Reflect is a Synthetic Currency Exchange Protocol on the Solana Network. Reflect Protocol uniquely enables Delta-Neutral money from Liquid Staking Tokens. Capturing both native yield and perpetual yields to provide a high yield dollarized product to anyone around the globe at instant latency.

flyingtulip is an intelligent trading protocol that adapts to market conditions, giving users better execution, higher returns, and integrated DeFi in one platform. Users can access spot, leverage, and perpetual trading from a single liquidity pool without moving funds across different protocols.

Tradoor is an NDMM exchange using smart math and safety measures to allow people to trade with confidence and protecting traders, LPs, and the protocol from unexpected market changes.

Lighter is a perpetual trading protocol that introduces a scalable, secure, transparent, non-custodial, and verifiable order book trading infrastructure within the Ethereum ecosystem. As an application-specific zk-rollup, it employs advanced cryptographic techniques and data structures. Lighter significantly improves the security and fairness of order book trading with its verifiable matching engine, ensuring scalable and efficient market price discovery. Thus, Lighter lays the groundwork for creating new, high-performance, and secure digital trading platforms.

Hyperliquid is a performant L1 optimized from the ground up. The vision is a fully onchain open financial system with user built applications interfacing with performant native components, all without compromising end user experience. The Hyperliquid L1 is performant enough to operate an entire ecosystem of permissionless financial applications – every order, cancel, trade, and liquidation happens transparently on-chain with block latency <1 second. The flagship native application is a fully onchain order book perpetuals exchange, the Hyperliquid DEX.

Mitosis is the liquidity protocol for the modular era that redefines cross-chain liquidity. Mitosis makes cross-chain LPing more attractive by making it liquid. Mitosis LPs receive derivative tokens that are 1:1 convertible to their locked assets. LPs can use these derivative tokens to participate in various DeFi applications on the supported Ethereum L1 chain and L2 rollups, essentially enabling LPs to let their cross-chain assets work for additional yield on top of the default fee sharing.

Avantis is an oracle-based synthetic derivatives protocol where users can trade crypto and real world assets with up to 100x leverage, and earn yield as a market-maker by providing USDC liquidity.

edgeX is a high-performance, orderbook-based Perp Dex with native trading experience.

Dolomite is a next-generation margin trading and lending protocol.

Injective is an interoperable layer-1 blockchain that powers the next generation of financial applications. Injective uniquely provides plug-and-play financial infrastructure primitives such as high-performance on-chain decentralized trading infrastructure, decentralized bridges, oracles, and multiple composable smart contract layers such as CosmWasm and EVM.

Ventuals is an unlisted company equity derivatives platform that allows users to use USDC to go long or short on the pre-IPO valuation of unlisted startups.

MYX Finance is the Chain-Abstracted Perpetual DEX built for the democratizing alpha on-chain. MYX Finance lets anyone trade perpetual contracts on any token—from blue-chip assets to the newest meme coin—with deep liquidity, 1 bp fees, and a seamless UX—all without surrendering keys or jumping chains.

Decibel is a fully on-chain trading engine that unifies spot, perps, margin, vaults, and composable DeFi ecosystem integrations that bring yield opportunities into one programmable platform—delivering CEX-class performance without surrendering custody or transparency.

Paradex is a crypto-derivatives exchange launching on Starknet’s first Appchain. Paradex will offer perpetual futures trading with deep liquidity, capital efficiency and performance while remaining transparent and self-custodial. Paradex was incubated by the team at Paradigm, the largest institutional liquidity network in crypto.

Pendle is a yield trading protocol that allows users to tokenize and trade future yields by leveraging top yield-generating protocols such as Aave, Compound, and Wonderland. Similar to stripped bonds in traditional finance, Pendle splits yield-bearing assets into tokenized ownership (zero-coupon bonds) and yield components (coupons), enabling innovative yield trading opportunities.

f(x) is an ETH graded leverage protocol designed to address the need for stable assets in the cryptocurrency space while mitigating centralization risk and capital efficiency concerns. f(x) Protocol introduces a new concept called “floating stablecoin” or fETH. fETH is not pegged to a fixed value, but rather gains or loses a fraction of the price movements of native Ethereum (ETH).To achieve this stability, the f(x) Protocol creates a complementary asset called xETH, which acts as a zero-cost leveraged long ETH position. xETH absorbs the majority of the volatility of ETH price movements, thereby stabilizing the value of fETH.

Ostium is a synthetic asset protocol that enables institutional and retail traders and hedgers to gain exposure to commodities on-chain.

StandX is a perpetual DEX that enables users to trade with yield-earning margins. DUSD is StandX's first product - a yield-bearing stablecoin.

Pye is Solana's Yield Swap Protocol.

Mercury is a mobile application that sits directly on top of Hyperliquid, leveraging Hyperliquid's existing infrastructure through its API and SDK. It enables users to trade any on-chain asset anywhere using Mercury.

Exotic Markets is a Solana-based options protocol offering a rich selection of structured products, including options, token portfolios, accumulation products, and principal preservation strategies. It aims to democratize DeFi by providing intuitive, flexible, and powerful structured products.

Felix is a synthetic dollar protocol on Hyperliquid L1 that allows users to deposit collateral and borrow feUSD to earn income using Felix vaults.

Pika Protocol is an exchange for perpetual swaps on Optimism, allowing users to trade both Forex and Crypto with up to 100x leverage and nearly zero slippage.

Dexari is a mobile app for decentralized perpetual trading, powered by Hyperliquid's order book. It provides up to 50x leverage on assets like Bitcoin and Ethereum, with low fees and real-time execution. Users can trade without KYC, manage their self-custodial accounts securely, and engage with pro trading features.

Jupiter is a Solana-based DEX aggregator that aggregates liquidity for traders looking for the best possible prices with minimal slippage. Though Jupiter was initially conceived as a swap engine, the protocol has evolved significantly to include a number of different products for different kinds of users such as: Dollar-Cost Averaging (DCA), limit orders, perpetual trading, and, most recently, a launchpad.

dYdX is a decentralized exchange that provides users with key financial instruments, such as perpetuals, margin trading, spot trading, lending, and borrowing. It equips traders with off-chain order books and on-chain settlement, allowing them to short-sell tokens, increase exposure by leveraging long positions, and earn interest on deposited tokens for faster transactions.

RateX Protocol is a decentralized exchange (DEX) built on Solana. RateX offers leveraged yield trading, similar to perpetual futures contracts, allowing users to gain exposure to underlying assets with a much larger position size compared to their deposited margin. To fully unlock the potential of yield trading, RateX offers three tightly integrated features: Leveraged Yield Trading, Earn, and Synthetic Assets.

Neutrl is a high-yield synthetic dollar, leveraging OTC arbitrage strategies across altcoin markets for scalable, market-neutral returns.

VOOI is a perpetual DEX aggregator supporting both EVM and non-EVM networks, offering flexibility to integrate additional networks and perpetual DEXs as needed. By focusing on chain and account abstraction, VOOI simplifies leveraged trading across supported DEXs, making user interactions seamless across any supported network.

OpenDelta is a delta-neutral, yield-bearing synthetic dollar powered by Bitcoin derivatives. OpenDelta’s flagship token, USDO, will retain its dollar value by hedging bitcoin (BTC) deposited by users as collateral.