Top 10 Hyperliquid Alternatives for Perp Traders – Check NOW!
Hyperliquid sits at the top of the perp-DEX food chain, but the market is too wild and too competitive to revolve around just one chain, one engine or one design philosophy.
I dug through the screenshots you provided, pulled the numbers straight from those DeFiLlama panels and lined everything up. The truth is simple.
There are platforms rising fast with real volume, real traction and real tech. Others are leaning more on incentives or product niches. If you want the clearest map of the best alternatives to Hyperliquid right now, this is it.
Below are ten platforms worth paying attention to, each examined through their execution design, product features, strengths and DeFiLlama stats.
1. AsterDEX – Best Hyperliquid Alternative
1. Description
AsterDEX is a decentralized perpetual exchange built around a high-speed trading engine and a focus on being MEV-free. It offers one-click Simple Mode and full-featured Pro Mode tools. The platform appears to run on its own designated stack with a cross-margin model suitable for both retail and advanced traders. Execution leans orderbook-style with low-latency responsiveness.
2. Key Features
• MEV-free execution
• Simple Mode and Pro Mode dual-interface
• High leverage support
• Liquidity and vault-style mechanisms
• Fast onboarding and streamlined UI
3. Why It’s a Good Alternative to Hyperliquid
Aster aims to replicate much of the smooth trading experience traders expect from a CLOB system. Its dual-mode interface competes directly with Hyperliquid’s accessible yet pro-ready design. Aster stands out by offering MEV resistance and accessible leverage options, which many traders look for when comparing perps platforms. Although its broader infrastructure is newer, its focus on execution and UX puts it close to Hyperliquid’s core appeal.
4. Final Word by Altie
Aster’s screenshot shows roughly 257.9 billion in 30-day perp volume, 2.513 billion in open interest and 1.444 billion in TVL. That’s serious traction. The chart shows a sharp late-cycle surge followed by stabilizing flows. Based on those numbers, Aster is one of the strongest rising competitors in the lineup.
2. Lighter.xyz – 2nd Best Hyperliquid Alternative
1. Description
Lighter is a Layer-2 perp trading platform built around verifiable matching and ZK-backed execution. It prioritizes security, scale and transparent settlement while presenting low-fee and retail-friendly access. Execution resembles a hybrid intent or routed-order system rather than a traditional CLOB.
2. Key Features
• ZK-verified matching
• Non-custodial liquidation system
• Zero-fee trading for standard users
• High scalability on an L2 architecture
• Rapid onboarding and clean UI
3. Why It’s a Good Alternative to Hyperliquid
Where Hyperliquid focuses on throughput and on-chain CLOB performance, Lighter focuses on low cost, verifiable correctness and retail-first growth. It offers a compelling contrast for traders who want L2 speed and affordability rather than a custom L1. For users prioritizing incentives, fee savings and early-stage upside, Lighter fills a niche Hyperliquid intentionally avoids.
4. Final Word by Altie
According to the screenshot, Lighter shows 298.989 billion in 30-day perp volume and 1.748 billion in open interest with 1.234 billion in TVL. The chart displays extreme acceleration, showing clear growth momentum. Its traction is real even if some flows are likely incentive-boosted.
3. Aevo – 3rd Best Hyperliquid Alternative
1. Description
Aevo is a high-performance derivatives exchange offering perps and options. It runs on a rollup-style L2 designed for speed with off-chain order management and on-chain settlement. The platform leans toward pro-level structured products and options liquidity.
2. Key Features
• Perps plus options suite
• Off-chain matching, on-chain settlement
• Portfolio-margining on select markets
• Dedicated options volatility surface
• Large concentration of pro and options-native traders
3. Why It’s a Good Alternative to Hyperliquid
Hyperliquid focuses heavily on perps, while Aevo supports both perps and a deep options environment. Traders looking for volatility plays or more complex hedging setups benefit more from Aevo’s ecosystem. The execution is fast, though not pure CLOB-on-chain like Hyperliquid. Aevo also appeals to traders who want diversified derivatives exposure.
4. Final Word by Altie
The screenshot lists 134.98 million in 30-day perp volume and 21.53 million in open interest with 28.82 million TVL. Aevo’s volume is smaller than giants like Aster or Lighter, but its options activity is significant and its growth curve earlier in the chart shows substantial peak liquidity phases.
4. Level Finance – 4th Best Hyperliquid Alternative
1. Description
Level Finance is a decentralized, non-custodial perpetual exchange that operates via a pooled-liquidity model rather than a strict on-chain orderbook. It supports margin and leverage trading on major crypto assets and allows liquidity providers (LPs) to contribute capital into shared pools (with tranche/risk-profile segmentation) which act as the counterparty for leveraged trades.
Its architecture spans multiple chains notably BNB Chain and Arbitrum reflecting an “omnichain” design to reach broader markets. The protocol emphasizes risk management, transparency, and simplified access for both traders and liquidity providers.
2. Key Features
- Liquidity-pool (pooled funds) model rather than classic orderbook – traders draw from a shared pool of liquidity.
- Tranche-based risk/liquidity segmentation for LPs, letting them choose risk-return profiles when contributing capital.
- Multi-chain deployment (BNB Chain, Arbitrum), supporting cross-chain access and broader user base.
- Support for leveraged perpetual contracts (long/short) on major assets such as BTC, ETH, BNB (on BNB Chain) and ARB on Arbitrum, with margin mechanics and oracle-based pricing.
- On-chain settlement and non-custodial custody, using oracles (e.g. Chainlink) and smart contracts for transparency.
- Revenue sharing / yield generation for liquidity providers and token holders, via fees and possibly token-based incentives.
3. Why It’s a Good Alternative to Hyperliquid
Level Finance diverges from the orderbook-centric, high-throughput model of a protocol like Hyperliquid in favor of a liquidity-pool + tranche model that matches traders and LPs in a pooled environment.
This design lowers the barrier for LPs to contribute capital (no need to constantly manage orderbook positions) and for traders to access liquidity and leverage, especially for those who prefer simplicity over micro-price execution.
For users seeking multi-chain exposure, a diversified LP experience with risk segmentation, passive yield potential, and fewer moving parts than maintaining orderbook positions, Level offers a compelling alternative. Its non-custodial, pool-backed model also reduces friction for retail users or LPs who want a more “set it and forget it” style liquidity provision.
4. Final Word by Altie
According to the screenshots: Level Finance currently shows a Total Value Locked of about US$725,895, and its most recent 30-day perp volume is shown as US$0, with Open Interest also effectively nil.
Cumulatively over time, the protocol lists ~US$19.1 b in historical perp-volume (all-time, not recent). Given these stats, Level’s current on-chain trading activity appears stalled or minimal. While the design and liquidity-pool model remain interesting, traction today is very weak.
5. dYdX v4 – 5th Best Hyperliquid Alternative
1. Description
dYdX v4 is a decentralized orderbook-based perpetual exchange running on its own Cosmos appchain. It offers full decentralization, validator-based security and high-performance matching via off-chain orderbooks and on-chain settlement.
2. Key Features
• Fully decentralized and sovereign appchain
• CLOB engine optimized for fast execution
• Cross-margin and risk controls
• Large multi-year liquidity ecosystem
• Professional-grade trading UI
3. Why It’s a Good Alternative to Hyperliquid
dYdX and Hyperliquid draw the closest comparison as they both use orderbook execution. dYdX v4 offers strong decentralization guarantees and a mature multi-year reputation. While Hyperliquid wins on raw traction and throughput today, dYdX provides multi-chain thinking, governance maturity and a more battle-tested market structure.
4. Final Word by Altie
From the screenshot: 15.373 billion in 30-day perp volume and 82.16 million open interest with nearly 200 million TVL. dYdX volume has tapered from previous cycles but still places it firmly among the top decentralized venues.
6. GMX v2 – 6th Best Hyperliquid Alternative
1. Description
GMX v2 is the upgraded version of the well-known GMX protocol, built on Arbitrum and Avalanche with a multi-asset liquidity pool design. It uses a synthetic liquidity model rather than a pure orderbook.
2. Key Features
• Multi-collateral GLP-style liquidity pools
• Multi-chain deployment
• Low-cost leveraged trading
• Advanced oracle-driven pricing
• Large community and strong ecosystem presence
3. Why It’s a Good Alternative to Hyperliquid
Hyperliquid’s siloed L1 structure contrasts GMX’s multi-chain reach. GMX v2 appeals to users looking for deep, permissionless liquidity without relying on a CLOB. It is better suited for altcoin traders and ecosystem-first users who want broader ecosystem integrations.
4. Final Word by Altie
The screenshot lists 7.926 billion 30-day perp volume and 124.42 million open interest with about 391 million TVL. GMX remains one of the most established alternatives with consistent long-term traction.
7. ApeX Protocol – 7th Best Hyperliquid Alternative
1. Description
ApeX Protocol is a derivatives protocol offering perps with a focus on Web3-native trading experiences. It blends orderbook-like execution with a liquidity pool foundation and supports high leverage.
2. Key Features
• Perpetual trading with up to high leverage
• Treasury-backed token buyback mechanics
• Omni liquidity pools
• Portfolio margin elements
• Multi-chain accessibility
3. Why It’s a Good Alternative to Hyperliquid
ApeX offers a hybrid design that appeals to traders who want flexibility across liquidity pools and orderbook-like behavior. While Hyperliquid delivers raw execution speed, ApeX gives ecosystem-native traders more ways to participate in liquidity and governance while still accessing competitive leverage.
4. Final Word by Altie
The screenshot shows roughly 80.146 billion in 30-day perp volume and 32.46 million open interest with 47.18 million TVL. Strong volume paired with moderate OI places ApeX in a mid-tier but active segment.
8. Drift Protocol – 8th Best Hyperliquid Alternative
1. Description
Drift is a Solana-based perpetuals exchange using a cross-margined orderbook-augmented system with a liquidity layer and dynamic AMM. It leverages Solana’s high throughput for fast matching.
2. Key Features
• Cross-margin system
• Hybrid liquidity between orderbook and vAMM
• Solana-speed execution
• Advanced order types
• Highly active Solana ecosystem integration
3. Why It’s a Good Alternative to Hyperliquid
For traders anchored in Solana ecosystems, Drift is the natural decentralized choice. It competes with Hyperliquid on latency and execution speed by using Solana’s base-layer performance. It also offers strong cross-margining, making it attractive for sophisticated traders.
4. Final Word by Altie
The screenshot displays 8.608 billion in 30-day perp volume and 402.63 million open interest with 893.5 million TVL. Drift’s open interest is among the highest outside Hyperliquid, signaling deep commitment from users.
9. Pacifica – 9th Best Hyperliquid Alternative
1. Description
Pacifica is a decentralized perp futures exchange built around advanced order types and high-performance APIs. It appears to run on Solana given the UI context and execution profile.
2. Key Features
• Advanced order types
• API-first trading design
• Leverage trading with mid-range liquidity
• Rapid matching environment
• Focus on developer tooling
3. Why It’s a Good Alternative to Hyperliquid
Pacifica offers professional-grade tooling for API traders and developers. While Hyperliquid excels in institutional execution, Pacifica competes by providing lightweight, composable access for builders and algo traders.
4. Final Word by Altie
The screenshot lists 24.784 billion in 30-day perp volume and 54.69 million open interest with 41.47 million TVL. Volume is surprisingly strong relative to TVL, showing active rotation and consistent throughput.
10. Orderly Network – 10th Best Hyperliquid Alternative
1. Description
Orderly Network is an omni-chain CLOB infrastructure designed for integration by developers. It provides a unified trading layer for applications across multiple chains.
2. Key Features
• CLOB infrastructure for builders
• Multi-chain routing
• Professional-grade liquidity hosting
• Composable orderbook tools
• Developer-first ecosystem
3. Why It’s a Good Alternative to Hyperliquid
Orderly isn’t just a trading venue; it is a backend for other applications. Hyperliquid focuses on its native exchange, while Orderly lets ecosystems plug into shared liquidity. That makes it appealing for dApps needing CLOB performance without building one from scratch.
4. Final Word by Altie
The screenshot shows 7.565 billion 30-day perp volume and 25.01 million open interest with 29.45 million TVL. The platform has consistent usage and is particularly strong among builders rather than direct retail users.
Final Comparison Summary – Best Hyperliquid Alternatives
Across all ten alternatives, Aster and Lighter are the closest in raw volume to Hyperliquid, showing explosive growth and deep traction. Drift demonstrates some of the strongest open interest among contenders, signaling high conviction. GMX v2 and dYdX remain among the most established, offering solid liquidity and multi-year credibility.
Platforms such as Aster, Drift and GMX show more organic patterns while Lighter and Vela rely more on incentive-driven activity. Pacifica and ApeX sit in the middle with strong volume but varying OI profiles that suggest mixed organic and incentive flows.
Professional traders who prioritize execution quality gravitate toward Drift, dYdX, GMX and Aster, while ecosystem-specific users stick to platforms like Drift on Solana or Orderly for multi-chain integration. Incentive-driven traders and cost-sensitive users naturally lean toward Lighter and Vela.
Compared to Hyperliquid’s architecture, most of these alternatives offer either broader ecosystems, multi-chain accessibility or a different execution model. Only dYdX and Orderly provide fully comparable orderbook foundations, while others lean hybrid or AMM-based approaches.
Looking at these screenshots, the perp landscape is more alive than ever. Aster and Lighter are throwing huge volume into the arena.
Drift’s open interest shows genuine user conviction. GMX and dYdX still hold their ground with real traction. Hyperliquid may be the current titan, but these platforms prove that the competitive edge in perps is never fixed.
From custom chains to ZK rollups to Solana-speed apps, the market is moving fast, and I’ll be watching it all chart by chart.