Hyperliquid’s HIP-3 Upgrade to Unlock Permissionless Perp Market Creation

Hyperliquid has announced its HIP-3 upgrade, set to activate on October 13, 2025. This upgrade allows anyone meeting onchain criteria to create perpetual futures markets on the HyperCore platform by staking 500,000 HYPE tokens. The move is seen as a significant advancement towards decentralizing the derivatives infrastructure on Hyperliquid, enabling permissionless deployment of perpetual decentralized exchanges (DEXs). Following a market-wide leverage flush resulting in $19.3 billion in liquidations, of which $10 billion occurred on Hyperliquid, the HYPE token rose 13.4% to approximately $42, achieving a market cap of about $14.1 billion. The upgrade incorporates measures like validator slashing and open interest limits to ensure a stable trading environment for users. The announcement has garnered attention in the crypto community, with developers eager to utilize the new capabilities once they are ready to deploy their markets.

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