Requirements for Permissionless Spot Quote Assets on Hyperliquid
Summary
This document explains the conditions for enabling a token as a spot quote asset on Hyperliquid. Requirements include specified token precision, no deployer fee share, a USD peg mechanism, and liquidity thresholds across the quote token’s USDC and HYPE markets. The stated order-book conditions require minimum displayed depth on both sides within specified price bands or spreads. A deployer must also stake HYPE, which is committed for three years and may be slashed following validator votes if the asset fails the conditions.
Compliance is assessed using uniformly spaced one-second samples over a three-day period; a condition breached for most samples makes the asset slashable. The document exempts USDC and USDT from the staking requirement, and gives testnet a lower stake threshold. Enabling quote status requires an irreversible transaction. These are protocol eligibility and market-quality rules, not a trading method; the text does not assess how well the requirements ensure a stable peg or durable liquidity. It also notes that future upgrades might expand support to non-dollar stable assets.
Key ideas
- Quote asset eligibility depends on token precision, fee settings, peg support, and market liquidity.
- The requirements specify order-book depth for quote-token markets against USDC and HYPE.
- A deployer stake is committed for three years and can be slashed after validator voting.
- A condition can trigger slashability when it fails for most one-second samples across three days.
- Activating quote status is irreversible, and testnet uses a lower staking threshold.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.