CashboardGlossary · Infrastructure
What is HIP-1?
HIP-1 is Hyperliquid's native token standard: capped-supply spot tokens that live in HyperCore and trade on its order books, starting with a USDC pair.
How does HIP-1 work?
A HIP-1 token is not an ERC-20 contract. It lives natively in HyperCore, the part of Hyperliquid that runs the order books, and every new token starts with a spot book against USDC. The deployer picks a name of up to six characters, the decimals and a maximum supply, which can shrink later through spot trading fees or future burns but never grow. Names do not have to be unique, so two tokens can share a ticker.
Listing costs HYPE, set by auction. Deploy gas runs as a 31-hour Dutch auction that opens at twice the last price paid, or at 500 HYPE if the last auction failed, and falls in a straight line to 500 HYPE. PURR was the first HIP-1 token, live on April 16, 2024.
Plenty of HIP-1 tickers are not new projects at all. Bitcoin deposited through Unit trades on HyperCore as UBTC, and stablecoins such as USDT0 and USDe have HIP-1 tickers that double as quote assets. For a bridged token, price times supply measures how much has been bridged in, not what the asset is worth.
Say a new token has 400 million units circulating and trades at $0.05 on its USDC book. That is a $20 million market cap on paper. How much of it anyone could actually sell depends on the depth of the book, which is usually far thinner than the headline suggests.
Also called: Hyperliquid native token standard, HIP-1 token.
Where does HIP-1 show up in Cashboard?
The Spot view of Hyperliquid markets ranks HIP-1 tokens with at least $10,000 of 24h volume, largest first. Each token gets one row, priced on its USDC pair when it has one, with volume added up across every quote pair. Market cap is price times Hyperliquid's circulating supply figure, except for Unit-bridged tokens such as UBTC, where the cell reads n/a on purpose. Hover a row to open the pair on Hyperliquid.
Frequently asked questions
What is the difference between HIP-1 and HIP-3?
HIP-1 creates spot tokens with their own order books. HIP-3 lets a builder that keeps 500,000 HYPE staked deploy perp markets on its own dex, priced by its own oracle. One is a token you hold, the other a contract on a price.
Can an ERC-20 on HyperEVM trade as a HIP-1 token?
Yes. The deployer pays the HIP-1 auction on HyperCore and links the two, after which sending the token to its system address on HyperEVM moves the balance to HyperCore, and back the other way. Hyperliquid's docs tell deployers to test the exact setup on testnet first.
Where can you read more about HIP-1?
Related terms
Last reviewed . Market data in Cashboard comes from the providers named on each widget and may be delayed. Nothing here is financial advice.