Hyperliquid HLP vs MUX Perps: Risk & Value Comparison
Hyperliquid HLP
MUX Perps
Sector
Derivatives
Derivatives
Risk Score
47/100
27/100
Risk Grade
C
B
Value Score
70/100
28/100
Value Grade
B
D+
TVL
$395M
$10M
FDV
$39.7B
$13M
Mechanisms
6
6
Interactions
5
4
Quadrant
Promising
Dead Money
Risk Dimension Comparison
Mechanism Novelty/ 15
Hyperliquid HLP
6
MUX Perps
0
Interaction Severity/ 20
Hyperliquid HLP
10
MUX Perps
5
Oracle Surface/ 10
Hyperliquid HLP
5
MUX Perps
5
Documentation Quality/ 10
Hyperliquid HLP
2
MUX Perps
4
Track Record/ 15
Hyperliquid HLP
6
MUX Perps
2
Scale Exposure/ 10
Hyperliquid HLP
10
MUX Perps
3
Regulatory Risk/ 10
Hyperliquid HLP
4
MUX Perps
5
Protocol Vitality/ 10
Hyperliquid HLP
4
MUX Perps
3
Value Dimension Comparison
Fee Capture/ 25
Hyperliquid HLP
22
MUX Perps
8
Token Distribution/ 25
Hyperliquid HLP
14
MUX Perps
8
Emission Sustainability/ 25
Hyperliquid HLP
20
MUX Perps
5
Competitive Moat/ 25
Hyperliquid HLP
14
MUX Perps
7
Verdict
MUX Perps is the safer protocol with a risk score of 27/100 (B) compared to 47/100 (C).
Hyperliquid HLP has stronger value accrual (B, 70/100) compared to D+ (28/100).