HIP-3 is the Hyperliquid capability that lets outside teams deploy their own perpetual-futures markets. The deployer stakes 500k HYPE, defines each market and its price oracle, and keeps a share of fees; the markets run on Hyperliquid's own order books and margin engine.

How do I trade stocks on Hyperliquid?

Stock, index and commodity exposure on Hyperliquid comes from HIP-3 perps, mostly on trade.xyz (for example xyz:SP500, xyz:NVDA, xyz:CL). You fund a Hyperliquid account with USDC and trade them from the Hyperliquid app or trade.xyz. They are synthetic perps, not shares. Step by step: how to trade stocks on Hyperliquid .

Are HIP-3 perps the same as owning the stock?

No. A HIP-3 stock perp is a leveraged contract that tracks a price set by the deployer's oracle. You get no shares, votes or dividends, you pay or receive funding every hour, and you can be liquidated.

Who is responsible if a HIP-3 market breaks?

The deployer operates the market: it sets oracle prices, leverage limits and can settle the market. Validators can slash the deployer's 500k HYPE stake for irregular inputs that harm the protocol, but slashed stake is burned, not paid to affected traders.

Does my Hyperliquid referral code work on HIP-3 markets?

Yes. The fee docs say HIP-3 markets include the usual fee discounts, including staking discounts and referral rewards, so a referral code applies to trade.xyz markets too.

What Is HIP-3? Builder-Deployed Perps on Hyperliquid…

Until HIP-3, every perp market on Hyperliquid was listed by the validators. HIP-3 opened that up: a team can now run its own perp exchange inside Hyperliquid, reusing its order books, margin engine and liquidations, while deciding which markets to list and how they’re priced. That is how perps on the S&P 500, oil, Nvidia and pre-IPO companies such as Anthropic appeared on a crypto exchange.

As with every HIP, this is a capability that runs alongside the others, not a version that replaced HIP-1 or HIP-2.

A useful analogy: Hyperliquid is a shopping mall with its own security, payments and plumbing. HIP-3 lets outside retailers lease a unit. The mall keeps the lights on; the retailer decides what’s on the shelves, and puts down a large deposit that can be forfeited for bad behaviour.

The deal a deployer signs up to

Rule	Detail
Stake	500,000 HYPE, kept staked for at least 183 days after the dex is deployed
Dexes per deployer	One (each dex has its own margining, books and settings)
First markets	The first 3 assets on a dex need no auction
Further markets	Dutch auction shared across all dexes, same parameters as the HIP-1 auction; plus `7 + 0.2 × auction wins` reserve slots
Collateral	Any permissionless quote asset (USDC, USDT0, USDE, USDH so far)
Deployer duties	Define the market and oracle, set prices and leverage limits, settle markets if needed
Fee share	Deployer can add 0–300% on top of the protocol fee (0–100% in growth mode); above 100%, the protocol fee rises to match

A deployer can settle any market with haltTrading, which cancels orders and closes every position at the current mark price. The same action can restart trading, so deployers can recycle a slot for dated contracts.

Slashing: what keeps deployers honest

Validators can vote to slash (confiscate) a deployer’s stake for malicious or irregular market operation, even during the 7-day unstaking queue. The docs’ guidelines:

Effect of the deployer’s inputs	Slash up to
Invalid state transitions or prolonged network downtime	100%
Brief network downtime	50%
Network degradation or performance issues	20%

Two details matter to traders. Slashing is technical: it doesn’t distinguish malice from incompetence or a stolen key. And slashed HYPE is burned, not paid out to anyone who lost money. Subjective misconduct that’s valid by protocol rules is left to reputation and the “social layer”.

Fees and growth mode

HIP-3 markets use the same fee tiers, staking discounts and referral discounts as core perps, plus the deployer’s share. A deployer can switch a market into growth mode for markets entirely separate from validator-listed perps (no crypto, crypto indexes or gold, since PAXG already exists). Growth mode cuts all-in fees by at least 90%, so taker fees fall to roughly 0.0045%–0.009%, against 0.045% on core perps. Rebates and volume credit shrink by the same amount, and switching has a 30-day cooldown per asset.

HIP-3 markets also use a more responsive funding formula, and deployers can set funding multipliers and interest rates per asset.

The ten HIP-3 dexes, as of 4 November 2026

From the Hyperliquid info API (perpDexs and metaAndAssetCtxs), 07:27 UTC. “Live” excludes markets flagged isDelisted.

Dex (code)	Collateral	Markets listed / live	24h volume	Notes
trade.xyz (`xyz`)	USDC	142 / 120	~$4.95B	Top: SP500 $563M, XYZ100 $473M, CL (crude oil) $456M, SKHX $370M, SOXL $294M
EntropyIO (`io`)	USDC	19 / 14	~$76.7M	ANTH (Anthropic pre-IPO) $39.4M, SNDK $28.3M
Paragon (`para`)	USDC	40 / 33	~$6.5M	Small-cap stocks and indexes
Markets by Kinetiq (`mkts`)	USDC	24 / 1	~$0.1M	One live market (BVIV)
Felix Exchange (`flx`)	USDH	16 / 0	0	All markets delisted
Ventuals (`vntl`)	USDH	15 / 0	0	All markets delisted
Markets by Kinetiq (`km`)	USDH	23 / 0	0	All markets delisted; same deployer as `mkts`
HyENA (`hyna`)	USDE	25 / 0	0	All markets delisted
dreamcash (`cash`)	USDT0	17 / 0	0	All markets delisted
ABCDEx (`abcd`)	USDC	1 / 0	0	No live markets

Total HIP-3 volume was about $5.03B, with trade.xyz at about 98%. Every dex that used USDH as collateral (flx, vntl, km) had no live markets. USDH is being wound down after Coinbase took over the USDC treasury role in May 2026; see USDH and aligned quote assets. Our HIP-3 data page tracks these numbers live, and markets covers individual contracts.

One trap: delisted markets still publish mark prices in the API (Ventuals’ SpaceX market still shows one), so always check that a market is live before you read anything into its price.

Cross margin across dexes

Each HIP-3 dex margins separately by default. Whether your positions on different dexes share collateral depends on your account mode: under unified account or portfolio margin, cross positions on dexes with the same collateral share margin; under standard mode they don’t. Deployers can only enable cross margin on assets with real liquidity, a reliable external oracle and manipulation resistance, and enabling it is irreversible. Each dex also gets an onchain backstop liquidator (at 0x400…0 + dex index) that falls back to auto-deleveraging if needed.

The US question

HIP-3 markets inherit Hyperliquid’s terms, which restrict the United States, Ontario and other jurisdictions. On 29 October 2026 ICE (owner of the NYSE) announced a minority stake in trade.xyz and a plan for a US market called ICE[XYZ] built on Hyperliquid, subject to CFTC approval (The Block). As of 4 November 2026 that approval had not been reported, so nothing changes for US residents today.

Why it matters to you

It’s the route to non-crypto exposure. If you want to trade the S&P 500, oil or a pre-IPO name around the clock with USDC, HIP-3 markets are how Hyperliquid offers it. See how to trade stocks on Hyperliquid.
Who deployed the market matters. The deployer’s oracle sets the price you’re margined and liquidated on. Read the deployer’s market spec.
Volume is concentrated. Outside trade.xyz and a handful of EntropyIO markets, liquidity on 4 November 2026 was thin or zero.
Your fee discounts carry over. Staking and referral discounts apply on HIP-3 markets, and growth-mode markets are far cheaper than core perps.

What can go wrong

Oracle risk. A deployer-run price feed can be wrong, stale or manipulated, and liquidations follow it. Markets on indexes and thinly traded underlyings are more exposed.
Off-hours gaps. Stock perps trade 24/7, but the underlying market doesn’t. Prices can jump when it reopens.
Settlement. A deployer can halt a market and settle everyone at the current mark price.
Collateral risk. A dex margined in a stablecoin other than USDC inherits that coin’s peg and its future. All three USDH-collateral dexes had no live markets on 4 November 2026, while USDH is being wound down.
Slashing doesn’t compensate you. Slashed stake is burned.
Leverage. trade.xyz allowed up to 50x on SP500 on 4 November 2026. High leverage on a market that can gap is a fast way to be liquidated.

Next: HIP-4 outcome markets, which add dated, no-leverage contracts, or perpetual futures explained if perps are new to you.

HIP-3: builder-deployed perpetuals