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 $20M+ 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 500,000+ 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: 500k+ 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 $20M+ 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 contact@kinetiq.xyz to get started.