Hyperliquid
HYPE#10HYPE secures Hyperliquid, a blockchain built around an on-chain exchange for leveraged perpetual futures.
- Market cap
- $21.35B
- Volume 24h
- $778.56M
- All-time high
- $97.96
- −13.21% from ATH
- Circulating supply
- 222.45M of 1B
Does not clear all 8 Shariah criteria. Needs caution: nature of the asset, gambling (maysir), excessive uncertainty (gharar), usage, and benefit and harm (maslahah). Fails: business model.
- 2 pass
- 5 caution
- 1 fail
Verdict history
- DoubtfulCurrent
First publication
Fundamentals, market picture and news will appear here.
Halal analysis
Can a Muslim hold Hyperliquid?8 Shariah criteria
2 pass · 5 caution · 1 failHolding HYPE pays no interest, and native staking rewards are new HYPE paid for validation work; interest-based lending exists on the platform but is optional and separate.
Riba means interest or any fixed increase on a loan. This criterion asks whether simply holding the asset produces interest. HYPE pays nothing to its holder. Stakers who delegate HYPE to validators receive rewards from the network's future emissions reserve, about 2.4% a year at current stake, which is payment for validation work rather than interest.
Hyperliquid's exchange does run interest-based products: its perpetual funding formula contains a fixed interest-rate component, and portfolio margin and manual borrows let users lend and borrow USDC and USDT at interest, with the protocol keeping 10% of borrow interest as a liquidation buffer. Supplied HYPE is only collateral and earns no interest. These products are optional and are judged under lending and yield products; the link between interest-like income and the value of HYPE is assessed under the business model. The score sits near the bottom of the pass band because interest is built into the same platform.
HYPE is the working token of an active blockchain, but authoritative bodies still disagree whether crypto tokens are property (mal).
HYPE is the native token of the Hyperliquid layer-1: it is staked to secure the HyperBFT consensus, pays gas on the HyperEVM, gives trading-fee discounts, and must be staked by builders who deploy markets under HIP-3. The network is heavily used, with billions of dollars of daily trading. That is real utility, not an empty record.
On whether such tokens are property (mal), Malaysia's Securities Commission Shariah Advisory Council treats a digital currency without an underlying asset as a tradable good ('urudh), while a June 2026 fatwa from Darul Uloom Karachi says crypto tokens are not mal, and state fatwa bodies in Egypt, Turkey and the UAE have rejected cryptocurrency in general. This disagreement keeps the criterion at caution.
HYPE has a real function, but the platform it powers exists mainly for leveraged speculation, and trading in HYPE itself is dominated by leveraged perpetuals.
Maysir means gambling, or gains that depend mainly on chance; ordinary price swings are not maysir. HYPE is not a meme or betting token: it secures the network and pays gas. But the activity it depends on is overwhelmingly leveraged speculation. On 27 September 2026 perpetual futures made up about 97% of trading volume on Hyperliquid's main exchange, with about $13 billion of open interest, and HYPE's own perpetual market (up to 10x leverage) traded about eight times its spot volume on Hyperliquid.
In October 2025 more than 1,000 wallets were fully liquidated in one market crash, and an outcome-market framework (HIP-4) was put on testnet in August 2026. Because HYPE itself has a real function, this is caution, not fail, but the score is near the bottom of the band.
About 96–97% of Hyperliquid's trading activity and revenue comes from leveraged perpetual futures, far above the 20% limit, and almost all of those fees buy HYPE through the Assistance Fund.
The test looks at the economics of the protocol behind a token; leveraged derivatives are its example of a disputed activity, with a 20% limit, and AAOIFI Shari'ah Standard 20 treats futures without delivery as impermissible. Hyperliquid's own API showed perpetuals at about 97% of 24-hour volume on its main exchange on 27 September 2026 ($3.82B against $0.11B spot), and DefiLlama attributes about 96% of its revenue over the past year to perpetuals.
Hyperliquid's docs say all trading fees go to the HLP vault, the Assistance Fund and market deployers, and that the Assistance Fund automatically converts fees into HYPE, which is treated as burned; an analysis cited by Cointelegraph puts the share routed this way at 99%. HYPE holders therefore benefit directly from income that is overwhelmingly derived from leveraged derivatives, and the protocol also keeps 10% of interest from its lending feature. The disputed share is far above 20%, so the criterion fails.
Supply and trading are visible on-chain, but the node software is closed-source, the Hyper Foundation controls about half of the stake, and validators have overridden market outcomes before.
Gharar means excessive uncertainty or hidden terms. Much is transparent: the maximum supply is fixed at 1 billion HYPE, balances, trades and the Assistance Fund are visible on-chain, and there were no private investor allocations. But the public node repository ships only pre-compiled binaries, not source code, and the only public audits listed cover the bridge and Circle's contracts, not the core exchange engine or consensus. On 27 September 2026 the five Hyper Foundation validators held about 48% of all staked HYPE.
In March 2025 the validator set voted within minutes to delist the JELLY perpetual and settle positions at a price far below the market, after the HLP vault faced losses of up to $13.5M. Core-contributor tokens are still unlocking monthly. This partial opacity and concentrated control is caution; it is not fail, because supply cannot be minted at will beyond the published cap.
HYPE is used for staking, gas and fee discounts, but a notable share of its use supports leveraged trading and interest-based lending.
HYPE's permissible uses are real: about 441 million HYPE is staked with validators, it pays gas on the HyperEVM and gives trading-fee discounts. Many of these uses, however, serve the derivatives business: fee discounts mainly benefit perpetuals traders, HIP-3 deployers must stake 500,000 HYPE to launch new perpetual markets, HYPE is accepted as collateral at 65% loan-to-value to borrow stablecoins at interest, and HYPE perpetuals trade about eight times the HYPE spot volume on Hyperliquid, per its API.
On the HyperEVM, the largest applications after liquid staking are interest-based lending markets such as HyperLend. No source measures the exact share, but the disputed share is clearly notable, so the criterion is caution.
HYPE can be bought outright with full payment on spot markets, held in self-custody, or held through spot ETFs that do not lend it.
This criterion only asks whether the asset can be owned in a permissible form, not whether the asset itself passed. HYPE trades spot on Hyperliquid itself (HYPE/USDC) and on centralised exchanges, including Binance from September 2026, and can be withdrawn to a personal wallet. In the US, the 21Shares Hyperliquid Staking ETF (THYP) and other spot funds hold HYPE directly; THYP says it does not lend or pledge its HYPE, though it stakes most of it. HYPE does not exist only as a leveraged or derivative wrapper.
Hyperliquid offers a transparent, self-custodial trading venue, but it gives easy, KYC-free access to high leverage and has seen repeated manipulation and mass liquidations.
Maslahah means weighing real benefit against real harm. On the benefit side, Hyperliquid shows every order and position on-chain, lets users keep custody of their funds, and launched without selling tokens to insiders. On the harm side, its main product is high-leverage perpetual trading open without identity checks in most countries: more than 1,000 wallets were fully liquidated in October 2025, and thinly traded markets were manipulated in the JELLY (March 2025) and POPCAT (November 2025) incidents, costing the community-owned HLP vault millions.
HIP-3 also offers leveraged perpetuals on stocks and commodities. The harm is significant and disputed, but Hyperliquid is not mainly a tool for fraud or sanctions evasion, so this is caution.
- 21Shares Hyperliquid Staking ETF — Form 10-K for the fiscal year ended June 30, 2026
- HyperLiquid Delists JELLY After Vault Squeezed in $13M Tussle (CoinDesk)
- Hyperliquid delists JELLYJELLY memecoin amid whale manipulation fiasco (The Block)
- Hyperliquid Docs — HIP-3: Builder-deployed perpetuals (full docs text)
How you can use it
Tap a card for the ruling and sourcesSpot HYPE with full, immediate payment is available on Hyperliquid (HYPE/USDC) and on centralised exchanges, and it can be withdrawn to a personal wallet. Spot is rated acceptable for a DOUBTFUL asset; the doubts concern the protocol behind HYPE, not the spot method.
US spot ETFs such as 21Shares THYP hold HYPE directly and say they do not lend or pledge it, which is like spot; but they stake 60–100% of their HYPE and pass staking rewards to shareholders, and HYPE staking itself is caution (see staking). A fund that holds HYPE without staking would be judged like spot.
HYPE pays gas on the HyperEVM; it is not widely used for payments for goods. Tier-1 bodies such as MUI (Indonesia, 2021) prohibit crypto as a means of payment, so this use is caution.
Native HYPE staking pays new HYPE from the emissions reserve for validation work, which is normally acceptable. But the blocks being validated consist mostly of leveraged perpetual trades and interest-based lending, and Sharlife rates HYPE staking failed for that reason while ShariaQuant rates it halal. Given this dispute, staking is caution. Liquid-staking tokens such as kHYPE add a further layer and should be checked separately.
Always fail: borrowing with leverage and deferred exchange without delivery (AAOIFI SS 20). Hyperliquid lets users borrow stablecoins against HYPE, and exchanges offer margin on HYPE.
Always fail: futures, perpetuals and options are deferred exchange without delivery, with leverage (AAOIFI SS 20). HYPE perpetuals with up to 10x leverage trade on Hyperliquid and other exchanges, and perpetuals are the platform's main product.
Lending for a return is riba. HyperCore lets users supply USDC and USDT at interest against HYPE collateral, and HyperEVM markets such as HyperLend lend HYPE and stablecoins at interest.
The HLP vault earns from market making, liquidations and trading fees on leveraged perpetuals and supplies USDC in Earn, so its return comes from derivatives and interest; lending-market yields on HyperEVM are interest. Both fail. Native staking is covered under staking.
Scholars quotes
Penggunaan cryptocurrency sebagai mata uang hukumnya haram, karena mengandung gharar (ketidakjelasan), dharar (bahaya) dan bertentangan dengan Undang-Undang nomor 7 tahun 2011 tentang Mata Uang dan Peraturan Bank Indonesia nomor 17 tahun 2015 tentang Kewajiban Penggunaan Rupiah di Wilayah Negara Kesatuan Republik Indonesia.Sebagaimana mata wang yang lain, mata wang digital hendaklah tidak digunakan sebagai bayaran kepada barangan, perkhidmatan dan aktiviti tidak patuh Syariah seperti pembelian dadah, pelacuran, perjudian dan pendanaan aktiviti keganasan serta penggubahan wang haram.The SAC has also resolved that investment and trading of Digital Assets that fulfil the above requirements and which are traded on Digital Asset Exchange (DAX) registered with SC are permissible.Third: In light of the above and given the significant risks associated with this type of currencies and the instability of their transactions, the Council of the Academy recommends pursuing research and studies on issues affecting its ruling.Bitcoin is a digital currency that does not meet the legal and Sharia criteria that make it a currency subject to the rulings of dealing with official legal currencies recognized internationally.بناءً على ذلك: فلا يجوز شرعًا تداول عملة "البتكوين" والتعامل من خلالها بالبيعِ والشراءِ والإجارةِ وغيرها، بل يُمنع من الاشتراكِ فيها؛ لعدمِ اعتبارِها كوسيطٍ مقبولٍ للتبادلِ من الجهاتِ المخُتصَّةِ، ولِمَا تشتمل عليه من الضررِ الناشئ عن الغررِ والجهالةِ والغشِّ في مَصْرِفها ومِعْيارها وقِيمتها، فضلًا عما تؤدي إليه ممارستُها من مخاطرَ عاليةٍ على الأفراد والدول.Buying and holding the HYPE token is Haram.According to research and opinion of experts so far, cryptocurrency is not considered ‘ maal ’ (wealth) in Sharia.Muhammadiyah memandang transaksi dan investasi kripto pada dasarnya mubah (boleh) tetapi dengan syarat tertentu.The opinion on this is the same as doing the same with any halal assets such as shares – 1) is permissible, 2) is more debatable and there are differing opinions on short-term trading.Our current position is 'tawaquf'; we can't say it is halal or haram, but we say it is better not to engage in itAs I mentioned at the beginning of this article it is not necessary to substantiate the permissibility of something as long as there are no prohibited factors involved in it or surrounding it.AI-assisted analysis checked against sources. Not a fatwa or investment advice.
Where it trades
13 exchanges from our coverage · no referral links
KrakenCentralized · HYPE/USDVolume 24h$34.37MReliability7.4Halal productNo halal product- BBybitCentralized · HYPE/USDTVolume 24h$48.86MReliability7.1Halal productIslamic account
- CCrypto.com ExchangeCentralized · HYPE/USDVolume 24h$39KReliability7.0Halal productNo halal product
OKXCentralized · HYPE/USDTVolume 24h$52.46MReliability6.7Halal productNo halal product
Coinbase ExchangeCentralized · HYPE/USDVolume 24h$44.7MReliability6.6Halal productNo halal product
BitvavoCentralized · HYPE/EURVolume 24h$17.42MReliability6.5Halal productNo halal product
GeminiCentralized · HYPE/USDVolume 24h$337.08KReliability6.2Halal productNo halal product
GateCentralized · HYPE/USDTVolume 24h$28.49MReliability5.9Halal productNo halal product
BingXCentralized · HYPE/USDTVolume 24h$3.74MReliability5.8Halal productNo halal product
KuCoinCentralized · HYPE/USDTVolume 24h$11.69MReliability5.6Halal productNo halal product
BitgetCentralized · HYPE/USDTVolume 24h$19.27MReliability5.0Halal productNo halal product
MEXCCentralized · HYPE/USDTVolume 24h$3.22MReliability4.7Halal productNo halal product
BitfinexCentralized · HYPE/USDVolume 24h$50.39KReliability3.3Halal productNo halal product
No exchanges match this filter
Listings as of Sep 18, 2026
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