HIP-3 is Hyperliquid's standard for builder-deployed perpetual markets. It lets independent builders permissionlessly create and list new perp markets on Hyperliquid, rather than waiting for the core protocol to add them. This is the mechanism that brings stocks, commodities, FX, indices, and pre-IPO names onchain alongside crypto perps.
Why HIP-3 Matters
Traditionally, the assets you could trade on a perps venue were decided by the protocol or exchange operator. HIP-3 opens that up. A builder can deploy its own perp markets, define the assets, and run them on Hyperliquid's shared infrastructure — the same matching, settlement, and liquidity primitives that power Hyperliquid's crypto perps.
The result is a huge expansion of what "onchain trading" can mean. Instead of just BTC and ETH, a builder can list Tesla, gold, the euro, the S&P 500, or a private company — all as perps, all settling on the same chain.
Trade[XYZ]: HIP-3 in Action
Trade[XYZ] is a builder-deployed DEX that uses HIP-3 to list real-world assets as perps. Its lineup spans:
- Stocks: TSLA, NVDA, AAPL, COIN, HOOD and more
- Commodities: GOLD, SILVER, COPPER, CL (WTI crude), BRENTOIL
- FX: EUR, JPY, GBP, DXY (dollar index)
- Indices: SP500, JP225 (Nikkei 225), KR200 (Kospi), VIX
- Pre-IPO: private companies before they list — SpaceX (SPCX) traded here as a pre-IPO perp before its IPO
Each of these is an equity perp or its commodity/FX/index equivalent — a contract that tracks the underlying's price, not the asset itself.
How Legend Surfaces HIP-3 Markets
Legend integrates Trade[XYZ] markets directly into your trading account. To keep them distinct from native Hyperliquid perps, they appear under an xyz: namespace — for example, xyz:TSLA or xyz:GOLD. From your side, they behave like any other perp: choose long or short, set leverage, and trade 24/7 from a self-custody wallet. This is what lets you hold crypto, stock, and commodity exposure in one place. For more on the broader model, see onchain trading.