LIQUIDPAD
Launch a perp
RWA perps  /  Built on HIP-3

Launch a perp
on any real-world asset.

Gold, stocks, FX, pre-IPO. Propose the perp, set its oracle, leverage and cap, and let traders back it. Built for Hyperliquid HIP-3.

Launch a perp How it works
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01 — How it works

Four steps from an idea to open interest.

HIP-3 lets anyone deploy a perp market on Hyperliquid — if they can stake 500,000 HYPE and run the oracle. Almost nobody can. LIQUIDPAD turns that into something a crowd can do together.

01

Propose

Pick an underlying — a stock, a commodity, an index, an FX pair, a pre-IPO company — and write its market spec in plain language.

02

Fund the stake

Backers fill a curve on Robinhood Chain. What they fund is the deployer stake the market needs to exist.

03

Oracle attached

Multiple price sources are blended into one reference price, with stale and outlier feeds thrown out automatically.

04

Perp live

The market deploys to Hyperliquid through HIP-3. Anyone can long or short it, and backers share the deployer's cut of the fees.

02 — The stack

Every market is built in layers you can read.

A HIP-3 deployer carries real responsibility: the definition, the price feed, the risk limits. LIQUIDPAD shows each of those layers on the market itself, before anyone funds it.

Real-world assets cast in dark glass, standing in a pool of mint liquid
Layer I — The asset

Anything with a price can have a perp.

Each proposal names one underlying and one ticker, like GOLD-PERP or SPX-PERP. No mascots, no lore. The asset is the story.

StocksCommoditiesPre-IPOIndicesFX
Strands of mint light converging into a single beam
Layer II — The oracle

Many feeds in. One honest price out.

Hyperliquid expects a deployer to keep pushing fresh prices, and warns that a weak feed is a manipulable feed. The oracle router takes exchange, benchmark and on-chain sources, drops anything stale or out of line, and publishes the median.

Feed health is shown on every market, all the time.

Mint liquid pouring into a glass vessel
Layer III — The risk

Leverage, caps and the off switch — set in the open.

Max leverage, the open-interest cap and the margin mode are chosen at proposal time and visible to every backer. If a market has to stop, HIP-3's halt settles every position at the mark price.

Layer IV — Access

Open by default. Permissioned when it has to be.

HIP-3* adds an optional wallet allowlist to builder-deployed markets. A proposal can stay open to everyone, or become a gated venue for approved counterparties — the path institutional RWA markets actually need. It is on Hyperliquid testnet today and the spec is still a draft.

Layer V — Outcomes

A side market on the launch itself.

HIP-4 outcome markets are fully collateralised yes/no contracts. Each proposal can carry one: will this perp go live by Friday, will it reach its open-interest target in week one. No margin, no liquidations.

03 — The tech, in numbers

What HIP-3 actually asks of a deployer.

These are Hyperliquid's own rules, not ours. They are why a market needs a crowd behind it. Read how it all works →

500K HYPE
Stake to deploy a perp DEX
183days
Minimum the stake stays locked
100% max
Slashing if deployer inputs break the chain. Slashed HYPE is burned
3free
First markets per DEX, then a Dutch auction
33% +
Share of Hyperliquid volume from RWA perps, Q2 2026
5powers
What a HIP-3* venue operator can do: allowlist, cancel, cancel-all, reduce-only, move collateral
04 — Two chains, one market

Ownership lives in one place. Liquidity lives in the other.

Robinhood Chain

Where a market is proposed, funded and owned.

  • An Arbitrum Orbit L2 from the retail-stocks brand, chain ID 4663
  • The funding curve for each proposal
  • Backer positions and the fee share that comes with them
Hyperliquid

Where the perp trades.

  • HIP-3 builder-deployed perps on HyperCore order books
  • Independent margining per deployed DEX
  • HIP-3* allowlists and HIP-4 outcome markets as optional layers
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