The decentralized exchange Hyperliquid has introduced the HIP-3 update, which allows any user to launch their own perpetual futures — provided they stake 500,000 HYPE (about $20.5 million).
This step brings the project closer to full decentralization of derivatives and makes the Hyperliquid market more flexible and self-governing.
Anyone can launch their own market
According to the official Hyperliquid Discord channel, the Hyperliquid Improvement Proposal 3 (HIP-3) went into effect on Monday. Now, users who stake the required amount of HYPE tokens can independently deploy their own futures market with a separate margin system, orders, and parameters.
Creators of such contracts receive up to 50% of trading fees and are fully responsible for market settings — choosing the price oracle, leverage limits, contract specifications, and making adjustments if necessary.
Perpetual futures contracts (perpetuals) are futures without an expiration date, allowing traders to hold long or short leveraged positions indefinitely. Their price is kept close to spot using a funding rate mechanism, which redistributes funds between buyers and sellers.
From testnet to main release
A minimal working version of HIP-3 was launched back in late September on the testnet. After a recent update, the upgrade became available on the mainnet. QuickNode, which participated in the integration, noted that this update turns the exchange into a platform for developers, not intermediaries:
‘HIP-3 replaces manual approval with code, allowing teams to create markets as quickly as they design them, while maintaining user quality and safety through on-chain rules and incentives.’
The update removes the need for listing fees, reduces ongoing costs through shared infrastructure, and allows creators to recoup expenses by sharing trading fees.
QuickNode adds that ‘the growth of trading volumes in HIP-3 markets will subsidize developers through a share of fees, while also improving liquidity and trade execution quality.’
Hyperliquid becomes financial infrastructure
The analytics platform Chainsight called HIP-3 a step that breaks the traditional model of centralized exchanges, where listings are managed by operators. Now Hyperliquid is transforming from an exchange into open financial infrastructure, where any participant can create and manage their own markets.
According to Chainsight, this will pave the way for new asset classes in DeFi. Thanks to HIP-3, virtually any data can become a trading instrument — from volatility and currency pairs to stock indices and even private company valuations before IPO.
The Ventuals project, which works with synthetic assets, has already announced its intention to use HIP-3 to create futures tied to the value of private companies. This will allow users to speculate on the rise or fall of their capitalization without waiting for them to go public.
A new stage for decentralized derivatives
The HIP-3 update turns Hyperliquid into the first fully permissionless platform for futures, where code replaces administrators. The market has now shifted from centralized selection to self-regulation, and trade quality is ensured by on-chain mechanisms of transparency and accountability.
If the trend continues, Hyperliquid could become the de facto standard for decentralized derivatives, and HIP-3 — the starting point for a new generation of markets where the boundaries between traditional and digital assets are finally erased.
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