Hyperliquid has native perpetual markets (ETH, BTC, SOL) and HIP-3, which allows anyone to deploy additional perp markets. This means ETH can be traded on both the native HL market and third-party deployers like Hyena — each with different liquidity depth and funding rates. Similarly, TSLA exists across multiple HIP-3 venues (xyz, flx, km, cash) with different collateral types. Traders are left manually comparing across fragmented markets.

What Hyperliquid Prime Does
- Discovers all perp markets per asset (native + HIP-3) and groups them
- Aggregates orderbooks across collateral types into a unified view
- Routes orders to the single best market based on price impact, funding rate, and collateral match
- Splits large orders across multiple markets for better fills when a single venue lacks depth
- Swaps collateral automatically (e.g., USDC → USDH) when the best liquidity lives on a non-USDC market
- Executes via an explicit quote-then-execute flow
- Tracks positions across all markets in a unified view

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