Inverse Perps, Hyperliquid, HIP-3

Explaining Inverse Perps and Hyperliquid's HIP-3 standard.

All Perps⁻¹ markets are built and operated on Hyperliquid.

Hyperliquid is a high-performance blockchain network that provides permissionless access to hundreds of perpetual and crypto trading markets. Trading, execution, and settlement all occur onchain, secured and processed by Hyperliquid’s decentralized validator set.

Hyperliquid Improvement Proposals (HIPs) are governance-driven network upgrades implemented by validators to enhance network functionality. HIP‑3 introduced the ability for independent developers to deploy and manage their own perpetual markets directly on Hyperliquid. You can learn more about HIP‑3 in Hyperliquid’s official documentation.

Perps⁻¹ is a decentralized perpetuals exchange (DEX) built under HIP‑3, hosting markets for inverse assets. These markets can span multiple asset classes, including cryptocurrencies and equities. The Perps⁻¹ protocol defines key parameters such as market listings, oracle integrations, leverage limits, and other configurations specific to inverse markets.

Perps⁻¹ is a pioneer in Inverse Perpetuals — perpetual futures markets that reference inverted oracle prices of their underlying spot assets. You can learn how Inverse Perpetuals work here.