HIP-3 Deployer Controls for Perpetual Markets, Oracles, and Risk Limits

Summary

This technical reference describes how deployers configure and operate builder-deployed perpetual markets on Hyperliquid. It covers market and asset registration, oracle updates, funding parameters, margin tables and modes, fee settings, open-interest caps, trading halts, and permissions for sub-deployers. It also explains how a deployer can transfer collateral to or from a backstop liquidator. Oracle operation is especially constrained: price inputs are combined with local and external prices, updates are rate-limited, and mark-price movements and open interest are bounded.

The document also outlines HIP-3* approval and trading actions, including reduce-only controls, order cancellation, order placement, and collateral transfers. It describes how spot oracle inputs feed external perpetual and mark prices, and clarifies that permissions apply separately to each action. This is API and market-infrastructure documentation rather than a trading strategy or empirical study. It provides operational parameters and safeguards but no performance evidence or guidance for evaluating whether a market is profitable to trade.

Key ideas

• Deployers can configure perpetual market assets, funding, margin, fees, and trading permissions through dedicated actions.
• Oracle prices are combined with local and external market prices, subject to update and movement limits.
• Open-interest caps apply at the DEX and asset levels, while size caps are enforced per asset.
• Sub-deployer permissions are specific to individual actions, including oracle updates and order controls.
• The reference describes market operations and safeguards without presenting strategy performance evidence.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.