Lighter's early product decisions were guided by direct customer feedback, which showed that perpetual contracts dominate high-frequency trading. Spot markets are still important, but the bulk of volume and capital efficiency comes from perp trading, shaping Lighter's roadmap.
HIP 3 is Hyperliquid's next-gen upgrade that lets anyone launch a custom perpetual market, stake HYPE tokens and plug in an oracle, dramatically expanding the protocol's product universe.