Decentralized exchange Hyperliquid has rolled out a new update that lets other users easily start their own perpetual swap contracts on the platform. This update, known as Hyperliquid Improvement Proposal 3 (HIP-3), will be effective starting Monday, as shared on the Hyperliquid’s Discord channel. This change allows anyone to create futures contracts without needing special permission, making significant progress toward fully decentralized futures listings.

With HIP-3 in place on the decentralized exchange (DEX), any user who stakes 500,000 HYPE, which was worth about $20.5 million at the time, can start their own perpetual swap contract. These contracts have their own margins, order books, and other details. People who set up contracts can decide to keep up to 50% of the fees collected in addition to a base fee rate. They also are in charge of defining the market, which means they handle everything from setting prices to determining leverage limits and managing settlements if necessary.

Perpetual swaps are special contracts that follow the price of another asset and don’t expire, so traders can keep their positions for as long as they like. Their prices stay close to the real market prices due to a system that sends payments between traders who bet on price increases and those who bet on decreases. The early version of HIP-3 was live on the testing network since late September, and a network upgrade is set for Monday to launch it on the main network.

QuickNode, a company that provides blockchain infrastructure, mentioned in a review that HIP-3 makes the market more adaptable to what builders need. This proposal removes the listing fees that come with centralized exchanges, lowers fixed costs by sharing resources, and helps builders recover their costs through fee-sharing. QuickNode noted that as the quality of execution improves and transaction costs decrease, more trading will occur in HIP-3 markets, generating additional revenue for builders through fees.

Another analysis from blockchain data layer Chainsight pointed out that HIP-3 changes the existing model, allowing only exchange operators to list assets. According to Chainsight, this transforms Hyperliquid from just one exchange into an open financial platform. They believe this will encourage the creation of new types of assets in decentralized finance (DeFi), since now almost any kind of data could turn into a market for trading. This includes statistics on price changes, company values before going public, regular currency pairs, stock indexes, and unique financial contracts like correlation swaps. A synthetic markets program called Ventuals also intends to use HIP-3 to show how private companies’ prices change.