10 Emerging Hyperliquid Native Protocols Worth Watching

Author: Stacy Muur, Crypto Researcher; Translator: @jinsecaijingxz

In this article, I will briefly introduce 10 emerging Hyperliquid native protocols that I am currently following:

1. **Monetrix:** A native protocol for maximizing returns on Hyperliquid. It is a single stablecoin driven by portfolio margins, integrating funding fees, HLP, maker rebates, and HIP-3 into a single on-chain return. It can be understood as a Hyperliquid version of Ethena.

2. **ROSETTA:** Automated stablecoin yield routing on Hyperliquid.

After depositing USDC, the system will automatically migrate funds between Felix, Hyperlend, Morpho, Aave, and HLP each block to the protocol with the highest current yield, while calculating gas fees and slippage costs. 3. **papertrade.xyz:** A fair-launched perpetual contract protocol on Hyperliquid, offering up to 1000x leverage with no funding fees and no slippage. Transaction execution is based on price oracles rather than order books, and the entire process is completed on-chain. 4. **alt.fun:** Launchpad on Hyperliquid, where each token is paired with a leveraged perpetual position, allowing you to establish 2x, 3x, or 5x long or short positions in any HL market. The token price is influenced by both trading activity and the performance of the underlying perpetual position. 5. **Ventuals:** Pre-IPO perpetual contracts on Hyperliquid. Built on HIP-3, they allow long or short positions on the valuations of unlisted companies such as OpenAI, SpaceX, and Stripe, supporting up to 10x leverage. 6. **Liminal:** A Delta-neutral yield protocol on Hyperliquid. Stablecoins are deposited, funding rates are captured through automated short positions, and the generated xTokens (xBTC, xETH, xHYPE) are reused as collateral within the DeFi ecosystem. 7. **Melt:** Introduces tokenized stocks, commodities, and equity assets into the Hyperliquid spot market. You can trade real-world assets (RWA) on the same order book as BTC, 24/7, through your own wallet. 8. **Chain sight:** An oracle and data infrastructure protocol on Hyperliquid. It builds modular data stream pipelines, providing price sources, volatility indices, and risk metrics with latency under 3 seconds, powering new derivatives on HL. 9. **rip.xyz:** A tokenized vault strategy on HyperEVM. Its flagship product, rHYPURR, gives you access to liquidity and fragmented exposure to a Hypurr NFT managed basket backed by WHYPE and priced hourly by net asset value (NAV) through ERC-4626 shares. 10. **Markets:** Hyperliquid, a perpetual contract exchange built by the Kinetiq team. It offers 24/7 trading of stocks, forex, commodities, bonds, and crypto perpetual contracts, supporting up to 50x leverage. All contracts are backed by USDH and priced using the Kaiko institutional-grade oracle. **Summary:** Hyperliquid is transcending perpetual contracts, evolving into a complete on-chain financial stack. The aforementioned protocols are the underlying components for natively building real returns, liquidity, and new products.