HyperSwap

At a glance Live

What

DEX (spot AMM)

Runs on

HyperEVM

Official site

hyperswap.exchange

Docs

docs.hyperswap.exchange

X

@hyperswapx

TVL on Hyperliquid

$18.1M +6.8% 7d · #15 on Hyperliquid L1

Fees, last 30 days

$263K

Fees

V2: 0.3% per swap (60% LPs, 32% SWAP buyback-and-burn, 8% treasury). V3: fee tier set per pool (84% LPs, 12% buyback-and-burn, 4% treasury). SWAP unstaking has a 24-hour unlock.

Official links

• App
• Docs
• Official links page
• Audits
• Testnet app
• X
• Discord

Checked against HyperSwap's own site on November 4, 2026. Bookmark these instead of using search ads.

TVL by product (DefiLlama)

HyperSwap V3	Dexs	$11.4M
HyperSwap V2	Dexs	$6.67M

What HyperSwap is

HyperSwap calls itself “the first native DEX for the HyperEVM”, Hyperliquid’s smart-contract chain. It is an AMM (automated market maker): instead of an order book, traders swap against pools of two tokens that liquidity providers (LPs) fill, and LPs earn a share of each swap fee. DefiLlama tracks it from February 24, 2025.

It runs two pool types:

• V2 pools spread liquidity across every price, the classic constant-product design. Simple, but capital-inefficient.
• V3 pools follow the Uniswap V3 model: LPs choose a price range, which concentrates their liquidity and fee income but earns nothing once the price leaves the range.

Around the pools sit extra tools: Zap (add liquidity from a single token), ICHI-managed Smart Pools, gasless limit orders, DCA (recurring buys, powered by OpenOcean), intent-based gasless swaps called HyperSwap X, and Burn and Delegate, which permanently locks an LP position while passing its fee rights to someone else. Projects can also run incentive campaigns on their pools.

HyperSwap’s token is SWAP; xSWAP is an escrowed reward token that vests into SWAP. The docs describe SWAP staking rewards that start at the token generation event; we did not confirm whether that has happened.

What it costs

Pool type	Swap fee	Where it goes
V2	0.3%	60% LPs, 32% SWAP buyback-and-burn, 8% treasury
V3	Set per pool	84% LPs, 12% SWAP buyback-and-burn, 4% treasury

You also pay HyperEVM gas in HYPE, and price impact on thin pools can cost far more than the fee itself. Unstaking SWAP starts a 24-hour unlock. The points program has ended; the last distribution, on July 28, 2025, paid 7.2 million of a 25 million total.

How to use it

1. Add HyperEVM to your wallet and get HYPE onto it. HYPE on HyperCore (Hyperliquid’s trading engine) moves over with “Transfer to EVM” in the Hyperliquid app.
2. Open app.hyperswap.exchange (check it against HyperSwap’s official links page) and connect your wallet.
3. Swap tokens with a sensible slippage limit, or use the limit-order or DCA tabs.
4. To provide liquidity, add to a V2 pool (full range) or a V3 pool (pick a range). Zap lets you start from one token.
5. Optionally stake SWAP for boosted xSWAP rewards, remembering the 24-hour unlock.

Risks

• Contract and admin risk. The V2 deployment has a ProxyAdmin contract, which suggests upgradeable parts under admin control.
• Impermanent loss. When prices move, LPs end up holding more of the falling token than if they had just held. V3 positions also stop earning when out of range.
• Burn and Delegate is permanent. A locked position can never be withdrawn.
• Off-chain parts. Limit orders and HyperSwap X rely on off-chain intent and solver infrastructure.
• Thin liquidity. Long-tail HyperEVM tokens can have high slippage, and copycat tokens with familiar names exist. Check contract addresses.

PeckShield audited V2, V3 and the DelegatedPositionVault; the reports are on the audits page.

Who it suits, and alternatives

HyperSwap suits people who want a documented HyperEVM swap venue with published fee splits and contract addresses. Project X is another concentrated-liquidity DEX on HyperEVM, with far less public documentation. To swap staking tokens such as kHYPE or stHYPE close to their redemption value, Valantis STEX is purpose-built. To borrow against tokens rather than sell them, see HyperLend.