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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

What a HIP is

Foundation

A HIP (Hyperliquid Improvement Proposal) lets anyone deploy one kind of market on HyperCore, paid for by auction or backed by a slashable HYPE stake.

Each HIP hands one kind of listing to deployers. The deployer pays for the state it creates, or stakes HYPE against the harm it could do. It also takes on duties the protocol cannot: publishing a price, settling a market.

Say you want a perp dex with 3 markets. You stake 500k HYPE for at least 183 days, and the 3 list without an auction. A fourth goes through the Dutch auction shared by every dex, and you publish every oracle price yourself.

What each HIP opens

Section titled “What each HIP opens”

The official documentation lists 4 HIPs:

HIP What it opens What the deployer pays What the deployer must do
HIP-1 Native tokens, each born with a spot order book against USDC A 31-hour Dutch auction in HYPE, floor 500 HYPE Fix the supply and genesis balances
HIP-2 Hyperliquidity, a protocol-run price ladder for a new token Nothing extra; it is part of the HIP-1 deployment, funded from genesis supply and USDC Choose the price range
HIP-3 A perp dex with its own oracle, margin and books 500k HYPE staked for at least 183 days, slashable; an auction for every asset after the first 3 Publish oracle prices, set leverage, settle if needed
HIP-4 Outcome markets that settle between 0 and 1 500k HYPE staked on mainnet, for at least 183 days Instantiate an approved template, then settle it correctly

There is no HIP-5. The docs list HIP-1 to HIP-4 and a page of frontend checks. Other perp listings are not permissionless: validator-operated listings follow “community request and organic demand” (docs FAQ).

Every HIP splits the work 3 ways

Section titled “Every HIP splits the work 3 ways”
  • Protocol: the primitive and its hard limits (matching, margin, price clamps, collateral).
  • Deployer: the parameters and the day-to-day running.
  • Validators: stake-weighted votes on slashing, on which HIP-4 templates exist, and on quote asset status.

An auction pays for state, a stake insures conduct

Section titled “An auction pays for state, a stake insures conduct”

HIP-1 gas is charged to the deployer instead of future users. Slashed stake is burned, not paid out (why HYPE). Permissionless quote assets use the same stake pattern.

A stake is like a performance bond, except that nobody is compensated and a stake-weighted median of validator votes, not a court, sets the penalty. For what it costs to hold, see deployer economics and risk.

The numbers

Section titled “The numbers”
Gate Value
HIP-1 deploy auction 31 hours, falling linearly to 500 HYPE
HIP-1 auction starting price 500 HYPE if the last auction failed to complete, otherwise 2x the last price
HIP-3 stake 500k HYPE, maintained at least 183 days after the dex is deployed
HIP-3 free assets per dex 3; further assets go through a shared Dutch auction
HIP-4 stake (mainnet) 500k HYPE, at least 183 days
HIP-4 limits (mainnet) 100 active outcomes, 500 new outcomes per day per deployer
Unstaking queue 7 days, during which a HIP-3 stake is still slashable
Permissionless quote asset 200k HYPE staked, committed for 3 years
Deployer fee share HIP-1 0 to 100%; HIP-3 0 to 300%; HIP-4 scale 0 to 10

Stakes stack: HYPE counted towards a HIP-3 dex does not also count towards an outcome deployer.

Check the deployer before you trade

Section titled “Check the deployer before you trade”

Every HIP market trades on the same HyperCore books and account, with the same order types. What changes is who stands behind it: a HIP-3 deployer publishes the oracle and part of the mark, and a HIP-4 deployer decides settlement. Check the deployer, its fee share and terms first.

HIP-3 perps are named dex:COIN, outcome sides #<number> (asset ids).

The docs change in place

Section titled “The docs change in place”

HIP pages are edited in place. The mirrored HIP-4 deployer page read “Testnet-only” while mainnet carried 228 active outcomes and 3 deployer venues (2026-09-20). Wire changes appear as numbered actions: registerToken2, registerAsset2, settleQuestion2.

To deploy one yourself, start with a spot token, a perp dex or an outcome deployer.