HIP-3 Builders
6 builders operate permissionless perpetual exchanges on Hyperliquid, each with unique collateral, asset coverage, and features. Find the right one for your trading style.
6
Active Builders
109
Total Assets
$3.56B
24h Volume
$1.59B
Total OI
Trade XYZ
The largest HIP-3 DEX — traditional assets, 24/7 trading
Assets
54
24h Volume
$3.17B
Open Interest
$1.44B
Exclusive Assets
33
Stocks (32)Commodities (11)Indices (8)FX (2)Crypto (1)
- •Custom 3-price oracle system (Oracle/Mark/External)
- •Discovery Bounds v2 — dynamic re-anchoring for 24/7 trading
- •Exclusive S&P 500 index perpetual
- •0.5x funding rate scaling (~5.5% annualized)
Growth Mode (51 assets)View profile →
Dreamcash
Low-barrier USDT perpetuals with a mobile-first experience
Assets
15
24h Volume
$297.3M
Open Interest
$63.8M
Exclusive Assets
2
Stocks (8)Indices (3)Commodities (3)Crypto (1)
- •USDT margin — the most widely held stablecoin
- •Up to 40x leverage
- •Mobile-first trading interface
- •Low fee strategy
Growth Mode (13 assets)View profile →
Kinetiq Markets
Community-funded perpetual exchange via crowdsourced staking
Assets
23
24h Volume
$44.6M
Open Interest
$12.1M
Exclusive Assets
13
Stocks (9)Indices (6)Commodities (4)Crypto (3)FX (1)
- •Kinetiq Launch — crowdfund the 500K HYPE deployment stake
- •exLST (Exchange Liquid Staking Token) mechanism
- •Up to 50x leverage
- •Synergy with Kinetiq kHYPE liquid staking
Growth Mode (17 assets)View profile →
HyENA
Trade crypto and earn yield on your margin simultaneously
Assets
24
24h Volume
$27.0M
Open Interest
$54.6M
Exclusive Assets
20
Crypto (22)Commodities (2)
- •USDe margin — earn up to 12% APY while holding positions
- •Built by Based, Hyperliquid's top revenue builder
- •Crypto-focused: BTC, ETH, SOL, HYPE and more
- •~1.11x standard Hyperliquid fee rate
Growth Mode (1 assets)View profile →
Felix Exchange
USDH lending ecosystem extends into perpetual trading
Assets
16
24h Volume
$19.3M
Open Interest
$11.3M
Exclusive Assets
4
Commodities (6)Crypto (5)Stocks (4)Indices (1)
- •Felix Protocol (Liquity V2 fork) — borrow USDH, then trade perps
- •Full-stack DeFi: lending + perpetuals in one ecosystem
- •Partnership with Ondo Finance for spot equity markets
- •Backed by Hyperion DeFi (NASDAQ: HYPD) HAUS protocol
Growth Mode (9 assets)View profile →
Ventuals
Trade pre-IPO companies — OpenAI, SpaceX, and more
Assets
13
24h Volume
$1.3M
Open Interest
$9.7M
Exclusive Assets
13
Indices (8)Pre-IPO (3)Commodities (2)
- •Optimistic Oracle for private company valuations
- •Incubated by Paradigm
- •Pre-IPO: OpenAI, SpaceX, Anthropic, Databricks, etc.
- •Sector indices: MAG7, SEMIS, ROBOT, NUCLEAR, DEFENSE
Growth Mode (8 assets)View profile →