Derivatives · Alternatives
The best Hyperliquid alternatives in 2026
Hyperliquid is a Layer-1 blockchain with a non-custodial onchain exchange for perpetual futures and spot trading, aimed at active crypto traders. If Hyperliquid is not the right fit, these 12 reviewed Derivatives options are the closest matches, ranked by DappsAtlas score. Read our full Hyperliquid review
At a glance
Hyperliquid vs the alternatives
| dApp | Score | TVL | Chains |
|---|---|---|---|
| Score 7.8 out of 10 | — | 1 | |
| Score 6.5 out of 10 | $151M | 1 | |
| Score 7.0 out of 10 | $38.1M | 1 | |
| Score 7.4 out of 10 | $661M | 1 | |
| Score 6.3 out of 10 | $83.0K | 3 | |
| Score 6.3 out of 10 | $29.2M | 1 | |
| Score 6.8 out of 10 | $72.1M | 1 | |
| Score 7.5 out of 10 | $16.2M | 10 | |
| Score 7.5 out of 10 | — | 2 | |
| Score 7.2 out of 10 | $25.7M | 19 | |
| Score 7.2 out of 10 | $8.95M | 5 | |
| Score 7.2 out of 10 | — | 1 | |
| Gmx | Score 7.2 out of 10 | — | 2 |
Ranked
Top Hyperliquid alternatives
- 1
Hyperliquid HLP
Derivatives · Hyperliquid L1
Hyperliquid HLP is a community-owned vault that supplies liquidity to the Hyperliquid perpetuals exchange and earns a share of trading fees. It carries about $151 million in TVL, but depositors take real market-making risk.
ScoreScore 6.5 out of 10TVL $151M−11.7% - 2
Kinetiq kmHYPE
Derivatives · Hyperliquid L1
Markets.xyz by Kinetiq is an onchain perpetuals exchange on Hyperliquid for stocks, indices, commodities and crypto, with kmHYPE letting holders share in trading fees and liquidity. It suits experienced perp traders; fees and audit details need checking in the docs.
ScoreScore 7.0 out of 10TVL $38.1M−17.4% - 3
Jupiter Perpetual Exchange
Derivatives · Solana
Jupiter Perpetual Exchange is a Solana perpetuals venue where liquidity providers take the other side of trades at oracle prices. It has large TVL, but leverage and counterparty risk are real.
ScoreScore 7.4 out of 10TVL $661M−6.1% - 4
SIR
Derivatives · Ethereum, MegaETH, Hyperliquid L1
SIR is a leveraged trading protocol that charges a one-time fee and says it has no liquidations or funding rates. Its design is unusual, but TVL is small and the guarantees have stated limits.
ScoreScore 6.3 out of 10TVL $83.0K−7.2% - 5
Decibel
Derivatives · Aptos
Decibel is an onchain trading engine on Aptos offering perpetual futures, spot and yield products. It is a young venue with about $29 million in TVL and no listed audits.
ScoreScore 6.3 out of 10TVL $29.2M−0.4% - 6
dYdX V4
Derivatives · dYdX
dYdX V4 is a decentralized perpetual futures exchange running on its own Cosmos SDK chain, with about $69.7M in TVL per DefiLlama. It suits experienced derivatives traders, but leverage and limited published detail call for caution.
ScoreScore 6.8 out of 10TVL $72.1M+2.6% - 7
Contango V2
Derivatives · Arbitrum, Ethereum, Base +7
Contango V2 is a DeFi looping protocol that opens leveraged long, short and yield positions on existing lending markets in one transaction. It suits experienced traders who accept liquidation risk.
ScoreScore 7.5 out of 10TVL $16.2M+138% - 8
Gtrade by Gains Network
Derivatives · Arbitrum, Polygon
Gtrade is a decentralized trading app from Gains Network where you open leveraged long or short positions on crypto, forex, stocks, indices and commodities from your own wallet. It is non-custodial and simple to start, but leverage means a liquidation can cost you your whole collateral.
ScoreScore 7.5 out of 10TVL — - 9
Orderly Bridge
Derivatives · Ethereum, Solana, BNB Chain +16
Orderly is shared-orderbook infrastructure that lets builders launch their own perpetual-futures DEX, and traders use those frontends. It is a developer product first, with self-custody, multiple chains and an ORDER token.
ScoreScore 7.2 out of 10TVL $25.7M−1.0% - 10
MUX Perps
Derivatives · Arbitrum, Avalanche, BNB Chain +2
MUX Perps is a decentralized perpetuals trading protocol and aggregator that routes leveraged trades across several liquidity sources, with up to 100x leverage. It suits experienced derivatives traders outside the US, with the usual leverage and smart-contract risks.
ScoreScore 7.2 out of 10TVL $8.95M−3.3% - 11
Drift
Derivatives · Solana
Drift is an on-chain exchange on Solana for leveraged perpetual futures and spot trading. It suits experienced traders, but leverage risk and unpublished fee details deserve attention.
ScoreScore 7.2 out of 10TVL — - 12
Gmx
Derivatives · Arbitrum, Avalanche
GMX is a decentralized exchange for perpetual futures and spot trading, with leverage of up to 50x on assets such as BTC and ETH. It suits experienced self-custody traders, and leverage and smart-contract risk are the main caveats.
ScoreScore 7.2 out of 10TVL —