Hyperliquid Strategies Seeks US License to Offer Regulated Perpetual Futures

Hyperliquid Strategies, a publicly listed company focused on acquiring and holding HYPE tokens, is pursuing regulatory approval to bring part of the trading activity associated with the Hyperliquid ecosystem into the United States. The company has submitted an application to register as a futures commission merchant (FCM), a move that could enable it to serve US customers through regulated markets built on the Hyperliquid network.

In a statement accompanying its quarterly financial results, released Thursday, the company described the proposed FCM registration as a key step toward establishing a domestic presence for markets operating on the platform.

"Setting up an FCM is how we intend to help bring markets deployed on Hyperliquid onshore," the company said.

The initiative comes as Hyperliquid seeks to expand the reach of its perpetual futures infrastructure while addressing the regulatory requirements governing derivatives trading in the US.

Hyperliquid Strategies Targets US Market Access Through FCM Registration

Hyperliquid has established itself as a major offshore venue for perpetual futures trading, commonly known as perps. However, the platform remains unavailable to US customers. It operates on its own blockchain and uses HYPE as its native token.

Hyperliquid Strategies, which trades publicly under the ticker PURR, is a separate corporate entity from the decentralized trading platform. Its business model centers on acquiring, holding and staking HYPE tokens rather than directly operating the exchange.

The proposed FCM registration would provide a potential route for connecting US-based clients with eligible markets deployed through Hyperliquid's infrastructure, subject to regulatory authorization.

The company's application covers its subsidiary, HypeStrat Markets, which submitted the registration request through the National Futures Association (NFA). The NFA is an industry self-regulatory organization responsible for overseeing the registration and compliance framework for futures commission merchants under the supervision of the Commodity Futures Trading Commission (CFTC).

According to the NFA's registration records, the application, submitted in August, remains under review.

HIP-3 Framework Could Enable Regulated Perpetual Futures Trading in the US

Hyperliquid Strategies intends to use HIP-3, a framework designed to support additional markets on top of Hyperliquid's underlying infrastructure, to facilitate the proposed US-facing services.

Under the company's plan, HypeStrat Markets would operate as the FCM responsible for carrying accounts belonging to US clients who access authorized markets deployed through HIP-3.

The arrangement would allow the company to act as an intermediary between US customers and permissioned perpetual futures markets operating within the Hyperliquid ecosystem.

Hyperliquid Strategies explained that the proposed structure depends on obtaining the necessary regulatory approvals, including authorization for the relevant HIP-3 markets.

"Subject to regulatory approval, the FCM would carry U.S. client accounts for permissioned markets deployed on Hyperliquid under HIP-3, allowing HSI [Hyperliquid Strategy] to play a role in bringing perpetual futures to U.S. customers within a regulated framework," the company stated.

However, the registration process does not guarantee that the proposed services will launch. The company cautioned that neither the timing nor the outcome of its application, or the regulatory approval of permissioned HIP-3 markets, can be assured.

Trump's Administration Previously Signaled Interest in Bringing Hyperliquid to the US

The company's initiative follows earlier indications that the Trump administration was interested in facilitating Hyperliquid's entry into the American market.

In August, President Donald Trump said his administration was working to bring the platform into the US in a "fully compliant and legal fashion," with assistance from the CFTC.

The effort forms part of a broader push to establish the United States as a leading market for perpetual futures trading. However, expanding access to these products has encountered legal objections from parts of the US derivatives industry, even as the CFTC has taken steps toward opening the market to additional activity.

The regulatory debate reflects the challenges of accommodating a trading model that has developed predominantly through offshore platforms within the existing US derivatives framework.

Hyperliquid's US Expansion Depends on Regulatory Approval

Hyperliquid Strategies' FCM application represents an attempt to establish a regulated connection between the Hyperliquid ecosystem and US derivatives markets. Rather than making the existing offshore platform directly accessible to American traders, the proposed arrangement would rely on a registered subsidiary and specifically authorized markets operating through HIP-3.

This distinction is important because obtaining FCM registration alone would not automatically authorize every market or trading activity associated with the platform.

The proposed structure also highlights the role that specialized intermediaries could play in bringing decentralized trading infrastructure into regulated jurisdictions. By separating the underlying market infrastructure from the entity responsible for carrying customer accounts, Hyperliquid Strategies is pursuing a model that could accommodate institutional and regulatory requirements without relying on unrestricted access to its offshore platform.

Ultimately, the success of this initiative will depend on whether the company can secure both the necessary registration and market-level approvals. If successful, the approach could provide a pathway for other blockchain-based derivatives platforms seeking access to US customers, although it remains uncertain how regulators and traditional derivatives participants will respond to the broader integration of decentralized perpetual futures markets.