Hyperliquid’s HIP-3 Upgrade Launches Permissionless Custom Markets — $500M in Volume in First 24 Hours

Hyperliquid has rolled out its much-anticipated upgrade, HIP‑3 — enabling any qualified participant to deploy and trade perpetual futures markets with custom assets and parameters. The new system went live recently, and custom markets under HIP-3 saw over US$500 million in trading volume within the first 24 hours.

Coinccino Coinccino
Nov 26, 2025 - 19:02
Hyperliquid’s HIP-3 Upgrade Launches Permissionless Custom Markets — $500M in Volume in First 24 Hours

Market Context

HIP-3 arrives as DeFi derivatives continue to grow rapidly, with demand shifting from centralized exchange listings toward permissionless market structures. Traders and institutions are increasingly exploring alternative infrastructures that offer faster listing cycles, transparent collateral mechanisms and on-chain risk controls. Hyperliquid’s approach mirrors a broader DeFi trend: moving beyond token swaps to sophisticated, customizable financial markets.

Technical Details (with Attribution)

  • HIP-3 allows any qualified builder to launch a perpetual market by staking 500,000 HYPE, enabling customized parameters for leverage, margin structure, and oracle sources.
    (Source: Cryptopolitan)

  • Early HIP-3 markets generated $500M+ in trading volume on Day 1, signaling immediate liquidity engagement.
    (Source: AltcoinBuzz)

  • Builder-launched markets can earn up to 50% of trading fees, creating economic incentives for high-quality deployments.
    (Source: Oak Research)

  • “Growth Mode” cuts taker fees from 0.045% to as low as 0.0045%, designed to bootstrap early liquidity.
    (Source: Blocmates)

Analyst Perspectives

Experts say HIP-3 could reshape the derivatives landscape by eliminating gatekeeping and letting markets emerge organically from builders and communities:

      Bullish View

  • HIP-3 could accelerate the creation of new asset classes — synthetic equities, commodities, index markets, and experimental financial primitives.

  • Locking HYPE tokens for market deployment may create long-term token-supply pressure.

      Cautious View

  • Many custom markets may fail to attract sustainable liquidity, leading to high volatility and wide spreads.

  • Success depends on builder reputation, oracle reliability and market-maker participation.

Global Impact Note

If widely adopted, HIP-3 could push DeFi closer to competing with traditional exchanges by enabling borderless, 24/7, permissionless derivatives. Emerging markets, hedge funds, and fintech developers may experiment with launching their own custom markets — reducing reliance on centralized exchanges. It could inspire similar upgrades across other chains, accelerating the merger between traditional finance and decentralized finance.

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