TradeXYZ, Ventuals, And Felix Protocol Launch HIP-3, Introducing Permissionless Perpetual Markets On Hyperliquid
In Brief
TradeXYZ, Ventuals, and Felix have HIP-3, enabling permissionless perpetual futures markets on Hyperliquid with enhanced capital efficiency and on-chain governance.
Co-founder of the decentralized exchange (DEX) Hyperliquid, Jeff Yan, announced that the non-custodial cryptocurrency trading interface Trade.xyz, the decentralized derivatives platform Ventuals, and the decentralized borrowing protocol Felix have officially launched Hyperliquid Improvement Proposal 3 (HIP-3), which introduces permissionless perpetual deployments on Hyperliquid following several months of development on the core protocol and deployer.
In a post on the social media platform X, Jeff Yan also noted that perpetuals are expected to deliver improved capital efficiency and enhanced price discovery across global markets.
HIP-3 represents an upgrade for Hyperliquid, which was activated in October and enables the creation of permissionless perpetual futures markets. This upgrade allows any participant who satisfies specific on-chain criteria to establish a perpetual futures market on Hyperliquid’s infrastructure without requiring approval from a centralized listing authority.
Under HIP-3, deployers are able to launch a perpetual futures exchange on HyperCore by staking 500,000 HYPE tokens. The protocol is integrated with HyperEVM to support smart contracts and governance functionalities, and it incorporates risk management measures such as validator slashing and open interest limits, as outlined in the official documentation.
Ventuals, Trade.XYZ, And Felix: Exploring The Potential Of HIP-3
HIP-3 provides deployers with access to institutional-grade orderbook technology, allowing for potentially sophisticated distribution through active builder participation. The upgrade abstracts the orderbook infrastructure layer, which may reduce the need for deployers to manage frontends or cultivate their own communities, focusing primarily on listing markets that attract user interest.
Ventuals, which has recently launched its mainnet, relies heavily on builder-driven distribution. The platform enables the creation of synthetic perpetual futures based on private company valuations for firms such as OpenAI, SpaceX, and Cursor. Its hybrid oracle system, which combines a 50/50 weighting of off-chain secondary market data and an eight-hour exponential moving average of mark prices, is designed to address the challenges associated with pricing illiquid private assets.
Builders’ decisions to list these markets effectively simplify the user experience, as end users are presented with the ability to buy and trade pre-IPO projects directly from their wallets.
In order to meet the 500,000 HYPE staking requirement for HIP-3 deployment, Ventuals opened deposits in October. vHYPE holders who participate receive 25% of exchange revenue as an ongoing fee share and can earn Ventuals points toward future protocol stakes, with early participants eligible for up to a tenfold boost.
Meanwhile, Trade.XYZ, functioning as a non-custodial trading interface, requires users to connect their own wallets while retaining control of their funds. Through the platform, users can access Hyperliquid perpetual markets, including cryptocurrecny perpetuals, as well as “XYZ” perpetuals, which are futures based on traditional assets such as equities and available for trading 24/7. These “XYZ” perpetuals are margined and settled in USDC, with pricing derived from external oracles during market hours and internal mechanisms when markets are closed.
Felix serves as a decentralized borrowing protocol, with its primary product being feUSD, a USD-pegged stablecoin. Users mint feUSD by locking up accepted cryptocurrency assets—such as HYPE, BTC, ETH, or SOL—as collateral. The system follows a model based on Liquity V2, employing over-collateralized debt within a vault, or “trove,” structure to maintain stability and risk management.
HIP-3 enables these three projects to leverage Hyperliquid’s on-chain infrastructure, facilitating permissionless deployment, streamlined market creation, and expanded access to new financial products while balancing user experience and protocol safeguards.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
