RootData’s new map shows 30 core Web3 partners connecting custody, trading, wallets and infrastructure to Hyperliquid’s L1 as it moves towards an on-chain liquidity operating system.
RootData’s latest ecosystem map shows that Hyperliquid is positioning itself as a high-performance L1 “optimized from the ground up” to run a completely on-chain financial system, with user-built applications that tie into native components like the orderbook perpetuals DEX.
How Hyperliquid’s partner network is structured
At the funding and settlement layer, Hyperliquid has integrated with major stablecoin issuers – Circle (USDC), Tether (USDT) and Ethena’s synthetic dollar stack – to ensure its derivatives and DeFi rails are natively dollarized.
Under the hood, it connects to cross-chain and oracle infrastructure such as Chainlink, Axelar, deBridge, and Ripple-related rails, giving external capital and data feeds standardized ways to reach Hyperliquid while keeping latency low enough to maintain sub-second block times.
On the user input side, RootData highlights wallets and interfaces including Phantom, Rabby Wallet and DeBank as key partners, reducing friction for both retail and power users when interacting with Hyperliquid’s L1 and its DeFi protocols.
DeFi protocols and settings around hyperliquid liquidity
RootData notes that more native DeFi protocols have begun to cluster directly on Hyperliquid, including Pendle-like yield products, Felix, HypurrFi, and HyperBeat, which collectively expand the on-chain use cases from perpetuals to structured yield, credit, and other on-chain instruments.
Across the ecosystem map, RootData counts 145 “quality projects” integrated with or built on Hyperliquid, from cross-chain bridges and oracles to trading instruments and prime brokers such as HyperLink and Hybra Finance. This indicates that builders are increasingly treating Hyperliquid as a basic liquidity layer rather than a single-app venue.
On the institutional side, custodians like Anchorage Digital, BitGo and Fireblocks appear among the 30 partners highlighted, a sign that Hyperliquid connectivity will be plugged into the same infrastructure that major funds use to hold and move assets between chains.
Trading platforms, quant shops and market-making firms – including Bybit, trade.xyz and IMC Trading – are listed as participants in the ecosystem, deepening order books and making it easier to route size into and out of Hyperliquid markets.
More details on the partner breakdown and categories are available in RootData’s Chinese-language archive article: Hyperliquid Crypto Business Partner.
Towards a CEX-style on-chain operating system
All told, RootData argues that Hyperliquid is “continually expanding around on-chain liquidity,” effectively attempting to replicate the ecosystem model of a centralized exchange – market structure, funding currencies, custody, front-ends and institutional access – but where the core is no longer an internal account ledger.
Instead, every order, cancellation, transaction, and liquidation is executed on-chain on Hyperliquid’s base L1, with third-party partners plugging into that shared state rather than siled CEX databases, aligning custodial providers, wallets, and DeFi protocols around the same liquidity backbone.
RootData places this Hyperliquid map alongside previous ecosystem illustrations for players like Mastercard and Crypto.com, arguing that public visualization of partner networks has become an important way for crypto projects to improve transparency and market trust.
The platform “explicitly welcomes Web3 projects to claim their information” and continues to open more disclosure channels for business relationships, using ecosystem cards to nominate Web3 partners for upstream customers like Visa, Mastercard, Stripe, Coinbase – and now, increasingly, on-chain liquidity hubs like Hyperliquid.