HIP-3 is an upgrade to Hyperliquid that makes perpetual futures markets permissionless to launch. Instead of the core team deciding which markets exist, any builder can create and deploy their own perp market directly on-chain, as long as they stake a large amount of HYPE tokens. That stake acts as collateral to keep builders honest and aligned with the protocol.

This chart shows daily Volume in USD by DEX using HIP-3.