Decentralized exchange (DEX) Hyperliquid announced it will activate its HIP-3 upgrade, allowing anyone to launch their own futures DEX.
The exchange announced the network upgrade on its Discord channel on Monday. The activation is scheduled for 9:15 a.m. UTC.
Hyperliquid: This Year’s Perp DEX
Hyperliquid is a Layer-1 blockchain-based platform that supports high-performance perpetual futures contracts and spot trading in a decentralized finance (DeFi) environment. It uses a custom consensus algorithm called HyperBFT.
This enables high-performance order matching and an on-chain Central Limit Order Book (CLOB). The exchange’s key feature is its ability to process hundreds of thousands of orders per second in under 0.2 seconds.
The platform provides a trading experience that is on par with a centralized exchange (CEX) but with very low transaction fees and almost no latency. Its popularity grows, as users can access various advanced trading tools, including leverage and limit orders.
Its Total Value Locked (TVL) grew from $564 million in Q4 2024 to over $3.5 billion in June 2025, a six-fold increase in six months. According to crypto data platform Coingecko, its TVL is currently $5.54 billion, with a daily trading volume of $812 million.
A New Era of Decentralization
The HIP-3 upgrade will allow anyone to launch a futures DEX without a separate license or approval, as long as they stake at least 500,000 HYPE. This means teams can build a new futures exchange using Hyperliquid’s core infrastructure, such as HyperCore.
This is possible even without technical expertise. The DEX operators can earn up to 50% of the trading fees. However, their staked HYPE can be slashed if they violate the rules.
This upgrade will allow startups and individual builders to experiment with low-cost futures DEXs for cryptocurrencies, gold, silver, and even unlisted stocks. If this initiative succeeds, the Hyperliquid ecosystem could grow into a comprehensive, Web3-based financial infrastructure.
The community has responded with high expectations. Hyperliquid user ghazzog on X called the upgrade an example of “how real decentralization looks.” He added that “builder-deployed perps turn Hyperliquid into a living ecosystem, not a closed exchange.”
According to CoinGecko, the price of HYPE is $41.97 as of this article’s writing, a 13.1% increase from the previous day.
