Hyperliquid is increasingly becoming the "Nasdaq of onchain trading" thanks to HIP-3 - a framework that allows third-party teams to build custom perpetual markets on top of Hyperliquid's deep liquidity infrastructure. In this model, the role of the "broker" belongs to frontends and application layers that attract users, optimize UX, expand asset offerings, and share in the generated fees. After spending time researching the ecosystem, I've identified several projects that stand out as potential brokerage firms on top of @HyperliquidX: 1/ @Tradexyz The dominant HIP-3 player today, accounting for more than 90% of HIP-3 open interest and volume. TradeX brings Nasdaq indices, the S&P 500, gold, oil, and U.S. equities onchain, significantly expanding the range of tradable assets available through Hyperliquid. 2/ @Dreamcash Focused on expanding the user base through a lightweight, gamified mobile experience. With more than 100,000 downloads across iOS and Android, Dreamcash lowers the barrier to entry through social and email logins while simplifying onboarding for retail users. The project is also supported and advised by @Tether_to. 3/ @Ventuals Pioneering the Pre-IPO trading narrative by packaging private-company equity exposure such as OpenAI and SpaceX into perpetual contracts using custom settlement mechanisms. This gives retail traders access to valuation speculation long before traditional public listings. 4/ @BasedOneX A multi-purpose super app combining trading, prediction markets through Polymarket, and payments through the Based Visa ecosystem. The team also partnered with @ethena_labs to launch $HyENA, allowing traders to use yield-bearing $USDe as margin. 5/ @minara Representing the future of agent-first trading. Users can give natural language instructions through AI tools such as Claude or Cursor, while Minara executes trades directly on Hyperliquid. In my POV, HIP-3 creates a powerful win-win relationship between Hyperliquid and these brokerage-style applications. Hyperliquid provides the infrastructure layer liquidity, matching, and settlement. The brokers bring users, innovation, distribution, and new asset classes. In return, they share fees while maintaining the required HYPE staking commitments. That's one of the main reasons I believe Hyperliquid continues strengthening its moat and why $HYPE remains one of the most compelling infrastructure assets in crypto today. DYOR & NFA.
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