Hyperliquid Activates HIP-3 Upgrade for Permissionless Perpetual Market Creation

Hyperliquid will implement the HIP-3 network upgrade on Monday, enabling users who meet onchain criteria to establish perpetual futures markets.
The upgrade allows for permissionless deployment of perpetual DEXs on HyperCore by staking 500,000 HYPE tokens.
HIP-3 integrates with HyperEVM and includes safety features like validator slashing and open interest limits.
HYPE token value increased by 13.4% in the last 24 hours, reaching approximately $42, with a market cap of around $14.1 billion.
Over the weekend, HyperLiquid experienced significant activity, with $10 billion in liquidations out of a total $19.3 billion across the crypto market, as reported by CoinGlass.
Binance faced issues during market volatility, leading to hundreds of millions of dollars in reimbursements.