What is HyperEVM, and how is it different from HyperCore?
· 6 min read
Hyperliquid gets described as "an exchange" and "a blockchain" in the same breath, and both descriptions are correct — which is exactly what confuses people. It is one chain running two execution surfaces, and which surface an asset lives on decides how you trade it, what you actually hold, and what can go wrong.
BT365 is integrated against both sides — perps, spot and HIP-4 outcome markets on HyperCore, and token swaps plus a token launchpad on HyperEVM — so this is the distinction as it looks from having built against each, not from a diagram.