Perp Deployments (HIP-3)

What is HIP-3 (Builder-Deployed Perpetuals)?

HIP-3 enables permissionless deployment of perpetual contract markets on Hyperliquid, marking a major step toward fully decentralizing the perp listing process. Any qualified user can manage their own perpetual DEX.

How it works

  • Market deployment

    • Performant orderbooks allocated directly on HyperCore

    • Dutch auction every 31 hours for deployment gas (paid in HYPE) - The first 3 assets per DEX are free

    • Fully permissionless process

  • Deployer responsibilities

    • Market definition: oracle definition and contract specifications

    • Market operation: setting oracle prices, leverage limits and managing liquidity

    • Requires third-party frontends - not available on app.hyperliquid.xyz

  • Trading Experience

    • Fee:

      • 2x usual base rate (0.09%/0.03%) - 50% share with the deployer

      • User rebates only affect the 50% of Hyperliquid fees

      • The net effect is that the protocol collects the same fee regardless of whether the trade is on an HIP-3 or a validator-operated perp

    • Isolated margin only initially (cross margin coming later)

    • Quote Assets & Collateral

      • Any permissionless quote asset can be used as collateral

      • USDC/USDT eligible by default

      • Other stablecoins require 200k HYPE staked for 3 years

      • Aligned stablecoins (additional requirements) offer fee reductions for traders

Requirements and security

  • Mandatory stake

    • 500k HYPE minimum stake required. Will decrease over time as the infrastructure matures

    • Stake locked for 30 days after all perps halted

    • 7-day unstaking queue during which slashing can occur

  • Slashing mechanism

    • Purpose: Prevent behavior jeopardizing protocol correctness, uptime, or performance

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

      • Invalid state transitions or prolonged downtime: up to 100%

      • Brief network issues: up to 50%

      • Performance degradation: up to 20%

    • Important Notes: Slashed stake is burned, not redistributed

Ecosystem impact

New Markets

  • Non-crypto perps: traditional assets, commodities, indices

  • Niche markets: specialized demand products

  • Financial innovation: novel perpetual contract types

Development Opportunities

  • Specialized frontends for HIP-3 markets

  • HYPE pooling protocols for collaborative deployments

  • Multisig deployment for shared market operation

  • Builder codes for additional fee monetization

Resources: Official Docs | API Documentation | Companies working on HIP3 (Dashboard | Chris Breakdown)

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