Operating Builder-Deployed Perpetual DEXs with HIP-3 Actions

Summary

This API reference describes actions available to deployers of builder-deployed perpetual markets. It covers registering a DEX and assets, updating oracle inputs, setting funding parameters and margin tables, configuring open-interest caps, assigning fee recipients and sub-deployers, adjusting margin modes, annotating markets, and disabling a DEX. It also specifies a user action for moving collateral between a DEX account and its backstop liquidator.

The operational rules include sorted action inputs, bounds on leverage and funding settings, oracle update frequency and price clamps, and constraints on open-interest caps. The document explains how deployer fee scaling divides charges between protocol and deployer, with examples for positive fees. Additional sections describe permission grants, account summaries, approval controls, order restrictions, and HIP-3 star venue oracle pricing. These details help implement venue administration and understand risk controls, but they are API and protocol specifications rather than a trading strategy. Parameters and behavior are specific to the documented system and may change with later protocol updates.

Key ideas

• Deployers can register perpetual DEXs and assets, then configure oracle, funding, margin, fee, and market controls through L1 actions.
• Oracle updates are subject to timing, price movement, and open-interest-related constraints.
• Margin tables and per-asset open-interest caps define important limits on leverage and exposure.
• Sub-deployer permissions are granted separately for each action type.
• HIP-3 star operations include approval management, reduce-only controls, cancellation, order placement, asset transfers, and oracle updates.

Tags

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