The Hyperliquid ecosystem
What runs on Hyperliquid, which layer it runs on, and how much money is in it. Every project links to its official site or our dossier.
Hyperliquid's ecosystem has three layers: HyperCore (the onchain order book for perps, spot and HIP-3 markets), HyperEVM (an Ethereum-compatible chain, id 999, where DeFi apps live) and front ends that trade on HyperCore for you. DefiLlama tracks $2.61B of TVL on Hyperliquid L1 across 181 protocols (November 4, 2026); the largest third-party projects are Kinetiq ($987M), HyperLend ($334M), Valantis ($209M).
How the pieces fit
HyperCore vs HyperEVM →Wallets, terminals and apps send orders to HyperCore for you. Many add a builder fee (max 0.1% on perps).
HyperEVM is not a separate chain: it runs under the same HyperBFT consensus and validator set as HyperCore, which is why contracts can read HyperCore state directly.
Not on the map: offchain tools (explorers, analytics) read the chain but hold no funds. Bridges move assets in from other chains; DefiLlama counts the Hyperliquid bridge ($6.17B) separately from DeFi TVL.
Trading front ends and wallets
Compare all →Every order still fills on Hyperliquid's order book; the difference is the interface and the builder fee on top. Ordered by perps builder fee, lowest first. The official app adds none.
| Front end | Type | Builder fee (perps) | Platforms |
|---|---|---|---|
| Insilico Terminal | Pro trading terminal | 1 bps | web |
| Axiom | Memecoin terminal with a perps tab | 1 bps | web |
| Markets.xyz | Trading app (Markets by Kinetiq) | 1 bps | web, ios, android |
| HyperDash | Analytics + trading terminal | 1.5 bps | web |
| Based | Trading super-app (web, mobile, card) | 2.5 bps | web, ios, android, desktop |
| pvp.trade | Telegram trading bot | 4 bps | telegram |
| Rabby Wallet | EVM wallet with a perps tab | 4 bps | extension, ios, android |
| fomo | Social trading app | 5 bps | ios, android, web |
| Phantom | Multichain wallet with perps | 5 bps | ios, android, web |
| Pear Protocol | Pair and basket trading | 6 bps | web |
| Dexari | Mobile trading app | 10 bps | ios, android |
| MetaMask | Wallet with perps (mobile + extension) | 10 bps | ios, android, extension |
| Trust Wallet | Mobile wallet with perps | 10 bps | ios, android, extension |
| trade.xyz | HIP-3 dex app (stocks, indices, commodities) | not published | web |
| pump.fun | Memecoin launchpad with perps | not published | web, ios |
HIP-3 perp dexes
Markets →HIP-3 lets anyone who stakes 500,000 HYPE run their own perp markets on HyperCore: stocks, indices, commodities, pre-IPO companies. Live from the Hyperliquid API, 2026-11-04 10:16 UTC.
| Dex | Code | Live markets | 24h volume | Open interest | Status |
|---|---|---|---|---|---|
| XYZ | xyz | 120 / 142 | $5.14B | $4.42B | Live |
| EntropyIO | io | 14 / 19 | $92.0M | $143M | Live |
| Paragon | para | 33 / 40 | $6.74M | $16.3M | Live |
| Markets By Kinetiq | mkts | 1 / 24 | $88.7K | $125K | Live |
| Felix Exchange | flx | 0 / 16 | — | — | All delisted |
| Ventuals | vntl | 0 / 15 | — | — | All delisted |
| HyENA | hyna | 0 / 25 | — | — | All delisted |
| Markets by Kinetiq | km | 0 / 23 | — | — | All delisted |
| ABCDEx | abcd | 0 / 1 | — | — | All delisted |
| dreamcash | cash | 0 / 17 | — | — | All delisted |
Built into Hyperliquid
Hyperliquid's own products as DefiLlama tracks them on Hyperliquid L1.
| Product | Category | TVL | 7d |
|---|---|---|---|
| Hyperliquid Earn | Lending | $1.63B | +9.8% |
| Hyperliquid HLP | Derivatives | $152M | -13.0% |
| Hyperliquid Spot Orderbook | Dexs | $149M | -9.0% |
HyperEVM projects and dApps, by category
Every third-party protocol with more than $1.00M of TVL on Hyperliquid L1 (DefiLlama, 2026-11-04 10:16 UTC; centralized exchanges and bridges excluded). Names link to our dossier where we have one, otherwise to the project's site. 7d change is DefiLlama's across all of a protocol's chains.
Liquid staking $1.17B
Stake HYPE and get a token you can still use in DeFi (kHYPE, stHYPE, beHYPE…).
| Protocol | DefiLlama category | TVL | 7d |
|---|---|---|---|
| Kinetiq kHYPE | Liquid Staking | $905M | +6.0% |
| stHYPE | Liquid Staking | $197M | +5.1% |
| Kinetiq kmHYPE | Liquid Staking | $42.6M | +5.4% |
| Hyperbeat LST | Liquid Staking | $13.4M | +5.9% |
| Valantis stHYPE Restaking | Restaking | $8.72M | |
| Kinetiq Launch | Liquid Staking | $3.33M | -44.4% |
Lending and borrowing $500M
Money markets and CDPs on HyperEVM: deposit to earn, or borrow against HYPE, LSTs and stablecoins.
| Protocol | DefiLlama category | TVL | 7d |
|---|---|---|---|
| HyperLend Pooled | Lending | $334M | +4.3% |
| Morpho Blue | Lending | $137M | -0.5% |
| Felix CDP | CDP | $21.4M | -13.1% |
| HypurrFi Pooled hypurrfi.com | Lending | $5.09M | +2.8% |
| Euler V2 euler.finance | Lending | $1.26M | -2.6% |
| Hyperbeat Credit | Collateral Management | $1.19M | +3.3% |
DEXs on HyperEVM $94.6M
Automated market makers for HyperEVM tokens. (Hyperliquid’s own spot order book lives on HyperCore.)
| Protocol | DefiLlama category | TVL | 7d |
|---|---|---|---|
| Project X | Dexs | $36.2M | -0.5% |
| nest CL | Dexs | $30.6M | +6.3% |
| HyperSwap V3 | Dexs | $11.4M | +7.9% |
| HyperSwap V2 | Dexs | $6.67M | +4.9% |
| Ramses CL V2 ramses.xyz | Dexs | $4.56M | -15.0% |
| Valantis STEX | Dexs | $3.24M | -1.6% |
| Kittenswap Algebra kittenswap.finance | Dexs | $2.00M | -1.2% |
Yield, vaults and curators $249M
Strategy vaults, curated lending vaults and delta-neutral (basis) products.
| Protocol | DefiLlama category | TVL | 7d |
|---|---|---|---|
| Veda veda.tech | Onchain Capital Allocator | $37.4M | -3.8% |
| Kinetiq Earn | Yield Aggregator | $36.1M | +5.3% |
| Felix Vaults | Onchain Capital Allocator | $30.2M | +0.1% |
| Upshift app.upshift.finance | Onchain Capital Allocator | $22.1M | +3.1% |
| Liminal Basis | Basis Trading | $21.4M | +2.1% |
| Hyperbeat Earn | Yield Aggregator | $19.6M | +2.9% |
| D2 Finance d2.finance | Onchain Capital Allocator | $12.7M | +1.8% |
| GrowiHF hf.growi.fi | Yield | $12.6M | -5.6% |
| Pendle V2 pendle.finance | Yield | $9.57M | -3.0% |
| UltraYield Curator ultrayield.app | Risk Curators | $9.22M | -3.8% |
| SoSoValue Indexes ssi.sosovalue.com | Indexes | $6.91M | -3.6% |
| Looped Hype loopingcollective.org | Yield | $6.81M | +5.1% |
| Harmonix Finance app.harmonix.fi | Yield | $6.05M | +7.6% |
| Monetrix USDM monetrix.xyz | Basis Trading | $3.09M | +9.5% |
| vfat.io vfat.io | Yield Aggregator | $2.97M | -3.5% |
| Chamber Vaults chamberfi.com | Indexes | $1.79M | -3.7% |
| Coinmerce Capital coinmerce.capital | Risk Curators | $1.75M | +0.3% |
| Gauntlet gauntlet.xyz | Risk Curators | $1.75M | -6.3% |
| Clearstar clearstar.xyz | Risk Curators | $1.55M | -7.5% |
| Monetrix mxHYPE monetrix.xyz | Basis Trading | $1.51M | -6.3% |
| Wrapped HLP loopingcollective.org | Yield | $1.36M | -2.7% |
| K3 Capital k3.capital | Risk Curators | $1.18M | +1.3% |
| MEV Capital mevcapital.com | Risk Curators | $1.04M | -0.5% |
Options and other derivatives $64.1M
Onchain options and derivatives apps beyond Hyperliquid’s own perps.
| Protocol | DefiLlama category | TVL | 7d |
|---|---|---|---|
| Rysk V12 | Options Vault | $38.7M | +1.2% |
| Papertrade papertrade.xyz | Derivatives | $25.4M | -17.0% |
Bridges
Ways to move assets onto Hyperliquid. Bridge TVL is assets held for transfer, not DeFi deposits.
| Bridge | TVL on Hyperliquid L1 |
|---|---|
| Hyperliquid Bridge | $6.17B |
| CCIP | $26.8M |
| LayerZero V2 | $10.9M |
| Ring Few | $4.31M |
Explorers, analytics and other tools
- HyperDashHyperDash is a Hyperliquid analytics and trading terminal at hyperdash.com. Builder fee: 1.5 bps on perps, 3 bps on spot, up to 5 bps on copy trading.
- HypurrScanHypurrScan is a free community explorer for Hyperliquid's HyperCore and HyperEVM, listed in Hyperliquid's docs beside the official explorer. How to use it.
- pvp.tradepvp.trade is a Telegram bot for Hyperliquid perps with a 0.025% to 0.04% builder fee at level 1; onchain fills paid 3.5 to 4 bps on Nov 2, 2026. Fees, risks.
- UnitUnit puts native BTC, ETH, SOL and more on Hyperliquid as UBTC, UETH and USOL, secured by a 2-of-3 MPC guardian network. No protocol fee; network fees only.
Wound down or delisted
Still searched for, no longer live. Each dossier says what holders should do.
- Felix ExchangeFelix Exchange, the 'flx' HIP-3 perp dex, is shut: all 16 flx markets were delisted onchain as of Nov 4, 2026, settled per Felix's sunset guide.
- Native Markets / USDHUSDH is being wound down: Coinbase bought the USDH brand on May 14, 2026 and Bridge stopped issuing on May 19. How to redeem at par via redeem.bridge.xyz.
- VentualsVentuals began sunsetting on June 15, 2026: OpenAI settled at $1,341.80, Anthropic at $1,618.90, and all 15 vntl markets are delisted. What to do now.
All dossiers
How we build this map: DefiLlama's protocol list filtered to the Hyperliquid L1 chain, refreshed with each site build. We don't rank or include projects because they pay us; where we have a referral code it says so on the project's page. Methodology.