HIP-3 lets qualified deployers operate perpetual DEXs on HyperCore. The deployer controls market specifications, oracle updates, leverage, fees, and settlement, so each market needs its own diligence.
HIP-3 is Hyperliquid's framework for permissionless, builder-deployed perpetual markets. A deployer stakes 500,000 HYPE, creates one perp DEX, defines each contract and oracle, operates the markets, sets leverage and fee parameters, and can settle a market. HIP-3 uses HyperCore order books and trading actions, but each DEX keeps its own settings and risk boundary.
Current official rules allow eligible assets to enable cross margin. Deployers can choose a fee scale from 0% to 300% or use growth mode. Check the exact asset metadata, collateral, oracle, margin mode, fee scale, liquidity, and settlement terms before relying on the market.
Primary reference: Hyperliquid's official HIP-3 specification.
Reviewed against the official HIP-3 specification and fee schedule on August 26, 2026. Each row separates the protocol rule from the check you still need to make for one market.
The deployer defines the contract and oracle, operates the market, sets leverage limits, and can settle it.
Identify the deployer, read the contract specification, and understand the oracle before using the market.
A mainnet deployer must maintain 500,000 HYPE and can deploy one perp DEX. The stake stays required for at least 183 days after deployment.
Treat stake as a protocol security mechanism. It is not account insurance or a compensation fund.
The first three assets in a perp DEX avoid the auction. Further assets use the shared Dutch auction or the documented reserve-deployment allowance.
Listing mechanics do not prove that an oracle, spread, depth, or contract design is reliable.
A deployer can configure an added fee scale from 0% to 300%, or 0% to 100% in growth mode. A scale above 100% also raises the protocol fee to match the deployer fee.
Check the asset's deployer fee scale and growth mode. Your fee tier, staking, referral, and collateral discounts affect the final rate.
Eligible HIP-3 assets can use cross margin. Enabling it is irreversible, and validators require liquidity, oracle, and manipulation-resistance standards.
Confirm the exact market's margin mode and collateral. Do not assume every HIP-3 DEX shares one balance or one risk pool.
A deployer can call haltTrading, which cancels orders and settles positions at the current mark price. The same action can resume trading and recycle the asset.
Read the settlement trigger and mark-price method before treating a dated or synthetic contract like a standard perp.
Validators can slash deployer stake after harmful irregular inputs. Slashed HYPE is burned rather than distributed to affected traders.
Slashing can deter bad operation, but it does not repay losses caused by oracle, liquidity, margin, or settlement failures.
These examples start from the current Tier 0 perp taker rate of 0.045%. They show the documented fee-scale formula before staking, referral, aligned-collateral, maker-rebate, or account-specific adjustments. Use the exact asset metadata for a trade estimate.
A 100% fee scale produces the familiar 2x result, but the current official formula supports other values. Growth mode applies a 0.1x scale and caps deployer fee scale at 100%.
No. A HIP-3 deployer creates and operates a perpetual DEX. A builder-code operator routes orders through an application and can charge a separately approved builder fee. Check builder-code economics separately.
No. A 100% deployer fee scale creates the 2x result, but the current rule allows fee scale from 0% to 300%. Growth mode uses a smaller fee base and limits fee scale to 100%.
Some can. The deployer can enable cross margin for an eligible asset after it meets validator standards for observable liquidity, a reliable external oracle, and manipulation resistance. The official spec says the change is irreversible.
No. Validators can vote to slash a deployer for harmful irregular inputs, but the protocol burns slashed HYPE. The stake does not insure positions or reimburse losses.