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The Design Space for Builder-Deployed Perps | bedlam

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HIP-2 and HIP-3 provide a meaningful improvement in decentralized market creation by enabling permissionless, builder-deployed spot and perpetual (perp) markets on Hyperliquid. By allowing permissionless access to its orderbook and the HyperCore matching engine, Hyperliquid is commoditizing the infrastructure that made it so popular in the first place. This commoditization should enable innovation in other segments of the market since builders don’t need to spend months or years building out their own orderbook infrastructure anymore. We believe Hyperliquid’s HIP-2 and HIP-3 offers a greenfield opportunity for experimentation in market design, market creation, and liquidity provision. In this piece we’ll talk about innovations across the different axes that form the crux of HIP-3. We’ll segment the different axes across: stake accumulation for deployments, market design and fee distribution. Towards the end of this post, we’ll also discuss fee structure innovations and prime brokerage

Written by: jim , dougie ( figment capital ), marc ( avy ), krane ( asula ) Thanks to rajiv and rahul for their thoughtful comments and feedback. Introduction HIP-2 and HIP-3 provide a meaningful improvement in decentralized market creation by enabling permissionless, builder-deployed spot and perpetual (perp) markets on Hyperliquid. By allowing permissionless access to its orderbook and the HyperCore matching engine, Hyperliquid is commoditizing the infrastructure that made it so popular in the first place. This commoditization should enable innovation in other segments of the market since bu

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