This development allows stable asset deployers to specify the status of their estimated assets directly in their chains, opening the door for more flexible and transparent transactions.
This move takes a step forward in creating a truly permitted market where participants can engage without resorting to intensive intermediaries.
How unauthorized estimate assets work
Traditionally, decentralized exchange trading pairs rely on pre-approved estimate assets, limiting flexibility and delaying innovation. Hyperliquid’s system changes it by allowing stable assets that meet on-chain requirements to function as estimate assets. This feature can be used initially in the first spot pair in a HIP-1 deployment. Additional trading pairs between existing base assets and cited assets can be created through unauthorized Dutch auctions, independent of HIP-1 token auctions.
By deploying USDH as the first unauthorized estimate asset, HyperLiquid is already enabling live hype/USDH trading. This means enabling traders and liquidity providers to use USDH as a standard to price hype tokens in a decentralized, transparent environment. Over time, more stable assets can gain estimate status, expand trading options, and increase market efficiency.
Estimated assets for spots without permission reside in the mainnet. A stable asset deployer can enable estimate asset status subject to on-chain requirements outlined in the documentation.
Any estimated assets can be designated as the quotation assets for the first spot pair in a HIP-1 deployment. addition…
– hyperliquid (@hyperliquidx) September 28, 2025
Real-world analogies can be withdrawn from the stock market where the US dollar often serves as the default estimate currency. High lipids replicate this function in a distributed context, but do not have a gatekeeper. This approach empowers users, reduces barriers to new assets entering trading pairs, and encourages innovation throughout the defi ecosystem.
High lipid details
The XPL HYPERP contract was officially converted into a regular, permanent contract, giving traders the full flexibility to get longer or shorter. With up to 10 times the leverage available, users can amplify their positions while taking advantage of real-time market movements.
XPL Hyperp has been converted to regular Perp. You can now be long or short $ xpl Up to 10 times the leverage. pic.twitter.com/xjatrbjd8g
– hyperliquid (@hyperliquidx) September 25, 2025
This upgrade makes trading easier and more accessible, allowing both retail and professional traders to engage in $XPL to $XPL.
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