Hyperliquid Strategies, the Nasdaq-listed company built around holding HYPE, is seeking a second role: serving U.S. customers trading on permissioned markets built on Hyperliquid.
In quarterly results disclosed Thursday, the company said a subsidiary had applied to become a futures commission merchant (FCM)—a CFTC-registered broker that holds customer funds and handles futures orders. The application is not an approval: regulators must sign off on both the broker registration and the permissioned markets it would serve, and the company has provided no timeline.
Historical reporting context: the original article was published on November 7, 2026, at 03:46:03 UTC+8.
The proposed route into Hyperliquid
Hyperliquid is a major onchain venue for perpetual futures, derivatives with no expiration date that allow leveraged positions. It still blocks U.S. users.
Its HIP-3 framework allows outside firms to launch perpetual markets on Hyperliquid’s order book after staking HYPE. A new permissioned version, HIP-3*, would allow a regulated deployer to operate markets restricted to approved traders, with Hyperliquid serving as neutral infrastructure.
If approved, Hyperliquid Strategies’ subsidiary would carry U.S. client accounts for those permissioned markets. The proposal is therefore a regulated, restricted-access route—not an opening of Hyperliquid’s existing venue to all American users.
Why a token treasury wants a brokerage business
Hyperliquid Strategies trades under the ticker PURR and is chaired by former Barclays CEO Bob Diamond. At the end of September, it held approximately 38.5 million HYPE, worth roughly $3.5 billion.
“We deployed $802 million this quarter and filed an application to become a futures commission merchant,” CEO David Schamis said. “Those two moves are the same bet.”
The connection is twofold. More U.S. trading routed through Hyperliquid would likely generate additional protocol fees, and the protocol uses fee revenue to buy back HYPE. An FCM would also give Hyperliquid Strategies an operating business beyond holding tokens. Neither additional trading activity nor its potential fee contribution is assured by the application.
During the quarter, the company reported:
- $785 million spent acquiring 9.1 million HYPE.
- $17 million spent repurchasing 2.7 million of its own shares.
- $911 million raised through stock sales, which largely funded those purchases.
- $620.6 million in net income, driven almost entirely by $803 million in unrealized gains as HYPE rose from about $65 to $91.
Other firms pursuing the same market
Kraken parent Payward has said it plans to deploy HIP-3* markets through its CFTC-regulated Bitnomial exchange, with NinjaTrader Clearing acting as the FCM.
Separately, in the week before the original report, NYSE owner Intercontinental Exchange agreed to work with Trade[XYZ] to bring Hyperliquid-based perpetual futures to the U.S. The report linked that development to a 13% rise in HYPE. Trade[XYZ] already operates markets on Hyperliquid, including perpetual futures tied to the S&P 500.
For readers mapping the ecosystem, the distinction is important: existing Hyperliquid markets, proposed permissioned markets and the regulated brokers supporting customer accounts are separate components. Hyperliquid Strategies’ application represents a proposed role in that structure, not an approved U.S. trading service.