HIP-3 builder dexs, the live deployment auctions and top-trader TWAP flow — the Hyperliquid ecosystem beyond the order book.
HIP-3 lets anyone deploy their own perp dex on Hyperliquid by winning a 31-hour Dutch auction and staking 500k HYPE. For scale: in May 2026 alone, builder dexs cleared roughly $62B in volume — about 6.63% of global perp volume that month. For where each dex stands today, the league table below is computed live from the current markets snapshot.
Builder-deployed perp dexs ranked by 24h volume — computed live from the markets snapshot.
| # | Dex | Markets | Asset classes | 24h volume | Open interest | Volume share |
|---|---|---|---|---|---|---|
| 1 | trade.xyzxyz | 117 | Stocks · 95Indices · 10Commodities · 9Forex · 3 | $3.31B | $3.93B | 98.0% |
| 2 | EntropyIOio | 11 | Stocks · 10Indices · 1 | $54.78M | $79.27M | 1.6% |
| 3 | Paragonpara | 32 | Indices · 31Stocks · 1 | $9.73M | $16.78M | 0.3% |
| 4 | Markets By Kinetiqmkts | 5 | Indices · 5 | $2.94M | $8.99M | 0.1% |
HIP-3 combined: $3.38B 24h volume across 165 markets — 38.16% of all Hyperliquid perp volume today. Share bars compare builder dexs with each other. Explore the markets on the perps screener.
Scanning top traders' TWAP orders…