LIQUIDPAD
500K HYPE
Stake target
01
The asset
To doChoose what the perp tracks. One underlying, one ticker.
Asset class
Quick picks tap one to fill the fields, or type your own below
-PERP
Collateral / quote asset
HIP-3 lets a deployer choose the quote asset used as collateral. Hyperliquid has said markets quoted in an aligned stablecoin will get reduced fees; that part is not implemented yet.
About this asset class
02
The oracle
To doOn HIP-3 the deployer sets the oracle price, and keeps setting it for as long as the market lives. The oracle router blends several sources into one reference price so no single feed can move the market.
Price sources four recommended ones are pre-selected · keep at least three
How sources are combined
Hyperliquid expects a new price every 3 seconds and falls back to order-book prices after 10, so no source may lag more than 8.
When the real-world market is closed
What Hyperliquid says
The deployer is responsible for the market definition, including the oracle, and for operating it. A deployer whose inputs cause invalid state or prolonged downtime can lose up to 100% of the stake, decided by a stake-weighted validator vote. A feed that is easy to manipulate is the deployer's problem, which here means the backers' problem.
03
The risk limits
To doHow much leverage traders get and how large the market is allowed to grow. Conservative limits make a new market harder to attack.
The cap is the most the market's open positions can add up to. Hyperliquid's minimum is $1,000,000 (or half the current open interest, if that's higher). Start near the minimum; a deployer can raise it later, and can always lower it as a safety measure.
Margin mode
How HIP-3 handles this
Every builder-deployed DEX has its own margining and its own order books. Cross margin is not a switch the deployer flips: an asset must have deep liquidity and a reliable external price, and one that moves more than 50% in a day more than once a month is ineligible. Once granted it cannot be undone.
If a market must stop, the deployer's haltTrading action cancels open orders and settles every position at the mark price.
04
Who can trade it
To doMost markets should be open. Some real-world assets legally cannot be: they need known counterparties and jurisdiction limits. HIP-3* is Hyperliquid's answer to that.
Every HIP-3 exchange can hand specific powers to other wallets. The usual setup: a separate always-on wallet that only pushes prices, so a leaked key can distort prices but never change the market's rules. On a permissioned venue it can also run the allowlist.
The five HIP-3* powers
A venue flagged HIP-3* gives its deployer, or a sub-deployer it authorises, exactly these abilities and no others:
- Approve or revoke wallets on the allowlist
- Cancel a specific resting order
- Cancel all resting and TWAP orders on the venue
- Submit reduce-only orders on a user's behalf
- Move collateral between accounts inside the same venue
HIP-3* is live on Hyperliquid testnet only. The spec is a draft and mainnet timing is not set. Existing open HIP-3 markets are unaffected.
05
An outcome market on the launch
OptionalHIP-4 outcome markets are fully collateralised yes/no contracts that settle inside a fixed range. There is no margin and nothing to liquidate. Attaching one gives people a way to price whether this proposal will make it.
The question traders will see
Status
HIP-4 has been on Hyperliquid mainnet since May 2026. Since late August 2026, builders who stake 500,000 HYPE can deploy outcome markets from validator-approved templates, so the question has to fit a template.
06
The stake and the fees
To doThis is the part backers fund. The numbers below come from HIP-3 and cannot be edited.
183days
Minimum lock after deploy
7days
Unstaking queue, still slashable
Backing window
How long the proposal stays open for backers. Today backing is a signed, non-binding pledge. If real funding on Robinhood Chain opens later, this becomes the window for filling the stake.
The rest goes to you as proposer, for running the market. The split is fixed at launch and can't be changed afterwards.
Read this part
The stake is slashable. Validators can take up to 20% for degrading network performance, up to 50% for causing brief downtime, and up to 100% for invalid state or prolonged downtime caused by the deployer's inputs. Ordinary bugs unrelated to deployer inputs are excluded. Slashed HYPE is burned: it isn't paid to anyone and can't be recovered, and the stake stays slashable through the 7-day withdrawal queue. Backers carry this risk together with the proposer.
07
Launch it
—Launching publishes this proposal on LIQUIDPAD, with its own page anyone can open and back. You sign it with your wallet to prove it's yours. Signing is free: no gas, no transaction, no funds move.
1
Finish the checklist
2
Connect a walletMetaMask, Rabby, Coinbase Wallet, Robinhood Wallet or any browser wallet.
3
Sign and launchYour wallet shows a short message. Read it, then sign.