Hyperliquid, a fast-growing decentralized perpetuals exchange, officially launched its new permissionless market-creation feature HIP-3 on the 13th. The upgrade marks a major step forward in open derivatives infrastructure, enabling anyone who meets the on-chain requirements to deploy a perpetual futures market directly on the platform.
Introducing: HIP-3 markets in Rainbow's Perps experience.
HIP-3 markets are the way Hyperliquid is scaling its tradable assets by allowing permissionless creation of perps markets for any arbitrary asset.@felixprotocol just launched the coolest HIP-3 market today: $TSLA.… pic.twitter.com/EooiMJNsK5
— Rainbow (@rainbowdotme) November 13, 2025
Co-founder Jeff Yang announced that TradeXYZ, Ventures, and Felix Protocol have integrated HIP-3 after months of development, adding that the feature will significantly improve capital efficiency and global price discovery by leveraging Hyperliquid’s on-chain architecture.
Permissionless Market Creation: How HIP-3 Works
HIP-3 introduces a fundamental upgrade to Hyperliquid’s decentralized derivatives ecosystem. With HIP-3, any qualified on-chain participant can create a perpetual futures market. While regular users will not see immediate interface changes, approved deployers can launch markets as soon as they meet all requirements.
Key conditions include:
▪ 500,000 HYPE tokens staked (~USD 16.3M)
(Conversion based on approximately JPY 2.5B ≈ USD 16.3M)
▪ Dutch-auction–based market launches every 31 hours
The minimum auction price is set at 500 HYPE (≈ USD 1.27M).
However, the first three HIP-3 markets are free to launch.
HIP-3 markets integrate directly into HyperCore and operate alongside the HyperEVM. Additional safeguards , which include validator slashing and open-interest caps , have also been implemented.
Surviving Extreme Market Turbulence Strengthens the Case
HIP-3 launches just days after Hyperliquid successfully navigated one of the largest liquidation cascades in crypto markets this year.
Across the broader crypto market, liquidations totaled USD 19.3B, while Hyperliquid alone processed USD 10B in leveraged wipeouts without disruption.
This performance contrasted sharply with major centralized exchanges like Binance, which suffered outages and paid hundreds of millions in compensation due to service failures during volatility.
The flawless handling of the turbulence demonstrated Hyperliquid’s resilience and provided timely validation for the platform’s newest upgrade.
Hyperliquid charges a fee of 3.3 basis points, with nearly all revenue feeding back into HYPE token buybacks, opening an entirely new revenue stream through HIP-3.
HYPE Token Surges as Markets React
Following HIP-3’s activation on October 13, the HYPE token surged 13.4% in 24 hours, reaching about USD 42 with a market capitalization of USD 14.1B.
Momentum continues to build:
The first live HIP-3 perpetual market surpassed USD 80M in daily trading volume within two weeks.
Analysts estimate that HIP-3 could generate:
▪ USD 800M in additional annual fees within one year
A figure representing 67% upside from current revenue expectations.
On November 13, Felix Protocol launched the first stock-based perpetual market for Tesla, showcasing HIP-3’s ability to expand beyond crypto assets. The upgrade opens the door to forex, commodities, equities, and custom synthetic markets, positioning Hyperliquid as a future all-assets trading venue.
