Hyperliquid Alternatives on Sui: Perp DEXs in 2026
Hyperliquid alternatives on Sui: Bluefin Pro, DipCoin, Astros, WaterX, Sudo and ZO compared on design, leverage and TVL, plus the scale gap and the risks.
The main Hyperliquid alternatives on Sui are Bluefin Pro, DipCoin Perps and Astros, which run order books, plus WaterX, Sudo and ZO, where a liquidity pool takes the other side of trades at oracle prices. All of them are tiny next to Hyperliquid. On 31 October 2026, DefiLlama put Hyperliquid's bridge TVL at about $6.46 billion, against about $4.9 million across the seven Sui perp venues it tracks.
How Hyperliquid works
Hyperliquid runs its own layer 1 blockchain. Its docs say the HyperCore layer "includes fully onchain perpetual futures and spot order books," and that every order, cancel, trade and liquidation settles with one-block finality. HyperEVM sits beside it for general smart contracts. Traders post USDC as collateral, and Hyperliquid's API showed a maximum of 40x leverage on BTC and 25x on ETH on 31 October 2026.
Two pieces set it apart from most perp DEXs:
- HLP vault. A community-owned vault that makes markets, runs liquidations and takes a share of fees, with a four-day deposit lock-up. DefiLlama put HLP at about $171 million on 31 October 2026.
- HIP-3 markets. Since October 2025, builders who stake 500,000 HYPE for at least 183 days can deploy their own perp markets and set their own oracles and leverage.
The HYPE token launched on 29 November 2024, with 31% of the 1 billion supply airdropped. Our Hyperliquid explainer covers it in depth, and best perp DEXs in 2026 compares it with venues on other chains.
Hyperliquid's HLP has taken losses from market manipulation. On 12 March 2025, a trader withdrew margin from a roughly $340 million ETH long and left HLP to absorb more than $4 million in losses, DL News reported; Hyperliquid said there was no exploit and tightened leverage limits. Two weeks later, validators voted to delist the JELLYJELLY perp after a squeeze left HLP with about $12 million of unrealized losses.
Order books vs pool-based perps on Sui
Sui perp DEXs use one of two designs, and the design decides who you trade against.
In an order book venue, traders match against other traders and market makers. Prices come from the book, and depth depends on who is quoting. Bluefin Pro, DipCoin Perps and Astros work this way. Bluefin matches orders off-chain and checks them on-chain before settlement, and its own docs say users "must trust the off-chain orderbook provider."
In a pool-based venue, a liquidity pool is the counterparty to every trade, and fills happen at an oracle price. WaterX (WLP), ZO (ZLP), Sudo (SLP) and Typus (TLP) use this design. Liquidity providers earn fees but lose when traders win, and the whole venue depends on its oracle being right. If you are new to perps, our guides to perpetual futures and perp DEXs explain the basics.
The Sui perp DEXs
Bluefin Pro
Bluefin started as a perp exchange on Arbitrum and dropped Arbitrum support in December 2023 to focus on Sui. Bluefin Pro, its current perps product, launched in July 2025. Bluefin's API listed eight markets on 31 October 2026, including BTC, ETH, SUI, WAL, DEEP and GOLD, all margined in USDC with cross margin available. It recorded about $518,000 of volume over 24 hours that day. DefiLlama put Bluefin Pro's TVL at about $1.5 million, down from about $15 million in January 2026. The BLUE token has a 1 billion supply. See What is Bluefin?
DipCoin Perps
DipCoin launched its perps mainnet on 15 October 2025 with BTC, ETH and SUI markets. Its launch announcement describes an order book with isolated margin and USDC collateral, and DipCoin added strategy vaults that take USDC deposits in January 2026, according to The Block. On 31 October 2026 DefiLlama showed about $1.85 million in TVL, the largest of the Sui perp venues, and about $972,000 in open interest. DipCoin has no token.
Astros Perp
Astros comes from the NAVI team and launched in October 2025. Its docs describe an order book with market makers, isolated and cross margin, and up to 25x leverage. TVL was about $268,000 on 31 October 2026, down from about $5.3 million in January 2026.
WaterX
WaterX is pool-based. Its docs say WLP holders "collectively serve as the counterparty for all traders," with fills at aggregated Pyth and Supra oracle prices. It offers up to 50x on BTC and ETH and 10x on tokenized-stock perps, with isolated margin in USDC or USDsui. TVL was about $465,000 on 31 October 2026.
Sudo Perps and ZO Perps
Both come from ZOFI Labs and both use a pool as counterparty. ZO's ZLP holds SUI, DEEP and USDC and receives 75% of fees. On 31 October 2026, DefiLlama showed Sudo at about $730,000, down from about $9.7 million in May 2026, and ZO at about $70,000, down from about $13.4 million in October 2025.
Typus perps
Typus ran a pool-based perp product backed by its TLP vault. On 15 October 2025, an attacker drained about $3.44 million through a flaw in the TLP oracle, per Halborn's analysis, and Typus paused its contracts. DefiLlama showed under $5,000 in Typus Perp TVL on 31 October 2026. Our Typus Finance guide has the background.
Aftermath also runs perps on Sui, which DefiLlama tracks for open interest only. Its perps product was exploited for about $1.14 million on 29 April 2026, according to DefiLlama's hacks database.
Hyperliquid vs Sui perp DEXs
| Venue | Design | Counterparty | Stated max leverage | TVL, 31 Oct 2026 (DefiLlama) | Token |
|---|---|---|---|---|---|
| Hyperliquid | Own L1, on-chain order book | Traders, market makers, HLP | 40x (BTC) | About $6.46B (bridge) | HYPE |
| Bluefin Pro | Off-chain matching, on-chain settlement | Traders, market makers | Not stated in current docs | About $1.5M | BLUE |
| DipCoin Perps | Order book | Traders, market makers | 20x (launch release) | About $1.85M | None |
| Astros Perp | Order book | Traders, market makers | 25x | About $0.27M | None for perps |
| WaterX | Oracle-priced pool | WLP | 50x (BTC, ETH) | About $0.47M | None |
| Sudo Perps | Oracle-priced pool | SLP | Not verified | About $0.73M | None |
| ZO Perps | Oracle-priced pool | ZLP | 5x (docs) | About $0.07M | None |
| Typus Perp | Oracle-priced pool | TLP | 50x (docs) | Under $0.01M (exploited October 2025) | TYPUS |
The scale gap
The numbers on 31 October 2026 put Sui perps several orders of magnitude behind Hyperliquid:
- DefiLlama counted about $7.57 billion of open interest on Hyperliquid, against about $2.5 million across the four Sui perp venues it tracks for open interest.
- Hyperliquid's own API showed about $6.17 billion of core perp volume over 24 hours. Bluefin Pro, the Sui venue with a public volume API, showed about $518,000.
- Over 30 days, DefiLlama recorded about $83.4 million in Hyperliquid fees, against roughly $71,000 across the Sui venues with fee data.
Every Sui perp venue sat 65% to 99% below its own peak TVL. For a trader, thin books mean wider spreads and more slippage on large orders. For a pool LP, a small pool can be drained faster by one well-timed trader. We could not get DefiLlama's chain-level perp volume for Sui, because that endpoint now sits behind a paid plan.
DeepBook, Sui's on-chain order book, added margin trading in January 2026, which gives Sui spot traders another leveraged option outside the perp venues. Our DeepBook explainer covers how it works.
Which one fits whom
A trader who wants an order book on Sui, USDC margin and a familiar exchange layout will find Bluefin Pro, DipCoin and Astros closest to Hyperliquid. A trader who mostly trades SUI or Sui-native tokens such as WAL and DEEP will find those markets on Bluefin, ZO and WaterX. Someone who wants to earn by taking the other side of trades, like an HLP depositor, can look at WLP, ZLP or SLP, but each pool is small and the Typus TLP loss shows how quickly an oracle flaw can empty one.
A trader who needs deep liquidity on large orders, hundreds of markets or HIP-3 assets has no Sui equivalent today.
Leverage and venue risks
- Liquidation risk: at 20x, a 5% move against you can wipe out your margin. Read our guides to leverage in crypto and liquidation prices first.
- Funding costs: holding a perp means paying or receiving funding every period. See funding rates explained.
- Oracle risk: pool-based venues fill at oracle prices, so a bad price feed or oracle bug hits LPs directly, as Typus showed.
- Operator risk: Bluefin's off-chain matching requires trust in its order book provider, per its own docs.
- Liquidity risk: small books and pools mean slippage and, for pool LPs, concentrated losses.
- Smart-contract risk: two Sui perp products, Typus and Aftermath, were exploited between October 2025 and April 2026.
Where JewelSwap fits
JewelSwap does not run a perp exchange. Its Sui products are auto-compounded leveraged yield farms built on Scallop, the JWLSUI liquid staking design and NFT-collateralized lending, described in JewelSwap on Sui. To see where perps sit among Sui's categories, see our Sui TVL breakdown.
Frequently asked questions
Is there a Hyperliquid on Sui?
No venue on Sui matches Hyperliquid's scale. The closest in design are order-book perp DEXs such as Bluefin Pro, DipCoin Perps and Astros. Together, the seven Sui perp venues DefiLlama tracks held about $4.9 million in TVL on 31 October 2026, against about $6.46 billion for Hyperliquid's bridge.
What is the largest perp DEX on Sui?
By DefiLlama TVL on 31 October 2026, DipCoin Perps led at about $1.85 million, followed by Bluefin Pro at about $1.5 million. DipCoin also had the most open interest, at about $972,000.
Is Bluefin Pro fully on-chain?
No. Bluefin matches orders off-chain and checks them on-chain before settlement, and its docs say users must trust the off-chain order book provider. Hyperliquid and DeepBook match orders on-chain.
What is the Sui equivalent of the HLP vault?
The closest equivalents are the liquidity pools of pool-based venues such as WaterX's WLP, ZO's ZLP and Sudo's SLP, which take the other side of trades and earn a share of fees. They are much smaller than HLP and carry oracle and trader-profit risk.
How much leverage can you use on Sui perps?
Stated limits range from 5x on ZO to 50x on BTC and ETH at WaterX, according to each protocol's docs on 31 October 2026. Higher leverage means a smaller price move can liquidate the position.
Educational only, not financial advice. Figures from DefiLlama, protocol docs and exchange APIs, checked 31 October 2026; leveraged trading can lose more than you expect, and DeFi carries smart-contract and oracle risk.
