What Is HIP-3 on Hyperliquid? Builder Perps Guide

HIP-3 is a Hyperliquid upgrade that lets outside teams launch their own perpetual futures markets on Hyperliquid’s order book. A team that stakes 500,000 HYPE becomes a deployer. It gets one perp DEX where it lists markets, runs the price oracle, sets parameters and takes a share of the fees. Stock, index and commodity perps on Hyperliquid, such as an S&P 500 or gold market, exist because of HIP-3.

HIP-3 has been in the news this week. On October 26, 2026, Hyperliquid named Payward, the parent of the Kraken exchange, as its intended first regulated HIP-3 deployer for US perpetual futures. The plan is not live and needs regulatory approval (crypto.news, FXStreet, both checked October 29, 2026). This post explains what HIP-3 is, so the news makes sense.

What does HIP-3 change on Hyperliquid?

HIP-3 moves the decision about which perps exist from Hyperliquid’s validators to anyone willing to post a large stake. Before HIP-3, every perp on Hyperliquid, a decentralized exchange with its own blockchain, was listed by the validators. Those core markets still exist. HIP-3 adds a second layer of markets next to them.

Each deployer gets its own perp DEX with independent margining, order books and deployer settings (Hyperliquid HIP-3 docs, checked October 29, 2026). Matching, settlement and the order book engine are still Hyperliquid’s. What the deployer owns is the market definition: which asset, which oracle and which parameters.

That is why HIP-3 market names carry a prefix. A market on a DEX named xyz is addressed as xyz:GOLD, not GOLD. The prefix tells the exchange, and any app reading its data, which deployer’s DEX the market lives on.

Who can deploy a HIP-3 market?

Any team that stakes 500,000 HYPE on mainnet can deploy one perp DEX. Hyperliquid’s docs say they expect that requirement to decrease over time, and the stake has to stay locked for a minimum period after the DEX is deployed (Hyperliquid HIP-3 docs, checked October 29, 2026).

The first three assets on a new DEX need no auction. Each asset after that goes through a Dutch auction, so listing slots are not free once a DEX grows.

The stake is the main safeguard. A deployer that runs a market badly has a lot of HYPE at risk, which gives it a reason to keep oracles honest and parameters sane.

Who sets the price on a HIP-3 market?

The deployer does. Each HIP-3 deployer runs the oracle that feeds its markets’ prices, and that oracle price drives funding and liquidations. On a core Hyperliquid perp, validators publish the oracle price. On a HIP-3 market, you rely on the deployer’s oracle instead.

This matters most for markets that track things outside crypto, like stocks, indexes or oil. Those underlying markets close at night and on weekends, but a perp trades around the clock. How the deployer handles prices while the reference market is shut is part of the market’s design, and worth reading in the deployer’s own documentation before you trade it.

How are HIP-3 fees different?

HIP-3 fees start from Hyperliquid’s normal perp schedule and are then scaled per market. Two settings do the scaling (Hyperliquid fees docs, checked October 29, 2026):

• Deployer fee share. A deployer can add its own share on top of the protocol fee, between 0% and 300%. Above 100%, the protocol fee is raised to match it.
• Growth mode. A deployer can turn on growth mode for an asset, which cuts the all-in fee by at least 90%. Rebates and volume credit drop by the same margin. Growth mode has a 30-day cooldown per asset, so it cannot be flipped on and off for a single busy day.

Here is a worked example. Take a $10,000 taker fill and Hyperliquid’s base perp taker rate of 0.045%:

Market	Multiplier on the base rate	Taker rate	Fee on $10,000
Core Hyperliquid perp	1x	0.045%	$4.50
HIP-3, 100% deployer share	2x	0.090%	$9.00
HIP-3, 100% share, growth mode	0.2x	0.009%	$0.90

Your own rate also depends on your volume tier, staking discount and referral discount, so treat the table as the shape of the math, not a quote. The point is that two perps on the same exchange can cost very different amounts to trade.

What are the risks of HIP-3 markets?

HIP-3 markets carry every perp risk plus a few of their own. The perp risks are the familiar ones: leverage, funding and liquidation, covered in our spot vs perpetual futures guide and the help center article on liquidation.

The HIP-3 specific ones:

• Oracle trust. The deployer’s oracle sets the mark price. A bad or stale price can trigger liquidations that would not happen on a core market.
• Thinner books. Newer markets often have less depth than core perps, so large market orders move the price more. Check the order book before sizing.
• Margin limits. A HIP-3 market can be restricted to isolated margin. Our post on cross margin vs isolated margin explains what that changes for your worst case.
• Off-hours gaps. When the underlying stock or commodity market reopens, price can jump. Liquidations in a fast move can chain together, as our post on liquidation cascades shows.

A HIP-3 stock perp is not a share. You do not own the company, you do not get dividends, and you pay or receive funding while the position is open.

What would the Payward plan add?

The Payward plan would add a permissioned version of HIP-3 for US customers. As reported, Bitnomial, a CFTC-regulated exchange and clearing house, would create and run the markets, and NinjaTrader Clearing would hold customer accounts. Only accounts approved by both could trade the contracts. Hyperliquid said the permissioned feature is optional, sits on top of existing HIP-3 and leaves current markets unchanged (crypto.news, checked October 29, 2026).

Nothing is live yet. No launch date or first contracts have been announced, and the arrangement needs regulatory approval. For traders outside that program, HIP-3 works as it does today.

How do you trade HIP-3 markets on Anello?

Anello’s trading terminal lists HIP-3 real-world asset perps under an RWA tab in the asset picker, next to spot and crypto perps. These are markets on the xyz builder DEX, including stock, index, gold, silver and oil perps. Each HIP-3 row carries a badge naming its builder DEX, so you can see it is a builder market and not a core one.

The order panel reads each market’s live growth mode and deployer fee scale from Hyperliquid and applies them to the fee estimate before you confirm. Anello’s own builder fee on perp fills is 0.01% and is not scaled by HIP-3 settings. The full breakdown is in fees and risks. If a market’s settings rule out cross margin, the terminal does not offer cross for it.

Anello’s bots are a different product. The Hyperliquid grid bot and DCA bot run on Hyperliquid spot markets only, so HIP-3 perps are not available to them. That is deliberate: spot bots have no liquidation price and no funding.

Need help?

If something about a HIP-3 market is unclear, start with the margin and liquidation articles in our help center, then read the deployer’s own documentation for that market.

This post is for education only and is not financial advice. Perpetual futures use leverage and can lose more than you expect.