CashboardGlossary · Tokenization
What is HIP-3?
HIP-3 is a Hyperliquid upgrade that lets any builder that stakes HYPE list its own perp markets on Hyperliquid's order book, starting with stock perps.
How does HIP-3 work?
Before HIP-3, Hyperliquid itself decided which perps got listed. The upgrade went live on mainnet on October 13, 2025 and opened listings to any builder willing to stake 500,000 HYPE, the requirement at launch. The deployer defines the market, picks the oracle and sets parameters such as maximum leverage and its own cut of the fees.
These markets run on the same HyperCore order book and matching engine as Hyperliquid's own perps. The deployer is on the hook for the oracle and for running the market honestly. If it does not, validators can slash the stake. That bond is what keeps random teams from listing junk.
Trade.xyz went first, with a Nasdaq-style index perp and then single stocks such as Tesla, Apple, Nvidia and Amazon, all trading 24/7. Its markets carry an xyz: prefix in Hyperliquid's API. Other builders followed. Because each deployer names its own markets, the same stock can trade under two deployers at slightly different prices.
A made-up case: a builder lists an equity index perp, caps leverage at 10x and sets its fee share at 20%. A trader who pays $5 in fees on a $10,000 order sends $1 of it to the builder. Traders reach the market through any front end that shows that deployer's markets.
Also called: builder-deployed perps, Hyperliquid Improvement Proposal 3.
Where does HIP-3 show up in Cashboard?
The Tokenized stocks widget reads Trade.xyz's stock perps on Hyperliquid for its eight tickers and shows each market's mark price, its basis against the cash price, open interest and funding as an APR annualized from the hourly rate. The Funding rates widget and Paper trading use Hyperliquid's main perp list, so builder-deployed markets do not appear there. Hyperliquid markets does show them: its HIP-3 view ranks live markets from every builder dex by 24h volume, with category tags, open interest and funding APR, and Hyperliquid pulse shows the HIP-3 share of open interest and volume.
Frequently asked questions
Who can deploy a market with HIP-3?
Any builder that stakes the required HYPE, which was 500,000 at launch, and takes on the market's oracle and settings. Validators can slash that stake if the deployer behaves maliciously.
Where can you read more about HIP-3?
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.