DeFi on Hyperliquid L1

As of 23 Oct 2026, DeFi value locked on Hyperliquid L1 is $2.40B. DeFi value locked on Hyperliquid L1: DefiLlama's chain total, measured differently from our DeFi headline. 33 of the protocols we track are deployed there; Hyperliquid Earn is the largest with $1.43B on Hyperliquid L1. For 18 of them, Hyperliquid L1 is their largest deployment.

DeFi value locked on Hyperliquid L1 (DefiLlama chain total)

$2.40B

Protocols listed below

33

Main chain for

18

• Hyperliquid Earn$1.43B
• HyperLend Pooled$312.1M
• Hyperliquid HLP$177.0M
• Hyperliquid Spot Orderbook$139.6M
• Morpho Blue$132.5M
• Project X$35.48M
• Papertrade$33.15M
• nest CL$28.28M

Protocols on Hyperliquid L1

#	Protocol	On chain	Sector	Value locked	7d	Fees/day
1	HHyperliquid Earn	$1.43B	Lending	$1.43B	−2.4%	–
2	HyperLend Pooled	$312.1M	Lending	$312.1M	−3.1%	$13.93K
3	Hyperliquid HLP	$177.0M	Derivatives	$177.0M	−0.4%	$16.14K
4	Hyperliquid Spot Orderbook	$139.6M	DEXs	$139.6M	−6.5%	$96.85K
5	Morpho Blue	$132.5M	Lending	$11.25B	+2.0%	$767.3K
6	Project X	$35.48M	DEXs	$35.48M	+0.1%	$32.82K
7	Papertrade	$33.15M	Derivatives	$33.15M	−50.7%	$1.91M
8	nest CL	$28.28M	DEXs	$28.28M	+8.7%	$18.46K
9	Rysk V12	$24.73M	Options vault	$36.42M	0.0%	–
10	Felix CDP	$24.21M	CDPs	$24.21M	−10.8%	$1.26K
11	GrowiHF	$13.45M	Yield	$13.63M	−1.7%	–
12	HyperSwap V3	$10.31M	DEXs	$10.31M	−0.6%	$4.45K
13	Pendle V2	$9.31M	Yield	$1.06B	−4.5%	$16.44K
14	Looped Hype	$6.44M	Yield	$6.44M	−0.9%	$294
15	HyperSwap V2	$6.33M	DEXs	$6.33M	−4.2%	$2.23K
16	SoSoValue Indexes	$6.23M	Index protocols	$102.8M	−0.1%	$53.93K
17	Harmonix Finance	$5.98M	Yield	$6.45M	−0.4%	–
18	Ramses CL V2	$4.89M	DEXs	$9.97M	−12.2%	$23.40K
19	HypurrFi Pooled	$4.81M	Lending	$4.81M	−0.5%	$116
20	Valantis STEX	$3.18M	DEXs	$3.18M	−3.9%	$2
21	Kittenswap Algebra	$1.98M	DEXs	$1.99M	−2.4%	$679
22	Chamber Vaults	$1.83M	Index protocols	$25.04M	+1.4%	$1.55K
23	Euler V2	$1.37M	Lending	$283.5M	−1.4%	$55.29K
24	Ramses Legacy V2	$796.1K	DEXs	$1.90M	+67.1%	$4.90K
25	Balancer V3	$425.7K	DEXs	$18.31M	−6.1%	$1.21K
26	WOOFi Swap	$261.3K	DEXs	$3.43M	−1.0%	–
27	Curve DEX	$156.2K	DEXs	$1.19B	−2.1%	$83.40K
28	Metric V1	$142.9K	DEXs	$17.42M	+130.7%	–
29	Penpie	$34.31K	Yield	$6.62M	+2.7%	$60
30	Spectra V2	$21.15K	Yield	$10.02M	−2.7%	$57
31	Toros	$20.65K	Yield	$5.36M	−16.5%	$344
32	Steer Protocol	$10.25K	Liquidity managers	$18.07M	−2.9%	$928
33	UNCX Network V3	$3.61K	Token lockers	$27.27M	−4.2%	–

Not in the Hyperliquid L1 total

#	Protocol	On chain	Sector	Value locked
1	Hyperliquid Bridge	$6.33B	Bridges	$6.73B
2	Kinetiq kHYPE	$826.5M	Liquid staking	$826.5M
3	stHYPE	$176.6M	Liquid staking	$176.6M
4	Kinetiq kmHYPE	$38.81M	Liquid staking	$38.81M
5	Veda	$37.05M	On-chain capital allocators	$1.83B
6	Kinetiq Earn	$35.78M	Yield aggregators	$35.78M
7	Felix Vaults	$32.86M	On-chain capital allocators	$32.86M
8	CCIP	$24.08M	Bridges	$2.00B
9	Liminal Basis	$20.86M	Basis trading	$20.86M
10	Hyperbeat Earn	$18.83M	Yield aggregators	$18.83M
11	Hyperbeat LST	$12.13M	Liquid staking	$12.13M
12	D2 Finance	$12.05M	On-chain capital allocators	$23.58M
13	LayerZero V2	$10.41M	Bridges	$16.34B
14	UltraYield Curator	$8.68M	Risk curators	$49.84M
15	Upshift	$6.65M	On-chain capital allocators	$387.4M
16	Kinetiq Launch	$5.76M	Liquid staking	$5.76M
17	Ring Few	$4.37M	Bridges	$44.02M
18	Monetrix USDM	$2.93M	Basis trading	$2.93M
19	vfat.io	$2.66M	Yield aggregators	$32.62M
20	Gauntlet	$1.88M	Risk curators	$1.64B
21	Clearstar	$1.84M	Risk curators	$223.5M
22	K3 Capital	$1.13M	Risk curators	$222.9M
23	MEV Capital	$848.0K	Risk curators	$10.22M
24	Lagoon	$406.5K	On-chain capital allocators	$160.3M
25	Beefy	$374.2K	Yield aggregators	$107.6M
26	Symbiosis	$181.9K	Bridges	$7.81M
27	SoDEX Bridge	$64.68K	Bridges	$68.45M
28	SODAX	$56.24K	Bridges	$2.13M
29	Hyperlane	$48.92K	Bridges	$74.78M
30	Hyperithm	$7.01K	Risk curators	$261.8M

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• What Is DeFi? A Beginner’s Guide to Decentralized Finance