Hyperliquid HIP-3 Upgrade Enables Permissionless Perpetual Markets with HYPE Staking

Hyperliquid is activating its HIP-3 network upgrade on Monday, enabling any qualified participant to launch permissionless perpetual futures markets on the platform. The Hyperliquid team announced via Discord that the October 13th upgrade will implement HIP-3 functionality, noting that while "there is no immediate change for users," market deployers can create new perpetual DEXs once prepared. The Hyperliquid Improvement Proposal 3 introduces permissionless perpetual exchange deployment on HyperCore through staking 500,000 HYPE tokens. Integrated with HyperEVM, HIP-3 incorporates protective measures including validator slashing mechanisms and open interest limits. HYPE token has surged 13.4% over the past 24 hours to approximately $42, giving the cryptocurrency a market capitalization of around $14.1 billion according to CoinMarketCap data. Hyperliquid gained significant attention during recent market volatility when $19.3 billion in leveraged positions were liquidated across crypto markets, with Hyperliquid accounting for $10 billion of these liquidations according to CoinGlass. Meanwhile, centralized exchange Binance experienced performance issues during the market turbulence, resulting in hundreds of millions distributed in user reimbursements.