What is a HIP-3 market on Hyperliquid?
HIP-3 allows approved builders to deploy and operate their own groups of perpetual futures markets on Hyperliquid, including choosing the listed assets and managing deployer responsibilities.
HIP-3 Dashboard
HIP-3 perpetual DEX on Hyperliquid — volume, open interest, liquidations, traders & feesTotal HIP-3 Ecosystem
Open Interest
Total Open Interest
Per-DEX Symbol Analytics
Open Interest
Open Interest - Trade[XYZ]
| DEX | 24h Volume | Open Interest | Links |
|---|---|---|---|
HIP-3 Data & Analytics — Hyperliquid Builder-Deployed Perpetual DEXs
Aggregate 30-day HIP-3 trading volume across 0 builder-deployed DEXs: $62.31B with 109,238 unique traders and 29,749,605 trades. Total fees: $3.69M. Network-wide HIP-3 open interest (estimated from fills): $1.95B as of 2026-09-25.
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 (Legacy) — 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.
- 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.
- EntropyIO — Trade the frontier.
- 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
FAQs
HIP-3 market questions
The dashboard compares builder-deployed Hyperliquid perpetual markets using volume, open interest, trades, traders, fees, and symbol activity.
What does HIP-3 trading volume measure?
It is the notional value traded in the tracked HIP-3 perpetual markets during the selected period. It measures turnover, not capital deposited or positions still open.
What does HIP-3 open interest show?
Open interest estimates the notional value of outstanding HIP-3 perpetual positions. Compare it with volume to distinguish retained exposure from rapid turnover.
Why compare HIP-3 unique traders and trade count?
Unique traders measure participation breadth, while trade count and volume measure activity. Together they show whether HIP-3 usage is broad or concentrated among a small number of active accounts.
What do HIP-3 fees represent?
The analytics aggregate reported fees associated with tracked trading activity. Fees should be compared with volume and trade count because a larger fee total can reflect either more activity or a different fee mix.