Purrswap vs Ventuals
Hyperliquid ecosystem comparison · Decentralized Exchanges
Best for SwapsQuick Take
Purrswap First stableswap on HyperEVM — powered by Abracadabra's MIMswap on HyperEVM, while Ventuals Pre-IPO perpetuals on HIP-3 — trade SpaceX, OpenAI, and more on HIP-3. They serve different niches in the Hyperliquid ecosystem.
Based on public data for Purrswap and Ventuals. Key differentiators: layer deployment, fee structure, liquidity depth, and community adoption. Last reviewed: Mar 2026.
Purrswap
HyperEVMFirst stableswap on HyperEVM — powered by Abracadabra's MIMswap
purrswap.xyz
Ventuals
HIP-3Pre-IPO perpetuals on HIP-3 — trade SpaceX, OpenAI, and more
ventuals.comOverview
Purrswap
Purrswap is a native DEX on HyperEVM, incubated by Abracadabra DAO and built on a licensed implementation of MIMswap's Proactive Market Maker (PMM) algorithm. Unlike traditional constant-product AMMs, PMM actively adjusts its price curve based on external reference prices, concentrating liquidity near the current market price and dramatically reducing slippage for both stablecoin and volatile-asset trading pairs. Purrswap inherits Abracadabra DAO's deep DeFi expertise — the team behind the MIM stablecoin and the original MIMswap protocol on Ethereum — bringing battle-tested, audited smart contract architecture to the Hyperliquid ecosystem. By deploying natively on HyperEVM, Purrswap benefits from Hyperliquid's high-throughput EVM execution environment, low transaction fees, and tight integration with the broader Hyperliquid DeFi stack including HyperCore's perpetual order book. The PMM model makes Purrswap particularly capital-efficient for stablecoin swaps and correlated-asset pairs where tight spreads and minimal impermanent loss are critical for LPs. As a community-aligned project incubated by one of DeFi's most recognized DAOs, Purrswap represents a meaningful bridge between the established Abracadabra ecosystem and Hyperliquid's rapidly growing on-chain economy.
Visit websiteVentuals
Ventuals is a pioneering on-chain derivatives protocol built natively on Hyperliquid's HIP-3 infrastructure, focused on bringing private company valuations and pre-IPO markets to decentralized finance. By tokenizing equity-linked perpetual futures for private AI labs, tech platforms, and emerging hardware and automation companies, Ventuals creates a unified trading venue for assets previously inaccessible to on-chain participants. The protocol launched its vHYPE liquid staking vault in October 2025, attracting over $38 million in deposits within 30 minutes — a testament to demand for its novel market structure. Capital locked in the vHYPE vault funds collateral backing for Ventuals' HIP-3 perpetual markets, directly aligning staker incentives with protocol growth. Users can trade permissionless perps on pre-IPO company valuations, earn staking rewards on vHYPE deposits, and accumulate protocol points through trading volume and liquidity provision. Settlements leverage Hyperliquid's proven order book and clearing infrastructure, delivering the speed and transparency of a top-tier CEX with full on-chain settlement. Ventuals represents a new DeFi frontier: liquid, transparent derivatives on the private companies shaping the future of AI, hardware, and tech.
Visit websiteFeature Comparison
| Feature | ||
|---|---|---|
| Layer | HyperEVM | HIP-3 |
| Category | Decentralized Exchanges | Prediction Markets |
| Status | Upcoming | Beta |
| Launch Year | 2025 | 2025 |
| Website | purrswap.xyz | ventuals.com |
| @PurrSwap_ | @ventuals_xyz | |
| GitHub | Not public | Not public |
| Verified | Unverified | Unverified |
| Tags | stableswapAbracadabraMIMswap | pre-IPOperpetualsVCHIP-3VNTLS |
Score Comparison
Feature Matrix
| Feature | ||
|---|---|---|
| Open Source | ✗ | ✗ |
| Verified | ✗ | ✗ |
| Has Website | ✓ | ✓ |
| Has Twitter | ✓ | ✓ |
| Has GitHub | ✗ | ✗ |
| Active Status | ✗ | ✗ |
Key Differences
Layer Architecture
Purrswap operates on HyperEVM (evm smart contracts on hyperliquid l1), while Ventuals runs on HIP-3 (permissionless custom perpetual markets). This affects composability, transaction speed, and the types of integrations each protocol supports.
Category Focus
Purrswap is focused on decentralized exchanges, while Ventuals targets prediction markets. They serve different user needs within the Hyperliquid ecosystem.
Unique Features
Purrswap is distinguished by: stableswap, Abracadabra, MIMswap. Ventuals stands out with: pre-IPO, perpetuals, VC, HIP-3, VNTLS.
When to Use Each
Choose Purrswap if you...
- ✓Want a decentralized exchanges solution on HyperEVM
- ✓Need features like stableswap and Abracadabra
- ✓Need: First stableswap on HyperEVM — powered by Abracadabra's MIMswap
Choose Ventuals if you...
- ✓Want a prediction markets solution on HIP-3
- ✓Need features like pre-IPO and perpetuals
- ✓Need: Pre-IPO perpetuals on HIP-3 — trade SpaceX, OpenAI, and more
Ecosystem Integration
Purrswap
Purrswap operates on HyperEVM (evm smart contracts on hyperliquid l1). As a HyperEVM protocol, it can compose with other EVM-based DeFi primitives and leverage smart contract flexibility.
Ventuals
Ventuals operates on HIP-3 (permissionless custom perpetual markets). Through HIP-3, it enables permissionless creation of custom perpetual markets.
Community Verdict
Which do you prefer?
Share your experience with Purrswap or Ventuals to help others in the Hyperliquid community make better decisions.
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