Perp DEX · HIP-3 builder markets

HIP-3 makes perpetual listing permissionless. A builder stakes HYPE, deploys its own perp DEX on Hyperliquid, defines the oracle and takes a configurable share of the fees, while orders still match on the shared Hyperliquid engine.

500k HYPE staked on mainnet, held for at least 183 days after deployment. The first three assets of a DEX launch without an auction; further assets go through a Dutch auction shared by every HIP-3 deployer.

The deployer does. It is responsible for publishing oracle prices, setting leverage limits and settling the market if needed, with protocol-level slashing if it operates maliciously.