HIP Blueprint: Everything Tradable, Unlocking Hyperliquid's Trillion-Dollar Imagination $Aster went absolutely parabolic, sending the Perp DEX sector into a full-blown FOMO frenzy. For a hot minute, HyperLiquid was basically the king of on-chain perpetuals, holding down half the market. But then, outta nowhere: 1 billion, 2 billion, 5 billion, 10 billion, 50 billion... That's the kind of numbers $Aster pulled in just half a month. $Aster's market share went from zero to 80% in a blink, flipping the script on the whole sector. Hyperliquid's slice of the pie shrunk hard. But does that mean HyperLiquid is toast? Nah, not even close. If you just see Hyperliquid as some high-performance Perp DEX, you're missing the real alpha, the true moat. Beyond its killer matching engine and deep liquidity, its real big-brain move is building out an ecosystem infrastructure that can handle all on-chain financial plays: from the DeFi ecosystem powered by HyperEVM, to spot trading, and then to the future platform for building out all sorts of derivatives. At the core of this blueprint are the HIP (Hyperliquid Improvement Proposals) standards. These aren't just some boring tech upgrades; they're the foundational protocols designed to optimize and create new on-chain trading arenas. This deep dive will break down the main HIP standards that are already live or in the pipeline, checking out what pain points they solve and how they're forging Hyperliquid's unique, uncopyable ecosystem moat. 「HIP-1 —— Permissionless Asset launch」 HIP-1 is the native token standard on Hyperliquid L1, basically their version of Ethereum's ERC-20. It lets any degen create fungible assets directly on-chain without needing anyone's permission, and once it's minted, it's instantly tradable. The core flex of HIP-1 is "one-click token launch + instant listing." Deployers just need to set the token name, min unit precision, min trading unit, and max supply – the usual suspects. Compared to launching tokens on other chains, HIP-1's got some spicy twists: > All HIP-1 tokens automatically get an order book initialized directly on HyperCore (Perp DEX), and they're priced in USDC. This is a total game-changer compared to other chains that use AMMs for initial liquidity. > The deployment cost for any HIP-1 token is decided by a "Dutch auction," specifically a linear drop from the initial price down to 500 $HYPE. Plus, there's a cool feature called "Spot dusting." In plain words, it automatically sweeps those tiny, leftover token balances in your wallet and converts them into USDC. The protocol bundles up multiple small balances and then executes a "market sell order" to turn them into USDC, sending it back to the user. If a token amount is truly microscopic, it just gets burned. HIP-1 is a foundational pillar of the Hyperliquid ecosystem. Think about how ERC-20 changed the game on Ethereum, and you'll probably get the picture of how big this is. 「HIP-2 —— Native Liquidity Engine」 HIP-1 nailed the token launch problem, but we all know that's the easy part. The real grind is bringing in liquidity, especially for fresh assets in their early price discovery phase. HIP-2 is the native solution cooked up to tackle this "liquidity cold start" dilemma. Unlike AMM pools, HIP-2 goes straight for the central limit order book. No need for users to ape in manually; the protocol, following a pre-coded on-chain market-making formula, automatically places bid and ask orders around the current price, refreshing the order book every single block. This native mechanism automatically hooks up HIP-1 tokens with native market makers. It can keep the bid-ask spread tighter than 0.3% every 3 seconds, leading to better price discovery and capital efficiency, and it even complements the professional market makers. 「HIP-3 —— Permissionless Derivatives Market」 HIP-3 levels up Hyperliquid from just a single exchange to a "platform for building exchanges," letting any builder permissionlessly spin up their own perpetual contract market on HyperCore. To keep the market legit and users safe, builders gotta stake at least 500,000 HYPE as margin, and that bag stays locked for 30 days even after the market closes. Meanwhile, the market creators are basically their own bosses: they can customize everything from collateral types, oracles, leverage limit, and funding rate, and they're on the hook for maintaining oracles and handling settlements. Trading fees for HIP-3 markets are, by default, double the main market's. After the protocol takes its cut, up to 50% of the extra fees can go straight to the builders. If builders get sus with oracle manipulation or malicious ops, validators can vote to straight-up confiscate and burn their staked $HYPE, economically safeguarding the market's neutrality and trustworthiness. Some OGs are calling HIP-3 "liquidity's AWS." Just like AWS hooks up devs with the infrastructure to build internet apps, HIP-3 gives financial builders the high-performance infrastructure (matching engine, order book, shared liquidity) they need to spin up derivative markets. Builders can instantly tap into Hyperliquid's battle-tested underlying tech without burning tons of time and capital starting from scratch. 「HIP-4: Event Futures, New Prediction Market Meta」 HIP-4 isn't some official proposal; it's a community-driven standard cooked up by OGs from Framework Ventures, Kalshi, and Bedlam Research, sparked by the insane hype around prediction markets. The goal is to drop a new trading standard for prediction markets right on Hyperliquid. Prediction markets don't have a "spot price," and they don't need daily oracle feeds or funding rates like perpetuals; the outcome is usually a binary "yes or no," and the odds can swing wildly. HIP-3's rules force prices to move in baby steps, and it defaults to continuous mark prices and funding rates. So, the HIP-4 authors figured that HIP-3's logic was too slow for prediction markets, making it easy for degens to front-run and arbitrage. HIP-4 introduces a whole new playbook that's way more aligned with events: > Drops a binary outcome structure to match "YES" and "NO" events; > Dumps oracles and funding rates, with prices being 100% market-driven; > A fresh new margin system. The margin for each trade is "the probability corresponding to the quantity purchased." For example, if you're buying 10 units of "Fed rate cut in October," and there's a 50% chance of it happening, then you only need $5 (10 * 50%) for margin; > Opening prices kick off with a public bidding model; > Totally permissionless, and deployers get a sweet 50% cut of the fees. Of course, "permissionless" doesn't mean "no barrier to entry." The proposers reckon that anyone looking to deploy a market, just like with HIP-3, needs to stake a fat bag of $HYPE (like 1 million). And no, that 1 million $HYPE isn't a one-and-done expense. If each event gets its own slot, that slot can be reused. One event ends, another one slides in, cutting out all the redundant, clunky market creation processes. This proposal hasn't gotten the official nod yet, but you can feel the energy from the HyperLiquid ecosystem's community Builders, showing just how crucial they are to HyperLiquid's innovation and operations. 「End」 While the rest of the industry is still in the trenches, battling it out for Perp DEX daily active users, transaction fees, and liquidity incentives, Hyperliquid is playing the long game. It's not blowing its energy on short-term pumps and chasing trading volume. Instead, it's steadily, brick by brick, using different HIP standards to build out the foundational "Lego blocks" of asset creation, liquidity, derivatives, and prediction markets. Disclaimer: This content is for educational purposes only and does not constitute financial advice. DeFi protocols carry significant market and technical risks. Token prices and yields are highly volatile, and participating in DeFi may result in the loss of all invested capital. Always do your own research, understand the legal requirements in your jurisdiction, and evaluate risks carefully before getting involved.

Author: OneKey Team ( @jonasCyang )