Top 10 Promising Emerging Hyperliquid Native Protocols to Watch

marsbitPublished on 2026-05-21Last updated on 2026-05-21

Abstract

Title: A Review of 10 Emerging Native Protocols on Hyperliquid Hyperliquid is evolving beyond perpetual contracts into a comprehensive on-chain financial stack. This article highlights 10 key native protocols driving this growth: 1. **Monetrix**: A yield-optimizing protocol akin to Ethena, aggregating funding rates, HLP rewards, maker rebates, and HIP-3 into a single stablecoin yield. 2. **ROSETTA**: An automated stablecoin yield router, allocating USDC across top protocols (e.g., Felix, Aave, HLP) for optimal returns, factoring in gas and slippage. 3. **papertrade.xyz**: A fair-launched perpetuals protocol offering up to 1000x leverage, no funding rates, no slippage, and fully on-chain, oracle-based execution. 4. **alt.fun**: A launchpad where tokens are paired with leveraged perpetual positions (2x-5x), linking token price to trading activity and underlying position performance. 5. **Ventuals**: Pre-IPO perpetual contracts (built on HIP-3) allowing up to 10x leveraged speculation on valuations of private companies like SpaceX and Stripe. 6. **Liminal**: A delta-neutral yield protocol that captures funding rates via automated short positions and uses generated xTokens (xBTC, etc.) as DeFi collateral. 7. **Melt**: Brings tokenized stocks, commodities, and RWAs to Hyperliquid spot markets, enabling 24/7 trading alongside crypto assets. 8. **Chainsight**: An oracle and data infrastructure protocol providing low-latency (<3s) price feeds, volatility indices, and risk metrics fo...

Author: Stacy Muur

Translation: Jinse Finance

In this article, I will briefly introduce 10 emerging Hyperliquid native protocols that I am paying attention to:

1. Monetrix: A native yield-maximizing protocol on Hyperliquid. It is a portfolio margin-driven single stablecoin that integrates funding rates, HLP, maker rebates, and HIP-3 into a comprehensive on-chain yield. Think of it as the Hyperliquid version of Ethena.

2. ROSETTA: An automated stablecoin yield router on Hyperliquid. Deposit USDC, and the system automatically migrates funds between Felix, Hyperlend, Morpho, Aave, and HLP every block to the protocol with the highest current yield, while factoring in Gas fees and slippage costs.

3. papertrade.xyz: A fair-launched perp protocol on Hyperliquid offering up to 1000x leverage with no funding rates and no slippage. Trading execution is based on price oracles rather than order books, with the entire process completed on-chain.

4. alt.fun: A launchpad on Hyperliquid where each token is paired with a leveraged perp position, allowing 2x, 3x, or 5x long or short exposure in any HL market. The token's price is influenced by both trading activity and the performance of its underlying perpetual position.

5. Ventuals: Pre-IPO perpetual contracts on Hyperliquid. Built on HIP-3, it allows users to take long or short positions on the valuation of non-listed companies like OpenAI, SpaceX, and Stripe, with up to 10x leverage.

6. Liminal: A delta-neutral yield protocol on Hyperliquid. Deposit stablecoins, capture funding rates via automated short positions, and reuse the generated xTokens (xBTC, xETH, xHYPE) as collateral within the DeFi ecosystem.

7. Melt: Brings tokenized stocks, commodities, and equities into Hyperliquid spot markets. You can trade Real World Assets (RWA) on the same order book as BTC, 24/7, using your own wallet.

8. Chainsight: An oracle and data infrastructure protocol on Hyperliquid. It builds modular data flow pipelines to provide price feeds, volatility indices, and risk metrics with sub-3-second latency, powering new derivative types on HL.

9. rip.xyz: Tokenized vault strategies on HyperEVM. Its flagship product, rHYPURR, gives you liquidity and fractionalized exposure to a Hypurr NFT managed basket backed by WHYPE and priced at Net Asset Value (NAV) hourly, via ERC-4626 share tokens.

10. Markets: A Hyperliquid perpetual exchange built by the Kinetiq team. Trade perpetual contracts for stocks, forex, commodities, bonds, and crypto 24/7 with up to 50x leverage. All trades use USDH as margin and are priced by Kaiko's institutional-grade oracles.

Summary: Hyperliquid is evolving beyond perpetuals into a full-stack on-chain financial infrastructure. The protocols listed above are the native building blocks constructing real yield, liquidity, and innovative new products.

Related Questions

QAccording to the article, what is Monetrix and how does it compare to Ethena?

AMonetrix is a native yield-maximization protocol on Hyperliquid. It is a single stablecoin powered by portfolio margin, integrating funding rates, HLP, maker rebates, and HIP-3 into a single on-chain composite yield. The article describes it as the Hyperliquid version of Ethena.

QWhat is the main function of the ROSETTA protocol on Hyperliquid?

AROSETTA is an automated stablecoin yield router on Hyperliquid. It allows users to deposit USDC, and the system automatically migrates funds each block between protocols like Felix, Hyperlend, Morpho, Aave, and HLP to whichever currently offers the highest yield, while accounting for Gas fees and slippage costs.

QHow does the alt.fun protocol on Hyperliquid link a token to a perpetual position?

AThe alt.fun protocol is a Launchpad on Hyperliquid. Each token it launches is paired with a leveraged perpetual position, allowing users to take 2x, 3x, or 5x long or short positions on any Hyperliquid market. The token's price is influenced by both its trading activity and the performance of this underlying perpetual position.

QWhich protocol on Hyperliquid allows trading of pre-IPO companies like OpenAI and SpaceX, and what is the maximum leverage it supports?

AThe protocol is called Ventuals. It offers Pre-IPO perpetual contracts on Hyperliquid, built on HIP-3. It allows users to take long or short positions on the valuation of private companies like OpenAI, SpaceX, and Stripe, with support for up to 10x leverage.

QWhat broader evolution does the article suggest is happening with Hyperliquid, based on the listed protocols?

AThe article suggests that Hyperliquid is evolving beyond just being a perpetual contracts exchange into a complete on-chain financial stack. The listed native protocols are described as the foundational components building real yield, liquidity, and new products on this stack.

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