Interactive ReportFebruary 9, 2026 • Updated

HyperEVM DeFi Ecosystem

Live data visualization and analysis. Total tracked TVL: $2.17B across 14 protocols

Data sourced from DeFiLlama + Protocol Analytics • Read full analysis →

TVL by Category

Distribution of value locked across HyperEVM DeFi sectors

Distribution

Total: $2.17B

By Volume

Top Protocols by TVL

Kinetiq dominates with ~34% of tracked TVL. Notable entrants: Valantis (DEX + LST), Buffer (options), Pendle (yield trading).

Rank	Protocol	Category	TVL	7D Change	Share
1	Kinetiq kHYPE	Liquid Staking	$741M	+39.1%	34.1%
2	Felix	Lending	$400M	+21.7%	18.4%
3	HyperLend	Lending	$349M	+30.1%	16.1%
4	HLP Vault	Derivatives	$301M	+13.6%	13.9%
5	stHYPE (Valantis)	Liquid Staking	$140M	+29.9%	6.4%
6	Ring DEX	DEXes	$50M	-13.6%	2.3%
7	HypurrFi	Lending	$44M	+33.1%	2.0%
8	Valantis DEX	DEXes	$35M	+24.3%	1.6%
9	Buffer Finance	Derivatives	$28M	+31.2%	1.3%
10	Hyperbeat LST	Liquid Staking	$26M	+26.8%	1.2%
11	Harmonix	Yield Vaults	$19M	+15.8%	0.9%
12	Pendle	Yield Trading	$15M	+42.1%	0.7%
13	HyperSwap	DEXes	$13M	+18.2%	0.6%
14	Summer.fi	Yield Vaults	$12M	+18.5%	0.6%

💧 Liquid Staking Breakdown

Kinetiq holds 82% of the liquid staking market. stHYPE acquired by Valantis Aug 2025.

Total: $907M

Kinetiq kHYPE+39.1% 7d

$741M

Dominant LST with 82% market share. Non-custodial, CoreWriter architecture, broadest DeFi integration.

stHYPE (Valantis)+29.9% 7d

$140M

First LST on HyperEVM. Acquired by Valantis Aug 2025. Modular architecture, fast withdrawals.

Hyperbeat beHYPE+26.8% 7d

$26M

Validator + yield optimization platform. Yield from combined staking rewards, funding rates, and liquidation profits.

🏦 Lending Markets

Felix and HyperLend are co-dominant lenders with comparable TVL. HypurrFi growing fast (+33% WoW).

Felix+21.7%

$400.0M

Largest lending protocol by TVL. feUSD stablecoin backed by HYPE collateral. Licensed Liquity V2 codebase.

HyperLend Pooled+30.1%

$349.0M

Co-dominant lender. Multi-oracle system (Hyperliquid system oracle, Pyth, RedStone). HPL token live.

HypurrFi Pooled+33.1%

$43.0M

Smaller but growing. Pooled and isolated markets with point multipliers for larger depositors.

HypurrFi Isolated+17.4%

$4.0M

Isolated lending pools for higher-risk assets.

HyperLend Isolated+25.6%

$1.2M

Isolated markets for specialized collateral.

📈 Derivatives Protocols

HLP dominates but new entrants emerging: Buffer (options), Felix HIP-3 (commodities/equities), Pear (perps+predictions).

HLP Vault+13.6% 7d

Counter-cyclical market making. Profits from trader liquidations. Portfolio hedge.

$301M TVL

Buffer Finance+31.2% 7d

On-chain options protocol. European-style options with flexible strikes/expiries.

$28M TVL

Felix HIP-3 Perps+28.7% 7d

Commodities & equities perps (gold, silver, stocks). Unique onchain asset access.

$18M TVL

Pear Protocol+22.4% 7d

Perpetuals + prediction markets. Dual-purpose derivatives platform.

$9M TVL

Timeswap+19.8% 7d

Interest rate derivatives. Fixed-rate lending via options mechanism.

$6M TVL

🔄 DEX Landscape

Valantis challenging Ring dominance. LiquidSwap aggregates liquidity across multiple DEXes.

Ring DEX-13.6%

$50M

Established AMM. Volume declining due to Valantis competition.

Valantis DEX+24.3%

$35M

Modular DEX. LST-specific AMM for stHYPE/kHYPE. $500M+ cumulative volume.

LiquidSwap+18.2%

$8M

DEX aggregator routing through Kittenswap, Hyperswap, Laminar for best rates.

🎯 Yield Vaults & Aggregators

Harmonix leads with delta-neutral USDC vault. Summer.fi aggregates yield across multiple lending protocols.

Harmonix

$19M+15.8%

Delta-neutral yield vault. Accepts USDC, returns roUSD. Yield from funding rate capture (1x long spot + 1x short perp).

Summer.fi

$12M+18.5%

Lazy Summer Protocol. Multi-protocol vault aggregator. Farms points from Felix, HypurrFi, HyperLend simultaneously.

🚀 7-Day Growth Leaders

Pendle (+42%), Kinetiq kHYPE (+39%), and HypurrFi (+33%) leading ecosystem growth.

🔗 Protocol Composability

How HyperEVM protocols integrate and compose:

Core Composability Flow

→Stake HYPE via Kinetiq (get kHYPE)

→Supply kHYPE to HyperLend as collateral

→Borrow HYPE/stablecoins from HyperLend

→Deploy borrowed assets to Harmonix or HLP Vault

→Aggregate yield across protocols via Summer.fi

Cross-Protocol Integrations

• kHYPE accepted as collateral on: HyperLend, HypurrFi, Felix
• stHYPE tradable on: Valantis DEX, Ring DEX, LiquidSwap
• Pendle tokenizes yield from: Kinetiq, HyperLend
• Summer.fi farms points from: Felix, HypurrFi, HyperLend
• Harmonix delta-neutral vault: USDC in, yield from funding-rate capture

📊 Key Takeaways

Growth Signals

• Liquid staking up 35% WoW (infrastructure layer solidifying)
• Kinetiq ecosystem leading (+39-40% across kHYPE + Earn)
• Derivatives expanding: Buffer (+31%), Felix HIP-3 (+29%)
• Yield trading emerging: Pendle (+42%), Harmonix stable
• Total ecosystem: 14 tracked protocols with verifiable TVL data

Risk Factors

• Heavy concentration in Kinetiq (37% of total TVL)
• Stablecoin liquidity constraints persist (HyperLend/HypurrFi)
• Ring DEX declining (-13.6%) as Valantis gains share
• New protocols unaudited: Buffer, Pear, Timeswap need verification
• Composability increases systemic risk (cascading liquidations)

Opportunities

• Stablecoin supply APYs vary by utilization (check current rates on-chain)
• Correlated-asset borrowing strategies (HYPE/kHYPE/stHYPE)
• HLP for counter-cyclical exposure (profits during liquidations)
• Pendle fixed-rate lending (hedge against yield volatility)
• Felix HIP-3: onchain gold/silver/stocks exposure (unique!)
• Summer.fi multi-protocol farming (capture yields across lenders passively)

Market Structure

• Total tracked: ~$2.17B TVL across 14 protocols
• Category leaders: Kinetiq (LS), Felix/HyperLend (Lending), HLP (Derivatives)
• Aggressive WoW growth (+25% avg ecosystem-wide)
• New categories emerging: Yield Trading (Pendle), Aggregators (Summer.fi)
• DEX competition intensifying (Valantis vs Ring)

🔍 Additional Protocols (Research Ongoing)

The following protocols are confirmed active on HyperEVM but lack sufficient TVL data for full analysis:

Derivatives

• Rage Trade - Cross-margin perpetuals
• Thunderhead - Derivatives infrastructure

Prediction Markets

• Vegas.fi - Decentralized prediction markets
• GUESS - Community market data predictions

Yield & Infrastructure

• LoopedHYPE (ASXN) - Automated yield looping vault
• Hyperdrive - DeFi hub for lending/liquid staking
• Altura - Yield aggregator (limited TVL data available)

DEXes

• Kittenswap - AMM (routed via LiquidSwap)
• Hyperswap - AMM (routed via LiquidSwap)
• Laminar - AMM (routed via LiquidSwap)

Know TVL/volume data for these protocols? Contact us on X