WTF is Builder Deployed Perpetuals (HIP-3) Supercharging the spread of the most risk-on trading instrument I believe this concept is still greatly underappreciated from an execution perspective, yet it's extremely exciting to see many very excited about this (teams, traders, etc), therefore it's the perfect time to discuss what it actually is, much further. To start from the top –– *all* of this infrastructure must be managed by deployers, end-to-end, this means: Market curation, infrastructure management, and sourcing liquidity: - pair - collateral - settlement - risk parameters - leverage - oracle - liquidity (there is no HLP for these markets) etc This is a ridiculous token sink for $HYPE, the 1m requirement filters out bad actors by making it extremely expensive to deploy. This doesn't factor in the cost that deployers will have to pay per perp auction (similar to spot auction deployments via HIP-1), so you can expect further $HYPE to be reclaimed from the open market at a ridiculous pace once deployers begin to hit their stride in deployments. So an over-simplistic high-level overview with steps: 1) Deployer acquires a minimum of 1,000,000 $HYPE 2) Deployer wins a perp auction by paying the $HYPE requirement at that time, once every 31 hours 3) Deployer now has the luxury to launch whatever market they please. Any asset, any collateral, any leverage. Potential collateral types could be (any): - USDT / USDT0 by @Tether_to / @USDT0_to - kHYPE by @kinetiq_xyz - feUSD by @felixprotocol - BTC / ETH / SOL by @hyperunit - HYPE by @HyperliquidX etc To trade on (any) markets like: - JPY - MSTR - TSLA - NVDA - XAU etc Yet again, another market first by none other than: Hyperliquid.