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Hyperliquid vs Project X

SwanBluechip verdict

SwanBluechip rates Hyperliquid 9/10 versus Project X 6/10, so Hyperliquid is the higher-conviction pick today — but the right call depends on what you need. Compare the takes below.

MetricHyperliquidProject X
SwanBluechip Score9/10 · Bluechip6/10 · Watching
CategoryPerp DEX / L1DEX
StatusSeason 3Farmable
AirdropPoints LiveTGE Pending
TVL$2.8BMid
HIP layer——
Referral availableYesYes
Hyperliquid 9/10 · Bluechip

The base layer. Season 3 farming is live — trading, staking and ecosystem use feed HYPE eligibility.

Full Hyperliquid review → Start with Hyperliquid (referral)
Project X 6/10 · Watching

Points live since Jul 2025, favored by the top EVM addresses that historically received the most airdrops.

Full Project X review → Start with Project X (referral)
The SwanBluechip Score is independent editorial opinion, not financial advice. See the methodology, or browse the full ecosystem map. SwanBluechip earns referral credits on some outbound links.