In the present case study, we aim to analyse what is missing from the Hungarian theatre canon(s) in the 2020s and why. We analyse the possible definitions and functions of canon(s) and counter-canon(s) in the context of three avant-garde theatre projects, produced by Hungarian artists (or companies) working in Romania. We formulate the hypothesis that in contemporary Hungarian theatre one should talk about several canons. Highly subsidised art may be a form of an official canon, while others may consider the Theatre Critics’ Award as a form of counter-canon. In this essay we examine how canon and counter-canon remain both closed to performance forms that do not fit the structure of the theatre industry. We argue that if a project aspires to become part of the counter-canon, it has to obey the operational terms and conditions of liberal capitalism.