HIP-3 lets anyone who stakes 500,000 HYPE deploy their own perpetual futures markets on Hyperliquid. The deployer lists the markets (stocks, indices, oil, FX) and runs their oracle, but every trade is matched, margined and settled on the same HyperCore order books as BTC, from your normal Hyperliquid account.
Right now: 162 live HIP-3 markets on 4 of 10 perp dexs (9 deployers), $3.29B traded in 24h (Tue, 20 Oct 2026 03:53 UTC). Most of them charge 0.009% taker, a fifth of the fee on BTC.
We earn a commission when you sign up through our links; it never raises your fees.
1. How HIP-3 works: what the deployer does and what HyperCore does
HIP-3 ("builder-deployed perpetuals") is the step that took perp listings on Hyperliquid out of the validators' hands. Before it, only validator-operated perps existed: BTC, ETH, SOL and the other crypto markets. With HIP-3, a deployer that meets the stake requirement gets its own perp dex with independent margining, order books and settings, and lists markets in it. The HIP-3 spec splits the work like this:
| The deployer is responsible for | HyperCore (the protocol) provides |
|---|---|
| Market definition: the underlying, the oracle source, contract specs | The order book and matching, at the same speed as native perps |
| Market operation: pushing oracle prices, setting leverage limits and open-interest caps | Margining, funding, liquidations and an onchain backstop liquidator per dex |
Settling a market (haltTrading) if needed | One account, one API and one fee tier across native and HIP-3 perps |
For you as a trader, the practical result is that a stock or oil perp from a HIP-3 deployer is just another market in the Hyperliquid app, with a prefix: xyz:SP500, para:…, io:…. Your deposit, your fee tier and your referral discount carry over. What changes is who you trust for the price feed and the market rules. That trade-off runs through the rest of this page.
2. Every HIP-3 deployer and its live markets
Fetched from the Hyperliquid API at build time (perpDexs, then metaAndAssetCtxs for each dex). 10 perp dexs have been deployed by 9 deployer addresses, but only 4 have live markets: the rest delisted everything they launched. Some rows share a deployer: Markets By Kinetiq runs mkts and km from one address; km has no live markets. XYZ, the trade.xyz deployment, does about 97% of HIP-3 volume.
| Deployer (dex · collateral) | Live markets | What it lists | 24h volume | Open interest | Max leverage |
|---|---|---|---|---|---|
XYZ (trade.xyz)xyz · USDC | 115 of 136 | stocks 98, commodities 9, indices 4, FX 3, pre-IPO 1 top: SKHX | $3.21B | $3.84B | 50x |
EntropyIOio · USDC | 11 of 14 | stocks 7, pre-IPO 2, crypto 1 top: SNDK | $75M | $87M | 25x |
Paragonpara · USDC | 31 of 39 | stocks 23, crypto 5, rates 3 top: UNITREE | $4M | $16M | 20x |
Markets By Kinetiqmkts · USDC | 5 of 24 | indices 3, stocks 1 top: US500 | $4M | $11M | 25x |
ABCDExabcd · USDC | 0 of 1 | no live markets | — | — | — |
dreamcashcash · USDT0 | 0 of 17 | no live markets | — | — | — |
Felix Exchangeflx · USDH | 0 of 16 | no live markets | — | — | — |
HyENAhyna · USDE | 0 of 25 | no live markets | — | — | — |
Markets by Kinetiqkm · USDH | 0 of 23 | no live markets | — | — | — |
Ventualsvntl · USDH | 0 of 15 | no live markets | — | — | — |
Data as of Tue, 20 Oct 2026 03:53 UTC from api.hyperliquid.xyz. 24h volume is the rolling 24-hour notional; open interest is valued at the mark price; "live" excludes delisted assets; categories are the deployers' own annotations. The site rebuilds every 6 hours. For per-market volume across all of Hyperliquid, see Hyperliquid markets data.
Stock perps are the main use so far. The XYZ deployment and its stock, index and commodity markets have their own guide: Hyperliquid stocks via trade.xyz (tickers, trading hours, weekend pricing). Gold has its own page, and every native and HIP-3 ticker is in the Hyperliquid trading pairs list.
Open Hyperliquid with code HOLYGRAIL to trade any of these markets →
3. What a HIP-3 deployer must stake, bid and do
Stake: 500,000 HYPE for at least 183 days
The mainnet requirement is 500,000 HYPE staked, kept in place for at least 183 days after the dex is deployed. The spec says the amount "is expected to decrease over time as the infrastructure matures". The spec (read October 15, 2026) allows one perp dex per deployer, each with its own margining, order books and settings, and adds that "a future upgrade may support multiple dex deployments sharing the same deployer and staking requirement". Mainnet already has an exception: Markets By Kinetiq runs mkts and km from one address; km has no live markets. Once every asset in a dex is settled, the stake can be unstaked, but it remains slashable during the unstaking queue (7 days).
Listing: 3 free assets, then a Dutch auction
The first 3 assets in any perp dex need no auction. Every asset after that goes through a Dutch auction shared by all perp dexs, with the same parameters as the HIP-1 token auction: it runs 31 hours and falls to a 500 HYPE floor. On October 15, 2026 the auction was priced at its floor (perpDeployAuctionStatus: start and end gas 500 HYPE). Deployers also get reserve deployments (7 + 0.2 × auction deployments) that list at the current auction price without waiting for the auction timer.
Duties: the oracle and the market rules
The deployer, or an oracle updater it appoints, pushes prices with setOracle. The deployer-actions docs expect an update every 3 seconds even with no change. A stale mark falls back to the local book after 10 seconds, mark moves are clamped to 1% per update, and prices to 10x the start-of-day value. The deployer also sets leverage tables, margin modes, funding multipliers, fees, per-asset open-interest caps and the fee recipient. It can halt a market, which cancels all orders and settles positions at the mark price.
Slashing: the deterrent
Validators can slash a deployer's stake by stake-weighted vote for irregular or malicious inputs, including bad oracle prices: up to 100% for inputs that cause invalid state transitions or long downtime, up to 50% for brief downtime and up to 20% for performance degradation. Slashing does not distinguish malice from incompetence or a stolen key. The slashed HYPE is burned, not paid to affected traders, so it protects the protocol, not your position.
4. HIP-3 fees, growth mode and the HOLYGRAIL discount
Hyperliquid publishes the exact fee formula. For a HIP-3 perp, your normal tier rate is multiplied by scaleIfHip3, which is deployerFeeScale × 2 when the scale is 1 or more (and deployerFeeScale + 1 below 1). Growth mode multiplies it by 0.1, and an active referral code by (1 − 4%). On Tue, 20 Oct 2026 03:53 UTC, 161 of 162 live HIP-3 markets had deployerFeeScale 1.0, so their standard fee is 2x and the deployer keeps 50% of it. The exception: para:ANSEM at 0.5 (×1.5 standard fee, deployer keeps 33%). Deployers may set an extra fee share from 0 to 300% (0 to 100% in growth mode).
| Market type (tier 0, no staking) | vs native | Taker | Maker | Taker fee on $10,000 |
|---|---|---|---|---|
| Validator-operated perp (BTC, ETH, SOL…) | — | 0.045% | 0.015% | $4.50 |
| HIP-3 perp, standard | ×2 | 0.090% | 0.030% | $9.00 |
| HIP-3 perp, standard, with HOLYGRAIL (−4%) | ×2 × 0.96 | 0.0864% | 0.0288% | $8.64 |
| HIP-3 perp in growth mode | ×0.2 | 0.009% | 0.003% | $0.90 |
| HIP-3 perp in growth mode, with HOLYGRAIL (−4%) | ×0.2 × 0.96 | 0.00864% | 0.00288% | $0.86 |
Growth mode is a deployer switch that cuts all-in fees, rebates and volume credit by at least 90%. It is only allowed for markets disjoint from the validator perps, so it excludes crypto perps, crypto baskets, crypto wrappers such as MSTR, and gold. It has a 30-day cooldown per asset. On Tue, 20 Oct 2026 03:53 UTC, 151 of 162 live HIP-3 markets had it on. The catch: a growth-mode fill counts only 10% toward your 14-day fee-tier volume.
Your referral discount applies on HIP-3. The fee formula includes the referee discount, and mainnet fills confirm it (checked October 15, 2026): accounts with an active code paid 0.00864% instead of 0.009% on growth-mode taker fills and 0.0864% instead of 0.090% outside growth mode. HYPE staking discounts (5–40%) stack on top. To check any market before trading, use the Hyperliquid fee calculator, which has a HIP-3 and growth-mode setting. The full schedule is in Hyperliquid fees explained.
5. Does the referrer earn on HIP-3 trades?
The docs do not say so in one sentence. The referral page says a referrer receives "10% of referred users' fees, less any fee discount they receive" and that rewards "accrue for all quote assets". The HIP-3 spec lists "referral rewards" among the fee discounts HIP-3 markets incorporate. So we checked it on mainnet on October 15, 2026.
We took accounts trading xyz markets, looked up their referrer, and compared the referrer's reward counter with the referee's full fill history. For one referee, 7,402 of 7,767 fills were on xyz markets. The fees on all fills added up to exactly the referrer's "rewarded fees" counter, and the referrer had been paid 10.0% of that. If HIP-3 fills paid nothing, the referrer would have received about 6% as much (0.97 USDC instead of 15.11 USDC). A second referee with three-quarters of its fees on xyz showed the same exact match, and a 25-minute live sample of referees who traded only HIP-3 markets showed the same 10.0%. Orders sent through third-party apps follow the usual builder-code rule: the referrer still earns 10% of Hyperliquid's part of the fee on orders placed through apps (not of the app's builder fee). The answer: yes, the referrer earns 10% of the fee on HIP-3 fills too, the same as on validator-operated perps, until the referee's first $1B of volume. The method and numbers are in our facts log.
That is also how this site earns from HOLYGRAIL: you pay 4% less on your first $25M of volume, on HIP-3 markets and native perps alike, and we receive a share of the fee. It never raises your cost.
6. HIP-3 risks: the deployer's oracle, isolated margin, OI caps and halts
- The oracle is the deployer's. Outside the underlying market's hours, a deployer like trade.xyz switches to internal pricing driven by its own order book, so a weekend price can drift and then snap back when the real market opens. The oracle rules are the deployer's documentation, not Hyperliquid's. See the mark price guide for how HIP-3 mark prices are built.
- Mostly isolated margin. 135 of the 162 live HIP-3 markets were isolated-only on Tue, 20 Oct 2026 03:53 UTC. Cross margin on a HIP-3 asset is irreversible and allowed only for assets with deep liquidity, a reliable external oracle and resistance to manipulation. Validators review any asset whose external price moves more than 50% from the start of the day. Isolated positions cannot draw on the rest of your balance, and the onchain backstop liquidator only takes cross-margin assets, so isolated-only HIP-3 markets fall back to auto-deleveraging sooner.
- Open-interest caps. Notional OI caps apply per asset and to the whole dex. On Tue, 20 Oct 2026 03:53 UTC the per-asset caps ranged from $2M to $1.25B, and xyz's dex-wide cap was $10B (October 15). A market at its cap can stop taking new size, which matters most in small names.
- Halts, settlements and delistings. A deployer can halt a market and settle every position at the mark price. trade.xyz did this for a stock split, cancelling all orders including stop-losses. 6 of the 10 deployed dexs have no live market left at all.
- No compensation by design. Slashed stake is burned. Any refund after an incident is the deployer's own discretionary choice.
7. How to trade a HIP-3 market, step by step
- Open your Hyperliquid account through app.hyperliquid.xyz/join/HOLYGRAIL, then log in with email or connect a wallet and click Enable Trading. The 4% discount covers HIP-3 markets.
- Deposit the dex's collateral. The xyz, io, para and mkts dexs use USDC (minimum deposit 5 USDC); the table above shows each dex's collateral. See the deposit guide.
- Find the market: open Trade, click the market name at the top left, and search the ticker (for example SP500 or NVDA). HIP-3 markets carry the deployer's badge, or go straight to
app.hyperliquid.xyz/trade/xyz:SP500. Accept the one-time HIP-3 deployer notice. - Read the ticket before sizing: the max leverage (up to 50x on the S&P 500), whether it says Isolated only, and the fee line (0.009% means growth mode is on).
- Use lower leverage than on BTC, place the order, and add a stop. Remember that a closed underlying market means the price is the deployer's internal price until it reopens.
8. HIP-1 vs HIP-2 vs HIP-3
| HIP-1 | HIP-2 | HIP-3 | |
|---|---|---|---|
| What it adds | Native spot tokens and their spot order books | Hyperliquidity: a protocol-run strategy that quotes new spot pairs against USDC | Builder-deployed perpetual futures exchanges on HyperCore |
| Who can deploy | Whoever wins the Dutch gas auction (31 hours, floor 500 HYPE) | The HIP-1 deployer, as an option at launch; no operator afterwards | Anyone staking 500,000 HYPE (first 3 assets free, then the shared auction) |
| What traders get | Spot tokens such as PURR and HFUN | Guaranteed quotes with 0.3% price spacing on a new pair | Perps on stocks, indices, commodities, FX and pre-IPO names |
| Deployer income | Up to 50% of the pair's trading fees | None (the strategy is protocol-owned) | 50% of the fee at the standard setting; share configurable 0–300% |
| Stake at risk | No | No | Yes: slashable by validator vote, also during the unstaking queue (7 days) |
HIP-1 and HIP-2 are about spot tokens; HIP-3 is about perps. A HIP-3 deployer stakes far more than a HIP-1 deployer pays, because it runs a live price feed for leveraged markets. More on Hyperliquid's architecture in the Hyperliquid review.
FAQ
What is HIP-3 on Hyperliquid?
HIP-3 (Hyperliquid Improvement Proposal 3, "builder-deployed perpetuals") lets anyone who stakes 500,000 HYPE launch their own perpetual futures exchange on Hyperliquid. The deployer defines the markets and runs their oracle, while HyperCore provides the order book, margining, funding and liquidations. Traders use their normal Hyperliquid account; HIP-3 markets carry the deployer's prefix, such as xyz:SP500.
How much HYPE do you need to deploy a HIP-3 market?
500,000 HYPE, staked for at least 183 days after the dex is deployed. The spec allows one perp dex per deployer (read October 15, 2026), though mainnet already has an exception: Markets By Kinetiq runs mkts and km from one address; km has no live markets. The first 3 assets are free to list; every further asset goes through a Dutch auction shared by all HIP-3 dexs (31 hours; it sat at its 500 HYPE floor on October 15, 2026). The stake stays slashable for 7 days after you start unstaking.
What can you trade on HIP-3?
On Tue, 20 Oct 2026 03:53 UTC there were 162 live HIP-3 markets on 4 perp dexs: mostly US and Asian stocks, equity indices such as the S&P 500, oil, metals, FX pairs and a few pre-IPO companies. Crypto perps exist too, but they cannot use growth mode.
Who are the HIP-3 deployers?
As of Tue, 20 Oct 2026 03:53 UTC, 10 perp dexs had been deployed by 9 deployer addresses (Markets By Kinetiq runs mkts and km from one address; km has no live markets), and 4 of the dexs had live markets: XYZ (xyz), EntropyIO (io), Paragon (para) and Markets By Kinetiq (mkts). XYZ, the trade.xyz deployment, did about 97% of HIP-3 volume. The other dexs had delisted every market they listed.
Are HIP-3 fees higher than normal Hyperliquid fees?
On paper, yes: a HIP-3 market at the standard setting costs 2x a validator-operated perp (0.090% taker vs 0.045% at the base tier), and the deployer keeps 50%. But a deployer can switch on growth mode for non-crypto markets, which cuts the all-in fee by at least 90%, to 0.009% taker / 0.003% maker. 151 of the 162 live HIP-3 markets were in growth mode on Tue, 20 Oct 2026 03:53 UTC.
Does a Hyperliquid referral code work on HIP-3 markets?
Yes. The 4% referral discount is part of Hyperliquid's fee formula for HIP-3 perps, and we confirmed it on mainnet fills on October 15, 2026: referees paid 0.00864% instead of 0.009% on growth-mode trades. The referrer is paid on those fills too (10% of the fee). Enter the code before your account trades $10,000; HOLYGRAIL is ours.
Is HIP-3 safe?
HIP-3 markets run on the same HyperCore engine as BTC, but they add deployer risk: the deployer sets the oracle, the leverage and the open-interest caps, and it can halt and settle a market at the mark price. Most markets are isolated-margin only, and the backstop liquidator only covers cross-margin assets. A deployer's slashed stake is burned, not paid to traders. Size positions for gaps and halts.
Can I trade HIP-3 markets in the US?
Hyperliquid's interface terms exclude persons in the United States and Ontario, and trade.xyz's own interface also excludes the US, Canada and the UK. HIP-3 markets follow the same rules as the rest of Hyperliquid. See our restricted-countries guide before depositing. Hyperliquid restricted countries.
What is the difference between HIP-1, HIP-2 and HIP-3?
HIP-1 is the native token standard with spot order books, HIP-2 (Hyperliquidity) is a protocol-run strategy that quotes new spot pairs, and HIP-3 lets builders deploy perpetual futures markets against a HYPE stake. HIP-1 and HIP-2 are spot; HIP-3 is perps.
Trade HIP-3 markets with 4% lower fees
Join with code HOLYGRAIL before your first trade. It covers HIP-3 markets and native perps for your first $25M of volume.
Open Hyperliquid →Disclosure: HOLYGRAIL is our Hyperliquid referral code; we receive a share of referred accounts' fees, HIP-3 fills included. We have no referral code with any HIP-3 deployer. Mechanism, stake, auction, slashing and fee rules come from hyperliquid.gitbook.io (HIP-3 spec, fees, referrals and HIP-3 deployer actions, read October 15, 2026). Live deployer data comes from api.hyperliquid.xyz at build time. Perpetuals are leveraged derivatives, not shares. Not investment advice.