What Is HIP-3?

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.

That means the diligence job changes. Traders still need to check the usual perp inputs, but they also need to understand the deployer's market design, data sources, fee treatment, and what happens if liquidity or oracle quality deteriorates.

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.

Treat the ticker as a label, not as proof that the market has stock exchange liquidity or protections. Earnings, holidays, halts, dividends, borrow pressure, and index events can all create risks that do not look like ordinary crypto-perp risk.