Hyperliquid Alternatives: Similar Derivatives Protocols Compared

Hyperliquid carries a risk grade of C- (55/100) and ranks #54 of 57 rated Derivatives protocols. Below are 56 Derivatives protocols ranked by safety — from safest to riskiest. 53 of these protocols score lower (safer) than Hyperliquid, and 3 score higher (riskier).

The single safest alternative is Toros (B, 26/100 — 29 points safer than Hyperliquid). See the Hyperliquid vs Toros comparison to weigh the tradeoffs.

Current Protocol

Derivatives

Risk

C-

Value

B

TVL

$5.2B

Safety analysis →Investment analysis →

AlternativeRiskValueTVL

1

TorosSafer

B

D

$7M

2

B-

D+

$8M

3

B-

C-

$39M

4

BorosSafer

B-

B

$8M

5

B-

D-

$6M

6

Drift ProtocolSafer

B-

B-

$643,000

7

B-

B

$80M

8

B-

D+

$50M

9

B-

D+

$450,000

10

Helix PerpSafer

B-

C+

$465,000

11

B-

D

$25M

12

Contango V2Safer

B-

D-

$6M

13

B-

D+

$128M

14

B-

C+

$17M

15

B-

C+

$112M

16

B-

C-

$30M

17

Predict FunSafer

B-

D-

$10M

18

FlashTradeSafer

C+

C-

$7M

19

C+

B-

$19M

20

MoonlanderSafer

C+

D

$19M

21

ParclSafer

C+

D-

$1M

22

Kinetiq MarketsSafer

C+

D

$32M

23

Vest MarketsSafer

C+

D-

$226,000

24

edgeXSafer

C+

C

$353M

25

HegicSafer

C+

C-

$9M

26

C+

C

$6M

27

C+

C+

$100M

28

C+

C

$36M

29

GRVTSafer

C+

C

$120M

30

Level FinanceSafer

C+

D

$588,000

31

C+

D

$25M

32

C+

C-

$21M

33

Fulcrom PerpsSafer

C+

C-

$10M

34

MYX FinanceSafer

C+

D

$98,000

35

C+

D

$4M

36

Reya PerpsSafer

C+

D

$10M

37

SynFutures V3Safer

C+

C-

$3M

38

Gains NetworkSafer

C+

B-

$11M

39

Jupiter Perpetual ExchangeSafer

C+

B

$706M

40

Synthetix V3Safer

C+

B-

$42M

41

Ethereal DEXSafer

C

D+

$12M

42

Storm TradeSafer

C

D+

$5M

43

ELFi ProtocolSafer

C

D+

$2M

44

C

C+

$112M

45

C

D

$10M

46

C

B-

$174M

47

GMXSafer

C

B-

$174M

48

C

D+

$40M

49

C

C

$3M

50

AevoSafer

C

D+

$15M

51

Hyperliquid HLPSafer

C-

B

$223M

52

C-

C-

$18M

53

VariationalSafer

C-

C+

—

54

Thetanuts Finance

C-

B-

$301

55

D+

D

$656,000

56

D+

D-

$2M

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