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Hyperliquid hosts two layers of perpetual markets: the native L1 perps (BTC, ETH, SOL, HYPE, etc.) and builder dexes — independent perp exchanges built on top of Hyperliquid with their own collateral tokens and listings.
Builder dex ≠ builder code. A builder dex is a venue with its own markets (this page). A builder code is any address that attaches a fee to the orders it routes — every builder dex runs one, but so do wallet apps, front-ends, and bots that list no markets of their own. The builder analytics endpoints are about builder codes.

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Builder dexes

Active builder dexes (Hyperliquid perpDexs, checked 2026-09-23):
Legacy dexes. Every market on flx, vntl, hyna, km, abcd and cash is delisted on Hyperliquid (zero open interest, zero volume); km’s listings moved to mkts. Their historical trades still appear in the pulse_* trade and wallet analytics, but their prices are not live, and list_markets hides them unless includeInactive=true.

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Symbol format

  • Native symbols: just the ticker — BTC, ETH, SOL.
  • Builder dex symbols: prefix:TICKER — xyz:SILVER, io:ANTH, mkts:US500.
The prefix is always lowercase; the ticker is always uppercase. This convention matches Hyperliquid’s L1 storage format and is what the API expects in path / query params.
Discover all available symbols with the list_markets tool (or GET /pulse/market-overview). Optionally pass a dex filter to narrow results to one venue.list_markets / GET /pulse/market-overview and market_price cover native perps, xyz and the legacy dexes only. io, mkts and para markets appear in trade, lifecycle and wallet analytics (pulse_*), but list_markets(dex="io") returns an empty list with a note, and market_price explains the gap instead of returning a price.

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Asset classes

Internally we tag every coin with an asset class. You usually don’t need to think about this, but it surfaces in HIP-4 contexts:

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Cross-market and synonyms

The same underlying exposure can appear under different tickers on different venues. For cross-market questions, use the canonical asset, not the venue symbol — see cross-market assets for the full model.

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Funding rates

Funding fields (fundingRate on market_price, etc.) are raw hourly decimal rates from Hyperliquid, not annualized percentages:
  • Hourly funding % = fundingRate * 100
  • Annualized APR % = fundingRate * 24 * 365 * 100
Example: fundingRate: 0.00000625 = 0.000625% hourly = ~5.475% APR.