Singapore's Monetary Authority of Singapore (MAS) has indicated it does not have jurisdiction over Hyperliquid, the decentralized trading platform, despite the company claiming Singapore as its corporate headquarters.
According to a Financial Times report from October 7, MAS stated it is not aware of Hyperliquid being regulated in any major jurisdiction and has previously cautioned investors that the platform's perpetual futures are not regulated by the authority. Sources familiar with MAS's position told the publication that the regulator does not consider Hyperliquid to be based in Singapore because of its decentralized structure, potentially placing the protocol outside MAS oversight regardless of where its corporate entity is registered.
Hyperliquid Labs confirmed to the Financial Times that it maintains operations in Singapore, with recent job postings soliciting applicants for the company's Singapore office and company documents listing Singapore as its registered headquarters. The company stated that Hyperliquid is unregulated and has never claimed to be licensed or authorized by MAS, while expressing its commitment to engaging with regulators.
The regulatory question emerges as Hyperliquid has grown substantially. Over the 12 months through October 6, the protocol generated $730.5 million in revenue and $723.7 million in operating net income. Third-quarter perpetual derivatives volume reached $716.4 billion, with open interest of $16.4 billion at quarter-end.
The platform is expanding its offerings through HIP-3, a deployer-based perpetual futures system. According to founder Jeff Yan, HIP-3 markets represented about 51% of trading volume at one point in July, and accounted for 36.6% of total perpetual derivatives volume in the third quarter, up from 32.7% in the second quarter. Yan characterized the platform as infrastructure rather than a conventional trading interface and noted that HIP-3 enables access to perpetual contracts linked to assets such as crude oil and pre-IPO markets.
