Hyperliquid Alternatives: Similar Derivatives Protocols Compared

Hyperliquid carries a risk grade of C- (52/100) and ranks #50 of 53 rated Derivatives protocols. Below are 52 Derivatives protocols ranked by safety — from safest to riskiest. 49 of these protocols score lower (safer) than Hyperliquid, and 3 score higher (riskier).

The single safest alternative is MUX Perps (B, 27/100 — 25 points safer than Hyperliquid). See the Hyperliquid vs MUX Perps comparison to weigh the tradeoffs.

Current Protocol

Derivatives

Risk

C-

Value

B-

TVL

$4.7B

Safety analysis →Investment analysis →

AlternativeRiskValueTVL

1

B

D+

$10M

2

B-

C-

$39M

3

B-

D-

$8M

4

Drift ProtocolSafer

B-

B-

$6M

5

B-

B

$102M

6

B-

D+

$525,000

7

TorosSafer

B-

D

$10M

8

Helix PerpSafer

B-

C+

$6M

9

B-

D

$37M

10

BorosSafer

B-

B

$11M

11

B-

D+

$161M

12

B-

C-

$38M

13

B-

C+

$20M

14

Contango V2Safer

B-

D-

$16M

15

B-

B-

$19M

16

B-

D+

$50M

17

B-

C+

$123M

18

Predict FunSafer

B-

D-

$13M

19

C+

C-

$55M

20

MoonlanderSafer

C+

D

$32M

21

Vest MarketsSafer

C+

D-

$2M

22

Kinetiq MarketsSafer

C+

D

$32M

23

C+

D

$31M

24

Synthetix V3Safer

C+

C+

$40M

25

FlashTradeSafer

C+

C-

$10M

26

Gains NetworkSafer

C+

B-

$15M

27

HegicSafer

C+

C-

$10M

28

C+

C

$6M

29

Fulcrom PerpsSafer

C+

C-

$14M

30

ParclSafer

C+

D-

$4M

31

Reya PerpsSafer

C+

D

$14M

32

C+

D

$2M

33

C+

C-

$50M

34

C+

C

$32M

35

Level FinanceSafer

C+

D

$676,000

36

MYX FinanceSafer

C+

D

$14M

37

C+

D

$9M

38

edgeXSafer

C+

C

$353M

39

Ethereal DEXSafer

C+

D+

$36M

40

GRVTSafer

C+

C

$120M

41

Jupiter Perpetual ExchangeSafer

C+

B

$690M

42

C+

C+

$100M

43

Storm TradeSafer

C

D+

$6M

44

ELFi ProtocolSafer

C

D+

$3M

45

SynFutures V3Safer

C

C-

$3M

46

C

D

$10M

47

GMXSafer

C

B-

$240M

48

Hyperliquid HLPSafer

C

B

$395M

49

AevoSafer

C

D+

$20M

50

C-

C

$4M

51

Thetanuts Finance

C-

B-

$660,000

52

D+

D-

$4M

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