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Trade what's next

Phase 1 · Open to All

The next $1B a day market starts here.

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$1M
NLP Cap
Phase 1
Open to All
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The Opportunity

Listings are the moat

Infrastructure is no longer the differentiator. The exchange that lists the right market first captures the traders. Silver on Hyperliquid already beats Coinbase in volume. HIP-3 proved permissionless listings win. The next wave: pre-IPO perps, commodities, global indices, is coming.

Hyperliquid HIP-3 · 24H Volume · Outperforms Coinbase
SILVER
$1.65B
USA500
$445.8M
XYZ100
$428.8M
GOLD
$325.3M
NVDA
$163.4M
NVIDIA
$28.1M
The Problem

HIP-3 works
Nova takes it further

Deployers created real value and earned fees. Nova adds direct reward incentives, competitive discovery, and a feedback loop that makes every next listing sharper than the last.

Current HIP-3 Model
Revenue
Deployer only
Nova Model
Revenue
Market Researchers
Vault Depositors
HYPE Stakers
How It Works

Nova's Listing Process

Everyone has a role. Everyone gets paid.

01
Phase 1 · Open to All

Research a Market

Anyone can submit a proposal for a new HIP-3 market. Present your research: on-chain data, market structure, demand analysis.

02
Phase 2 · Invite Only

Deposit in the Vault

Whitelisted participants deposit into the Nova Liquidity Pool. The vault is capped at $1M and reserved for Phase 2 invite-only participants. Your capital backs the markets that get listed.

03
Depositors

Depositors Curate

Depositors review proposals and allocate conviction toward the markets they believe will have real demand. In return, they receive both trading fees and market making fees from all existing Nova markets.

04
Deployment

Market Is Listed

Markets that cross the threshold go live, with vetoing and risk parameterization by the Nova team.

05
Revenue Distribution

Revenue Flows Back

When the market researcher is right, they receive lifetime trading fees. HYPE stakers align the system with Hyperliquid. The Nova team guarantees everything runs smoothly.

Phase 2 · Invite Only

The $1M NLP Vault

70% of trading fees. 80% of market making PnL. Paid to depositors.

Nova Liquidity Pool
Phase 2 · Hyperbeat
$1,000,000
Max Capacity
$0 / $1M · 0% filled · Opening Soon
TBA
Markets Listed
TBA
Current APY
TBA
Depositors
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The Ecosystem

Everyone has a role. Everyone gets paid.

Revenue flows from every Nova market to every participant.

Revenue
Market Researchers Open to All
Lifetime trading fees
on every market you launch
Depositors Invite only
70% fees · 80% MM PnL
from all Nova markets
HYPE Stakers
Alignment with Hyperliquid
Every Nova market is HL volume
Nova Team
Operations & risk
Vetoing, parameterization
Growth Model

The self-reinforcing listing engine

Every listed market generates revenue. Revenue attracts more capital. More capital funds more markets.

01CreateNew markets proposed
02CurateDepositors evaluate & back
03ListListed on Hyperliquid
04EarnRevenue Flows Back
More revenue → more capital → more markets listed → repeat
FAQ

Frequently asked questions

Who can submit a market proposal?
Anyone. You do not need to be a depositor or have capital in the NLP. Submit your research and make the case. If selected, you receive lifetime trading fees.
How does the listing process work?
Depositors evaluate proposals and allocate conviction toward the most promising markets. Markets that cross the threshold go live, with vetoing and risk parameterization by the Nova team.
What does lifetime trading fees mean?
Once your market is listed, you receive a percentage of all trading fees and MM profits, for as long as the market is active.
What is the advantage of backing early?
Early backers receive boosted rewards. The mechanism rewards early conviction and quality evaluation.
Why is the NLP capped at $1M?
Phase 2 validates the model with a focused group of early participants. A smaller pool concentrates returns. Capacity increases as performance is demonstrated.
How can I become a depositor?
Phase 2 vault access is reserved for early participants. Anyone can propose a market without being a depositor.
Phase 1

Proposals are open. The vault is Phase 2.

Anyone can submit a market proposal, starting now. The NLP vault is capped at $1M and reserved for Phase 2 invite-only participants.

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Vault access is invite-only. Proposals are open to everyone.

© 2026 Nova Markets