HIP-3 turned market creation on Hyperliquid into a builder decision: stake, deploy a dex, list your own perps — equities, indices, commodities, long-tail assets — and take a share of the fees. As of mid-2026, builder markets drive roughly half of Hyperliquid volume. This page tracks every deployed builder dex. JSON at /api/hip3.
| Dex | Full name | Deployer | Markets (active / listed) |
|---|---|---|---|
| xyz | XYZ | 0x8880…0888 | — |
| flx | Felix Exchange | 0x2fab…6352 | — |
| vntl | Ventuals | 0x8888…beda | — |
| hyna | HyENA | 0x53e6…0637 | — |
| km | Markets by Kinetiq | 0x71f0…29ec | — |
| abcd | ABCDEx | 0x372c…857c | — |
| cash | dreamcash | 0xffa8…eef7 | — |
| para | Paragon | 0x8888…6ed3 | — |
| mkts | Markets By Kinetiq | 0x71f0…29ec | — |
| io | EntropyIO | 0x320c…cac6 | — |
New dexs and new market listings detected by the Perps.com launch sweep (every 15 minutes). Also in the daily briefing and via /api/hip3.
| Event | Dex | When |
|---|---|---|
| io listed 1 new market (now 14 listed) | io | 6h ago |
| para listed 1 new market (now 39 listed) | para | 1d ago |
| xyz listed 1 new market (now 136 listed) | xyz | 2d ago |
| xyz listed 1 new market (now 135 listed) | xyz | 5d ago |
| io listed 1 new market (now 13 listed) | io | 6d ago |
| xyz listed 1 new market (now 134 listed) | xyz | 8d ago |
| io listed 1 new market (now 12 listed) | io | 9d ago |
| xyz listed 1 new market (now 133 listed) | xyz | 10d ago |
| xyz listed 1 new market (now 132 listed) | xyz | 11d ago |
| para listed 1 new market (now 38 listed) | para | 13d ago |
| xyz listed 1 new market (now 131 listed) | xyz | 14d ago |
| xyz listed 1 new market (now 130 listed) | xyz | 15d ago |
| para listed 1 new market (now 37 listed) | para | 17d ago |
| xyz listed 1 new market (now 129 listed) | xyz | 18d ago |
| xyz listed 1 new market (now 128 listed) | xyz | 19d ago |
| xyz listed 1 new market (now 127 listed) | xyz | 20d ago |
| xyz listed 1 new market (now 126 listed) | xyz | 22d ago |
| io listed 1 new market (now 11 listed) | io | 23d ago |
| xyz listed 1 new market (now 125 listed) | xyz | 24d ago |
| xyz listed 1 new market (now 124 listed) | xyz | 26d ago |
Listing used to be an exchange committee decision. HIP-3 makes it permissionless: any team that stakes can deploy markets with their own oracle and fee take. The listing bottleneck is gone.
Beyond crypto majors: synthetic equities, index baskets, commodities, and prediction-adjacent underlyings. The RWA perp wave — $524.8B in Q1 2026 — increasingly ships through builder rails.
Oracle quality, closed-market pricing for RWA underlyings, and volume concentration per dex. A builder market is only as sound as its index and its liquidation design.
Educational market intelligence only — not investment, legal, tax, or trading advice. Deployer addresses are public on-chain identifiers, shown for transparency — not endorsements. "Active / listed" distinguishes currently tradable markets from a dex's total historical listings (venues sometimes flag markets delisted while underlyings are inactive).
