Permissionless market creation still has room to run: HIP-3 builder DEXs are doing $4.72B in 24-hour volume against $3.99B on Hyperliquid’s core perp venue, 54% of the platform’s perp flow in its public API on July 15. Stocks, FX, commodities and pre-IPO OpenAI/Anthropic perps are pulling that demand across nine builder-deployed DEXs listed by Hyperliquid’s `perpDexs` endpoint.

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