Hyperliquid will activate its HIP-3 network upgrade on Monday, allowing anyone who meets the chain’s requirements to launch perpetual futures markets on the platform.
An admin announced on Hyperliquid’s Discord that the October 13 update will enable HIP-3, adding that “there are no immediate changes for users,” but implementers can create marketplaces “once they’re ready.”
The proposal, Hyperliquid Enhancement Proposal 3, introduces the permissionless implementation of perpetual DEXs on HyperCore by staking 500,000 HYPE. Integrated with HyperEVM, HIP-3 includes safeguards such as validator reduction and open interest limits.
HYPE has risen 13.4% in the last 24 hours to around $42, giving the token a market cap of around $14.1 billion, according to CoinMarketCap.
HyperLiquid was in the spotlight over the weekend following the cryptocurrency market’s leverage surge that generated liquidations worth $19.3 billion, $10 billion of which was on HyperLiquid, according to CoinGlass.
Binance, a centralized exchange, performed poorly during the volatility, resulting in hundreds of millions of dollars in refunds being distributed.
