Author: nairolf

Compiled by: Shenchao TechFlow

What is HIP-3?

Here is a very simple explanation of HIP-3 by @HyperliquidX.

HIP-3 allows developers to deploy perpetual contract markets on HyperCore.

To ensure market quality and protect users, deployers must stake 500,000 HYPE. In the event of malicious market manipulation, validators have the right to reduce the deployer's stake.

You should already be familiar with HyperCore, right? It includes the state of the margin and matching engine.

In simple terms, it is the backend of Hyperliquid's exchange.

HIP stands for Improvement Proposals. Simply put, it is a way for the protocol to make changes.

The main purpose of HIP-3 is to allow anyone to deploy a perpetual contract market.

Currently, the process of adding new tokens to the perpetual contract exchange is permissioned.

This means the core team decides which tokens to add based on demand, trading volume, and other criteria.

HIP-3 allows anyone to list the tokens of their choice. Yes, literally any token.

However, there are some restrictions. Only one token can be listed every 31 hours. Additionally, you need to win the deployment qualification through a Dutch Auction (note: Dutch Auction, characterized by price reduction, the first to accept the price completes the transaction, and time pressure) (using HYPE).

You need to stake 500,000 HYPE and are responsible for setting up the market.

This means choosing an oracle, defining leverage limits, handling settlement logic, and ensuring everything runs safely.

The 500,000 HYPE serves as a security guarantee and is also a way for the protocol to protect itself.

If your token market experiences strange manipulation, validators can vote to reduce your HYPE.

In short, this HYPE ensures that the tokens you list are legitimate.

As a token deployer, you can take 50% of the total market fees. You can even set custom fees on top of that.

In other words, you can earn a portion of the fees from users trading the tokens you have listed.

HIP-3 allows anyone to list tokens on the Hyperliquid perpetual contract exchange.

To ensure market safety, 500,000 HYPE must be staked, and if suspicious behavior occurs, this stake may be reduced.

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