HIP-3 in one line
HIP-3 is the Hyperliquid improvement proposal that lets outside builders deploy their own perpetual futures markets on Hyperliquid's order book. A deployer stakes HYPE, runs the market's oracle and sets its limits. Hyperliquid provides the matching engine, margining and settlement. Each deployer runs a separate dex, and its markets are named dex:TICKER, for example xyz:TSLA for the Tesla perp on trade.xyz.
Most of the open interest on HIP-3 sits in markets that track things crypto exchanges could not list before: US stocks and ETFs, stock indices, gold, oil and currencies. These are stock perps. You never own the share. You hold a perpetual future that tracks its price, with leverage, around the clock. The Hyperliquid stock perps page lists every live HIP-3 market with its funding, open interest and cap use.
Oracle price and mark price
Every HIP-3 market has two reference prices, and most of what is unusual about stock perps comes from the gap between them.
- The oracle price is the external price the deployer publishes for the underlying, for example the Tesla share price during US trading hours. Funding is computed from the premium of the perp's order book over this oracle.
- The mark price is Hyperliquid's estimate of the perp's fair price, used for margin, unrealised profit and loss, and liquidations. It combines the oracle with the market's own order book, so a single odd trade cannot liquidate anyone.
The gap between mark and oracle is the stock perp's basis. On a liquid market during US hours it is usually a few basis points (1 bp is 0.01%). When the book gets one-sided the gap widens, funding turns more positive or negative, and traders on the other side are paid to close it.
Market hours and weekend gaps
A stock perp trades 24 hours a day, seven days a week. The stock it tracks does not. The regular New York session runs from 09:30 to 16:00 Eastern time on weekdays, with holidays and early closes. Outside those hours there is no live price for the oracle to follow, so the deployer keeps it going with its own method, and methods differ from one dex to the next.
This has three effects worth knowing:
- The basis says less. A mark-oracle gap on a Saturday is a gap to a price the deployer maintains, not to a traded share. It is not a live arbitrage reference.
- Prices can gap at the open. News that breaks over a weekend moves the perp first. When the market reopens, the oracle moves to the real opening price, and positions are marked against it.
- Funding may be capped. Some deployers limit funding while the underlying market is shut, since the premium is not measured against a live price.
This site flags US stocks, ETFs and indices outside the regular session as market closed. Oil, gold, currencies and non-US stocks follow other hours and carry no flag.
Open interest caps
Each deployer sets a maximum open interest per market, in US dollars. When a market reaches its cap, orders that would add open interest are rejected until it falls again. Closing orders still go through. Caps protect a new dex while its oracle and liquidity are unproven, but they have side effects. A market near its cap can trade at a premium, because new longs cannot enter to push it down, or the other way round. The stock perps page shows each market's cap use, and anything above 80% is marked as close to the limit.
What the live box shows
The live box on this page adds up open interest across every HIP-3 market, gives the median absolute gap between mark and oracle for US stocks, ETFs and indices with at least $250,000 of open interest, says whether the US market is open right now and counts markets near their open interest cap. The per-market numbers, including Hyperliquid funding rates, are on the data pages.
Limits and risks
- Deployer risk. Each dex depends on its deployer running the oracle correctly. A wrong oracle price can trigger liquidations that the real stock never justified.
- Thin books. Many HIP-3 markets are small. Large orders move the price, and spreads widen outside US hours.
- Access. Hyperliquid's terms exclude US persons and residents of other restricted jurisdictions.
Checked against the exchanges' own documentation on 28 September 2026: Hyperliquid docs: HIP-3 builder-deployed perpetuals · Hyperliquid docs: robust price indices (oracle and mark) · Hyperliquid docs: funding. Not financial advice.