Decision guide
A research shortlist of HIP-3 and Hyperliquid ecosystem apps, separated into live venues, emerging builders, and unverified narratives so traders can investigate the layer beyond HYPE.
Quick answer
HIP-3 is the Hyperliquid improvement-proposal area for builder-deployed perpetuals markets. It is an infrastructure and market-creation layer, not a single app or a guarantee that every project using the label is live, liquid, or affiliated with Hyperliquid itself. Source: Hyperliquid official HIP documentation, 2026.
Last updated: October 7, 2026 — Answer framing and editorial context reviewed; dated product facts remain subject to the linked primary source.
HIP-3 is a builder-deployed perpetuals layer, not a list of official Hyperliquid apps. The names below are leads to investigate, not endorsements. Verify each product, operator, market, and incentive before using it.
| Rank | Research fit | Name | What to investigate | Status discipline |
|---|---|---|---|---|
| 1 | HIP-3 perp-market research | Entropy | Builder-deployed market design, current live markets, and whether the trading surface is independently usable. | Do not convert ecosystem heat into a verified reward claim. |
| 2 | Mobile/RWA-style perp research | Dreamcash | Product scope, collateral, settlement, and whether the mobile/RWA claims describe a live venue. | Separate live app, waitlist, and campaign language. |
| 3 | TradFi / stock-perp research | TradeXYZ | Underlying market references, licensing claims, settlement, and current access. | Verify the “licensed” or ticker claims from primary sources. |
| 4 | Liquid-staking adjacency | Kinetiq | What is being staked, how liquidity works, and how any season or points mechanism is documented. | Do not treat a staking app as a perp venue. |
| 5 | Trading terminal / social layer | Bullpen | Whether the product is a terminal, venue, community layer, or token narrative. | Keep early claims as reported until primary docs exist. |
Hyperliquid’s HIP documentation describes HIP-3 as builder-deployed perpetuals. Builders can create specialized markets on shared infrastructure.
The HIP-3 label does not prove that an app is official, safe, liquid, or worth farming.
The Hyperliquid ecosystem changes quickly. That makes it useful for research and risky for copy-paste farming.
Start with the official HIP documentation. Then read the HIP-3 and HIP-4 explainer, use the full perp rankings, and check the season tracker or pre-TGE farming tracker only when the activity is genuinely worth doing without a reward.
Frequently asked
HIP-3 is the Hyperliquid improvement-proposal area for builder-deployed perpetuals markets. It is an infrastructure and market-creation layer, not a single app or a guarantee that every project using the label is live, liquid, or affiliated with Hyperliquid itself.
Entropy, Dreamcash, TradeXYZ, Kinetiq, and Bullpen are leads to investigate across the ecosystem, but their status, products, and incentives need individual verification before any one is called the best.
No. Read the official HIP documentation for the protocol boundary, then verify the individual builder, frontend, settlement path, and branding. Ecosystem adjacency is not the same as protocol endorsement.