HyperEVM Ecosystem Map - Every DeFi Protocol on Hyperliquid (2026)
Table of Contents
Hyperliquid
The HyperEVM Ecosystem at a Glance
HyperEVM is Hyperliquid's Ethereum-compatible smart contract layer. Since its mainnet launch in early 2025, it has attracted a dense cluster of DeFi protocols that compose directly with Hyperliquid's native order book and trading engine - no bridges, no oracles, no cross-chain complexity.
What makes this ecosystem different from Arbitrum, Base, or any other EVM chain is the shared-state architecture. Every protocol on HyperEVM can read from and write to HyperCore (Hyperliquid's native trading layer) within the same block. Lending protocols use real-time order book prices for liquidations. Yield strategies execute trades through the native perp engine. Stablecoins are backed by assets settled on the same L1. Everything composes natively.
This page is a categorized reference directory of every major protocol building on HyperEVM as of March 2026. Use it as your starting point when exploring the ecosystem, or bookmark it to track new projects as they launch.
Info
Quick Summary - HyperEVM Ecosystem (March 2026)
- 15+ active protocols across lending, staking, trading, yield, and infrastructure
- $2B+ combined TVL across HyperEVM DeFi protocols
- Sub-second finality - all protocols benefit from HyperBFT consensus
- HYPE is the gas token - you need a small amount to interact with any protocol
- Bridge funds first - transfer USDC from HyperCore to HyperEVM to get started
Lending and Borrowing
Lending is the largest DeFi category on HyperEVM by TVL, with multiple protocols offering different approaches to borrowing and capital efficiency.
| Protocol | Description | Link |
|---|---|---|
 Felix Protocol | The #2 DeFi protocol on HyperEVM with $1B+ TVL. CDP-based lending (mint feUSD against HYPE, kHYPE, wstHYPE, UBTC) plus Vanilla Markets for variable-rate supply/borrow. Also issues USDhl (T-bill backed stablecoin via M0 Foundation). | Guide |
 HyperLend | Traditional pooled lending market (Aave-style). Supply assets to earn variable-rate interest, or borrow against collateral. Features flash loans and HyperLoop automated leverage. | Guide |
 Morpho | Permissionless lending vaults with isolated risk markets. Enables curated lending pools where vault managers set parameters and risk exposure. Powers Felix's Vanilla Markets under the hood. | morpho.org |
For a step-by-step walkthrough of lending and borrowing on HyperEVM, see our lending and borrowing guide.
Liquid Staking
Liquid staking unlocks the capital efficiency of staked HYPE, allowing you to earn staking rewards while using derivative tokens across HyperEVM DeFi.
| Protocol | Description | Link |
|---|---|---|
 Kinetiq | The leading liquid staking provider on Hyperliquid. Stake HYPE and receive kHYPE (or wstHYPE), which accrues staking rewards automatically while remaining liquid. Both tokens are accepted as collateral on Felix Protocol. | Guide |
Liquid staking tokens like kHYPE are the connective tissue of HyperEVM DeFi. You can stake HYPE, receive kHYPE, deposit it as collateral on Felix, mint feUSD, and deploy that stablecoin into yield strategies - all while your original HYPE keeps earning staking rewards. For the full composability breakdown, see the DeFi ecosystem guide.
Start Exploring HyperEVM DeFi
From lending to liquid staking, the HyperEVM ecosystem is built for composability. Sign up with our referral link for a 4% lifetime fee discount on all trades.
Join Hyperliquid - Save 4% on FeesStablecoins
Hyperliquid's stablecoin landscape includes four distinct options, each backed differently and optimized for different use cases.
| Stablecoin | Backing | Description | Link |
|---|---|---|---|
| USDH | U.S. Treasuries (BlackRock, Superstate) | Hyperliquid's native "aligned" stablecoin. Provides 20% lower taker fees, 50% higher maker rebates, and 20% more volume credit toward fee tiers. Reserve yield funds HYPE buybacks and ecosystem grants. | Guide |
| feUSD | Crypto (HYPE, kHYPE, wstHYPE, UBTC) | Overcollateralized CDP stablecoin minted through Felix Protocol. Redeemable 1:1 for underlying collateral. | Felix Guide |
| USDhl | U.S. Treasury bills (M0 Foundation) | T-bill backed stablecoin from Felix and M0 Foundation. Brings RWA yield on-chain. | Felix Guide |
 USDC | Cash reserves (Circle) | Available natively on HyperEVM via CCTP. Primary on-ramp for new users. | Deposit Guide |
DEXs on HyperEVM
Beyond Hyperliquid's native order book (which runs on HyperCore, not HyperEVM), several AMM-style decentralized exchanges operate on the EVM layer for token swaps and liquidity provision.
| Protocol | Description | Link |
|---|---|---|
| KittenSwap | AMM DEX on HyperEVM for swapping ERC-20 tokens. Provides liquidity pools and yield farming opportunities for HyperEVM-native tokens. | kittenswap.finance |
| HyperSwap | AMM DEX with concentrated liquidity features on HyperEVM. Swap tokens and provide liquidity across multiple fee tiers. | hyperswap.exchange |
These DEXs complement Hyperliquid's native order book by handling the long tail of ERC-20 tokens on HyperEVM that are not listed on the spot order book.
Trading Tools and Platforms
HyperEVM and Hyperliquid's HIP-3 system have enabled a new generation of trading tools that extend beyond standard crypto perpetuals.
| Protocol | Description | Link |
|---|---|---|
 trade.xyz | The leading HIP-3 builder on Hyperliquid with ~50 markets. Trade perpetual futures on equities (NVDA, TSLA, AAPL), commodities (gold, silver, crude oil), forex, and indices - 24/7, no KYC, self-custody. | Equity Perps Guide |
 Copin | Copy trading analytics platform. Track top Hyperliquid traders, analyze their strategies, and mirror positions. Provides performance dashboards and portfolio breakdowns for any public address. | copin.io |
For a deep dive into trading traditional markets on Hyperliquid, see the traditional markets guide and the commodities trading guide.
Yield and Vaults
Hyperliquid offers multiple yield sources, from protocol-level market making to automated DeFi strategies.
| Protocol | Layer | Description | Link |
|---|---|---|---|
| HLP Vault | HyperCore (L1) | Hyperliquid's native market-making vault. Deposit capital to provide liquidity across perp markets. Returns come from bid-ask spreads and liquidation proceeds. | Guide |
| Community Vaults | HyperCore (L1) | Copy-trading vaults managed by community traders. Deposit into a vault manager's strategy and earn (or lose) proportionally to their trades. | Guide |
| Felix Stability Pools | HyperEVM | Backstop the Felix CDP system. Earn yield from liquidation discounts and borrower interest by depositing feUSD. Returns spike during volatile markets. | Felix Guide |
| Vanilla Markets Lending | HyperEVM | Supply USDC, HYPE, or other assets to earn variable-rate interest. Closest equivalent to a savings account in the ecosystem. | Felix Guide |
For a comprehensive overview of yield strategies including delta-neutral vaults and funding rate arbitrage, see the HyperEVM yield strategies guide.
Earn Yield on HyperEVM
From Stability Pools to Vanilla Markets, Felix Protocol offers multiple yield strategies for different risk profiles. Over $1B in TVL and growing.
Open Felix ProtocolInfrastructure and Bridges
The infrastructure layer provides the plumbing that connects HyperEVM to the broader crypto ecosystem.
| Protocol | Description | Link |
|---|---|---|
| Across Protocol | Cross-chain bridge supporting 22+ chains. Bridge USDC or USDH directly to HyperEVM from Ethereum, Arbitrum, Base, Solana, and more. Transfers complete in seconds, typically under $1 in fees. | Bridge Guide |
| HyBridge | Ecosystem bridge for HyperEVM tokens. Provides additional bridging routes and token support beyond Across Protocol. | hybridge.xyz |
| HyperCore ↔ HyperEVM Transfer | Built-in internal transfer between Hyperliquid's trading layer and EVM layer. Instant, near-zero cost. Access via Portfolio page on app.hyperliquid.xyz. | Bridge Guide |
Analytics and Block Explorers
| Tool | Description | Link |
|---|---|---|
| Hyperliquid Explorer | Official block explorer for HyperEVM transactions, contracts, and addresses. | explorer.hyperliquid.xyz |
| Hypurrscan | Community-built analytics dashboard with detailed protocol metrics, TVL tracking, and ecosystem data. | hypurrscan.io |
How to Get Started on HyperEVM
If you are new to the ecosystem, here is the practical path to start using HyperEVM protocols:
- Deposit USDC to Hyperliquid - Follow the deposit guide to get funds onto HyperCore.
- Transfer to HyperEVM - Use the built-in bridge to HyperEVM via the Portfolio page. Transfer USDC and a small amount of HYPE for gas.
- Connect your wallet - Add HyperEVM (Chain ID 999) to
MetaMask or 
Rabby. - Start with established protocols - Begin with Felix, HyperLend, or Kinetiq before exploring newer projects.
- Understand the assets - Read up on HYPE, USDH, and HyperEVM's architecture.
Warning
As with any DeFi ecosystem, exercise caution with newer protocols. Verify smart contract audits, start with small amounts, and never deposit more than you can afford to lose. HyperEVM is younger than Ethereum - the ecosystem is growing fast, but established track records are still short.
Last updated: March 2026
Frequently Asked Questions
HyperEVM hosts a growing ecosystem of DeFi protocols including lending platforms (Felix, HyperLend, Morpho), DEXs (KittenSwap, HyperSwap), liquid staking (Kinetiq), stablecoins (USDH via Felix), yield aggregators, and analytics tools. The ecosystem is rapidly expanding as more teams build on Hyperliquid's EVM-compatible chain.
To use HyperEVM DeFi protocols, you first need to deposit USDC to Hyperliquid, then transfer funds from the trading layer (L1) to HyperEVM within the app. Once on HyperEVM, you can connect your wallet to any protocol and interact with it like any EVM chain.
HyperEVM is Hyperliquid's EVM-compatible execution layer. Hyperliquid's L1 handles trading (perps and spot), while HyperEVM runs general-purpose smart contracts for DeFi applications like lending, staking, and liquidity protocols. Both layers share the same validator set and security model.
Disclaimer: This content is for informational purposes only and does not constitute financial advice. Trading perpetual futures involves substantial risk of loss. Past performance is not indicative of future results. Always do your own research before trading. This site contains referral links - see our disclosure for details.
Ready to Start Trading?
Join Hyperliquid with our referral link and get a 4% lifetime fee discount. No KYC, no email - just connect your wallet and trade.
Start Trading - Save 4%