Post #354

Testnet only: The Hyperliquid protocol will support builder-deployed perps (HIP-3), a key milestone toward fully decentralizing the perp listing process. An MVP of this feature is live on testnet. Feedback is appreciated during this testing phase. Note that numbers and specifications below are not finalized. Builder-deployed perps share many features with HyperCore spot deployments: + Deployments allocate new performant onchain orderbooks on HyperCore. + Deployment gas is paid through a Dutch auction every 31 hours. A difference is that HYPE is the gas token used for perp deployments. + Deployers can set a fee share of up to 50%. A difference is that the deployer can configure additional fees on top of the base fee rate. Fee share applies to the total configured fee. + Deployments are fully permissionless. The deployer of a perp market is also responsible for + Market definition, including the oracle definition and contract specifications + Market operation, including setting oracle prices, leverage limits, and settling the market if needed Perp deployment composes with HyperCore multisig to support protocolized market deployment and operation. To ensure high quality markets and protect users, deployers must maintain 1M staked HYPE. In the event of malicious market operation, validators have the authority to slash the deployer’s stake by conducting a stake-weighted vote during the deployer’s 7-day unstaking queue. Technical details will be released shortly in the API docs and Python SDK. Users with more than 10k mainnet staked HYPE or previous bug bounty program recipients are welcome to reach out for a dedicated testnet deployment to test and share feedback. Note that the frontends at app.hyperliquid-testnet.xyz and app.hyperliquid.xyz will not display builder-deployed perps initially, and will not feature a UI for perp deployment. Alternative interfaces may be built by the community. This will encourage specialization and further decentralization of the interfaces to access the Hyperliquid protocol.