HIP-3 Deployers Guide

HIP-3 launched on October 13, 2025, opening Hyperliquid to permissionless perpetual market deployment. Any builder who stakes 500,000 HYPE can launch their own perp DEX on Hyperliquid's infrastructure — complete with custom oracles, configurable leverage, and independent margining. The deployer ecosystem has grown rapidly, with each builder carving out a distinct niche rather than competing head-to-head.

What makes this ecosystem unique is the diversity of approaches. One deployer focuses on pre-IPO private company valuations. Another uses yield-bearing stablecoins as collateral so your margin earns interest while you trade. A third is backed by Tether and offers mobile-first trading with USDT collateral. The result is a marketplace of specialized trading venues, all running on the same high-performance HyperCore matching engine.

As of early 2026, HIP-3 has surpassed $25 billion in cumulative trading volume with open interest exceeding $1 billion at peak. Over 75,000 unique traders have used HIP-3 markets. Here's who's building what.

TradeXYZ (trade.xyz) is the largest HIP-3 deployer by a wide margin, capturing roughly 90% of all HIP-3 volume. It's the permissionless perpetuals arm of Hyperunit (hyperunit.xyz), Hyperliquid's asset tokenization layer. TradeXYZ was the first HIP-3 deployer, launching immediately after the protocol went live.

Their flagship product is the XYZ100 index — a perpetual tracking the top 100 public companies, functioning as an on-chain Nasdaq-100 equivalent. XYZ100 generated over $1.3 billion in volume within its first three weeks and has accumulated over $12.7 billion in cumulative volume. Beyond the index, TradeXYZ offers individual equity perps (NVDA, TSLA, AAPL, GOOGL, AMZN, MSFT), commodity perps (gold, silver benchmarked against COMEX front-month futures, oil), and forex pairs.

Commodities have become TradeXYZ's biggest volume driver. Silver perps alone generated over $4 billion on a single day (February 5, 2026), driven by historic precious metals prices. If you want the broadest asset coverage on HIP-3, TradeXYZ is where to start.

Ventuals (app.ventuals.com) is the first on-chain derivatives protocol for private, pre-IPO company valuations — and it's one of the most exciting HIP-3 deployers. Want exposure to SpaceX, OpenAI, or Anthropic before they go public? Ventuals makes that possible through synthetic perpetual contracts.

The concept is straightforward: instead of buying actual equity in a private company (which typically requires being an accredited investor with six-figure minimums), you trade a perpetual contract that tracks the company's estimated valuation. The contract price equals the company valuation divided by one billion — so if SpaceX is valued at $800 billion, the perp trades around $800.

Because there are no liquid spot markets for private companies, Ventuals uses a hybrid "optimistic oracle" — one-third weighted from external valuation estimates (via Notice, a data provider tracking mutual fund marks and funding disclosures) and two-thirds from a 2-hour EMA of the on-chain mark price. Hourly funding payments keep the market balanced between longs and shorts.

Ventuals was incubated by alumni from Paradigm (the crypto VC firm) and previously built Shadow, an on-chain data simulation platform. With SpaceX valued at roughly $800 billion and OpenAI targeting a potential trillion-dollar IPO, Ventuals is positioning to serve the estimated $13 trillion private equity market — making it accessible to anyone with a crypto wallet.

Kinetiq (kinetiq.xyz) started as the dominant liquid staking protocol on Hyperliquid, holding over $1 billion in TVL and roughly 82% of the Hyperliquid LST market through their kHYPE token. They expanded into HIP-3 through Markets.xyz, their deployer arm, launching in January 2026.

What makes Kinetiq unique is their LST-powered collateral model. Users deposit kHYPE (which already earns staking yield) to mint kmHYPE, which serves as trading collateral on their Markets platform. This means your staked HYPE continues earning validator rewards while simultaneously being used as margin for trades — capital efficiency that no other deployer offers.

Kinetiq Markets launched with global indices (US500 tracking the S&P 500, USTECH tracking the Nasdaq), bonds (USBOND), commodities (USOIL), forex (EUR), and individual equities (BABA). They use Kaiko for real-time oracle pricing across asset classes. Beyond their own markets, Kinetiq is building an "Exchange-as-a-Service" platform called Launch — enabling any team to deploy their own perp exchange on Hyperliquid through Kinetiq's infrastructure, with crowdfunding rails, governance tooling, and automated fee distribution.

Dreamcash (dreamcash.xyz) takes a different approach: mobile-first, Web2-grade UX for on-chain trading. Built by Supreme Liquid Labs, Dreamcash is notable for being the first HIP-3 deployer to use USDT0 (Tether's omnichain USDT via LayerZero) as collateral — a significant departure from the USDC-denominated standard.

In February 2026, Tether made a strategic investment in Supreme Liquid Labs, signaling serious institutional backing. The collaboration with Tether and Selini Capital (as liquidity provider) launched the first USDT0-collateralized perpetual markets on Hyperliquid. If you hold USDT rather than USDC, Dreamcash is your native venue.

Their market coverage includes equity indexes (S&P 500), individual stocks (TSLA, NVDA, GOOGL, AMZN, META, MSFT), commodities (gold, silver), and over 100 crypto assets with up to 40x leverage. The platform also integrates AI-driven market analytics for opportunity identification and automated strategies. Available on mobile via Google Play.

HyENA (hyena.trade) flips the collateral model on its head. Built by the Based team and backed by the Ethena Foundation, HyENA exclusively uses Ethena's USDe — a synthetic, yield-bearing stablecoin — as collateral. The result: your margin earns up to 12% APY while you trade.

Think about what this means practically. On every other platform, your trading collateral sits idle. On HyENA, that same collateral generates yield. For a trader with $100,000 in margin, that's up to $12,000 per year in passive income on top of whatever trading returns they generate.

HyENA launched with BTC, ETH, SOL, and HYPE perps, crossing $50 million in volume within its first 48 hours. They've also introduced premarket perps for trading assets before a spot market exists, with tighter price clamps than standard Hyperliquid markets. For traders who want their margin working double duty, HyENA is the deployer to watch.

Felix Protocol (usefelix.xyz) is primarily a borrowing and lending protocol on Hyperliquid — the issuer of feUSD, one of the most widely used stablecoins on HyperEVM, with over $400 million in TVL. They extended into HIP-3 as a deployer, launching TSLA-USDH as their first market using RedStone's HyperStone oracle.

Felix's unique angle is the integration between their lending protocol and HIP-3 deployment. Users can mint feUSD from collateral through Felix's CDP system and then use it within the broader Hyperliquid ecosystem. While their HIP-3 footprint is smaller than other deployers, Felix matters because they connect the lending and trading layers of Hyperliquid's DeFi stack.

The right deployer depends on what you're trying to do. If you want the broadest asset coverage and deepest liquidity, start with TradeXYZ. If you want pre-IPO exposure to companies like SpaceX and OpenAI, Ventuals is your only option. If you want your margin earning yield while you trade, HyENA's USDe collateral model is unique. If you hold USDT and want a mobile-first experience, Dreamcash is built for you. If you want your staked HYPE to serve as trading collateral, Kinetiq's kHYPE model does exactly that.

Remember that all HIP-3 deployers run on the same HyperCore infrastructure — the same matching engine, the same on-chain transparency, the same self-custody guarantees. The differences are in asset selection, collateral type, oracle sources, and the additional features each deployer builds around the core trading experience.