HIP-3 Markets & Staking

Borsa is launching its own HIP-3 perpetual futures markets on Hyperliquid, powered by Kinetiq Launch. You can help power these markets by staking HYPE through our liquid staking token (LST), launched together with Kinetiq — and earn a 12.5% share of Borsa's HIP-3 fee revenue on top of normal HYPE staking rewards.

The Stake page has two modes:

• Native (the default): delegate HYPE to Hyperliquid validators and earn staking rewards. See Native staking below.
• Liquid (/stake?mode=liquid): stake HYPE for brsHYPE, Borsa's LST. It earns Borsa points, a share of Borsa's HIP-3 fees, and a rebate on the Borsa builder fee.

Native staking

Native staking delegates HYPE straight to Hyperliquid validators from your own account. Staking actions must be signed by the main wallet.

1. Open the Stake page on Native and connect your wallet.
2. Click Stake HYPE. Borsa's partner validator (Purrposeful x HyBridge x PiP, marked Borsa partner) is preselected; you can pick other validators or Split equally across several.
3. Borsa builds the steps from where your HYPE is (spot, staking balance or HyperEVM): move it to your staking balance, then delegate. Click Stake and confirm each step in your wallet. If you reject a signature, completed steps are kept and Retry from failed step continues.

What to know:

• The minimum stake is 0.1 HYPE, in multiples of 0.1 HYPE.
• Each delegation is locked for 1 day. Unstaking returns HYPE to your spot balance after a 7-day queue, shown under Pending withdrawals.
• HYPE in your staking balance that is not delegated earns nothing. The Finish staking card offers Delegate or Withdraw to spot.
• The page shows your total staked, projected earnings, rewards (24h, 7d, all-time), your delegations, the validator list (stake, uptime, estimated APR, commission) and an Activity history you can export as CSV.
• Your fee tier shows the Hyperliquid trading fee discount your staked HYPE earns.

The rest of this page covers Liquid staking and Borsa's HIP-3 markets.

What is HIP-3?

HIP-3 is Hyperliquid's framework for builder-deployed perp markets. Anyone meeting the protocol's staking requirements can launch their own perpetual futures exchange on Hyperliquid infrastructure — with their own tickers, their own oracle, and their own fee revenue.

Key properties:

• Native execution. HIP-3 markets run on the same on-chain order book and matching engine as Hyperliquid's main perps.
• Stake-backed. Each market must keep a minimum HYPE stake as its economic backing. That stake is what you provide when you stake through our LST.
• Fee revenue. Trading fees on a HIP-3 market are split between Hyperliquid and the market's deployer. Borsa shares part of its side with stakers.

How Borsa's markets are powered

Borsa's HIP-3 markets run on the Kinetiq Launch protocol. Each market has its own isolated liquid staking layer:

1. You stake HYPE on the Stake page and receive the market's LST — a token representing your pro-rata share of the market's staked HYPE reserve.
2. The reserve is delegated to the Purrposeful × HyBridge × Pip validator node and earns normal HYPE staking yield from day one.
3. As Borsa's markets trade, a portion of fee revenue is routed back into the reserve, compounding the LST's exchange rate over time.

The LST's value is expressed by its exchange rate: how much HYPE one LST token redeems for. The rate starts at 1:1 and rises as staking yield and fee revenue accrue — you don't need to claim rewards, your tokens simply become redeemable for more HYPE.

Rewards

Staking through Borsa's LST earns two layered yields:

Both compound into the LST exchange rate automatically. Holding brsHYPE also boosts your Points and adds a staking rebate on the Borsa builder fee (see Fees and Referrals).

How to stake

1. Open the Stake page, switch to Liquid and connect your wallet.
2. Staking executes on HyperEVM. If your HYPE sits on HyperCore (your Hyperliquid trading balance), use the Transfer HYPE panel on the Stake page to move it to HyperEVM in one step (and back, any time).
3. Enter an amount and confirm. You receive LST tokens at the current exchange rate.

Unstaking and withdrawals

Unstaking burns your LST tokens and queues a HYPE withdrawal:

• Queued withdrawals become claimable after a short processing delay. Track and claim them in the Withdrawals tab on the Stake page.
• Capacity limits. A LIVE market must always keep its minimum HYPE stake. If a withdrawal would push reserves below that floor, the excess goes to a blocked withdrawal queue and is processed FIFO as capacity frees up. The Stake page's unstake form refuses blocked withdrawals by default, so you won't queue into an unbounded wait without choosing to.
• Slashing-aware payouts. If the market's stake was slashed while your withdrawal was queued, the payout is the smaller of the rate at queue time and the rate at claim time. The amounts shown on the Withdrawals tab are already adjusted.
• A small unstake fee applies at claim time.

Market lifecycle

Each market moves through phases that affect what stakers can do:

The current phase is shown as a badge on the Stake page. During Funding, the market operates as a standalone LST: your stake earns yield while reserves build toward the launch threshold.

Risks

• Slashing. HIP-3 market stake can be slashed on Hyperliquid. Slashing reduces the reserve backing the LST and therefore its exchange rate.
• Withdrawal delays. Withdrawals are queued, and during high demand the blocked withdrawal queue can extend exit times.
• Supply caps. Each market has an LST supply cap tied to its tier; deposits may be temporarily unavailable when the cap is reached.

See also

• Fees and Referrals — Borsa's trading fee structure
• Outcomes (HIP-4) — Borsa's outcome markets