HIP-3 explainer

What Is HIP-3?

HIP-3 lets builders deploy new perpetual markets on Hyperliquid. That can include stock perps and other oracle-driven markets, but the deployer, oracle, margin, and fee details matter.

Last updated: 2026-05-04Last reviewed: 2026-05-04
Important distinction
HIP-3 markets are still perpetual derivatives. A stock perp is not a share, does not give voting rights, and does not represent ownership of the underlying company.

Direct answer

HIP-3 is Hyperliquid's framework for builder-deployed perpetual markets. A qualified deployer can define and operate a perp market, including oracle design, leverage limits, collateral details, and settlement behavior.

What changes for traders

  • More assets can trade on HyperCore order books, including synthetic equity and index perps.
  • Each builder-deployed perp can have deployer-specific settings and risks.
  • Official docs state HIP-3 user fees are 2x the usual fees on validator-operated perp markets, while the protocol collects the same net fee.
  • Deployer oracle quality, liquidity, market operations, and slashing risk become part of the diligence process.

Why stock perps need their own guide

Stock perps can look familiar because the ticker resembles a public company, but the product behaves like a perpetual futures contract. There is no share ownership, no shareholder rights, no standard market close, and no guarantee that the perp price tracks the underlying equity perfectly during volatile periods.

Risk notice
Crypto perpetuals and leveraged trading are high risk. You can lose money through liquidation, funding, slippage, oracle issues, protocol failures, and market volatility.

Related tools

Stock perps explained

Understand synthetic equity perps, basis, funding, and oracle risk.

Fees

Review the fee stack before comparing HIP-3 and core markets.

Portfolio reader

Inspect open positions and margin usage for a public address.

HIP-4

See how outcome markets differ from perps and stock perps.

Sources