Hyperliquid HIP-3 Dexes Compared
Every builder-deployed (HIP-3) dex on Hyperliquid compared: how many markets each lists, its open interest and share of all HIP-3 open interest, 24h volume, how much of its OI caps is in use, and how much of its open interest sits in US markets that are closed right now.
4 HIP-3 dexes list 170 live markets with $2.31B of open interest and $5.53B traded in the last 24 hours. trade.xyz is the largest with 94.6% of HIP-3 open interest across 121 markets; EntropyIO follows with 5.1%. EntropyIO uses the most of its open interest caps: 55% of $427.00M in total. The US stock market is closed (pre-market), so 55.9% of HIP-3 open interest is priced off deployer-maintained oracles until Thu 09:30 ET.
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 | 121 | $2.19B | 94.6% | $5.41B | 26% | 0 | 58.4% | NVDA $265.49M | 0x8880…0888 |
| EntropyIOio | 15 | $117.44M | 5.1% | $106.87M | 55% | 0 | 8.0% | ANTH $100.56M | 0x320c…cac6 |
| Paragonpara | 33 | $7.66M | 0.3% | $6.70M | 2% | 0 | 57.2% | TTWO $1.59M | 0x8888…6ed3 |
| Markets by Kinetiqmkts | 1 | $94K | 0.0% | $28K | 9% | 0 | 0.0% | BVIV $94K | 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.
Daily HIP-3 traded volume
30 complete UTC days + today-so-farLoading chart…
Not recorded Chart: TradingView Lightweight Charts™
USD notional from recorded hourly trade bars, including delisted markets; native perps are excluded. Today is partial (so far). Missing bars are unknown, never zero. Shares use only the recorded daily total and may be biased by missing markets or hours.
Daily recording coverage by dex (UTC)
Recorded market-hours / expected market-hours for markets observed that day; hours with any bar are shown separately. A market with no bars all day cannot be counted. Zero-volume bars count as recorded. Today's current hour may be incomplete.
| UTC day | Dex | Recorded / expected market-hours | Hours with bars |
|---|---|---|---|
| 2026-10-13 | io | 170 / 240 · missing hours | 17 |
| 2026-10-13 | mkts | 85 / 120 · missing hours | 17 |
| 2026-10-13 | para | 520 / 744 · missing hours | 17 |
| 2026-10-13 | xyz | 1938 / 2736 · missing hours | 17 |
| 2026-10-14 | io | 244 / 264 · missing hours | 24 |
| 2026-10-14 | mkts | 120 / 120 | 24 |
| 2026-10-14 | para | 744 / 744 | 24 |
| 2026-10-14 | xyz | 2736 / 2736 | 24 |
| 2026-10-15 | io | 264 / 264 | 24 |
| 2026-10-15 | mkts | 120 / 120 | 24 |
| 2026-10-15 | para | 744 / 744 | 24 |
| 2026-10-15 | xyz | 2752 / 2760 · missing hours | 24 |
| 2026-10-16 | io | 264 / 264 | 24 |
| 2026-10-16 | mkts | 120 / 120 | 24 |
| 2026-10-16 | para | 744 / 744 | 24 |
| 2026-10-16 | xyz | 2760 / 2760 | 24 |
| 2026-10-17 | io | 198 / 264 · missing hours | 18 |
| 2026-10-17 | mkts | 90 / 120 · missing hours | 18 |
| 2026-10-17 | para | 465 / 744 · missing hours | 15 |
| 2026-10-17 | xyz | 2760 / 2760 | 24 |
| 2026-10-18 | io | 264 / 264 | 24 |
| 2026-10-18 | mkts | 95 / 120 · missing hours | 19 |
| 2026-10-18 | para | 756 / 768 · missing hours | 24 |
| 2026-10-18 | xyz | 2760 / 2760 | 24 |
| 2026-10-19 | io | 231 / 264 · missing hours | 21 |
| 2026-10-19 | mkts | 105 / 120 · missing hours | 21 |
| 2026-10-19 | para | 768 / 768 | 24 |
| 2026-10-19 | xyz | 2760 / 2760 | 24 |
| 2026-10-20 | io | 264 / 264 | 24 |
| 2026-10-20 | mkts | 120 / 120 | 24 |
| 2026-10-20 | para | 759 / 792 · missing hours | 24 |
| 2026-10-20 | xyz | 2760 / 2760 | 24 |
| 2026-10-21 | io | 264 / 264 | 24 |
| 2026-10-21 | mkts | 120 / 120 | 24 |
| 2026-10-21 | para | 768 / 768 | 24 |
| 2026-10-21 | xyz | 2760 / 2760 | 24 |
| 2026-10-22 | io | 264 / 264 | 24 |
| 2026-10-22 | mkts | 120 / 120 | 24 |
| 2026-10-22 | para | 768 / 768 | 24 |
| 2026-10-22 | xyz | 2760 / 2760 | 24 |
| 2026-10-23 | io | 264 / 264 | 24 |
| 2026-10-23 | mkts | 120 / 120 | 24 |
| 2026-10-23 | para | 768 / 768 | 24 |
| 2026-10-23 | xyz | 2780 / 2784 · missing hours | 24 |
| 2026-10-24 | io | 264 / 264 | 24 |
| 2026-10-24 | mkts | 120 / 120 | 24 |
| 2026-10-24 | para | 768 / 768 | 24 |
| 2026-10-24 | xyz | 2784 / 2784 | 24 |
| 2026-10-25 | io | 264 / 264 | 24 |
| 2026-10-25 | mkts | 120 / 120 | 24 |
| 2026-10-25 | para | 768 / 768 | 24 |
| 2026-10-25 | xyz | 2784 / 2784 | 24 |
| 2026-10-26 | io | 264 / 264 | 24 |
| 2026-10-26 | mkts | 120 / 120 | 24 |
| 2026-10-26 | para | 768 / 768 | 24 |
| 2026-10-26 | xyz | 2794 / 2808 · missing hours | 24 |
| 2026-10-27 | io | 274 / 288 · missing hours | 24 |
| 2026-10-27 | mkts | 120 / 120 | 24 |
| 2026-10-27 | para | 781 / 792 · missing hours | 24 |
| 2026-10-27 | xyz | 2846 / 2856 · missing hours | 24 |
| 2026-10-28 | io | 288 / 288 | 24 |
| 2026-10-28 | mkts | 120 / 120 | 24 |
| 2026-10-28 | para | 792 / 792 | 24 |
| 2026-10-28 | xyz | 2856 / 2856 | 24 |
| 2026-10-29 | io | 288 / 288 | 24 |
| 2026-10-29 | mkts | 92 / 120 · missing hours | 24 |
| 2026-10-29 | para | 792 / 792 | 24 |
| 2026-10-29 | xyz | 2867 / 2880 · missing hours | 24 |
| 2026-10-30 | io | 288 / 288 | 24 |
| 2026-10-30 | mkts | 24 / 24 | 24 |
| 2026-10-30 | para | 792 / 792 | 24 |
| 2026-10-30 | xyz | 2880 / 2880 | 24 |
| 2026-10-31 | io | 288 / 288 | 24 |
| 2026-10-31 | mkts | 24 / 24 | 24 |
| 2026-10-31 | para | 792 / 792 | 24 |
| 2026-10-31 | xyz | 2880 / 2880 | 24 |
| 2026-11-01 | io | 288 / 288 | 24 |
| 2026-11-01 | mkts | 24 / 24 | 24 |
| 2026-11-01 | para | 792 / 792 | 24 |
| 2026-11-01 | xyz | 2880 / 2880 | 24 |
| 2026-11-02 | io | 294 / 312 · missing hours | 24 |
| 2026-11-02 | mkts | 24 / 24 | 24 |
| 2026-11-02 | para | 792 / 792 | 24 |
| 2026-11-02 | xyz | 2880 / 2880 | 24 |
| 2026-11-03 | io | 320 / 336 · missing hours | 24 |
| 2026-11-03 | mkts | 24 / 24 | 24 |
| 2026-11-03 | para | 792 / 792 | 24 |
| 2026-11-03 | xyz | 2880 / 2880 | 24 |
| 2026-11-04 | io | 336 / 336 | 24 |
| 2026-11-04 | mkts | 24 / 24 | 24 |
| 2026-11-04 | para | 792 / 792 | 24 |
| 2026-11-04 | xyz | 2880 / 2880 | 24 |
| 2026-11-05 | io | 336 / 336 | 24 |
| 2026-11-05 | mkts | 24 / 24 | 24 |
| 2026-11-05 | para | 792 / 792 | 24 |
| 2026-11-05 | xyz | 2880 / 2880 | 24 |
| 2026-11-06 | io | 336 / 336 | 24 |
| 2026-11-06 | mkts | 24 / 24 | 24 |
| 2026-11-06 | para | 792 / 792 | 24 |
| 2026-11-06 | xyz | 2880 / 2880 | 24 |
| 2026-11-07 | io | 336 / 336 | 24 |
| 2026-11-07 | mkts | 24 / 24 | 24 |
| 2026-11-07 | para | 792 / 792 | 24 |
| 2026-11-07 | xyz | 2880 / 2880 | 24 |
| 2026-11-08 | io | 336 / 336 | 24 |
| 2026-11-08 | mkts | 24 / 24 | 24 |
| 2026-11-08 | para | 792 / 792 | 24 |
| 2026-11-08 | xyz | 2880 / 2880 | 24 |
| 2026-11-09 | io | 336 / 336 | 24 |
| 2026-11-09 | mkts | 24 / 24 | 24 |
| 2026-11-09 | para | 792 / 792 | 24 |
| 2026-11-09 | xyz | 2899 / 2928 · missing hours | 24 |
| 2026-11-10 | io | 336 / 336 | 24 |
| 2026-11-10 | mkts | 24 / 24 | 24 |
| 2026-11-10 | para | 792 / 792 | 24 |
| 2026-11-10 | xyz | 2928 / 2928 | 24 |
| 2026-11-11 | io | 360 / 360 | 24 |
| 2026-11-11 | mkts | 24 / 24 | 24 |
| 2026-11-11 | para | 792 / 792 | 24 |
| 2026-11-11 | xyz | 2928 / 2928 | 24 |
| 2026-11-12 · today-so-far | io | 210 / 210 | 14 |
| 2026-11-12 · today-so-far | mkts | 14 / 14 | 14 |
| 2026-11-12 · today-so-far | para | 462 / 462 | 14 |
| 2026-11-12 · today-so-far | xyz | 1708 / 1708 | 14 |
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.