The State of HIP-3: Every Builder-Deployed Market on Hyperliquid

HIP-3 lets anyone deploy a perpetual futures market on Hyperliquid by staking HYPE, without a validator vote for each listing. The deployer, called the builder, runs the oracle feed that sets the mark price and chooses the contract parameters: max leverage, margin table, and the streaming open-interest cap that bounds how much risk the market can carry. Matching, margin and settlement stay on HyperCore, so a HIP-3 position sits in the same account and the same USDC collateral pool as a native BTC perp.

Two things differ in practice. Fees are higher: 0.09% taker and 0.03% maker at base tier against 0.045% and 0.015% on native perps, with the difference routing to the builder. And the oracle is the builder's responsibility rather than the validator set's, which is why who deployed a market is a real consideration and not trivia. The mechanics are covered in full in our guide to HIP-3 and builder codes, and what trade.xyz is covers the largest builder by market count.

Start with open interest against the OI cap in the table above. A market already near its streaming cap cannot absorb much more size, and new positions can be rejected regardless of your margin. Then look at 24h volume: a market showing a tight-looking price with almost no volume will not fill at that price in any size, and several markets in this registry sit at zero.

Check the builder, because the builder runs the oracle your mark price and your liquidation both reference. Check the max leverage, which builders set per market and which is usually far below the native perp cap, since it is also what sets the maintenance margin underneath your position. And for equity and commodity markets, know what happens when the underlying venue is closed, which our after-hours trading guide covers.

Source. Every field comes from the public Hyperliquid API at api.hyperliquid.xyz/info. The venue list, deployer addresses and per-asset streaming open-interest caps come from the perpDexs endpoint. Price, 24h volume, open interest, funding rate, max leverage and listing status come from metaAndAssetCtxs, queried once per venue.

Snapshot. The table is built at deploy time and then refreshed in your browser on page load, so the figures you see are current rather than as-built. The caption states which of the two you are looking at. Open interest in USD is the API's base-unit open interest multiplied by the mark price.

Status. A market is shown as Delisted when the API marks it isDelisted, and Live otherwise. Delisted markets are hidden by default and can be shown with the checkbox.

Gaps. Nothing here is estimated or filled in. The Hyperliquid API does not publish a deployment date per market, so this registry does not carry one rather than inferring it. Where a builder has not published a streaming OI cap for an asset, the OI cap cell is blank rather than zero. Where the API returns no context for a market, its price cell is blank. A blank cell always means the data was unavailable, never that the value is nil.

Fees. The 0.09% taker and 0.03% maker figures cited above are Hyperliquid's published base-tier schedule for HIP-3 builder markets, not an API field. Builders cannot set them per market, so they are stated once here rather than as a column.