1. HyperCore Spot is the native Order Book from the Hyperliquid team
2. Hyperswap is the largest AMM DEX (Uniswap V2 fork)
3. Kittenswap is the second largest AMM with unique features
4. Prjx is a niche AMM with a focus on new tokens
5. Hypertrade is a DEX aggregator that combines all of the above

Total Hyperliquid DeFi TVL: ~$850M (December 2024)

• HyperCore Spot: $420M (49.4%)
• Hyperswap: $280M (32.9%)
• Kittenswap: $120M (14.1%)
• Prjx: $30M (3.5%)

Overview

HyperCore Spot is a centralized order book built into the Hyperliquid blockchain itself. This is not an AMM, but a classic exchange model, like on CEX (Binance, Coinbase), but completely non-custodial.

Official website: https://hyperliquid.xyz/trade

How Order Book works

Unlike AMMs, where you trade against a liquidity pool (x × y = k), Order Book works like a traditional exchange:

USDC/ETH order book:

Asks:
Price      Amount    Total
2,502 USDC  5.2 ETH   $13,010
2,501 USDC  8.7 ETH   $21,759
2,500 USDC 15.3 ETH   $38,250 ← Best Ask

----------------------------------------

2,499 USDC 12.1 ETH   $30,238 ← Best Bid
2,498 USDC  9.4 ETH   $23,481
2,497 USDC  6.8 ETH   $16,980
Bids (buy ETH):
        

When you post:

• • Market order (buy/sell at the best available price) → Taker fee 0.02-0.05%
• • Limit order (buy/sell at a specific price) → Maker fee 0% (or even get a rebate)

Design:

Market Buy 10 ETH:

You will pick up:

• - 15.3 ETH @ 2,500 USDC (partial)
• Strike Price: 2,500 USDC/ETH
• Total: 10 ETH for 25,000 USDC

Limit Buy 10 ETH @ 2,495 USDC:

• Placed in the book → waiting for someone to sell at 2,495
• Can be fulfilled in minutes/hours/days (or not)

When to Use HyperCore Spot

✅ Large orders (>$20,000):

• • Minimum price impact
• • Save on maker fee (or rebate)

✅ Major pairs:

• • USDC/ETH, USDC/HYPE, ETH/BTC

✅ You are not in a hurry:

• • Limit orders can take hours to execute
• • Willing to wait for the best price

✅ Professional Trading:

• • API, WebSocket, advanced orders

Example of use:

Keith wants to buy 200 ETH ($500,000):

HyperCore Spot limit order @ 2,490 USDC:

• - Gas: 1.0 HYPE ($2.50)
• - Maker fee: 0% (or rebate -0.01%)
• - Price impact: ~0.2%
• - Total cost: $1,000 (impact) - $50 (rebate) + $2.50 (gas) = $952.50

vs. AMM market swap:

• - Gas: 3.5 HYPE ($8.75)
• - Taker fee: 0.3%
• - Price impact: 8.5%
• - Total cost: $42,500 (impact) + $1,500 (fee) + $8.75 (gas) = $44,008.75

Savings with HyperCore Spot: $43,056 💰💰💰

Overview

Hyperswap is the first and largest Automated Market Maker (AMM) on Hyperliquid, operating on the Uniswap V2 model (constant product: x × y = k).

Official website: https://hyperswap.xyz

How AMM works

Automated Market Maker uses a mathematical formula instead of an order book:

Formula: x × y = k (constant product)

Where is:

• - x = the amount of token A in the pool
• - y = the amount of token B in the pool
• - k = constant (unchanged)

Example of a USDC/ETH pool:

x = 1,000,000 USDC

y = 400 ETH

k = 1,000,000 × 400 = 400,000,000

ETH price = x/y = 1,000,000 / 400 = 2,500 USDC

When you swap:

You want to buy 10 ETH:

New pool status:

y_new = k / x_new

y_new = 400,000,000 / (1,000,000 + amount_in)

You will receive:

ETH_out = y - y_new

Taking into account the fee of 0.3%:

Actually get ETH_out × 0.997

Price impact:

The larger your order relative to the pool, the worse the price:

Pool: 1,000,000 USDC × 400 ETH

Buy 1 ETH:

• - Price impact: ~0.25%
• - Average Price: 2,506 USDC/ETH

Buy 40 ETH (10% of the pool):

• - Price impact: ~10%
• - Average Price: 2,750 USDC/ETH 😱

Buy 200 ETH (50% of the pool):

• - Price impact: ~100%
• - Average Price: 5,000 USDC/ETH 💀

When to Use Hyperswap

✅ Average orders ($1,000-20,000):

• • Price impact is acceptable (0.5-2%)
• • Instant Execution

✅ Long-tail tokens:

• • Many are only available on Hyperswap
• • HyperCore Spot may not have a pair

✅ You are in a hurry:

• • Need immediate swap
• • Not ready to wait for limit order

✅ Liquidity Provisioning:

• • High APYs (15-50% on popular pairs)
• • But you understand impermanent loss

Example of use:

An active trader wants to buy 5 ETH ($12,500):

Hyperswap market swap:

• - Gas: 1.8 HYPE ($4.50)
• - Swap fee: 0.3% = $37.50
• - Price impact: 0.8% = $100
• - Total cost: $142
• - Execution: 2 seconds ✅

vs. HyperCore Spot limit order:

• - Gas: 1.0 HYPE ($2.50)
• - Maker fee: 0% (or rebate)
• - Price impact: 0%
• - Total cost: $2.50 (or -$5 rebate)
• - Execution: 1-3 hours ⏱️

Hyperswap is $139.50 more expensive, but instantly

Overview

Kittenswap is the second largest AMM on Hyperliquid, known for innovative features and lower fees for certain pairs.

Official website: https://kittenswap.xyz

Unique Features of Kittenswap

When to Use Kittenswap

✅ Stable pairs (USDC/USDT, USDC/DAI):

• • 0.05% Fee vs. 0.3% on Hyperswap
• • Save 83%

✅ You are an LP and want to maximize APY:

• • Incentive programs give +10-20% APY
• • But you need to be prepared for the volatility of $KITTEN

✅ Innovation Support:

• • If you believe in the future of Kittenswap
• • Want to participate in governance

Example of use:

A DeFi degen wants to stabilize profits:

Swap 50,000 USDC → USDT

Kittenswap:

• - Fee: 0.05% = $25
• - Gas: 1.8 HYPE ($4.50)
• - Total: $29.50

Hyperswap:

• - Fee: 0.3% = $150
• - Gas: 1.8 HYPE ($4.50)
• - Total: $154.50

Save with Kittenswap: $125 (81%) 💰

Overview

Prjx is a small AMM with a focus on new tokens and early launches of projects on Hyperliquid.

Official website: https://prjx.xyz

When to Use Prjx

✅ You are hunting for gems:

• • Ready for high risk
• • DYOR each token
• • Small amounts ($100-1,000)

✅ The new token is only available on Prjx:

• • Not yet on Hyperswap/Kittenswap
• • You want early entry

❌ DO NOT use for:

• • Large orders (>$5,000)
• • Major tokens (ETH, HYPE — they are on Hyperswap with the best liquidity)
• • If you are not ready for a 100% loss (scam risk)

Example of use:

Degen trader looking for 10-100x tokens:

New token $GEM on Prjx:

• - Market cap: $500k
• - Pool TVL: $50k
• - Buy: $500 (0.1% TVL)
• - Price impact: 2%

Risks:

• ✅ If the token x10 → $5,000 profit
• ❌ If rugpull → -$500 loss

Strategy:

• - Small amounts ($500-1,000)
• - Diversification (10 tokens × $500 = $5,000)
• - 1 success x10 pays off 9 failures

Overview

Hypertrade is not a separate DEX, but an aggregator that combines all of the above platforms (HyperCore Spot, Hyperswap, Kittenswap, Prjx) to find the best route and the best price.

Official website: https://ht.xyz

How Hypertrade Works

When you enter swap (e.g., 10,000 USDC → ETH):

1. Router R1 scans all DEXs:
   • o HyperCore Spot: What is the best price in the order book?
   • o Hyperswap: What is the price impact in the pool?
   • o Kittenswap: What are the fees? What is the impact?
   • o Prjx: Is there a pair? What is the liquidity?
2. Calculates possible routes:
   • o Direct: 100% via Hyperswap
   • o Split: 60% Hyperswap + 40% Kittenswap
   • o Multi-hop: USDC → HYPE → ETH (via different DEXs)
   • o HyperCore: limit order @ target price
3. Invisium simulates each route:
   • o Starts a virtual transaction
   • o Sees the exact result (amount out, gas cost)
4. Selects the best (maximum output - gas cost):
5. Option 1 (Hyperswap only): 3.980 ETH - $4.50 gas = 3.978 ETH
6. Option 2 (Split 60/40): 4.012 ETH - $6.50 gas = 4.008 ETH ✅
7. Option 3 (Multi-hop): 3.995 ETH - $9.00 gas = 3.989 ETH
9. Best: Option 2 (Split-routing)
10. Shows you:
11. 💰 You will receive: 4.008 ETH
12. 📊 Price Impact: 0.52%
13. 💡 You save +$75 vs. single DEX
15. 🔀 Route:
16. 60% via Hyperswap → 2.405 ETH
17. 40% via Kittenswap → 1.603 ETH
18. Executes in a single transaction:
    • o All parts of swap occur atomically
    • o Either everything succeeds or everything is reverted

When to Use Hypertrade

✅ ALWAYS (almost):

Hypertrade automatically selects the best option:

• • If a single DEX is better → uses it
• • If split-routing is more profitable, → uses split
• • If multi-hop is more effective → uses multi-hop

You don't have to think – just use Hypertrade.

✅ Especially important for:

• • Large orders (>$10,000) — split-routing is critical
• • Active traders – save 0.5-2% × 100 swaps = $500-2,000/year
• • Beginners – no need to understand every DEX

❌ When NOT to use:

• • Do you want limit order → use HyperCore Spot directly
• • You LP and add liquidity → use a specific DEX