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Project X Review 2026: A Zero-Fee Swap DEX on Hyperliquid

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.

Hyperliquid L1

By the DappsAtlas editorial team · Updated Nov 4, 2026

DappsAtlas score

6.4/10

Mixed

Visit Project X

Our verdict on Project X

6.4/10

Project X suits DeFi users already on Hyperliquid who want a simple swap and liquidity interface and like the idea of zero trading fees. Its main strength is that fee pitch, backed by roughly $36.7 million in TVL. The main caveat is the lack of listed audits and thin public detail on how the zero-fee model and Cashdrop work. Start small and read the in-app terms first.

Score breakdown

How Project X scores

Security: 4.5/10
Ease of use: 7.0/10
Fees: 7.0/10
Features: 6.0/10

Scores run from 0 to 10 and are based only on facts we could verify. Where information was missing we mark the score n/a rather than guess.

What is Project X?

Project X is a decentralized exchange running on Hyperliquid. DefiLlama lists it under Dexs and has tracked it since 16 July 2025. The homepage tagline says users can trade any coin in crypto with 0% fees.

The interface has four sections: Swap, Liquidity, Portfolio and Cashdrop. DefiLlama describes the team's view as being that technology is becoming commoditized, and that the next era of DeFi will be won on distribution, incentive design and UX.

DefiLlama shows about $36.7 million in TVL, up 1.7% over seven days. It lists no token and no audits. Several public reporting for similar names, including ProjectX (PXC) and Project X (PJX), appear to be unrelated projects, so be careful to confirm you are on the right site.

How Project X works

A DEX lets you swap tokens directly from your wallet through smart contracts instead of handing funds to a company. Liquidity providers deposit assets into pools, and traders swap against those pools at prices set by the protocol's pricing logic.

Project X offers this on Hyperliquid, with Swap, Liquidity and Portfolio sections. Liquidity providers normally earn a share of trading fees or other rewards. How Project X pays them while advertising 0% trading fees is not explained, and it may involve incentives.

The homepage also lists a Cashdrop section. Its mechanics are not described publicly, so readers should check the in-app explanation rather than assume it works like an airdrop or a rebate.

6 features

Key features

Zero-fee swaps

The homepage lists a Swap section for trading tokens, with a tagline promising 0% fees.

Liquidity provision

A Liquidity tab lets users supply assets to pools. Pool types and reward structure are not described publicly.

Portfolio view

A Portfolio section lets users view their positions and balances in one place.

Cashdrop section

The navigation includes Cashdrop. The project does not explain what it is, so read the in-app description before taking part.

Hyperliquid-native

The project runs on Hyperliquid, giving it access to that ecosystem's users and liquidity.

Distribution and UX focus

DefiLlama's project description says Project X focuses on distribution, incentive design and UX rather than raw technology.

Pros and cons

What we like

Advertises 0% fees on trading, which is rare among DEXs.
About $36.7 million in TVL shows real liquidity for a protocol launched in mid-2025.
Simple navigation: swap, liquidity and portfolio tools in one interface.
Built on Hyperliquid, so it is accessible to users already in that ecosystem.
Non-custodial by design, as a DEX, so users keep control of their assets until they trade.

Watch out for

No audits are listed on DefiLlama, so smart-contract risk is not independently documented publicly.
The 0% fee claim is a one-line homepage tagline. How the protocol earns revenue and what liquidity providers earn is not explained.
The Cashdrop feature is named but not described, so its terms and eligibility are unknown.
It is a young protocol, listed since July 2025, with a short track record.
No governance token is listed, so there is no clear view of how incentives or future rewards might work.
Public reporting for the name mix in unrelated projects, which makes it harder to verify official channels.

Project X fees

The homepage meta text says you can trade any coin in crypto with 0% fees. The project does not break this down further, so it is unclear whether it covers every pool and pair, or whether it is a promotion that could change.

Network gas, price impact and slippage can still apply on any DEX. Liquidity provider returns are not published publicly. The swap and liquidity screens in the app are where users would see the actual costs before confirming.

Is Project X safe?

DefiLlama lists no audits for Project X. Public sources name no security reviews, bug bounties or insurance, so smart-contract risk is unverified. As with any DEX, risks include contract bugs, pool manipulation, impermanent loss for liquidity providers and malicious token listings.

Public sources show no hacks or incidents, but the protocol is young. Name confusion is a real concern, as several unrelated projects share similar names and tickers. Bookmark the official site and verify links before connecting a wallet. Nothing here is financial advice.

6 steps

How to get started with Project X

1
Open the official site, using the address listed on this page, and check the name in your browser before connecting anything.
2
Set up a wallet compatible with the Hyperliquid ecosystem and fund it with the assets you plan to trade, plus any gas token needed.
3
Connect the wallet and open the Swap tab. Check the quoted amount, fees and slippage before approving.
4
Start with a small trade to see how approvals, confirmations and balances behave.
5
If you want to provide liquidity, read the pool details in the Liquidity tab first, including risks like impermanent loss.
6
Use the Portfolio tab to monitor positions and revoke token approvals you no longer need.

Open Project X

Who Project X is for

Project X is for DeFi users already active on Hyperliquid who want a fee-light place to swap or provide liquidity, and who accept the risk of a young, unaudited-on-record protocol. It is less suited to users who need documented audits or a long track record.

Project X FAQs

What is Project X?

Project X is a decentralized exchange listed on DefiLlama under the Dexs category and running on Hyperliquid. Its homepage offers Swap, Liquidity, Portfolio and Cashdrop sections.

Does Project X really charge 0% fees?

The homepage meta text says you can trade any coin in crypto with 0% fees. The project does not say whether network gas, slippage or liquidity provider fees still apply, so check the interface before confirming a trade.

Does Project X have a token?

DefiLlama lists Project X with no token. Public reporting shows several unrelated projects with similar names and tickers, so do not assume any token called Project X, PJX or PXC belongs to this DEX.

How much TVL does Project X have?

DefiLlama records about $36.7 million in TVL, with a 1.7% rise over seven days. It has been tracked since 16 July 2025. TVL moves with markets and incentives, so treat it as a snapshot.

Is Project X audited?

DefiLlama shows zero audits for Project X. That does not prove the contracts are unsafe, but it means public sources contain no third-party review. Use only funds you can afford to lose.

Which chain does Project X run on?

Public sources name Hyperliquid as the only chain. You would need a compatible wallet and funds on that network to use it.

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