Glossary
What is HIP-3 on Hyperliquid?
Also called: Hyperliquid Improvement Proposal 3, builder-deployed perps, HIP3, builder dexes
Updated Ninja Terminal team
Definition
HIP-3 is Hyperliquid Improvement Proposal 3, which lets builders deploy their own perpetual markets in a permissionless way. A deployer who meets the HYPE staking requirement defines each market's oracle and contract specifications and runs the market. Each deployed dex has independent margining, order books, and deployer settings.
Hyperliquid’s core perpetuals are listed by the protocol. HIP-3 opens listing to outside builders, so markets can cover assets that the core list does not, including traditional-finance assets.
What does a deployer control?
Per the Hyperliquid docs, a deployer defines the oracle and contract specifications and then operates the market by:
- setting oracle prices,
- setting leverage limits,
- settling a market if needed,
- setting an extra fee share on top of the protocol fee.
The docs state that perpetuals work best when they track a well-defined asset or data feed that is hard to manipulate.
What is the requirement to deploy?
A deployer must stake HYPE. At the time of writing, the docs give 500,000 HYPE on mainnet, say the figure is expected to decrease over time, and state a minimum period the stake must stay in place after the dex is deployed. Check the current numbers in the docs. Any deployer that meets the requirement can deploy one perp dex.
How do HIP-3 markets differ for traders?
- Margining: each dex has independent margining. Cross margin is an option that deployers can enable per asset, so many markets are isolated margin only.
- Funding: HIP-3 perpetuals use a different premium formula than core perpetuals. See funding rate.
- Oracle risk: the deployer chooses the oracle, so quality depends on the deployer. Read each market’s specification.
- Fees: deployers can add a fee share, so costs can differ from core markets. See maker and taker fees.
Where does it appear in Ninja Terminal?
Ninja Terminal supports Hyperliquid perpetuals, spot, and HIP-3 builder markets, including TradFi markets. See Hyperliquid on Ninja Terminal.
Frequently asked questions
Who can deploy a HIP-3 market?
Any deployer that meets the HYPE staking requirement can deploy one perp dex. The requirement is set in the Hyperliquid docs and can change.
Are HIP-3 markets riskier than core Hyperliquid perps?
They can carry extra risk, because the deployer chooses the oracle and sets leverage limits and fees. Read the specification of each market before you trade.