Both are on-chain derivatives, so why do some use order books while others use pools? On transparent on-chain platforms, anyone can see the liquidation price of a large position, which could make it a target for other traders. Managing leverage carefully is even more important. To be precise, starting with V4, dYdX runs on its own blockchain built on the Cosmos SDK. $HYPE is Hyperliquid’s native token, and Hyperliquid is known for perpetual futures trading.