Which Hyperliquid HIP-3 deployer generates the most revenue in 2026?

Live leaderboard, top 4

1. 

   trade.xyz

   #1 · Volume 24h

   $498.48Mp99 $120
2. EN

   EntropyIO

   #2 · Volume 24h

   $34.74Mp99 $12
3. 

   Paragon

   #3 · Volume 24h

   $2.39Mp99 $31
4. MB

   Markets by Kinetiq (mkts)

   #4 · Volume 24h

   $140.8Kp99 $1

Full live data: /benchmarks/hyperliquid-hip3-deployers.

Methodology and data sources

A Go harness on OpenChainBench infrastructure polls two public Hyperliquid info API calls every 10 minutes. `perpDexs` lists every deployed HIP-3 dex with its namespace, full name and deployer address. `metaAndAssetCtxs` with the dex parameter returns, per market, the rolling 24 hour notional (`dayNtlVlm`), open interest in base units and the mark price. The headline is `hl_hip3_deployer_volume_usd_24h{dex="X"}`, the sum of `dayNtlVlm` over the dex's listed markets. Companions are open interest in USD (base units times mark price), markets with non zero volume over the trailing 24 hours and markets currently listed. The 7 day and 30 day volumes are sums of one 24 hour sample per UTC day, taken right after midnight. A namespace whose markets are all delisted (Ventuals, HyENA, Felix Exchange, Dreamcash and the km namespace on 2026-09-24) is metered but not listed. Earlier editions of this page summed the on chain `deployerFee` field from a self hosted node; that node is retired and the fee column is gone rather than estimated.

What this number does not tell you

• ·Volume is the proxy, not the revenue. Deployers configure a fee share of 0 to 300 percent on top of the base fee, so two dexes with the same notional can earn different amounts. The chain publishes neither the share in force nor the fee actually collected per fill, and estimating it from volume would depend on every trader's fee tier and maker share.
• ·7 day and 30 day figures are sums of one daily sample of the chain's rolling 24 hour notional, recorded since the feed edition of the harness went live in late September 2026. Until 7 and 30 samples exist they cover the available days and grow toward the full window; the 24 hour view is always complete.
• ·Core Hyperliquid markets carry no namespace and are excluded by construction. The bench measures HIP-3 dexes only, not total Hyperliquid volume. The hyperliquid-frontends bench covers the builder code rebate market separately.
• ·Rates and macro perps (Paragon), thematic and pre IPO markets (EntropyIO) and tokenized equity perps (trade.xyz, Markets by Kinetiq) are structurally distinct products. Direct notional comparison treats them on one axis; pair the Volume column with Markets and Open interest when comparing product depth.
• ·Attribution is by on chain namespace prefix only. A brand new HIP-3 deployer is metered from the harness's next poll and listed on the page after a short spec review.

Frequently asked questions

Which HIP-3 dex trades the most right now?

trade.xyz at $498.48M of notional over the rolling 24 hours, across the 4 live namespaces. The harness polls the info API every 10 minutes and Prometheus scrapes it every 30 seconds; the page uses incremental static regeneration with a 60 second window, so the headline is at most about 12 minutes behind the chain.

Why is there no revenue number?

Because the chain does not publish it. HIP-3 deployers earn a configurable cut of the trading fees on their markets, but the public info API exposes neither the cut nor the amount collected. An earlier edition of this page read the per fill deployerFee field from a node OpenChainBench hosted; that node is retired, and a number estimated from volume and an assumed fee schedule would be a guess, so the column is gone.

What is HIP-3 and how does deployer revenue work?

Hyperliquid Improvement Proposal 3 lets any team that stakes 500,000 HYPE deploy its own perpetual markets on HyperCore under a dedicated namespace, set the fee policy for those markets, and collect a deployer cut on every fill. Deployers can configure an additional fee share between 0 and 300 percent (0 to 100 percent in growth mode) on top of the base fee. It powers the tokenized stock, index and commodity perps on Hyperliquid, which represent a large share of platform volume.

What puts a deployer at the top of this table?

Catalog depth and open interest. The Markets and Open interest columns on the bench page show which dex lists the most markets and holds the most positions, and the leader is recomputed from the live figures on every render. The live deployers occupy different niches: tokenized equities and commodities, rates and macro, index and volatility markets, thematic and pre IPO markets.

How does HIP-3 compare to Hyperliquid builder code rebates?

Different layers of the same product stack. Builder codes are a per fill rebate paid to whoever brought the user, covered by the hyperliquid-frontends bench. HIP-3 deployer fees are paid by every fill on a namespaced market to the team that deployed the market. A frontend collects builder rebates on every fill it routes regardless of which dex the fill hits; a deployer earns only on its own markets but on every fill on them, whichever frontend routed it.

How does OpenChainBench measure HIP-3 dexes?

From the public Hyperliquid info API, the same endpoint the official app and every node serve. perpDexs gives the dex registry, metaAndAssetCtxs with a dex parameter gives each market's rolling 24 hour notional, open interest and mark price. A Go harness polls both every 10 minutes and exposes Prometheus gauges. No node, no key, no third party indexer.

Why are Ventuals, HyENA, Felix and Dreamcash missing?

On 2026-09-24 every market under the vntl, hyna, flx, cash and km namespaces is flagged delisted by the chain, so they have no live market, no volume and no open interest. The harness keeps metering them and they return to the page if they list markets again.

Related questions

• Which Hyperliquid frontend generates the most builder revenue?
• Which perpetual DEX has the lowest all in fees on ETH?