Hyperliquid vs MUX Perps: Risk & Value Comparison
Hyperliquid
MUX Perps
Sector
Derivatives
Derivatives
Risk Score
52/100
27/100
Risk Grade
C-
B
Value Score
63/100
28/100
Value Grade
B-
D+
TVL
$4.7B
$10M
FDV
$39.7B
$13M
Mechanisms
7
6
Interactions
6
4
Quadrant
Promising
Dead Money
Risk Dimension Comparison
Mechanism Novelty/ 15
Hyperliquid
3
MUX Perps
0
Interaction Severity/ 20
Hyperliquid
8
MUX Perps
5
Oracle Surface/ 10
Hyperliquid
5
MUX Perps
5
Documentation Quality/ 10
Hyperliquid
3
MUX Perps
4
Track Record/ 15
Hyperliquid
12
MUX Perps
2
Scale Exposure/ 10
Hyperliquid
10
MUX Perps
3
Regulatory Risk/ 10
Hyperliquid
5
MUX Perps
5
Protocol Vitality/ 10
Hyperliquid
6
MUX Perps
3
Value Dimension Comparison
Fee Capture/ 25
Hyperliquid
14
MUX Perps
8
Token Distribution/ 25
Hyperliquid
16
MUX Perps
8
Emission Sustainability/ 25
Hyperliquid
13
MUX Perps
5
Competitive Moat/ 25
Hyperliquid
20
MUX Perps
7
Verdict
MUX Perps is the safer protocol with a risk score of 27/100 (B) compared to 52/100 (C-).
Hyperliquid has stronger value accrual (B-, 63/100) compared to D+ (28/100).