DeFi, short for decentralized finance, replaces a bank or brokerage's role with code running on a blockchain, so lending, trading, and holding assets all happen through a wallet and a smart contract instead of an account at an institution. Hyperliquid is a DeFi application in exactly this sense: a perpetual exchange with no custodian standing between you and your funds. These guides cover what actually makes something DeFi rather than just crypto adjacent and how a blockchain underpins that structure. Hyperliquid's ecosystem is one concrete example of where this fits inside the wider DeFi landscape, and the non-custodial model is exactly what changes who is responsible when something goes wrong.
GuideWhat is DeFi? A plain-English beginner’s guide to decentralized finance — how trading, lending, borrowing and earning work with smart contracts instead of banks, the core building blocks, the real risks, and where perps DEXs like Hyperliquid fit.
GuideWhat is a blockchain? A plain-English, beginner-friendly explanation of how blockchains work — blocks, hashing and consensus — plus why they matter, the difference between Layer 1s and Layer 2s, and how blockchains settle trades on DEXs.
GuideExplore the Hyperliquid L1 ecosystem beyond HYPE. Discover native tokens like PURR and JEFF, HIP token standards, builder codes, and third-party applications.
GuideA centralized exchange (CEX) holds your funds and matches trades on its own servers; a decentralized exchange (DEX) lets you trade from your own wallet with on-chain settlement. Here is a fair, plain-English comparison of CEX vs DEX in 2026 — custody, KYC, listings, transparency and trade-offs — and where Hyperliquid fits.
GuideUnderstand the fundamental difference between custodial and non-custodial trading. Learn why "Not your keys, not your coins" is the golden rule of crypto.
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