Hyperliquid

Raw, decoded, and curated Hyperliquid HyperCore data on Dune: trading, order book, funding, account activity, and RWA markets

Hyperliquid runs as one Layer 1 split across two execution environments. HyperEVM handles the smart contract side and is available on Dune as a standard EVM chain. HyperCore is the native trading engine, and Dune ingests it directly from Hyperliquid’s archives and streaming endpoints, then publishes it in three layers: raw source records, decoded tables, and curated analysis-ready models. The exchange’s order flow, executions, funding, and account activity are queryable as structured tables rather than raw explorer output.

Maintained by: Dune · History: from January 2025 (decoded actions and node fills) · Layers: raw, decoded, and curated

🔒 Gated dataset. Raw, decoded, and curated Hyperliquid tables are private and available to enterprise customers and trial accounts. See the access tiers overview or contact the Dune team to enable access.

What it is

Hyperliquid coverage on Dune comes in three layers. Curated coverage is expanding: HIP-3 real-world-asset markets are the first curated subset to ship, and more Hyperliquid curated models are in development.

Raw HyperCore

Available. Source records as ingested: every action submitted to the Hyperliquid L1, unaltered node fills, and every Level 2 order-book diff event.

Decoded HyperCore

Available. Just under 30 tables spanning trading actions, fills, funding, account and staking activity, market reference data, prediction markets, and reconstructed order-book snapshots.

Curated

RWA live, more in development. Analysis-ready models, starting with HIP-3 real-world-asset perpetual markets.

All three layers are gated and available to enterprise customers and trial accounts. Request access to scope an evaluation.

Who it’s for

Hedge funds, crypto funds and VCs, asset managers, centralized exchanges, and market data, ratings, and insurance providers. Typical teams are quant research, trading, market data product, and data engineering.

Use cases

• Backtest and size a strategy before committing capital. Replay fills alongside the order book to test entry and exit rules, estimate slippage at real depth, and check whether a target position size was ever fillable, instead of assuming mid-price execution.
• Measure execution quality. Compare your own fills against the book state and the wider tape at the same moment to quantify slippage, fee drag, and adverse selection, and to settle whether a venue or routing change actually helped.
• Build funding, basis, and carry signals. Use per-market funding payment history with open interest and positioning to price carry trades and spot when funding is about to flip against a crowded side.
• Monitor liquidity and depth withdrawal. Track how much size sits at each price level over time to see liquidity thin out ahead of volatility, which matters both for execution risk and for venue quality assessment.
• Run liquidation and risk surveillance. Reconstruct liquidation cascades from fills, leverage, and ledger balance changes to stress-test margin assumptions and quantify concentration risk across accounts and markets.
• Track RWA demand as a cross-asset signal. Use HIP-3 volume, open interest, funding, and leverage as a live proxy for trader demand in equities, commodities, indices, and FX, including markets with no comparable onchain spot instrument.
• Feed an internal or commercial market-data platform. Add Hyperliquid trades, market reference data, and Level 2 depth to an existing data product or internal warehouse without building the ingestion yourself.

Coverage

• Perpetual and spot trading: orders, fills, cancels, TWAPs, leverage, margin, funding, and new market deployments.
• Order book: Level 2 diffs and one-minute depth snapshots. Level 2 here means individual bid and ask price levels, not a separate Layer 2 blockchain.
• Trade executions: price, size, side, fees, and PnL for every fill.
• Account and network activity: transfers, withdrawals, sub-accounts, vaults, approvals, referrals, balance changes, liquidations, staking, validator rewards, and delegations.
• Prediction markets: HIP-4 market definitions, outcomes, votes, and related trading activity.
• RWA markets: HIP-3 perpetual markets giving synthetic exposure to equities, commodities, FX, indices, and other real-world assets.

History

Decoded HyperCore actions and node fills are backfilled from Hyperliquid-provided archives, with first data from January 2025. Order-book depth is captured from the live stream forward, starting April 2026, and historical ingestion is in progress.

Freshness and granularity

Data	Freshness	Granularity
Actions and fills	About 20 minutes behind live, bounded by how often Hyperliquid publishes to its archive bucket	One row per individual user or system action, and one row per individual fill
Level 2 order-book diffs	Streamed continuously as changes occur, with no batch or archive delay	One row per change to a bid or ask at a single price level, per coin
Order-book snapshots	Rebuilt every minute	Complete book state across all price levels, per coin, at one-minute intervals
Market reference data	Updated as markets are deployed or reconfigured	One row per perpetual market, spot market, token, margin tier, or prediction market

Historical order-book depth before April 2026 is not available. Level 2 depth is captured from the live stream forward, so backtests that need earlier book state cannot be run against these tables.

Why Dune

• Query Hyperliquid without operating the pipeline. Raw, decoded, and curated tables are available without maintaining archive ingestion, streaming, decoding, and order-book reconstruction yourself.
• Connect activity to market state. Submitted actions and executions can be analyzed alongside funding, positions, and changes in available liquidity, in the same place as the rest of Dune’s chain coverage.

Raw and decoded tables

Just over 30 tables in total. Full table and column documentation is shared during an evaluation.

Raw source records:

• hyperliquid.l1_transactions_raw: every action submitted to the Hyperliquid L1, parsed from the replica_cmds archive, and the source for the decoded tables
• hyperliquid.node_fills_raw: unaltered node fill data as published
• hyperliquid.l2_book_diff_raw: every Level 2 order-book diff event, one row per price-level update per coin

Decoded tables, grouped:

• Trading actions: orders, fills, cancels, TWAPs, leverage and margin updates, and perpetual and spot market deployments.
• Account and network activity: transfers and withdrawals, sub-accounts, vaults, approvals, referrals, ledger balance changes including liquidations, staking, delegations, validator rewards, and funding payments.
• Market reference data: perpetual and spot market configuration, tokens, margin tiers, and prediction-market questions and outcomes.
• Order book: hyperliquid.l2_book_1m holds reconstructed one-minute snapshots, built by replaying the diff stream per coin.
• Fills: hyperliquid.node_fills_decoded gives one row per fill, with price, size, side, fees, PnL, and liquidation detail.

Curated tables

Curated Hyperliquid coverage is being built out in stages. The first subset covers HIP-3 real-world-asset perpetual markets and ships as part of the RWA dataset. These four tables are documented column by column and sit outside the HyperCore add-on: they are part of the RWA collection and carry the RWA entitlement, so no HyperCore access is needed to query them. Broader Hyperliquid curated models are in development.

• rwa_hyperliquid.markets: HIP-3 market registry with asset class, issuer, platform, and leverage configuration
• rwa_hyperliquid.perp_trades: individual HIP-3 perpetual trades with notional, fees, leverage, and liquidation detail
• rwa_hyperliquid.perp_metrics_hourly: hourly aggregates per market
• rwa_hyperliquid.perp_metrics_daily: daily aggregates per market

As of 16 August 2026, the curated set tracks 218 HIP-3 markets across 9 builder DEXs, of which 111 are live: 100 equities, 8 commodities, and 3 FX. Trade history runs from 13 October 2025 and spans 174 markets that have traded. Cumulative volume across these markets is over $500 billion, led by equities at roughly $320 billion and commodities at roughly $195 billion.

HIP-3 markets are perpetuals, so they give synthetic exposure to the underlying asset rather than spot ownership of a tokenized share.

Scope is also default-deny: a market appears in rwa_hyperliquid.markets only once it has been curated into the RWA taxonomy, so crypto perps and uncurated new listings are excluded by design. The raw and decoded tables carry every HIP-3 market without that filter.

HyperEVM

HyperEVM is covered separately as a standard EVM chain, with raw tables, decoded contract tables, and dex.trades support. See the HyperEVM overview for what is indexed.

These are two different data surfaces on the same Layer 1. HyperCore is the trading engine, and its tables are gated as described above. HyperEVM is the smart contract environment, and its tables are part of Dune’s standard EVM coverage, so they are not gated and need no add-on.

Explore and access

HyperCore Dashboard

The overview dashboard: trading volume, order book activity, funding, and account flow built on the HyperCore tables.

Launch Post

Why Dune decoded HyperCore, what the pipeline covers, and what it makes possible.

hyperliquid.market_data

A separate community-contributed dataset, updated monthly: aggregate market snapshots with funding, open interest, and volume. Not part of the HyperCore pipeline.

Get Access

Hyperliquid HyperCore tables are an enterprise add-on. Talk to the Dune data solutions team about a trial or enterprise access.