What are HIP-3 markets on Hyperliquid?
HIP-3 markets are perpetuals launched on Hyperliquid by outside deployers rather than by Hyperliquid itself. They run on Hyperliquid’s own order books and margining, but the deployer sets the oracle price, the leverage limits and an extra fee share, and can halt the market, which cancels every order and settles positions at the mark price. Read each market on its own.
- A HIP-3 market is a perpetual launched by an outside deployer that has staked 500,000 HYPE. It trades on Hyperliquid’s own order books and margining.
- The deployer sets each market’s contract specifications, its oracle price and its leverage limits.
- The deployer can halt a market. A halt cancels every order, stops and targets included, and settles positions at the mark price.
- A deployer can add a fee share of up to 300%, so fees differ from market to market. Markets in growth mode cut all-in fees by at least 90%.
- Some HIP-3 markets are isolated only. Where cross margin is enabled it cannot be switched off, and cross margin across different deployers carries greater risk.
What a HIP-3 market is
Most perpetuals on Hyperliquid are listed by Hyperliquid itself. HIP-3, the third Hyperliquid Improvement Proposal, lets anyone who meets a staking requirement launch perpetuals of their own. Each deployer runs one perp dex: its own group of markets, with its own settings.
The markets run on the same engine as the main perpetuals: the same kind of order book, the same margining and the same way of placing orders. What changes is who decides the details. The main perpetuals are set by the protocol; a HIP-3 market is set by its deployer.
What the deployer controls
The deployer defines each market: its contract specifications, where its oracle price comes from, the oracle prices themselves and the leverage limits. On the main perpetuals the oracle is a weighted median of large exchanges, published by Hyperliquid’s validators; on a HIP-3 market it is the price the deployer publishes. The mark price and the oracle price explains what the oracle decides on the main markets.
The deployer also chooses the margin mode. A market can be isolated only, or the deployer can enable cross margin on it. Validators allow cross margin only for assets that meet their eligibility standards, and once enabled it cannot be undone.
And the deployer can halt trading. A halt cancels all orders on the market and settles positions at the mark price; the same action can later resume trading.
What a halt does to a position
A halt is the sharpest difference from a main perpetual. Every order on the market is cancelled, your stop and your target included, and every position is settled at the mark price at that moment. The result is fixed by a price nobody chose for the trade.
A stop caps the loss only while the market is trading. On a HIP-3 market, the planned loss at the stop is not the only way a trade can end, and nothing you left working survives the halt.
Fees on HIP-3 markets
A deployer can add a fee share of between 0% and 300% on its markets, and above 100% the protocol’s own fee rises to match the deployer’s. A market in growth mode goes the other way: its all-in fees are at least 90% lower, and its deployer share is capped at 100%. Deployers may keep up to 50% of the trading fees their markets generate.
Volume on HIP-3 markets counts towards the same fee tier as perpetuals and spot. How fees work covers tiers and discounts.
How deployers are held to account
Deploying requires 500,000 HYPE staked, an amount Hyperliquid expects to lower over time, held for at least 183 days after the deployment. Validators can vote to slash that stake for malicious or irregular operation of a market, and it stays slashable through the seven-day unstaking queue.
Slashed stake is burned, not paid to traders. The stake gives a deployer something to lose; it does not repay a trader who lost money on a badly run market.
On Hyperliquid
Each perp dex has its own backstop liquidator to take over positions that reach liquidation. Where a deployer has enabled cross margin, Hyperliquid notes that cross margin across markets from different deployers still carries greater risk. Cross or isolated margin explains how cross positions lean on each other.
In BuildTrade™, the first time you switch to a market from a new deployer, the app shows a disclaimer that names the deployer and explains that nobody has reviewed the market and that liquidity, volatility and liquidation risk can be higher. You confirm it once per deployer on each device.
One long when its market halts
Example numbersA long of 40 units at 100.00 on a HIP-3 market, with a stop at 97.50 and a target at 105.00 resting. The deployer halts the market while the mark is at 98.80. Before fees.
- Entry
- 100.00
- Stop, cancelled by the halt
- 97.50
- Target, cancelled by the halt
- 105.00
- Mark at the halt
- 98.80
- Result, settled at the mark
- −$48
The position closes at 98.80: not at the stop, not at the target. Had the mark been at 102.50, the same halt would have settled it for +$100. Either way, nothing is left working when trading resumes.
Mistakes that cost traders money
- Assuming a HIP-3 market works like a main perpetual.
The order book and margining work the same way; the oracle, leverage limits, fees and margin mode are the deployer’s. Read each market’s details before trading it.
- Counting on the stop to cap the loss.
A halt cancels the stop and settles at the mark. The stop caps the loss only while the market trades.
- Reading the fee from a main market.
A deployer’s fee share can lift fees well above a main perpetual’s. Compare the fee charged on a small fill in Trade History before trading size.
- Expecting slashing to repay losses.
Slashed stake is burned. It punishes the deployer; it does not refund traders.
- Mixing deployers on one cross balance without thinking.
Hyperliquid notes that cross margin across different deployers carries greater risk: a loss on one market eats into the room of the others.
Try it in BuildTrade™
Switch to a market from an outside deployer on the Trade screen. The first time, the app shows the deployer disclaimer, naming the deployer and linking the Risk Disclosure; tick the box and confirm to continue, or cancel to go back to the previous market.
Fee · Leverage · Liquidation · Margin · Mark price
HIP-3: Builder-deployed perpetuals, Hyperliquid Docs (read October 20, 2026).
Margining, Hyperliquid Docs (read October 20, 2026).
Fees, Hyperliquid Docs (read October 20, 2026).
BuildTrade™ is independent of, and not endorsed by, Hyperliquid.