> ## Documentation Index
> Fetch the complete documentation index at: https://docs.hyperprop.com/llms.txt
> Use this file to discover all available pages before exploring further.

# HDL whitepaper

> How Hyperprop Deep Liquidity builds one consolidated order book for perpetual futures.

HDL (Hyperprop Deep Liquidity) is Hyperprop's consolidated order book for perpetual futures. It builds one book per instrument from many centralized exchanges and on-chain venues, and executes orders against it level by level.

The whitepaper describes how the book is built, how it fails over, how fills are priced and how its history stays consistent with the live book. It also includes a measured execution-cost comparison for BTC, SOL and XRP.

HDL is coming soon to Hyperprop.

> **[Download the HDL whitepaper](https://docs.hyperprop.com/files/hdl-hyperprop-deep-liquidity-whitepaper.pdf)**
>
> PDF, 7 pages, October 2026.


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