HIP-3 cuts taker fees by up to 90% for new on-chain perpetual markets.
Hyperliquid (HYPE) has launched HIP-3, a major upgrade designed to change how new perpetual markets are created on-chain.
The feature introduces permissionless deployment of perpetual futures DEXs on Hyperliquid blockchain. It also sharply reduces taker fees, allowing new markets to begin trading at up to 90% below the protocol’s standard rates.
Under HIP-3, deployers must stake 500,000 HYPE to launch a single perp DEX, though the requirement is expected to decline as the network develops.
Each DEX operates independently with its own margining, order books, and settings, and future upgrades may allow multiple DEXs under one stake.
The first three assets in any DEX can be listed without auction, while additional markets must pass a shared Dutch auction. At launch, only an isolated margin is supported.
Builders Gain Revenue Share
A key feature of HIP-3 is its builder-first revenue model, allowing deployers to earn 50% of all trading fees generated by their markets. User discounts remain intact, although fees on HIP-3 markets are set at twice the rate of validator-operated perps.
Planned upgrades include fee configurability for deployers, cross-margin support, improved asset-reservation tools, and collateral migration for DEXs affected by changes to quote asset status. Aligned stablecoin collateral will receive reduced fees once updated alignment rules are implemented.
Eyes New Asset Classes
The upgrade signals Hyperliquid’s interest in expanding beyond crypto-only markets. The team says HIP-3 could support new types of on-chain derivatives, including assets like equities and commodities, positioning the platform as a potential alternative to traditional derivatives exchanges.
Why This Matters
With rising developer participation and significantly lower fees for new markets, HIP-3 is positioned to accelerate the launch of on-chain derivatives and broaden the universe of assets that can be traded.
Discover DailyCoin’s hottest crypto news today:
Leaks Suggest Coinbase Prediction Markets with Kalshi
Vitalik Buterin Unveils Kohaku, ETH Market Reacts Cautiously
