Hyperliquid
Derivatives · Perp DEX · HYPE
Hyperliquid is a purpose-built L1 with a fully on-chain CLOB — ~200k orders/sec throughput, sub-second finality, and the deepest on-chain perp liquidity in 2026 (typically >70% of on-chain perp volume). HyperEVM extends programmability.
Purpose-built L1 with a fully on-chain order book.
HYPE price
$69.94
+7.2% 24h
Latest data · 15 min delay
Competitors
Ranked top→bottom — who competes with Hyperliquid and how they differ.
| # | Competitor | Positioning | Similarities | Differentiator |
|---|---|---|---|---|
| 1 | dYdX | Long-standing order-book perp DEX that pioneered on-chain CLOB perpetuals and later migrated to its own app-chain. | Central limit order book model for perpetuals on a dedicated chain, targeting professional traders with deep liquidity and self-custody. | Hyperliquid runs its entire order book and matching natively on its own L1 with HyperBFT sub-second finality and added HyperEVM programmability, and grew to a larger on-chain perps market share; dYdX uses a Cosmos-based app-chain and has a different token/fee model. |
| 2 | GMX | Leading pool/oracle-based perp DEX on Arbitrum and Avalanche using a shared liquidity pool (GLP-style) as counterparty. | On-chain perpetuals venue where a community liquidity pool backstops trader PnL, comparable in spirit to HLP. | GMX prices trades off oracles against a shared LP rather than a live order book, so it has no CLOB, generally lower throughput, and a different fee/liquidity design than Hyperliquid's on-chain order book. |
| 3 | Drift Protocol | Solana-based perp DEX combining an order book with AMM/JIT liquidity. | On-chain perpetuals with an order-book component and vault-style liquidity provisioning, targeting low-latency trading. | Built on Solana as a smart-contract application rather than a purpose-built perps L1; different liquidity architecture and no HyperEVM equivalent. |
| 4 | Aevo | Order-book derivatives DEX (perps and options) built on an OP-stack rollup. | Off-the-shelf CLOB experience for perpetuals with on-chain settlement. | Rollup-based rather than a bespoke L1 with custom BFT consensus; smaller perps market share and no fully on-chain matching L1 of its own. |
| 5 | Gains Network | Synthetic leveraged trading (gTrade). | Both in Derivatives (Perp DEX). | Synthetic markets (no spot leg) collateralized by gToken vaults; up-to-150x leverage on majors plus forex and equities. |
| 6 | Synthetix | Synthetic-asset liquidity layer powering perps and synths. | Both in Derivatives (Perp DEX). | A shared, staker-backed liquidity layer (rather than per-market order books) that other front-ends (Kwenta, Polynomial) build perps on top of. |