- Hyperliquid activated HIP-3 to enable permissionless listings of perpetual futures markets on its network, removing centralised gatekeeping.
- The formalisation allows third-party builders to launch perpetual DEXs on HyperCore, requiring a 500,000 HYPE token stake to gain listing rights.
- The platform’s CEO criticised centralised exchanges for likely undercounting the true scale of liquidations during peak stress due to limiting reporting to one event per symbol per second.
Hyperliquid (HYPE) has announced the switch to HIP-3 today to enable permissionless listings of perpetual futures markets on its network.
The protocol’s Discord admin told the community the network upgrade includes HIP-3 and that users will not see immediate changes. Teams that meet the on-chain criteria can list perps once their deployments are ready.
HIP-3 basically formalises a path for third-party builders to launch perpetual DEXs on HyperCore. The design ties listings and governance to HyperEVM and enforces risk controls that include validator slashing and open-interest caps, though listing rights require staking 500,000 HYPE. At the current spot price, that stake implies about US$21 million (AU$31.71 million) at risk.
The mechanism shifts listing decisions to a rule-based, on-chain process, while keeping guardrails for market integrity through caps and penalties.
Related: Deutsche Bank Predicts Central Banks Will Hold Bitcoin and Gold as Core Reserves by 2030
Post-Market Crash Upgrade
The upgrade lands after a historic liquidation cascade across the cryptocurrency market, with Bitcoin falling to about US$102,000 (AU$154,020) on Friday following US tariff threats against China. Around US$19 billion (AU$29 billion) was liquidated that day, the largest one-day purge, according to data.
Hyperliquid co-founder and CEO Jeff Yan argued that centralised exchanges, and Binance specifically, likely undercount the true scale of forced unwinds during peak stress, citing Binance’s documentation for its liquidation stream, which records only the latest liquidation per symbol per second in the order snapshot feed.
That batching reduces message load but can omit many events when liquidations arrive in bursts. Yan said that during extreme volatility, there can be more than 100 liquidation prints per pair per second, so the one-per-second reporting model can materially understate the total.
Even if there are thousands of liquidation orders in the same second, only one is reported. Because liquidations happen in bursts, this could easily be 100x under-reporting under some conditions. Hopefully the industry will see transparency and neutrality as important features of the new financial system, and others will follow.
Jeff Yan, Hyperliquid Co-Founder.His view aligns with CoinGlass’ note that reported figures likely sit below actual amounts on venues using similar throttling.
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