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Best of · Hyperliquid L1 · Updated

The best CDPs on Hyperliquid L1 in 2026

We track 6 CDPs that run on Hyperliquid L1 and have reviewed 5 of them in full. Our top pick is Parallel Protocol V3. Each one is scored on security, ease of use, fees and features.

Ranked list

  1. 1
    Parallel Protocol V3 logo

    Parallel Protocol V3

    CDPs · Hyperliquid L1, Base, Ethereum +2

    Parallel Protocol V3 lets you mint and hold USDp, then put it into sUSDp savings. Its advertised zero-fee routes and headline yield are appealing, but check the collateral, changing APY and contract risks before depositing.

    Read the Parallel Protocol V3 reviewVisit Parallel Protocol V3(opens in a new tab)
    ScoreScore 6.2 out of 10
    TVL $851K−1.2%
  2. 2
    Hyperstable CDP logo

    Hyperstable CDP

    CDPs · Hyperliquid L1

    Hyperstable is a HyperEVM borrowing and lending app built around USH, an overcollateralized stablecoin. Its liquidation rules, collateral options and security details need checking before you commit funds.

    Read the Hyperstable CDP reviewVisit Hyperstable CDP(opens in a new tab)
    ScoreScore 4.8 out of 10
    TVL $143K−11.7%
  3. 3
    Reservoir Protocol logo

    Reservoir Protocol

    CDPs · Monad, Ethereum, Plasma +14

    Reservoir is a DeFi stablecoin protocol with rUSD and yield-oriented assets, but its fees, redemption terms and collateral details are unclear. Treat it as a higher-risk option until you verify those terms before using it.

    Read the Reservoir Protocol reviewVisit Reservoir Protocol(opens in a new tab)
    ScoreScore 4.5 out of 10
    TVL $89.8M+20.6%
  4. 4
    HypeZion Finance logo

    HypeZion Finance

    CDPs · Hyperliquid L1

    HypeZion Finance is a pooled-collateral stablecoin protocol on Hyperliquid. Its no-liquidation design shifts volatility risk to bullHYPE holders, and key details such as fees and audits are not published.

    Read the HypeZion Finance reviewVisit HypeZion Finance(opens in a new tab)
    ScoreScore 3.8 out of 10
    TVL $48.5K−12.2%
  5. 5
    Keiko Finance logo

    Keiko Finance

    CDPs · Hyperliquid L1

    Keiko Finance has closed, and its app is no longer accessible. It was a Hyperliquid collateralized borrowing protocol, but it is not an option for new borrowers now.

    Read the Keiko Finance reviewVisit Keiko Finance(opens in a new tab)
    ScoreScore 1.0 out of 10
    TVL $205−11.8%
  6. 6
    Felix CDP logo

    Felix CDP

    CDPs · Hyperliquid L1

    Felix CDP is an active synthetic-dollar protocol on Hyperliquid, but its borrowing terms, fees and safety details are too sparse to judge whether it suits you.

    Read the Felix CDP reviewVisit Felix CDP(opens in a new tab)
    ScoreNot rated yet
    TVL $20.8M−14.3%

CDPs on Hyperliquid L1: the numbers

Tracked
6
Reviewed
6
Total TVL
$112M
Avg. score
4.1/10

The SkyBitcoins index lists 6 CDPs on Hyperliquid L1. Every one of them has a full review. Together they hold $112M in total value locked, counting value on every chain they support. Reservoir Protocol dominates, with 80% of that total. The five largest make up 100% of the total; the median is $143K.

Ranked by TVL, Reservoir Protocol ($89.8M), Felix CDP ($20.8M) and Parallel Protocol V3 ($851K) lead the field. On SkyBitcoins scores, Parallel Protocol V3 ranks first at 6.2/10, ahead of Hyperstable CDP (4.8) and Reservoir Protocol (4.5). The 5 rated CDPs average 4.1/10, and none scores 8 or above yet.

Many also deploy elsewhere, most often on Base (2), Ethereum (2) and Avalanche (1). All 6 with a confirmed status are active. Over the last seven days, combined TVL rose 11.8%. Reservoir Protocol gained the most (+20.6%), while Felix CDP dropped the most (−14.3%).

Largest by TVL

  1. 1Reservoir Protocol logoReservoir Protocol$89.8M
  2. 2Felix CDP logoFelix CDP$20.8M
  3. 3Parallel Protocol V3 logoParallel Protocol V3$851K
  4. 4Hyperstable CDP logoHyperstable CDP$143K
  5. 5HypeZion Finance logoHypeZion Finance$48.5K

Method

How we ranked them

Reviewed dApps come first. Each SkyBitcoins review scores security, ease of use, fees and features from 0 to 10 using public facts such as audits, documentation and on-chain data; the overall score orders the list, with total value locked as the tie-breaker. Projects we have not reviewed yet follow, ordered by total value locked. Scores are never sold.

Guides

Related guides

All guides

  • Blockchain

    How to Use Base: A Practical Guide for 2026

    Base is an Ethereum Layer 2 that lets you use compatible wallets and apps with ETH for gas. Learn how to set up a wallet, move funds, estimate costs and avoid common risks.

Frequently asked questions

What is the largest CDP on Hyperliquid L1 by TVL?

Reservoir Protocol is the largest CDP on Hyperliquid L1 by total value locked, with $89.8M across all the chains it supports. It is followed by Felix CDP ($20.8M) and Parallel Protocol V3 ($851K). TVL figures come from DefiLlama and change daily.

Which CDP on Hyperliquid L1 has the highest SkyBitcoins score?

Parallel Protocol V3 has the highest score at 6.2/10, ahead of Hyperstable CDP (4.8) and Reservoir Protocol (4.5). Scores weigh security, ease of use, fees and features, and are based only on facts we could verify.

How many CDPs on Hyperliquid L1 has SkyBitcoins reviewed?

SkyBitcoins tracks 6 CDPs on Hyperliquid L1. Of these, 6 have a full review and 6 report value locked, $112M in total, counting value on every chain they support.

Which CDPs on Hyperliquid L1 grew the most this week?

Among CDPs with at least $1M locked, Reservoir Protocol had the biggest 7-day TVL gain (+20.6%) and Felix CDP the biggest drop (−14.3%). Combined TVL moved +11.8% over the same seven days.

What is the average score for CDPs on Hyperliquid L1?

The 5 rated CDPs on Hyperliquid L1 average 4.1 out of 10. Of these, 0 score 8 or higher and 4 score below 5.