Introduction
Hyperliquid’s business model and product-market fit must be studied. From protocol buybacks to launching and opening $USDH for native issuance, the Hyperliquid ecosystem keeps growing. Today, Hyperliquid has cemented itself as the leading onchain perpetuals exchange, consistently processing over $15 billion and $50+ million in daily perps and spot trading volume, respectively. It also commands 70%+ of the onchain perps market share, and because of this dominance and volume, Binance has launched a Hyperliquid competitor.
Due to Hyperliquid’s popularity, almost everyone has extensively dissected the blockchain, consensus mechanism, the protocol’s architecture, $HYPE, HyperEVM, and other parts of the ecosystem. However, the real story lies in the applications built atop it. That is why this article takes a deeper look at the top Hyperliquid performing apps, analyzing their traction and strategic role in expanding the ecosystem’s utility.
The Hyperliquid Ecosystem at a Glance
As of 24th September 2025, these are the stats for HYPE ecosystem according to Coinmarketcap and DeFillama:
Market cap: $14.2B
DeFi TVL: $2.03B
Total deposits: $181.3B
Total perp volume: $2.77T
User base: 704,449
App Categories: Trading interfaces, DeFi protocols, staking layers, tokenization rails, and analytics tools
In case you don't know, Hyperliquid is an order book perpetual futures DEX that does everything CEXs like Binance do. What does "everything CEXs do" actually mean? Hyperliquid replicates core CEX functionality (advanced order types, high leverage, API trading, market making) while maintaining true decentralization and self-custody. See the table below for more details.
Feature | Binance | Hyperliquid |
Order Types | Limit, Market, Stop-Loss, OCO (One-Cancels-Other), Iceberg | Limit, Market, Stop-Loss, Take-Profit, Reduce-Only |
Perpetual Futures | 190+ contracts | 70+ contracts |
Spot Trading | 600+ pairs | Futures-focused |
Execution Speed | ~10ms | ~200ms (0.2s block time) |
Algorithmic Trading | Yes | Yes |
Throughput | 1.4M orders/second | 200K orders/second |
Token Economics | BNB utility token | HYPE governance + value accrual |
Hyperliquid DEX runs on Hyperliquid's L1 chain, which uses HyperBFT, a custom consensus algorithm to handle every order, cancel, trade, and liquidation on-chain with sub-second block finality at 0.2 second latency The chain currently supports 200,000 orders per second, with throughput constantly improving as the system is optimized. This robust infrastructure enables dApps to tap directly into native order books, liquidity, and execution layers without fragmentation or bridging overhead. And speaking of dApps, let's dive into HL's top-performing applications.
Top Apps Powering the Hyperliquid Experience
FELIX: Felix is the stablecoin engine of Hyperliquid, offering a censorship-resistant borrowing model built on a licensed fork of Liquity V2. Users can deposit blue-chip assets like BTC, ETH, SOL, or HYPE to mint feUSD, a Hyperliquid native stablecoin. What sets Felix apart is its security-first architecture and risk-optimized collateralization model—featuring a conservative 40% LTV ratio to minimize liquidation risk. Felix integrates directly with Hyperliquid’s trading and DeFi layers, enabling users to deploy feUSD in Pools, leverage trades, or yield strategies without selling core holdings.
Function: Borrow feUSD against crypto collateral, earn passive yieldTVL across Hyperliquid L1: $302.9M (As of 27th September 2025)
feUSD Supply: 77M tokens
Features: feUSD minting, Stability Pool rewards, low-LTV borrowing, native HyperEVM
integration, security-enhanced Liquity V2 forkKINETIQ: Kinetiq is the liquidity layer for HYPE staking. The liquid staking protocol allows users to stake HYPE tokens and receive kHYPE, a yield-bearing version of staked HYPE usable in DeFi. Its validator scoring system and integration with Pendle (Kinetiq makes up 90.4% of Pendle's TVL on HyperEVM) make it the most sophisticated staking product in the Hyperliquid ecosystem.
Function: Stake HYPE for kHYPE, earn yield and pointsTVL across Hyperliquid L1: $1.57B (As of 27th September 2025)
Holders: 17,254
Features: Autonomous validator scoring, Pendle integration, kPoints system, kHYPE & HYPE staking
HYPERLEND: Hyperlend is the DeFi banking layer for Hyperliquid, with its high-performance lending protocol and automated yield strategies, attracting retail and institutional liquidity.
Function: Supply & borrow assets with juicy APYsTVL: $502M+ (As of 27th September 2025)
Total Market Size: $832M
Total Borrows: $268.7M
Features: Real-time leverage, dynamic rates, isolated markets and deep liquidity
HYPERBEAT: Automated vaults that optimize your returns from top DeFi protocols with just one click. Hyperbeat simplifies DeFi for traders by abstracting complex strategies into plug-and-play vaults. It’s becoming the go-to yield layer for Hyperliquid-native capital.
Function: Converts trading flows and funding rates into tokenized yieldTVL: $353.3M (As of 27th September 2025)
Features: Automated strategies, leverage vaults, composable yield streams
Day 1 Must Have Hyperliquid Tools
Beyond liquidity, TVL, volumes, and fees, a few projects are worth mentioning. These projects provide tools to Hyperliquid faithfuls to manage portfolios, make trades, or track whale activities.
HYPURRSCAN
Since Day 1 of Hyperliquid mainnet, the movements of giant whales like James Wynn and White Whale have attracted attention. And as you know, whale tracking offers signals for potential market opportunities. That’s what Hypurrscan offers users: intuitive blockchain data, much more detailed than the official explorer. Designed for the Hyperliquid ecosystem, Hypurrscan offers real-time on-chain data monitoring, including Dutch auctions, TWAP (Time-Weighted Average Price) orders, token deployment, and fund flows. This tool suite is available to users who want to track market trends and mimic whale activities.
The block explorer’s features include:
Dashboard for viewing real-time data
Search functions to filter large transactions hash, token, or wallet address.
“Transactions” tab monitors whale activity in auctions, TWAP orders, and fund transfers.
Risk management tools
PERI PAIR BOT
Another project to watch is Peri Pair Bot; the first pair trading Telegram bot built exclusively for Hyperliquid. Built in Rust for speed and reliability, PPB is designed to automate and optimize spread-based strategies across correlated assets. With the bot, traders can capitalize on price disparity between asset pairs like BTC/ETH, SOL/AVAX, or HYPE/kHYPE. And with its low-latency execution and native integration, it’s quickly becoming a favorite among quant-driven users.
The bot’s features include:
Real-time pair monitoring with configurable thresholds
Automated execution of long/short positions across correlated pairs
Risk management settings including max drawdown and stop-loss triggers
Telegram interface for instant alerts, manual overrides, and performance tracking
Backtesting module for strategy refinement using historical Hyperliquid data
What These Apps Reveal About Hyperliquid’s Future
The Hyperliquid ecosystem is rapidly evolving from a trading-first protocol into a full-stack financial network. This transformation is driven by a new generation of applications prioritizing composability, user experience, and capital efficiency. Platforms like Hyperbeat and Kinetiq integrate seamlessly across DeFi layers, while Dexari and Peri Pair Bot redefine trading standards. Meanwhile, Hyperdrive, Hyperlend, Hyperswap, and Project X are optimizing liquidity flows with innovative lending and DEX AMM mechanics. HypurrScan reinforces Hyperliquid’s vertical integration at the infrastructure level, enabling deep on-chain data visibility. Collectively, these apps are reshaping Hyperliquid into a modular, programmable financial layer that extends far beyond its origins as a high-performance DEX.
Airdrop Opportunities on HyperLiquid
The airdrop game on Hyperliquid has become seriously intense since their first drop in November 2024, which distributed over $1.6 billion worth of HYPE tokens to just 94,000 users. Everyone's eyes are on what's next, especially since 42% of the total token supply is still reserved for future rewards and Season 2 is already ramping up with hundreds of millions of HYPE tokens allocated for distribution. Since the first airdrop, over $1.5 billion in capital has poured into various Hyperliquid projects. Interestingly, the hottest airdrop plays are concentrated around a few key protocols where you can stack multiple rewards simultaneously. Kinetiq is the top tier opportunity and the strategy is simple: diversify across multiple protocols like Hyperbeat, Hyperlend, and Felix by liquid staking your HYPE through Kinetiq, then deploying that kHYPE into multiple yield-bearing positions while farming points from each protocol. Hyperbeat also offers vault strategies where you can deposit and farm multiple HyperEVM protocols at once. For lending plays, use Unit spot assets (eg: uBTC) for borrowing operations while stablecoin holders should check out Hyperbeat's stablecoin vaults. The ecosystem also includes newer protocols like HypurrFi and HyperSwap running point campaigns with various staking, LP, and lending opportunities.
Conclusion
Hyperliquid’s protocol design gave it speed, scale, and liquidity. But its ecosystem is what will give it longevity. The apps profiled here are not just riding the wave—they’re building the foundation for what’s to come. For developers, investors, and users alike, the next frontier isn’t the protocol—it’s the products. And if you’re not paying attention to the HYPE, you’re already behind.
