Hyperliquid answered the challenge of the emerging new perpetual DEX by opening infrastructure for user-created markets. The DEX will turn into a platform for builder-deployed perpetuals, with their separate liquidity and margin rules.
Hyperliquid, the leading perpetual futures DEX, answered the challenge of its competitors by evolving into a platform for new market creation. The exchange’s founder Jeff Yan, presented the HIP-3 infrastructure, which would allow the creation of builder-deployed markets.
As Cryptopolitan reported earlier, Hyperliquid is still struggling to keep the appeal of its platform and boost the native HYPE token. Upgrades and additions may keep Hyperliquid ahead of its competitors. The HIP-3 markets may arrive as early as next month, allowing the trading of more diverse assets, including tokenized RWA. The platform will allow builders to turn any market into a perpetual futures pair, tapping a wider array of assets even outside crypto.
The new infrastructure of builder-deployed perpetuals, known as HIP-3, was presented on one of Hyperliquid’s Discord channels. The initial launch will require a staking of 500K HYPE, decreased from the initial intention of a 1M HYPE stake. As the infrastructure matures, the requirement to deploy a new perpetual market will decrease.
Initially, deployers will be able to launch one DEX with its specific margin rules and isolated liquidity. In the future, Hyperliquid intends to build the opportunity for multiple perpetual markets per deployer. The HIP-3 infrastructure is available on testnet, with a bug bounty program for discovering several flaws before mainnet deployment. Hyperliquid is aware of the bugs and has prepared fixes, but uses them to drive team engagement.
Hyperliquid to offer more diverse markets
Hyperliquid plans to sell the rights to a HIP-3 market in a Dutch auction. Each new market will launch with up to three assets for free, holding auctions for each additional perpetual pair.
New markets will be more diverse, taking any asset as collateral. The builder-deployed DEX will also have double the fees, though Hyperliquid will take a 50% cut.
The new markets may expand the selection of assets and create isolated liquidity for specific projects that also want their own perpetual DEX. The platform will evolve with added stablecoins, which will be determined in the future.
Perpetual DEX expand volumes to daily new records
In the past week, the perpetual DEX narrative spread rapidly, driven by the success of Aster. The trend affected even smaller markets, with multiple older perpetual DEXs growing their volumes.
Perpetual futures DEX picked up their activity, boosted by the success of Aster DEX. Some smaller exchanges increased their daily volumes by 80% within days. | Source: Dune Analytics
Aster put BNB Smart Chain in the spotlight as a venue for perpetual futures trading. In the past days, total volumes for the leading 24 DEX markets reached over $67B, with Aster, Lighter, and Hyperliquid achieving the highest share.
Some of the emerging perpetual DEXs increased their volumes by 80% in day, sparking doubts about the organic nature of the volume growth. Smaller markets like EdgeX and Paradex are also trying to ride the wave and compete with the highly visible markets.
The competition brought down the HYPE token to $42.45, while ASTER also dipped to $1.92. Perpetual DEX must also face another market downturn, as major assets are moving to a lower price range.
