Hyperliquid is expanding its builder-deployed perpetual market framework with an optional add-on known as HIP-3*. The change, discussed by co-founder Jeffrey Yan on September 3, 2026, is meant to let independent market operators restrict access to selected venues without rewriting the protocol’s open core.
HIP-3 already lets qualified builders launch their own perpetual venues on HyperCore.
A deployer that stakes the required HYPE can define assets, oracles, leverage, fees, and other parameters, then run the market and settle it.
Each such venue has its own order books and margin rules, while still using Hyperliquid’s shared matching and settlement stack. HIP-3* sits on top of that model.
It does not replace existing deployments or force every builder to lock down access.
The centerpiece is an on-chain allowlist.
The deployer, or a sub-deployer it authorizes, can add or remove wallet addresses that are allowed to trade on that venue.
Because the list lives on-chain, access rules are enforced at the market itself rather than through an off-chain gatekeeper.
Operators that do not need restrictions can ignore the feature and keep markets open to any wallet.HIP-3* also adds limited proxy actions on a permissioned venue.
Authorized parties can cancel a user’s resting orders, cancel all of that user’s orders and TWAPs on the same venue, place reduce-only orders on the user’s behalf, or move collateral between accounts on that venue.
Those powers can be granted one by one to sub-deployers.
They do not apply across other DEXs on the chain.
The design is framed as infrastructure, not a protocol-level KYC regime.
Hyperliquid presents itself as a neutral execution layer. Independent operators remain responsible for how they run their markets and for any eligibility rules they choose to impose.
An allowlist is a technical control, not a regulatory blessing.
A deployer might use it for institutional clients, jurisdiction-specific products, or other constrained audiences; another deployer can leave the same stack fully open.
A first version is already live on testnet. Specs there are still draft and may change after builder feedback.
Mainnet timing has not been locked. Existing HIP-3 markets are slated to keep working as they do today when the upgrade arrives.
The option matters because HIP-3 has already pulled a wide range of instruments onto one high-performance book: equities, commodities, indices, FX, and pre-IPO names among them.
Some of those products sit more comfortably behind eligibility checks. HIP-3* gives operators a way to meet those constraints without spinning up a separate chain or abandoning HyperCore’s speed and shared accounts.
In short, Hyperliquid is adding a switch, not flipping the whole network to permissioned mode.
Builders who want closed venues get on-chain tools. Builders who want open venues keep the original HIP-3 path. The protocol stays a shared settlement and matching layer; access policy stays with the party that deployed the market.