closedRisk/Incident
HIP-3: Builder-deployed perpetuals
The Hyperliquid protocol supports permissionless builder-deployed perps (HIP-3), a key milestone toward fully decentralizing the perp listing process.
proposal/Hyperliquid/Feb 22
Hyperliquid is the dominant on-chain perpetuals DEX with 76% market share. HYPE stakers participate in validator-weighted governance voting.
The Hyperliquid protocol supports permissionless builder-deployed perps (HIP-3), a key milestone toward fully decentralizing the perp listing process.
HIP-1 is a capped supply fungible token standard. It also features onchain spot order books between pairs of HIP-1 tokens.
Though HIP-1 is sufficient as a permissionless token standard, in practice it is often crucial to bootstrap liquidity. One of Hyperliquid's core design principles is that liquidity should be democratized. For perps trading, HLP can quote deep and tight liquidity based on CEX perp and spot prices, but a new model is needed for HIP-1 tokens that are in early phases of price discovery.