Allow anyone to deploy perpetual contract markets.

Author: nairolf

Compiled by: Deep Tide TechFlow

What is HIP-3?

Here is a very simple explanation of HIP-3 from @HyperliquidX.

HIP-3 allows developers to deploy perpetual contract markets on HyperCore.

To ensure market quality and protect users, deployers must stake 1 million HYPE. If malicious market operations occur, validators have the right to reduce the deployer's stake.

You should already be familiar with HyperCore, right? It includes the state of the margin and matching engine.

In simple terms, it is the backend of Hyperliquid's exchange.

HIP stands for Improvement Proposals. Simply put, it is the way the protocol undergoes changes.

The main purpose of HIP-3 is to allow anyone to deploy perpetual contract markets.

Currently, the process of adding new tokens to perpetual contract exchanges is permissioned.

This means the core team decides which tokens to add based on demand, trading volume, and other criteria.

HIP-3 allows anyone to list the tokens of their choice. Yes, literally any token.

However, there are some restrictions. Only one token can be listed every 31 hours. Additionally, you need to win the deployment qualification through a Dutch auction (Deep Tide Note: Dutch Auction, also known as "descending price auction," features price reduction, the first to accept the price completes the transaction, and time pressure) using HYPE.

You need to stake 1 million HYPE and are responsible for setting up the market.

This means choosing an oracle, defining leverage limits, handling settlement logic, and ensuring everything runs safely.

1 million HYPE serves as a security guarantee and is also the protocol's way of protecting itself.

If your token market experiences strange manipulation, validators can vote to reduce your HYPE.

In short, this HYPE ensures that the tokens you list are legitimate.

As a token deployer, you can take 50% of the total market fees. You can even set custom fees on top of that.

In other words, you can earn a portion of the fees from users trading the tokens you list.

HIP-3 allows anyone to list tokens on the Hyperliquid perpetual contract exchange.

To ensure market safety, 1 million HYPE must be staked, and if suspicious behavior occurs, this stake may be reduced.

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