> ## Documentation Index
> Fetch the complete documentation index at: https://docs.dune.com/llms.txt
> Use this file to discover all available pages before exploring further.

# hyperliquid.perp_market_details

> Market dimension for Hyperliquid perpetual futures, one row per market with current registry state, margin parameters, and curated classification.

export const PremiumDatasetAccessCard = ({href = "https://dune.com/enterprise#contact-form", note = null}) => <Card title="Gated dataset" icon="lock" href={href}>
    Querying this dataset requires an entitlement on your workspace. See <a href="/data-catalog/overview#access-tiers-public-vs-gated-datasets">access tiers</a>, or contact the Dune team to enable access.
    {note && <><br /><br />{note}</>}
  </Card>;

`hyperliquid.perp_market_details` is the market dimension for the Hyperliquid perp dataset, covering first-party markets (`coin` unprefixed, e.g. `BTC`) and HIP-3 builder-deployed markets (`coin` = `dex:SYMBOL`, e.g. `xyz:TSLA`). Grain: one row per (`perp_dex`, `coin`), current state. `coin` is the join key used by every market-grained table in the dataset (`perp_accounts_daily` is per trader and carries none).

<PremiumDatasetAccessCard />

## Table schema

| Column                   | Type                          | Description                                                                                                                                                                                                                          |
| ------------------------ | ----------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |
| `coin`                   | `VARCHAR`                     | Primary key. Venue-native market id: `BTC` first-party, `xyz:TSLA` HIP-3. The join key used by every market-grained table in the dataset                                                                                             |
| `perp_dex`               | `VARCHAR`                     | `hyperliquid` for first-party markets, otherwise the builder DEX code (`xyz`, `flx`, `vntl`, `para`, ...)                                                                                                                            |
| `market_symbol`          | `VARCHAR`                     | `coin` with the `dex:` prefix stripped. Not unique across dexes — never join on it                                                                                                                                                   |
| `asset_id`               | `BIGINT`                      | Numeric asset id used by the action tables. First-party: `asset_index`. HIP-3: `100000 + dex_index * 10000 + asset_index`                                                                                                            |
| `asset_index`            | `INTEGER`                     | Per-dex asset index, kept so the `asset_id` arithmetic is reproducible                                                                                                                                                               |
| `dex_index`              | `INTEGER`                     | Registry index of the dex; 0 is first-party Hyperliquid                                                                                                                                                                              |
| `perp_dex_type`          | `VARCHAR`                     | `first_party` or `builder`. The cheap filter for native-only or HIP-3-only, without string-matching `coin`                                                                                                                           |
| `builder_name`           | `VARCHAR`                     | DEX full name (XYZ, Felix Exchange, Ventuals, ...); `Hyperliquid` on first-party markets                                                                                                                                             |
| `deployer`               | `VARBINARY`                   | Address that deployed the DEX and staked the HYPE. Null for first-party                                                                                                                                                              |
| `oracle_updater`         | `VARBINARY`                   | Address permitted to push oracle prices. Often null, first-party included                                                                                                                                                            |
| `fee_recipient`          | `VARBINARY`                   | Address receiving the deployer's fee share. Null where the DEX has not set one                                                                                                                                                       |
| `size_decimals`          | `INTEGER`                     | Decimal precision of order and fill size for the market (`sz_decimals`)                                                                                                                                                              |
| `max_leverage`           | `INTEGER`                     | Top-tier maximum leverage. Lower for a large position when `is_tiered_margin`                                                                                                                                                        |
| `margin_table_id`        | `INTEGER`                     | Pointer into the venue's margin tables, namespaced per dex — the same id means different tiers on different dexes. 1-50 is the implicit single-tier ladder, 51+ deployer-defined                                                     |
| `margin_tiers`           | `VARCHAR`                     | Resolved margin table as JSON, ordered by notional bound: `[{"lowerBound": ..., "maxLeverage": ...}]`                                                                                                                                |
| `is_tiered_margin`       | `BOOLEAN`                     | True when `margin_tiers` has more than one tier, i.e. the leverage cap depends on position size                                                                                                                                      |
| `margin_mode`            | `VARCHAR`                     | Deployer-set regime: `cross` (traders may still pick isolated), `noCross`, `strictIsolated`. Source nulls mean `cross`                                                                                                               |
| `only_isolated`          | `BOOLEAN`                     | True iff `margin_mode <> 'cross'`                                                                                                                                                                                                    |
| `funding_multiplier`     | `DOUBLE`                      | Per-coin funding multiplier (0.0 = funding disabled). HIP-3 only; null for first-party and for a HIP-3 coin its DEX has not mapped                                                                                                   |
| `open_interest_cap_usd`  | `DOUBLE`                      | Per-coin streaming open-interest cap, USD. HIP-3 only, same null rule                                                                                                                                                                |
| `growth_mode`            | `VARCHAR`                     | HIP-3 growth-mode state (`enabled` or null), which caps the deployer fee share at 100% instead of 300%                                                                                                                               |
| `growth_mode_changed_at` | `TIMESTAMP(3) WITH TIME ZONE` | Last growth-mode change. Null when the source omits it and when it carries the source's 1970-01-01 never-changed sentinel                                                                                                            |
| `is_delisted`            | `BOOLEAN`                     | Latest polled delisting flag. Delisted markets keep their row                                                                                                                                                                        |
| `is_halted`              | `BOOLEAN`                     | Latest decoded `haltTrading` state. `false` means "no decoded halt action", which is weaker than "not halted"                                                                                                                        |
| `listed_at`              | `TIMESTAMP(3) WITH TIME ZONE` | Block time of the market's `registerAsset` / `registerAsset2`. Null on most markets — always on first-party ones, where listing is not a `perpDeploy` action — so null means "not in the decoded action log", not "never registered" |
| `delisted_at`            | `TIMESTAMP(3) WITH TIME ZONE` | First poll observing the market's current delisted spell; null while listed. Poll resolution, floored at 2026-06-29                                                                                                                  |
| `market_category`        | `VARCHAR`                     | Coarse category of the underlying family, maintained for every listing                                                                                                                                                               |
| `asset_class`            | `VARCHAR`                     | Top-level class in the shared RWA vocabulary. Null on every crypto market                                                                                                                                                            |
| `asset_type`             | `VARCHAR`                     | Finer classification within `asset_class`, same vocabulary. Null exactly where `asset_class` is null                                                                                                                                 |
| `underlying_ticker`      | `VARCHAR`                     | Underlying's symbol on its primary exchange, local codes included (`0700` = Tencent on HKEX). Null for indices, commodities, fx, pre-IPO names and crypto                                                                            |
| `description`            | `VARCHAR`                     | Curated description of the reference, with the contract unit where the DEX spec states one. Null on plain crypto tickers                                                                                                             |
| `metadata_last_updated`  | `DATE`                        | Date a curated cell on this row last changed. Says nothing about market activity                                                                                                                                                     |
| `_updated_at`            | `TIMESTAMP(3) WITH TIME ZONE` | Newest poller write among this market's registry row, its dex row and its margin table. Neither a poll clock nor a change clock                                                                                                      |

## A live view, current state only

The table is a VIEW over the deduped registry snapshots, so a newly listed market appears with no build and no refresh anywhere in the dataset — on the next registry write covering its dex, measured at a median of 32 minutes after the on-chain registration and 18.2 hours worst case. Counts are therefore as-of, not stable: 498 markets at 2026-08-21, 232 first-party and 266 HIP-3 across 10 builder dexes, of which 320 are neither delisted nor flagged halted. Hyperliquid spot and HIP-4 outcome markets are out of scope.

There is no `valid_from` / `valid_to`: this is not an SCD. The upstream registry only has change history from 2026-06-29, and intervals would break the one-row-per-market contract that every join here assumes.

## Joins from fact tables drop nothing

Delisted markets stay tombstoned in the registry rather than disappearing, so every coin that has traded since the 2025-07-27 fills floor has a row here — verified 2026-08-14 by unbounded all-history anti-join over all 408 coins that had traded by then. An inner join from a fact table is therefore safe. The reverse is not a market list: registered-but-never-traded markets are here too, 81 of the 498 rows at 2026-08-21.

## max\_leverage is not always the cap that applies

`margin_table_id` 1-50 is the implicit single-tier ladder where the id *is* the leverage value; there `margin_tiers` is synthesised from `max_leverage` and the two agree. Ids 51+ are deployer-defined and the only genuinely tiered markets — 36 at 2026-08-21, all first-party. On those, `max_leverage` is a top-tier cap that a large enough position does not get, and the applicable cap is the last tier whose `lowerBound` the notional clears.

```sql theme={null}
-- Leverage cap actually available at $5M notional on tiered markets
SELECT
  d.coin,
  d.max_leverage AS top_tier_leverage,
  MIN(CAST(json_extract_scalar(t.tier, '$.maxLeverage') AS INTEGER)) AS leverage_at_5m
FROM hyperliquid.perp_market_details AS d
CROSS JOIN UNNEST(CAST(json_parse(d.margin_tiers) AS ARRAY(JSON))) AS t(tier)
WHERE d.is_tiered_margin
  AND CAST(json_extract_scalar(t.tier, '$.lowerBound') AS DOUBLE) <= 5e6
GROUP BY 1, 2
ORDER BY 3
```

Where a trader never set leverage, Hyperliquid's account default is `least(20, max_leverage)`.

## Classification is here and nowhere else

`market_category`, `asset_class`, `asset_type`, `underlying_ticker` and `description` are LEFT JOINed from `hyperliquid.perp_market_metadata` and stored on no fact table, so a reclassification rebuilds only that \~500-row table.

| `market_category` | Covers                                                                                                                                |
| ----------------- | ------------------------------------------------------------------------------------------------------------------------------------- |
| `crypto`          | Crypto-native references, single tokens and crypto aggregates alike (dominance, market-cap and NFT indices). Every first-party market |
| `equities`        | Single-name equities, listed or pre-IPO, and equity funds and ETFs                                                                    |
| `index`           | A real-world index level: broad equity, sector or thematic, volatility                                                                |
| `commodities`     | Metals, energy, agriculture                                                                                                           |
| `fx`              | Currency pairs and currency indices                                                                                                   |
| `other`           | Rates (`para:10Y`, `km:USBOND`) and GPU-compute prices (`H100`)                                                                       |

`asset_class` takes `credit`, `fixed_income`, `cash_equivalent`, `equities`, `multi_asset`, `commodities`, `real_estate`, `fx` or `other` — the vocabulary the tokenized-RWA models use. It is null on every crypto market and on the compute markets, where no value in that vocabulary applies. `asset_type` names the exposure rather than a wrapper: a single-name perp is `equities_synthetic` whether the name is listed or pre-IPO, an index perp is `equities_index`, and a perp on an ETF is `equities_exchange_traded_funds` because there the reference genuinely is a fund.

```sql theme={null}
-- Traded volume by asset class, last 7 days
SELECT
  d.asset_class,
  d.asset_type,
  COUNT(DISTINCT d.coin) AS markets,
  SUM(t.notional_usd) AS volume_usd
FROM hyperliquid.perp_trades AS t
JOIN hyperliquid.perp_market_details AS d
  ON d.coin = t.coin
WHERE t.block_date >= current_date - INTERVAL '7' day
  AND t.is_taker
  AND (d.market_category IS NULL OR d.market_category <> 'crypto')
GROUP BY 1, 2
ORDER BY 4 DESC
```

`perp_trades` holds both legs of every match, hence the `is_taker` filter; `hyperliquid.perp_market_metrics_daily` is already taker-side if you only need the volume. The `IS NULL` arm matters: `market_category`'s `not_null` test runs at warning severity so a newly listed market keeps reporting while it is unclassified, and a bare `<> 'crypto'` would silently drop it.