Over the past year, the pattern of competition on the chain derivatives track has changed dramatically. If the stage between 2022 and 2023 belongs to the dYdX, GMX, then after the second half of 2024,Hyperliquid is irrefutablely in the head of a chained contract exchange.I don't know. This shift is not an accident, but the result of a combination of the depth of the transaction, the user experience and the bottom structure.
At the data level, Hyperliquid's performance is already close to that of the Centralized Exchange. According to DeFiLlama, by August 2025, Hyperliquid Average daily trade has stabilized at 25.~$3.5 billion, one-day peak, $5 billion.Once over the sum of dYdX and a crowd of heads Perp DEX. More notably, it is far more efficient than a centralized competition, and the gap with Binance has been narrowed in the depths of mainstream varieties (e.g. BTC, ETH). Meanwhile, the platform... The number of active users exceeds 250,000, and the chain-carrying contract size (OI) stands at over $1.5 billion.This volume means that it is not only a popular choice for the DeFi circle, but is also becoming an instrument of hedge and speculation for wider derivative traders.
The rise of Hyperliquid has two key factors: one is itsHigh performance of self-research L1 block chains, ensures a low delayed experience of matchmaking and liquidation; second, eco-design emphasis"Professional exchange level" product standardsIt builds trust in the group of institutionalized mobile providers and high-frequency traders. It's this positioning that makes the difference between Hyperliquid and the other Perp DEX more and more obvious, not just as a "chain of support for a lasting contract" but as a growing derivative ecosystem.
In this context,HIP-3 ProposalThis is particularly critical. As an important turning point in the governance path and in the currency economy, the HIP-3 responds not only to long-standing community discussions on value capture and incentive distribution, but also to how Hyperliquid continues to maintain its advantage in a highly competitive perp market. Next, we will examine in depth the core mechanism of this proposal from several angles and its profound impact on Hyperliquid ecology.
II. HIP3How was the proposal born?
In May 2025, Hyperliquid officially presented HIP-3 and released the MVP on the test site, marking the beginning of Hyperliquid's true meaning."Decentralised financial infrastructure" phaseI don't know. This proposal is clearly the result of strategic thinking by the protocol team.——Through open market deployment rights, a wider range of institutions and ecological players are attracted to remodel the life-scientific landscape of the chain with a chain of blocks with confidence mechanisms.
In combination, Hyperliquid has a relatively clear development path, from initial asset issuance to liquidity automation to a fully open market deployment platform. As a third step in this system, the HIP-3 is based on HIP-1 and HIP-2, i.e., the release of assets by decentrization (HIP-1) and the elimination of the liquid cold start (HIP-2), which will eventually allow any ecological "builder" to deploy the durability contract market (HIP-3) on Hyperliquid L1.
What are the core elements of HIP-3? Why would it have a profound impact on the entire Hyperliquid ecology?
The core HIP-3 content consists of four main components:
1. High-threshold market deployment mechanism
Anyone can deploy a new permanent contract market on the HyperCore core infrastructure through the HIP-3 proposalI don't know. This means that market deployment has shifted from centralization of core teams to all builders of protocol ecology.
But those who deploy must first. Pledge 1,000,000 $HIPE Currency As collateral, the market price is about $40 million, and this currency mortgage threshold acts as a filter for participants who are "more professional and more risk-taking".。
In the meantime, deployment will be throughDutch auction mechanismEvery 31 hours, a competition is held for the allocation of deployment rights at market price and the pledge is auctioned $HIPE As a "deployment" for the sustainable contract market.
2. Fully autonomous market design and control
Once the builder has the right to deploy, the builder has design autonomy that includes, but is not limited to, the following elements:
Market structure and definition：可以自定义交易品种、Ticker 名称、抵押资产类型、甚至oracle来源与 fallback 逻辑。
合约规格：杠杆上限、保证金参数、资金费率等。
费用结构：基础交易费 + 可选额外费用，部署者可拿高达 50% 的交易费分成，并可设置额外附加费用
市场运维：oracle 价格更新机制、风险参数管理、强制清算与结算机制设置，也包括做市商招募和激励安排
最后，网站前端UI等附属性设置也全部可以由部署者自行设计并直接接入。
3、安全保障与治理机制
为了保护Hyperliquid用户的利益、防范恶意或不当操作，HIP-3提出了以下治理机制。
首先，部署者质押后若想要解除质押，需要等待 7 天退出期，期间若永续合约市场出现问题，验证者可以通过加权投票对部署者的质押的 $HYPE 代币进行削减（slashing），从而惩罚那些违规操作市场部署者。
四、Hyperliquid生态中有哪些项目已经开始运用HIP-3?
1、Kinetiq
HIP-3 的门槛在早期极高：部署者需要取得“builder slot”并质押高额 HYPE，进行参数配置与运维，这注定不是多数团队能一次性啃下的工程活。Kinetiq 的 Market Launch 把这件事完成产品化，做成“EaaS（Exchange-as-a-Service）”：团队或 DAO 可以在 Launch 上众筹与托管用于部署的 HYPE 抵押，借用 Kinetiq 的运维能力与工具链，在 Hyperliquid 上一键开设自有 Perp 市场/子交易所。官方新闻稿与文档都强调了这一点，Launch 专为 HIP-3 打造，旨在“民主化市场部署”，降低此前动辄“千万美金级”资本与技术门槛所带来的进入壁垒。
在操作层面，Kinetiq 主要从三个层面为生态进行赋能：
首先是资本层，面向 HIP-3 部署所需 HYPE 的众筹与托管方案；
Next.工程层，围绕 HyperCore/Hyperevm 的部署、风控与监控工具；
Finally.业务层，费率、返利、做市与激励设计的“模板库”，从而帮助项目方更快形成正向的交易/做市循环。
换句话说，Kinetiq 把 HIP-3 的“去中心化永续合约市场部署权”包装成可复用的商业模块，极大增强了 Hyperliquid 作为“衍生品基础设施”的外延吞吐。
从生态意义看，Kinetiq 让“谁来上新市场”的答案从“$HYPE 持币大户”转向“任何能组织起认知与资本的团队”。这会带来两种外溢效应，一是长尾资产更可被快速试错并市场化定价；二是机构/品牌化发行人能够以较低试错成本打造主题化交易所（如只做商品、只做指数、只做链上摇号等各种细分赛道），细分化市场的繁荣也会直接抬升 Hyperliquid 的总体成交与做市体量。与此相呼应，官方 API 与 GitBook 已公开了 HIP-3 部署与运维相关动作的接口路径，进一步夯实了“开放—标准—可集成”的底座叙事。
2、Ventuals
如果说 Kinetiq 是把 HIP-3 做成可复制的商业模块，那么 Ventuals 则是把 HIP-3 直接用来发行全新品类，与 Pre-IPO 的股权估值挂钩的永续合约。其思路是把私募市场中的公司估值“单位化”，例如以“估值单位（Valuation Unit）”来表示一家公司的二级流通估值，再配合自研的预言机拼装，从而形成线下成交/二级场外的估值信息 + 链上 EMA的定价机制，以保持价格与现实世界的动态关系。
Ventuals 选择在 Hyperliquid 上落地，原因主要有以下三点：
First of all,HIP-3 允许自定义预言机逻辑与市场参数，对这类“非标资产”极其关键。
其次，HyperCore 的撮合与清算性能足够支撑估值事件驱动的市场极端需求波动。
最后，Hyperliquid L1生态层已经趋于完善，已经有成熟钱包、聚合器、做市商在进行对接（如 Phantom 等集成 Hyperliquid 交易能力），可快速打通端到端的用户路径。
结合相关文章与官方介绍来看，Ventuals 的定位就是“把私募股权市场的估值博弈带到链上”，并把 Hyperliquid/HIP-3 当作标准化的合约与风控外壳。
五、HIP-3提案会对 $HYPE 以及 HLP的价值捕获产生什么影响？
HIP-3 的推出不仅是 Hyperliquid 技术与应用层的迭代，更重要的是在代币经济和生态价值捕获上引发了系统性重构。作为协议内核的
$HYPE and HLP（流动性提供者金库），两者的价值逻辑在 HIP-3 的框架下发生了深远转变。
对于$HYPE 而言，HIP-3 将原本仅限于链上衍生品交易的价值积累，拓展到更广泛的 DeFi 应用层。随着 Kinetiq等基于 HIP-3 的创新项目落地，$HYPE 的角色由“治理代币+费用捕获”扩展为“跨应用的价值结算与生态协同”。这意味着 $HYPE 将在更大范围的经济活动中捕获费用流与治理权重。随着协议生态的横向扩张，$HYPE 的稀缺性与需求端驱动将得到进一步强化，从而具备类似于“生态操作系统代币”的地位。$HYPE的币价也自今年上半年以来一路高歌猛进，不断冲击新高。
而对于HLP而言，作为 Hyperliquid 的核心流动性提供者资产池，其原本的价值主要来自于 Perp 市场的资金费率与做市收益。HIP-3 推动了更多应用在 Hyperliquid 上构建，直接带来两种效应。新项目需要稳定且高效的流动性入口，HLP 成为首选承接方，从而提升其 TVL 与周转效率；而更多元化的应用意味着风险结构的改变，HLP 的收益曲线将趋向复杂化，也为其在二级市场上的再定价创造了空间。
从二者协同的角度来看，$HYPE 与 HLP 在 HIP-3时代下的关系将更为紧密。$HYPE 的治理决策可能将直接影响 HLP 的风险与收益分布，而 HLP 的增长又反哺 $HYPE 的生态价值。这种循环机制有助于形成一个“双轮驱动”的正向循环模式，使得 Hyperliquid 不仅仅是一个 perp DEX，而是具备生态型护城河的基础设施。
如果说过去 Hyperliquid 的护城河在于撮合引擎与低延迟架构，那么 HIP-3背后的价值护城河则转向代币经济学与应用生态。$HYPE 将逐渐成为整个生态的价值锚点，而 HLP 则在流动性供给端巩固协议的可持续性。这种双重价值捕获路径，将为Hyperliquid 打开更大想象空间。
Submitted by:@beefnoode
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