Hyperliquid trading & perp DEXs · SwanBluechip
Where most HL volume lives — Hyperliquid itself plus the third-party HIP-3 builders shipping their own perp markets on top.
8
projects tracked
9/10
top score (Hyperliquid)
4
Strong+ tier
All Trading projects, ranked
#1
Hyperliquid
The base layer: HyperCore perpetual and spot order books plus HyperEVM. This tracker found no official source for a current points program.
9/10 · Bluechip
#2
Hybra
Liquidity protocol on HyperEVM with a live token.
8/10 · Strong
#3
trade.xyz
First HIP-3 deployment on Hyperliquid — perps on equities (S&P 500), commodities and FX. Holds ~90% of HIP-3 open interest.
8/10 · Strong
#4
Based
Trading app on Hyperliquid that routes orders with a builder code and lists HIP-3 markets alongside the main perps.
7/10 · Strong
#5
alt.fun
HyperEVM token launchpad — every launched token is paired with a tokenised Hyperliquid perp, so prices move even without trading.
6/10 · Watching
#6
HyperSwap
AMM exchange on HyperEVM for swaps and liquidity pools.
6/10 · Watching
#7
Project X
Points live since Jul 2025, favored by the top EVM addresses that historically received the most airdrops.
6/10 · Watching
#8
Nest
ve(3,3) exchange on HyperEVM: NEST locked as veNEST votes on emissions and receives protocol fees.
5/10 · Watching
Questions
What is the best perp DEX on Hyperliquid?
Hyperliquid is the L1 itself and carries most perp volume. Live 24h volume for the third-party HIP-3 deployers is on /hip3/, and the SwanBluechip score of every trading project is in the table on this page.
What is HIP-3?
HIP-3 is the Hyperliquid Improvement Proposal that lets third-party builders deploy their own permissioned perp DEXs on top of Hyperliquid's matching engine. Each deployer ships a market set under its own dex namespace.
How are trading projects ranked here?
By the SwanBluechip Score — a 1-10 curator rating across product maturity, traction, team, airdrop quality, and ecosystem fit. See /bluechip/ for methodology.