Hyperliquid will activate its HIP-3 network upgrade on Monday, allowing anyone meeting the chain’s requirements to launch perpetual futures markets on the platform.
An admin announced in Hyperliquid’s Discord that the October 13 upgrade will enable HIP-3, adding that “there is no immediate change for users” but that deployers can create marketplaces “when ready.”
The proposal – Hyperliquid Improvement Proposal 3 – introduces the permissionless deployment 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 rose 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 this weekend following crypto market leverage that resulted in liquidations worth $19.3 billion, including $10 billion on HyperLiquid, per CoinGlass.
Binance, a centralized exchange, performed poorly during the volatility, resulting in hundreds of millions of dollars in refunds being distributed.
