Hyperliquid trading & perp DEXs · SwanBluechip
Where most HL volume lives — Hyperliquid itself plus the third-party HIP-3 builders shipping their own perp markets on top.
15
projects tracked
9/10
top score (Hyperliquid)
9
Strong+ tier
All Trading projects, ranked
#1
Hyperliquid
The base layer. Season 3 farming is live — trading, staking and ecosystem use feed HYPE eligibility.
9/10 · Bluechip
#2
Hybra
Confirmed airdrop, points campaign still early. One of the more capital-light entries.
8/10 · Strong
#3
HyENA
USDe-margined HIP-3 perps DEX from Ethena × Based — idle collateral earns yield while you trade.
8/10 · Strong
#4
trade.xyz
First HIP-3 deployment on Hyperliquid — perps on equities (S&P 500), commodities and FX. Holds ~90% of HIP-3 open interest.
8/10 · Strong
#5
Based
Hyperliquid trading super-app — aggregates HIP-3 markets and earns builder-code fees. Roughly 20% of daily perps volume on Hyperliquid.
7/10 · Strong
#6
Outcome
First HIP-4 binary prediction market on Hyperliquid — fully collateralised YES/NO contracts settled in USDH.
7/10 · Strong
#7
Questflow
AI-agent trading layer ('AI Clones') aggregating 600+ markets including Hyperliquid perps. Its Hyperliquid tie is as a routing frontend, not an HL-native protocol. Well-funded ($6.5M seed) and pre-token — a credible farm if usage gets incentivized.
7/10 · Strong
#8
Silhouette
First on-chain dark pool on Hyperliquid — orders match privately inside TEEs, settle on-chain. RockawayX-backed.
7/10 · Strong
#9
Stratium
Front-end for Hyperliquid HIP-4 outcome markets with HIP-3 native deployment infra coming. Supports binary, recurring, and multi-outcome markets routed through HyperCore and HyperEVM.
7/10 · Strong
#10
alt.fun
HyperEVM token launchpad — every launched token is paired with a tokenised Hyperliquid perp, so prices move even without trading.
6/10 · Watching
#11
HyperSwap
Native AMM DEX of HyperEVM with broad token support — a default routing venue for swaps.
6/10 · Watching
#12
Project X
Points live since Jul 2025, favored by the top EVM addresses that historically received the most airdrops.
6/10 · Watching
#13
Nest
First ve(3,3) MetaDEX on HyperEVM. Routes trading fees into HYPE-aligned rewards via the veNEST lock model. NEST token is already live, so the pre-token window is closed — remaining edge is emissions and gauge farming.
5/10 · Watching
#14
Onyx
Hyperliquid ecosystem project — public details still emerging. Track via their X account for launch and incentive announcements.
4/10 · Early
#15
Ventuals
Perpetual futures on pre-IPO company valuations — a novel primitive. Very early; worth monitoring closely.
4/10 · Early
Questions
What is the best perp DEX on Hyperliquid?
Hyperliquid is the L1 itself and dominates volume; among third-party HIP-3 deployers, trade.xyz currently leads in 24h volume by a wide margin, followed by HyENA, Silhouette, and Cash. SwanBluechip rates Hyperliquid 9/10 (Bluechip), Hybra and trade.xyz 8/10 (Strong).
What is HIP-3?
HIP-3 is the Hyperliquid Improvement Proposal that lets third-party builders deploy their own permissioned perp DEXs on top of Hyperliquid's matching engine. Each deployer ships a market set under its own dex namespace.
How are trading projects ranked here?
By the SwanBluechip Score — a 1-10 curator rating across product maturity, traction, team, airdrop quality, and ecosystem fit. See /bluechip/ for methodology.