Hyperliquid will activate its HIP-3 network upgrade on Monday, allowing anyone who meets onchain requirements to launch perpetual futures markets on the platform.
An administrator announced in Hyperliquid’s Discord that the Oct. 13 upgrade will turn on HIP-3, adding that “there is no immediate change for users,” but deployers can create markets “once ready.”
The proposal — Hyperliquid Improvement Proposal 3 — introduces permissionless deployment of perpetual DEXs on HyperCore by staking 500,000 HYPE. Integrated with HyperEVM, HIP-3 includes safeguards such as validator slashing and open interest limits.
HYPE has risen 13.4% in the past 24 hours to about $42, giving the token a market capitalization of roughly $14.1 billion, according to CoinMarketCap.
HyperLiquid was in the spotlight over the weekend following the crypto market’s leverage flush that saw $19.3 billion worth of liquidations, $10 billion of which on HyperLiquid, per CoinGlass.
Binance, a centralized exchange, performed poorly during the volatility, resulting in hundreds of millions of dollars being distributed in reimbursements.