> 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/architecture.md).

# Perpetuals Architecture

Architecture and metadata for the xyz HIP-3 deployment.

Hyperliquid Improvement Proposal 3, or [HIP-3](https://hyperliquid.gitbook.io/hyperliquid-docs/hyperliquid-improvement-proposals-hips/hip-3-builder-deployed-perpetuals), lets builders deploy perpetual markets on HyperCore.

The `xyz` deployment defines its market listings, oracle sources, leverage limits, margin modes, funding parameters, trading sessions, and other eligible parameters. HyperCore processes orders, matching, margin, liquidations, funding transfers, and settlement onchain.

A distributed set of relayer instances maintained by the trade\[XYZ] team computes and publishes to Hypercore the oracle, mark, and external price described in [Mechanics](/perpetuals/mechanics.md). Relayer updates are transmitted approximately every three seconds.

| HIP-3 metadata  | Value                                        |
| --------------- | -------------------------------------------- |
| Deployment name | `xyz`                                        |
| Full name       | `XYZ`                                        |
| Deployer        | `0x88806a71D74ad0a510b350545C9aE490912F0888` |
| Oracle Updater  | `0x1234567890545d1Df9EE64B35Fdd16966e08aCEC` |