Compare Hyperliquid Protocols

Key takeaway: Kinetiq dominates liquid staking with 80-90% market share and the widest DeFi composability. Valantis stHYPE offers instant redemption through its DEX pools, making it better suited for traders who need flexibility over composability. Native staking APR across all LSTs reflects the underlying Hyperliquid validator yield of roughly 2.2-2.4%, though some protocols layer additional incentives on top.

Key takeaway: Felix and HyperLend are roughly co-dominant with comparable TVL in the $380-400M range. Felix differentiates through its feUSD stablecoin and Liquity V2 architecture, while HyperLend offers pooled and isolated markets with multi-oracle redundancy. HypurrFi is considerably smaller but offers competitive rates on select pools and point multipliers for larger depositors. Borrow and supply rates are variable across all protocols and depend on utilization, so check current rates before depositing.

Key takeaway: Valantis is the largest DEX by TVL with deep liquidity for LST swaps. Ring generates high trading volume relative to its TVL, suggesting active usage. Gliquid aggregates across all DEXes for best execution on larger trades, similar to how 1inch works on Ethereum. Note that Hyperliquid's core perpetuals exchange uses a central limit order book (CLOB), not an AMM; these DEXes handle spot trading on HyperEVM.

Key takeaway: Harmonix is a delta-neutral yield vault (not a DEX, despite its occasional misclassification). It accepts USDC and returns roUSD, generating yield from funding rate capture. Felix Vaults provide single-click lending exposure. Summer.fi aggregates across multiple protocols for diversified yield. APYs across all yield protocols are variable and depend on market conditions, utilization, and funding rates.