Who says Hyperliquid is only contracts? The top 10 native protocols will break your preconceived notions

Stacy Muur has listed 10 emerging Hyperliquid native protocols on X, from yield maximization protocols like Monetrix, automated yield routing like ROSETTA, to 1000x leveraged fair launch contracts PaperTrade, and Pre-IPO perpetual contracts Ventuals, demonstrating that Hyperliquid is expanding from perpetual contract plugins into a complete on-chain financial stack.
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(Additional background: Hyperliquid ecosystem tokens surge, trading bots, tracking smart money, analysis tools organized)

The Hyperliquid ecosystem welcomes a new batch of native protocols. Crypto researcher Stacy Muur on X lists 10 projects she follows, from yield maximization to pre-listing perpetual contracts, showing that the chain is evolving from derivatives exchanges into a full-stack financial platform.

10 emerging Hyperliquid-native protocols I'm paying attention to ↓

1. @monetrix_xyz: YieldMaxxing on Hyperliquid. A single stablecoin that pulls together funding rates, HLP, maker rebates, and HIP-3 into one onchain yield, powered by Portfolio Margin. Think the…

— Stacy Muur (@stacy_muur) May 20, 2026

Here are the 10 Hyperliquid native protocols I’ve been paying attention to recently:

1. Monetrix: The native yield maximization protocol on Hyperliquid, driven by a portfolio margin-backed single stablecoin that consolidates funding rates, HLP, maker rebates, and HIP-3 into an on-chain comprehensive yield. Considered the Ethena of Hyperliquid.

2. ROSETTA: Automated stablecoin yield routing on Hyperliquid. After depositing USDC, the system automatically migrates funds each block among Felix, Hyperlend, Morpho, Aave, and HLP to the protocol with the highest current yield, considering gas fees and slippage costs.

3. papertrade.xyz: A fair-launched perpetual contract protocol on Hyperliquid, with up to 1000x leverage, no funding rates or slippage. Executes trades based on price oracles, not order books, fully on-chain.

4. alt.fun: Hyperliquid’s launchpad, where each token is paired with a leveraged perpetual position, allowing users to establish 2x, 3x, or 5x long or short positions on any HL market. Token prices are influenced by trading activity and the performance of the underlying perpetual positions.

5. Ventuals: Pre-IPO perpetual contracts on Hyperliquid. Built on HIP-3, enabling long or short positions on valuations of private companies like OpenAI, SpaceX, Stripe, with up to 10x leverage.

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

7. Melt: Introduces tokenized stocks, commodities, and equity assets into Hyperliquid’s spot market. Trade real-world assets (RWA) 24/7 on the same order book as BTC, using your own wallet.

8. Chainsight: Oracle and data infrastructure protocol on Hyperliquid. Builds modular data pipelines providing price sources, volatility indices, and risk metrics, with under 3 seconds latency, powering new derivative products on HL.

9. rip.xyz: Tokenized vault strategy on HyperEVM. Flagship product rHYPURR allows you to gain liquidity and fractional exposure to Hypurr NFTs backed by WHYPE, priced hourly based on NAV via ERC-4626 shares tokens.

10. Markets: Hyperliquid perpetual contract exchange built by Kinetiq team. 24/7 trading of stocks, forex, commodities, bonds, and crypto perpetuals, supporting up to 50x leverage, with USDH as margin, priced by Kaiko institutional-grade oracles.

Summary: Hyperliquid is evolving beyond perpetual contracts into a full on-chain financial stack. The protocols above are the foundational components building real yields, liquidity, and new products.