HIP3 Dutch auction
HIP-3 Dutch Auction
This page summarizes how the Dutch auction process works for HIP-3 perpetual market deployments on Hyperliquid. For the most current specifications, refer to the official Hyperliquid documentation.
Overview
HIP-3 allows deployers to launch perpetual futures markets on Hyperliquid's HyperCore infrastructure. After meeting the staking requirement, deployers must acquire tickers through a Dutch auction process.
Staking Requirement
Before participating in any auction, deployers must stake 500,000 HYPE on mainnet.
This requirement is expected to decrease over time as infrastructure matures
Any amount staked above the current requirement can be unstaked
The staking requirement must be maintained for 30 days after all deployer perps are halted
Stake remains slashable during the 7-day unstaking queue
Free Deployments
The first 3 assets deployed in any perp DEX do not require auction participation.
This allows new deployers to establish their markets before incurring auction costs for additional listings.
Dutch Auction Mechanics
For the 4th asset onward, deployers must win a ticker through the Dutch auction:
Auction Parameters
Duration
31 hours
Minimum price
500 HYPE
Starting price
2x the previous successful auction price (or 500 HYPE if prior auction failed)
Frequency
One auction completes every 31 hours
How It Works
The auction begins at the starting price
Price decreases linearly over 31 hours toward the 500 HYPE minimum
The first deployer to accept the current price wins the ticker
The auction is shared across all perp DEXs—deployers compete for the same slot
Price Dynamics
If demand is high, deployers bid early at higher prices to secure tickers
If demand is low, deployers can wait for prices to decline toward the minimum
Historical auctions have closed at or near the 500 HYPE minimum when competition is limited
Auction Scope
The HIP-3 perp deployment auction is global—it's shared across all deployers and all perp DEXs on Hyperliquid.
This means:
Only one new perp ticker can be deployed every 31 hours (excluding free slots)
Deployers from different DEXs compete in the same auction
Timing and coordination matter for deployers planning multiple listings
Future Improvements
Per Hyperliquid documentation, future upgrades will support improved ergonomics around reserving assets for time-sensitive deployments.
Stratium's Role
Through Market Studio, Stratium handles the operational complexity of the auction process:
Bond management: Stratium maintains the 500k HYPE staking requirement
Auction execution: Partners cover the HYPE auction cost; Stratium manages timing and execution
Coordination: For partners deploying multiple markets, Stratium coordinates auction participation across the 31-hour windows
Partners proposing markets through Market Studio are responsible for the Dutch auction cost as their commitment signal, while Stratium handles the staking infrastructure and deployment operations.
Source: Hyperliquid HIP-3 Documentation
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