HIP-3 goes live, letting builders deploy their own perpetual markets

Hyperliquid/HyperCore exchange

Hyperliquid activated HIP-3 on October 13, 2025, enabling builders to stake 500,000 HYPE and deploy their own perpetual futures markets on HyperCore's order book. The upgrade includes safeguards (slashing, open interest caps) and decentralizes market listing away from the core team.

• Stakers must commit 500,000 HYPE to launch a perpetual DEX; safeguards include slashing and open interest caps.
• Permissionless market creation represents a key milestone toward full decentralization of the listing process.
• HYPE price rose 11% within 24 hours to ~$42, reaching ~$11.4B market cap at announcement.