Hyperliquid is activating its HIP-3 upgrade today, October 13, to usher in a new era of permissionless market creation with the live launch of exotic asset pairs on its mainnet.
This milestone is crucial to the protocol’s transition from a managed platform to an open financial infrastructure layer. This allows anyone, not just the protocol’s core team, to deploy perpetual futures markets on-chain.
HIP-3 Enables Permissionless Perpetuals and Builder-Deployed Markets
Before HIP-3, Hyperliquid’s market listings were curated and centrally managed. Also, new perpetual pairs were added through governance or team selection. With HIP-3 active, developers and community members can now deploy new perp markets by staking 500,000 HYPE tokens. This configures collateral types, sets leverage and risk parameters, and connects external oracle price feeds.
This feature opens the platform to a range of exotic asset pairs. This includes anything from alternative cryptocurrencies to commodity indexes or non-traditional derivatives. These would drive rapid ecosystem expansion.
The markets set up by builders will start operating on HyperCore, the trading engine of the protocol. Additionally, they will work with HyperEVM smart contracts to allow for programmable market rules and personalised risk management.
HIP-3’s on-chain deployment system ensures clear operations, maintains position limits, and enforces penalties for bad behaviour, making sure that rewards have a connection to safety and openness.
Architecture and Governance
HIP-3 leverages CoreWriter, a deployment module within Hyperliquid, which simplifies the process of launching new markets and connecting them seamlessly to the existing exchange interface. Governance features allow communities to create fee structures, share or allocate protocol revenue, and drive liquidity incentives for their markets. All details, including collateral, tickers, and price feeds, have registration and audits directly on-chain.
The protocol plans for many people to start using HIP-3. It expects to see many new markets and possibly an increase in trading volume as developers create unique perpetual pairs.
By enabling HIP-3 today, Hyperliquid positions itself at the forefront of decentralized finance innovation, signaling a shift toward user-defined trading and governance models that could redefine the landscape for perpetual markets and exotic asset infrastructure.
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