Hyperliquid has introduced HIP-3 “growth mode,” a major upgrade that enables permissionless market creation at deeply discounted fees, aiming to accelerate liquidity formation and attract new market makers to the platform.
The on-chain derivatives exchange now allows deployers to launch entirely new markets with no approvals, while benefiting from taker fees reduced by more than 90%. The HIP-3 feature can be activated per asset and requires no centralized intervention, reflecting Hyperliquid’s push toward open, market-driven expansion.
With growth mode enabled, taker fees fall from the standard 0.045% to a range between 0.0045% and 0.009%, and can drop even lower—down to 0.00144%–0.00288%—for traders with top staking or volume tiers. The steep reductions aim to cut trading friction and make market deployment far more accessible.
Taker fees apply to orders that immediately consume liquidity on the order book.
To use HIP-3, deployers must set a fee scale between 0 and 1, representing the share of user fees they keep before discounts. Markets launched in growth mode must also be entirely distinct from validator-run perpetuals to avoid diluting existing liquidity. As a result, crypto perpetuals, indexed products, ETF-like structures, and assets closely mirroring existing markets—such as a PAXG-USDC gold perpetual—are not eligible.
Once activated, HIP-3 remains locked for 30 days, preventing rapid toggling and ensuring stable market conditions.
The update generated strong enthusiasm across X, where many users described it as a breakthrough for permissionless derivatives markets.
“This is more than a tweak—it’s a massive acceleration lever,” one user wrote. “With fees 5–10x cheaper than old-chain alternatives, we’re going to see new asset classes appear: real-world yield flows, exotic commodities, tokenized treasury products. Deployers will unleash a wave of markets, and traders should expect higher volumes and razor-thin spreads.”
Hyperliquid’s native token HYPE, however, slipped 6% after the announcement and is trading below $40.
