Hyperliquid has activated HIP-3 “growth mode,” a major upgrade designed to supercharge liquidity by enabling permissionless market creation at drastically reduced fees.

The on-chain derivatives exchange now allows anyone to deploy new markets without approval while benefiting from ultra-low taker fees—part of a push to attract fresh market makers and expand the platform’s asset offerings.

HIP-3 cuts all-in taker fees by more than 90% for newly launched markets. Deployers can toggle growth mode on for specific assets entirely permissionlessly, without any centralized oversight. According to Hyperliquid, fees drop from the standard 0.045% to between 0.0045% and 0.009%, and can fall as low as 0.00144%–0.00288% for top-tier stakers and high-volume traders.

The fee overhaul aims to reduce friction for new market creation and deepen liquidity across the platform—an effort that strengthens Hyperliquid’s competitive stance against centralized exchanges.

Taker fees apply to traders who remove liquidity by executing orders that immediately match entries on the order book.

To qualify for HIP-3, deployers must select a fee scale (the share of user trading fees they keep before discounts) between 0 and 1. Growth mode markets must also avoid overlapping with existing validator-operated perpetuals, preventing cannibalized liquidity. That means no crypto perpetuals, crypto indexes, ETF-like structures, or instruments closely tied to existing markets, such as a PAXG-USDC gold perpetual.

Once activated, growth mode remains locked for 30 days, ensuring stability and preventing rapid configuration changes.

The update has ignited enthusiasm across crypto social channels, where users have described the change as “insanely bullish.”

“This isn’t just a small adjustment—it’s a rocket booster for innovation on the fastest L1 for derivatives,” one X user wrote. “We’re talking 5–10x lower costs than legacy chains, opening the door for wild new assets—real-world yield markets, exotic commodities, tokenized treasuries. Deployers will flood the chain with alpha. Traders should prepare for volume spikes and razor-thin spreads.”

Hyperliquid’s native token, HYPE, is down 6% and trading below $40 following the announcement.