HIP-3 Data & Analytics — Hyperliquid Builder-Deployed Perpetual DEXs

Aggregate 30-day HIP-3 trading volume across 0 builder-deployed DEXs: $3.30B with 16,782 unique traders and 1,215,762 trades. Total fees: $149.95K. Network-wide HIP-3 open interest (estimated from fills): $2.34B as of 2026-05-08.

What is HIP-3?

HIP-3 is the Hyperliquid Improvement Proposal that lets third-party builders deploy their own perpetual futures DEXs on Hyperliquid's shared liquidity layer. Each builder pays a deployer fee, sets their own listing fees, and operates a branded perp exchange — Trade[XYZ], Ventuals, HyENA, Markets by Kinetiq, Felix, and others — while sharing Hyperliquid's on-chain orderbook infrastructure.

Tracked HIP-3 DEXs

• Trade[XYZ] — Real time access to global markets — 24/7 liquidity, pro tools, no gatekeepers
• Ventuals — Long or short pre-IPO companies with 10x leverage, on Hyperliquid
• Felix — Borrow against blue-chip collateral and earn native yield
• HyENA — The Internet Trading Engine with Native Yield - Trade any asset 24/7 with collateral that pays you
• Markets by Kinetiq — Kinetiq is the liquid-staking protocol for Hyperliquid, powering kHYPE. Enabling "Launch", the first Exchange-as-a-Service platform under HIP-3 so teams can deploy perp exchanges without needing huge upfront capital.
• Dreamcash — Native Hyperliquid trading on mobile that's actually fun.
• Global Compute Index — Commodifying Compute
• Sekai — Your key to HIP-3
• HyperMercantile — Unified financial interface for next-generation derivatives trading
• Nunchi — Perpetuals exchange for yield trading - trade the rate, not just the price
• Liquid — Your trading super app - fastest way to trade with up to 40x leverage
• OnlyVibes — OnlyVibes Trading Platform
• Aura — Social. Trenches. Perps. Yield.
• Paragon — Tickers You Already Track. Now Tradeable. Go long or short the ideas that shape markets