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>>Hyperliquid becomes permissionless through HIP‑3, taking on CEXs, yet requires a 500,000 HYPE entry fee.

Hyperliquid becomes permissionless through HIP‑3, taking on CEXs, yet requires a 500,000 HYPE entry fee.

crypthub

about 21 hours ago

HIP-3 Upgrade Overview

Hyperliquid launched the HIP-3 network upgrade on 13 Oct 2025, turning the protocol into a permission‑less platform for derivatives. The change allows any qualified developer to create perpetual contract markets without central approval. It represents one of the largest structural shifts in Hyperliquid’s history.

Permissionless Perp Deployment

Developers can deploy a perp market by staking 500,000 HYPE tokens, which acts as a bond and spam deterrent. Builders must supply their own liquidity, oracle feeds, and front‑end interfaces, and they may earn up to 50 % of the trading fees generated. The model incentivizes on‑chain innovation while preserving system integrity.

Competitive Impact and Industry Reaction

HIP‑3 positions Hyperliquid as a direct challenger to centralized exchanges by offering low‑cost, fast market creation through shared infrastructure like HyperCore. Analysts note that the upgrade simplifies launching new assets and could intensify competition among DeFi ecosystems. Early projects are already preparing perpetual markets for equities, commodities, and prediction contracts.

Binance Tensions and Transparency Claims

The upgrade coincided with a dispute where Hyperliquid’s co‑founder accused Binance of under‑reporting liquidations during a market crash. Binance’s CEO countered, citing protective measures for users and denying any current stake in Hyperliquid. Hyperliquid highlighted its on‑chain transparency, reporting $70 bn of volume without downtime.