HIP-3: Builder-Deployed Perpetuals

HIP-3 enables permissionless deployment of perpetual futures markets on Hyperliquid, shifting listing authority from validators to builders.

Requirements

• Staking: 500,000 HYPE on mainnet (expected to decrease as infrastructure matures)
• Staking requirement maintained for 30 days after all deployer’s perps are halted
• Each deployer operates one perp DEX with independent margining and order books

Deployer Responsibilities

1. Define markets: Oracle specifications, contract terms
2. Operate markets: Set prices, leverage limits, settlement

Market Structure

• First 3 assets per DEX: bypass auction requirements
• Additional assets: Dutch auction (shared across all perp DEXs)
• 7 reserve deployments available at current auction pricing
• Any quote asset can serve as collateral

Fee Economics

• Deployers receive 50% of trading fees
• Users pay 2x standard fees
• Net effect: protocol collects the same fee regardless of HIP-3 vs validator-operated perp
• Growth mode: protocol fees, rebates, and volume contributions reduced by 90%

Settlement

Deployers use haltTrading to settle assets — cancels all orders and settles positions to mark price. Can resume trading afterward, recycling the contract without a new auction.

Slashing Framework

Validators enforce market quality via stake-weighted voting:

Stake remains slashable during the 7-day unstaking queue. Slashing prevents behavior that “jeopardizes protocol correctness, uptime, or performance.”

Cross-Margin Rules

Cross-margin enablement is irreversible. Eligibility requires:

• Observable liquidity
• Reliable external oracles
• Manipulation resistance

Assets with >50% daily price moves more than monthly → ineligible for cross-margin. Each 50% move triggers a validator review for potential slashing.