HIP-3 dexes: registry, volume and market share
Every builder-deployed perp dex on Hyperliquid, who deployed it, what it lists and how much it trades, with shares of total HIP-3 volume.
trade.xyz (xyz) handled 98.1% of HIP-3 volume in the 24 hours to 2026-11-04 10:16 UTC: $5.14B of $5.24B across the 10 HIP-3 dexes, of which 4 had live markets.
- HIP-3 volume, 24h
- $5.24B
- HIP-3 open interest
- $4.58B
- Dexes deployed
- 10 4 with live markets
- Live markets
- 168 of 322 listed
- trade.xyz share
- 98.1% of HIP-3 volume
Share of HIP-3 volume by dex
24-hour notional volume and open interest per dex at the snapshot, largest first.
| # | Dex | Volume, 24h | Share of HIP-3 volume | Open interest | Live / listed |
|---|---|---|---|---|---|
| 1 | trade.xyzxyz · XYZ | $5.14B | $4.42B | 120 / 142 | |
| 2 | EntropyIOio | $92.0M | $143M | 14 / 19 | |
| 3 | Paragonpara | $6.74M | $16.3M | 33 / 40 | |
| 4 | Markets by Kinetiqmkts · Markets By Kinetiq | $88.7K | $125K | 1 / 24 | |
| 5 | Felixflx · Felix Exchange | $0.00 | $0.00 | 0 / 16 | |
| 6 | Ventualsvntl | $0.00 | $0.00 | 0 / 15 | |
| 7 | HyENAhyna | $0.00 | $0.00 | 0 / 25 | |
| 8 | Markets by Kinetiqkm | $0.00 | $0.00 | 0 / 23 | |
| 9 | ABCDExabcd | $0.00 | $0.00 | 0 / 1 | |
| 10 | dreamcashcash | $0.00 | $0.00 | 0 / 17 |
Greyed rows have no live markets. Growth mode = live markets running with growth mode on (reduced fees). Daily volume, 2026-10-05 to 2026-11-03: 0 days from UnderHyper's hourly snapshots, 30 rebuilt from Hyperliquid hourly candles (markets live on 2026-11-04 only, so dexes delisted earlier read low).
What HIP-3 trades, by asset class
Live markets only.
| Asset class | Markets | Volume, 24h | Share |
|---|---|---|---|
| Stocks | 113 | $2.47B | |
| Indices | 11 | $1.26B | |
| Commodities | 9 | $1.00B | |
| ETFs | 16 | $418M | |
| Pre-IPO companies | 6 | $77.2M | |
| FX | 3 | $9.88M | |
| Crypto | 7 | $1.47M | |
| Rates | 3 | $563K |
Largest HIP-3 markets
Top 10 by 24-hour volume; full list in perp markets.
| Market | Mark | 24h | Volume, 24h | Share |
|---|---|---|---|---|
| SP500xyz | $7,634.50 | +1.23% | $630M | 12.0% |
| XYZ100xyz | $28,436.00 | +1.07% | $507M | 9.7% |
| CLxyz | $95.13 | -2.40% | $430M | 8.2% |
| SKHXxyz | $1,064.10 | +0.67% | $390M | 7.4% |
| SOXLxyz | $77.72 | +6.31% | $303M | 5.8% |
| SNDKxyz | $1,143.50 | +2.53% | $259M | 4.9% |
| NVDAxyz | $209.88 | +2.11% | $256M | 4.9% |
| SILVERxyz | $52.20 | +6.70% | $240M | 4.6% |
| BRENTOILxyz | $101.88 | -3.55% | $219M | 4.2% |
| SPCXxyz | $136.86 | -0.94% | $209M | 4.0% |
HIP-3 registry
On-chain roles for each dex as returned by perpDexs. Fee recipient receives the deployer's share of trading fees; the oracle updater (if set) pushes prices.
| Code | Name (API) | Deployer | Fee recipient | Delisted |
|---|---|---|---|---|
| xyz | XYZ | 0x8880…0888 | 0x83ff…9d3a | 22 |
| io | EntropyIO | 0x320c…cac6 | — | 5 |
| para | Paragon | 0x8888…6ed3 | 0x1770…12ed | 7 |
| mkts | Markets By Kinetiq | 0x71f0…29ec | 0xbcd4…a0d2 | 23 |
| flx | Felix Exchange | 0x2fab…6352 | 0xe287…2d43 | 16 |
| vntl | Ventuals | 0x8888…beda | 0x5afe…4b52 | 15 |
| hyna | HyENA | 0x53e6…0637 | — | 25 |
| km | Markets by Kinetiq | 0x71f0…29ec | 0xbcd4…a0d2 | 23 |
| abcd | ABCDEx | 0x372c…857c | — | 1 |
| cash | dreamcash | 0xffa8…eef7 | 0xaa7f…8bb4 | 17 |
Full addresses are in the CSV. mkts and km share one deployer address.
How this is measured
Shares are of the HIP-3 dexes tracked here (every dex returned by perpDexs), not of all Hyperliquid volume. vol24 = rolling 24h notional volume summed over a dex's markets; oi = open interest x mark. Delisted markets still publish marks and are excluded from live counts. Asset classes come from the per-coin map in src/data/market-classes.json (built from the deployers' spec pages), with ETFs and rates split out; coins missing from it fall back to a ticker list, then stocks. growthMode = live markets with growth mode enabled (reduced fees).
- Shares are of HIP-3 volume only (the dexes below), not of all Hyperliquid volume; the core venue traded separately, see perp markets.
- Deployers must stake HYPE to run a dex (500k HYPE per the HIP-3 docs). Delisted dexes keep publishing stale marks, so we count only live markets.
- The API has no asset-class field: classes come from UnderHyper's per-coin map built from each deployer's spec pages (the same one /markets/ uses), with ETFs and rates shown separately.
Source: Hyperliquid info API: perpDexs (registry) + metaAndAssetCtxs per dex (volume, OI, listings). Snapshot taken 2026-11-04 10:16 UTC; the site rebuilds every 2 hours and keeps the last good file if an upstream response fails our sanity checks. Not investment advice.
Questions people ask
What is HIP-3?
HIP-3 lets builders deploy their own perpetual futures markets on Hyperliquid's order book by staking HYPE. Each deployer runs a separate "dex" with its own markets, oracle and fee settings, while trading, margin and settlement run on HyperCore.
Which HIP-3 dex has the most volume?
trade.xyz (xyz): $5.14B in the 24 hours to 2026-11-04 10:16 UTC, 98.1% of the $5.24B traded across all 10 HIP-3 dexes. Next was EntropyIO at 1.8%.
How many HIP-3 dexes are live?
10 dexes are deployed; 4 had at least one live (not delisted) market at the snapshot, with 168 live markets in total out of 322 ever listed.
Can I trade stocks on Hyperliquid?
Yes, through HIP-3 perps: perpetual contracts that track stocks, indices and commodities, not the shares themselves. At the snapshot, single stocks made up 47.2% of HIP-3 volume. See the markets guide.
Cite or reuse this data
Free to reuse with attribution under CC BY 4.0. Machine-readable: /data/hip-3.json and /data/hip-3.csv.
UnderHyper (2026). HIP-3 dexes: registry, volume and market share. https://underhyper.com/data/hip-3/ (data as of 2026-11-04 10:16 UTC; source: Hyperliquid info API perpDexs + metaAndAssetCtxs).