HIP-3 Analytics

Builder-deployed perp DEXes on Hyperliquid. Each deployer locks 500K HYPE as collateral and earns 50% of fees on their markets — making HIP-3 a structural HYPE supply sink + a fee multiplier for the Assistance Fund buyback.

HIP-3 activity heatmaps

All times UTC. Colors scale per-chart from the lowest to highest cell value in view.

When is HIP-3 active?

Avg rolling 24h volume by UTC hour × day-of-week, aggregated across all markets in the trailing 28 days. Greener = busier.

Sun

Mon

Tue

Wed

Thu

Fri

Sat

Market × day-of-week

Top 20 markets by total volume in the trailing 28 days. Each row averaged per UTC weekday.

Sun

Mon

Tue

Wed

Thu

Fri

Sat

xyz:CL

xyz:XYZ100

xyz:SP500

xyz:SILVER

xyz:BRENTOIL

xyz:MU

xyz:NVDA

xyz:GOLD

xyz:SNDK

xyz:INTC

xyz:CBRS

cash:INTC

xyz:CRCL

xyz:TSLA

xyz:NATGAS

xyz:EWY

xyz:GOOGL

cash:SILVER

xyz:AMD

cash:USA500

Weekend-trading share

For each market: (avg weekend vol) ÷ (avg weekend + weekday vol). Higher = more of its activity happens on Sat/Sun. Trailing 28 days · UTC. A market needs at least one weekend AND one weekday sample to be ranked.

Warmup: snapshots so far cover only one side of the weekend/weekday split. The first few markets observed are shown below as "pending". Real shares will appear once both day-types are sampled.

Pending — only one day-type observed so far

abcd:USA500

pending

cash:AMZN

pending

cash:BTC

pending

cash:CAR

pending

cash:ETH

pending

Last 24h heatmap

Top 15 markets · 24 hourly snapshots from oldest (left) to most recent (right). Color = rolling 24h volume at that hour.

23h

19h

15h

11h

now

xyz:CL

xyz:XYZ100

xyz:SP500

xyz:BRENTOIL

xyz:SILVER

xyz:NVDA

xyz:MU

xyz:SNDK

xyz:INTC

xyz:CBRS

xyz:NATGAS

cash:INTC

xyz:GOLD

xyz:TSLA

xyz:EWY

🚨 Hot HIP-3 markets26 flagged · top 8ratio = vol/OI · spike = today/7d-median

cash:INTC$31.32M 24h vol · $1.33M OIratio 23.5×

cash:TSLA$7.71M 24h vol · $1.07M OIratio 7.2×

xyz:NATGAS$65.27M 24h vol · $9.49M OIratio 6.9×

hyna:ENA$562.25K 24h vol · $81.83K OIratio 6.9×

cash:HOOD$9.67M 24h vol · $1.44M OIratio 6.7×

cash:CAR$308.97K 24h vol · $53.15K OIratio 5.8×

cash:MSFT$4.29M 24h vol · $777.33K OIratio 5.5×

hyna:SUI$315.78K 24h vol · $59.29K OIratio 5.3×

Builder DEXes live

180 markets

HYPE locked (HIP-3 collateral)

4M HYPE

1.68% of circ · $244.40M

Combined 24h volume

$2.93B

OI $2.60B

Next listing auction

500.0 HYPE

$30.55K · ends in 23h 6m

HIP-3 traction · share of Hyperliquid trading

As HIP-3 grows, fee revenue (and AF buyback capacity) scales with it. Future HIP-4 will appear here as an additional segment.

34.26%

HIP-3 / total HL volume

HIP-3 · $2.93B /day · 8 DEXes

HyperCore · $5.62B /day

View

Core volume approximated as daily_fee / 0.00035 minus HIP-3 volume. Fee rate is HL midpoint; actual rate varies by tier. HIP-3 numbers from the `hip3_market_hourly` snapshot (end-of-day per market).

HIP-3 volume by category · last 90d

3 days · hip3_market_hourly cron

Stacked daily volume per builder-DEX market, categorized by asset class. Categorization is heuristic — appendable in src/lib/hip3-categories.ts as new markets list.

View

Active HIP-3 listing auction

Dutch auction · gas decays linearly from 500 → 0 HYPE over 1d 7h. The winning HYPE bid is locked into the protocol when a deployer claims.

Current gas

500.00 HYPE

$30.55K

Start gas

500 HYPE

$30.55K

Time remaining

23h 6m

Ends 22 May 2026 15:00

Decay so far

0.0%

0.0 HYPE off

All HIP-3 DEXes

Click a row to open its market table. Each deployer earns 50% of trading fees on their markets.

DEX	Markets	24h Volume	OI	Deployer
XYZ xyz	78	$2.78B	$2.46B	0x8880…0888
dreamcash cash	17	$106.06M	$46.30M	0xffa8…eef7
Markets by Kinetiq km	23	$16.56M	$11.11M	0x71f0…29ec
HyENA hyna	25	$13.80M	$47.20M	0x53e6…0637
Ventuals vntl	15	$6.62M	$21.18M	0x8888…beda
Felix Exchange flx	16	$2.95M	$5.47M	0x2fab…6352
Paragon para	5	$337.97K	$1.56M	0x8888…6ed3
ABCDEx abcd	1	$0.00	$0.00	0x372c…857c

HIP-3 markets

Live OI & 24h volume per market. Vol/OI > 2 = 🔥· > 3 = 🚨. Spike score = today's 24h vol ÷ 7-day median (requires ≥3 prior days of snapshots).

Deployer·	Market·	▼OI	·24h Vol	·Vol / OI	·Spike (7d)
xyz	xyz:SP500	$498.42M	$325.55M	0.65	new
xyz	xyz:XYZ100	$333.40M	$372.22M	1.12	new
xyz	xyz:BRENTOIL	$307.31M	$208.97M	0.68	new
xyz	🚨xyz:CL	$199.82M	$640.86M	3.21	new
xyz	xyz:NVDA	$131.16M	$216.98M	1.65	new
xyz	xyz:MU	$126.00M	$189.39M	1.50	new
xyz	xyz:SILVER	$110.17M	$197.15M	1.79	new
xyz	xyz:GOLD	$102.65M	$37.49M	0.37	new
xyz	xyz:TSLA	$50.03M	$37.03M	0.74	new
xyz	xyz:GOOGL	$47.85M	$14.87M	0.31	new
xyz	xyz:SNDK	$46.27M	$80.23M	1.73	new
xyz	🔥xyz:INTC	$40.51M	$82.15M	2.03	new
xyz	xyz:CBRS	$37.17M	$26.31M	0.71	new
xyz	xyz:SPCX	$34.95M	$34.29M	0.98	new
hyna	hyna:BTC	$34.75M	$4.49M	0.13	new
xyz	xyz:SKHX	$33.53M	$12.91M	0.39	new
xyz	xyz:DRAM	$29.58M	$18.50M	0.63	new
xyz	xyz:CRCL	$27.67M	$33.51M	1.21	new
xyz	xyz:META	$27.49M	$6.37M	0.23	new
xyz	xyz:COPPER	$26.75M	$8.09M	0.30	new
xyz	xyz:AMZN	$23.69M	$8.70M	0.37	new
xyz	xyz:AAPL	$22.62M	$5.71M	0.25	new
xyz	xyz:MSFT	$20.07M	$13.06M	0.65	new
cash	cash:USA500	$18.36M	$7.47M	0.41	new
xyz	xyz:AMD	$18.31M	$22.61M	1.23	new
xyz	xyz:MSTR	$16.26M	$7.92M	0.49	new
xyz	xyz:ORCL	$12.47M	$10.05M	0.81	new
xyz	xyz:HOOD	$11.02M	$7.05M	0.64	new
xyz	🚨xyz:NATGAS	$9.49M	$65.27M	6.88	new
xyz	xyz:LITE	$9.41M	$4.80M	0.51	new
xyz	🔥xyz:EWY	$9.32M	$21.49M	2.31	new
xyz	xyz:EUR	$9.21M	$1.37M	0.15	new
xyz	xyz:SMSN	$8.65M	$4.74M	0.55	new
xyz	xyz:BABA	$8.33M	$1.94M	0.23	new
xyz	xyz:JPY	$8.24M	$1.78M	0.22	new
xyz	xyz:TSM	$8.11M	$3.82M	0.47	new
xyz	xyz:CRWV	$6.64M	$8.74M	1.32	new
vntl	vntl:ANTHROPIC	$6.35M	$444.04K	0.07	new
hyna	hyna:ETH	$6.32M	$1.94M	0.31	new
cash	cash:AMZN	$5.71M	$3.93M	0.69	new
xyz	xyz:RKLB	$5.62M	$9.46M	1.68	new
xyz	xyz:COIN	$5.46M	$7.72M	1.41	new
xyz	xyz:PLTR	$5.28M	$6.30M	1.19	new
xyz	xyz:PURRDAT	$5.00M	$8.20M	1.64	new
vntl	vntl:SPACEX	$4.76M	$1.07M	0.22	new
xyz	xyz:MRVL	$4.55M	$3.92M	0.86	new
xyz	xyz:HIMS	$4.53M	$1.92M	0.42	new
cash	cash:META	$4.19M	$2.56M	0.61	new
xyz	xyz:NFLX	$3.46M	$740.05K	0.21	new
vntl	vntl:WHEAT	$3.40M	$314.77K	0.09	new
vntl	vntl:OPENAI	$3.24M	$207.27K	0.06	new
xyz	xyz:PLATINUM	$3.21M	$1.11M	0.35	new
cash	cash:WTI	$3.00M	$2.84M	0.95	new
cash	🚨cash:NVDA	$2.60M	$12.19M	4.70	new
km	🚨km:US500	$2.52M	$8.17M	3.24	new
hyna	hyna:HYPE	$2.40M	$2.87M	1.19	new
cash	🚨cash:SILVER	$2.33M	$11.63M	4.99	new
cash	cash:GOLD	$2.22M	$649.81K	0.29	new
cash	🚨cash:GOOGL	$2.15M	$6.47M	3.02	new
xyz	xyz:PALLADIUM	$2.06M	$416.28K	0.20	new
xyz	xyz:LLY	$1.72M	$1.66M	0.96	new
xyz	xyz:URNM	$1.69M	$429.31K	0.25	new
xyz	🔥xyz:USAR	$1.67M	$3.45M	2.07	new
km	km:USOIL	$1.66M	$865.57K	0.52	new
cash	🚨cash:HOOD	$1.44M	$9.67M	6.72	new
cash	🚨cash:INTC	$1.33M	$31.32M	23.50	new
xyz	xyz:JP225	$1.24M	$258.47K	0.21	new
cash	🚨cash:TSLA	$1.07M	$7.71M	7.19	new
flx	flx:USA500	$995.31K	$906.03	0.00	new
flx	flx:GAS	$979.68K	$32.01K	0.03	new
xyz	xyz:GME	$962.38K	$222.46K	0.23	new
xyz	xyz:HYUNDAI	$947.97K	$856.78K	0.90	new
km	🔥km:USTECH	$936.88K	$2.45M	2.61	new
hyna	hyna:SOL	$901.50K	$1.18M	1.31	new
hyna	hyna:1000PEPE	$898.81K	$96.58K	0.11	new
km	km:USBOND	$885.92K	$624.75K	0.71	new
cash	🚨cash:EWY	$878.73K	$4.60M	5.23	new
xyz	xyz:RIVN	$826.20K	$924.82K	1.12	new
km	km:EUR	$793.34K	$652.64K	0.82	new
para	para:OTHERS	$783.61K	$271.77K	0.35	new
xyz	xyz:ZM	$782.76K	$394.37K	0.50	new
km	km:BMNR	$779.43K	$173.08K	0.22	new
cash	🚨cash:MSFT	$777.33K	$4.29M	5.51	new
xyz	xyz:XLE	$763.00K	$1.26M	1.66	new
hyna	hyna:DOGE	$739.28K	$424.82K	0.57	new
vntl	🚨vntl:MAG7	$733.32K	$3.42M	4.66	new
xyz	xyz:BIRD	$702.91K	$208.96K	0.30	new
vntl	vntl:ENERGY	$691.33K	$136.69K	0.20	new
vntl	vntl:SOY	$681.08K	$570.63K	0.84	new
km	km:NVDA	$657.83K	$679.29K	1.03	new
xyz	xyz:EWJ	$588.09K	$723.85K	1.23	new
para	para:BTCD	$487.42K	$49.49K	0.10	new
flx	flx:TSLA	$486.61K	$209.30K	0.43	new
flx	flx:OIL	$480.85K	$765.63K	1.59	new
flx	🔥flx:SILVER	$430.34K	$1.01M	2.35	new
km	km:SILVER	$426.57K	$774.47K	1.82	new
xyz	xyz:KR200	$401.91K	$449.16K	1.12	new
flx	flx:NVDA	$397.17K	$267.09K	0.67	new
vntl	vntl:INFOTECH	$383.61K	$4.95K	0.01	new
km	km:GOOGL	$356.32K	$138.41K	0.39	new
km	km:GOLD	$335.83K	$141.05K	0.42	new
vntl	vntl:SEMIS	$328.97K	$212.95K	0.65	new
flx	flx:CRCL	$327.17K	$15.99K	0.05	new
flx	flx:PALLADIUM	$301.41K	$187.15K	0.62	new
flx	flx:USDE	$299.23K	$2.00K	0.01	new
flx	flx:GOLD	$286.85K	$65.06K	0.23	new
para	para:TOTAL2	$284.27K	$14.06K	0.05	new
km	km:MU	$248.95K	$202.38K	0.81	new
km	km:USENERGY	$242.47K	$178.52K	0.74	new
km	km:BABA	$241.88K	$119.83K	0.50	new
flx	flx:COPPER	$231.69K	$1.64K	0.01	new
km	🔥km:TSLA	$231.46K	$477.94K	2.06	new
xyz	xyz:COST	$228.67K	$350.85K	1.53	new
cash	🔥cash:KWEB	$197.24K	$428.09K	2.17	new
xyz	xyz:GBP	$196.51K	$149.85K	0.76	new
vntl	vntl:DEFENSE	$191.90K	$44.50K	0.23	new
flx	flx:PLATINUM	$173.92K	$63.48K	0.37	new
vntl	vntl:ROBOT	$172.38K	$108.54K	0.63	new
hyna	hyna:PUMP	$170.89K	$142.19K	0.83	new
km	km:AAPL	$169.25K	$62.61K	0.37	new
vntl	vntl:NUCLEAR	$162.95K	$79.60K	0.49	new
hyna	hyna:BNB	$152.96K	$68.38K	0.45	new
km	🚨km:SMALL2000	$152.20K	$516.51K	3.39	new
km	km:TENCENT	$145.74K	$90.84K	0.62	new
xyz	xyz:EWZ	$143.63K	$217.79K	1.52	new
km	km:XIAOMI	$141.38K	$121.72K	0.86	new
hyna	🚨hyna:ZEC	$140.19K	$713.58K	5.09	new
hyna	hyna:XRP	$136.21K	$145.10K	1.07	new
hyna	hyna:LIGHTER	$98.72K	$152.44K	1.54	new
hyna	🚨hyna:ENA	$81.83K	$562.25K	6.87	new
hyna	hyna:FARTCOIN	$79.96K	$100.96K	1.26	new
km	km:SEMI	$76.85K	$62.03K	0.81	new
vntl	vntl:BIOTECH	$74.87K	$6.22K	0.08	new
flx	🚨flx:COIN	$70.92K	$324.55K	4.58	new
hyna	hyna:BASED	$64.20K	$52.29K	0.81	new
hyna	🚨hyna:SUI	$59.29K	$315.78K	5.33	new
xyz	xyz:BX	$58.28K	$23.79K	0.41	new
cash	🚨cash:CAR	$53.15K	$308.97K	5.81	new
xyz	xyz:DKNG	$49.01K	$63.51K	1.30	new
hyna	hyna:LTC	$48.18K	$93.06K	1.93	new
hyna	hyna:ADA	$45.28K	$69.83K	1.54	new
km	km:PLTR	$44.00K	$62.70K	1.43	new
hyna	🚨hyna:LINK	$42.77K	$142.86K	3.34	new
xyz	xyz:EBAY	$41.08K	$59.46K	1.45	new
km	km:RTX	$34.06K	$3.48K	0.10	new
km	km:GLDMINE	$30.23K	$3.15K	0.10	new
hyna	🔥hyna:XPL	$22.99K	$54.27K	2.36	new
hyna	🚨hyna:XMR	$22.01K	$76.95K	3.50	new
hyna	🚨hyna:BCH	$17.68K	$68.74K	3.89	new
hyna	🔥hyna:IP	$14.53K	$41.10K	2.83	new
flx	flx:XMR	$11.42K	$4.90K	0.43	new
para	🚨para:AVGO	$547.62	$2.64K	4.83	new
flx	flx:USA100	$112.72	$0.00	0.00	new
xyz	xyz:URANIUM	$0.00	$0.00	0.00	new
xyz	xyz:ALUMINIUM	$0.00	$0.00	0.00	new
xyz	xyz:DXY	$0.00	$0.00	0.00	new
xyz	xyz:SOFTBANK	$0.00	$0.00	0.00	new
xyz	xyz:KIOXIA	$0.00	$0.00	0.00	new
xyz	xyz:VIX	$0.00	$0.00	0.00	new
xyz	xyz:CORN	$0.00	$0.00	0.00	new
xyz	xyz:WHEAT	$0.00	$0.00	0.00	new
xyz	xyz:TTF	$0.00	$0.00	0.00	new
xyz	xyz:VOL	$0.00	$0.00	0.00	new
xyz	xyz:KRW	$0.00	$0.00	0.00	new
xyz	xyz:H100	$0.00	$0.00	0.00	new
xyz	xyz:NIFTY	$0.00	$0.00	0.00	new
xyz	xyz:ARM	$0.00	$0.00	0.00	new
xyz	xyz:EWT	$0.00	$0.00	0.00	new
xyz	xyz:IBOV	$0.00	$0.00	0.00	new
flx	flx:BTC	$0.00	$0.00	0.00	new
vntl	vntl:GOLDJM	$0.00	$0.00	0.00	new
vntl	vntl:SILVERJM	$0.00	$0.00	0.00	new
hyna	hyna:LIT	$0.00	$0.00	0.00	new
hyna	hyna:SILVER	$0.00	$0.00	0.00	new
hyna	hyna:GOLD	$0.00	$0.00	0.00	new
km	km:JPN225	$0.00	$0.00	0.00	new
abcd	abcd:USA500	$0.00	$0.00	0.00	new
cash	cash:BTC	$0.00	$0.00	0.00	new
cash	cash:ETH	$0.00	$0.00	0.00	new
para	para:H100	$0.00	$0.00	0.00	new

Kinetiq spotlight

Cross-product economics for KNTQ holders. KM (HIP-3 perp DEX) + KHYPE (liquid-staked HYPE) + KNTQ (governance token).

Open Kinetiq spotlight →

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