Best of · Hyperliquid L1 · Updated
The best Derivatives dApps on Hyperliquid L1 in 2026
We track 8 Derivatives dApps that run on Hyperliquid L1 and have reviewed 4 of them in full. Our top pick is Hyperliquid. Each one is scored on security, ease of use, fees and features.
Ranked list
- 1
Hyperliquid
Derivatives · Hyperliquid L1
Hyperliquid is an onchain trading platform and Layer 1 for spot and perpetual markets. It offers broad market access and non-custodial trading, but you should check current costs and understand margin risk before connecting a wallet.
ScoreScore 7.2 out of 10TVL — - 2
Dreamcash
Derivatives · Hyperliquid L1
Dreamcash is a self-custodial trading app for Hyperliquid spot, perpetuals and HIP-3 markets, available on mobile, web and desktop. Its leverage and unclear security and regulatory details make it worth approaching cautiously.
ScoreScore 5.8 out of 10TVL — - 3
Kinetiq kmHYPE
Derivatives · Hyperliquid L1
Kinetiq Markets offers around-the-clock perpetual trading on stocks, indices, commodities and crypto through Hyperliquid. Before trading, check the fees, funding terms and how its kmHYPE and KNTQ tokens fit together: those details aren’t clear.
ScoreScore 5.5 out of 10TVL $38.1M−12.4% - 4
SIR
Derivatives · Ethereum, MegaETH, Hyperliquid L1
SIR is a DeFi derivatives protocol for leveraged positions without recurring funding fees or liquidations. Its one-time costs, liquidity limits and audit details deserve a close check before you commit funds.
ScoreScore 5.3 out of 10TVL $82.9K−6.1% - 5
Hyperliquid HLP
Derivatives · Hyperliquid L1
Hyperliquid HLP is a community-owned vault that provides liquidity and handles liquidations on Hyperliquid. The basic role is clear, but deposit rules, user costs and risk protections are not detailed enough here for a full review.
ScoreNot rated yetTVL $151M−11.7% - 6
Bounce.Tech
Derivatives · Hyperliquid L1
Bounce.Tech offers non-custodial leveraged tokens backed by Hyperliquid perpetual futures. The basic product is identifiable, but costs, operating details and the scope of its listed audits need checking before you use it.
ScoreNot rated yetTVL $412K−32.5% - 7
Ventuals
Derivatives · Hyperliquid L1
Ventuals has shut down; its site says it is sunsetting. You can no longer treat it as an active venue for trading private-company perpetuals.
ScoreNot rated yetTVL $301K−23.1% - 8
Derive V2
Derivatives · Optimism, Ethereum, Base +4
Derive V2 is an onchain options and perpetuals exchange, but its fees and audit status need checking before you connect a wallet or trade.
ScoreNot rated yetTVL $295K−0.1%
Derivatives dApps on Hyperliquid L1: the numbers
- Tracked
- 8
- Reviewed
- 8
- Total TVL
- $190M
- Avg. score
- 6.0/10
The SkyBitcoins index lists 8 derivatives dApps on Hyperliquid L1. Every one of them has a full review. Across the 6 with TVL data, the combined value locked is $190M, counting value on every chain they support. Hyperliquid HLP dominates, with 79% of that total. The five largest make up 100% of the total; the median is $301K.
Ranked by TVL, Hyperliquid HLP ($151M), Kinetiq kmHYPE ($38.1M) and Bounce.Tech ($412K) lead the field. The best-rated is Hyperliquid with 7.2/10, followed by Dreamcash (5.8) and Kinetiq kmHYPE (5.5). The 4 rated derivatives dApps average 6.0/10, and none scores 8 or above yet.
Many also deploy elsewhere, most often on Ethereum (2), MegaETH (1) and Optimism (1). Of the 7 with a confirmed status, 6 are active and 1 is inactive or wound down. Over the last seven days, combined TVL fell 11.9%. Kinetiq kmHYPE dropped the most (−12.4%).
Largest by TVL
- 1
Hyperliquid HLP$151M
- 2
Kinetiq kmHYPE$38.1M
- 3
Bounce.Tech$412K
- 4
Ventuals$301K
- 5
Derive V2$295K
Highest rated
- 1
Hyperliquid7.2
- 2Dreamcash5.8
- 3
- 4
SIR5.3
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
Blockchain
How to Use Base: A Practical Guide for 2026Base 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 derivatives dApp on Hyperliquid L1 by TVL?
Hyperliquid HLP is the largest derivatives dApp on Hyperliquid L1 by total value locked, with $151M across all the chains it supports. It is followed by Kinetiq kmHYPE ($38.1M) and Bounce.Tech ($412K). TVL figures come from DefiLlama and change daily.
Which derivatives dApp on Hyperliquid L1 has the highest SkyBitcoins score?
Hyperliquid has the highest score at 7.2/10, ahead of Dreamcash (5.8) and Kinetiq kmHYPE (5.5). Scores weigh security, ease of use, fees and features, and are based only on facts we could verify.
How many derivatives dApps on Hyperliquid L1 has SkyBitcoins reviewed?
SkyBitcoins tracks 8 derivatives dApps on Hyperliquid L1. Of these, 8 have a full review and 6 report value locked, $190M in total, counting value on every chain they support.
Which derivatives dApps on Hyperliquid L1 grew the most this week?
Among derivatives dApps with at least $1M locked, Kinetiq kmHYPE the biggest drop (−12.4%). Combined TVL moved −11.9% over the same seven days.
What is the average score for derivatives dApps on Hyperliquid L1?
The 4 rated derivatives dApps on Hyperliquid L1 average 6.0 out of 10. Of these, 0 score 8 or higher and 0 score below 5.