Glossary
HyperCore
Hyperliquid's exchange state machine: the order books, margin engine, liquidation logic and oracle prices. Trades here pay no gas because they are not EVM transactions.
Checked against the Hyperliquid documentation 8 Sept 2026 · how we check
Related terms
- HyperEVM An Ethereum-compatible execution environment on the same chain as HyperCore, where the lending, staking and structured-product ecosystem lives.
- Order book The list of resting buy and sell orders at each price. On Hyperliquid the book is the blockchain's own state rather than a smart contract or an off-chain database.