State of HIP-3: September 2026
A monthly snapshot of Hyperliquid's builder-deployed perp markets: who runs them, what trades, how fees and caps are set, and what changed.
Key findings
- 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%.
- 140 of 150 active markets ran in growth mode, where taker fees are 0.1x to 0.2x the core-perp rate.
- Across the 15-day observation window, total HIP-3 open interest fell 3.1%.
- Deployers made 112 observed configuration changes, including 10 new listings and 18 open-interest cap changes.
Data frozen 2026-09-28 00:15 UTC. Configuration history covers 2026-09-12 to 2026-09-27 (60 six-hourly official snapshots). Volume is the rolling 24 hours at publication. Download the market CSV
- HIP-3 open interest
- $3.96B
- Share of Hyperliquid OI
- 23%
- 24h volume
- $719.5M
- Active markets
- 150 / 294
- Active DEXs
- 4 / 10
- Largest DEX share
- 97.8%
Open interest over the window
Summed from each saved snapshot's per-DEX open interest (mark price × contracts). Change over the window: -3.1%.
Who runs HIP-3
- XYZ$3.88B
- EntropyIO$59.85M
- Paragon$17.72M
- Markets By Kinetiq$8.73M
| DEX | Active / listed | Open interest | 24h volume | Cap used | Growth mode |
|---|---|---|---|---|---|
| XYZ | 109 / 126 | $3.88B | $678.75M | 38.8% | 104 |
| EntropyIO | 8 / 11 | $59.85M | $24.22M | 19.9% | 8 |
| Paragon | 29 / 36 | $17.72M | $5.44M | 35.4% | 24 |
| Markets By Kinetiq | 4 / 24 | $8.73M | $11.09M | 8.7% | 4 |
| Felix Exchange | 0 / 16 | $0 | $0 | 0.0% | 0 |
| Ventuals | 0 / 15 | $0 | $0 | 0.0% | 0 |
| HyENA | 0 / 25 | $0 | $0 | 0.0% | 0 |
| Markets by Kinetiq | 0 / 23 | $0 | $0 | 0.0% | 0 |
| ABCDEx | 0 / 1 | $0 | $0 | 0.0% | 0 |
| dreamcash | 0 / 17 | $0 | $0 | 0.0% | 0 |
Concentration index (HHI): 9,572 of 10,000. 6 registered DEXs had no active markets at publication.
What trades on HIP-3
- stocks$2.49B
- commodities$830.8M
- indices$536.4M
- fx$51.87M
- preipo$44.87M
- crypto$5.4M
- rates$1.32M
- uncategorized$1.28M
- stock$155K
Categories come from Hyperliquid's own perpCategories metadata.
Largest by open interest
Caps and fees
0 markets were at their open-interest cap at publication. The markets closest to their caps (with at least $1M open interest):
- ANTH84%
- CRCL72%
- OAI68%
- NBIS62%
- SOXL58%
- SNDK50%
- SKHY48%
- DRAM48%
- SILVER47%
- TSLA47%
140 markets ran in growth mode and 10 on a standard fee scale (9 at 100%, 1 at 50%).
- November 202516
- December 20259
- January 202612
- February 20267
- March 20267
- April 202610
- May 202613
- June 202614
- July 202616
- August 202629
- September 202613
Only the latest change per market is public, so earlier changes to the same market are not counted.
- Up to 5x4 markets
- 6x-10x104 markets
- 11x-20x31 markets
- 21x-50x11 markets
- Over 50x0 markets
What changed
112 configuration changes were observed between 2026-09-12 to 2026-09-27. Each is dated by the snapshot that first showed it, not the exact moment it happened.
| Field | Changes |
|---|---|
| fundingMultiplier | 29 |
| fundingInterestRate | 24 |
| oiCapUsd | 18 |
| isDelisted | 11 |
| listed or removed | 10 |
| growthMode | 7 |
| marginMode | 6 |
| maxLeverage | 3 |
| marginTableId | 3 |
| feeRecipient | 1 |
New listings: io:DRAM, io:PRL, mkts:BVIV, para:DRV, xyz:CVX, xyz:HO, xyz:LRCX, xyz:OURA, xyz:TLT, xyz:UMC.
Delisted: mkts:BVIV.
| Market | Cap change | First seen |
|---|---|---|
| xyz:INTC | $250M → $350M | 2026-09-22 |
| xyz:META | $150M → $200M | 2026-09-22 |
| xyz:MSTR | $100M → $150M | 2026-09-22 |
| xyz:AVGO | $25M → $75M | 2026-09-22 |
| xyz:ZHIPU | $50M → $100M | 2026-09-22 |
| para:30Y | $0 → $25M | 2026-09-24 |
| para:2Y | $0 → $25M | 2026-09-24 |
| xyz:TLT | $0 → $25M | 2026-09-17 |
| xyz:BABA | $25M → $50M | 2026-09-15 |
| xyz:SOXL | $25M → $50M | 2026-09-15 |
Method and limits
- DEX, market, cap, fee, and leverage fields come from HypeBasis's six-hourly snapshots of the official perpDexs, allPerpMetas, perpDexLimits, perpDexStatus, perpsAtOpenInterestCap, and metaAndAssetCtxs responses.
- Volume, categories, and the core-perp totals used for market share come from the public info endpoint when the edition was built. Volume is one rolling 24-hour reading, not a monthly total.
- The configuration history covers only the window shown. The store keeps 15 days of snapshots, so each edition freezes its own data to keep month-over-month comparisons possible.
- Open interest is mark price × contracts and describes exposure, not direction. Nothing here is a trade signal.
Cite as: HypeBasis, “State of HIP-3: September 2026”, https://hypebasis.io/research/state-of-hip-3/2026-09. Live versions of these numbers: the HIP-3 directory and capacity history.
Sources
3 references · ExpandCollapse
- Hyperliquid Docs: HIP-3 builder-deployed perpetualsAccessed 2026-09-04Supports: HIP-3 builder-deployed perp mechanics, deployer responsibilities, 500,000 HYPE staking requirement, minimum stake duration, deployment rules, configurable fees, settlement, oracle duties, slashing risk, cross margin, and backstop liquidation.
- Hyperliquid Docs: Perpetuals info endpointAccessed 2026-09-04Supports: Core and HIP-3 perpetual DEX discovery, current market contexts including rolling dayNtlVlm, perpetual metadata, funding history, predicted funding, DEX and market limits, DEX status, configuration metadata, clearinghouse state, and open-interest cap fields.
- Hyperliquid Docs: FeesAccessed 2026-08-26Supports: Rolling 14-day volume tiers, perps and spot fee schedules, HIP-3 deployer fee scale and growth mode, strict HYPE staking-tier thresholds and discounts, referral fee formula and limits, staking-account linking risks, fee-model caveats, fee distribution to HLP, the assistance fund, and deployers, the assistance fund system address, and burn recognition of assistance-fund HYPE.