HIP-3 dexes by open interest
right now| Dex | Markets | Open interest | Share | 24h vol | Cap use | ≥ 80% cap | Market closed | Largest market | Deployer |
|---|---|---|---|---|---|---|---|---|---|
| trade.xyzxyz | 108 | $3.86B | 97.8% | $374.41M | 25% | 0 | 56.0% | SP500 $341.01M | 0x8880…0888 |
| EntropyIOio | 8 | $59.77M | 1.5% | $24.41M | 60% | 1 | 25.7% | ANTH $37.58M | 0x320c…cac6 |
| Paragonpara | 29 | $17.76M | 0.5% | $4.64M | 3% | 0 | 45.8% | UNITREE $1.81M | 0x8888…6ed3 |
| Markets by Kinetiqmkts | 4 | $8.73M | 0.2% | $8.65M | 12% | 0 | 84.5% | USTECH $4.33M | 0x71f0…29ec |
Computed from Hyperliquid's own market data (metaAndAssetCtxs and perpDexs). Share is of the open interest across every live HIP-3 market; native Hyperliquid perps are not counted. Market closed is the share of a dex's open interest in US stocks, ETFs and indices while the NYSE session is shut.
Not financial advice. Every HIP-3 market in one table →
HIP-3 dex FAQ
What is a HIP-3 dex?
HIP-3 lets builders deploy their own perpetual markets on Hyperliquid. Each deployer runs a "dex": it stakes 500,000 HYPE, runs the oracle, lists the markets and sets limits such as open interest caps (HIP-3 docs). Its markets are named dex:TICKER, for example xyz:TSLA on trade.xyz.
How is each dex's share calculated?
Share is the dex's open interest divided by the open interest of every live HIP-3 market, both valued at the current mark price from Hyperliquid's own market data. Native Hyperliquid perps such as BTC are not counted.
What does OI-cap use mean for a dex?
Each deployer caps the open interest of every market it lists. A dex's cap use is the open interest in its capped markets divided by the sum of those caps; a single market at its cap rejects orders that would add open interest until it falls again.
What is the market-closed share?
The share of a dex's open interest in US stocks, ETFs and indices while the NYSE session is closed. Those perps keep trading 24/7, but their oracle is then maintained by the deployer instead of a live exchange price, so prices can gap when the market reopens.