Perps go permissionless on Hyperliquid exchange with HIP-3
Hyperliquid DEX is preparing to activate its HIP-3 protocol upgrade, which will allow users to create and launch perpetual futures markets without approval from the core team.
The upgrade is scheduled to go live on October 13, 2025. Once activated, it will let deployers who stake 500,000 HYPE tokens launch their own perpetual markets directly on Hyperliquid’s infrastructure.
According to the project’s documentation, deployers will define parameters such as collateral types, leverage limits, oracle sources, and trading fees. They can collect up to 50% of the market fees, while validators will have the authority to penalize deployers if their actions affect network security or stability. The required stake will remain locked during a seven-day unstaking period.
A Hyperliquid administrator said that users will not see immediate changes once HIP-3 is enabled, but deployers meeting the technical criteria will be able to launch markets as soon as the upgrade is live.
According to the project’s documentation, deployers will define parameters such as collateral types, leverage limits, oracle sources, and trading fees. They can collect up to 50% of the market fees, while validators will have the authority to penalize deployers if their actions affect network security or stability. The required stake will remain locked during a seven-day unstaking period.
A Hyperliquid administrator said that users will not see immediate changes once HIP-3 is enabled, but deployers meeting the technical criteria will be able to launch markets as soon as the upgrade is live.
HIP-3 has already been tested on Hyperliquid’s testnet. The update includes periodic Dutch auctions for listing new assets, open-interest caps to manage exposure, and isolated margining for risk control.
The proposal introduces a decentralized process for listing new perpetual markets. Each deployer must lock 500,000 HYPE, linking market creation to token staking and aligning incentives across the network.
According to Hyperliquid’s technical papers, the framework can support a wide range of market types, including crypto, index, and commodity-based perpetual contracts. Builders are responsible for maintaining the reliability of their oracles and ensuring the stability of deployed contracts.
The proposal introduces a decentralized process for listing new perpetual markets. Each deployer must lock 500,000 HYPE, linking market creation to token staking and aligning incentives across the network.
According to Hyperliquid’s technical papers, the framework can support a wide range of market types, including crypto, index, and commodity-based perpetual contracts. Builders are responsible for maintaining the reliability of their oracles and ensuring the stability of deployed contracts.
Author
Sebile Fane cut her teeth in blockchain by building tiny NFT experiments with friends in her living room, long before the buzzwords took hold. She’s driven by a curiosity for the human stories behind smart contracts — whether it’s a small-town artist minting her first token or a DAO voting on climate grants — and weaves technical insight with genuine empathy.
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