Hyperliquid

Hyperliquid receives a C- risk grade (56/100) from Hindenrank, where lower scores indicate lower risk. Elevated risk — dominant perp DEX with persistent 2025 security incidents, an expanding third-party oracle surface via HIP-3 builder perps, and escalating regulatory scrutiny from tokenized equity perpetual listings A perpetual futures exchange running on its own custom blockchain, offering up to 50x leverage with a full on-chain order book. It holds $5.2B 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, and expanding regulatory scrutiny as the platform now lists perpetuals on tokenized stocks.

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) HIP-3 allows third parties to deploy their own perpetual markets on Hyperliquid infrastructure with custom price oracles. If a builder deploys a market with a manipulable oracle, losses could cascade through the shared vault (4) The platform now offers perpetual trading on tokenized stocks (e.g., HOOD). This is drawing regulatory attention from the SEC and CFTC — insider-trading allegations surfaced in April 2026. A regulatory action could restrict or shut down equity derivative trading for all users

Hyperliquid scores 56/100 across eight risk dimensions: Mechanism Novelty: 3/15, Interaction Severity: 8/20, Oracle Surface: 7/10, Documentation Gaps: 3/10, Track Record: 12/15, Scale Exposure: 10/10, Regulatory Risk: 7/10, Vitality Risk: 6/10. The highest risk area is Scale Exposure at 10/10.

Among 56 rated Derivatives protocols on Hindenrank, Hyperliquid ranks #54 by safety (lowest risk score = safest). Its 56/100 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.