Hyperliquid announced the activation of its HIP-3 network upgrade on Monday, October 13, 2025, at 9:15 a.m. UTC, enabling anyone who meets on-chain requirements to launch perpetual futures markets on the platform without needing separate approval. An administrator confirmed in Hyperliquid's Discord that the upgrade turns on HIP-3, with no immediate changes for users, but deployers can create markets once ready.
The HIP-3 proposal introduces permissionless deployment of perpetual DEXs on HyperCore by staking 500,000 HYPE tokens, integrated with HyperEVM and including safeguards like validator slashing and open interest limits. Hyperliquid, a Layer-1 blockchain using the HyperBFT consensus algorithm, supports high-performance perpetual futures and spot trading with under 0.2 seconds latency and low fees, processing hundreds of thousands of orders per second.
The platform's Total Value Locked (TVL) surged from $564 million in Q4 2024 to over $5.54 billion currently, with a daily trading volume of $812 million. Recently, Hyperliquid gained attention during a market leverage flush that saw $19.3 billion in liquidations, including $10 billion on its platform, while centralized exchanges like Binance faced issues. The HYPE token price rose 13.4% in 24 hours to about $42, giving it a market cap of roughly $14.1 billion.
Community response has been enthusiastic, with users like ghazzog on X praising the upgrade as an example of real decentralization, noting it transforms Hyperliquid into a living ecosystem. This initiative could allow startups and builders to experiment with low-cost futures DEXs for assets like cryptocurrencies, gold, silver, and unlisted stocks, potentially expanding Hyperliquid's role in Web3 finance.
