Two paths
Comparison of the Teams and Individuals tracks.
Both tracks list HIP-3 markets through Perps.fun's deployer position on Hyperliquid. They differ in who funds the ticker purchase and how trading fees are routed.
At a glance
| Teams | Individuals | |
|---|---|---|
| Audience | Funds, prop shops, projects, established trading teams | Individual proposers and small teams |
| Apply via | Telegram bot | app.perps.fun/propose |
| Application cost | Free | Free |
| Ticker purchase capital | Team treasury | Vault deposits from backers |
| Dashboard access | Granted on Telegram approval | N/A; managed in the app |
| Off-chain agreement | Signed at the point we approve a market for launch | None |
| Fee routing | Up to 50% of the deployer fee share to a partner-controlled address | Up to 50% of the deployer fee share to the vault, paid to shareholders pro-rata. Proposer holds 10% of vault shares for life. |
| Volume per relationship | Multiple markets per partnership | One market per proposal |
| Time to live | Days, after team capital is on hand | Hours after the vault hits its target. Default bonding window is 7 days. |
Shared infrastructure
Both tracks share the same operational stack:
- Perps.fun holds the 500,000 HYPE deployer stake on Hyperliquid and operates every listed market.
- Quant review covers oracle robustness, margin parameters, OI sizing, and edge-case behaviour before approval.
- Oracle prices come from SEDA data, posted on Hyperliquid by Pyth's HIP-3 Relayer every 3 seconds.
- The HYPE stake is funded by the kpHYPE pool, which earns 20% of the deployer fee share on every listed market.
Switching tracks
Vault markets have shareholders payable for the lifetime of the market, which the vault contract enforces. Perps.fun does not migrate live vault markets to the Teams track. Individual proposers who later want to launch markets at team scale can apply through the Telegram bot for Teams access on future markets.