Back
Hyperliquid to let HIP-3 deployers set 0.1x-3x fee multipliers in next upgrade

Hyperliquid to let HIP-3 deployers set 0.1x-3x fee multipliers in next upgrade

Fee hikes on selected HIP-3 markets would trim a 90% growth discount, lift deployer and protocol revenue, and feed Hyperliquid's HYPE buyback mechanism if trading volumes stay resilient.

HYPE

Fact Check
The core factual claim—that Hyperliquid's next network upgrade will let HIP-3 deployers set a per-asset fee multiplier in the 0.1x-3x range—is directly confirmed by the @HyperliquidNews X post and the Futubull newsflash, with additional detail from CryptoBriefing. CryptoBriefing supports the revenue-lift and fee-discount reduction elements (90% to 80% discount, doubling revenue from $70M to $140M per Ryan Watkins). The HYPE buyback linkage and 'trim a 90% growth discount' framing are analyst/interpretive but consistent with the reporting. The mechanical facts are strongly corroborated.
    Reference: 123
Summary

Hyperliquid's next network upgrade will let HIP-3 deployers set 0.1x-to-3x fee multipliers for individual tokenized-asset perpetuals, with Hyperliquid founder Jeff Yan saying higher charges would apply to selected listings rather than across the board. The move is designed to reduce the current 90% fee discount granted while HIP-3 markets are in growth mode, and asset-level controls are already live on testnet through the combined setDeployerFees workflow as older global settings are phased out. Supporters including Ryan Watkins say even gradual hikes could materially lift revenue, with earlier estimates pointing to annualized HIP-3 revenue rising from about $70 million to $140 million if volumes hold steady. Hyperliquid splits HIP-3 revenue 50-50 with deployers, then routes 99% of its share to the Assistance Fund for HYPE buybacks and 1% to HLP. Critics warn higher fees could erode a pricing edge in a segment led by TradeXYZ that now drives more than 60% of trading volume, while Hyperliquid's Q2 report showed revenue rebounding to $57.5 million in June before falling to $38 million in July.

Terms & Concepts
  • HIP-3: Hyperliquid's framework for tokenized-asset perpetual markets, where deployers can configure fees for individual listings.
  • Assistance Fund: The Hyperliquid fund that receives most protocol fee revenue and uses it for HYPE buybacks.
  • HLP: Hyperliquidity Provider, the venue that receives 1% of Hyperliquid's HIP-3 protocol fee share.