Hyperliquid Strategies seeks to carry U.S. accounts for proposed perp markets
Outside operators already run markets on Hyperliquid. The proposed change would let them restrict who can trade.
Hyperliquid Strategies said on November 5 that a subsidiary had applied to carry U.S. customer accounts for perpetual futures on Hyperliquid. To trade those perps through the subsidiary, a U.S. customer would need both an approved account carrier and a market cleared to accept that customer.
| Participant | Role described | Status in the disclosures |
|---|---|---|
| Hyperliquid Strategies subsidiary | Carry eligible U.S. customer accounts | Application disclosed November 5 |
| Independent market operators | Choose contract terms and control admission | HIP-3 already supports listings. Access controls were proposed. |
| ICE and Trade[XYZ] | Bring existing overseas markets into a U.S. trading and clearing structure | Agreement announced October 29, subject to approvals |
What the application would let the firm do
The subsidiary is seeking registration as a futures commission merchant. In that role it would handle customer accounts. Independent operators would run the markets where customers trade, with Hyperliquid providing the underlying trading system.
Those operators can already use a feature called HIP-3 to list perpetual futures, contracts that track an asset without an expiry date. They choose the contract terms, the price feed and the leverage limit. The company described a proposed addition, called HIP-3*, that would let operators limit access to eligible participants.
How ICE plans to bring an existing market onshore
Trade[XYZ] gives eligible traders outside the United States around-the-clock access to contracts tied to equities, indexes, commodities and currencies on Hyperliquid. On October 29, Intercontinental ExchangeICE+1.86% announced an agreement to bring those markets to U.S. traders.
Under that agreement, ICE would operate the regulated markets and seek approval for a separate clearing structure to settle trades. Customers who pass identity checks would reach the markets through futures commission merchants admitted as members.
The two announcements cover different decisions. ICE described the approvals it plans to seek for a trading venue and clearing. Hyperliquid StrategiesPURRDAT+3.41% reported an application to carry accounts and gave no timetable for approval of either its subsidiary or the permissioned markets.