Hyperliquid Ecosystem Map: Projects, DeFi and Tokens
One chain, two sides: HyperCore is the exchange plus the markets other teams deploy on it; HyperEVM runs smart-contract apps. Hyperliquid's own directory lists 34 apps; DefiLlama counts 167 protocols on the chain (October 22, 2026).
Every trading app here runs on a Hyperliquid account. Join with HOLYGRAIL on app.hyperliquid.xyz first, then connect the same wallet to the app (fomo makes its own account).
Not for US persons, Ontario, sanctioned territories, the UK or Singapore (Terms §1.6, regulator warnings); each app has its own terms too.
The code takes 4% off your Hyperliquid fees on the first $25M of volume and can only be added before $10,000 of volume. If you start in an app, apps such as Phantom often set their own Hyperliquid referral code on accounts that have none. DefiLlama puts the chain's TVL at $2.45B. We earn a commission when you sign up through our links; it never raises your fees.
By Cipher Intelligence Editorial Team · Published · 6 min read · Checked against hyperliquid.xyz/apps, DefiLlama, CoinGecko and the Hyperliquid API on October 22, 2026; HIP-3 and HIP-4 counts refresh at every build · How we verify
What changed on this page (1)
— Market data refreshed (1 figure)
What is the Hyperliquid ecosystem?
Hyperliquid is a blockchain built around an exchange. Its directory page sums up the pitch as "Trade crypto, commodities, indices, FX, and real-world assets. Borrow, lend, earn yield, and bridge." What makes it an ecosystem is that other teams build on both halves of the chain: they deploy their own markets onto HyperCore, wrap its order book in their own apps, and run Ethereum-style contracts on HyperEVM that can read HyperCore prices. Six layers cover almost everything you will meet:
Layer
What runs there
Examples
Our guide
HyperCore: the exchange itself
Perps, spot order books, HYPE staking, the HLP vault, Earn (supply and borrow), outcome markets
Some teams work on several layers at once. Kinetiq issues kHYPE on HyperEVM and has deployed HIP-3 dexs (named "Markets by Kinetiq" in the API); Felix runs a stablecoin on HyperEVM and has deployed the "Felix Exchange" HIP-3 dex; trade.xyz runs the xyz HIP-3 dex and, as txyz, HIP-4 event markets. The protocol itself lists 179 validator-run perps and 349 spot pairs, and its HLP vault holds $150.3M (as of November 3, 2026).
HypeRPC, Artemis, Allium, Hydromancer, Chainstack, Quicknode, DefiLlama, Nanoreth and Alchemy
hyperliquid.xyz/apps, read October 22, 2026 (page HTML and a browser render showed the same list).
Two things to know about it. It is a directory, not an audit: being listed says nothing about a project's code or terms. And it is not complete: Liquid and Hyperdash, two front ends we review, are not on it, and DefiLlama tracks far more protocols on the chain. Treat it as a starting point that Hyperliquid itself maintains.
Hyperliquid ecosystem apps for trading (front ends)
A front end is an app that places your orders on Hyperliquid's own order book. Prices, liquidity, funding and liquidations are Hyperliquid's; the app adds an interface and a builder fee on top of Hyperliquid's fee. The fees below are each app's documented builder fee on perps, checked October 15, 2026 to October 22, 2026.
The order matters for your fees. A Hyperliquid referral code lives on the Hyperliquid account behind your wallet, and it can only be added before $10,000 of volume. If you connect a fresh wallet to an app first, or sign in with email or Google, apps such as Phantom often set their own Hyperliquid referral code on accounts that have none. So the sequence that keeps the 4% discount is: join on app.hyperliquid.xyz with HOLYGRAIL, then connect the same wallet to Based or Liquid (and use their own codes there, which are separate programs). fomo works differently: fomo has no wallet connection (Apple, Google or email only) and creates its own wallet and Hyperliquid account for you, so a Hyperliquid code such as HOLYGRAIL cannot apply there.
Not for US persons, anyone in Ontario, or residents and citizens of sanctioned territories (Hyperliquid Terms §1.6, re-read October 22, 2026), and not for readers in the UK or Singapore, whose regulators have named Hyperliquid. Each app also has its own terms and country rules; read them before you sign up.
Step 1: open your Hyperliquid account with code HOLYGRAIL. Step 2: connect the same wallet to the app you prefer.
HIP-3 and HIP-4: markets other teams deploy on HyperCore
HIP-3 lets a team that stakes HYPE deploy its own perpetual markets on HyperCore, with its own oracle and fee share; that is how Hyperliquid lists stocks, indices, commodities and FX. On November 3, 2026, 4 HIP-3 dexs had live markets, 167 markets in total:
HIP-3 dex (name in the API)
Live markets
24h volume
XYZ (xyz)
120
$4.67B
EntropyIO (io)
13
$60.8M
Paragon (para)
33
$4.3M
Markets By Kinetiq (mkts)
1
$96,465.11916
Hyperliquid info API (perpDexs, metaAndAssetCtxs per dex), November 3, 2026. Up to six dexs with live markets, by 24-hour volume.
HIP-4 does the same for outcome markets, the Yes/No contracts that work as prediction markets. On November 3, 2026 the API listed 302 tradable outcomes: the protocol's own daily price contracts and 4 third-party venues. Fees, restrictions and how they compare with Polymarket: Hyperliquid prediction markets. Every market with its own page: Hyperliquid markets.
HyperEVM DeFi: staking, lending and DEXs
DefiLlama counts 167 protocols with funds on the Hyperliquid chain (exchange wallets and bridges left out) and puts the chain's TVL at $2.45B on October 22, 2026. Examples by category, including Hyperliquid's own lending module, which runs on HyperCore; in lending, liquid staking, options vaults and CDP stablecoins they are the largest on the chain:
Category
Examples
TVL on Hyperliquid (DefiLlama, October 22, 2026)
What you do there
Lending on HyperCore
Hyperliquid Earn
$1.46B
Hyperliquid's own supply-and-borrow module, not a HyperEVM contract
Liquid staking
Kinetiq (kHYPE), stHYPE (Valantis)
$855.6M, $178.3M
Stake HYPE and keep a token you can use elsewhere
Lending on HyperEVM
HyperLend, Morpho
$323.8M, $137.3M
Supply tokens for interest or borrow against them
Options vaults
Rysk
$37.8M
Vaults that sell options on deposited assets
DEXs (AMMs)
Project X, HyperSwap
$36.1M, $10.6M
Swap ERC-20 tokens or provide liquidity
Stablecoin (CDP)
Felix (feUSD)
$25.3M
Mint a stablecoin against deposited collateral
Yield
Hyperbeat Earn, Pendle
$19M, $9.4M
Vault strategies and tradable yield
DefiLlama protocol data, value on its "Hyperliquid L1" chain only (Morpho, Rysk and Pendle also run elsewhere). The Hyperliquid Bridge's deposits, the largest single figure, are left out; DefiLlama lists more apps in every category. A description of usage, not a recommendation.
To use any of these you move tokens from HyperCore to HyperEVM (same address, separate balance) and pay gas in HYPE; the network settings, the transfer button and the common errors are in What is HyperEVM?. Native HYPE staking, without a liquid token: Hyperliquid staking. HLP and user vaults: Hyperliquid vaults.
Hyperliquid ecosystem tokens
Market capitalisation from CoinGecko, as a size reference only (no price views here). HYPE ranks #11 by market cap on CoinGecko.
The first spot token on Hyperliquid (spot pair index 0)
$57.4M
CoinGecko, October 22, 2026 (HYPE at 00:40 UTC, the others at 09:25 UTC).
A caution on lists of "Hyperliquid ecosystem coins": CoinGecko's "Hyperliquid Ecosystem" category also holds multi-chain tokens that merely trade on Hyperliquid, such as USDC, USDe and PENGU. Read such a list as "tradable on Hyperliquid", not "built on Hyperliquid". How HYPE's supply, buybacks and staking work: HYPE token guide. HYPE next to Lighter's and Aster's tokens: HYPE vs ASTER vs LIT.
Airdrops and points. Hyperliquid's 2024 HYPE airdrop is why many people look for the next one in the ecosystem. Any points program an app runs is that project's own promise, not Hyperliquid's, and points are not tokens until a project says so. Hyperliquid's own airdrop history and status: Hyperliquid airdrop. Points programs across perp DEXs: perp DEX airdrops.
Data and analytics tools
Because every order, fill and transfer on HyperCore is public, a whole layer of tools reads the chain. For transactions and wallets, use an explorer (Hyperliquid explorer guide). For trader cohorts and copy trading, there is Hyperdash. To follow large positions, see Hyperliquid whale tracker. For programmatic access, the directory lists RPC and indexing providers (HypeRPC, Alchemy, Quicknode, Chainstack, Allium, Hydromancer), and the official API is covered in our Hyperliquid API guide.
Risks of Hyperliquid dapps
Each app is its own risk. Hyperliquid runs the chain, not the apps. A HyperEVM contract bug or a HIP-3 deployer's bad oracle can lose money whatever the chain does.
Approvals. A front end asks you to approve a maximum builder fee and often an agent (API) key. Check what you sign and revoke what you no longer use (how to revoke a builder fee).
Referral-code takeover. As above, an app may set its own Hyperliquid code on an account that has none, so the account carries the app's code instead of the one you meant to use.
Liquid-staking tokens can trade below HYPE, and lending positions against them can be liquidated in a fast move.
Fake apps and phishing. Start from hyperliquid.xyz/apps or the project's own domain, never from a link in a message.
FAQ
What is the Hyperliquid ecosystem?
Everything built on the Hyperliquid chain: the exchange itself (HyperCore, with perps, spot, staking, vaults, lending and outcome markets), markets other teams deploy on it (HIP-3 perps, HIP-4 outcomes), front ends that route orders to its order book, smart-contract apps on HyperEVM, bridges and data tools. Hyperliquid's own directory listed 34 apps in seven categories on October 22, 2026, and DefiLlama counted 167 protocols with funds on the chain.
What are the biggest Hyperliquid ecosystem projects?
By DefiLlama's TVL on October 22, 2026, leaving out Hyperliquid's own modules (its bridge, the HLP vault, the spot order book and Hyperliquid Earn, its lending module at $1.46B) and exchange wallets: Kinetiq's kHYPE ($855.6M), HyperLend ($323.8M), stHYPE ($178.3M) and Morpho ($137.3M on Hyperliquid). By trading volume the largest third-party project is trade.xyz's HIP-3 dex (xyz). TVL is not a safety rating.
What are Hyperliquid ecosystem tokens?
HYPE first, then tokens of projects built on Hyperliquid, such as kHYPE and stHYPE (liquid-staked HYPE), KNTQ (Kinetiq), feUSD (Felix) and PURR, the first spot token. CoinGecko's "Hyperliquid Ecosystem" category also holds multi-chain tokens that merely trade on Hyperliquid, such as USDC, USDe and PENGU, so use it with care. Hyperliquid spot listed 349 pairs at the last build.
Do Hyperliquid ecosystem apps use my Hyperliquid account?
Front ends do: Based, Phantom, Dexari, MetaMask and Liquid send orders to Hyperliquid's order book from a Hyperliquid account tied to your wallet, and add a builder fee. fomo creates its own wallet and account for you. HyperEVM apps such as HyperLend or Kinetiq use the same 0x address, but on the HyperEVM side, with separate balances.
Can I keep the HOLYGRAIL discount when I trade through an ecosystem app?
Yes in the right order. Join on app.hyperliquid.xyz with HOLYGRAIL before $10,000 of volume, then connect that same wallet to Based or Liquid: the code sits on the Hyperliquid account and keeps taking 4% off Hyperliquid's part of the fee for your first $25M. If you start in an app first, with email or Google sign-in or a wallet that has no code yet, apps such as Phantom often set their own Hyperliquid referral code on accounts that have none. fomo creates its own account, so HOLYGRAIL cannot apply there.
One Hyperliquid account under every app
Not for US persons, anyone in Ontario, or residents and citizens of sanctioned territories (Hyperliquid Terms §1.6, re-read October 22, 2026), and not for readers in the UK or Singapore, whose regulators have named Hyperliquid. Each app also has its own terms and country rules; read them before you sign up.
Join on app.hyperliquid.xyz with code HOLYGRAIL before you connect any app: 4% off your Hyperliquid fees on the first $25M of volume, applied automatically when you join through the link.
Disclosure: HOLYGRAIL is our Hyperliquid referral code (and our Based code); JV2EN2CX (Liquid) and DailyWiseKite (fomo) are our codes for those apps. We earn a share of referred accounts' fees at no cost to you. Directory entries, TVL and market caps are dated readings from hyperliquid.xyz/apps, DefiLlama and CoinGecko on October 22, 2026; HIP-3 and HIP-4 figures come from Hyperliquid's API at build time. Projects named here are examples, not endorsements. Not investment advice.
