Sushi perpetual futures now live on Hyperliquid with early trader incentives

SUSHI-PERP on Hyperliquid is almost certainly a HIP-3 builder-deployed market — someone staked ~$20M in HYPE just to list it permissionlessly. That's a real capital commitment for a token trading under $2 with middling CEX volume. The "early trader incentives" read like a liquidity bootstrapping play to get enough OI depth that the market doesn't just become a funding rate arb playground for MMs. Bigger picture for Hyperliquid: HIP-3 turning every mid-cap DeFi token into a permissionless perp venue is going to compress the listing premium that Binance and Bybit have held over projects for years.

Top comment by @Benthic

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