Launch in 2 days: What potential alpha opportunities are there on Hyperliquid's HIP3?
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Launch in 2 days: What potential alpha opportunities are there on Hyperliquid's HIP3?
The current HIP-3 ecosystem includes over 20 projects, spanning multiple verticals such as trading frontends, liquid staking, DeFi protocols, AI infrastructure, and prediction markets.
Navigating Web3 tides with focused insightsAuthor: BlockBeats Staff
Hyperliquid has already delivered an impressive performance this year.
But Hyperliquid's true ambition goes far beyond that. The recently launched HIP-3 upgrade transforms Hyperliquid from a perp DEX into a new kind of composable financial Lego.
The current HIP-3 ecosystem includes over 20 projects spanning trading frontends, liquid staking, DeFi protocols, AI infrastructure, prediction markets, and more. This ecosystem has a distinct characteristic: most projects are still on testnet, team members often use pseudonyms, and funding is primarily self-raised—seemingly aligning perfectly with Hyperliquid’s anti-VC values.
The most interesting aspect of this ecosystem is how these projects are attempting to apply the perpetual contract tool to novel use cases—whether it's pre-IPO company equity, traditional stocks, commodities, computing power, or yield itself. The permissionless framework provided by HIP-3 is unleashing unexpected innovation.
Although still in early stages, several high-TVL projects such as Kinetiq ($1.9 billion TVL), Unit ($800 million TVL), and Felix ($300 million TVL) have already demonstrated significant impact. BlockBeats has selected 16 HIP-3 ecosystem projects for introduction:
Trading Frontends
Based
Based is a trading super app built on Hyperliquid, supported by Ethena Labs. It offers spot and perpetual futures trading (with up to 40x leverage), a Based Visa card, portfolio management, and an affiliate program. It also features a unique function called Based Streams—a DEX-powered live streaming service where creators can broadcast their trading activities, receive token tips, and reward viewers via HyperCore.
Based launched Based Streams on October 10, becoming the first frontend to support HIP-3 markets and deploying the first XYZ100-USD index market, which achieved $35 million in 24-hour trading volume. iOS and Android apps are expected to launch mid-2025.
Liquid
Liquid is a mobile-first trading app built specifically for Hyperliquid. It offers non-custodial perpetual futures trading (up to 100x leverage), yield strategies, and curated financial news. To lower entry barriers, Liquid integrates email-based registration, simplifying wallet complexity so that even mainstream users can get started easily.
The team has professional backgrounds in AI and crypto, with extensive experience in DeFi and mobile development. The app launched on the App Store on August 8, integrating Privy for instant sign-up and yield features, and is currently in public beta.
Aura
Aura is a mobile social crypto app integrated with Hyperliquid, built around the idea of turning trading into a social activity. Users can trade in real time with friends, track each other's portfolios, and explore new tokens together, transforming cold, mechanical trading into warm, social experiences.
Liquid Staking & Lending
Kinetiq Exchange
Kinetiq is a liquid staking protocol on Hyperliquid and the highest TVL project in the ecosystem at $1.9 billion. Users stake HYPE to receive kHYPE tokens as liquidity receipts, which can be delegated to top validators through StakeHub. kHYPE can be used as collateral for HIP-3 perpetual contracts, significantly lowering deployment barriers.
Even more impressively, Kinetiq has launched a platform based on HIP-3 that allows teams to deploy their own perpetual contract exchanges by crowdfunding kHYPE staking pools—eliminating the need for large upfront capital. Currently, Kinetiq has staked approximately 36 million HYPE, representing about 10% of HYPE’s circulating supply.
Felix
Felix is a DeFi lending and CDP platform built on HyperEVM, forked from Liquity V2. Users can borrow against assets like HYPE or uBTC, engage in peer-to-peer lending via Vanilla markets, and mint the stablecoin feUSD. Felix uses a variable interest rate model, offering flexible borrowing options. Current TVL stands at $300 million.
Innovative Trading Products
Unit
Unit focuses on spot tokenization rather than perpetuals, complementing the ecosystem by providing native spot liquidity for HIP-3 perpetual contracts. It is the largest spot asset deployer on Hyperliquid and the first project to launch on HIP-3 mainnet, holding multiple assets including BTC, ETH, and SOL.
Additionally, Unit is working to bring traditional financial assets on-chain by launching perpetual contract markets tied to major U.S. stocks such as Tesla and Google via HIP-3. Team members come from top-tier institutions including HRT, Jump, and Fortress. Current TVL is $831 million.
Ventuals
Ventuals is a decentralized derivatives platform focused on perpetual futures trading for private pre-IPO companies. Want to trade equity in SpaceX or OpenAI? Ventuals makes it possible, supporting up to 10x leverage. The platform uses optimistic oracles and a vHYPE liquid staking mechanism, avoiding VC funding and instead self-funding through a community NFT mint of "Sekai Kappas" in September 2025.
Ventuals launched its testnet in early 2025 and will open vHYPE staking deposits on October 16, testing perpetual contracts for over ten private companies. As a flagship HIP-3 project, it marks the first extension of perpetual contracts to off-chain assets, showcasing HIP-3’s potential for real-world applications.
Volmex
Volmex brings volatility-based products to HIP-3. It has launched BVIV/EVIV indices for BTC and ETH, serving as fear gauges for the crypto market (similar to the traditional VIX index). Volmex plans to launch volatility perpetual contracts under Hyperliquid’s builder market framework, enabling traders to directly speculate on market volatility.
Nunchi
Nunchi is building a yield-targeted perpetual exchange, transforming yield and interest rate spreads into tradable perpetual derivatives. The platform offers two product types: yield perps (based on APY/rates) and basis perps (based on price ratios). On HIP-3, Nunchi has launched FR-Perpetuals—a meta-market for funding rates of other perpetual contracts—focused on enhancing staking and fee yields within HIP-3.
Hyperbolic
Hyperbolic launches commodity perpetual futures on Hyperliquid using the HIP-3 standard, equipped with institutional-grade infrastructure. It enables users to trade perpetual contracts on traditional commodities like oil, gold, and natural gas, bringing physical goods onto the blockchain for trading.
Ddot
Ddot builds a commodity exchange on HIP-3, focusing on physical goods and tradable real-world asset markets. Compared to Hyperbolic’s financial derivatives, Ddot places greater emphasis on the actual trading and circulation of commodities.
Infrastructure
Global Compute Index
A real-time cloud GPU pricing dashboard and market index aggregating spot and on-demand prices for major GPUs (H100, H200, A100, etc.), providing daily average and 30-day average prices. It is developing the world’s first HIP-3-based perpetual futures for computing power and, as an oracle provider, will feed aggregated price data into permissionless perpetual markets.
Core products are already operational, displaying real-time spot prices. On-chain expansion is underway, including oracle integration with Seda.
Sekai
Sekai is an LST (liquid staking token) protocol allowing anyone to easily create CoreWriter-based LST assets on HyperEVM. Designed for HIP-3 “unicorns” (high-potential deployers), it solves the high barrier of 500,000 HYPE. Companies, projects, communities, and institutions can all launch their own liquid staking tokens via Sekai, with plans to provide LST support for every HIP-3 DEX.
Flow DEX
Flow DEX is a globally compliant liquidity provider and OTC/market-making infrastructure firm. It helps Hyperliquid scale, improve on-chain depth, attract institutional capital, and support cross-exchange and cross-protocol token launches. As a liquidity backbone for the ecosystem, Flow DEX plays a critical behind-the-scenes role.
Others
Hyperbet
Hyperbet is building a decentralized casino and betting platform on HyperEVM, offering on-chain gambling games and socialized betting experiences. While controversial, this space remains a valid direction for blockchain applications.
OnlyVibes
OnlyVibes is a trading community and signal-sharing group on Hyperliquid, providing trading ideas, real-time market analysis, and risk management techniques to help members collectively identify trends and manage risks. More than a technical product, it resembles a trader community.
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