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SummaryValue SecuredRisk summaryTechnologyPermissionsSmart contracts

Hyperliquid logoHyperliquid

About

Hyperliquid is a performant exchange with its bridge on Arbitrum. It uses a custom consensus algorithm called HyperBFT.

  • Total value secured
  • Destination
    Hyperliquid
  • Validated by
    Multisig (3/4)
  • Type
    Single-chain
    • Explore more in Discovery UI

    About

    Hyperliquid is a performant exchange with its bridge on Arbitrum. It uses a custom consensus algorithm called HyperBFT.

    Value Secured

    2024 Jun 14 — 2025 Jun 14

    Risk summary

    Funds can be frozen if

    1. the permissioned validator set stops processing withdrawals,
    2. the permissioned lockers maliciously pause the bridge.
    Technology

    Principle of operation

    Hyperliquid is a DEX with its main bridge implemented as a smart contract on Arbitrum. Deposits in USDC can be locked in the bridge escrow and are picked up by the permissioned node to be used on the platform. Withdrawals are handled by external actors (validators and finalizers). Although the platform with its main bridge on Arbitrum suggests a decentralized appchain setup, there is no proof system or data availability solution that would qualify it as such.

    Transfers are externally verified

    Hyperliquid is composed of two sets of permissioned validators, one being a “hot” validator set, and the other being a “cold” one. The hot validator set is responsible for initiating withdrawals upon user requests, while cold validators can invalide them during the 200s challenge period and/or rotate both validator sets after an emergency pause. Both sets are currently composed of 4 validators with equal power. The system accepts a request if signed by 2/3+1 of validators power.

    • Funds can be stolen if the permissioned validator majority sign an invalid withdrawal request.

    • Funds can be frozen if the permissioned validator set stops processing withdrawals.

    • Funds can be frozen if the permissioned lockers maliciously pause the bridge.

    • Funds can be stolen if the permissioned finalizers don't finalize withdrawals.

    1. Bridge2 contract: function checkValidatorSignatures()
    Permissions
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    Arbitrum One

    Roles:

    Hot Validator (4) EOA 1EOA 2EOA 6EOA 8

    Can request withdrawals, start a validator set change, add lockers and finalizers (Can also change cold validators by adding a finalizer and proposing/finalizing a new validator set).

    Cold Validator (4) 0x5a92…5ede0x8003…0E910x86d6…F6280xE346…C6e7

    Can change the dispute period, block duration and locker threshold. Can also invalidate withdrawals, emergencyUnlock (unpause and change the validator set), remove lockers and finalizers.

    Actors:

    EOA 1 0x2632…1504
    • Can interact with HyperliquidBridge
      • finalize withdrawals, finalize validator set updates
      • vote for locking the bridge contract
    • A Hot Validator - acting directly
    EOA 2 0x58E1…132e
    • Can interact with HyperliquidBridge
      • finalize withdrawals, finalize validator set updates
      • vote for locking the bridge contract
    • A Hot Validator - acting directly
    EOA 6 0xda68…d79B
    • Can interact with HyperliquidBridge
      • finalize withdrawals, finalize validator set updates
      • vote for locking the bridge contract
    • A Hot Validator - acting directly
    EOA 8 0xEF23…37Fc
    • Can interact with HyperliquidBridge
      • finalize withdrawals, finalize validator set updates
      • vote for locking the bridge contract
    • A Hot Validator - acting directly
    EOA 9 0xf9d2…48c5
    • Can interact with HyperliquidBridge
      • finalize withdrawals, finalize validator set updates
      • vote for locking the bridge contract
    Smart contracts
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    A diagram of the smart contract architecture
    A diagram of the smart contract architecture

    Arbitrum One

    HyperliquidBridge 0x2Df1…3dF7

    Single contract containing the logic for the Hyperliquid bridge. It manages deposits, withdrawals, the hot and cold validator sets, as well as the lockers, finalizers, and all the permissioned functions. The current locker threshold is 2 and the minimum validator threshold is 2/3*4.

    • Roles:
      • coldAddresses: EOA 3, EOA 4, EOA 5, EOA 7
      • finalizers: EOA 1, EOA 2, EOA 6, EOA 8, EOA 9
      • hotAddresses: EOA 1, EOA 2, EOA 6, EOA 8
      • lockers: EOA 1, EOA 2, EOA 6, EOA 8, EOA 9
    • This contract stores the following tokens: USDC.

    Value Secured is calculated based on these smart contracts and tokens:

    Escrow for USDC 0x2Df1…3dF7

    Hyperliquid bridge escrow on Arbitrum.