Hyperliquid

Hyperliquid receives a C- risk grade (52/100) from Hindenrank, where lower scores indicate lower risk. Elevated risk — dominant exchange with a pattern of recurring exploits throughout 2025, proven manipulation vulnerabilities, and centralized emergency interventions over a small validator set A perpetual futures exchange running on its own custom blockchain, offering up to 50x leverage with a full on-chain order book. It holds $6B in deposits and has no outside investors. Its C grade reflects multiple security incidents throughout 2025 — including the $13.5M JELLY exploit, a $21M private key compromise, and several vault exploits — plus centralization concerns from a small validator set.

The key risks identified for Hyperliquid are: (1) In March 2025, a trader manipulated an illiquid token listing to extract $13.5M from the shared vault. The team had to forcibly delist the market, showing they can and will intervene unilaterally (2) The blockchain runs on only 16-25 validators. If enough go offline or are pressured by regulators, your open trades are stuck and you cannot manage your positions during a crash (3) Losses from failed liquidations are shared across everyone in the HLP vault. When one trader exploits the system, all vault depositors pay the bill (4) At least four more security incidents hit in 2025 — a $21M private key exploit, $4.9M POPCAT manipulation, and separate Hyperdrive and HyperVault exploits — showing a pattern of recurring vulnerabilities

Hyperliquid scores 52/100 across eight risk dimensions: Mechanism Novelty: 3/15, Interaction Severity: 8/20, Oracle Surface: 5/10, Documentation Gaps: 3/10, Track Record: 12/15, Scale Exposure: 10/10, Regulatory Risk: 5/10, Vitality Risk: 6/10. The highest risk area is Scale Exposure at 10/10.

Among 53 rated Derivatives protocols on Hindenrank, Hyperliquid ranks #51 by safety (lowest risk score = safest). Its 52/100 risk score and C- grade place it among the riskier Derivatives protocols.

Hyperliquid scores 12/15 on the Track Record risk dimension, indicating some history of security incidents or exploits. Higher scores reflect more severe or frequent incidents. Review the full risk report for details.