🚀Launch: HIP-3 Exchange-as-a-Service (EaaS)
What is Launch?
Launch by Kinetiq is the first Exchange-as-a-Service (EaaS) platform built on Hyperliquid’s HIP-3 protocol, enabling anyone to deploy and operate their own perpetual futures exchange—without the $44M+ capital barrier that previously kept HIP-3 deployments out of reach.
By combining Kinetiq’s proven LST infrastructure with a crowdfunding model, Launch makes it possible for teams to raise the 1,000,000+ HYPE stake required to deploy “builder-deployed markets” on Hyperliquid. Each deployment runs on isolated staking pools, ensuring risk is limited to the exchange you choose to support.
Why HIP-3 Matters
HIP-3 introduces builder-deployed perps—a protocol upgrade that lets external teams launch and operate their own perp markets on top of HyperCore infrastructure.
Under HIP-3:
Stake Requirement: 1M+ HYPE staked per deployer
Fee Share: Deployers can earn up to 50% of trading fees
Risk Controls: Stakes can be slashed for malicious activity (e.g., bad oracles)
This opens the door for more diverse and specialized markets, but the capital requirement is a major hurdle—exactly what Launch solves.
How Launch Works
Crowdfund the Stake – Contributors pool HYPE into an exchange-specific staking contract.
Deploy Your Exchange – Kinetiq infrastructure handles validator setup, smart contracts, and integration.
Operate Your Markets – Deployers focus on market curation, trading experience, and community.
Earn & Distribute Fees – Trading fees are automatically shared with contributors.
Risk Isolation with exLSTs
Each Launch deployment issues its own exchange-specific LST (exHYPE).
Separate pools for each exchange deployment
Slashing events only affect that specific pool
Contributors receive returns based solely on the exchange they backed
Example: Stake in Exchange A, get exA-HYPE—completely isolated from Exchange B.
The “Shopify x Kickstarter” Model for Perp Markets
Think of Launch as:
Shopify: Full tech stack to run your own exchange without building from scratch.
Kickstarter: Crowdfunding the capital needed to launch via your community.
Deployers focus on markets & community.
Contributors back projects they believe in and earn yield from their success.
Traders enjoy more market diversity and innovation.
Benefits by Role
For Deployers:
Avoid $44M+ capital lockup
Focus on your edge—market curation, branding, and growth
Earn a share of fees from your exchange
For HYPE Contributors:
Back exchanges aligned with your interests
Earn yield from specific market deployments
Diversify across multiple exLSTs
For Traders:
Access new, specialized markets
Benefit from competitive fees and high-performance infra
What’s Next
Testnet deployment & security audits
First wave of partner exchanges launching via Launch
Crowdfunding UI for contributors
Governance frameworks for exchange-specific decisions
Interested in deploying a HIP-3 exchange or supporting one through Launch?
Contact us at [email protected] to get started.
Last updated