Decentralized exchange Hyperliquid is rolling out its HIP-3 upgrade today, which will allow anyone to create perpetual futures markets on its network without approval from the project’s core team. The change is part of a network upgrade scheduled for October 13.
According to an announcement in Hyperliquid’s Discord channel, a Hyperliquid administrator confirmed that HIP-3 (Hyperliquid Improvement Proposal 3) will go live during the upgrade.
“There is no immediate change for users. Deployers meeting the on-chain requirements will be able to deploy perps for trading once ready,” the administrator said.
Until now, new perpetual pairs on Hyperliquid were curated by the team or added through governance votes. HIP-3 shifts that control to the community.
Builders can now set up their own perpetual markets by staking 500,000 HYPE tokens and choosing leverage, risk settings, and price feeds. The upgrade also works with HyperEVM, letting creators add custom market rules and automated governance features.
The change is considered an important step toward decentralizing how new markets are listed. According to the protocol’s documentation, HIP-3 also includes safety measures like validator penalties, limits on open interest, and on-chain audits to reduce the risk of misuse.
Potential market impact
By opening up market creation, Hyperliquid expects to see a wave of new and exotic trading pairs, ranging from alternative crypto assets to indexes or niche derivatives. These new markets will operate on HyperCore, the project’s trading engine, and connect directly to existing exchange interfaces through the CoreWriter deployment module.
Following the announcement, Hyperliquid’s native token HYPE rose about 8% in the past 24 hours to roughly $40. As per CoinMarketCap data, the market capitalization of HYPE is nearly $13.6 billion.
Also Read: Hyperliquid Founder Criticizes CEX for Inflated Liquidations
