Hyperliquid to activate HIP-3 upgrade enabling permissionless perp market creation

Hyperliquid is expected to activate HIP-3, a major protocol upgrade that will enable the permissionless creation of perpetual futures markets, later today.

A Hyperliquid administrator announced in the protocol's Discord channel that a network upgrade on Oct. 13 will include enabling HIP-3.

"HIP-3 will be enabled during this network upgrade. There is no immediate change for users. Deployers meeting the onchain requirements will be able to deploy perps for trading once ready," said the administrator.

The project said in a previously disclosed document that HIP-3 (Hyperliquid Improvement Proposal 3) will support builder-deployed perpetuals, marking "a key milestone toward fully decentralizing the perp listing process."

With HIP-3 in place, deployers will be able to permissionlessly launch a perp DEX on HyperCore by staking 500,000 HYPE. Integrated with HyperEVM for smart contracts and governance, HIP-3 includes safeguards like validator slashing and open interest caps, according to the document.

HYPE's price rose 11% in the past 24 hours to around $42, according to The Block's price page. It has a market capitalization of roughly $11.4 billion.