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DeployStart here1 page
Start here: deploying marketsFoundationWhere a market deployer sits in the house, what you stake, operate and earn under HIP-1, HIP-3 and HIP-4, and a reading order from the standards to running a venue.
DeployThe HIPs6 pages
What a HIP isFoundationA HIP (Hyperliquid Improvement Proposal) lets anyone deploy one kind of market on HyperCore, paid for by auction or backed by a slashable HYPE stake.HIP-1: native token standardPractitionerHIP-1 is the native token standard: a capped-supply token born with a USDC spot order book, paid for through a 31-hour Dutch auction in HYPE.HIP-2: HyperliquidityPractitionerHIP-2, Hyperliquidity, is a market-making strategy built into HyperCore that quotes a new HIP-1 token against USDC on a fixed ladder of 0.3 per cent steps.HIP-3: builder-deployed perpetualsPractitionerHIP-3 lets anyone staking 500k HYPE run a perp dex on HyperCore and publish its oracle, the stake slashed and burned if the deployer's inputs harm the protocol.HIP-4: outcome marketsPractitionerHIP-4 lets a staked deployer list fully collateralised contracts settling between 0 and 1, built from validator-approved templates, which it then settles.How the HIPs composeExpertThe hlPerp keyword lets a HIP-4 band price off any HIP-3 perp, even one its deployer does not own, joining free oracles to bounded payoffs.
DeployDeploy markets7 pages
Deploying a spot token (HIP-1 and HIP-2)ExpertA HIP-1 token deploys in 5 spotDeploy actions: win the gas auction, set genesis balances, fix the supply, register the USDC pair, configure Hyperliquidity.Deploying a perp dex (HIP-3)ExpertA HIP-3 perp dex is created by one signed registerAsset2 action with a non-null schema, from an account with 500k HYPE in its own staking account.Operating a perp dex: oracles, caps, halts and allowlistsExpertRunning a HIP-3 dex means pushing prices every 3 seconds, never faster than every 2.5, and managing caps, funding, margin, fees, halts and sub-deployers.Becoming an outcome deployer (HIP-4)ExpertAn outcome deployer is a Standard-mode account with 500k HYPE in its own staking account that has irreversibly claimed a venue with activateOutcomeDeployer.Outcome templates and keywordsExpertEvery deployer-created HIP-4 market fills a validator-voted template that fixes its wording, side names and typed keywords, one value per keyword.Settling outcomesExpertA deployer settles its outcomes with settleOutcome or settleQuestion2, copying names exactly from outcomeMeta; settled outcomes are pruned but stay readable.Deployer economics and riskExpertA deployer earns a fee share against 500k HYPE locked at least 183 days, slashable and burned, in its own account, which a multi-sig quorum can control.
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Protocol tables

HIP-1: native token standard

Practitioner

HIP-1 is the native token standard: a capped-supply token born with a USDC spot order book, paid for through a 31-hour Dutch auction in HYPE.

HIP-1 puts a token’s ledger and its market inside HyperCore. Balances live in the spot clearinghouse, and the deployer, not later traders, pays for that state through the permissionless deploy auction.

Say you deploy ABC with weiDecimals 8 and szDecimals 2. Its lot size is 10 ** (8 - 2), or 1,000,000 wei, so the smallest order is 0.01 ABC.

The deployer fixes the token spec

Section titled “The deployer fixes the token spec”
Field Meaning
name Human-readable ticker, at most 6 characters
weiDecimals Decimals between the smallest integer unit and one whole token, as in ERC-20 decimals
szDecimals Decimals of the smallest tradable size; the lot size is 10 ** (weiDecimals - szDecimals) wei
maxSupply The maximum and initial supply; it can only fall, through fees or burns
initialWei Genesis balances for chosen addresses: a treasury, a bridge mint
anchorTokenWei Genesis balances for holders of an existing HIP-1 token, pro rata
hyperliquidityInit Parameters for HIP-2 on the USDC pair

The deployment hash indexes the token. On the API a token has an index and an id NAME:0x<32 hex>, and its spot pair a separate index: on mainnet HYPE is token 150 and HYPE/USDC is spot 107.

Only the auction is on a clock

Section titled “Only the auction is on a clock”

Deployment gas is a Dutch auction falling linearly (see the numbers). Paying it is the only time-sensitive step: it registers the name and decimals, and no later step has a deadline (deploying a spot token).

Deployments can get stuck, for example with Hyperliquidity incompatible with total supply. Gas is not refunded, so rehearse on testnet.

Airdropping to an existing token’s holders

Section titled “Airdropping to an existing token’s holders”

A deployer can give genesis balances to holders of an existing token. Each receives in proportion to balance - 1e-6 * anchorTokenMaxSupply at genesis; a negative value receives nothing.

Fees fund the deployer or are burned

Section titled “Fees fund the deployer or are burned”

A limit order commits sz * 10 ** (weiDecimalsBase - szDecimalsBase) base units against px * sz * 10 ** (weiDecimalsQuote - szDecimalsQuote) quote units. Fees follow the spot schedule, one tier per address across perps and spot (fees).

  • Base-token fees go to the deployer up to its share; the rest is burned. As a trader, yours fund the deployer unless it lowered its share.
  • Fees in a non-USDC quote token go to the Assistance Fund; quote token deployers cannot set a share.
  • Legacy tokens from before fee shares may raise theirs once from zero; then it only falls, never back to exactly zero.

Dust is swept once a day

Section titled “Dust is swept once a day”

All users’ dust in a token is aggregated, market-sold and the USDC shared back pro rata; an aggregate under one lot is burned. The sweep is skipped when the book is one-sided or the dust is too large to sell without moving it. As a market sale, it can return less than mid value.

The numbers

Section titled “The numbers”
Parameter Value
Name length at most 6 characters
Decimals rule szDecimals + 5 <= weiDecimals
Frontend ranges (client-side checks) szDecimals 0 to 2, weiDecimals 0 to 8
Lot size 10 ** (weiDecimals - szDecimals) wei
Auction duration 31 hours (durationSeconds 111600)
Auction floor 500 HYPE
Auction starting price 500 HYPE if the previous auction failed to complete, otherwise 2x the last winning price
Anchor genesis threshold 0.0001% of the anchor token’s max supply
Deployer fee share 0 to 100%, default 100%, decrease-only
Spot USDC decimals szDecimals = weiDecimals = 8
Dust sweep daily 00:00 UTC; balances under 1 lot and at most 1 USD
Dust sweep cap 10,000 USDC of aggregate dust for PURR, 3,000 USDC for other tokens

Identify a token by index, not by name

Section titled “Identify a token by index, not by name”
  • Names are not identities. The docs give name “no uniqueness constraints” yet call the ticker “a unique onchain identifier”. Use the index or full id; frontends may show another name (native tokens).
  • A spot pair’s order asset id is 10000 + spot index, not the token index; they differ on every network (asset ids).
  • Sizes are whole lots: szDecimals 0 means whole units.

Pairs beyond USDC, and bridged tokens

Section titled “Pairs beyond USDC, and bridged tokens”
  • Token-to-token pairs work now. The docs say they “can be enabled in the future”; registerSpot with two existing tokens already lists one, through its own auction.
  • A bridged token is usually deployed with full supply at its system address and no Hyperliquidity, then linked to its HyperEVM contract.

For the launch ladder, see HIP-2: Hyperliquidity. For trading the books, see spot markets; for quote asset status, quote assets.