Hyperliquid's performance this year has been nothing short of astonishing.
However, Hyperliquid's true ambition goes far beyond that. The recently launched HIP-3 upgrade has transformed Hyperliquid from a Perp DEX into a new type of composable financial Lego.
Currently, the HIP-3 ecosystem includes over 20 projects, covering various verticals such as trading frontends, liquid staking, DeFi protocols, AI infrastructure, and prediction markets. A distinctive feature of this ecosystem is that most projects are still in the testnet phase, team members often use pseudonyms, and funding primarily relies on self-raised capital, seemingly perfectly aligning with Hyperliquid's value of rejecting VC.
The most interesting aspect of this ecosystem is that they are all attempting to apply the perpetual contract tool to new scenarios—whether it be pre-IPO company equity, traditional stocks, commodities, computing resources, or yield itself. The permissionless framework provided by HIP-3 is unleashing unexpected innovative energy.
Although still in its early stages, several projects with high TVL such as Kinetiq ($1.9 billion TVL), Unit ($800 million TVL), and Felix ($300 million TVL) have already shown significant influence. Rhythm BlockBeats has selected 16 HIP-3 ecosystem projects for introduction:
Trading Frontend
Based
Based is a trading super app built on Hyperliquid, supported by Ethena Labs. It not only offers spot and perpetual futures trading (with up to 40x leverage), Based Visa cards, portfolio management, and affiliate programs, but also features a cool function called Based Streams—this is a DEX-driven live streaming service where creators can broadcast their trading processes, receive token tips, and reward viewers through HyperCore.
Based launched Based Streams on October 10, becoming the first frontend to support the HIP-3 market, and deployed the first XYZ100-USD index market, achieving a trading volume of $35 million within 24 hours. The iOS and Android apps are expected to be released in mid-2025.
Liquid
Liquid is a mobile-first trading application designed specifically for Hyperliquid. It offers non-custodial perpetual futures trading (up to 100x leverage), yield strategies, and curated financial news. To lower the entry barrier, Liquid has integrated email registration, simplifying wallet complexity, allowing ordinary users to easily get started.
The team has professional backgrounds in AI and cryptocurrency, with extensive experience in DeFi and mobile development. The app launched on the App Store on August 8, integrating Privy for instant registration and yield features, and is currently in public beta.
Aura
Aura is a mobile social crypto application integrated with Hyperliquid, with the core idea of turning trading into a social activity. Users can trade in real-time with friends, track each other's assets, and explore new tokens together, transforming cold transactions into warm social experiences.
Liquid Staking and Lending
Kinetiq Exchange
Kinetiq is a liquid staking protocol on Hyperliquid and the project with the highest TVL in the ecosystem, reaching $1.9 billion. Users can stake HYPE to receive kHYPE tokens as liquidity certificates, which can be delegated to top validators through StakeHub. kHYPE can be used as collateral for HIP-3 perpetual contracts, significantly lowering the deployment threshold.
Even more impressive is Kinetiq's Launch platform based on HIP-3. This platform allows teams to deploy their own perpetual contract exchanges without needing large amounts of upfront capital, by crowdfunding kHYPE staking pools. Currently, Kinetiq has staked approximately 36 million HYPE, accounting for about 10% of the circulating supply of HYPE.
Felix
Felix is a DeFi lending and CDP platform based on HyperEVM, forked from Liquity V2. Users can use assets like HYPE or uBTC as collateral for lending, conduct peer-to-peer lending through the Vanilla market, and mint the stablecoin feUSD. Felix employs a variable interest rate model, providing users with flexible lending options. The current TVL is $300 million.
Innovative Trading Products
Unit
Unit focuses on spot tokenization rather than perpetual contracts, supplementing the entire ecosystem by providing native spot liquidity for HIP-3 perpetual contracts. It is the largest spot asset deployer on Hyperliquid and the first project to launch on the mainnet for HIP-3, holding various assets including BTC, ETH, and SOL.
At the same time, Unit is attempting to launch perpetual contract markets related to major U.S. stocks like Tesla and Google through HIP-3, bringing traditional financial assets on-chain. Team members come from top institutions like HRT, Jump, and Fortress, with a current TVL of $831 million.
Ventuals
Ventuals is a decentralized derivatives platform focused on perpetual futures trading for private pre-IPO companies. Want to trade equity in SpaceX or OpenAI? You can do it on Ventuals, with up to 10x leverage. The platform uses optimistic oracles and a vHYPE liquid staking mechanism, avoiding VC funding routes, and plans to self-fund by minting "Sekai Kappas" NFTs through the community in September 2025.
Ventuals will launch its testnet in early 2025 and will open vHYPE staking deposits on October 16, testing perpetual contracts for over ten private companies. This is the flagship project of HIP-3, marking the first expansion of perpetual contracts to off-chain assets, representing the application potential of HIP-3 in the real world.
Volmex
Volmex brings volatility-based products to HIP-3. It has released the BVIV/EVIV indices for BTC and ETH, serving as a fear index for the crypto market (similar to the VIX index in traditional finance). Volmex plans to launch volatility perpetual contracts under Hyperliquid's builder market framework, allowing traders to directly trade market volatility.
Nunchi
Nunchi builds yield-targeted perpetual contract exchanges, transforming yield and interest rate spreads into tradable perpetual derivatives. The platform offers two types of products: yield perpetuals (based on APY/interest rates) and basis perpetuals (based on price ratios). On HIP-3, Nunchi has launched FR-perpetuals—a meta market for the funding rates of other perpetual contracts, focusing on supplementing HIP-3's staking and fee yields.
Hyperbolic
Hyperbolic has launched commodity perpetual futures on Hyperliquid, adopting the HIP-3 standard and equipped with institutional-grade infrastructure. This allows users to trade perpetual contracts for traditional commodities like oil, gold, and natural gas, bringing physical goods to on-chain trading.
Ddot
Ddot builds a commodity exchange based on HIP-3, focusing on the trading and circulation of physical goods and tradable real-world asset markets. Compared to Hyperbolic's financial derivatives, Ddot is more focused on the trading of the commodities themselves.
Infrastructure
Global Compute Index
A real-time cloud GPU pricing dashboard and market index, aggregating spot and on-demand prices for major GPUs (H100, H200, A100, etc.), providing daily averages and 30-day averages. It is building the world's first HIP-3-based computing perpetual futures, serving as an oracle provider to aggregate price data into the permissionless perpetual market.
The core product is operational, displaying real-time spot prices. On-chain expansion is being developed, including integration with Seda's oracle.
Sekai
Sekai is an LST (liquid staking token) protocol that allows anyone to easily create CoreWriter-based LST assets on HyperEVM. It is designed for HIP-3's "unicorns" (high-potential deployers), addressing the high threshold issue of 500,000 HYPE. Companies, projects, communities, and institutions can launch their own liquid staking tokens through Sekai, with plans to provide LST support for every HIP-3 DEX.
Flow DEX
Flow DEX is a globally compliant liquidity provider and OTC/market-making infrastructure company. It helps Hyperliquid scale, enhance on-chain depth, attract institutional funds, and supports token issuance across exchanges and protocols. As the liquidity backbone of the ecosystem, Flow DEX plays a key role behind the scenes.
Others
Hyperbet
Hyperbet builds a decentralized casino and betting platform on HyperEVM, bringing on-chain gambling games and social gambling experiences. Although this field is controversial, it is indeed a direction for blockchain applications.
OnlyVibes
OnlyVibes is a trading community and signal-sharing group on Hyperliquid, providing trading ideas, real-time market interpretations, and trading skills to help members grasp trends and manage risks together. Compared to technical products, it seems more like a community of traders.
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