The Hyperliquid (HYPE) network is set to activate HIP-3, a major protocol upgrade that will allow the permissionless creation of perpetual futures markets, marking a significant step toward full decentralization. The upgrade is expected to go live today, October 13, according to an announcement from a Hyperliquid administrator on the project’s official Discord channel.
HIP-3: A Milestone for Decentralized Perps
The administrator confirmed that HIP-3 will be enabled during the network upgrade, noting that while there will be no immediate change for users, qualified deployers meeting onchain requirements will soon be able to launch their own perpetual markets on the network.
According to Hyperliquid’s documentation, HIP-3 (Hyperliquid Improvement Proposal 3) introduces a new framework for builder-deployed perpetuals, effectively decentralizing the listing process. This transition represents a key milestone in Hyperliquid’s roadmap toward becoming a fully autonomous, permissionless trading protocol.
How HIP-3 Works
The proposal enables deployers to permissionlessly launch a perp DEX on HyperCore by staking 500,000 HYPE, a requirement designed to align incentives and secure the network. HIP-3 also integrates with HyperEVM for governance and smart contract operations, while including validator slashing mechanisms and open interest caps to maintain fair and transparent market conditions.
HYPE Price Consolidates After Volatile Week
At the time of writing, HYPE trades around $42.44, giving it a market capitalization of $14.29 billion with 24-hour trading volume near $793 million, according to CoinMarketCap data. Despite experiencing a 12.8% decline over the past week, the token remains one of the top performers among Layer 2 ecosystem projects with 11% daily gains, reflecting strong long-term interest in Hyperliquid’s expanding DeFi infrastructure.
