Hyperliquid ecosystem in 3D
Hyperliquid, the on-chain trading exchange with its own blockchain, as a space station: the four biggest apps of each type are satellites docked to it, sized by the money they hold. Read our full Hyperliquid review for the background.
- DeFi TVL
- $2.61B
- HYPE
- $87.78
- Stablecoins
- $6.71B
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DeFi deposits over time
Peak: $2.76B in Oct 2026. Today: $2.61B.
Main protocols on Hyperliquid
The 35 apps with at least $5M on Hyperliquid. Deposits on Hyperliquid only; 7-day change shown for apps that run only on Hyperliquid.
| # | Protocol | Type | TVL on Hyperliquid | 7 days |
|---|---|---|---|---|
| 1 | Bridge | $6.14B | — | |
| 2 | Lending | $1.59B | +12.0% | |
| 3 | Liquid Staking | $917.5M | +14.9% | |
| 4 | Lending | $341.4M | +13.8% | |
| 5 | Liquid Staking | $195.8M | +14.7% | |
| 6 | Derivatives | $170.9M | -2.4% | |
| 7 | DEXs | $156.9M | +22.7% | |
| 8 | Lending | $138.2M | — | |
| 9 | Liquid Staking | $43.1M | +15.4% | |
| 10 | Yield vaults | $38.2M | — | |
| 11 | Yield Aggregator | $36.9M | +8.5% | |
| 12 | DEXs | $35.8M | +6.8% | |
| 13 | Options Vault | $31.4M | — | |
| 14 | DEXs | $30.9M | +11.8% | |
| 15 | Yield vaults | $29.9M | -6.8% | |
| 16 | Derivatives | $27.3M | -16.1% | |
| 17 | Bridge | $27.0M | — | |
| 18 | Stablecoins (CDP) | $25.4M | +8.6% | |
| 19 | Yield vaults | $22.6M | — | |
| 20 | Basis Trading | $21.4M | +2.4% | |
| 21 | Yield Aggregator | $19.6M | +7.5% | |
| 22 | Liquid Staking | $13.6M | +17.2% | |
| 23 | Yield | $13.2M | — | |
| 24 | Yield vaults | $12.9M | — | |
| 25 | DEXs | $11.5M | +15.7% | |
| 26 | Bridge | $10.9M | — | |
| 27 | Yield | $9.9M | — | |
| 28 | Risk Curators | $9.3M | — | |
| 29 | Indexes | $7.0M | — | |
| 30 | Yield | $6.9M | — | |
| 31 | Yield | $6.9M | +12.0% | |
| 32 | DEXs | $6.9M | +15.5% | |
| 33 | Liquid Staking | $6.5M | +16.0% | |
| 34 | Restaking | $6.1M | — | |
| 35 | Lending | $5.2M | +12.8% |
Where the money sits
DeFi deposits by type of app, for the apps above. These can add up to more than the headline TVL because some money is counted twice — for example, a staked token that is then deposited in a lending app.
Top exchanges by volume
Trading volume on Hyperliquid's DEXs in the last 24 hours.
How the pieces connect
A typical path money takes through Hyperliquid DeFi. Each step uses what the previous one produced.
- 1
Deposit
Bring USDC in through the Hyperliquid bridge, the main entry point.
USDC Bridge - 2
Trade
Trade perpetuals and spot on Hyperliquid’s order books, or back the market makers’ vault.
HyperCoreHLPSpot Orderbook - 3
Stake
Stake HYPE and get a liquid token back that keeps earning.
Kinetiq (kHYPE)stHYPEHyperbeat - 4
Lend & earn
Use HYPE, staked HYPE or stablecoins in lending markets and vaults on HyperEVM.
Hyperliquid EarnHyperLendMorphoFelix
Underneath it all: USDC, the margin for every trade, plus Hyperliquid’s own USDH stablecoin.
Beyond DeFi
HyperCore
The order books, margin and liquidations for perps and spot, built into the chain itself.
HyperEVM
An Ethereum-compatible layer, launched in 2025, where other apps connect to Hyperliquid’s markets.
HLP
A community vault that provides liquidity and shares in trading profits and losses.
Assistance Fund
Collects almost all trading fees and uses them to buy HYPE on the market.
HIP-3
Since October 2025, outside teams can launch their own perp markets by staking HYPE.
USDH
Hyperliquid’s own dollar stablecoin, issued by Native Markets.
Validators
A few dozen validators run the chain; HYPE holders can stake with them.
Treasury firms
Listed companies such as Hyperliquid Strategies hold HYPE as a treasury asset.
Best stablecoin yields
Pools with more than $2M deposited. Rewards are paid in tokens and can change daily.
| Protocol | Pool | APY | Deposits |
|---|---|---|---|
| Monetrix USDM | SUSDM | 12.6% | $2.5M |
| Morpho Blue | FEUSDT0 | 10.4% | $2.2M |
| Liminal Basis | LIMUSD | 9.1% | $8.6M |
| Morpho Blue | FEUSDC | 7.8% | $3.3M |
| HyperLend Pooled | USDC | 7.2% | $4.2M |
| Hyperliquid Earn | USDC | 5.9% | $115.6M |
| Harmonix Finance | USDC | 5.9% | $17.6M |
| Hyperliquid HLP | USDC | 4.4% | $170.9M |
| Felix CDP | FEUSD | 4.1% | $4.9M |
Not financial advice. Higher yields usually mean higher risk.
The HYPE token
Maximum supply 1 billion. Almost all trading fees are used to buy HYPE back. All-time high $97.96 (Sept 2026).
- Airdrop (Nov 2024)
- 31% of supply to users
- Bought back
- 48M+ HYPE, ~$1.36B (Oct 2026)
- Venture investors
- None
- Team unlocks
- Monthly since late 2025
Team tokens (about 24% of the supply) unlock every month; the buybacks absorb part of that new supply.
Key moments
- 2023Hyperliquid launches its perps exchange on its own blockchain, with no venture capital.
- Nov 2024HYPE launches with an airdrop of 31% of the supply to users.
- Feb 2025HyperEVM opens the chain to other apps.
- Mar 2025JELLY incident: validators delist a manipulated market to protect the HLP vault.
- Oct 2025HIP-3 lets outside teams launch markets; a record crash triggers automatic deleveraging.
- Late 2025Monthly team token unlocks begin.
- Sep 2026HYPE reaches its all-time high of about $98.
- Oct 2026The Assistance Fund has bought over 48M HYPE for about $1.36B.
Hyperliquid vs. Solana vs. Arbitrum
| DeFi TVL | Stablecoins | DEX volume 24 h | Market cap | Price | |
|---|---|---|---|---|---|
| Hyperliquid | $2.61B | $6.71B | $640.9M | $21.02B | $87.78 |
| Solana | $5.45B | $15.11B | $2.12B | $56.69B | $96.05 |
| Arbitrum | $1.44B | $3.62B | $316.9M | $1.14B | $0.165 |
This dashboard is for information only and is not financial advice. Figures from third-party sources may be delayed or revised.