Hyperliquid HIP3 ecosystem gold mining: What potential Alpha projects are there?

Author: Rhythm Worker

Hyperliquid's performance this year has been impressive enough.

But Hyperliquid's true ambition goes far beyond this. The recently launched HIP-3 upgrade has transformed Hyperliquid from a Perp dex into a new form of composable financial Lego.

Currently, the HIP-3 ecosystem includes more than 20 projects, covering various verticals such as trading frontends, liquidity staking, DeFi protocols, AI infrastructure, and prediction markets. A distinct feature of this ecosystem is that most projects are still in the testnet phase, team members often use aliases, and funding primarily relies on self-raised capital, which seems to perfectly align with Hyperliquid's value of rejecting VC.

The most interesting aspect of this ecosystem is that they are all trying to apply the perpetual contract tool to new scenarios—whether it's pre-IPO company equity, traditional stocks, commodities, computing power resources, or returns themselves. The permissionless framework provided by HIP-3 is unleashing unexpected innovative energy.

Although it is still in its early stages, several projects with high TVL such as Kinetiq ($1.9 billion TVL), Unit ($800 million TVL), and Felix ($300 million TVL) have already demonstrated considerable influence. Rhythm BlockBeats selected 16 HIP-3 ecosystem projects for introduction:

Trading Frontend

Based

Based is a trading super app built on Hyperliquid, supported by Ethena Labs. It not only offers spot and perpetual futures trading with up to 40x leverage (, Based Visa card, portfolio management, and affiliate programs, but also has a cool feature called Based Streams—this is a DEX-driven live streaming service where creators can broadcast their trading process, receive token tips, and reward viewers through HyperCore.

Based launched Based Streams on October 10, becoming the first frontend to support the HIP-3 market, and also deployed the first XYZ100-USD index market, which achieved a trading volume of 35 million USD within 24 hours. iOS and Android applications are expected to be released in mid-2025.

)# Liquid

Liquid is a mobile-first trading application designed specifically for Hyperliquid. It offers non-custodial perpetual futures trading with up to 100x leverage, yield strategies, and curated financial news. To lower the barrier to entry, Liquid has integrated email registration features, simplifying the complexity of wallets, allowing ordinary users to easily get started.

The team has a professional background in both AI and cryptocurrency, with extensive experience in DeFi and mobile development. The application launched on the App Store on August 8, integrating Privy to achieve instantaneous registration and yield features, and is currently still in the public testing phase.

Aura

Aura is a mobile social crypto application integrated with Hyperliquid, with the core idea of turning trading into a social activity. Users can trade in real-time with friends, track each other's assets, and explore new tokens together, transforming cold transactions into warm social experiences.

Liquidity Staking and Lending

(# Kinetiq Exchange

Kinetiq is a liquidity staking protocol on Hyperliquid and is the project with the highest TVL in the ecosystem, reaching $1.9 billion. Users can stake HYPE to receive kHYPE tokens as liquidity certificates, which can be delegated to top validators through StakeHub. kHYPE can be used as collateral for the HIP-3 perpetual contract, significantly lowering the deployment threshold.

What's even more impressive is the Launch platform launched by Kinetiq based on HIP-3. This platform allows teams to deploy their own perpetual contract exchanges without the need for large initial capital, using the kHYPE staking pool through crowdfunding. Currently, Kinetiq has staked approximately 36 million HYPE, accounting for about 10% of the circulating supply of HYPE.

)# Felix

Felix is a DeFi lending and CDP platform based on HyperEVM, forked from Liquity V2. Users can use assets such as HYPE or uBTC as collateral for lending, engage in peer-to-peer lending through the Vanilla market, and also mint the stablecoin feUSD. Felix adopts a variable interest rate model, providing users with flexible lending options. The current TVL is 300 million dollars.

Innovative Trading Products

Unit

Unit focuses on spot tokenization rather than perpetual contracts, supplementing the entire ecosystem by providing native spot liquidity for the HIP-3 perpetual contract. It is the largest spot asset deployer on Hyperliquid and the first project to launch on the mainnet for HIP-3, holding various assets such as BTC, ETH, and SOL.

At the same time, Unit is trying to launch a perpetual contract market related to major U.S. stocks such as Tesla and Google through HIP-3, bringing traditional financial assets on-chain. Team members come from top institutions like HRT, Jump, and Fortress, and the current TVL is 831 million USD.

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? You can do it on Ventuals, with up to 10x leverage. The platform uses optimistic oracles and the vHYPE liquidity staking mechanism, avoiding the VC funding route, and self-funded by minting “Sekai Kappas” NFTs through the community in September 2025.

Ventuals will launch its testnet in early 2025, opening vHYPE staking deposits on October 16 and testing perpetual contracts from over 10 private companies. This is the flagship project of HIP-3, marking the first expansion of perpetual contracts to off-chain assets, representing the real-world application potential of HIP-3.

Volmex

Volmex has introduced volatility-based products for HIP-3. It has released the BVIV/EVIV indices for BTC and ETH, serving as a fear index for the crypto market (similar to the traditional financial VIX index ###). Volmex plans to launch volatility perpetual contracts under the Hyperliquid builder market framework, allowing traders to directly trade market volatility.

Nunchi

Nunchi is building a yield-targeted perpetual contract exchange, transforming yield and interest rate spreads into tradable perpetual derivatives. The platform offers two types of products: Yield Perpetual ### based on APY/Interest Rate ) and Basis Perpetual ### based on Price Ratio (. On HIP-3, Nunchi launched FR-Perpetual - a meta market for the funding rates of other perpetual contracts, focusing on supplementing the staking and fee yields of HIP-3.

)# Hyperbolic

Hyperbolic launches perpetual futures for commodities on Hyperliquid, using the HIP-3 standard, equipped with institutional-grade infrastructure. It allows users to trade perpetual contracts for traditional commodities such as oil, gold, and natural gas, bringing physical goods onto the blockchain for trading.

(# Ddot

Ddot is built on HIP-3 to create a commodity exchange, focusing on the physical goods and tradable real-world asset markets. Compared to Hyperbolic's financial derivatives, Ddot pays more attention to the trading and circulation of the commodities themselves.

) Infrastructure

Global Compute Index

Real-time cloud GPU computing 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. Currently building the world's first HIP-3 based computing perpetual futures, acting as an oracle provider to aggregate price data into a permissionless perpetual market.

Core products are operational, displaying real-time spot prices. On-chain expansion is being developed, including integration with the Seda oracle.

Sekai

Sekai is a LST### liquid-staking token ### protocol that allows anyone to easily create CoreWriter-based LST assets on HyperEVM. It is designed for the “unicorn” ### high-potential deployers of HIP-3, addressing the high threshold issue of 500,000 HYPE. Companies, projects, communities, and institutions can launch their own liquid-staking tokens through Sekai, with plans to provide LST support for each HIP-3 DEX.

(# Flow DEX

Flow DEX is a globally compliant liquidity provider and over-the-counter trading / market-making infrastructure company. It helps Hyperliquid scale, enhance on-chain depth, attract institutional funds, and support token issuance across exchanges and protocols. As the liquidity backbone of the ecosystem, Flow DEX plays a key role behind the scenes.

) Others

(# Hyperbet

Hyperbet builds a decentralized casino and betting platform on HyperEVM, bringing on-chain betting games and a socialized gambling experience. Although this field is full of controversy, it is indeed a direction for blockchain applications.

)# OnlyVibes

OnlyVibes is a trading community and signal sharing group on Hyperliquid, providing trading ideas, real-time market interpretations, and trading skills to help members grasp trends and manage risks together. Compared to technical products, it seems more like a trader community.