After 2 days of launch, what potential Alpha does Hyperliquid's HIP3 have?

Original Title: After 2 Days of Launch, What Potential Alpha is There on Hyperliquid's HIP3?

Original author: Rhythm Little Worker

Source of the original text:

Reprint: Mars Finance

Hyperliquid's performance this year has been nothing short of impressive.

But Hyperliquid's true ambition goes far beyond that. The recently launched HIP-3 upgrade transforms Hyperliquid from a Perp dex into a new type of composable financial Lego.

Currently, the HIP-3 ecosystem includes more than 20 projects, covering various vertical fields such as trading front-end, liquidity staking, DeFi protocols, AI infrastructure, and prediction markets. This ecosystem has a very distinct characteristic: most projects are still in the testnet phase, team members often use pseudonyms, and funding mainly relies on self-financing, 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, bulk commodities, computing power resources, or the yield itself. The permissionless framework provided by HIP-3 is unleashing unexpected innovative energy.

Although it is still in the early stages, several projects with high TVL such as Kinetiq (1.9 billion USD TVL), Unit (800 million USD TVL), and Felix (300 million USD TVL) have already shown significant 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 40x leverage, Based Visa card, portfolio management, and affiliate programs, but also has a cool feature called Based Streams—a DEX-driven live streaming service where creators can stream their trading process, receive token tips, and reward viewers through HyperCore.

Based launched Based Streams on October 10, becoming the first front end to support the HIP-3 market, and also deployed the first XYZ100-USD index market, with a 24-hour trading volume reaching 35 million USD. The iOS and Android apps 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 entry barrier, Liquid has integrated email registration and simplified the complexity of wallets, making it easy for ordinary users to 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 for instant registration and revenue features, and is currently in the public testing phase.

Aura

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

Liquid Staking and Lending

Kinetiq Exchange

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

What's even more impressive is that Kinetiq has launched a platform based on HIP-3 called Launch. This platform allows teams to deploy their own perpetual contract exchanges without needing a large amount of upfront capital, by utilizing the kHYPE staking pool for 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 borrowing, conduct peer-to-peer lending through the Vanilla market, and mint the stablecoin feUSD. Felix adopts a variable interest rate model, providing users with flexible borrowing options. Currently, the 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 HIP-3 perpetual contracts. It is the largest spot asset deployer on Hyperliquid and the first project to go live on the mainnet for HIP-3, holding various assets including BTC, ETH, SOL, and more.

At the same time, Unit is attempting 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, with a current TVL of $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? You can achieve this on Ventuals, with a maximum leverage of 10x. The platform uses optimistic oracles and the vHYPE liquidity staking mechanism, and has not taken the VC funding route, instead self-funding by minting “Sekai Kappas” NFTs through the community in September 2025.

Ventuals will launch its testnet in early 2025 and will open vHYPE staking deposits on October 16, testing perpetual contracts for more than 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 brought volatility-based products for HIP-3. It has released the BVIV/EVIV index for BTC and ETH, serving as the fear index for the crypto market (similar to the VIX index in traditional finance (). Volmex plans to launch volatility perpetual contracts under the builder market framework of Hyperliquid, allowing traders to directly trade market volatility.

Nunchi

Nunchi builds 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 has launched FR-perpetual - a meta market for the funding rates of other perpetual contracts, focusing on supplementing HIP-3's staking and fee revenue.

Hyperbolic

Hyperbolic has launched commodity perpetual futures on Hyperliquid, utilizing the HIP-3 standard and equipped with institutional-grade infrastructure. This 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 the financial derivatives of Hyperbolic, 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 of 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, which will aggregate price data as an oracle provider into the permissionless perpetual market.

The core product is operational, displaying real-time spot prices. On-chain scaling is being developed, including integration with the Seda oracle.

Sekai

Sekai is a liquidity staking token protocol for LST( 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 liquidity staking tokens through Sekai, with plans to provide LST support for every 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, enhances on-chain depth, attracts institutional funds, and supports 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 social 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 analysis, and trading skills to help members collectively grasp trends and manage risks. Compared to technical products, this seems more like a trader community.