What are the best Hyperliquid alternatives?

Here are the top Hyperliquid alternatives, ranked by daily fee revenue (per DefiLlama). Note that trading volume isn't shown here — DefiLlama's perps volume data requires a paid plan, so fees and revenue are the closest free proxy for real usage.

1. Jupiter Perpetual Exchange — Solana's LP-to-trader perp venue, oracle-priced. ~$4.1M TVL, ~$631K daily fees, ~$158K protocol revenue. This is the closest thing to Hyperliquid's scale on Solana. Website

2. Lighter — orderbook-based perp DEX with verifiable matching and liquidations, positioned on security and speed. ~$399K daily fees, ~$372K protocol revenue. LighterTrade Now

3. edgeX — high-performance, orderbook-based perp DEX with a native pro trading feel. ~$194K daily fees, ~$145K protocol revenue. edgeXTrade Now

4. Pacifica Perps — Solana perp DEX with advanced order types and API trading. ~$26.6M TVL, ~$177K daily fees. Website

5. GMTrade — Solana perp DEX covering both crypto and RWA markets via isolated liquidity pools. ~$31.7M TVL, ~$173K daily fees. GMTradeTrade Now

6. Aster — perp DEX with up to 1001x leverage in Simple Mode plus pro tools; YZi Labs-backed. ~$161K daily fees. Aster AsterTrade Now

7. AZverse Perps — DEX infrastructure providing shared liquidity and a trading engine for DEX builders. ~$51.8M TVL, ~$116K daily fees. Website

For context, Hyperliquid itself sits at the top with ~$4.1M daily fees and ~$3.3M protocol revenue — the alternatives above are meaningfully smaller in fee capture, which is worth keeping in mind if you're weighing liquidity and depth against features. That's not financial advice either way — just the data.

Also tracked: FomoDownload App, GMXTrade Now.