Question 1

What is a HIP-3 deployer on Hyperliquid?

Accepted Answer

A HIP-3 deployer is the entity that stakes 500K HYPE to deploy a permissionless perpetual DEX on Hyperliquid, earning 50% of trading fees from its markets.

Question 2

How do I choose which HIP-3 DEX to trade on?

Accepted Answer

Consider three factors: (1) which asset classes you want to trade, (2) what collateral or margin you hold (USDC, USDH, USDe, or USDT), and (3) unique DEX features like yield-earning margin or Growth Mode fee discounts.

Question 3

What collateral types do HIP-3 DEXes support?

Accepted Answer

Different HIP-3 DEXes use different margin tokens: Trade XYZ uses USDC, HyENA uses USDe, Kinetiq, Ventuals, and Felix use USDH, and Dreamcash uses USDT.

HIP-3 DEX Guide