# Canonical: https://www.uddalak.xyz/hyperliquid-academy/article/112-hip3-dex-landscape
# Author: Uddalak Das
# Last source: https://www.uddalak.xyz/hyperliquid-academy/article/112-hip3-dex-landscape

---
title: "The HIP-3 DEX Landscape"
description: "HIP-3 turns HyperCore into shared infrastructure for independently operated perpetual DEXs, so the ecosystem competes on market selection, oracles, collateral, liquidity, fees, and distribution while sharing core execution primitives."
pillar: "Ecosystem"
track: "Ecosystem"
cluster: "Ecosystem"
level: "Advanced"
primary_icp: ["trader", "builder"]
secondary_icp: ["institutional decision-maker"]
content_type: "reference"
reading_time: "3 min"
last_reviewed: "2026-09-07"
last_verified: "2026-09-07"
volatile: true
prerequisites: ["27-hip-3-builder-perps", "28-hip-3-oracles"]
related: ["78-hip3-collateral-capital-fragmentation", "159-quote-asset-risk-for-hip-3-deployers"]
---

# The HIP-3 DEX Landscape

HIP-3 is not one new market. It is a framework for builders to operate their own perpetual market groups on HyperCore. That creates a DEX landscape where deployers can differentiate through listings, reference-price design, collateral choices, market operations, frontend distribution, and economics while inheriting HyperCore's order-book and margin infrastructure.

## Shared infrastructure, separate operation

A deployer does not need to build a new matching engine or validator network. HyperCore provides the execution substrate. The deployer remains responsible for supported market operations such as oracle updates and parameter management within protocol rules.

## What traders should compare

Compare collateral asset, quote asset, margin domain, leverage tables, oracle methodology, deployer fee, open-interest caps, market liquidity, and operational history. A familiar ticker does not imply the same risk across two deployers.

## Why liquidity can fragment

Independent books and collateral domains can divide order flow and capital. A highly liquid market on one HIP-3 DEX does not automatically make an identically named market liquid elsewhere.

Cross-margin eligibility and quote-asset choices can materially affect capital efficiency.

## Why the landscape can evolve quickly

Builders can respond to emerging assets and non-crypto underlyings faster than a centrally selected core-market list. The trade-off is more heterogeneous market quality.

Academy coverage should therefore maintain a live landscape page and separate mechanism articles for the standards that change more slowly.

## How this connects

Start with [HIP-3: Builder-Deployed Perpetual Markets](/hyperliquid-academy/article/27-hip-3-builder-perps), [HIP-3 Oracles and Market Pricing](/hyperliquid-academy/article/28-hip-3-oracles) if the underlying concept is unfamiliar. Related reading: [HIP-3 Collateral and Capital Fragmentation](/hyperliquid-academy/article/78-hip3-collateral-capital-fragmentation), [Quote-Asset Risk for HIP-3 Deployers](/hyperliquid-academy/article/159-quote-asset-risk-for-hip-3-deployers).

## Sources

- https://hyperliquid.gitbook.io/hyperliquid-docs/hypercore/hip-3