HIP-3 marks Hyperliquid’s shift toward “programmatic communalization,” moving the platform from a curated venue to a fully open financial layer where staking, slashing, Dutch auctions, oracles, and value capture are all governed by the community.

Hyperliquid’s HIP-3 (“Builder-Deployed Perpetuals”) is a major governance proposal that turns Hyperliquid’s previously curated perp listings into a permissionless, programmatic market layer governed by HYPE stakers. Under HIP-3, builders who stake a substantial amount of HYPE can deploy their own perpetual futures markets on Hyperliquid’s HyperCore infrastructure, with rules for staking, slashing, Dutch auctions, oracles, and fee sharing encoded at the protocol level and controlled by the community. Concretely, HIP-3 allows any approved builder who stakes around 500,000 HYPE (earlier explanations referenced 1 million HYPE before parameters were refined) to launch their own perp DEX or markets on-chain, choosing market structure, parameters, and front-end, while the stake acts as economic collateral to align incentives and protect users. If a market behaves maliciously or fails quality expectations, the builder’s stake can be slashed, and a seven‑day unstaking delay helps deter short-term abuse. New HIP-3 markets use Dutch auctions for listing slots, with recurring auctions priced in HYPE; some sources note that initial markets can be launched for free, after which slot access is determined via these auctions. Fee design further ties the system together: HIP-3 markets typically split trading fees between the deployer and the protocol (e.g., 50/50), so both individual builders and the core network benefit as new markets gain volume. This design shifts Hyperliquid from a single, curated derivatives venue toward a shared financial layer where community participants collectively manage listings, risk, and value capture. Builders can list markets not only on crypto but also on stocks, indices, commodities, and other custom instruments, while choosing their own oracles (with infrastructure providers such as Pyth offering “HIP-3 as a Service” for data, infra, and capital support). As HIP-3 markets have gone live, they have started to reach substantial scale—independent analyses report HIP-3 markets achieving over $1 billion in open interest and several billions in 24h volume, positioning Hyperliquid closer to a generalized “everything exchange” and highlighting the importance of HIP-3 as a step toward “programmatic communalization” of the protocol’s growth and governance.

✨ AI-generated background, compiled from web sources — not editorial content.

More coverage

• Hyperliquid improvement proposals: What is HIP-3? - Phantom (phantom.com)
• What is Hyperliquid's HIP-3? How it works and use cases (oakresearch.io)
• The Transformational Potential of Hyperliquid's HIP-3 - FalconX (falconx.io)
• HIP-3: Builder-deployed perpetuals - Hyperliquid Docs - GitBook (hyperliquid.gitbook.io)
• HIP-3 as a Service | Pyth Developer Hub (docs.pyth.network)

Explore the topic

• Staking
• Oracle
• Auction
• OPEN