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30 changes: 15 additions & 15 deletions benchmarks/hyperliquid-hip3-deployers.yml
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Expand Up @@ -3,8 +3,8 @@
slug: hyperliquid-hip3-deployers
number: "035"
title: Hyperliquid HIP-3 deployer revenue leaderboard
seo_title: "Hyperliquid HIP-3 dexes 2026: deployer fee revenue USD live (trade.xyz, Ventuals and 5 others) over 24h, 7d, 30d"
seo_description: "Live USD revenue collected by every HIP-3 builder-deployed dex on Hyperliquid via the on chain deployerFee field. trade.xyz, Ventuals and 5 other deployers ranked by 24h, 7d and 30d fees, with volume, unique traders and market counts. Data source is a local hl node tailing the mainnet fill stream."
seo_title: "Hyperliquid HIP-3 dexes 2026: deployer fee revenue USD live (trade.xyz, Ventuals, Felix, HyENA, Kinetiq, Dreamcash, Paragon)"
seo_description: "Live USD revenue collected by every HIP-3 builder-deployed dex on Hyperliquid via the on chain deployerFee field. trade.xyz, Ventuals, Dreamcash, Kinetiq, HyENA, Felix and Paragon ranked by 24h, 7d and 30d fees, with volume, unique traders and market counts, from a local hl node tailing the mainnet fill stream."
subtitle: How much USD deployer fee revenue each HIP-3 builder-deployed dex collected over the rolling 24h, 7 day and 30 day windows. Data from a local hl node tailing every fill on mainnet.
category: Trading
status: live
Expand All @@ -13,7 +13,7 @@ unit: usd
higher_is_better: true

disclaimer: |
Ranking is by raw deployer fee revenue in USD, not by value for traders. Bigger number means more fees collected via the on chain deployerFee field on the dex's namespaced markets. For the trader cost perspective, switch to the Effective fee bps companion tab. Core Hyperliquid markets (no namespace) carry no deployer fee and are excluded. Some dex namespaces are not yet matched to a public brand; they are listed under their on chain namespace until identified.
Ranking is by raw deployer fee revenue in USD, not by value for traders. Bigger number means more fees collected via the on chain deployerFee field on the dex's namespaced markets. For the trader cost perspective, switch to the Effective fee bps companion tab. Core Hyperliquid markets (no namespace) carry no deployer fee and are excluded. Every namespace is matched to its operating team via the on chain perpDexs registry (deployer address and full name are public).

seo_intro: |
This page answers one question. Which HIP-3 builder-deployed dex on
Expand Down Expand Up @@ -63,7 +63,7 @@ methodology:
- "Effective fee bps. Deployer fees divided by notional volume, times ten thousand, over the rolling 24h window. The trader perspective on what a representative dollar of flow paid the dex operator."
- "Window mechanics. Hourly buckets per dex go back 30 days in memory and are pruned on every publish. Per fill state is never retained; the largest dex clears about 4 million fills per day, so the bench aggregates at ingestion time instead of keeping fill level granularity."
- "30 day caveat. The node retains hourly fill files for a bounded horizon and the harness backfill reads what exists on disk. Until 30 full days of history accumulate, the 30d figures cover the available horizon and grow toward the full window."
- "Naming. xyz is trade.xyz and vntl is Ventuals, both publicly documented. Other namespaces (cash, km, hyna, flx, para) are listed under their on chain prefix until the operating team is identified; the attribution and the numbers are exact either way."
- "Naming. Every namespace is resolved against the on chain perpDexs registry, which publishes the deployer address and full name: xyz is trade.xyz, vntl is Ventuals, cash is Dreamcash, km is Markets by Kinetiq, hyna is HyENA by the Based team, flx is Felix Exchange, para is Paragon. Attribution is by namespace prefix either way, so the numbers do not depend on naming."
- "Reproducibility. Harness source is open in the OCB harness tree. Anyone running their own hl node can clone, point the data flag at their node_fills_by_block hourly root, run the binary against a Prometheus scraper, and reproduce these metrics."
- "Failures. Any read error on the hourly files leaves the previous gauge values in place. Hourly bucket pruning is idempotent. Restarts replay the warmup window from disk before going live tail, and reseed the user sets from history in the background."

Expand All @@ -83,7 +83,7 @@ faq:
- q: "Where does the data come from?"
a: "A local hl node operated on OCB infrastructure tails the Hyperliquid mainnet. The node writes every block of fills to disk; a Go harness running on the same host reads these files continuously, attributes namespaced fills to their dex, and aggregates per hour. No third party API, no internal Mobula service."
- q: "How are dexes identified?"
a: "By their on chain coin namespace. Every HIP-3 market trades under a prefix (xyz:AAPL, vntl:MAG7, km:US500) that is unique to its deployer. The harness discovers the set dynamically from the fill stream and starts metering a brand new deployer with its first fill; the page lists each new namespace after a short spec review. Namespaces not yet matched to a public brand are listed under the raw prefix."
a: "By their on chain coin namespace. Every HIP-3 market trades under a prefix (xyz:AAPL, vntl:MAG7, km:US500) that is unique to its deployer. The harness discovers the set dynamically from the fill stream and starts metering a brand new deployer with its first fill; the page lists each new namespace after a short spec review. Operating teams are resolved from the on chain perpDexs registry, which publishes each namespace deployer address and full name."
- q: "Why is trade.xyz so far ahead?"
a: "It operates the deepest tokenized equity and commodity catalog on Hyperliquid, more than 70 markets including the large cap US names, and captures the bulk of HIP-3 open interest. Deployer revenue is volume times fee policy, and xyz leads on both breadth and notional."
- q: "What does the Effective fee bps column tell me?"
Expand Down Expand Up @@ -116,8 +116,8 @@ providers:
series: hl_hip3_deployer_fees_usd_24h{dex="xyz"}

- slug: cash
name: cash
tag: HIP-3 namespace, equities and ETFs, full name pending identification
name: Dreamcash
tag: Tokenized equities and ETFs under the cash namespace, by Dreamcash
formula: "USD deployer fees collected over the rolling 24h window, summed across every fill on cash namespaced markets in the local hl-node stream."
queries:
p50: hl_hip3_deployer_fees_usd_24h{dex="cash"}
Expand All @@ -129,8 +129,8 @@ providers:
series: hl_hip3_deployer_fees_usd_24h{dex="cash"}

- slug: km
name: km
tag: HIP-3 namespace, equities and index baskets, full name pending identification
name: Markets by Kinetiq
tag: Equity and index basket perps under the km namespace, by Kinetiq
formula: "USD deployer fees collected over the rolling 24h window, summed across every fill on km namespaced markets in the local hl-node stream."
queries:
p50: hl_hip3_deployer_fees_usd_24h{dex="km"}
Expand All @@ -155,8 +155,8 @@ providers:
series: hl_hip3_deployer_fees_usd_24h{dex="vntl"}

- slug: hyna
name: hyna
tag: HIP-3 namespace, full name pending identification
name: HyENA
tag: USDe margined perps under the hyna namespace, by the Based team
formula: "USD deployer fees collected over the rolling 24h window, summed across every fill on hyna namespaced markets in the local hl-node stream."
queries:
p50: hl_hip3_deployer_fees_usd_24h{dex="hyna"}
Expand All @@ -168,8 +168,8 @@ providers:
series: hl_hip3_deployer_fees_usd_24h{dex="hyna"}

- slug: flx
name: flx
tag: HIP-3 namespace, commodities, full name pending identification
name: Felix Exchange
tag: Commodity and macro perps under the flx namespace, by Felix
formula: "USD deployer fees collected over the rolling 24h window, summed across every fill on flx namespaced markets in the local hl-node stream."
queries:
p50: hl_hip3_deployer_fees_usd_24h{dex="flx"}
Expand All @@ -181,8 +181,8 @@ providers:
series: hl_hip3_deployer_fees_usd_24h{dex="flx"}

- slug: para
name: para
tag: HIP-3 namespace, full name pending identification
name: Paragon
tag: Crypto index perps (BTC.D, TOTAL2, OTHERS) under the para namespace
formula: "USD deployer fees collected over the rolling 24h window, summed across every fill on para namespaced markets in the local hl-node stream."
queries:
p50: hl_hip3_deployer_fees_usd_24h{dex="para"}
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13 changes: 13 additions & 0 deletions public/logos/hyna.svg
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1 change: 1 addition & 0 deletions public/logos/km.svg
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58 changes: 58 additions & 0 deletions src/data/provider-registry.ts
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Expand Up @@ -1045,6 +1045,64 @@ export const PROVIDER_REGISTRY: Record<string, ProviderRegistryEntry> = {
"Deployer fee collected via the on-chain deployerFee field",
],
},
cash: {
url: "https://dreamcash.io",
description:
"Dreamcash operates the cash HIP-3 namespace on Hyperliquid, deploying tokenized equity and ETF perp markets that complement its mobile trading app (which also routes orders with a registered builder code).",
twitter: "@Dreamcash",
chains: ["hyperliquid"],
parent: "dreamcash",
features: [
"Tokenized equity and ETF perpetuals",
"HIP-3 namespace cash on HyperCore",
"Deployer fee collected via the on-chain deployerFee field",
],
},
km: {
url: "https://kinetiq.xyz",
description:
"Markets by Kinetiq is the HIP-3 dex of Kinetiq, the Hyperliquid liquid staking protocol; it deploys equity and index basket perp markets under the km namespace.",
chains: ["hyperliquid"],
features: [
"Equity and index basket perpetuals",
"HIP-3 namespace km on HyperCore",
"Operated by the Kinetiq liquid staking team",
],
},
hyna: {
url: "https://hyena.trade",
description:
"HyENA is a USDe-margined perp dex on Hyperliquid built by the Based team with Ethena support, running under the hyna HIP-3 namespace.",
chains: ["hyperliquid"],
features: [
"USDe collateral perpetual markets",
"HIP-3 namespace hyna on HyperCore",
"Built by the Based team with Ethena support",
],
},
flx: {
url: "https://usefelix.xyz",
description:
"Felix Exchange is the HIP-3 dex of Felix, the Hyperliquid-native lending and stablecoin protocol; it deploys commodity and macro perp markets under the flx namespace.",
chains: ["hyperliquid"],
features: [
"Commodity and macro perpetuals",
"HIP-3 namespace flx on HyperCore",
"Operated by the Felix protocol team",
],
},
para: {
url: "https://paragon.trade",
description:
"Paragon turns crypto-native indices (BTC dominance, TOTAL2, OTHERS) into perpetual futures on Hyperliquid under the para HIP-3 namespace, settled in USDC with cross-margin.",
twitter: "@tradeparagon",
chains: ["hyperliquid"],
features: [
"Crypto index perpetuals (BTC.D, TOTAL2, OTHERS)",
"HIP-3 namespace para on HyperCore",
"Deployer fee collected via the on-chain deployerFee field",
],
},
};

/**
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5 changes: 5 additions & 0 deletions src/lib/logo-manifest.ts
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Expand Up @@ -159,6 +159,11 @@ const RAW: Record<string, string> = {
// ─── Hyperliquid HIP-3 deployers (bench № 035) ───
xyz: "/logos/xyz.png",
vntl: "/logos/vntl.png",
cash: "/logos/dreamcash.png",
km: "/logos/km.svg",
hyna: "/logos/hyna.svg",
flx: "/logos/flx.png",
para: "/logos/para.jpg",

// ─── Hyperliquid frontends registry expansion (8 → 60) ───
"trust-wallet": "/logos/trust-wallet.png",
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