What is HIP-3? Stock and commodity perps on Hyperliquid

HIP-3 lets anyone deploy their own perpetual futures markets on Hyperliquid, so its order book now trades stocks, indices and commodities alongside crypto.

What HIP-3 is

HIP-3 (Hyperliquid Improvement Proposal 3) made perp listing permissionless. A deployer runs its own perp exchange (a "dex") on Hyperliquid with its own markets, margin rules and order books, and stakes 500,000 HYPE to do it. The stake must stay for at least 183 days and can be slashed if the deployer misbehaves.

How to recognise a HIP-3 market

Its ticker carries the deployer's prefix, for example xyz:SNDK or xyz:BRENTOIL. On JoinEm these markets have their own pages too, like any coin: see all markets.

What trades there

Mostly real-world assets: single stocks, stock indices, oil, gold and other commodities, as perps you can hold long or short with leverage. Each dex picks its own collateral and settings, so read the market's rules before trading.

Who trades them

JoinEm types traders by where they trade: traders with half or more of their trades in HIP-3 markets are stock and commodity traders.

Things to know

• Separate margin. Each dex has its own margining, so a position on one doesn't back a position on another.
• Thinner books. Many HIP-3 markets trade less than BTC or ETH, so large orders slip more.
• Market hours. The underlying stock or commodity may not trade around the clock, but the perp does, so prices can jump when the real market reopens.