Hyperliquid expects to activate HIP-3, a major protocol upgrade, later today. This upgrade will support the permissionless creation of perpetual futures markets. A Hyperliquid administrator announced in the protocol's Discord channel that the October 13th network upgrade will include the activation of HIP-3. The administrator stated, "HIP-3 will be enabled during this network upgrade. There will be no immediate changes for users. Deployers who meet the on-chain requirements will be able to deploy perpetual contracts for trading once they are ready."

In a previously disclosed document, the project stated that HIP-3 (Hyperliquid Improvement Proposal 3) will support perpetual contracts deployed by developers, marking a "key milestone in achieving full decentralization of the perpetual contract listing process." According to the document, once HIP-3 is enabled, deployers can launch a perpetual contract DEX on HyperCore without permission by simply staking 500,000 HYPE tokens. HIP-3 integrates with HyperEVM to enable smart contracts and governance, and also includes safeguards such as validator penalties and position limits. (The Block)