# Hyperliquid HIP-3 Markets: Equity and RWA Perps > Hyperliquid HIP-3 markets: open interest, volume and funding for each builder-deployed perp, from equity and RWA perps to crypto, with each deployer's stake. Markdown copy of https://voltfincrypto.com/apps/hyperliquid-hip3-markets **Question:** Which HIP-3 markets on Hyperliquid carry the most open interest and volume? - Kind: Dashboard in Voltfin Vantage - Topic: [DeFi](https://voltfincrypto.com/topics/defi) - Chains: Hyperliquid - Status: Planned. The data is not published yet, so this page states no figure; each figure will open its receipt when it is. HIP-3 lets builders deploy their own perpetual markets on Hyperliquid's HyperCore. A deployer stakes HYPE, runs a separate perp DEX with its own oracle and fee settings, and lists markets that Hyperliquid does not list itself, such as perps on equities, indices, commodities and other real-world assets. This dashboard follows every one of those markets. For each market it reads open interest, volume, funding and the oracle price from HyperCore state, and for each deployer the HYPE it has staked as a bond. Open interest is counted on one side, as on Hyperliquid's own markets, and every figure names the L1 block it was read at. ## Blueprint ### Markets Every HIP-3 market's open interest, volume and funding. - **HIP-3 open interest** (USD): Open interest across every HIP-3 market at the latest read, one side, at oracle prices. - **HIP-3 volume, 24 hours** (USD): Notional traded across HIP-3 markets over the trailing day, from each market's day volume. - **HIP-3 markets** (count): Markets listed across all builder-deployed DEXs at the latest read. - **Share of Hyperliquid open interest** (%): HIP-3 open interest as a share of all Hyperliquid perp open interest at the same read. - **Every HIP-3 market**: Each market with its DEX, underlying, open interest, day volume, hourly funding, oracle price and maximum leverage. - **Open interest by market** (USD): Each HIP-3 market's open interest at the latest read, grouped by DEX. ### Deployers HIP-3 DEXs, their deployers' stake and open interest over time. - **HIP-3 DEXs** (count): Builder-deployed perp DEXs live on HyperCore at the latest read. - **HYPE staked by deployers** (HYPE): HYPE staked by all HIP-3 deployers, from HyperCore staking state. - **Open interest by DEX** (USD): Each HIP-3 DEX's share of HIP-3 open interest at the latest read. - **HIP-3 open interest by day** (USD): HIP-3 open interest at each day's first L1 block after 00:00 UTC, stacked by DEX. Filters: HIP-3 DEX (Every HIP-3 DEX by name, or all); Period (Last 7, 30 or 90 days). ## How it will be measured - HIP-3 DEXs, their deployers, names and fee settings come from HyperCore's perpDexs list, and each DEX's markets from its own perp universe metadata. - Open interest, funding, mark price, oracle price and day volume come from metaAndAssetCtxs for each HIP-3 DEX, stored with the L1 block height of the read; open interest is one side, at the oracle price. - Each market's oracle is set by its deployer, so oracle updates are recorded per market to show how often its price is refreshed. - Deployer stake is read from HyperCore staking state for each deployer address, and daily history uses a snapshot at the first L1 block after 00:00 UTC. ## Data it needs - `perps_markets_daily` (to build): Volume, open interest, funding rates and fees per market on on-chain perpetual exchanges, per day. - Source: HyperCore perpDexs list: deployer, name and fee settings - Source: metaAndAssetCtxs for each HIP-3 DEX: openInterest, funding, markPx, oraclePx and dayNtlVlm - Source: Deployer HYPE stake from HyperCore staking state - Source: HIP-3 oracle price updates per market - Source: Daily snapshots at the first L1 block after 00:00 UTC for history ## Questions ### What is HIP-3 on Hyperliquid? A Hyperliquid improvement proposal that lets anyone who stakes enough HYPE deploy a perpetual futures DEX on HyperCore. The deployer chooses the markets, runs their oracle and sets fees within limits, while Hyperliquid's chain handles matching, margin and liquidations. ### What can HIP-3 markets trade? Any asset a deployer can price with an oracle: equities, indices, commodities, currencies and crypto assets Hyperliquid does not list itself. Equity and other real-world asset perps track a reference price and do not hold the underlying asset. ### Why do HIP-3 deployers stake HYPE? The stake is a bond for running markets honestly. Validators can slash it if a deployer misbehaves, for example with a faulty or manipulated oracle, which gives deployers a reason to maintain their markets. ### How do HIP-3 markets differ from Hyperliquid's own? They add a dependency on the deployer's oracle and settings, and their books are often thinner. For equity perps, the hours when the underlying market is closed can matter too. The dashboard shows oracle update frequency and open interest so readers can judge each market. ### How is HIP-3 open interest counted? On one side, in coins and in USD at the oracle price, the same way as Hyperliquid's own markets. Longs and shorts are not added together. ## Glossary - **HIP-3**: Hyperliquid's standard for builder-deployed perpetual DEXs, each with its own markets, oracle and fee settings on HyperCore. - **Deployer stake**: The HYPE a HIP-3 deployer stakes as a bond, which validators can slash for misconduct. - **Equity perp**: A perpetual future that tracks a stock or stock index price, settled in stablecoins, without holding the shares. ## Related apps - [Hyperliquid Open Interest and Funding Rates](https://voltfincrypto.com/apps/hyperliquid-open-interest-funding) - [Perp DEX Volume and Market Share by Venue](https://voltfincrypto.com/apps/perp-dex-volume-market-share) - [Tokenized Stocks Market Cap by Issuer and Chain](https://voltfincrypto.com/apps/tokenized-stocks-market-cap) - [Hyperliquid Whale Tracker: Largest Open Positions](https://voltfincrypto.com/apps/hyperliquid-whale-tracker) - [Hyperliquid Revenue and HYPE Buybacks](https://voltfincrypto.com/apps/hyperliquid-revenue-buybacks) - [DeFi Liquidations Tracker: Lending and Perp DEXs](https://voltfincrypto.com/apps/defi-liquidations-tracker) Build it in Voltfin Studio: https://app.voltfincrypto.com/signup?next=%2F