Hyperliquid Builders Can Launch Perpetual Markets With 500,000 HYPE

Hyperliquid’s HIP-3 framework lets builders stake 500,000 HYPE tokens to launch perpetual futures markets, giving them control over contract terms and oracle prices while the network runs trading and settlement.

HIP-3 began in October 2025. The stake applies to deploying an exchange, rather than separately to each market it lists. Builders can create contracts referencing equities, commodities and indexes.

A deployer sets a market’s specifications, operates its price oracle and sets leverage limits. It can halt a market and initiate settlement when needed. Hyperliquid supplies the order books and margin system and executes trades and settlement. The oracle supplies a price reference; traders’ orders determine transaction prices in the order book.

A perpetual futures contract has no fixed expiration date. Periodic payments between traders holding long and short positions are designed to keep the contract’s price near that of the asset it references. A contract can track an asset’s price without issuing that asset.

Creating a market does not determine who may use a particular trading interface. Under terms updated Sept. 6, trade.xyz excludes people in the United States or subject to U.S. law from its interface. That interface is separate from the underlying Hyperliquid network.

The CFTC’s May 29 decision concerned a different product: It approved the listing of KalshiEX LLC’s specific Bitcoin (BTC) perpetual futures contract. The decision did not address HIP-3 markets or access to trade.xyz.

In a separate, nonbinding policy statement, the CFTC favored individual review through a voluntary submission process for proposed perpetual contracts tied to other asset classes. Its examples included precious metals and equity securities.