Hyperliquid Strategies has filed with the Commodity Futures Trading Commission (CFTC) to register as a Futures Commission Merchant (FCM). The filing aims to allow the firm to carry US client accounts for HIP-3 markets, which is the framework that enables outside parties to launch markets on the Hyperliquid perpetual futures protocol.
The filing was submitted around November 5, 2026. Hyperliquid Strategies Inc. is associated with the Hyperliquid protocol and has participated in the ecosystem through HYPE token investments and infrastructure development. An FCM acts as a regulated middleman in the futures sector, holding customer accounts and handling trades for clients.
The application specifically targets accounts for HIP-3 markets, including a variant known as HIP-3* that is tied to CFTC-regulated deployments. However, the timeline for the regulatory review remains unknown, and operational details such as offered markets and compliance mechanisms depend entirely on regulatory approval.
HIP-3 Volume and Precedents
The HIP-3 framework has been live on mainnet since October 13, 2025. Launching markets under the framework requires over 500,000 HYPE tokens. Research findings indicate that approximately 26.7% of $64.7 billion in trading volume over a recent 30-day period came from HIP-3 markets.
Payward, the parent company of Kraken, became the first CFTC-regulated deployer on HIP-3* markets in late October 2026. Payward plans to deploy these markets through its Bitnomial subsidiary, using NinjaTrader Clearing as the FCM for client accounts under an allowlist model. While Payward utilized an outside FCM, Hyperliquid Strategies is seeking to serve as the FCM directly.
Implications for US Traders
If approved by the CFTC, the registration could provide US traders with an additional regulated pathway to gain exposure to HIP-3 markets. Alongside Payward and NinjaTrader Clearing, Hyperliquid Strategies' application could result in multiple regulated entry points for HIP-3* markets.
Key risks involve the duration of the review process and the terms that regulators may impose. With no fixed timeline, the filing may remain in process for an extended period, and the CFTC retains the authority to shape the offering based on approved markets and compliance frameworks.
