PANews reported on October 13th that according to The Block, Hyperliquid expects to activate a major protocol upgrade, HIP-3, later today. This upgrade will support the permissionless creation of perpetual futures markets. A Hyperliquid administrator announced in the protocol's Discord channel that the October 13th network upgrade will include the activation of HIP-3. The administrator stated: "HIP-3 will be enabled during this network upgrade. There will be no immediate changes for users. Deployers who meet the on-chain requirements can deploy perpetual contracts for trading once they are ready."

In a previously disclosed document, the project announced that HIP-3 (Hyperliquid Improvement Proposal 3) will support developer-deployed perpetual contracts, marking a "key milestone in achieving full decentralization of the perpetual contract listing process." According to the document, HIP-3 will allow deployers to permissionlessly launch a perpetual contract DEX on HyperCore by simply staking 500,000 HYPE tokens. HIP-3 integrates with the HyperEVM to enable smart contracts and governance, and includes safeguards such as validator slashing and position limits.