HIP-3 Builder-Deployed Markets
Right now (Oct 25, 15:55 UTC): 10 builder-deployed DEXs list 314 markets holding $4.0B of open interest, 26% of all open interest on Hyperliquid. XYZ is the largest with $3.9B, led by xyz:SP500. Together they traded $405.3M in the last 24 hours.
How this is calculated: DEX list from Hyperliquid’s perpDexs endpoint; open interest and 24h volume per market from metaAndAssetCtxs for each DEX, summed per DEX. Maintained by LabelYX.
Every HIP-3 DEX, by open interest
Prefix is the DEX name in market tickers (e.g. xyz:NVDA)| DEX | Markets | Open interest | 24h volume | Largest markets | Deployer |
|---|---|---|---|---|---|
| XYZ xyz | 116 / 138 | $3.89B | $379.1M | SP500, GOLD, SKHX | 0x8880…0888 |
| EntropyIO io | 11 / 16 | $77.5M | $23.5M | ANTH, NBIS, SNDK | 0x320c…cac6 |
| Paragon para | 32 / 39 | $16.9M | $1.7M | UNITREE, TTWO, 2Y | 0x8888…6ed3 |
| Markets By Kinetiq mkts | 5 / 24 | $9.3M | $986,651 | USTECH, US500, USBOND | 0x71f0…29ec |
| Felix Exchange flx | 0 / 16 | $0 | $0 | — | 0x2fab…6352 |
| Ventuals vntl | 0 / 15 | $0 | $0 | — | 0x8888…beda |
| HyENA hyna | 0 / 25 | $0 | $0 | — | 0x53e6…0637 |
| Markets by Kinetiq km | 0 / 23 | $0 | $0 | — | 0x71f0…29ec |
| ABCDEx abcd | 0 / 1 | $0 | $0 | — | 0x372c…857c |
| dreamcash cash | 0 / 17 | $0 | $0 | — | 0xffa8…eef7 |
What HIP-3 is
HIP-3 lets anyone who meets a staking requirement deploy their own perpetual-futures exchange on Hyperliquid’s
infrastructure. Each builder-deployed DEX gets its own order books, its own margining and its own settings, while
sharing HyperCore’s matching engine and API. That is how stock, commodity and index perps appear on Hyperliquid
alongside its own crypto markets: the ticker prefix (for example xyz:) tells you which DEX runs the market.
The deployer, not Hyperliquid, defines each market: the oracle that sets its price, the contract specification, leverage limits, and when to settle it. That makes the deployer the first thing to check before trading a HIP-3 market.
The rules deployers sign up to
- Stake: a deployer must keep 500,000 HYPE staked, for at least 183 days after deploying, and the stake stays slashable through the 7-day unstaking queue.
- Slashing: validators can vote to slash that stake if a market is run in a way that harms the protocol, whether through malice, a bad contract spec or a compromised key.
- Listings: the first three markets on a DEX need no auction; further markets go through a Dutch auction shared across all HIP-3 DEXs.
- Fees: the usual staking and referral discounts apply. A deployer can add a fee share of 0–300%, and above 100% the protocol fee rises to match.
- Settlement: a deployer can halt a market, which cancels orders and settles every position at the current mark price.
Trading HIP-3 markets: what is different
Margin on one DEX is separate from margin on another, so a position on a builder DEX doesn’t share collateral with your main Hyperliquid account by default. Oracle design matters more than usual for assets that trade only in market hours, and open-interest caps per market can stop new positions when they are reached. LabelYX wallet analytics already include HIP-3 positions and fills. Check yours by pasting an address on the homepage, or browse every market on the markets page.
Frequently asked
What is HIP-3 on Hyperliquid?
HIP-3 is the Hyperliquid improvement proposal that lets builders deploy their own perpetual futures DEX on HyperCore. Each DEX has its own markets, order books and margining, and its deployer defines the oracle and contract specification for every market it lists.
How much HYPE does it take to deploy a HIP-3 DEX?
500,000 HYPE staked, maintained for at least 183 days after the DEX is deployed. The stake can be slashed by validator vote for malicious or harmful market operation, including during the 7-day unstaking queue.
Can I trade stocks on Hyperliquid?
Yes, through HIP-3 DEXs that list perpetual futures on stocks, indices and commodities. These are perps priced by the deployer oracle, not shares, and each DEX has its own margin account.
Are HIP-3 fees different?
Standard Hyperliquid discounts still apply, but each deployer can set an extra fee share between 0 and 300%, and if it is above 100% the protocol fee is raised to match.
Where does this data come from?
The perpDexs endpoint for the DEX list and deployers, and each DEX market contexts for open interest and 24-hour volume, read live from the Hyperliquid API.