Hyperliquid HIP-3 Uses Dutch Auctions for Additional Perpetual Markets

Hyperliquid’s HIP-3 framework lets third-party deployers create perpetual markets, with a shared Dutch auction used for assets beyond a perp DEX’s first three assets.

The first three assets on each perpetual decentralized exchange do not require an auction. Additional assets use the shared auction. Each deployer sets up and operates its market, including its oracle.

HIP-3 keeps order books and settings specific to each perp DEX. A ticker used on one DEX does not, by itself, establish that a separate market using the same symbol is live.

MELI is the common-stock ticker for MercadoLibre, Inc. on the Nasdaq Global Select Market. That identifies the company’s listed stock; the ticker alone does not establish that a perpetual market referencing MELI has begun trading.