Gas Auctions

HyperLiquid uses a Dutch auction mechanism to price gas for deploying new assets. Three separate auction systems exist within the protocol: perp market deployment, spot pair deployment, and the priority fee system (live since April 2026).

Dutch Auction Mechanism

All gas auctions on HyperLiquid follow a Dutch auction model. The price starts high and decreases linearly over a fixed duration. The first participant willing to pay the current price wins.

Price
  |
  |\ 
  | \ 
  |  \
  |   \
  |    \
  |     \  <-- First bidder wins at current price
  |      \
  |_______\___________
  0                   Time
  Start               End

Key properties:

No floor price — auctions can decay all the way to zero if no one bids
Automatic restart — a new auction begins as soon as the previous one ends
Cycle duration — each auction lasts 111,600 seconds (31 hours)
Linear decay — price decreases at a constant rate over the duration

The 31-hour cycle is deliberate. Because it is not a multiple of 24, the auction’s cheapest window rotates through different times of day across cycles, preventing any single timezone from consistently getting the best prices.

Perp Deploy Auction

Deploying a new perpetual market requires winning the perp deploy gas auction.

perpDeployAuctionStatus

object

Current state of the perp deployment auction. Query via the /info endpoint with {"type": "perpDeployAuctionStatus"}.

Live parameters (observed April 2026):

Parameter	Value
Start price	1,000 gas
Duration	31 hours (111,600s)
Decay rate	~16 gas/hour
Floor price	None (decays to zero)
Denomination	HYPE

Example API response:

{
  "startTimeSeconds": 1775332800,
  "durationSeconds": 111600,
  "startGas": "1000.0",
  "currentGas": "945.47",
  "endGas": null
}

At 1,000 HYPE starting price and ~16 gas/hour decay, a deployer waiting 6 hours would pay roughly 904 HYPE. Waiting the full 31 hours approaches zero.

Spot Pair Deploy Auction

Creating a new spot trading pair has its own separate auction with different pricing.

spotPairDeployAuctionStatus

object

Current state of the spot pair deployment auction. Query via the /info endpoint with {"type": "spotPairDeployAuctionStatus"}.

Live parameters (observed April 2026):

Parameter	Value
Start price	500 gas
Duration	31 hours (111,600s)
Floor price	None
Denomination	HYPE

{
  "startTimeSeconds": 1775332800,
  "durationSeconds": 111600,
  "startGas": "500.0",
  "currentGas": "500.0",
  "endGas": null
}

Spot pair deployment starts at half the cost of perp deployment (500 vs 1,000 HYPE), reflecting the lower complexity of spot pairs compared to perpetual markets with funding, margin, and liquidation infrastructure.

A currentGas equal to startGas indicates the auction just restarted or no time has elapsed in the current cycle.

Priority Fees (Live)

HyperLiquid launched priority fees on mainnet in April 2026. Two mechanisms exist:

Write Priority (Order Priority Fees)

A fee parameter on IOC orders for HIP-3 assets. Paying HYPE gets your order executed with higher priority.

Parameter	Value
Max fee	8 bps
Applies to	IOC orders on HIP-3 assets
Denomination	HYPE

Orders with priority fees carry builderFee and builder fields in their fill events.

Read Priority (Gossip Auction)

A Dutch auction system where participants bid for priority data access. 5 slots run 180-second (3 minute) auction cycles.

// Query via hypernode REST API
GET /v2/gossip-priority-auction

// Response: [write_slots, read_slots]
[
  [null, null, null, null, null],
  [
    {
      "startTimeSeconds": 1776203460,
      "durationSeconds": 180,
      "startGas": "0.1",
      "currentGas": "0.1",
      "endGas": null
    }
  ]
]

Parameter	Value
Slots	5
Cycle duration	180 seconds (3 minutes)
Start gas	0.1 HYPE
Denomination	HYPE

Querying Priority Auction Status

import requests

# Via hypernode
resp = requests.get(
    "https://hyper.polynode.dev/v2/gossip-priority-auction",
    headers={"x-api-key": "YOUR_KEY"}
)
print(resp.json())

# Via HyperLiquid directly
resp = requests.post(
    "https://api.hyperliquid.xyz/info",
    json={"type": "gossipPriorityAuctionStatus"}
)
print(resp.json())

Winning a gas auction and deploying a token also determines the deployer’s share of trading fees. Observed values:

Token Type	`deployerTradingFeeShare`
HIP-3 spot tokens	`1.0` (100% of fees to deployer)
HIP-4 prediction market outcomes	`0.0` (0% to deployer)

This means spot token deployers currently receive all trading fees generated by their tokens, creating a strong economic incentive to deploy and maintain liquid markets.

Governance Controls

Gas auction parameters are controlled through validator governance:

Action	Effect
`GasAuctionChange::EnableAndRestart`	Start or restart an auction cycle
`SetGossipPriority::Params`	Configure priority auction parameters
`VoteGlobalAction::DeployGasAuctionChange`	Validator vote on auction changes

The decay curve is constrained by an internal assertion (decay <= 1.0), ensuring the auction price never increases during a cycle.

Querying Auction Status

Both active auctions can be queried through the HyperLiquid info API:

import requests

# Perp deploy auction
resp = requests.post("https://api.hyperliquid.xyz/info", json={
    "type": "perpDeployAuctionStatus"
})
print(resp.json())

# Spot pair deploy auction
resp = requests.post("https://api.hyperliquid.xyz/info", json={
    "type": "spotPairDeployAuctionStatus"
})
print(resp.json())

The response includes startTimeSeconds, durationSeconds, startGas, currentGas, and endGas for each auction. Use currentGas to determine the current deployment cost.

Signal Research

Protocol Research

DeFi Infrastructure

Infrastructure

Dutch Auction Mechanism

Perp Deploy Auction

Spot Pair Deploy Auction

Priority Fees (Live)

Write Priority (Order Priority Fees)

Read Priority (Gossip Auction)

Querying Priority Auction Status

Governance Controls

Querying Auction Status

​Dutch Auction Mechanism

​Perp Deploy Auction

​Spot Pair Deploy Auction

​Priority Fees (Live)

​Write Priority (Order Priority Fees)

​Read Priority (Gossip Auction)

​Querying Priority Auction Status

​Deployer Fee Share

​Governance Controls

​Querying Auction Status

Dutch Auction Mechanism

Perp Deploy Auction

Spot Pair Deploy Auction

Priority Fees (Live)

Write Priority (Order Priority Fees)

Read Priority (Gossip Auction)

Querying Priority Auction Status

Deployer Fee Share

Governance Controls

Querying Auction Status