HIP-3 makes perp deployment permissionless
HIP-3 extends HyperCore order books and margining to builder-deployed perpetual markets. A deployer defines each market, supplies or governs the oracle path, sets leverage limits and can settle the product when required.
The API remains part of the HyperCore action model, but product identity matters. A ticker on a builder DEX can have different collateral, oracle, leverage and fee configuration from a validator-operated market.
The deployer stake and responsibilities
Mainnet deployers currently maintain 500,000 HYPE staked and keep the requirement for at least 183 days after deployment. Validators can slash stake for irregular inputs that damage protocol correctness, uptime or performance.
Slashed stake is burned rather than distributed as user compensation. The mechanism discourages harmful operation but does not reimburse a trader for poor market design, bad liquidity or normal trading losses.
Fees, growth mode and collateral
HIP-3 markets use the account’s shared fee tier and can receive normal staking or referral adjustments where eligible. Deployers can configure an additional fee share from 0% to 300%, or 0% to 100% in growth mode.
Growth mode scales specified protocol fees and related contributions down by 90%. Aligned collateral can add product-specific benefits. Always inspect the market and order preview instead of applying the standard perp table blindly.
Oracle, margin and settlement risk
Cross margin can extend across compatible DEXs under unified or portfolio account modes, but enabling cross margin for a HIP-3 asset is irreversible for the deployer and increases interconnected exposure. Other HIP-3 markets can remain isolated or no-cross.
A deployer can halt trading and settle positions at the current mark price. Before trading, identify the deployer, collateral token, oracle source, settlement terms, maximum leverage, available depth and the exit path during an outage.