Hyperliquid is preparing HIP-3*, an optional set of deployer features designed to add support for permissioned markets on top of its existing HIP-3 framework. The new functionality will leverage deployer-controlled onchain allowlists to manage market access, according to co-founder Jeffrey Yan.
HIP-3 is a Hyperliquid protocol upgrade that enables permissionless creation of perpetual futures markets, allowing independent builders to deploy markets directly on HyperCore without approval from the core team. Deployers control key market parameters including assets, oracles, leverage limits, and fee structures, while maintaining responsibility for operating and settling their markets.
HIP-3* will not alter existing HIP-3 deployments. The functionality is strictly additive and will only be activated by deployers that require the additional access-control capabilities. The allowlists can be managed by the deployer or its sub-deployers, providing another way to configure market access.
The initial HIP-3* release is currently available on testnet, with specifications remaining preliminary and subject to change based on feedback. Yan stated that the upgrade is intended to give independent market operators greater flexibility to meet requirements applicable to their individual deployments. Hyperliquid Labs will continue to provide the underlying onchain infrastructure, while deployers remain responsible for operating and managing their own markets.
The announcement follows reports that Hyperliquid Labs discussed a potential partnership with Payward, the parent company of Kraken, that could provide US traders access to selected Hyperliquid-linked perpetual futures through regulated exchange Bitnomial. Under the proposed structure, registered Bitnomial customers would be able to trade a subset of futures tied to crypto tokens built using Hyperliquid technology. Payward has reportedly submitted the basic proposal to the CFTC, though regulatory approval would be required before implementation.
