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Is Hyperliquid (HYPE) halal?

Prohibited

1 condition out of six fails.

Verdict calculated by Halal Bourse's published rules from an investigation of primary sources (project documentation, registers, decisions), conducted on 10/07/2026 and not reviewed by a human.

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The asset

Native currency of the Hyperliquid blockchain (layer 1), whose main application is a perpetual contracts platform Issuer: Hyper Foundation (a Cayman Islands foundation company) is named as issuer in the MiCA white paper of the OKX Europe platform; Hyperliquid Labs develops the chain; its documentation says it is led by “Jeff” and “iliensinc” (pseudonym), and the white paper names Jeffrey Yan as co-founder.

HYPE pays transaction fees (gas), is staked with validators and is used to vote on improvement proposals (HIPs); staking also gives discounts on platform fees. Maximum supply of 1 billion: 38.9% reserve for future emissions not yet minted, 31% distributed at creation (November 29, 2024), 23.8% to contributors and 6% to the Foundation. Trading fees are used to automatically buy back HYPE, which is burned. No ERC-20 contract on Ethereum: the scan is not applicable.

Why this verdict

  1. Permissible purpose : to be verified or tolerated case. HYPE has real functions: chain gas, staking, voting, fee discounts. But the network's dominant application is a leveraged perpetual contracts platform, which produces about 96% of fees over twelve months (see tolerance) and whose fees buy back and burn HYPE; the network also has a general contracts engine (HyperEVM) and a lending market. The main purpose depends on the reading adopted for a native token backed by such activity.
  2. No riba : met. Holding HYPE pays no return drawn from a loan: staking rewards come from the reserve of future emissions and trading fees are used to burn HYPE; HYPE deposited as collateral for a loan earns no interest. The protocol does, however, offer USDC and USDT loans against interest (a product separate from the token, see autres_constats), and perpetual contracts involve leverage.
  3. No gambling : met. A spot purchase is of a native chain token, with a maximum supply fixed at 1 billion, transferable; it is not a perpetual contract, a separate product that is a leveraged bet on a price difference (see tolerance).
  4. No excessive gharar : to be verified or tolerated case. The rights, maximum supply and distribution are published. However, governance and issuance rest on a structure whose officers are not all identified: the documentation presents the team as led by “Jeff and iliensinc” (pseudonym); the white paper names Jeffrey Yan as co-founder but identifies no member of the management of the Hyper Foundation, the issuer. Validators run by the Foundation hold about 49.3% of the HYPE staked.
  5. Real ownership : met. HYPE is held in a chain account controlled by a personal wallet (or an exportable email login); the token is freely transferable. Purchase platforms were not studied.
  6. No fraud or manipulation : to be verified or tolerated case. No deception toward HYPE buyers was found, but two regulators published notices in 2026 targeting the platform and the Hyper Foundation for lack of authorization: the UK's FCA (May 21, updated June 7) and the Monetary Authority of Singapore (June 26, investor alert list, which according to it is neither a prohibition nor a sanction). In March 2025, a manipulation incident (JELLY) led validators to close a market (see autres_constats).
  7. Revenus illicites de l'émetteur : not met. 95,7 %, au-dessus du seuil de 5 %

Tolerance case

T2 · share of impermissible income: 95.7%. HYPE is the native currency of a network open to general contracts (HyperEVM), which comes close to T1; but the network's fees come almost entirely from leveraged perpetual contracts. According to DefiLlama (reading of October 7, 2026), Hyperliquid Perps fees over twelve months are $889.3 million out of $928.9 million of fees for all of Hyperliquid, or 95.7% (calculation); the spot market and other sources make up the rest. These fees do not go to the team but to the community (assistance fund that buys back and burns HYPE, HLP vault, deployers). The 95.7% share is therefore that of protocol revenue drawn from perpetuals, tied to HYPE through the buybacks; T2 is retained instead of T1 for this reason.

Contract security scan

Scan not performed: HYPE is native to the Hyperliquid chain, with no ERC-20 contract on Ethereum; rule A.8 rules out scanning native currencies. A wrapped version (WHYPE) exists on HyperEVM, with an immutable contract, not scanned.

Opinions found during the research

Opinions reported as read, named for what they are; they do not enter into the calculation of the verdict.

What could not be verified

Sources read

Other cryptos analyzed

General information: neither investment advice nor a fatwa. Verdict calculated by published rules, from financial statements read automatically and not reviewed by a human. Read the methodology