Perp Deployments (HIP-3)

HIP-3: Builder-Deployed Perpetuals

Status: Testnet only (MVP available) Phase: Testing and feedback collection - Specifications not finalized

What is HIP-3?

HIP-3 enables users to permissionlessly deploy their own perpetual contract markets on Hyperliquid. This feature represents a major milestone toward fully decentralizing the perp listing process.

Unlike centralized exchanges where only the team can list new markets, HIP-3 transforms any qualified user into a "banker" of Hyperliquid, capable of creating and managing their own perpetual markets.

How it works

  • Market deployment

    • Performant orderbooks allocated directly on HyperCore

    • Dutch auction every 31 hours to pay deployment gas

    • HYPE used as gas token

    • Fully permissionless process

  • Deployer responsibilities

    • Market definition: oracle definition and contract specifications

    • Market operation: setting oracle prices, leverage limits, settling if needed

    • Fee sharing: deployer receives up to 50% of Hyperliquid's base trading fees

    • Fee configuration: ability to add additional fees on top of base rate

Requirements and security

  • Mandatory stake

    • 1M HYPE minimum in permanent stake (can be pooled via multisig for collaborative deployment and operation)

    • Ensures market quality and protects users

    • Creates strong economic barrier against malicious actors

  • Slashing mechanism

    • Stake-weighted vote by validators in case of malicious operation

    • 7-day unstaking queue during which slashing can occur

    • Robust protection against harmful behavior

Ecosystem impact

New opportunities

  • Non-crypto perps: opening toward traditional assets

  • Specialized interfaces: frontends dedicated to builder-deployed perps

  • HYPE pooling: collaboration between projects to reach minimum stake

Important considerations

  • Market display

    • app.hyperliquid.xyz will not initially display these perps

    • No deployment UI on official frontend

    • Alternative interfaces developed by the community (compatible with builder codes for additional fee monetization)

    • Encourages specialization and interface decentralization

  • Expected use cases

    • Legally sensitive assets that the team cannot list directly

    • Niche markets with specific demand

    • Financial innovation: new types of perpetual contracts

Resources

HIP-3 marks Hyperliquid's evolution from a perp DEX to neutral, decentralized financial infrastructure, enabling anyone to become an institutional market maker.

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