What Is HIP-3? A Beginner's Guide to Hyperliquid's Permissionless Perps

HIP-3 (Hyperliquid Improvement Proposal 3) is a major upgrade that lets anyone deploy their own perpetual futures markets on the Hyperliquid blockchain. Before HIP-3, only the core team could list new markets. Now, permissionless builders can launch perps for any asset—as long as they stake enough HYPE.

The Basics

HIP-3 launched in late 2025 and introduced builder-deployed perpetuals. Here’s what that means:

• Permissionless: No approval process. Stake 500,000 HYPE on mainnet and you can operate a perp DEX.
• First three assets free: The first three markets in any new perp DEX don’t require an auction. Additional assets use a Dutch auction.
• Same infrastructure: All HIP-3 markets run on Hyperliquid’s proven L1—same liquidity engine, same settlement, same UX.

Why It Matters for Traders

As a trader, HIP-3 gives you access to more markets. New tokens, niche assets, and experimental perps can now go live without waiting for the core team. You get the same execution quality and leverage options (up to 50x) as mainnet markets.

How to Trade HIP-3 Markets

HIP-3 markets appear in the Hyperliquid app alongside standard markets. Connect your wallet, pick a HIP-3 market, and trade as usual. No extra steps, no different interface.

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