The decentralized exchange Hyperliquid has launched an update that allows third parties to independently launch their own perpetual swap contracts on the platform.
According to Hyperliquid's official Discord channel, Hyperliquid Improvement Proposal 3 (HIP-3) took effect on Monday. This change introduces permissionless, builder-deployed perpetual futures contracts, marking a significant step towards fully decentralized perpetual futures listings.
The implementation of HIP-3 on the decentralized exchange (DEX) allows anyone who stakes 500,000 HYPE tokens (valued at $20.5 million at the time of writing) to deploy their own perpetual swap contracts, with independent margin, order book, and parameters.
Deployers "can set a fee share of up to 50% on top of the base rate" and are responsible for market definitions—including oracles and contract specifications—as well as market operations, including setting oracle prices, leverage limits, and settlements when necessary.
Perpetual swaps are futures derivative contracts that track the price of an underlying asset without an expiration date, allowing traders to hold leveraged long or short positions indefinitely. Their prices are kept close to the spot market through a funding rate mechanism that periodically transfers payments between longs and shorts.
The minimum viable product implementation of HIP-3 has been running on the testnet since late September, with the network upgrade occurring on Monday to enable it on the mainnet. Blockchain infrastructure company QuickNode stated in its analysis that HIP-3 makes the market more responsive to builders' needs:
The proposal eliminates listing fees from centralized exchanges, reduces fixed costs by sharing infrastructure, and allows builders to recoup costs through fee sharing.
"Execution quality improves while trading costs decrease, driving more trading volume into HIP-3 markets, further subsidizing builders through fee revenue," QuickNode wrote in its analysis.
Blockchain data layer Chainsight also noted in its analysis that HIP-3 breaks the current model where only exchange operators can list assets. According to Chainsight, this will "transform Hyperliquid from a single exchange into permissionless financial infrastructure."
Chainsight expects this will lead to the creation of new asset classes in decentralized finance (DeFi), as "now, almost any data source can become a tradable market." This includes exotic derivatives such as realized volatility, pre-IPO valuations of private companies, traditional forex pairs, stock indices, and correlation swaps.
Synthetic market protocol Ventuals also plans to leverage HIP-3 to allow access to the price behavior of private companies. The company stated, "By creating perpetual futures (also known as perps) linked to private company valuations, Ventuals enables anyone to express their views on the trajectories of companies they closely monitor."
Related: Survey shows Hyperliquid whale holding 100,000 Bitcoin linked to former BitForex CEO
Original article: “Hyperliquid Now Allows Anyone to Deploy Perpetual Futures—But for a Fee”
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