Hyperliquid Strategies has disclosed an application for US futures commission merchant (FCM) registration, marking another effort to introduce regulated perpetual futures trading using Hyperliquid’s blockchain infrastructure.
The Nasdaq-listed company, trading under the ticker PURR, announced the initiative on November 5, 2026, alongside its quarterly financial results. Its subsidiary, HypeStrat Markets, submitted the application through the National Futures Association in August, according to regulatory records reported by CoinDesk.
The application remains pending and is subject to oversight by the Commodity Futures Trading Commission (CFTC). If approved, the subsidiary could maintain US customer accounts for permissioned perpetual futures markets operating under Hyperliquid’s proposed HIP-3* framework.
The initiative does not represent regulatory approval for Hyperliquid’s existing decentralized exchange, which currently restricts US users.
HIP-3* Framework Could Enable Regulated US Perpetual Markets
Hyperliquid’s proposed HIP-3* framework would allow independent operators to create permissioned derivatives markets using its blockchain infrastructure. Unlike the platform’s existing open-access markets, these venues would restrict participation through approved customer lists.
Independent market operators would administer the venues and remain responsible for meeting applicable regulatory requirements. Hyperliquid would provide the underlying infrastructure supporting order matching, margin management, liquidations and blockchain settlement.
A registered futures commission merchant would separately handle customer accounts and associated intermediary responsibilities. Hyperliquid Strategies intends to provide that function through HypeStrat Markets.
However, FCM registration would not independently authorize the proposed trading venues or their derivatives contracts. Additional regulatory approvals may be necessary before US customers can trade. The initiative follows other attempts to establish regulated access to Hyperliquid-based markets.
In October, Kraken parent Payward announced plans to become a regulated HIP-3* market deployer through an arrangement involving Bitnomial and NinjaTrader Clearing. Intercontinental Exchange, the parent company of the New York Stock Exchange, also announced an agreement with Trade[XYZ] to develop regulated perpetual futures using Hyperliquid infrastructure.
These initiatives remain subject to their respective regulatory requirements.
Treasury Company Expands Beyond HYPE Holdings
Hyperliquid Strategies’ regulatory initiative accompanies substantial growth in its cryptocurrency treasury. The company reported holding approximately 38.52 million HYPE tokens worth $3.51 billion at September 30. Its holdings subsequently increased to approximately 38.9 million tokens by October 28.
During the third quarter, the company raised $911 million through equity financing and spent $785 million acquiring approximately 9.1 million additional HYPE tokens. It also allocated $17 million toward repurchasing its own shares. Quarterly net income reached $620.6 million, primarily reflecting $803 million in unrealized gains from HYPE appreciation.
Operating revenue totaled $13.3 million, including $12.3 million from staking rewards and validator commissions. These results demonstrate the company’s substantial exposure to HYPE price movements rather than established earnings from derivatives brokerage operations.
CEO David Schamis linked the regulatory application to the company’s strategy of supporting the broader Hyperliquid ecosystem while accumulating HYPE. Entering the futures brokerage business could eventually diversify revenue through customer-facing financial services.
However, the company has not provided projected trading volumes, anticipated brokerage revenue or a confirmed launch date. Perpetual futures are derivatives contracts without fixed expiration dates, allowing traders to maintain leveraged positions subject to margin requirements and funding payments.
Although widely used on offshore cryptocurrency exchanges, their introduction into US-regulated markets involves additional compliance and market-structure considerations. Hyperliquid Strategies cautioned that neither registration approval nor permissioned-market authorization is guaranteed.
The filing therefore represents a proposed expansion into regulated US derivatives infrastructure, rather than confirmation that American investors can begin trading Hyperliquid perpetual futures.