Hyperliquid is a decentralized trading platform that runs on its own purpose-built blockchain.
The Hyperliquid ecosystem is governed by the HYPE token, giving holders a real say through Hyperliquid Improvement Proposals (HIPs). The newest proposal, HIP-3, dials things up: anyone staking 1 million HYPE can spin up their own perpetual futures markets—no permission slips, no gatekeepers.
And the best part? These new permissionless markets will soon land right inside your Phantom wallet.
Let’s walk through all things HIP-3 so you know what to expect.
What is Hyperliquid?
Hyperliquid is a decentralized trading platform built on its own blockchain.
At its core, the trading platform features a high-speed, low-fee orderbook that enables users to trade both spot assets and perpetual futures—all while preserving full onchain transparency and self-custody.
How does Hyperliquid’s governance process work?
The governance of the Hyperliquid ecosystem is driven by its native token (HYPE).
Token holders participate in platform decisions by voting on onchain proposals called Hyperliquid Improvement Proposals (HIPs). Any eligible participant can submit a HIP, and HYPE holders then vote on it—typically proportional to their stake. If a proposal gains enough support, the core team implements it.
What is HIP-3?
Hyperliquid Improvement Proposal 3 (HIP-3), known as “Builder-Deployed Perpetuals”, is a plan to make the listing of new perpetual futures markets fully permissionless.
In effect, HIP-3 lets anyone that stakes 1 million HYPE tokens create a new perpetual futures market on the Hyperliquid blockchain, not Hyperliquid's decentralized trading platform. This is a key step toward decentralizing market creation: it turns the Hyperliquid blockchain into a financial infrastructure layer where third parties can spin up markets without asking for permission.
If a perpetual futures market acts maliciously or poorly, the HIP-3 system can penalize the deployer by slashing their HYPE stake. This, along with a seven-day unstaking queue, aligns incentives and keeps deployment open to all.
- Why HIP-3 matters: HIP-3 greatly expands Hyperliquid’s flexibility and scope. By removing centralized gatekeepers, many new markets—even outside crypto, such as stocks, commodities, and more—can be listed as perpetual contracts. This can significantly increase liquidity and innovation, as more developers and users can create and trade markets that suit their needs.
- How HIP-3 differs from HIP-1 & HIP-2: HIP-1 and HIP-2 were earlier governance proposals focused on spot trading, whereas HIP-3 targets perpetual futures. HIP-1 introduced the token listing standard and a governance-based process for new spot tokens. Under HIP-1, communities could create new tokens on Hyperliquid and bid HYPE to list them in spot markets. HIP-2 then added a protocol-native liquidity engine, automatically seeding orderbooks so that new tokens have deep liquidity from day one. In short, HIP-1/2 dealt with spot tokens and liquidity, while HIP-3 empowers developers to create new perpetual futures markets permissionlessly.
Where can HIP-3 markets be traded?
Once a new perpetual futures market is deployed under HIP-3, it lives on Hyperliquid’s blockchain and can be accessed by any compatible interface. In practice, this means any trading platform or wallet that integrates Hyperliquid’s infrastructure can offer those markets to users.
The perpetual futures markets from Hyperliquid’s native decentralized exchange are already available to users in supported regions directly within Phantom wallet via Phantom Perps.
But this is only the beginning.
Every HIP-3 market launched on Hyperliquid’s blockchain will soon become accessible inside Phantom as well. This expansion dramatically increases the breadth of trading opportunities at your fingertips. From niche tokens to major assets, you will be able to explore, manage, and execute perpetual futures trades without ever leaving your Phantom wallet.
FAQs
What is HIP-3?
HIP-3, or “Builder-Deployed Perpetuals,” enables anyone staking 1 million HYPE to permissionlessly create perpetual futures markets on the Hyperliquid blockchain.
Why does HIP-3 matter?
HIP-3 removes centralized gatekeeping, unlocking permissionless innovation, greater liquidity, and new markets beyond crypto.
Where can HIP-3 markets be traded?
Any HIP-3 perpetual futures market can be accessed via Hyperliquid-compatible platforms, including Phantom.
Disclaimer: Not intended for UK audiences. For educational purposes only—not financial or legal advice or a solicitation to buy, sell, or trade any assets. Phantom Perps are not available everywhere and involve significant risk.
