Euler Finance vs Volmex
Hyperliquid ecosystem comparison · Lending & Borrowing
Best for BorrowersQuick Take
Euler Finance Modular lending protocol with permissionless market creation on HyperEVM on Multi-Layer, while Volmex Crypto volatility indices (BVIV/EVIV) and volatility perps on HIP-3 on HIP-3. They serve different niches in the Hyperliquid ecosystem.
Based on public data for Euler Finance and Volmex. Key differentiators: layer deployment, fee structure, liquidity depth, and community adoption. Last reviewed: Mar 2026.
Euler Finance
Multi-LayerModular lending protocol with permissionless market creation on HyperEVM
euler.finance
Volmex
HIP-3Crypto volatility indices (BVIV/EVIV) and volatility perps on HIP-3
volmex.financeOverview
Euler Finance
Euler Finance is a modular lending protocol built on the Ethereum Vault Connector (EVC), enabling permissionless creation of isolated lending markets with customizable risk parameters. Unlike monolithic lending protocols, Euler v2 allows any token to be listed in a vault with fine-grained control over collateral factors, interest rate models, and liquidation logic. As HyperEVM adoption grows, Euler's architecture is well-suited to support the long-tail of Hyperliquid spot tokens as borrowable and collateralizable assets. Its EVC enables complex vault interactions—like using yield-bearing positions as collateral—that unlock advanced DeFi strategies. Euler's emphasis on security, with multiple audits and a sophisticated risk framework, makes it a strong fit for protocols building sophisticated credit markets on Hyperliquid. The protocol returned stronger than ever after its v1 incident, with v2's modular design learned from that experience.
Visit websiteVolmex
Volmex Finance is the leading protocol for crypto volatility products, offering on-chain implied volatility indices and derivatives. Their flagship products — BVIV (Bitcoin Implied Volatility Index) and EVIV (Ethereum Implied Volatility Index) — give traders a standardized way to hedge or speculate on market volatility, similar to how TradFi investors use the VIX. Volmex integrated with Hyperliquid via HIP-3, bringing perpetual volatility trading directly to the platform's high-performance order book. This allows Hyperliquid users to take long or short positions on crypto volatility without leaving the ecosystem. BVIV and EVIV are derived from options market data across major venues, providing transparent and manipulation-resistant benchmarks. For portfolio managers, volatility products serve as powerful hedging tools — when markets crash, volatility spikes, making BVIV/EVIV longs an effective hedge against spot or perp losses. Volmex's integration represents a significant step in bringing sophisticated TradFi-grade instruments to DeFi, deepening Hyperliquid's product suite beyond directional perpetuals and giving traders a complete toolkit to express volatility views and manage risk across all market conditions.
Visit websiteFeature Comparison
| Feature | ||
|---|---|---|
| Layer | Multi-Layer | HIP-3 |
| Category | Lending & Borrowing | RWA Perps |
| Status | Active | Beta |
| Launch Year | — | 2025 |
| Website | euler.finance | volmex.finance |
| — | @volmexfinance | |
| GitHub | Not public | Not public |
| Verified | Unverified | Unverified |
| Tags | — | volatilityBVIVEVIVVIXHIP-3 |
Score Comparison
Feature Matrix
| Feature | ||
|---|---|---|
| Open Source | ✗ | ✗ |
| Verified | ✗ | ✗ |
| Has Website | ✓ | ✓ |
| Has Twitter | ✗ | ✓ |
| Has GitHub | ✗ | ✗ |
| Active Status | ✓ | ✗ |
Key Differences
Layer Architecture
Euler Finance operates on Multi-Layer (spans multiple hyperliquid layers), while Volmex runs on HIP-3 (permissionless custom perpetual markets). This affects composability, transaction speed, and the types of integrations each protocol supports.
Category Focus
Euler Finance is focused on lending & borrowing, while Volmex targets rwa perps. They serve different user needs within the Hyperliquid ecosystem.
When to Use Each
Choose Euler Finance if you...
- ✓Want a lending & borrowing solution on Multi-Layer
- ✓Need: Modular lending protocol with permissionless market creation on HyperEVM
Choose Volmex if you...
- ✓Want a rwa perps solution on HIP-3
- ✓Need features like volatility and BVIV
- ✓Need: Crypto volatility indices (BVIV/EVIV) and volatility perps on HIP-3
Ecosystem Integration
Euler Finance
Euler Finance operates on Multi-Layer (spans multiple hyperliquid layers). Spanning multiple layers lets it combine the strengths of each, though integration complexity is higher.
Volmex
Volmex operates on HIP-3 (permissionless custom perpetual markets). Through HIP-3, it enables permissionless creation of custom perpetual markets.
Community Verdict
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