Hyperliquid HIP-3 dex volume leaderboard
How much notional each HIP-3 builder-deployed dex traded over the rolling 24 hours, with its live market count and open interest, from the Hyperliquid info API that every node serves.
TL;DR. As of , trade.xyz leads volume 24h at $378.48M (24h) across 4 ranked providers. Source: OpenChainBench, https://openchainbench.com/benchmarks/hyperliquid-hip3-deployers.
Read this carefully
Ranking is by rolling 24h notional volume across the dex's namespaced markets, as reported by the Hyperliquid info API. Deployer fee revenue is not published by the chain's public endpoints and is not shown; the earlier version of this page derived it from a self-hosted node, which is retired. Core Hyperliquid markets (no namespace) are excluded. Every namespace is matched to its operating team through the on-chain perpDexs registry, which publishes the deployer address and full name.
This page answers one question. Which HIP-3 builder-deployed dex on Hyperliquid traded the most notional over the last 24 hours, how many markets it runs and how much open interest sits on them. HIP-3 lets any team that stakes 500,000 HYPE deploy its own perpetual markets on HyperCore under a dedicated namespace (xyz:AAPL, para:10Y, mkts:US500), set the fee policy for those markets, and collect a deployer cut on every fill. The mechanism powers the tokenized stock, index and commodity perps on Hyperliquid; trade.xyz leads the field today at $378.48M of 24h notional. The bench ranks every namespace registered on mainnet by the 24h notional the chain reports for its markets, next to the number of markets that traded, the number listed, open interest in USD and 7 day and 30 day volume built from one sample per UTC day. Data comes from the public Hyperliquid info API (perpDexs and metaAndAssetCtxs), polled every 10 minutes by a Go harness on OCB infrastructure that exposes Prometheus gauges this page consumes.
Methodology
The bench ranks HIP-3 builder-deployed dexes by the notional volume their markets traded over the rolling 24 hours. Source data is the Hyperliquid info API, the same endpoint the official frontend and every node serve: perpDexs lists each deployed dex with its deployer address and full name, and metaAndAssetCtxs with a dex parameter returns each market's rolling 24h notional (dayNtlVlm), open interest and mark price. A Go harness on OCB infrastructure polls both every 10 minutes, sums notional and open interest per dex, counts markets listed and markets with non-zero volume, and exposes the totals as Prometheus gauges (hl_hip3_deployer_volume_usd_24h, _markets_24h, _markets_listed, _open_interest_usd). Once a day, right after midnight UTC, it records each dex's 24h volume as that day's sample; the 7 day and 30 day figures sum those samples. The dex set is the on-chain registry, no hand-curated list, because HIP-3 namespaces are unique on chain by construction. The bench does not place trades, does not touch private keys, and does not depend on a node or internal service.
Results: 4 providers ranked by Volume 24h (24h)
| № | Providers | Volume | Markets traded | Markets listed | Open interest | Success |
|---|---|---|---|---|---|---|
| 1 | trade.xyz | $378.48M | 116 | 116 | $3.90B | 100.0% (n=116) |
| 2 | EntropyIO | $24.79M | 11 | 11 | $78.30M | 100% (n=11) |
| 3 | Paragon | $1.84M | 32 | 32 | $17.14M | 100% (n=32) |
| 4 | Markets by Kinetiq (mkts) | $859.2K | 5 | 5 | $9.39M | 100% (n=5) |
Frequently asked
What does this benchmark measure?
The notional volume each HIP-3 builder-deployed dex traded over the rolling 24 hours, as reported by the Hyperliquid info API, next to its market counts, open interest and 7 day and 30 day volume. HIP-3 lets a team that stakes 500,000 HYPE deploy its own perpetual markets on Hyperliquid under a dedicated namespace and collect a fee cut on every fill.
What is HIP-3?
Hyperliquid Improvement Proposal 3, builder-deployed perpetuals. It opens HyperCore market deployment to outside teams: stake 500,000 HYPE, deploy markets under your namespace, set the fee policy, collect the deployer cut. It powers the tokenized stock, index and commodity perps on Hyperliquid, which represent a large share of platform volume.
Where does the data come 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 24h notional, open interest and mark price. A Go harness on OCB infrastructure polls both every 10 minutes. No node, no key, no internal service.
Why is deployer fee revenue no longer shown?
The chain's public endpoints do not expose deployer fees per fill or per dex. The earlier version of this page read the deployerFee field from the fill stream of a node OCB hosted; that node is retired. Volume, markets and open interest are what the chain publishes, so that is what the bench measures. Estimating fees from volume and each dex's fee share would depend on every trader's fee tier and maker share, so it is not done.
How are dexes identified?
By their on-chain coin namespace. Every HIP-3 market trades under a prefix (xyz:AAPL, para:10Y, mkts:US500) that is unique to its deployer. The perpDexs registry lists each namespace with its deployer address and full name; the page lists each new namespace after a short spec review.
What puts a dex at the top of this table?
Catalog depth and open interest. The Markets and Open interest columns show which dex lists the most markets and holds the most positions; the leader is recomputed from the live figures on every render, so the table, not this paragraph, says who is ahead today.
Why do 7 day and 30 day figures look low for some dexes?
They are sums of one 24h sample per UTC day, recorded since the feed edition of the harness went live. Until 7 and 30 samples exist, those figures cover the available days and grow toward the full window. The 24h view is always complete.
How often does the page refresh?
The harness polls the info API every 10 minutes and Prometheus scrapes every 30 seconds. The page uses incremental static regeneration with a 60 second window, so headline values are at most about 12 minutes behind the API.
Can I cite a value from this page?
Yes. Every number is a Prometheus query exposed via the OCB API endpoints. The harness source is open at the link in the source field below. Cite the value and the timestamp at the top of the page.
Source code github.com/ChainBench/OpenChainBench/tree/main/harnesses/hyperliquid-frontends