- Hyperliquid’s HIP-6 proposal promotes permissionless launches of tokens through continuous clearing auctions for projects to raise money and discover fair prices.
- The proposal turns Hyperliquid into a protocol that allows users to launch, price and trade tokens completely onchain.
The Hyperliquid community is pushing for a new improvement proposal that would allow teams to raise money through continuous clearing auctions.
The new proposal, known as HIP-6, is built around HIP-1, which introduced permissionless token deployment, and HIP-2, which provides automated liquidity, known in the ecosystem as Hyperliquidity. However, the network lacks a direct way to combine a price discovery and capital raising mechanism. Currently, teams raise money off-chain, guess a fixed on-chain launch price, or manually seed liquidity into thin books.
HIP-6 proposal on hyperfluid
TL; DR:
HIP-6 is a community proposal for permissionless token launches on Hyperliquid via Continuous Clearing Auctions (CCA), allowing projects to raise USDH funds, discover fair prices over ~1 week, and automatically seed 20-100% returns into HIP-2… https://t.co/ATMC6mlpf6— Hyperliquid Daily (@HYPERDailyTK) February 27, 2026
According to an analysis by James Evans of Reciprocal Ventures, HIP-6 adapts Uniswap’s Continuous Clearing Auction (CCA) feature and integrates it into Hyperliquid’s architecture designed around the network’s central limit order book (CLOB). Unlike Uniswap and its ilk that use automated market makers, Hyperliquid is built on a fully onchain order book and matches orders onchain.
As CNF previously reported, Uniswap recently introduced this feature in Arbitrum One for onchain token auctions.
CCA distributes auctions across thousands of blocks, gradually releasing tokens per block and releasing each block at a uniform price. This avoids selling at a fixed price, which could be too low and the project would lose the difference, or too high and the sale would fail. It also ends unlimited sales where a project continued to raise funds beyond its intended purpose because there was no mechanism to stop it.
HIP-6 extends hyperliquid beyond trading
HIP-6 enables implementers to raise capital through Hyperliquid, automatically generate liquidity, discover fair prices, and reduce dependence on third parties. One of the trade-offs is that they have less control over the price of their tokens at launch.
For bidders, HIP-6 offers a uniform clearing price for each block, onchain custody, and an advantage for those who join early as their capital is spread across more blocks. Because the system is ‘monotonic non-decreasing’, meaning prices can only increase with each new block, early participants benefit from better capital distribution.
The entire ecosystem benefits from a 5% protocol fee on the total amount raised, which goes to the Assistance Fund that supports the growth of the ecosystem and strengthens liquidity.
A major disadvantage of HIP-6 is manipulation by the implementer, where they can inflate the clearing price and reclaim unsold tokens. To address this, the protocol has imposed a 5% fee and structured the system to permanently lock a percentage of tokens for HIP-2 seeding. While manipulation is not impossible, it would be economically damaging.
Hyperliquid is already the most dominant derivatives exchange in crypto for perpetual futures, handling a third of the industry’s $600 billion volume in January. However, its scope is limited and the company is missing out on billions of dollars that some of its peers process at fundraising events.
HIP-6 turns it from a pure trading platform into a protocol where users can launch, price and trade tokens completely onchain.
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