Best of · Hyperliquid L1 · Updated Nov 5, 2026

The best Derivatives dApps on Hyperliquid L1 in 2026

We track 8 Derivatives dApps that run on Hyperliquid L1 and have reviewed 8 of them in full. Our top pick is Hyperliquid. Each one is scored on security, ease of use, fees and features.

1
Hyperliquid
Derivatives · Hyperliquid L1
Hyperliquid is a Layer-1 blockchain built around a fully onchain perpetuals and spot exchange. It suits experienced traders who accept derivatives risk, and the main caveat is leverage plus limited published audit and fee detail.
Read the Hyperliquid review Visit Hyperliquid(opens in a new tab)
ScoreScore 7.8 out of 10
TVL —
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.
Read the Kinetiq kmHYPE review Visit Kinetiq kmHYPE(opens in a new tab)
ScoreScore 7.0 out of 10
TVL $38.1M−17.4%
3
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.
Read the Hyperliquid HLP review Visit Hyperliquid HLP(opens in a new tab)
ScoreScore 6.5 out of 10
TVL $151M−11.7%
4
Derive V2
Derivatives · Optimism, Ethereum, Base +4
Derive V2 is a self-custodial exchange for crypto options, perpetuals and spot, aimed at BTC and ETH traders. Its main draw is onchain options; the main caveats are modest locked value and no listed audits.
Read the Derive V2 review Visit Derive V2(opens in a new tab)
ScoreScore 6.4 out of 10
TVL $295K+0.0%
5
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.
Read the SIR review Visit SIR(opens in a new tab)
ScoreScore 6.3 out of 10
TVL $83.0K−7.2%
6
Dreamcash
Derivatives · Hyperliquid L1
Dreamcash is a mobile app for trading crypto perpetual futures and spot tokens, with trades settled onchain on Hyperliquid and user funds held in self-custody. It is aimed at retail traders who want leverage in a phone-first interface, and it carries the standard risks of leveraged derivatives.
Read the Dreamcash review
ScoreScore 4.5 out of 10
TVL —
7
Ventuals
Derivatives · Hyperliquid L1
Ventuals built perpetual futures on private-company valuations on top of Hyperliquid's HIP-3 framework. The project is now sunsetting, so this page is a record of what it did, not a recommendation to join.
Read the Ventuals review Visit Ventuals(opens in a new tab)
ScoreScore 3.0 out of 10
TVL $316K−32.3%
8
Bounce.Tech
Derivatives · Hyperliquid L1
Bounce.Tech is a non-custodial leveraged token protocol on Hyperliquid that issues ERC-20 tokens tracking rebalanced perpetual futures exposure. It is a young, small protocol, so the main takeaway is to treat it as high risk.
Read the Bounce.Tech review Visit Bounce.Tech(opens in a new tab)
ScoreNot rated yet
TVL $506K−25.6%

Derivatives dApps on Hyperliquid L1: the numbers

Tracked: 8
Reviewed: 8
Total TVL: $190M
Avg. score: 5.9/10

The DappsAtlas index lists 8 derivatives dApps on Hyperliquid L1. Every one of them has a full review. Across the 6 with TVL data, the combined value locked is $190M, counting value on every chain they support. Hyperliquid HLP dominates, with 79% of that total. The five largest make up 100% of the total; the median is $316K.

Ranked by TVL, Hyperliquid HLP ($151M), Kinetiq kmHYPE ($38.1M) and Bounce.Tech ($506K) lead the field. The best-rated is Hyperliquid with 7.8/10, followed by Kinetiq kmHYPE (7.0) and Hyperliquid HLP (6.5). The 7 rated derivatives dApps average 5.9/10, and none scores 8 or above yet.

Many also deploy elsewhere, most often on Ethereum (2), Optimism (1) and Base (1). Of the 7 with a confirmed status, 6 are active and 1 is inactive or wound down. Over the last seven days, combined TVL fell 13.0%. Kinetiq kmHYPE dropped the most (−17.4%).

Largest by TVL

Highest rated

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

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Frequently asked questions

What is the largest derivatives dApp on Hyperliquid L1 by TVL?

Hyperliquid HLP is the largest derivatives dApp on Hyperliquid L1 by total value locked, with $151M across all the chains it supports. It is followed by Kinetiq kmHYPE ($38.1M) and Bounce.Tech ($506K). TVL figures come from DefiLlama and change daily.

Which derivatives dApp on Hyperliquid L1 has the highest DappsAtlas score?

Hyperliquid has the highest score at 7.8/10, ahead of Kinetiq kmHYPE (7.0) and Hyperliquid HLP (6.5). Scores weigh security, ease of use, fees and features, and are based only on facts we could verify.

How many derivatives dApps on Hyperliquid L1 has DappsAtlas reviewed?

DappsAtlas tracks 8 derivatives dApps on Hyperliquid L1. Of these, 8 have a full review and 6 report value locked, $190M in total, counting value on every chain they support.

Which derivatives dApps on Hyperliquid L1 grew the most this week?

Among derivatives dApps with at least $1M locked, Kinetiq kmHYPE the biggest drop (−17.4%). Combined TVL moved −13.0% over the same seven days.

What is the average score for derivatives dApps on Hyperliquid L1?

The 7 rated derivatives dApps on Hyperliquid L1 average 5.9 out of 10. Of these, 0 score 8 or higher and 2 score below 5.

Ranked list