Hyperliquid is working on rolling out a major upgrade dubbed Hyperliquid Improvement Proposal 3 (HIP-3), which will boost perp market deployment.
By Godfrey Benjamin
Editor Julia Sakovich
Updated
2 mins read
Decentralized crypto derivatives exchange Hyperliquid is prepared to boost perp market deployment. It plans to do this with the rollout of Hyperliquid Improvement Proposal 3 (HIP-3). The development was announced by a Hyperliquid administrator in the protocol’s Discord channel, noting that the network upgrade will take place on Oct. 13, 2025.
According to an announcement on its Discord channel, Hyperliquid is prepared for a major protocol upgrade. Coming with this update is HIP-3, which will enable the permissionless creation of perpetual futures markets. Users need not take any immediate action to sync with the upgrade, per the administrator’s post.
However, deployers who meet the on-chain requirements will be able to deploy perps for trading once the capacity is enabled. At an earlier date, the project had noted that HIP-3 will support builder-deployed perpetuals. This will be ‘a key milestone toward fully decentralizing the perp listing process.’
A key transition billed to follow the implementation of HIP-3 is that deployers will receive the authorization to permissionlessly launch a perp DEX on HyperCore. All they are required to do is stake 500,000 HYPE. The upgrade would also be integrated with HyperEVM for smart contracts and governance. HIP-3 also includes safeguards such as validator slashing and open interest caps.
Following the news of the upgrade, the price of HYPE HYPE $40.99 24h volatility: 3.0% Market cap: $11.12 B Vol. 24h: $799.55 M , the native token of the Hyperliquid protocol, has spiked significantly. CoinMarketCap data shows that HYPE is currently trading at $42.33 with a 12.33% increase over the last 24 hours. This is quite laudable considering that the broader cryptocurrency market recently faced a major downturn.
On the other hand, a $42.33 price level is a notable fall from its all-time high of $59.29, which it recorded in early trading on September 18. The fall from this height has been ongoing for the last two weeks. On Sept. 25 alone, HYPE price declined by 6% and at the time, prominent trader James Wynn noted that the Hyperliquid pain is far from over.
Key crypto industry players like Ark Invest and Cathie Wood believe that there is a prospect for the protocol. She described Hyperliquid as ’the new kid on the block,’ citing that it reminded her of Solana SOL $206.0 24h volatility: 6.1% Market cap: $112.74 B Vol. 24h: $11.83 B in the earlier days. ‘Solana has proven its worth and is, you know, there with the big boys,’ Wood said.
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Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
