A system for dynamic underbalanced perforation of a hydrocarbon well includes a perforation fluid located within the hydrocarbon well. A perforation gun is suspended within the perforation fluid and a completion fluid is located within the hydrocarbon uphole of the perforation fluid. An isolation fluid is located within the hydrocarbon well uphole of the perforation fluid and downhole of the completion fluid. A method of perforating a hydrocarbon well includes a perforation fluid placed in the hydrocarbon well. A perforation gun is placed within the perforation fluid. A completion fluid is placed in the hydrocarbon well. An isolation fluid is placed in the hydrocarbon well. A local dynamic underbalance condition is created in the hydrocarbon well. A flow of the completion fluid downhole is inhibited.