What is HIP-3? Builder-deployed perps on Hyperliquid explained
Updated Nov 11, 2026 · 4 min read
HIP-3 lets anyone with 500,000 staked HYPE deploy perp markets on Hyperliquid. Who deploys them, how they are priced, fees, margin and risks, Nov 2026.
HIP-3 is the Hyperliquid improvement proposal that lets outside teams deploy their own perpetual markets on Hyperliquid. A deployer stakes 500,000 HYPE, defines the market and its oracle, and runs it, while Hyperliquid’s engine supplies the order book, margining and settlement. Stock, index, commodity, FX and pre-IPO perps all trade through HIP-3; the largest deployer is the XYZ DEX by trade[XYZ]. This page covers who deploys markets, how they are priced, what they cost and the risks, from Hyperliquid’s documentation and API on Nov 9, 2026.
Key takeaways
- A deployer must stake 500,000 HYPE, kept for at least 183 days, and can run one perp DEX with its own margin and order books.
- The deployer defines each market, sets its oracle and leverage, and can settle it; validators can slash the stake for irregular operation.
- The first three markets on a DEX are free to list; more go through a Dutch auction shared by all HIP-3 DEXs.
- HIP-3 fees are double the crypto rate at the usual fee scale (0.090% taker), or a tenth of that in growth mode.
- Cross margin is allowed only on assets validators deem eligible; each DEX has its own on-chain backstop liquidator.
Who deploys HIP-3 markets
| Deployer | DEX code | Live markets | In growth mode | Volume, 24 hours |
|---|---|---|---|---|
| XYZ | xyz | 121 | 116 of 121 | $4,463.1M |
| EntropyIO | io | 14 | 14 of 14 | $52.2M |
| Paragon | para | 33 | 27 of 33 | $7.0M |
The XYZ DEX lists US and Asian stocks, indices, commodities, FX and pre-IPO names such as Anthropic; it is where most HIP-3 volume trades. See how to trade stocks on Hyperliquid and Anthropic and OpenAI before the IPO.
What a deployer controls
- The market definition: what the contract references, its oracle and its contract specifications.
- Operation: setting oracle prices, leverage limits and fee scale, and settling or halting a market. Halting cancels all orders and settles positions at the current mark price.
- Collateral: any qualifying quote asset can be the DEX’s collateral; most use USDC.
- Listings: three markets without an auction, then Dutch auctions, plus a small number of reserve deployments.
Pricing, fees and margin
- Oracles: the deployer supplies prices. Stock perps on XYZ follow external market prices in market hours and an internal moving average when markets are closed; pre-IPO perps use the internal mechanism until listing.
- Fees: at the usual fee scale HIP-3 fees are 0.090% taker and 0.030% maker; growth mode cuts them by 90% for markets that don’t overlap with crypto. Staking and referral discounts still apply. Full rates are in Hyperliquid fees explained.
- Margin: each DEX margins separately. Cross margin can be enabled only on assets with enough liquidity, a reliable external oracle and resistance to manipulation, and enabling it is irreversible; many HIP-3 markets are isolated only.
- Backstop: each DEX has a fully on-chain backstop liquidator that takes over undercollateralised positions on cross-margin assets, with auto-deleveraging as the last resort.
Risks specific to HIP-3
- Deployer risk. The deployer sets prices and can halt and settle a market. Slashing punishes irregular operation, but the slashed HYPE is burned, not paid to traders.
- Oracle risk. Prices outside market hours, or for pre-IPO names, come from internal mechanisms that can move sharply when the real market reopens or the company lists.
- Isolated margin. On isolated-only markets, each position stands alone; you cannot use profits elsewhere to support it.
- Higher fees outside growth mode. At the usual scale, HIP-3 fees are twice the crypto rate.
Trading HIP-3 markets with Senpi
Senpi’s agent trades the XYZ DEX, stocks, pre-IPO names, metals, indices and FX included, alongside crypto perps, from dedicated strategy wallets you fund from your Senpi main wallet, and every strategy built from a rule or a template exits through DSL, a stop that ratchets up as the trade gains. You describe the trade or strategy in the app or from Claude or ChatGPT; the agent handles the market codes, margin mode and sizing.
Frequently asked questions
What is HIP-3 on Hyperliquid?
Hyperliquid improvement proposal 3, which lets outside deployers launch perpetual markets on Hyperliquid by staking 500,000 HYPE. The deployer defines and operates the markets; Hyperliquid supplies the order book, margining and settlement.
What is a builder-deployed perp?
A perpetual market launched by a HIP-3 deployer rather than by Hyperliquid’s validators. Stock, commodity, FX and pre-IPO perps on Hyperliquid are builder-deployed.
How much HYPE do you need to deploy a HIP-3 market?
500,000 staked HYPE, maintained for at least 183 days after the DEX is deployed. The requirement is expected to fall over time.
Are HIP-3 fees higher?
At the usual fee scale, yes: 0.090% taker and 0.030% maker at the base tier, twice the crypto rate. In growth mode they are 90% lower, 0.009% taker.
Can a HIP-3 deployer be slashed?
Yes. Validators can vote to slash the deployer’s staked HYPE for irregular inputs that harm the protocol, up to 100% for the worst cases. Slashed HYPE is burned.
Is XYZ a HIP-3 DEX?
Yes. The XYZ DEX by trade[XYZ] is the largest HIP-3 deployer, listing stocks, indices, commodities, FX and pre-IPO markets.
Sources and date
Hyperliquid documentation: HIP-3 builder-deployed perpetuals, Fees; Hyperliquid API, 2026-11-09 14:42 UTC; trade[XYZ] documentation. Nothing on this page is financial advice.
Trade stocks and pre-IPO perps with an agent
Senpi’s agent trades the XYZ DEX and crypto perps from strategy wallets you fund and can empty back at any time.
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