Hyperliquid’s HIP-3 Feature Goes Live on Testnet - Builder-Deployed Markets Now Unleashed

Hyperliquid just flipped the switch on HIP-3—and it's about to change how markets get built.

Testnet Triumph

The protocol's latest upgrade hands builders the keys to deploy markets directly. No more waiting for centralized approval cycles or bureaucratic bottlenecks. This isn't just another feature drop—it's a fundamental power shift toward community-driven market creation.

Active infrastructure now cuts through traditional gatekeeping. Builders bypass legacy approval processes, deploying specialized markets in hours instead of months. The testnet launch proves the mechanism works while traditional finance still debates committee structures.

Market dynamics get rewritten when anyone can spin up trading venues for niche assets or experimental derivatives. Hyperliquid's move anticipates where DeFi heads next—true composability meets institutional-grade infrastructure.

One cynical finance jab? Wall Street spends millions on 'innovation labs' while DeFi protocols ship actual market infrastructure during a single development sprint.

Watch what builders deploy next—because when markets become as easy to launch as smart contracts, the entire trading landscape transforms overnight.

Hyperliquid to offer more diverse markets

Hyperliquid plans to sell the rights to a HIP-3 market in a Dutch auction. Each new market will launch with up to three assets for free, holding auctions for each additional perpetual pair. 

New markets will be more diverse, taking any asset as collateral. The builder-deployed DEX will also have double the fees, though Hyperliquid will take a 50% cut. 

The new markets may expand the selection of assets and create isolated liquidity for specific projects that also want their own perpetual DEX. The platform will evolve with added stablecoins, which will be determined in the future. 

Perpetual DEX expand volumes to daily new records

In the past week, the perpetual DEX narrative spread rapidly, driven by the success of Aster. The trend affected even smaller markets, with multiple older perpetual DEXs growing their volumes. 

Aster put BNB Smart Chain in the spotlight as a venue for perpetual futures trading. In the past days, total volumes for the leading 24 DEX markets reached over $67B, with Aster, Lighter, and Hyperliquid achieving the highest share. 

Some of the emerging perpetual DEXs increased their volumes by 80% in day, sparking doubts about the organic nature of the volume growth. Smaller markets like EdgeX and Paradex are also trying to ride the wave and compete with the highly visible markets. 

The competition brought down the HYPE token to $42.45, while ASTER also dipped to $1.92. Perpetual DEX must also face another market downturn, as major assets are moving to a lower price range.

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