Hyperliquid Strategies Seeks CFTC Registration as US Futures Commission Merchant
Hyperliquid Strategies has filed with the Commodity Futures Trading Commission to register as a Futures Commission Merchant, which would let it carry US client accounts for HIP-3 markets on the Hyperliquid protocol. The review has no known timeline, and the scope of any approved offering remains uncertain.
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The Filing
Hyperliquid Strategies has filed with the Commodity Futures Trading Commission to register as a Futures Commission Merchant, according to Crypto Briefing, which dates the filing to around November 5, 2026. CoinDesk reports the company is seeking to establish a US FCM with full compliance for activity involving US clients. Both outlets describe the same objective: holding and handling US client accounts for trading on HIP-3 markets.
An FCM is the regulated intermediary that holds customer accounts and executes trades on their behalf. HIP-3 is the framework that lets outside parties launch their own markets on the Hyperliquid perpetual futures protocol. Crypto Briefing notes that launching a market under HIP-3 requires more than 500,000 HYPE tokens.
Scope and Timing
The sources differ on how far the filing reaches. Crypto Briefing refers specifically to HIP-3 markets and a variant it identifies as HIP-3*, the version tied to CFTC-regulated deployments. CoinDesk frames the request more broadly as seeking a domestic futures platform status. Neither outlet has confirmed which markets would be offered or how compliance would be structured.
Both outlets agree the timeline is unclear. Crypto Briefing says the CFTC review has no known timeline, which means the filing could remain in process for an extended period. CoinDesk makes the same point, describing the timing as uncertain. The CFTC could also attach conditions on which markets are permitted and how compliance is handled, shaping the eventual offering.
Market Context
Crypto Briefing reports that roughly 26.7% of the $64.7 billion in trading volume over the last 30 days is attributed to HIP-3 markets. That figure comes from its research findings and has not been independently verified in the reporting provided.
Hyperliquid Strategies is not the first to pursue a regulated route into HIP-3*. Crypto Briefing reports that Payward, the parent company of Kraken, became the first CFTC-regulated deployer on HIP-3* markets as of late October 2026. Payward plans to deploy through its Bitnomial subsidiary, with NinjaTrader Clearing serving as FCM for client accounts under an allowlist model. The difference is structural: Payward brought in an outside FCM, while Hyperliquid Strategies wants to act as the FCM itself.
What Comes Next
If the CFTC approves the registration, US traders seeking onchain perpetual futures exposure through a compliant channel could gain another regulated path into HIP-3 markets alongside Payward's offering. Until a decision is made, the filing does not change which regulated entry points are operating. Both outlets frame the outcome as dependent on regulatory review, and neither reports a decision date.
Why It Matters
For Traders
US traders may eventually gain a regulated route into HIP-3 perpetual markets, but with no review timeline, no change to available access should be expected in the next few days.
For Investors
Regulated FCM registration would broaden the compliant on-ramps to Hyperliquid's perpetual markets, signaling growing US regulatory engagement with onchain derivatives.
For Builders
Multiple regulated intermediaries for HIP-3* markets could create different compliance and allowlist requirements that builders must account for when designing market deployments.
This article is for information only and is not financial advice. Read the full disclaimer.
