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Hyperliquid Strategies unit applies to become a US futures broker for Hyperliquid markets

If approved, the broker would carry US client accounts for permissioned markets on Hyperliquid. Nothing is live, and Hyperliquid's own terms still bar US persons.

November 5, 2026 · Announced · Verified 2026-11-07 via official announcement

Hyperliquid Strategies Inc (Nasdaq: PURR), a public treasury company that holds HYPE, said on 5 November 2026 that a subsidiary has filed an application to become a futures commission merchant, a type of US-regulated futures broker. If approved, it would carry US client accounts for permissioned markets deployed on Hyperliquid under HIP-3*, a planned set of optional deployer features.

Nothing is available to US traders from this filing. The company says there can be no assurance as to the timing or outcome of the application, or of regulatory approval for the permissioned markets it would serve. Its release gives no filing date, subsidiary name or launch date. CoinDesk reports the applicant is HypeStrat Markets, that it applied through the National Futures Association in August, and that NFA records show the application still pending. NFA's public database lists HypeStrat Markets LLC with both futures commission merchant registration and NFA membership pending, each dated 14 September 2026. Section 1.6 of Hyperliquid's Terms of Use still bars persons in the United States or Ontario, Canada, from its interface.

The company's release does not name the regulator; The Block reports it is to become a CFTC-registered broker, and the National Futures Association handles that registration. Hyperliquid Strategies describes itself as a treasury company, and the applicant is its subsidiary. Some headlines describe this as Hyperliquid itself registering, which the release does not say. It also runs a validator with Unit and reports holding 38.9M HYPE as of 28 October.

This is a third announced path to US-regulated perps built on Hyperliquid. Kraken parent Payward said it intends to be the first CFTC-regulated deployer on HIP-3* markets, and ICE and Trade[XYZ] plan a separate regulated venue that verified customers would reach through futures brokers. Both still need approval and have no launch date. The release does not say which deployer's markets this broker would carry.

“Subject to regulatory approval, the FCM would carry US client accounts for permissioned markets deployed on Hyperliquid under HIP-3*, allowing HSI to play a role in bringing perpetual futures to US customers within a regulated framework.”

— Hyperliquid Strategies Inc, results release, 5 November 2026

Who this affects

US traders watching for a regulated route to perps built on Hyperliquid. No current Hyperliquid user is affected, and US persons remain barred.

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