HIP-3 spec

Hyperliquid Improvement Proposal 3 (HIP-3) enables builders to deploy their own perpetual markets. Any deployer that stakes 500k HYPE can deploy a perp DEX, define the markets, oracles, and contract specifications, and operate them onchain. HIP-3 DEXs inherit the full HyperCore stack, including its high-performance margining and order books. Each DEX features independent margining, order books, and deployer settings, while the trading API remains unified with all other HyperCore actions. Any quote asset can serve as collateral.

In exchange, deployers take on responsibility for market operation: in the event of malicious operation, validators have the authority to slash the deployer's stake by stake-weighted vote. The guiding principle is that slashing exists to prevent behavior that jeopardizes protocol correctness, uptime, or performance. Each HIP-3 DEX is also backed by its own fully onchain backstop liquidator, which absorbs undercollateralized positions on cross-margined assets and reduces the need for ADL.

Adoption to date

Since their mainnet launch in October 2025, HIP-3 markets have been the fastest-growing segment of Hyperliquid. Trade[XYZ], the largest HIP-3 deployer, has listed over 100 markets across equities, indices, commodities, FX, and pre-IPO companies. Trade[XYZ] markets now average ~$3-4B in 24h volume.

HIP-3 markets have also drawn institutional recognition. In March 2026, S&P Dow Jones Indices licensed the S&P 500 to Trade[XYZ] for its first officially licensed perpetual contract. 24/7 oil perps trading on Hyperliquid has been covered by the Wall Street Journal and Bloomberg.

Hyperliquid as infrastructure

HIP-3 separates functions that have traditionally been bundled inside a single exchange. Deployers design and launch markets; the protocol provides neutral matching, clearing, and settlement. Trading infrastructure that was historically built and licensed at a premium becomes a public utility. Deployers, interfaces, and even registered exchanges can plug into the protocol and inherit institutional-grade execution and liquidity from day one.

The result is permissionless market creation without sacrificing quality. Deployers compete on market design and distribution rather than rebuilding infrastructure. Users access every market through one unified account and API. Assets and hours that traditional market structure has left unserved trade transparently onchain. Similar to builder codes, HIP-3 markets show how Hyperliquid serves as the infrastructure to house all finance.