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Builder exchanges (HIP-3)
Perp exchanges that others deploy on Hyperliquid, with their own markets and rules.
Since HIP-3, others can deploy their own perp exchanges on Hyperliquid. Each has a deployer address, its own markets, open-interest caps, funding settings and fees, and settles in a token of its choosing.
New listings on any of them are sold by one shared Dutch auction, priced in HYPE.
On 2026-10-04, 10 builder exchanges existed; 4 had live markets, and xyz (trade.xyz) held 97.7% of their open interest.
Live
Open interest of each builder exchange with live markets, now.