> For the complete documentation index, see [llms.txt](https://docs.trade.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.trade.xyz/about-trade-xyz/hyperliquid-xyz-and-hip-3.md).

# Hyperliquid, XYZ, and HIP-3

All of the markets you access through trade\[XYZ] operate on Hyperliquid. 

**Hyperliquid** is a highly performant blockchain network that offers permissionless access to hundreds of perpetual and crypto trading markets. Trades, execution and settlement are all handled onchain and processed by Hyperliquid’s decentralized set of [validators](https://hyperliquid.gitbook.io/hyperliquid-docs/validators). 

**Hyperliquid Improvement Proposals** are network upgrades adopted by Hyperliquid validators that extend the network’s functionality. Hyperliquid Improvement Proposal 3, or HIP-3, lets independent builders deploy and operate their own perpetual markets on Hyperliquid. You can read more details about HIP-3 in Hyperliquid’s documentation [here](https://hyperliquid.gitbook.io/hyperliquid-docs/hyperliquid-improvement-proposals-hips/hip-3-builder-deployed-perpetuals).

**The XYZ protocol** is a HIP-3 DEX instance where markets for XYZ assets exist. XYZ markets may exist for a range of asset classes, including equities and commodities. The XYZ protocol defines market listings, oracle sources, leverage limits, and sets other parameters for XYZ markets.

**trade\[XYZ]** is the interface we offer, allowing you access to XYZ markets and other HIP-3 markets. It isn’t the exclusive means of accessing XYZ markets, and you may also use it as a gateway to access hundreds of other crypto and equity perp markets available on Hyperliquid.


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