The conversation around Hyperliquid’s price and its rapidly expanding ecosystem has completely changed since the rollout of the HIP-3 upgrade. This transformative upgrade turns Hyperliquid from a single-perpetuals exchange into a fully decentralized, permissionless “exchange-of-exchanges”.
With new markets launching daily, trading fees slashed by over 90%, and builders pouring into the ecosystem, HIP-3 is being described as a pivotal shift toward the future of on-chain finance. This article breaks down what HIP-3 is, why it matters, where Hyperliquid may be heading in December 2025, and whether SBET could eventually list on the new system.
Is HIP-3 the Future of Finance?
HIP-3 (Hyperliquid Improvement Proposal 3) is the protocol upgrade that transforms Hyperliquid from a single DEX into a permissionless platform where any developer can deploy a new perpetual futures market by staking 500,000 HYPE (roughly $16M at current prices). This change pushes Hyperliquid into a new category: not just a derivatives venue, but a modular infrastructure layer where builders create their own exchanges.
1/. HIP-3: The New Era of Permissionless Perp Markets.
HIP-3 is Hyperliquid’s upgrade that enables anyone with sufficient capital to launch a perpetual market on HyperCore. No approvals, no gate keeping.
with this, let’s discuss what happened next 👇 pic.twitter.com/imcemqyq9f
— zan.eth♦️ (@OzanVitalikBTC) November 25, 2025
The upgrade inherits HyperCore’s full technology stack, on-chain order books, low-latency execution, and advanced margining. Combined with recent “Growth Mode”, this enables deployers to slash taker fees from 0.045% to 0.0045%-0.009%, with the deepest discounts dropping below 0.002%, a cost structure competitive with the most efficient centralized exchanges.
Growth mode for HIP-3
To bootstrap novel markets, HIP-3 deployers can activate growth mode to reduce fees by 90%. Growth mode applies on top of other multipliers, such as aligned stablecoin collateral fee benefits and staking discounts.@tradexyz enabled growth mode today for…
— Hyperliquid (@HyperliquidX) November 24, 2025
Early HIP-3 projects demonstrate the model’s robustness. Trade.xyz became the first team to buy a ticker and now offers around-the-clock perpetual trading for U.S. stocks, including Tesla, Apple, Nvidia, Amazon, and even a synthetic Nasdaq index (XYZ100). Volumes have already surpassed $500M per day, proving robust demand for 24/7 on-chain equities.
This is insane.
HIP-3 just pulled in $537M in daily volume with NASDAQ leading followed by Nvidia and Google.
These markets are scaling much faster than I previously anticipated. pic.twitter.com/eILZuQqk75
— McKenna (@Crypto_McKenna) November 25, 2025
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Hyperliquid Price Prediction for December 2025
So far, prices have followed the overall crypto trend and haven’t been performing too well. However, as we observe, fundamentals continue to accelerate at an increasingly rapid pace. Currently, the HYPE price is at $34, testing the channel’s previous support, which has now become resistance.


(Source – TradingView)
If Hyperliquid price manages to reclaim this level, this means it is getting back into that channel. The RSI indicator is sitting right at 40, having previously tapped oversold territory. The MACD is also showing a chart awakening, with a possible reversal to green.
The missing peace that we have to keep an eye on is the volume. If volume confluence with everything else, we can expect the price to reclaim the resistance and eye the upper line of the channel at $50.
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Will SBET List on HIP-3?
SBET (SharpLink Gaming’s tokenized common stock) has attracted attention because HIP-3 naturally supports real-world assets and tokenized equities. However, there is no official information about that happening yet.
That said, HIP-3’s permissionless design allows any builder to stake HYPE, win a Dutch auction, and deploy an SBET perpetual if they see sufficient demand. Since trade.xyz already supports U.S. stock perps; the technical groundwork is clearly in place for similar assets.
Given Hyperliquid’s growing interest in RWAs, stock sunthetics, and tokenized equity, an SBET perp is plausible for now. However, it remains speculative, with no concrete signals from builders or the Hyperliquid core team.
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Key Takeaways
HIP-3 milestone over $500M in volume.
Hyperliquid price prediction for December.
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