State of HIP-3
A monthly snapshot of Hyperliquid's builder-deployed perp markets, frozen from official data so every number stays citable.
Latest: September 2026
- 150 HIP-3 markets were active across 4 of 10 builder DEXs, holding $3.96B in open interest, 23% of all Hyperliquid perp open interest.
- XYZ (xyz) held 97.8% of HIP-3 open interest. The concentration index (HHI) was 9,572 out of 10,000, where anything above 2,500 counts as highly concentrated.
- Stocks made up 119 markets and 63% of open interest, followed by commodities at 21%.