Hyperliquid has already delivered an impressive performance this year.

But Hyperliquid's true ambition goes far beyond that. The recently launched HIP-3 upgrade has transformed Hyperliquid from a Perp dex into a whole new kind of composable financial LEGO.

The current HIP-3 ecosystem includes over 20 projects, covering various verticals such as trading frontends, liquidity provisioning, DeFi protocols, AI infrastructure, prediction markets, and more. This ecosystem has a distinct feature: most projects are still in the testnet stage, team members mostly use aliases, funding is mainly self-funded, seemingly aligning perfectly with Hyperliquid's anti-VC values.

What makes this ecosystem most intriguing is that they are all attempting to apply the perpetual contract tool to new scenarios—whether it's pre-IPO company equity, traditional stocks, commodities, computing power resources, or even yield itself. The permissionless framework provided by HIP-3 is unleashing unforeseen innovative energy.

Although still in its early stages, several projects with high TVL such as Kinetiq (19 billion TVL), Unit (8 billion TVL), Felix (3 billion TVL) have already demonstrated significant influence. The Rhythm BlockBeats has selected 16 HIP-3 ecosystem projects for introduction:

Trading Frontend

Based

Based is a trading super app built on Hyperliquid with support from Ethena Labs. It not only provides spot and perpetual futures trading (supporting 40x leverage), Based Visa card, portfolio management, and an alliance program, but also features a cool function called Based Streams—a DEX-driven live streaming service where creators can live-stream their trading process, receive token tips, and even reward viewers through HyperCore.

Based launched Based Streams on October 10, becoming the first frontend to support the HIP-3 market, also deploying the first XYZ100-USD index market, achieving a 24-hour trading volume of 35 million USD. iOS and Android apps are expected to be released in mid-2025.

Liquid

Liquid is a mobile-first trading app designed for Hyperliquid. It offers non-custodial perpetual futures trading (up to 100x leverage), yield strategies, and curated financial news. To lower the barrier of entry, Liquid integrates email registration, simplifies wallet complexity, and makes it easy for even ordinary users to get started.

The team has professional backgrounds in both AI and cryptocurrency, with extensive experience in DeFi and mobile development. The app was launched on August 8th on the App Store, integrating Privy to enable instant registration and yield features. It is currently in the public testing phase.

Aura

Aura is a mobile social crypto app that integrates with Hyperliquid, aiming to turn transactions into social activities. Users can engage in real-time trading with friends, track each other's assets, explore new tokens together, and transform cold transactions into warm social experiences.

Liquidity Staking and Lending

Kinetiq Exchange

Kinetiq is the liquidity staking protocol on Hyperliquid and is the ecosystem's project with the highest Total Value Locked (TVL), reaching $19 billion. Users can stake HYPE to receive kHYPE tokens as liquidity proofs, delegated to top validators through StakeHub. kHYPE can be used as collateral for the HIP-3 perpetual contract, significantly lowering the deployment threshold.

What's even more impressive is the Launch platform introduced by Kinetiq based on HIP-3. This platform allows teams to deploy their own perpetual contract exchanges without requiring a large amount of upfront capital, simply by crowdfunding the kHYPE staking pool. Currently, Kinetiq has staked approximately 36 million HYPE, accounting for around 10% of the circulating HYPE supply.

Felix

Felix is a DeFi lending and CDP platform based on HyperEVM, forked from Liquity V2. Users can collateralize assets such as HYPE or uBTC for lending, engage in peer-to-peer lending through the Vanilla market, and mint the stablecoin feUSD. Felix adopts a variable interest rate model, providing users with flexible borrowing options. The current TVL is $3 billion.

Innovative Trading Products

Unit

Unit focuses on tokenization of spot assets rather than perpetual contracts, supplementing the entire ecosystem by providing native spot liquidity for HIP-3 perpetual contracts. It is the largest spot asset deployment project on Hyperliquid and the first project to go live on the HIP-3 mainnet, holding various assets such as BTC, ETH, SOL, and more.

Meanwhile, Unit is attempting to launch a perpetual futures market for major US stocks such as Tesla and Google through HIP-3, bringing traditional financial assets onto the blockchain. The team members come from top institutions such as HRT, Jump, and Fortress, with the current TVL standing at $8.31 billion.

Ventuals

Ventuals is a decentralized derivatives platform that focuses on perpetual futures trading for private pre-IPO companies. Want to trade equity in SpaceX or OpenAI? It's possible on Ventuals, with support for up to 10x leverage. The platform uses an optimistic oracle and vHYPE liquidity staking mechanism, did not take the VC funding route, and instead self-funded through the minting of "Sekai Kappas" NFTs by the community in September 2025.

Ventuals launched its testnet in early 2025 and will open vHYPE staking deposits on October 16, testing perpetual contracts for over 10 private companies. This is HIP-3's flagship project, expanding perpetual contracts to off-chain assets for the first time, showcasing the real-world application potential of HIP-3.

Volmex

Volmex has brought volatility-based products to HIP-3. It has released BVIV/EVIV indices for BTC and ETH, serving as a fear index for the crypto market (similar to the traditional VIX index). Volmex plans to launch volatility perpetual contracts under Hyperliquid's Builder Market framework, allowing traders to directly trade market volatility.

Nunchi

Nunchi is building a target-yield perpetual contract exchange, transforming yield and interest rate differentials into tradable perpetual derivatives. The platform offers two types of products: Yield Perpetuals (based on APY/interest rate) and Basis Perpetuals (based on price ratios). On HIP-3, Nunchi has introduced FR-Perpetuals—an intermarket for other perpetual contract funding rates, focusing on enhancing HIP-3's staking and fee revenue.

Hyperbolic

Hyperbolic has launched commodity perpetual futures on Hyperliquid, following the HIP-3 standard and equipped with institutional-grade infrastructure. This allows users to trade perpetual contracts for traditional commodities such as oil, gold, and natural gas, bringing physical commodities to on-chain trading.

Ddot

Ddot is a commodity exchange built on HIP-3, focusing on physical goods and tradable real-world asset markets. Unlike Hyperbolic's financial derivatives, Ddot is more concerned with the trading and circulation of the actual goods.

Infrastructure

Global Compute Index

A real-time cloud GPU computing pricing dashboard and market index that aggregates spot and on-demand prices of major GPUs (H100, H200, A100, etc.), providing daily and 30-day averages. Currently building the world's first HIP-3-based compute perpetual futures, the oracle provider will aggregate price data into permissionless perpetual markets.

The core product is already operational, displaying real-time spot prices. Development is ongoing for on-chain extensions, including integration with Seda's oracle.

Sekai

Sekai is an LST (Liquidity Staking Token) protocol that enables anyone to easily create CoreWriter-based LST assets on HyperEVM. It is designed for HIP-3 "unicorns" (high-potential deployers) and addresses the issue of the 500k HYPE threshold. Companies, projects, communities, and institutions can all launch their own liquidity staking tokens through Sekai, with plans to provide LST support for each HIP-3 DEX.

Flow DEX

Flow DEX is a globally compliant liquidity provider and off-exchange trading/market-making infrastructure company. It helps Hyperliquid scale, increase on-chain depth, attract institutional funds, and support token issuance across exchanges and protocols. As the liquidity backbone of the ecosystem, Flow DEX plays a critical role behind the scenes.

Others

Hyperbet

Hyperbet is building a decentralized casino and gambling platform on HyperEVM, bringing on-chain betting games and a social gambling experience. While this area is contentious, 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 analysis, and trading tips to help members collectively grasp trends and manage risks. Unlike technical products, this seems more like a trader community.

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