Hyperliquid has taken a major step toward its vision of fully on-chain financial markets with the launch of HIP-3, a new framework that enables permissionless perpetual futures deployments across the ecosystem. The upgrade, announced by co-founder Jeff Yan, follows months of engineering work on both the protocol and deployer architecture, and marks one of the most significant milestones in the project’s evolution to date.
HIP-3 went live alongside the first wave of integrations from TradeXYZ, Ventuals, and Felix Protocol, each deploying their own perpetual markets built directly on Hyperliquid’s infrastructure. According to Yan, the update is designed to give builders complete autonomy, allowing any team to spin up perps without approvals or gatekeeping, a foundational shift that aligns with Hyperliquid’s goal of becoming a global home for all forms of on-chain finance.
Congratulations to @tradexyz , @ventuals , and @felixprotocol on their HIP-3 launches!
It's exciting to see things come together after months of hard work building on the core protocol and deployer sides. Permissionless perp deployments are a massive step in Hyperliquid's journey…
— jeff.hl (@chameleon_jeff) November 14, 2025
Yan highlighted that HIP-3 does more than simply expand market listings. By enabling open-access perpetuals, the upgrade is expected to dramatically improve capital efficiency, tighten liquidity pathways, and accelerate price discovery for a wide range of global assets. With every perp market settling natively on Hyperliquid’s battle-tested L1, developers gain the ability to create fast, composable, and highly transparent financial products at scale.
In a post on X, Yan praised the teams behind the initial deployments and emphasized the importance of the wider builder community. “On Hyperliquid, ambitious teams are reinventing the core pillars of finance,” he wrote. “HIP-3 empowers any builder to upgrade markets using our on-chain infrastructure. This is a massive step in our journey to house all of finance on-chain.”
Implications for Decentralized Finance
The upgrade also signals growing competition among next-generation on-chain trading platforms, many of which are racing to capture the emerging demand for decentralized derivatives. Hyperliquid’s approach, native settlement, custom VM, and high-performance architecture, positions HIP-3 as a potential catalyst for a new wave of permissionless market creation.
With perpetual futures remaining one of crypto’s most traded product categories, the opening of Hyperliquid’s ecosystem to permissionless perps marks a turning point. Developers now have a direct route to launch novel markets, experiment with exotic designs, and contribute to a rapidly expanding on-chain liquidity base, all without centralized intermediaries.
Future Outlook
As Yan noted, HIP-3 is just the beginning. The coming months will reveal how builders leverage this flexibility, and whether Hyperliquid can become the default settlement layer for the next generation of decentralized finance.