On Hyperliquid, a spot token is deployed under the HIP-1 native token standard, with the deployment gas set by a 31-hour Dutch auction that falls to a minimum of 500 HYPE; perpetual markets can be deployed by builders under HIP-3, which requires the deployer to keep 500k HYPE staked (for at least 183 days after the dex is deployed) and makes the deployer responsible for the market’s oracle, leverage limits, and settlement. Either way, a new market needs a market maker and depth from the start, and a robust oracle for perps; validators can slash a HIP-3 deployer’s stake for malicious market operation.
Key takeaways
- HIP-1 spot: deployment gas via a 31-hour Dutch auction; minimum 500 HYPE; test on testnet first because gas is not refunded if a deploy gets stuck.
- HIP-3 perps: 500k HYPE staked, maintained at least 183 days; the first 3 assets on a perp dex skip the auction.
- HIP-3 deployers run the oracle and settlement and can be slashed for malicious operation.
- A new perp market without a market maker and a robust oracle is a liquidation risk for your community.
Spot vs perp on Hyperliquid at a glance
| HIP-1 spot token | HIP-3 builder-deployed perp | |
|---|---|---|
| What you get | A native token with a spot order book vs USDC | A perp dex with its own markets, margining, and order books |
| Cost to deploy | Gas set by a 31-hour Dutch auction, floor 500 HYPE | 500k HYPE staked, kept at least 183 days; extra assets beyond the first 3 go through an auction |
| Who runs it | Protocol order book | The deployer: oracle, leverage limits, settlement |
| Main risk | A stuck deployment (gas not refunded) | Oracle or operational errors; slashing |
| Trading fee share | Deployer fee share on base-token fees, configurable down | Deployer can set an additional fee share (0–300%) |
Figures from Hyperliquid’s documentation as reviewed on the date above; they can change, so check the source before acting.
What this means for a token team
- Spot first, perps later is the usual path for smaller projects; HIP-3’s staking requirement is large.
- Many projects will see perps on their token appear through a third-party HIP-3 deployer rather than their own. You do not control those markets, but your spot liquidity and oracle sources affect them.
- For any perp market on your token, the spot reference price matters: thin, manipulable spot books make for bad perp oracles.
Liquidity checklist for a perp market
- A market maker quoting the perp and the spot reference markets.
- A clear oracle source drawing on liquid venues.
- Conservative initial leverage limits.
- Monitoring of funding rates and open interest relative to spot depth.
- A communications plan for volatility and liquidations.
- If running a launch campaign, rules that reward real trading; see trading competitions.
Frequently asked questions
How do you list a token on Hyperliquid spot?
Under HIP-1, the deployer pays deployment gas through a Dutch auction lasting 31 hours, during which the price falls linearly to 500 HYPE (starting at 500 HYPE if the previous auction failed, otherwise twice the last gas price). Each HIP-1 token gets a spot order book against USDC. Hyperliquid’s docs advise testing the exact deployment on testnet first.
Can anyone list a perpetual futures market on Hyperliquid?
Under HIP-3, any deployer that meets the staking requirement (500k HYPE on mainnet, per Hyperliquid’s docs) can deploy one perp dex with its own markets. The deployer defines the market, sets oracle prices and leverage limits, and can settle markets.
What are the risks of a builder-deployed perp market?
Oracle manipulation, thin liquidity leading to cascading liquidations, and deployer error. Hyperliquid’s docs say validators can slash the deployer’s stake by stake-weighted vote for irregular inputs, up to 100% in severe cases.
Does a perp DEX listing need a market maker?
Practically, yes. Traders with leverage need a two-sided book and stable prices; without depth, small orders can move the mark price and trigger liquidations. Many teams combine a market maker with a trading competition to bring first traders.
Sources
Last reviewed 12 November 2026. Exchange and platform policies change; always confirm on the official page before acting.
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