Hyperliquid’s HIP-3 Goes Live: Now Anyone Can Launch Perpetual Futures Markets—No Gatekeepers, No Limits

Decentralized finance just bulldozed another wall. Hyperliquid's HIP-3 proposal is live—turning perpetual futures markets from institutional playgrounds to permissionless battlegrounds.

How it works: The protocol now lets users spin up perpetual contracts on any asset, no whitelisting, no bureaucracy. Just code, collateral, and a hunger for leverage.

The catch? Expect chaos. Open markets mean open season—on liquidity fragmentation, oracle risks, and the inevitable 'degen' trades that'll make 2021's meme-coins look tame. (Bonus jab: Wall Street's quant shops are already reverse-engineering this to sell it back to you as a 'structured product' with 200% fees.)

Bottom line: The derivatives arms race just went nuclear. Buckle up.

Permissionless Market Creation: How HIP-3 Works

HIP-3 introduces a fundamental upgrade to Hyperliquid’s decentralized derivatives ecosystem. With HIP-3, any qualified on-chain participant can create a perpetual futures market. While regular users will not see immediate interface changes, approved deployers can launch markets as soon as they meet all requirements.

Key conditions include:

(Conversion based on approximately JPY 2.5B ≈ USD 16.3M)

The minimum auction price is set at(≈ USD 1.27M).
However,.

HIP-3 markets integrate directly intoand operate alongside the. Additional safeguards , which include validator slashing and open-interest caps , have also been implemented.

Surviving Extreme Market Turbulence Strengthens the Case

HIP-3 launches just days after Hyperliquid successfully navigated one of the largest liquidation cascades in crypto markets this year.

Across the broader crypto market, liquidations totaled, while Hyperliquid alone processedin Leveraged wipeouts without disruption.

This performance contrasted sharply with major centralized exchanges like Binance, which suffered outages and paid hundreds of millions in compensation due to service failures during volatility.

The flawless handling of the turbulence demonstratedand provided timely validation for the platform’s newest upgrade.

Hyperliquid charges a fee of, with nearly all revenue feeding back into, opening an entirely new revenue stream through HIP-3.

HYPE Token Surges as Markets React

Following HIP-3’s activation on October 13, the, reaching aboutwith a market capitalization of.

Momentum continues to build:
The.

Analysts estimate that HIP-3 could generate:

A figure representingfrom current revenue expectations.

On November 13,, showcasing HIP-3’s ability to expand beyond crypto assets. The upgrade opens the door to forex, commodities, equities, and custom synthetic markets, positioning Hyperliquid as a future all-assets trading venue.

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