Best of · Hyperliquid L1 · Updated
The best DEXes on Hyperliquid L1 in 2026
We track 29 DEXes that run on Hyperliquid L1 and have reviewed 26 of them in full. Our top pick is Uniswap V4. Each one is scored on security, ease of use, fees and features.
Ranked list
- 1
Uniswap V4
DEXes · Ethereum, Robinhood Chain, Base +19
Uniswap V4 is the latest version of the Uniswap decentralized exchange, adding customizable pool logic called hooks on top of V3's concentrated liquidity. It is a large, multichain DEX with roughly $1.17 billion in TVL, but costs and hook risk need checking.
ScoreScore 8.5 out of 10TVL $1.14B−2.9% - 2
Valantis STEX
DEXes · Hyperliquid L1
Valantis STEX is a modular DEX design on HyperEVM, with an AMM built for staked assets such as stHYPE. It suits Hyperliquid users who want to earn on HYPE liquidity, but the TVL is small and the product is tied to one ecosystem.
ScoreScore 7.0 out of 10TVL $2.88M−22.4% - 3
Wombat Exchange
DEXes · BNB Chain, Arbitrum, Avalanche +7
Wombat Exchange is a multi-chain stableswap DEX that started on BNB Chain and uses single-sided liquidity pools for low-slippage swaps. It covers many chains, but its listed TVL is only about $1.04 million.
ScoreScore 7.0 out of 10TVL $1.04M+0.9% - 4
WOOFi Swap
DEXes · Arbitrum, Optimism, Avalanche +13
WOOFi Swap is a multi-chain DEX offering swaps, cross-chain swaps, single-sided yield, staking and perpetuals. Its 2024 exploit and modest TVL are the main caveats.
ScoreScore 6.8 out of 10TVL $3.20M−6.0% - 5
Hyperliquid Spot Orderbook
DEXes · Hyperliquid L1
Hyperliquid Spot Orderbook is the spot trading venue on the Hyperliquid Layer 1, matching orders onchain in price-time priority. It holds about $147.6 million in TVL, but no audits are listed and one third-party risk grade is middling.
ScoreScore 6.5 out of 10TVL $137M−12.7% - 6
Project X
DEXes · Hyperliquid L1
Project X is a DEX on the Hyperliquid ecosystem that advertises 0% fees on swaps. It has meaningful TVL for a new protocol, but no audits are listed and the details behind the zero-fee model are not published publicly.
ScoreScore 6.4 out of 10TVL $34.0M−6.4% - 7
nest CL
DEXes · Hyperliquid L1
nest CL is a decentralized exchange built for Hyperliquid, pairing swaps and smart liquidity pools with token-based rewards for voters. It is new, holds about $30 million in TVL, and publishes little on fees or team.
ScoreScore 6.3 out of 10TVL $28.9M−5.9% - 8
Kittenswap Algebra
DEXes · Hyperliquid L1, Robinhood Chain
KittenSwap is a ve(3,3) decentralized exchange on HyperEVM and Robinhood Chain where KITTEN lockers vote on emissions and collect fees and bribes. It is a small but active venue, and its high APRs come with the usual emissions-driven risks.
ScoreScore 6.3 out of 10TVL $1.93M−4.8% - 9
Kittenswap CL
DEXes · Hyperliquid L1
Kittenswap CL is the concentrated-liquidity DEX from Kittenswap, a ve(3,3) exchange on HyperEVM. It offers fee and emissions rewards, but TVL is modest and the project has been moving to a new codebase.
ScoreScore 5.8 out of 10TVL $683K−14.0% - 10
Hybra V3
DEXes · Hyperliquid L1, Robinhood Chain
Hybra V3 is the concentrated-liquidity pool arm of Hybra Finance, a DEX built around Hyperliquid's EVM environment. It uses unmodified Uniswap V3 contracts, but TVL is small and no audits are listed.
ScoreScore 5.8 out of 10TVL $199K−12.2% - 11
Dex
DEXes · Hyperliquid L1
Dex is a self-custody trading app for Hyperliquid spot and perpetual markets, with swaps, stock trading, and rewards also promoted. Its broad feature set is appealing, but fee details, audit information, and the mechanics behind some offers are not clearly published.
ScoreScore 5.8 out of 10TVL — - 12
HyperSwap V3
DEXes · Hyperliquid L1
HyperSwap V3 is an automated market maker on HyperEVM for token swaps, liquidity management, and token launches. Its core offering is clear, but fee details and independently verifiable audit documentation are not established.
ScoreScore 5.5 out of 10TVL $10.1M−16.4% - 13
Hybra V4
DEXes · Hyperliquid L1
Hybra V4 is a concentrated liquidity DEX on HyperEVM with volatility-based dynamic fees, V4-style hooks and a ve(3,3) reward model. It is small and young, and no audits are listed.
ScoreScore 5.5 out of 10TVL $837K+26.1% - 14
Kittenswap AMM
DEXes · Hyperliquid L1, Robinhood Chain
Kittenswap is a ve(3,3) decentralized exchange on HyperEVM and Robinhood where liquidity providers and KITTEN lockers share fees, emissions and bribes. It is a small, incentive-driven DEX that is mid-way through a codebase transition.
ScoreScore 5.5 out of 10TVL $774K−17.1% - 15
Skate AMM
DEXes · BNB Chain, Robinhood Chain, Solana +12
Skate AMM is the flagship product of Skate, built to keep one shared liquidity pool and pricing curve across many chains and virtual machines. Its design is ambitious, but TVL is small and no audits are listed.
ScoreScore 5.5 out of 10TVL $27.9K−1.5% - 16
Upheaval V3
DEXes · Hyperliquid L1
Upheaval V3 is a concentrated-liquidity DEX on HyperEVM, the EVM environment of Hyperliquid. It is early-stage and small, with no audits listed by DefiLlama.
ScoreScore 5.2 out of 10TVL $374K−12.0% - 17
HyperSwap V2
DEXes · Hyperliquid L1
HyperSwap V2 is a decentralized exchange on Hyperliquid for token swaps, liquidity management, and token launches. Its core uses are clear, but fees, contract assurance, and other important operating details are not well documented.
ScoreScore 5.0 out of 10TVL $6.03M−18.9% - 18
nest AMM
DEXes · Hyperliquid L1
Nest AMM is a Hyperliquid-based MetaDEX offering smart pools and swaps, with rewards intended to benefit NEST voters and the ecosystem. Its fee schedule, reward rules and audit details are not clear, so users should verify costs and risks before trading.
ScoreScore 5.0 out of 10TVL $396K−7.0% - 19
BrownFi V3
DEXes · Robinhood Chain, Berachain, Hyperliquid L1 +2
BrownFi V3 is a multichain concentrated-liquidity AMM that uses oracle-based pricing. Its capital-efficient LP model may appeal to liquidity providers, but audit status, fees and current liquidity need careful checking.
ScoreScore 5.0 out of 10TVL $238K+49.6% - 20
HyperBrick
DEXes · Hyperliquid L1
HyperBrick is a HyperEVM decentralized exchange for token swaps and liquidity provision. It advertises zero slippage and capital-efficient pools, but publishes little detail about fees, mechanics, or its listed audits.
ScoreScore 5.0 out of 10TVL $41.2K−15.1% - 21
Nabla Finance
DEXes · Arbitrum, Base, Berachain +2
Nabla Finance is a small yield protocol whose returns come from its own automated market maker, deployed on several chains. Liquidity is thin and key details such as fees are not published, so it suits experienced users only.
ScoreScore 5.0 out of 10TVL $38.5K−8.8% - 22
Gliquid
DEXes · Hyperliquid L1
Gliquid is a V4-style automated market maker on Hyperliquid's HyperEVM, aimed at making liquidity more efficient. Its liquidity is very small so far, so it suits experimenters more than large traders.
ScoreScore 5.0 out of 10TVL $23.0K−8.4% - 23
Gaming DEX
DEXes · Oasys, Hyperliquid L1, MegaETH
Gaming DEX is a small decentralized exchange built to provide token liquidity, mainly in the Oasys gaming ecosystem. Its low TVL and lack of listed audits make it a niche venue to approach with caution.
ScoreScore 4.5 out of 10TVL $148K−22.8% - 24
SpinUp DEX
DEXes · Hyperliquid L1
SpinUp is a Hyperliquid-based meme DEX with HYPE staking and meme-token launches. It advertises Drops and SUP airdrop access, but does not publish key details on fees, audits or tokenomics.
ScoreScore 4.0 out of 10TVL $100K−13.0% - 25
Balancer V3
DEXes · Ethereum, Monad, Arbitrum +6
Balancer V3 is the third version of the Balancer automated market maker, built around a shared vault and customizable pools. It spans nine chains, though its tracked TVL is about $12.3 million and fell sharply over the past week.
ScoreNot rated yetTVL $11.4M−19.6%
DEXes on Hyperliquid L1: the numbers
- Tracked
- 29
- Reviewed
- 29
- Total TVL
- $1.39B
- Avg. score
- 5.7/10
The DappsAtlas index lists 29 DEXes on Hyperliquid L1. Every one of them has a full review. Across the 28 with TVL data, the combined value locked is $1.39B, counting value on every chain they support. Uniswap V4 dominates, with 83% of that total. The top five account for 98%, while the median DEX holds $396K.
By value locked, the largest DEXes on Hyperliquid L1 are Uniswap V4 ($1.14B), Hyperliquid Spot Orderbook ($137M) and Project X ($34.0M). On DappsAtlas scores, Uniswap V4 ranks first at 8.5/10, ahead of Valantis STEX (7.0) and Wombat Exchange (7.0). That makes Uniswap V4 both the biggest and the best-rated. Across the 24 rated DEXes, the average score is 5.7/10 and 1 score 8 or higher.
Many also deploy elsewhere, most often on Arbitrum (7), Robinhood Chain (6) and Base (6). Of the 28 with a confirmed status, 26 are active and 2 are inactive or wound down. In the past week, total value locked fell 4.5%. Wombat Exchange gained the most (+0.9%), while Valantis STEX dropped the most (−22.4%).
Largest by TVL
- 1
Uniswap V4$1.14B
- 2
Hyperliquid Spot Orderbook$137M
- 3
Project X$34.0M
- 4
nest CL$28.9M
- 5
Balancer V3$11.4M
Highest rated
- 1
- 2
Valantis STEX7.0
- 3
Wombat Exchange7.0
- 4
WOOFi Swap6.8
- 5
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.
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Frequently asked questions
What is the largest DEX on Hyperliquid L1 by TVL?
Uniswap V4 is the largest DEX on Hyperliquid L1 by total value locked, with $1.14B across all the chains it supports. It is followed by Hyperliquid Spot Orderbook ($137M) and Project X ($34.0M). TVL figures come from DefiLlama and change daily.
Which DEX on Hyperliquid L1 has the highest DappsAtlas score?
Uniswap V4 has the highest score at 8.5/10, ahead of Valantis STEX (7.0) and Wombat Exchange (7.0). Scores weigh security, ease of use, fees and features, and are based only on facts we could verify.
How many DEXes on Hyperliquid L1 has DappsAtlas reviewed?
DappsAtlas tracks 29 DEXes on Hyperliquid L1. Of these, 29 have a full review and 28 report value locked, $1.39B in total, counting value on every chain they support.
Which DEXes on Hyperliquid L1 grew the most this week?
Among DEXes with at least $1M locked, Wombat Exchange had the biggest 7-day TVL gain (+0.9%) and Valantis STEX the biggest drop (−22.4%). Combined TVL moved −4.5% over the same seven days.
What is the average score for DEXes on Hyperliquid L1?
The 24 rated DEXes on Hyperliquid L1 average 5.7 out of 10. Of these, 1 score 8 or higher and 2 score below 5.