This development allows stable asset deployers to designate quote asset status directly on-chain, opening the door for more flexible and transparent trading.
The move marks a step forward in creating truly permissionless markets, where participants can engage without relying on centralized intermediaries.
How Permissionless Quote Assets Work
Traditionally, trading pairs on decentralized exchanges rely on pre‑approved quote assets, limiting flexibility and slowing innovation. Hyperliquid’s system changes that by allowing any stable asset that meets on‑chain requirements to serve as a quote asset. This feature is initially available in the first spot pair of a HIP‑1 deployment. Additional trading pairs between existing base and quote assets can then be created through a permissionless Dutch auction, independent of the HIP‑1 token auction.
By deploying USDH as the first permissionless quote asset, Hyperliquid has already enabled live HYPE/USDH trading. This means that traders and liquidity providers can now use USDH as the standard for pricing HYPE tokens in a decentralized, transparent environment. Over time, more stable assets can gain quote status, expanding trading options and increasing market efficiency.
Permissionless spot quote assets are live on mainnet. Stable asset deployers can enable quote asset status, subject to the onchain requirements outlined in the Docs.
Any quote asset can be specified as the quote asset in the first spot pair of an HIP‑1 deployment. Additional…
— Hyperliquid (@HyperliquidX) September 28, 2025
A real‑world analogy can be drawn from stock markets, where the U.S. dollar often serves as the default quote currency. Hyperliquid is replicating this functionality in a decentralized context, but without gatekeepers. This approach empowers users and reduces barriers for new assets to enter trading pairs, fostering innovation across the DeFi ecosystem.
More About Hyperliquid
The XPL HyperP contract has officially converted to a regular perpetual contract, giving traders full flexibility to go long or short on $XPL. With up to 10x leverage available, users can amplify their positions while taking advantage of real‑time market movements.
The XPL hyperp has converted to a regular perp. You can now long or short $XPL with up to 10x leverage. pic.twitter.com/XJatRbJD8G
— Hyperliquid (@HyperliquidX) September 25, 2025
This upgrade makes trading more straightforward and accessible, allowing both retail and professional traders to engage with $XPL in a familiar perpetual market format.
