Skip to content

DappsAtlas index · 14,224 dApps

DappsAtlas

Best of · Hyperliquid L1 · Updated

The best CDPs on Hyperliquid L1 in 2026

We track 6 CDPs that run on Hyperliquid L1 and have reviewed 6 of them in full. Our top pick is Reservoir Protocol. Each one is scored on security, ease of use, fees and features.

Ranked list

  1. 1
    Reservoir Protocol logo

    Reservoir Protocol

    CDPs · Monad, Ethereum, Plasma +14

    Reservoir is a stablecoin protocol built around the rUSD stablecoin, with yield-bearing versions srUSD and trUSD, and about $69.7 million in TVL. It is multichain and relies partly on real-world assets, so reserve and counterparty details deserve a close read.

    Read the Reservoir Protocol reviewVisit Reservoir Protocol(opens in a new tab)
    ScoreScore 7.0 out of 10
    TVL $69.6M−2.3%
  2. 2
    Felix CDP logo

    Felix CDP

    CDPs · Hyperliquid L1

    Felix is a synthetic dollar protocol on Hyperliquid that issues the feUSD stablecoin against collateral. It has also expanded into lending and perpetual futures, but fee details and team information are not published on the pages reviewed.

    Read the Felix CDP reviewVisit Felix CDP(opens in a new tab)
    ScoreScore 6.8 out of 10
    TVL $20.8M−25.7%
  3. 3
    Parallel Protocol V3 logo

    Parallel Protocol V3

    CDPs · Hyperliquid L1, Base, Ethereum +2

    Parallel Protocol V3 is a small, multi-chain stablecoin protocol that issues USDp against yield-bearing collateral and pays savings yield through sUSDp. It is audited and transparent about reserves, but its size and track record are modest.

    Read the Parallel Protocol V3 reviewVisit Parallel Protocol V3(opens in a new tab)
    ScoreScore 6.8 out of 10
    TVL $852K−1.1%
  4. 4
    Hyperstable CDP logo

    Hyperstable CDP

    CDPs · Hyperliquid L1

    Hyperstable CDP lets users lock crypto collateral on HyperEVM to mint USH, an over-collateralized dollar-targeted stablecoin. It is an early, small protocol with a broad feature set and a thin track record.

    Read the Hyperstable CDP reviewVisit Hyperstable CDP(opens in a new tab)
    ScoreScore 5.8 out of 10
    TVL $143K−15.2%
  5. 5
    HypeZion Finance logo

    HypeZion Finance

    CDPs · Hyperliquid L1

    HypeZion Finance is a young stablecoin protocol on Hyperliquid that issues hzUSD and a leveraged token, bullHYPE, backed by pooled HYPE reserves. The no-liquidation design is the draw, but low TVL and no listed audits make it an early-stage risk.

    Read the HypeZion Finance reviewVisit HypeZion Finance(opens in a new tab)
    ScoreScore 4.8 out of 10
    TVL $48.6K−13.8%
  6. 6
    Keiko Finance logo

    Keiko Finance

    CDPs · Hyperliquid L1

    Keiko Finance is a small CDP-style borrowing protocol on Hyperliquid that lets users borrow the KEI stablecoin against HYPE-ecosystem assets. Usage is very low, so it suits only experimental users who accept high protocol risk.

    Read the Keiko Finance reviewVisit Keiko Finance(opens in a new tab)
    ScoreScore 4.8 out of 10
    TVL $204−13.3%

CDPs on Hyperliquid L1: the numbers

Tracked
6
Reviewed
6
Total TVL
$91.4M
Avg. score
6.0/10

The DappsAtlas index lists 6 CDPs on Hyperliquid L1. Every one of them has a full review. Together they hold $91.4M in total value locked, counting value on every chain they support. Reservoir Protocol dominates, with 76% of that total. The five largest make up 100% of the total; the median is $143K.

Ranked by TVL, Reservoir Protocol ($69.6M), Felix CDP ($20.8M) and Parallel Protocol V3 ($852K) lead the field. On DappsAtlas scores, Reservoir Protocol ranks first at 7.0/10, ahead of Felix CDP (6.8) and Parallel Protocol V3 (6.8). That makes Reservoir Protocol both the biggest and the best-rated. The 6 rated CDPs average 6.0/10, and none scores 8 or above yet.

Many also deploy elsewhere, most often on Ethereum (2), Base (2) and Monad (1). All 6 with a confirmed status are active. Over the last seven days, combined TVL fell 8.9%. Felix CDP dropped the most (−25.7%).

Largest by TVL

  1. 1Reservoir Protocol logoReservoir Protocol$69.6M
  2. 2Felix CDP logoFelix CDP$20.8M
  3. 3Parallel Protocol V3 logoParallel Protocol V3$852K
  4. 4Hyperstable CDP logoHyperstable CDP$143K
  5. 5HypeZion Finance logoHypeZion Finance$48.6K

Method

How we ranked them

Reviewed dApps come first. Each DappsAtlas review scores security, ease of use, fees and features from 0 to 10 using public facts such as audits, documentation and on-chain data; the overall score orders the list, with total value locked as the tie-breaker. Projects we have not reviewed yet follow, ordered by total value locked. Scores are never sold.

Guides

Related guides

All guides

  • DeFi

    Best Crypto Lending Platforms in 2026: 7 DeFi Picks

    The best crypto lending platform depends on what you need to borrow, which assets you can use as collateral, and how much protocol risk you can accept. Compare leading DeFi markets and learn how to check rates, liquidation rules and security before you deposit.

  • DeFi

    Best Crypto Staking Platforms in 2026

    The best crypto staking platform depends on what you want to stake, whether you need to keep your tokens liquid, and how much control you want over custody. Compare leading liquid-staking protocols and exchange apps by their trade-offs, not by headline reward rates.

  • DeFi

    Best Cryptocurrencies for Staking in 2026

    There is no single best cryptocurrency to stake: the right choice depends on how much risk, lockup time and technical work you can accept. Compare five established proof-of-stake assets and learn what to check before delegating.

  • DeFi

    Best Decentralized Exchanges (DEXs) in 2026

    A practical guide to established decentralized exchanges and swap aggregators, organized by how they work and what they are useful for. Compare their models, then check network support, trade costs and risks before swapping.

  • DeFi

    Best DeFi Apps in 2026: Top Picks by Use Case

    The best DeFi app depends on what you want to do: swap tokens, lend, borrow, or stake. Compare leading options by use case, chain, fees, and the risks you take on.

  • DeFi

    Best DeFi Platforms in 2026: Compare Top Picks

    There is no single best DeFi platform for every job. Compare leading options for swaps, lending, stablecoins and staking by what they do, where they operate and the risks you take on.

Frequently asked questions

What is the largest CDP on Hyperliquid L1 by TVL?

Reservoir Protocol is the largest CDP on Hyperliquid L1 by total value locked, with $69.6M across all the chains it supports. It is followed by Felix CDP ($20.8M) and Parallel Protocol V3 ($852K). TVL figures come from DefiLlama and change daily.

Which CDP on Hyperliquid L1 has the highest DappsAtlas score?

Reservoir Protocol has the highest score at 7.0/10, ahead of Felix CDP (6.8) and Parallel Protocol V3 (6.8). Scores weigh security, ease of use, fees and features, and are based only on facts we could verify.

How many CDPs on Hyperliquid L1 has DappsAtlas reviewed?

DappsAtlas tracks 6 CDPs on Hyperliquid L1. Of these, 6 have a full review and 6 report value locked, $91.4M in total, counting value on every chain they support.

Which CDPs on Hyperliquid L1 grew the most this week?

Among CDPs with at least $1M locked, Felix CDP the biggest drop (−25.7%). Combined TVL moved −8.9% over the same seven days.

What is the average score for CDPs on Hyperliquid L1?

The 6 rated CDPs on Hyperliquid L1 average 6.0 out of 10. Of these, 0 score 8 or higher and 2 score below 5.