investment advice. HYPE operates across a dual-layered network architecture, and Bitso currently supports trading functionality only. Deposits and withdrawals are not available at this time. Users should conduct their own research (DYOR) before interacting with external platforms. Bitso is not responsible for losses resulting from unsupported transfer attempts or the misuse of third-party tools.