# Hyperliquid, BasisX, and HIP-3

All of the markets you access through BasisX 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 BasisX protocol** is a HIP-3 DEX instance where markets for funding rate perps exist. BasisX markets may exist for a range of perpetuals, including but not limited to those perps deployed on Hyperliquid . The BasisX protocol defines market listings, oracle sources, leverage limits, and sets other parameters for BasisX markets.

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

[<br>](https://docs.trade.xyz/about-trade-xyz/introduction)