# What Is HIP-3 and HIP-4 on Hyperliquid? A Plain Guide

Canonical: https://sakura5.app/blog/what-is-hip-3-and-hip-4-on-hyperliquid/  
Published: 2026-11-08  
Author: the Sakura5 team · 6 min read  
Updated: 2026-11-08  
Publisher: Sakura5 (https://sakura5.app) · support@sakura5.app

> **TL;DR:** What HIP-3 and HIP-4 mean on Hyperliquid: builder-deployed perp markets like stock perps, and prediction markets whose prices read as implied probabilities.

![What Is HIP-3 and HIP-4 on Hyperliquid? A Plain Guide](https://sakura5.app/img/blog/inline/what-is-hip-3-and-hip-4-on-hyperliquid-1.jpg)

HIP-3 and HIP-4 are Hyperliquid Improvement Proposals that widened what can trade on the exchange: HIP-3 lets third-party "deployers" launch their own perpetual futures markets on Hyperliquid’s infrastructure — including perps that track stocks and other real-world assets — and HIP-4 adds outcome or prediction markets, where a contract’s price can be read as the market’s implied probability of an event.

Both matter if you follow Hyperliquid’s numbers, because headline volume is no longer one order book. Part of it now happens on markets that Hyperliquid’s core team didn’t list, run by deployers who set some of their own parameters and can earn fees from them.

This guide explains each proposal in plain terms, how to read the markets they create, and how to see their activity next to the main exchange. It’s a description, not an endorsement of any market.

*Educational content only, not investment advice. Perps and prediction markets carry a high risk of loss, and rules differ by country. Hypestats is an independent, unofficial app and is not affiliated with Hyperliquid or any market deployer.*

## What is HIP-3 on Hyperliquid?

Before HIP-3, every perp market on Hyperliquid was listed through the exchange’s own process. HIP-3 introduced **builder-deployed perpetuals**: a deployer that meets the protocol’s requirements, including staking HYPE, can launch its own perp markets that run on Hyperliquid’s matching engine and settlement.

In practice that means:

- **New kinds of underlying assets.** Deployers have launched perps tracking equities, indices and other real-world assets, alongside crypto. trade.xyz is one well-known HIP-3 deployer focused on stock and RWA perps.
- **Deployer responsibility.** The deployer defines market parameters such as the price source, within the protocol’s limits. Risks specific to a deployer’s markets, such as how its prices are sourced, sit with that deployment.
- **Fee sharing.** Deployers can earn a share of trading fees on their markets, which is why "deployer fees" show up as a statistic.
- **Separate books.** Each deployment is its own dex on Hyperliquid, so volume can be broken down by dex.

The exact requirements, limits and fee rules are set out in the [Hyperliquid documentation](https://hyperliquid.gitbook.io/hyperliquid-docs), which is the place to check current numbers since they can change.

## What is HIP-4 on Hyperliquid?

HIP-4 brings **outcome markets**, often called prediction markets, to Hyperliquid. Instead of tracking a price, a contract is tied to whether an event happens. At resolution it settles at the full value if the outcome occurred and at zero if it didn’t.

The useful property for reading these markets is that the price of a "yes" contract, as a fraction of its full settlement value, can be read as the market’s **implied probability**. A contract trading at 0.35 implies roughly a 35% probability by the market’s pricing.

Two cautions when reading implied probabilities:

- **It’s the market’s estimate, not a fact.** Thin markets can be moved by a few trades, and prices include fees and spread.
- **Resolution rules matter.** The precise wording of what counts as "yes", and who decides, can change what a price really means. Read the market’s rules before interpreting it.

## How HIP-3 and HIP-4 change the headline numbers

When someone quotes "Hyperliquid volume", ask what it includes. A total might be:

![How HIP-3 and HIP-4 change the headline numbers — what is hip-3 hyperliquid](https://sakura5.app/img/blog/inline/what-is-hip-3-and-hip-4-on-hyperliquid-2.jpg)

*When someone quotes "Hyperliquid volume", ask what it includes.*

- the main perps market only,
- the main market plus every HIP-3 dex,
- or one of those plus spot trading.

Each is a legitimate number; they just aren’t comparable to each other. The same goes for open interest — our guide to [Hyperliquid open interest](https://sakura5.app/blog/hyperliquid-open-interest-explained/) explains why dollar open interest also moves with price.

A HIP-3 market’s share of total volume is a good, neutral measure of how much activity has moved beyond the core listings. It’s descriptive: a deployment with a large share isn’t necessarily safer or better, and one with a small share isn’t necessarily failing.

## A walkthrough: following HIP-3 and HIP-4 in Hypestats

[Hypestats](https://sakura5.app/hypestats/) is an unofficial iPhone tracker built on Hyperliquid’s public data. Here’s how to use it to see these markets without connecting a wallet.

### 1. Volume by dex

In the Markets section, the volume-by-dex chart splits 24-hour volume between the main market and every HIP-3 market. This is the quickest way to see how much activity sits outside the core listings today.

### 2. HIP-3 stock and RWA perps

The same section lists HIP-3 stock and RWA perps from trade.xyz, so you can see which equity-style markets are active and how they compare with each other.

### 3. Deployer fees

The Fund & Fees section shows trade.xyz deployer fees, which is a direct read on the HIP-3 fee-sharing model in action.

### 4. HIP-4 prediction markets

HIP-4 markets appear with their implied probabilities, so you can read the market’s current pricing of each outcome as a percentage rather than converting contract prices yourself.

### A worked reading

Suppose a major company is due to report earnings tonight. In the volume-by-dex chart, you notice the trade.xyz slice is larger than usual relative to the main market, and the listing shows that company’s perp near the top of the HIP-3 markets. That’s a factual description: attention around a traditional-market event is showing up on Hyperliquid’s HIP-3 markets. It doesn’t tell you anything about the result, and an event-driven spike in a thin market can reverse just as quickly.

## Risks worth understanding first

- **Price sources.** A stock perp trades around the clock while the underlying stock market doesn’t. How a deployer handles prices when the stock market is closed matters.
- **Liquidity.** Newer or niche markets can have wide spreads and thin order books.
- **Deployer risk.** HIP-3 markets depend partly on the deployer’s choices and conduct, in addition to Hyperliquid’s own systems.
- **Regulation.** Equity derivatives and prediction markets are regulated, restricted or prohibited in many places. Check what applies where you live.

## FAQ

**What is HIP-3 on Hyperliquid in simple terms?**

HIP-3 lets third parties, called deployers, launch their own perpetual futures markets on Hyperliquid’s infrastructure after meeting protocol requirements such as staking HYPE. It’s how markets tracking stocks and other real-world assets appeared on Hyperliquid. Deployers can earn a share of trading fees from their markets.

**What does HIP-4 add to Hyperliquid?**

HIP-4 adds outcome, or prediction, markets: contracts that settle at full value if an event happens and at zero if it doesn’t. The trading price of an outcome can be read as the market’s implied probability of that event, though it reflects market pricing rather than certainty.

**Is HIP-3 volume included in Hyperliquid’s total volume?**

It depends on who is reporting the number. Some dashboards include every HIP-3 dex, others report only the main market. Check the definition before comparing two sources. [Hypestats](https://sakura5.app/hypestats/) shows volume broken down by dex so the main market and each HIP-3 market are visible separately.

**Are HIP-3 stock perps the same as owning shares?**

No. A stock perp is a derivative contract that tracks a price; it doesn’t give you ownership, voting rights or dividends in the company, and it can be liquidated if margin runs out. This article is educational and not investment advice.

About the app: [Hypestats: Hyperliquid Stats](https://sakura5.app/hypestats/) · App Store: https://sakura5.app/go/hypestats?from=/blog/what-is-hip-3-and-hip-4-on-hyperliquid/