Quantitative Research Report

HyperEVM DEX Aggregator Win Rate Comparison

KYO, KyberSwap, Nordstern, Liqd.ag, and others — 8,057 quotes analyzed across 42 token pairs and 10 aggregators

March 2026 • HyperEVM Network • Confidential
Section 01

Executive Summary

8,057
Total Quotes
10
Aggregators
42
Token Pairs
7
Tokens
53.5%
KYO Win Rate
Key Finding: KYO wins 53.5% of all quotes, more than double the second-place aggregator (KyberSwap at 23.3%). KYO dominates stablecoin routing with 80–89% win rates on stable pairs, while KyberSwap leads on volatile UETH-related pairs.
Section 02

Methodology

This study evaluates the competitiveness of DEX aggregators operating on the HyperEVM network by comparing the output amounts returned for identical trade requests.

  • Simultaneous quoting: The same tokenIn, tokenOut, and amountIn were sent to all aggregators concurrently to ensure fair comparison.
  • Winner determination: For each quote set, the aggregator returning the highest amountOut is declared the winner.
  • Token universe: 7 tokens — HYPE, USDC, USDH, USDT0 (hub tokens), UBTC, UETH, WHYPE (non-hub tokens).
  • Amount fuzzing: Input amounts were randomly fuzzed ±20% to prevent gaming. Four routing scenarios were tested in approximately equal distribution:
    • Hub → Hub (n=3,305)
    • Non-hub → Non-hub (n=1,615)
    • Hub → Non-hub (n=1,592)
    • Non-hub → Hub (n=1,545)
  • Sample size: 8,057 valid quotes in total after filtering out failed or timed-out responses.
Section 03

Overall Win Rate Distribution

# Aggregator Wins Win Rate
1KYO4,30953.5%
2KyberSwap1,87623.3%
3Nordstern91911.4%
4HyperFlow2553.2%
5Liqd2092.6%
6OogaBooga1982.5%
70x1461.8%
8OpenOcean580.7%
9HyperBloom450.6%
10Eisen420.5%
Section 04

Win Rate by Routing Scenario

Section 05

Token Pair Heatmap — Win Counts by Aggregator

Pairs sorted by KYO dominance (highest KYO win share at top). Showing top 5 aggregators across all 42 token pairs.

Section 06

Key Findings

Finding 01
KYO Dominates Stablecoin Routing
  • KYO wins 80–89% on stablecoin pairs (USDC↔USDH, USDT0↔USDC, etc.)
  • 20 out of 42 pairs have KYO win rate above 50%
  • Particularly dominant on hub→hub routing scenarios with a 71% win rate
Finding 02
KyberSwap Leads on Volatile Token Pairs
  • UETH-related pairs: KyberSwap wins 34–61%
  • 7 pairs where KYO drops below 30%: all involve UETH
  • Suggests deeper liquidity access or superior routing for non-standard assets
Finding 03
Nordstern: Consistent 3rd Place with a Niche
  • 11.4% overall, but #1 on UBTC→WHYPE (40.4%)
  • Particularly strong as the runner-up on HYPE↔stablecoin pairs
  • Provides meaningful competitive pressure in 30+ pairs
Finding 04
Liqd.ag: Emerging Contender
  • 2.6% overall, but contributes wins across diverse pairs
  • Notable on UETH→HYPE (14%) and WHYPE→UETH (6%)
  • Demonstrates breadth of coverage despite lower overall volume
Section 07

Conclusion

KYO is the clear leader on HyperEVM with a 53.5% overall win rate, more than doubling the second-place aggregator. Its dominance is most pronounced in stablecoin and hub-token routing, where it captures 70–89% of wins. KyberSwap carves out a strong secondary position at 23.3%, particularly excelling on volatile asset pairs involving UETH and UBTC. Nordstern maintains a reliable third-place presence at 11.4%, with a notable niche advantage on UBTC→WHYPE.

The remaining aggregators — HyperFlow, Liqd, OogaBooga, 0x, OpenOcean, HyperBloom, and Eisen — collectively account for 12% of wins but provide important competitive diversity. For traders on HyperEVM, routing through KYO provides the highest probability of optimal execution for most pairs, with KyberSwap as the preferred alternative for UETH-denominated trades.