Nova Markets

Nova Markets is a decentralized perpetual contract exchange built on the Hyperliquid ecosystem, operating under the HIP-3 and HIP-4 standards. Its core model is "Conviction Markets": anyone can first deploy a perpetual market with isolated risk and pool margin, and accumulate demand through real trading; once a threshold is crossed, the market qualifies for a full listing, gaining central limit order book infrastructure, NLP vault market making, and oracle feeds. The platform distributes most trading fees (70%) to NLP liquidity providers, while market creators and early supporters also earn revenue share. It aims to address opaque listing processes and illiquidity for long-tail assets, using actual trading demand as the basis for listings.

In the past half year, around mid-2026, the project was publicly questioned by a well-known industry figure over disclosure issues, accused of misleading the market, which triggered broader discussion about due diligence standards in the ecosystem. This counts as significant negative news.