What potential Alphas are there on HIP3?

Repost of the original article: “After 2 Days, What Potential Alpha Is on Hyperliquid’s HIP3?”

Hyperliquid has delivered an impressive performance this year.

However, Hyperliquid’s true ambitions extend far beyond that. The newly launched HIP-3 upgrade has shifted Hyperliquid from being a Perp DEX to a novel, composable financial Lego.

Most projects are still in testnet, teams use pseudonyms, and funding is primarily self-financed—perfectly fitting Hyperliquid’s anti-VC values. The HIP-3 ecosystem now includes over 20 projects, spanning trading frontends, liquid staking, DeFi protocols, AI infrastructure, prediction markets, and other verticals.

What’s most intriguing about this ecosystem is the effort to apply perpetual contracts to new scenarios—whether that’s pre-IPO equity, traditional stocks, commodities, computing resources, or yield itself. HIP-3’s permissionless framework is unlocking unexpected innovation.

Despite being early-stage, several high-TVL projects—including Kinetiq ($1.9B TVL), Unit ($800M TVL), and Felix ($300M TVL)—have already shown significant impact. BlockBeats has profiled 16 HIP-3 ecosystem projects:

Trading Frontends

Based

Based is a trading super app built on Hyperliquid, backed by Ethena Labs. It offers spot and perpetual futures trading (up to 40x leverage), the Based Visa card, portfolio management, and affiliate programs. A standout feature is Based Streams—a DEX-driven live streaming service where creators broadcast their trades, receive token tips, and reward viewers via HyperCore.

Based Streams launched on October 10, making Based the first frontend to support HIP-3 markets. The initial XYZ100-USD index market reached $35 million in 24-hour trading volume. iOS and Android apps are slated for release in mid-2025.

Liquid

Liquid is a mobile-first trading app purpose-built for Hyperliquid. It delivers non-custodial perpetual futures trading (up to 100x leverage), yield strategies, and curated financial news. To reduce onboarding friction, Liquid integrates email registration, lowering wallet complexity for mainstream users.

The team has extensive experience in AI, crypto, DeFi, and mobile development. The app went live on the App Store on August 8, features instant registration and yield via Privy, and is currently in public beta.

Aura

Aura is a mobile social crypto app integrated with Hyperliquid, designed to make trading a collective activity. Users can trade in real time with friends, track each other’s assets, and discover new tokens together, making transactions more social.

Liquid Staking & Lending

Kinetiq Exchange

Kinetiq is Hyperliquid’s leading liquid staking protocol, boasting the highest TVL in the ecosystem at $1.9B. Users stake HYPE to receive kHYPE liquidity tokens, which can be delegated to top validators via StakeHub. kHYPE serves as collateral for HIP-3 perpetual contracts, significantly lowering deployment barriers.

Kinetiq’s HIP-3-powered Launch Platform further stands out. It enables teams to launch their own perpetual exchanges using a crowdsourced kHYPE staking pool, without the need for large upfront capital. Currently, Kinetiq has staked roughly 36 million HYPE, representing about 10% of circulating HYPE supply.

Felix

Felix is a DeFi lending and CDP platform on HyperEVM, forked from Liquity V2. Users can collateralize HYPE, uBTC, and other assets for loans, conduct P2P lending via its Vanilla market, and mint the feUSD stablecoin. Felix employs a variable-rate model, offering flexible borrowing options. Current TVL is $300M.

Innovative Trading Products

Unit

Unit targets spot tokenization rather than perpetuals, providing native spot liquidity for HIP-3 contracts and supplementing the ecosystem. It is Hyperliquid’s largest spot asset deployer and the first HIP-3 mainnet launch, with holdings in BTC, ETH, SOL, and others.

Unit is also developing HIP-3 perpetual markets for major U.S. stocks like Tesla and Google, bringing traditional assets on-chain. The team includes alumni from HRT, Jump, and Fortress. TVL is $831M.

Ventuals

Ventuals is a decentralized derivatives platform focused on perpetual futures for private, pre-IPO companies. Want to trade SpaceX or OpenAI equity? Ventuals supports it—up to 10x leverage. The platform uses optimistic oracles and vHYPE liquid staking. Instead of VC funding, Ventuals will raise capital through community-minted “Sekai Kappas” NFTs in September 2025.

Ventuals went live with its testnet in early 2025, will open vHYPE deposits on October 16, and is trialing perpetuals for over 10 private firms. As HIP-3’s flagship project, it’s pioneering off-chain asset perpetuals, demonstrating HIP-3’s practical utility.

Volmex

Volmex introduces volatility products to HIP-3, launching BVIV/EVIV indices for BTC and ETH—crypto’s equivalent to the VIX fear index. Volmex will release volatility perpetuals under Hyperliquid’s builder market, letting traders directly hedge or speculate on market volatility.

Nunchi

Nunchi is a yield-targeted perpetual contract exchange, transforming yield and rate spreads into tradable derivatives. Its two core products are Yield Perpetuals (APY/rate-based) and Basis Perpetuals (ratio-based). HIP-3 hosts Nunchi’s FR-Perpetual—a meta-market for perpetual funding rates—aimed at enhancing staking and fee yield utility.

Hyperbolic

Hyperbolic brings commodity perpetual futures to Hyperliquid via HIP-3, with institutional-grade infrastructure. Users can trade perpetuals for oil, gold, natural gas, and other physical commodities, enabling on-chain commodity markets.

Ddot

Ddot is a HIP-3-based commodity exchange focused on physical goods and real-world assets. Unlike Hyperbolic’s derivatives approach, Ddot emphasizes direct trading and flow of commodities themselves.

Infrastructure

Global Compute Index

A real-time cloud GPU pricing dashboard and market index, aggregating spot and on-demand prices for leading GPUs (H100, H200, A100, etc.), plus daily and 30-day averages. It’s developing the world’s first HIP-3-based compute perpetuals, serving as oracle for permissionless perpetual markets by aggregating price data.

The core dashboard is live with real-time prices. On-chain expansion is in progress, including oracle integration with Seda.

Sekai

Sekai is an LST (Liquid Staking Token) protocol that allows anyone to easily create CoreWriter-based LST assets on HyperEVM. Built for HIP-3 “unicorns”—high-potential deployers—it solves the 500,000 HYPE minimum barrier. Companies, projects, communities, and institutions can launch their own liquid staking tokens via Sekai, with plans to support LSTs for every HIP-3 DEX.

Flow DEX

Flow DEX is a global, compliant liquidity provider and OTC/market-making infrastructure firm. It enables Hyperliquid’s scaling, deepens on-chain liquidity, attracts institutional capital, and supports cross-exchange and protocol token issuance. As the ecosystem’s liquidity backbone, Flow DEX is pivotal behind the scenes.

Other

Hyperbet

Hyperbet is building a decentralized casino and betting platform on HyperEVM, offering on-chain betting games and social gambling experiences. While controversial, it’s a legitimate direction for blockchain use cases.

OnlyVibes

OnlyVibes is a trading community and signal-sharing group on Hyperliquid, delivering trading strategies, real-time market insights, and risk management tips to help members capture trends together. More a trader network than a tech product.

Statement:

1. This article is republished from BlockBeats, original title “After 2 Days, What Potential Alpha Is on Hyperliquid’s HIP3?”, with copyright belonging to Rhythm Junior. For republication concerns, please contact the Gate Learn Team. The team will follow the appropriate procedures to address your inquiry.
2. Disclaimer: The views and opinions expressed are solely those of the author and do not constitute investment advice.
3. Other language versions are translated by the Gate Learn team. Unless Gate is explicitly credited, translated articles may not be copied, distributed, or plagiarized.